Abtech Holdings Inc. (fka ABHD)

[umiak]

Next Q should be good ABHD:

The Company substantially lowered its interest expense for the three months ended March 31, 2013 to $12,000, compared to $884,000 in the same period of 2012 and $483,000 in the fourth quarter of 2012. During 2012, the Company eliminated approximately $6.8 million of convertible promissory notes. The interest rate on the $480,000 of short term convertible notes outstanding at March 31, 2013 was reduced, through mutual consent of the Company and note holder, from 12% to 6% per annum beginning January 1, 2013.

At March 31, 2013, the Company reported cash and cash equivalents of $1.2 million, accounts receivable of $90,000 and inventory of $452,000. On March 31, 2013, the Company's short term debt totaled approximately $2.2 million, and long term debt totaled approximately $307,000. The Company reduced its total debt by approximately $4.1 million during the fourth quarter of 2012. Then, on April 11, 2013, subsequent to the end of the first quarter, the Company eliminated an additional $1.9 million of non-interest bearing notes through conversion into approximately 2.6 million shares of the Company's common stock.

On March 31, 2013, AbTech common stock outstanding totaled approximately 64.8 million shares, compared to 64.6 million shares at December 31, 2012. The Company's fully diluted share count decreased by approximately 631,000 during the first quarter of 2013 to approximately 91.4 million (inclusive of all options, warrants and convertible debt) due primarily to the cashless exercise of warrants. If all remaining outstanding options and warrants were exercised for cash, the Company would receive approximately $10 million in additional capital.