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I think we are doomed check the info below.
Therapy Cells Inc. (OTCMKTS:TCEL, TCEL message board) managed to end yesterday's trading session exactly where it started, in spite of all the intra-day spikes and tumbles. However, it doesn't look like it will be so lucky this time.
But the crash that we're witnessing in early trading today is not all that surprising, is it? After all, to predict where a stock may be headed, one needs to do some due diligence, see how the company fares financially. Well, TCEL has not filed a financial report since the one covering Q1 2015. Its OTC Markets profile is stamped with a red warning sign which was definitely a glaring hint.
There was no real way to know what one could expect from the company these days. However, if its last report is any indication, even if the company hadn't been negligent in its filings, investors would probably not have been thrilled. Last time, it showed us some pretty miserable looking numbers:
Cash - $246 (NUMBER NOT IN THOUSANDS)
Total Current Assets - $51 thousand
Liabilities – $918 thousand
NO REVENUES EVER
Net Loss - $7 thousand
Not much going on there, one would be justified in thinking after reading said report on TCEL. However, that would be untrue. For starters, there's evidence of A LOT of dilution going on. How else could the company's shares outstanding be 153 million on March 31, 2014, and then be 1.7 BILLION exactly one year later?
The fact that so much stock has been issued at points in time when TCEL had been the target of paid pumps speaks volumes in and of itself.
Then again, so does fact that the company had already performed a 1 for 1000 and a 1 for 1500 reverse split in the past in order to stay liquid.
And it looks like it is going to need another one pretty soon – because the way things are shaping up, it may find its way into FOUR ZERO TERRITORY before the session is over.
https://www.hotstocked.com/article/91447/where-will-therapy-cells-inc-otcmkts-tcel.html
Do not be fool by people who wants your cheap shares look at the link below from cnn.money.
http://money.cnn.com/news/newsfeeds/articles/marketwire/11G051831-001.htm
This is the way was posted in my account on etrade.
Therapy Cells Receives Funding From Sofinnova Partners to Advance Development of Tissue and Organ Repair: Awarded $5.7 Million in FundingFont size: A | A | A
9:02 AM ET 9/23/15 | Marketwired
Therapy Cells, Inc. (OTCQB: TCEL) (Therapy Cell or the Company), an early-stage bioengineering company developing products that address unmet medical needs in the areas of cell re-growth in damaged tissue and organs, announced today Sofinnova Partners exercised its option to advance the development of Therapy Cells patented cell process. The overall objectives of the contract are to advance the development of Therapy Cells technology, obtain FDA approval, start clinical trials and bring equine products to market. The exercised option will provide Therapy Cells with an initial $2.7 million in funding. If all contract options are exercised, the total award of up to $5.7 million will support the preclinical, manufacturing and clinical development activities necessary to continue to advance our patented process with the US Food and Drug Administration (FDA).
Therapy Cells CFO, Mr. John Meredith said, "This investment by Sofinnova Partners enables us to begin efforts to open clinical trial sites during next quarter for our Phase I study, following the protocols which we expect the FDA to approve in the very near future." Mr. Meredith, further commented that, "We are excited about the development and commercialization of our patented Therapy Cell technology for the treatment of cell re-growth and repair. The body of evidence supporting the use of Therapy Cells in tissue and organ re-growth is well established, and we believe our product provides a number of advantages over any other stem cell products, including improved bioavailability and more consistent results."
TCEL will use this funding to immediately accelerate its development program, which is focused on the treatment of damaged tissue, cells, tendons and organs using our patented process. In particular, Therapy Cells will shortly be commencing a Phase I clinical trial designed to determine the safety and effectiveness on patients with major heart, lung, liver or pancreas damage. Preliminary results are expected to be available by mid 2016.
Therapy Cells would also like to announce that their new website is nearing completion and will launch in the following weeks. In addition they plan to bring the equine Therapy Cells product to market within the next 30 days for immediate sale and disbursement. We predict this will bring about an immediate positive impact on our bottom line and will bring added value to our long term investors.
About Therapy Cells Inc.
Therapy Cells has developed a novel and highly efficient method of growing tendon and articular cartilage for auto transplantation into individual, affected patients. The company's new approach to cell growth has already been applied to the repair of tendons and joints. The technology has also been applied to the re-growth of pancreas and heart tissue. Rejection does not occur as the new cells are from that individual and are recognized by the body as non foreign. We have proved in our tests that this new method of cell growth will be successfully used for cell and organ repair in many parts of the human body. Focusing only on the adult cell that is dedicated to its role, Cell Therapy technology involves taking a very small sample of the target tissue. The cells are then grown in sterile laboratory conditions with millions of new cells being produced. These new cells are then transplanted back into the damaged area where they effectively rebuild the damaged tissue.
For more information, please contact:
Therapy Cells, Inc.
Info@therapycells.com
SOURCE: Therapy Cells Inc.
mailto:info@therapycells.com
HOW CAN THIS NEWS BE FAKE IT'S ON MY ETRADE ACCOUNT. WELL IF IT IS FAKE LET US MAKE FAKE MONEY. THANKS
GOOD NEWS OUT Keryx Receives European Approval for Fexeric(R) (ferric citrate coordination complex) for the Treatment of Hyperphosphatemia ...
489,185,822 shares traded
when?
# 2 on breakout boards. NICE
10:08 am 1,000,000 shares bought at .005= $ 5,000 if you think that's nothing send me a couple of checks of $ 5,000 and I will be very happy.
ATRN > SEC Filings for ATRN > Form 8-K on 9-Sep-2015 All Recent SEC Filings
Show all filings for ATRINSIC, INC.
Form 8-K for ATRINSIC, INC.
9-Sep-2015
Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligat
Item 1.01 Entry into a Material Definitive Agreement
See disclosure in response to Item 2.03 below with respect to the Letter Agreements and the Modification Agreements.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On September 3, 2015, Atrinsic, Inc., a Delaware corporation (the "Company") issued secured convertible promissory notes (the "Secured Convertible Notes") in the principal amount of $25,000 to each of Iroquois Master Fund Ltd ("Iroquois") and Hudson Bay Master Fund Ltd. ("Hudson") (for an aggregate of $50,000), each an existing secured lender to the Company. The Secured Convertible Notes have a maturity date of August 31, 2016 and bear interest at the rate of 5.0% per annum, payable at maturity. The outstanding principal and accrued interest of each Secured Convertible Note is convertible, subject to a 4.99% Beneficial Ownership Cap (as defined in the Secured Convertible Notes), into shares of the Company's common stock ("Common Stock") at an initial conversion price of $5.00 per share (subject to adjustment), at the option of the respective holders.
The obligations of the Company under the Secured Convertible Notes are secured by a first priority security interest in all of the property of the Company pursuant to letter agreements, dated September 3, 2015, with each of Iroquois and Hudson, respectively (the "Letter Agreements"). The Letter Agreements further amend the First Amended and Restated Security Agreement among the Company, Iroquois and Hudson dated as of December 18, 2014, as amended on May 15, 2015, to include the Company's obligations under the Secured Convertible Notes. The proceeds of the Secured Convertible Notes will be utilized by the Company to fund its working capital needs.
On September 3, 2015, the Company also entered into note modification agreements, made as of July 31, 2015, with each of Iroquois and Hudson (the "Modification Agreements") pursuant to which the maturity dates of the Prior Notes (as defined in the Modification Agreements) were extended to August 31, 2016 and the Prior Notes were amended to permit conversion of the principal and accrued interest due and payable under the Prior Notes into shares of Common Stock in accordance with the same terms and provisions of the Secured Convertible Notes.
The foregoing description of the Secured Convertible Notes, the Letter Agreements and the Modification Agreements are qualified in their entirety by the full text of the Secured Convertible Notes, the Letter Agreements and the Modification Agreements, which are filed as Exhibits 4.1, 4.2, 10.1, 10.2, 10.3 and 10.4, respectively, hereto and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
If you can't get it from this link you need a new computer.
HERE IS THE WEBSITE AND I LOVE IT. http://www.andalaysolar.com
Patience,patience,patience
That would be nice.
Something is up
Withdrawal of Registration Statement (rw)
Date : 07/10/2015 @ 6:50AM
Source : Edgar (US Regulatory)
Stock : Andalay Solar, Inc. (PC) (WEST)
Quote : 0.011 0.0 (0.00%) @ 8:03AM
Withdrawal of Registration Statement (rw)
Print
Andalay Logo
Andalay Solar, Inc.
48900 Milmont Dr.
Fremont, California 94538
Phone: (408) 402-9400
July 9, 2015
VIA EDGAR
Securities and Exchange Commission
Division of Corporation Finance
100 F Street, N.E.
Washington, D.C. 20549
Re: Request to Withdraw Registration Statement on Form S-1 (File No. 333-205425)
Ladies and Gentlemen:
Pursuant to Rule 477 under the Securities Act of 1933, as amended (the “Securities Act”), Andalay Solar, Inc. (the “Registrant”) hereby respectfully requests that the Securities and Exchange Commission (“SEC”) consent to the withdrawal, effective as of the date hereof or at the earliest practicable date hereafter, of its registration statement on Form S-1 (File No. 333-205425) together with all exhibits (the “Registration Statement”) as filed with the SEC on July 1, 2015.
The Registrant is requesting to withdraw the Registration Statement based on oral comments received from the staff regarding the eligibility of issuers quoted on the OTC Pink marketplace to file a registration statement relating to an equity line transaction.
The Registrant acknowledges that no refund will be made for fees paid to the SEC in connection with the filing of the Registration Statement.
Should you have any questions regarding this request, please do not hesitate to contact counsel to the Registrant, Leslie Marlow, Esq., Gracin & Marlow, LLP, at (212) 907-6457.
Sincerely,
ANDALAY SOLAR, INC.
/s/ Steven Chan
Steven Chan
President and Chief Executive Officer
Weeeeeeeeeeeeeee
Nice close
Andalay Solar Announces SolarEdge Compatible Product and Joint Development
PR Newswire Andalay Solar, Inc.
22 minutes ago
????
FREMONT, Calif., June 29, 2015 /PRNewswire/ -- Andalay Solar, Inc., a leading supplier of integrated solar power systems announced that its Instant Connect® Module is compatible with power optimizers supplied by SolarEdge Technologies, Inc. ("SolarEdge") (SEDG), a global leader in PV inverters, power optimizers, and module-level monitoring services. The SolarEdge module add-on power optimizer can now be snapped onto the Andalay module frame using Andalay's bracket. Andalay and SolarEdge have also agreed to work on developing DC Instant Connect®, a solution that will embed the power optimizer cables into the frame of the Andalay module to allow faster cable connection between modules with the intention of eliminating costly wire management issues. In addition to the plug and play wiring, the DC Instant Connect® rail-less module further simplifies installation since it has built-in racking and grounding.
"SolarEdge is always seeking partners such as Andalay who have time and cost saving innovations in the critical balance-of-systems area within the U.S. rooftop solar market where we are seeing such high growth," said Peter Mathews, North America General Manager for SolarEdge. "When the Andalay system is combined with the SolarEdge power optimizer in a plug and play manner, we can see great benefits for labor savings and more reliable, repeatable installations."
"We believe working with SolarEdge strategically enhances our product portfolio and are very excited that SolarEdge has approved our Andalay technology for direct attachment of its power optimizer and will work with us to co-develop our Instant Connect product as being plug-and-play with the SolarEdge power optimizer," said Steven Chan, CEO of Andalay Solar. "We are seeing high demand for this integrated product which complements our AC Instant Connect Product and we believe that combining the Andalay and SolarEdge technologies will increase performance, mitigate power loss and make our systems even more reliable and easy to install."
For more information, please visit www.andalaysolar.com.
About Andalay Solar: (WEST)
Founded in 2001, the Company is a designer and manufacturer of integrated solar power systems. The Company has been a pioneer in the concept of integrating the racking, wiring and grounding directly into a solar panel. The Company's AC solar panel reduces the number of components for a rooftop solar installation by approximately 80% and lowers labor costs by approximately 50%. This AC panel, which won the 2009 Popular Mechanics Breakthrough Award, has become the industry's most widely installed AC solar panel. The Company currently sells its new generation "Instant Connect®" products in both AC and DC format which provide the best combination of safety, performance and reliability. For more information on the Company, visit www.andalaysolar.com.
Forward-Looking and Cautionary Statements - Safe Harbor
Statements made in this release that are not historical in nature, including those related to market acceptance of products, constitute forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "expects," "projects," "plans," "will," "may," "can," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. These statements include all statements related to the co-development of the product, the ability to sell Andalay's products and the expected benefits to be derived from the use of the Andalay's and SolarEdge's products. The statements are subject to risks and uncertainties that cannot be predicted or quantified, and our actual results may differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements included in this release are made as of the date of this press release, and Andalay assumes no obligation to update any such forward-looking statements
[bGround Mount PV Utility Market by Installation and by Country - North America Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022]
DUBLIN, June 22, 2015 /PRNewswire/ --
Research and Markets(http://www.researchandmarkets.com/research/3jd243/ground_mount_pv) has announced the addition of the "Ground Mount PV Utility Market by Installation and by Country - North America Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022" report to their offering.
Industry drivers such as reducing prices of PV modules, decreasing project costs, government schemes such as RPS, and increasing economies of scale of utility-scale projects are creating demand for ground mount PV utility. The ground mount PV utility annual installation in North America stood at 3,381.4 MW in 2013 and is expected to reach 17,589.7 MW by 2022, expanding at an AAGR of 20.1% between 2014 and 2022. Revenue generated through installations of ground mount PV utility projects in North America was valued at USD 7,311.8 million in 2013 and is projected to reach USD 19,464.1 million by 2022 at an AAGR of 11.5% between 2014 and 2022.
The research study is designed to analyze the ground mount PV utility market in North America. The market is calculated in terms of annual capacity installations (MW) and revenue (USD Million). The market for ground mount PV utility in North America has been segmented based on the installation type and countries. On the basis of installation type, the market for ground mount PV utility in North America has been segmented into pile mount, pole mount, and others. The market for ground mount PV utility in North America, based on country-wise segment, has been divided into the U.S., Canada, and Mexico. The report provides a detailed growth forecast for the period 2014-2022 based on the baseline year 2013. Projections have been provided for annual installations (MW) and revenue (USD Million).
Key participants in the ground mount PV utility market in North America include Andalay Solar, Inc., First Solar, Haticon Solar, LLC, NextEra Energy Resources, LLC, SolarCity Corporation, SunEdison, Inc., SunLink Corporation, SunPower Corporation, and Unirac Incorporated. This report provides an overview of these companies, followed by their financial revenues, business strategies, and recent developments.
Key Topics Covered:
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Biomass Power Generation Market - Industry Analysis
Chapter 4 North America Ground Mount PV Utility Market - Installation Type Analysis
Chapter 5 North America Ground Mount PV Utility Market - Country-wise Analysis
Chapter 6 Company Profiles
- Andalay Solar, Inc.
- First Solar
- Haticon Solar, LLC
- NextEra Energy Resources, LLC
- SolarCity Corporation
- SunEdison, Inc.
- SunLink Corporation
- SunPower Corporation
- Unirac Incorporated
For more information visit http://www.researchandmarkets.com/research/3jd243/ground_mount_pv
Media Contact: Laura Wood , +353-1-481-1716, press@researchandmarkets.net
SOURCE Research and Markets
http://www.prnewswire.com/news-releases/ground-mount-pv-utility-market-by-installation-and-by-country---north-america-industry-analysis-size-share-growth-trends-and-forecast-2014---2022-300103292.html
Great news
OXIS International, Inc. (OTCMKTS:OXIS) has appointed Dr. Stephen M. Chang to its scientific advisory board and has also filed a patent for its lead compound OXS-4235. The drug is essentially a p62 inhibitor, which demonstrates inhibition of myeloma cell growth, without toxicity to bone marrow stromal cells. The product is expected to target the cancer formation in white blood cells.
http://www.journaltranscript.com/2015/06/oxis-international-inc-otcmktsoxis-makes-progress-towards-gaining-p-62-patent/
A BILLION DOLLAR COMPANY WORKING WITH US I LOVE IT.
WE ARE ALL OVER THE NEWS THIS IS ABOUT TO FLY
JinkoSolar picks Andalay frame for new PV modules
http://renewables.seenews.com/news/jinkosolar-picks-andalay-frame-for-new-pv-modules-480985
Lucrative Penny Stocks – Valeo SA (VLEEY), Yara International (YARIY), CK HUTCHISON (CKHUY), Andalay Solar (WEST)
http://www.techsonian.com/lucrative-penny-stocks-valeo-sa-vleey-yara-international-yariy-ck-hutchison-ckhuy-andalay-solar-west/12510585/
Very nice
What a joke
Go west
Global MultiCell Technologies, Inc Analysis and Market Review 2015 - Worldwide Industry Size, Share, Trend, Analysis and Research Report
http://www.digitaljournal.com/pr/2579707
Read more: http://www.digitaljournal.com/pr/2579707#ixzz3cef6czaR
Go WEST
Look at my post from years back not just from last week I am a share holder not a pumper.
TO THE MOON BABY
GOOD NEWS
Key participants in the ground mount PV utility market in North America include Andalay Solar, Inc., First Solar, Haticon Solar, LLC, NextEra Energy Resources, LLC, SolarCity Corporation, SunEdison, Inc., SunLink Corporation, SunPower Corporation, and Unirac Incorporated. This report provides an overview of these companies, followed by their financial revenues, business strategies, and recent developments.
North America Ground Mount PV Utility Market: Installation Type Analysis
Pile Mount
Pole Mount
Others
http://www.marketwatch.com/story/ground-mount-pv-utility-market-by-installation-and-by-country---north-america-industry-analysis-size-share-growth-trends-and-forecast-2014---2022-2015-06-03
WTF this is going down hill
Form 10-Q for ANDALAY SOLAR, INC.
20-May-2015
Quarterly Report
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
All references to the "Company," "we," "our," and "us" refer to Andalay Solar, Inc. and its subsidiaries ("Andalay Solar").
The following discussion highlights what we believe are the principal factors that have affected our financial condition and results of operations as well as our liquidity and capital resources for the periods described. This discussion should be read in conjunction with our financial statements and related notes appearing elsewhere in this Quarterly Report and in our Annual Report on Form 10-K. This discussion contains "forward-looking statements," including but not limited to expectations regarding revenue growth, net sales, gross profit, operating expenses and performance objectives, and statements using the terms "believes," "expects," "will," "could," "plans," "anticipates," "estimates," "predicts," "intends," "potential," "continue," "should," "may," or the negative of these terms or similar expressions. These forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, without limitation, the risks described below in Item 1A. of Part II of this Quarterly Report. Further information on potential risk factors that could affect our future business and financial results and financial condition can be found in our periodic filings with the Securities and Exchange Commission (the "SEC"). We undertake no obligation to update any of these forward-looking statements.
Company Overview
We are a designer and manufacturer of integrated solar power systems and solar panels with integrated microinverters (which we call AC solar panels). We design, market and sell these solar power systems to solar installers and do-it-yourself customers in the United States, Canada, the Caribbean and South America through distribution partnerships, our dealer network and retail outlets. Our products are designed for use in solar power systems for residential and commercial rooftop customers. Prior to September 2010, we were also in the solar power installation business, but decided to exit that business. During the fourth quarter 2014, we re-entered the solar power installation business.
In September 2007, we introduced our "plug and play" solar panel technology (under the brand name "Andalay"), which we believe significantly reduces the installation time and costs, and provides superior reliability and aesthetics, when compared to other solar panel mounting products and technology. Our panel technology offers the following features: (i) mounts closer to the roof with less space in between panels; (ii) no unsightly racks underneath or beside panels; (iii) built-in wiring connections; (iv) approximately 70% fewer roof-assembled parts and approximately 50% less roof-top labor required; (v) approximately 25% fewer roof attachment points; (vi) complete compliance with the National Electric Code and UL wiring and grounding requirements. We have seven U.S. patents (Patent No. 7,406,800, Patent No. 7,832,157, Patent No. 7,866,098, Patent No. 7,987,641, Patent No. 8,505,248, Patent No. 8,813,460, and Patent No. 8,938,919) that cover key aspects of our Andalay solar panel technology, as well as U.S. Trademark No. 348565 3 for registration of the mark "Andalay Solar." In addition to these U.S. patents, we have eight foreign patents. Currently, we have 15 issued patents and nine other pending U.S. and foreign patent applications that cover the Andalay technology working their way through the USPTO and foreign patent offices.
In February 2009, we began our strategic relationship with Enphase, a leading manufacturer of microinverters, to develop and market solar panel systems with ordinary AC house current output instead of high voltage DC output. We introduced Andalay AC panel products and began offering them to our customers in the second quarter of 2009. Andalay AC panels cost less to install, are safer, and generally provide higher energy output than ordinary DC panels. Andalay AC panels deliver 5-25% more energy compared to ordinary panels, produce safe household AC power, and have built-in panel level monitoring, racking, wiring, grounding and microinverters. With 80% fewer parts and 5 - 25% better performance than ordinary DC panels, we believe Andalay AC panels are an ideal solution for solar installers and do-it-yourself customers.
We are engaged in two business segments, (i) we market, sell, design and install systems for residential and commercial customers and (ii) we sell our AC solar panels to solar installers, trade workers and do-it-yourself customers through distribution partnerships, our dealer network and retail outlets. Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by management in deciding how to allocate resources and in assessing performance.
Table of Contents
Concentration of Risk
Supplier Relationships
We began receiving product from Tianwei in February 2014 and stopped as of June 2014. In July 2014, we entered into a supply agreement for assembly of our proprietary modules with Auxin Solar, Inc., a panel supplier located in the United States. We began receiving product from Auxin in December 2014. Although we believe we can find alternative suppliers for solar panels manufactured to our specifications, our operations would be disrupted unless we are able to rapidly secure alternative sources of supply, our inventory and revenue could diminish significantly, causing disruption to our operations.
Historically, we obtained virtually all of our solar panels from Suntech and Lightway. During 2012, because of our cash position and liquidity constraints, we were late in making payments to both of these suppliers. On March 30, 2012, pursuant to our Supply Agreement with Lightway, we issued 1,900,000 shares of our common stock to Lightway in partial payment of our past due account payable to them. At the time of issuance, the shares were valued at $1,045,000. On May 1, 2012, Suntech filed a complaint for breach of contract, goods sold and delivered, account stated and open account against us in the Superior Court of the State of California, County of San Francisco. Suntech alleged that it delivered products and did not receive full payment from us. On July 31, 2012, we and Suntech entered into a settlement of this dispute. Because of our inability to make scheduled settlement payments, on March 15, 2013, Suntech entered a judgment against us in the amount of $946,438. As of March 31, 2015, Suntech has not sought to enforce its judgment. As of March 31, 2015, we have included in accounts payable in our consolidated balance sheets a balance due to Suntech America of $946,438. We currently have no unshipped orders from Suntech or Lightway.
Customer Relationships
The relative magnitude and the mix of revenue from our largest customers have varied significantly quarter to quarter. During the three months ended March 31, 2015, three customers have accounted for significant revenues, varying by period, to our company: Smart Energy Today ("Smart Energy"), which specializes in helping home owners and business owners become more energy efficient, Helco Electrics ("Helco") a full-service provider of electrical services in southern Oregon, Verengo Solar ("Verengo"), a solar installer based in Southern California, Sustainable Environmental Enterprises ("SEE"), a leading provider of renewable energy and development projects located in New Orleans, Louisiana, and Shoreline Electric ("Shoreline") a provider of residential and commercial electrical services in Southern California. For the three months ended March 31, 2015 and 2014, the percentages of sales of our top five customers are as follows:
Three Months Ended March 31,
2015 2014
Smart Energy Today 34.9 % -
Helco Electric 12.7 % 22.9 %
Verengo Solar 13.9 % -
Sustainable Environmental Enterprises - 11.7 %
Shoreline Electric - 31.9 %
Table of Contents
The percentage of our gross accounts receivable for our top accounts receivable balance as of March 31, 2015 and December 31, 2014, are as follows:
March 31, 2015 December 31, 2014
WDC Solar, Inc. 62.4 % 40.1 %
Lowe's Retail 11.6 % 16.8 %
Greg Teegarden 11.4 % -
Smart Energy - 6.5 %
We maintain reserves for potential credit losses and such losses, in the aggregate, have generally not exceeded management's estimates. Our top three vendors accounted for approximately 30% and 39% of purchases as of March 31, 2015 and December 31, 2014, respectively. As of March 31, 2015 and December 31, 2014, accounts payable included amounts owed to our top three suppliers of approximately $68,000 and $0, respectively.
Three Months Ended March 31, 2015 as Compared to Three Months Ended March 31, 2014
Results of Operations
The following table sets forth, for the periods indicated, certain information
related to our operations, expressed in dollars and as a percentage of net
revenue:
Three Months Ended March 31, 2015,
2015 2014
Net revenue $ 274,641 100.0 % $ 142,482 100.0 %
Cost of goods sold 286,382 104.3 % 135,388 95.0 %
Gross profit (loss) (11,741 ) (4.3 )% 7,094 5.0 %
Operating expenses
Sales and marketing 71,129 25.9 % 63,384 44.5 %
General and administrative 721,358 262.7 % 604,164 424.0 %
Total operating expenses 792,487 288.1 % 667,548 468.5 %
Loss from continuing operations (804,228 ) (292.8 )% (660,454 ) (463.5 )%
Other income (expense)
Interest expense, net (62,213 ) (22.7 )% (77,085 ) (54.1 )%
Adjustment to the fair value of embedded
derivatives 41,265 15.0 % (101,551 ) 71.3 %
Settlement of prior debt owed - 0.0 % 769,148 539.8 %
Total other income (expense), net (20,948 ) (7.5 )% 590,512 414.4 %
Loss before provision for income taxes (825,176 ) (300.5 )% (69,942 ) (49.1 )%
Provision for income taxes - 0.0 % - 0.0 %
Net loss (825,176 ) (300.5 )% (69,942 ) (49.1 )%
Preferred stock dividend - (0.0 )% (14,454 ) (10.1 )%
Net loss attributable to common
stockholders $ (825,176 ) (300.5 )% $ (84,376 ) (59.2 )%
Net loss attributable to common
stockholders per common share (basic and
diluted) $ (0.00 ) $ (0.00 )
Weighted-average shares used in
computing loss per common share (basic
and diluted) 327,997,747 131,428,001
Table of Contents
Net Revenue
We generate revenue from the sale and installation of solar power systems. For the three months ended March 31, 2015, we generated $275,000 of revenue, an increase of $132,000, or 92.8%, compared to $142,000 of revenue for the three months ended March 31, 2014. The increase in revenue was due to an increase in watts sold, partially offset by a decrease in our average selling price per watt.
Cost of Goods Sold
Cost of goods sold as a percent of revenue for the three months ended March 31, 2015, was 104.3% of net revenue, compared to 95.0% for the three months ended March 31, 2014. Gross loss for the three months ended March 31, 2015, was $12,000, or 4.3% of revenue, compared to gross profit of $7,000 or 5.0% of revenue for the same period in 2014. The decrease in gross margin in the three months ended March 31, 2015, compared to the three months ended March 31, 2014, was due to higher inventory overhead allocations.
Sales and Marketing Expenses
Sales and marketing expenses for the three months ended March 31, 2015, were $71,000, or 25.9% of net revenue as compared to $63,000, or 44.5% of net revenue during the same period of the prior year. The $8,000 increase in sales and marketing expenses for the three months ended March 31, 2015, compared to the same period in 2014 was primarily due to an increase of $23,000 in payroll and commission expense, partially offset by a decrease of $14,000 in travel and entertainment. The increase in payroll costs was due to higher headcount and an increase in commissions. The decrease in travel and entertainment was due to a decrease in travel costs.
General and Administrative Expenses
General and administrative expenses for the three months ended March 31, 2015, were $721,000, or 262.7% of net revenue as compared to $604,000, or 424.0% of net revenue during the same period of the prior year. The increase in general and administrative expense for the three months ended March 31, 2015, compared to the same period in 2014, was due primarily to an increase in payroll and benefits of $79,000, professional fees of $60,000 and accounting and legal fees of $23,000, partially offset by a decrease in stock compensation expense of $105,000. The increase in payroll and benefits was due to higher headcount. The increase in professional fees was due to consulting fees. The increase in legal and accounting fees was due higher utilization of legal and accounting services. The decrease in stock compensation expense was due to the timing of restricted stock and stock option grants.
Interest Expense, Net
During the three months ended March 31, 2015, net interest expense was approximately $62,000 compared with net interest expense of $77,000 for the same period in 2014. The decrease in interest expense was associated with the decrease in the outstanding balance of notes payable and convertible debt.
Adjustment to the Fair Value of Embedded Derivatives
During the three months ended March 31, 2015, we recorded mark-to-market adjustments to reflect the fair value of embedded derivatives, resulting in an unrealized gain of approximately $41,000 in our condensed consolidated statements of operations, compared to an unrealized loss of approximately $102,000 for the same period in 2014.
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Income Taxes
During the three months ended March 31, 2015 and 2014, there was no income tax expense or benefit for federal and state income taxes reflected in our condensed consolidated statements of operations due to our net loss and a valuation allowance on the resulting deferred tax asset.
Net Loss
Net loss from continuing operations for the three months ended March 31, 2015, was $825,000, compared to a net loss from continuing operations of $70,000 for the three months ended March 31, 2014.
Liquidity and Capital Resources
We currently face challenges meeting the working capital needs of our business. Our primary requirements for working capital are to fund purchases for solar panels and microinverters, and to cover our payroll and lease expenses. For the three months ended March 31, 2015 and for each of the two years in the period ended December 31, 2014, we have incurred net losses and negative cash flows from operations. During the recent years, we have undertaken several equity and debt financing transactions to provide the capital needed to sustain our business. We have dramatically reduced our headcount and other variable expenses. As of March 31, 2015, we had approximately $135,000 of cash on hand. We intend to address ongoing working capital needs through sales of products, along with raising additional debt and equity financing. Our revenue levels remain difficult to predict, and we anticipate that we will continue to sustain losses in the near term, and we cannot assure investors that we will be successful in reaching break-even.
The accompanying condensed consolidated financial statements have been prepared assuming we will continue as a going concern. Our significant operating losses, negative cash flow from operations, and challenges in rapidly securing alternative sources of supply for solar panels, raise substantial uncertainty about our ability to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty, and contemplate the realization of assets and the settlement of liabilities and commitments in the normal course of business. There can be no assurance that we will be able to raise additional funds on commercially reasonable terms, if at all. The current economic downturn adds uncertainty to our anticipated revenue levels and to the timing of cash receipts, which are needed to support our operations. It also worsens the market conditions for seeking equity and debt financing. As a result of our delisting from the Nasdaq Capital Market in September 2012, we are no longer eligible to file new registration statements on Form S-3, which may make it more costly and more difficult for us to obtain additional equity financing. We currently anticipate that we will retain all of our earnings, if any, for development of our business and do not anticipate paying any cash dividends on common stock in the foreseeable future.
Despite our recent financings, we have insufficient cash to operate our business at the current level for the next twelve months and insufficient cash to achieve our business goals. The success of our business plan is contingent upon us obtaining additional financing. We intend to fund operations through debt and/or equity financing arrangements such as the Equity Purchase Agreement with Southridge and the loan and security agreement discussed below; however there can be no assurance that we will meet the conditions necessary to be able to use the Equity Line under the Equity Purchase Agreement (described below) or the loan and security agreement (described below). Other than the Equity Line and the loan and security agreement described below, we do not have any formal commitments or arrangements for the sales of stock or the advancement or loan of funds at this time. There can be no assurance that any additional financing will be available to us on acceptable terms, or at all.
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On January 22, 2014, we entered into a Settlement of Potential Claims Agreement (the "ASC Agreement") with ASC Recap LLC ("ASC"), an entity affiliated with Southridge. Pursuant to the ASC Agreement, ASC has offered to purchase (and in one (1) case has already purchased) approximately $3.7 million of our prior debt owed to four creditors ("Creditors") for past due services at a substantial discount to face value to which we have agreed to issue to ASC certain shares of our common stock in a ?3(a)(10) 1933 Act proceeding. The shares of common stock that we have agreed to issue to ASC in full payment for, and as a release of any debt it purchases from the Creditors, is anticipated to have, upon issuance, a market value equal to approximately 25% of the principal amount of our outstanding debt. In the case of the debt ASC already purchased from one (1) Creditor, we entered into a Settlement Agreement and Stipulation that was filed with the Circuit Court of the Second Judicial Circuit, Leon County, Florida pursuant to which we agreed, subject to court approval, to issue shares of our common stock that generate proceeds in the amount of $250,000 in full settlement of a claim in the amount of $1,027,705 that ASC Recap acquired from one Creditor (the value of the stock that we agreed to issue was two hundred and fifty percent (250%) of the discounted purchase price ASC paid to purchase the debt from the Creditor, and approximately 25% of the original amount we owed to the Creditor). The court subsequently approved the settlement and 8,079,800 shares were issued,
Convertible Notes payable
On August 30, 2013, we entered into a securities purchase agreement with Alpha Capital Anstalt ("Alpha Capital") relating to the sale and issuance of a convertible note in the principal amount of $200,000 that matures August 29, 2015 (the "Convertible Note"). Subsequently, on November 25, 2013 and December 19, 2013, we entered into additional securities purchase agreements with Alpha Capital relating to the sale and issuance of convertible notes in the principal amount of $200,000 and $250,000, respectively, which mature on November 25, 2015 and December 19, 2015. On January 27, 2014, we issued a convertible note in the principal amount of $100,000 that matures January 27, 2016 under the Securities Purchase Agreement we entered into with Alpha Capital on December 19, 2013. In connection with the issuance of the December 19, 2013 convertible note, we also issued 6,250,000 warrants to purchase shares of our common stock at a price of $0.02 per share. On February 25, 2014, we entered into a Securities Purchase Agreement with the Alpha Capital related to the sale and issuance of a convertible note in the principal amount of $200,000 that matures February 25, 2016. In connection with the issuance of the February 25, 2014 convertible note, we issued 5,000,000 warrants to purchase shares of our common stock at a price of $0.02 per share. On March 18, 2014, we entered into a Securities Purchase Agreement we entered into with the Alpha Capital related to the sale and issuance of a convertible note in the principal amount of $300,000 that matures March 18, 2016. In connection with the March 18, 2014 convertible note, we issued a five-year warrant to purchase 7,500,000 shares of our common stock at an exercise price of $0.02 per share. Each of the Convertible Notes bear interest at the rate of 8% per annum compounded annually, are payable at maturity and the principal and interest outstanding under the convertible notes are convertible into shares of our common stock, at any time after issuance, at the option of the purchaser, at a conversion price equal to $0.02 per share, subject to adjustment upon the happening of certain events, including stock dividends, stock splits and the issuance of common stock equivalents at a price below the conversion price. Subject to our fulfilling certain conditions, including beneficial ownership limits, the convertible notes are subject to a mandatory conversion if the closing price of our common stock for any 20 consecutive days commencing six months after the issue date of the convertible notes equal or exceeds $0.04 per share. During the three months ended March 31, 2015, the remaining outstanding convertible notes in the principal amount of approximately $520,000, along with accrued interest of $47,134, were converted into 34,565,577 shares of our common stock.
Because of certain down-round protection in the conversion rate of the convertible notes, we determined that the derivative liability related to the embedded conversion feature met the criteria for bifurcation. Accordingly, we recognized an aggregate liability of $123,000 on the three issuance dates during the year ended December 31, 2014. This was in addition to the carrying value of the derivative liability on three previously recorded derivatives of $178,000. The derivative liability is carried at fair value with changes in the fair value reflected in the "Adjustment to the fair value of embedded derivatives" line item of our condensed consolidated statements of operations. We recognized a benefit for the three months ended March 31, 2015 of $41,000 on the fair value of derivatives.
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The relative fair value of the warrants issued in the December 2013 convertible note issuance of $250,000, were allocated to additional paid-in capital. Such value was determined assuming volatility of 149.1%, a risk free interest rate of 0.7% and an expected term of 4.1 years. The resulting debt discount from the derivative liability and warrant issuance of $109,000 is being accreted to interest using the effective interest method. The relative fair value of the warrants issued in the February 2014 convertible note issuance of $200,000, were allocated to additional paid-in capital. Such value was determined assuming volatility of 169.1, a risk free interest rate of 0.7% and an expected term of 4.1 years. The resulting debt discount from the derivative liability and warrant issuance of $101,000 is being accreted to interest using the effective interest method. The relative fair value of the warrants issued in the March 2014 convertible note issuance of $300,000, were allocated to additional paid-in capital. Such value was determined assuming volatility of 168.8%, a risk free interest rate of 0.8% and an expected term of 4.1 years. The resulting debt discount from the derivative liability and warrant issuance of $154,000 is being accreted to interest using the effective interest method.
On November 1 and December 1, 2013, and on January 1, February 1 and March 1, 2014, we issued convertible notes to our financial advisory firm in the principal amount of $30,000 each for a total of $150,000, which mature on October 31, November 30 and December 31, 2014, and on January 31 and February 28, 2015, respectively. On April 1, May 1 and June 1, 2014, we issued convertible notes to our financial advisory firm in the principal amount of $20,000 each, for a total of $60,000, which mature on March 31, April 30 and May 31, 2015, respectively. On July 1, 2014, we issued convertible notes to our financial advisory firm in the principal amount of $10,000, which matures on June 30, 2015. Each of the Convertible Notes bear interest at the rate of 8% per annum compounded annually, are payable at maturity and the principal and interest outstanding under the convertible notes are convertible into shares of our common stock, at any time after issuance, at the option of the purchaser, at a conversion price equal to $0.02 per share. Unless waived in writing by the purchaser, no conversion of the convertible notes can be effected to the extent that as a result of such conversion the purchaser would beneficially own more than 9.99% in the aggregate of our issued and outstanding common stock immediately after giving effect to the issuance of common stock upon conversion. As of December 31, 2014, convertible notes in the principal amount of $940,000, . . .
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Form 8-K for ATRINSIC, INC.
20-May-2015
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sh
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On May 15, 2015, Atrinsic, Inc., a Delaware corporation (the "Company") issued secured promissory notes (the "Secured Notes") in the principal amount of $50,000 to each of Iroquois Master Fund Ltd ("Iroquois") and Hudson Bay Master Fund Ltd. ("Hudson") (for an aggregate of $100,000), each an existing secured lender to the Company. The Secured Notes have a maturity date of July 31, 2015 and bear interest at the rate of 5.0% per annum, payable at maturity. The obligations of the Company under to the Secured Notes are secured by a first priority security interest in all of the personal property of the Company pursuant to a letter agreement, dated May 15, 2015, with each of Iroquois and Hudson, respectively (the "Letter Agreements"). The Letter Agreements amended the First Amended and Restated Security Agreement among the Company Iroquois and Hudson dated as of December 18, 2014, to include the Company's obligations under the Secured Notes. The proceeds of the Secured Notes will be utilized by the Company to fund its working capital needs.
The foregoing description of the Secured Notes and the Letter Agreements are qualified in their entirety by the full text of the Secured Notes and the Letter Agreements, which are filed as Exhibits 4.1, 4.2, 10.1 and 10.2, respectively, hereto and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit
Number Description of Exhibits
4.1 Secured Note, dated May 15, 2015, in the principal amount of $50,000,
bearing interest at the rate of 5.0% per annum issued by the Company
to Hudson.
4.2 Secured Note, dated May 15, 2015, in the principal amount of $50,000,
bearing interest at the rate of 5.0% per annum issued by the Company
to Iroquois.
10.1 Letter agreement, dated May 15, 2015, between the Company and Iroquois
amending the First Amended and Restated Security Agreement among the
Company Iroquois and Hudson dated as of December 18, 2014.
10.2 Letter agreement, dated May 15, 2015, between the Company and Hudson
amending the First Amended and Restated Security Agreement among the
Company Iroquois and Hudson dated as of December 18, 2014.
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First Quarter Financial Results
Revenue for the quarter ended March 31, 2015 was $275,000, compared to $142,000 in the first quarter of 2014 and $234,000 in the fourth quarter of 2014. Revenue in the first quarter of 2015 increased by $132,000 or 92.8% compared to the same period in the prior year. The sequential increase in revenue of $41,000 or 17.6% was primarily due to increased installation activities.
FREMONT, Calif., May 15, 2015 /PRNewswire/ -- Andalay Solar, Inc. (WEST), a leading supplier of integrated solar power systems, today announced its first quarter 2015 financial results.
"Several important building blocks for our frame technology licensing strategy came together during the first quarter. I'm particularly pleased that the first of our module licensees, Hyundai Heavy Industries, completed the necessary certifications during the quarter, and that allowed Andalay mounting systems to undergo and achieve the relevant UL 1703 Class A PV system fire test rating which is now a requirement in California," commented Steven Chan, President & CEO. "As previously announced, Hyundai's TG-Series modules have now arrived in the U.S. and we are already receiving orders for our mounting hardware, which we will begin fulfilling next week."
"During the last two quarters, Andalay has also re-commenced offering residential solar installation services in Northern California including as a subcontractor for our installation customers. Our financials reflect the start-up costs of re-entering this line of business, and I expect our margins to improve as the business establishes itself this year," continued Chan.
First Quarter Financial Results
Revenue for the quarter ended March 31, 2015 was $275,000, compared to $142,000 in the first quarter of 2014 and $234,000 in the fourth quarter of 2014. Revenue in the first quarter of 2015 increased by $132,000 or 92.8% compared to the same period in the prior year. The sequential increase in revenue of $41,000 or 17.6% was primarily due to increased installation activities.
Gross loss for the first quarter of 2015 was $12,000 or (4.3%) of revenue, compared to a gross profit of $7,000 or 5.0% of revenue for the first quarter of 2014, and a gross profit of $25,000 or 10.7% of revenue for the fourth quarter of 2014. The year-over-year decrease in gross margin was due to higher inventory overhead costs. The sequential decrease in gross margin was due to higher inventory overhead costs and the ramp up of installation services.
Total operating expenses in the first quarter of 2015 were $791,000 compared to $668,000 for the same period last year and $774,000 for the fourth quarter of 2014. The year-over-year increase is due to higher general and administrative expenses of $116,000 principally associated with higher audit-related fees and payroll costs partially offset by lower stock compensation expense. Compared to the fourth quarter of 2014, total operating expenses increased $17,000 due principally to sales and marketing expense of $63,000 and higher general and administrative expense of $80,000. The sequential decrease in sales and marketing costs was due to lower payroll, branding, tradeshow and travel costs. The sequential increase in general and administrative expenses was primarily due to higher payroll costs, professional fees and UL testing costs partially offset by lower bad debt expense and recruiting costs. Stock-based compensation expense included in total operating expenses was $69,000 for the first quarter of 2015, compared to $166,000 for the same period of 2014 and $63,000 in the fourth quarter of 2014. Cash operating expenses (adjusted to exclude stock-based compensation expense and depreciation and amortization expense) were $693,000 for the first quarter of 2014, compared to $468,000 for the same period last year and $681,000 for the fourth quarter of 2014.
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Net loss from operations was $823,000 compared to a net loss of $70,000 in the same period last year, and a net loss of $580,000 in the fourth quarter of 2014. The net loss includes a favorable non-cash adjustment to the fair value of embedded derivatives of $41,000 for the first quarter of 2015 and an unfavorable non-cash adjustment to the fair value of embedded derivatives of $102,000 for the same period last year and a unfavorable non-cash adjustment to the fair value of embedded derivatives of $83,000 for the fourth quarter of 2014. Excluding the non-cash adjustments in all years, net loss from continuing operations was $766,000 in the first quarter of 2015 compared to $538,000 for the same period last year and $405,000 in the fourth quarter of 2014.
Net loss attributable to common shareholders (which includes preferred stock dividends) was $823,000 or $0.00 per share in the first quarter of 2015 compared to $84,000 or $0.00 per share in the first quarter of 2014 and $580,000 or $0.00 per share in the fourth quarter of 2014.
About Andalay Solar: (WEST)
Founded in 2001, the Company is a designer and manufacturer of integrated solar power systems. The Company has been a pioneer in the concept of integrating the racking, wiring and grounding directly into a solar panel. The Company's AC solar panel reduces the number of components for a rooftop solar installation by approximately 80% and lowers labor costs by approximately 50%. This AC panel, which won the 2009 Popular Mechanics Breakthrough Award, has become the industry's most widely installed AC solar panel. The Company currently sells its new generation "Instant Connect®" products in both AC and DC format which provide the best combination of safety, performance and reliability. For more information on the Company, visit www.andalaysolar.com.
Note Regarding Use of Non-GAAP Financial Measurements
The financial data contained in this press release includes certain non-GAAP financial measurements as defined by the Securities and Exchange Commission ("SEC"), including "cash operating expenses". These measures should be considered in addition to results prepared in accordance with GAAP ("Generally Accepted Accounting Principles"), but should not be considered a substitute for, or superior to, GAAP results. The Company is presenting cash operating expenses because it believes that it provides useful information to investors about Andalay Solar, its business, and its financial condition. The Company defines cash operating expenses as net income from continuing operations before the effects of preferred stock dividends and preferred deemed dividends, interest income or expense, income taxes, and depreciation and amortization, and excludes certain non-recurring and non-cash items including stock-based compensation, adjustment to fair value of embedded derivatives and adjustment of fair value of common stock warrants. The Company believes cash operating expenses is useful to investors because it is one of the measures used by the Company's Board of Directors and management to evaluate its business, including in internal management reporting, budgeting, and forecasting processes, in comparing operating results, as an internal profitability measure, as a component in evaluating the ability and the desirability of making capital expenditures and as an element in determining executive compensation.
Forward-Looking and Cautionary Statements - Safe Harbor
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Statements made in this release that are not historical in nature, including those related to market acceptance of products, constitute forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "expects," "projects," "plans," "will," "may," "can," "anticipates," believes," "should," "intends," "estimates," and other words of similar meaning. These statements include all statements related to our long-term business and licensing strategy, and our statements regarding our financial performance and the reasons stated for such performance, which may not result in similar financial performance in the future. The statements are subject to risks and uncertainties that cannot be predicted or quantified, and our actual results may differ materially from those expressed or implied by such forward-looking statements. Additional information will also be set forth in those sections in Andalay Solar's Annual Report on Form 10-K for the year ended December 31, 2014. All information set forth in this press release and its attachments is as of today's date. Andalay Solar undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.
Andalay Solar, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited)
Three Months Ended
March 31,
2015
2014
Net revenue
$274,641
$142,482
Cost of goods sold
286,382
135,388
Gross profit (loss)
(11,741)
7,094
Operating expenses
Sales and marketing
71,129
63,384
General and administrative
720,064
604,164
Total operating expenses
791,193
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667,548
Loss from continuing operations
(802,934)
(660,454)
Other income (expense)
Interest income (expense), net
(61,807)
(77,085)
Adjustment to the fair value of embedded derivatives
41,265
(101,551)
Settlement of prior debt owed
—
769,148
Total other income (expense), net
(20,542)
590,512
Loss before provision for income taxes
(823,476)
(69,942)
Provision for income taxes
—
—
Net loss
(823,476)
(69,942)
Preferred stock dividend
—
(14,454)
Net loss attributable to common stockholders
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$(823,476)
$(84,396)
Net loss attributable to common stockholders per common share (basic and diluted)
$(0.00)
$(0.00)
Weighted-average shares used in computing loss per common share:
327,209,784
131,428,001
Andalay Solar, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
March 31, 2015
December 31, 2014
Assets
Current assets:
Cash
$ 135,377
$ 61,542
Accounts receivable, net
62,386
118,456
Inventory
701,945
728,372
Prepaid expenses and other current assets
260,100
280,066
Total current assets
1,159,808
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1,188,436
Property and equipment, net
350
699
Patents, net
1,144,342
1,131,327
Other assets, net
199,005
240,478
Total assets
$ 2,503,505
$ 2,560,940
Liabilities and Stockholders' Deficit
Current liabilities:
Accounts payable
$ 3,220,949
$ 3,345,361
Accrued liabilities
192,685
104,229
Accrued warranty
934,088
938,466
Deferred revenue
—
15,450
Derivative liability – embedded conversion feature
—
129,598
Convertible note and beneficial conversion feature
247,985
500,000
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Note payable – short-term
73,129
109,164
Convertible notes – short-term
10,000
30,000
Total current liabilities
4,678,836
5,172,268
Convertible notes, less current portion (net of discount)
—
343,499
Total liabilities
4,678,836
5,515,767
Stockholders' deficit:
Common stock, $0.001 par value; 500,000,000 shares authorized; 367,822,110 and 279,475,332 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively
367,822
279,475
Additional paid-in capital
83,541,577
82,026,952
Accumulated deficit
(86,084,730)
(85,261,254)
Total stockholders' deficit
(2,175,331)
(2,954,827)
Total liabilities and stockholders' deficit
$ 2,503,505
$ 2,560,940
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/andalay-solar-announces-first-quarter-2015-results-300084394.html
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