Epoxy Inc. (fka EPXY)

[califax]

Annual Report Will Be Submitted Late (nt 10-k)

http://ih.advfn.com/p.php?pid=nmona&article=66130977&symbol=EPXY

...Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.


Yes [X] No [ ]

During the fiscal year ended December 31, 2013 the Company concluded an agreement to purchase Couponz, Inc. (“Couponz”), a Company incorporated in the State of Nevada whereby we acquired 100% of the ownership of Couponz, Inc. in exchange for the issuance of preferred stock of the Company and cash. Upon completion of the transaction, Couponz, Inc. became a wholly owned subsidiary of the Company. The business combination was accounted for as a reverse acquisition and recapitalization using accounting principles applicable to reverse acquisitions whereby the financial statements subsequent to the date of the transaction are presented as a continuation of Couponz. Under reverse acquisition accounting Couponz (subsidiary) is treated as the accounting parent (acquirer) and the Company (parent) is treated as the accounting subsidiary (acquiree). As a result of this transaction, the comparative figures reported in the current Form 10K for the year ended December 31, 2014 and 2013 are that of the acquired company. The Company expects its operational results to reflect an increase in net revenues period over period, offset by a substantial increase in professional fees and general administrative expenses as well as salaries and other consulting expense, with a decrease to software development costs. In addition during the most recently completed fiscal year the Company completed certain financing agreements to raise gross proceeds of $225,000 which amount will be offset with agent fees and other associated costs, with no comparative expenditure during the prior comparative period. In addition, during the current period the Company renegotiated certain convertible notes and retired certain debt by the issuance of securities. The Company expects to report a net operating loss of approximately $347,000 for the year ended December 31, 2014, as compared to a net operating loss of $118,157 in the same period ended December 31, 2013; and to report a net loss of approximately $1,948,000 for the year ended December 31, 2014, as compared to a net loss of $125,233 in the prior comparative period