OT.. Which penny stock is this..?? I'll give the Ans. later..
December 31,
2014
(unaudited) June 30,
2014
ASSETS
Current assets:
Cash and cash equivalents $ 589,492 $ 592,501
Accounts receivable, net 1,069,059 615,744
Inventories, net 1,386,457 1,371,832
Prepaid expenses 86,557 97,558
Total current assets 3,131,565 2,677,635
Equipment and leasehold improvements, net 557,807 630,217
Other assets 2,996 2,996
Total assets $ 3,692,368 $ 3,310,848
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable $ 1,936,174 $ 1,651,152
Accrued compensation 296,171 213,444
Accrued expenses and interest 145,407 216,386
Line of credit 815,525 698,258
Current portion of term note payable - shareholder 98,084 —
Unsecured lines of credit — 1,002
Current portion of leases payable 41,252 31,836
Current portion of deferred rent payable 11,091 81,263
Merchant cash advance (net of discount) 119,174 365,542
Short-term unsecured notes payable 685,297 988,464
Notes payable - related party 116,000 116,000
Total current liabilities 4,264,175 4,363,347
Long-term liabilities:
Leases payable 80,560 70,668
Deferred rent payable 225,750 44,290
Unsecured note payable 300,000 100,000
Term note payable - shareholder 578,892 —
Convertible notes payable - shareholder — 625,000
Total liabilities 5,449,377 5,203,305
Commitments and contingencies (note 13) — —
Stockholders’ deficit:
Preferred stock, 5,700,000 shares authorized, $0.0001 par value none issued and outstanding — —
Series A Convertible Preferred stock, 4,300,000 shares authorized $0.0001 par value, 4,300,000 shares issued and outstanding with a liquidation preference of $1,000,000 as of December 31, 2014 and June 30, 2014 430 430
Common stock of $0.01 par value, 175,000,000 shares authorized; 70,702,596 shares issued and outstanding at December 31, 2014 and at June 30, 2014 707,026 707,026
Additional paid-in capital 5,845,974 5,823,828
Accumulated deficit (8,310,439 ) (8,423,741 )
Total stockholders’ deficit (1,757,009 ) (1,892,457 )
Total liabilities and stockholders’ deficit $ 3,692,368 $ 3,310,848
Three Months Ended
December 31, Six Months Ended
December 31,
2014 2013 2014 2013
Net Sales $ 4,299,916 $ 4,217,534 $ 7,875,263 $ 7,490,228
Cost of goods sold 3,048,096 3,035,481 5,712,240 5,314,329
Gross profit 1,251,820 1,182,053 2,163,023 2,175,899
Operating expenses
Advertising and promotion 118,909 126,800 208,572 212,627
Other selling and marketing 302,727 324,109 615,726 663,682
General and administrative 464,301 487,491 912,748 917,357
Depreciation and amortization 58,804 57,121 113,935 114,970
Total operating expenses 944,741 995,521 1,850,981 1,908,636
Income from operations 307,079 186,532 312,042 267,263
Other Income (Expense):
Interest income 96 50 237 112
Interest (expense) and financing costs (109,550 ) (91,470 ) (198,977 ) (199,205 )
Total Other (Expense) (109,454 ) (91,420 ) (198,740 ) (199,093 )
Income before income taxes 197,625 95,112 113,302 68,170
Provision for income taxes — — — —
Net income $ 197,625 $ 95,112 $ 113,302 $ 68,170
Net income per share
Basic $ 0.00 $ 0.00 $ 0.00 $ 0.00
Diluted $ 0.00 $ 0.00 $ 0.00 $ 0.00
Shares used in computing net income per share
Basic 70,702,596 70,702,596 70,702,596 70,702,596
Diluted 70,702,596 70,702,596 70,702,596 70,702,596
See accompanying notes to unaudited interim financial statements.
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