10K Results
Company Merger announced late 2015 with Tonner cancelled - the merger never happened. Instead the company opted to change the company name to Tonner-One World Holdings Inc. with a proposed/pending ticker symbol change to DOLL, TONR, or TNRR. As part of the change in course, they created a wholly owned subsidiary called Tonner-One World Inc. (TOW).
Current Outstanding Shares: 447.1 million
An 11% increase over Q3 (403.1 million)
A 78% increase over the last year (251.2 million)
Current Authorized Shares: 2 Billion
A 300% increase over the last year (500 million)
As of December 31, 2015, several of their convertible debentures were delinquent (still) – the associated interest and penalties for non-performance of these notes stands at $1,048,335. OWOO states that an accrual was necessary until the aforementioned increase in A/S took effect (ie get ready for a dump). On a related note the Darling Capital judgment remains largely unpaid ($60k) and the WHC Capital settlement remains unpaid in full.
The company stated that they do not have sufficient cash at December 31, 2015 to fund future operations. For 2015 they used $1.7 million net cash to fund operating activities. There estimated 2016 needs are stated at $2.0 million. Current cash on hand is $5932 and some HEB Buddy Bucks.
At December 31, 2015, the convertible debentures and related accrued interest payable were convertible into approximately 2,496,336,000 shares of our common stock (vs. about 81 million the previous year) – more than the current A/S in the event all would convert.
The Company has now reserved $150,000 for “obsolete” inventories to reduce excess and obsolete inventories to their estimated net realizable value. (i.e. unsold returns?). On a related note, they have deleted the reference on Revenue Recognition being “net of returns”.
Robert Hines, former CEO of SEC Suspended EVSO, resigned as Director having served time 5 years for OWOO and has been released from probation on his own recognizance ?. OWOO no longer has any “independent” directors. “Grandma” Delaney, sister of Ms. Melton, remains on the BOD.
Total Assets = $124k, a decrease of 71% from 2014 ($429k)
Notes Payable = $460k, an increase of 283% from 2014 ($120k)
Total Liabilities (excluding derivative liability) = $6.85 million, an increase of 87% from 2014 ($3.67 million)
Quarterly Gross Sales = $12,193 (“the big 2nd Walmart order”) on cost of sales of $229,787, resulting in a gross loss for the quarter of $217,594 on doll sales (so much for the holiday sales and better margins due to bigger volume….). This is before $875,916 operating expenses for the quarter which includes the yearly $586k on advertising to sell those $12k of doll sales (“inept” is the word that comes to mind….).
Interest Expense continued to grow from $74k to $174k, a 135% increase.
After the filing date (Dec 31), 25,285,602 shares of our common stock for conversion of debt principal of $39,000 and accrued interest payable of $1,355 (or $0.0016/share)
