PALM BEACH GARDENS, Fla., Jan. 24, 2012 /PRNewswire/ -- Attitude Drinks (OTC.BB: ATTD) (OTCQB: ATTD.OB), an innovative brand beverage development company and creator of the Phase III® Recovery brand, today announced a sales agreement with Walgreens, of Deerfield, IL.
The brand will be distributed to Walgreens stores throughout the majority of the state. This represents over 800 stores within the chain. Walgreens, a company built around the concept of one stop shopping, has now increased their focus into the health & wellness arena. They are striving to become the first choice for "health & daily living" in promoting what they refer to as a "well experience."
Roy Warren, CEO of Attitude Drinks commented, "The introduction of Phase III® into the authorized Walgreens locations throughout the state of Florida is a great indicator of brand growth and reception within the beverage community. The selling of Phase III® into these Walgreens stores, a chain recognized as one of the strongest drug and convenience stores in the country, is exciting and flattering. We intend to support this fantastic new relationship in raising the sales to their fullest potential."
"We are excited about the authorization of Phase III® Recovery in the Florida Division of Walgreens. It is clear that Florida consumers are looking to purchase Phase III® and now that it is available in Walgreens--problem solved," commented Jack Shea, Executive Vice President of Sales for Attitude.
About Attitude Drinks Inc.
Attitude Drinks Inc. is an innovative, beverage brand development company with a pure milk recovery drink that exploits recent scientific evidence confirming the benefits of milk and protein as an exercise recovery aid. Phase III® is sold in select local, regional and national markets, including colleges, universities, convenience stores, fitness centers and gyms, as well as online. For more information, including recent clinical trial results, visit www.attitudedrinks.com.
About Walgreens:
Walgreens (www.walgreens.com) is the nation's largest drugstore chain with fiscal 2011 sales of $72 billion. The company operates 7,818 drugstores in all 50 states, the District of Columbia and Puerto Rico. Each day, Walgreens provides nearly 6 million customers the most convenient, multichannel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services and advice in the communities across America. Walgreens scope of pharmacy services includes retail, specialty, infusion, medical facility and mail service, along with respiratory services. These services improve health outcomes and lower costs for payers including employers, managed care organizations, health systems, pharmacy benefit managers and the public sector. Take Care Health Systems is a Walgreens subsidiary that is the largest and most comprehensive manager of worksite health and wellness centers and in-store convenient care clinics, with more than 700 locations throughout the country.
This news release contains forward looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the failure to meet schedule or performance requirements of the Company's contracts, the Company's liquidity position, the Company's ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In light of these uncertainties the forward-looking events referred to in this release might not occur.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 10-Q/ A-2
(Mark One) x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended December 31, 2010
o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from _________ to _________ Commission file number: 000-52904
ATTITUDE DRINKS INCORPORATED (Exact name of registrant as specified on its charter)
Delaware
65-0109088 (State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)
10415 Riverside Drive, #101, Palm Beach Gardens, Florida 33410 USA (Address of principal executive offices)
(561) 799-5053 (Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer o Accelerated filer o Non-accelerated filer o Smaller reporting company x
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
APPLICABLE ONLY TO CORPORATE ISSUERS:
State the number of shares outstanding of each of the registrant's classes of common equity, as of the latest practicable date: 31,998,906 shares issued and outstanding as of February 18, 2011.
EXPLANATORY NOTE
This amendment No. 2 on Form 10-Q/A-2 amends the Registrant’s Quarterly Report on Form 10-Q/A for the period ended December 31, 2010, which the Registrant previously filed with the Securities and Exchange Commission (SEC) on July 6 , 2011. The Registrant is filing this amendment for the purpose of responding to SEC comments.
2
ATTITUDE DRINKS INCORPORATED AND SUBSIDIARY (A Development Stage Company)
Condensed Consolidated Balance Sheets – December 31, 2010 (unaudited) and March 31, 2010 4
Condensed Consolidated Statements of Operations – Three Months Ended December 31, 2010 and 2009, Nine Months Ended December 31, 2010 and 2009 and the Development Stage Period from Inception (June 18, 2007) to December 31, 2010 (unaudited) 5
Condensed Consolidated Statements of Cash Flows – Nine Months Ended December 31, 2010 and 2009 and the Development Stage Period from Inception (June 18, 2007) to December 31, 2010 (unaudited) 6
Notes to Condensed Consolidated Financial Statements (unaudited) 7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 47
Item 3. Quantitative and Qualitative Disclosures About Market Risk 63
Item 4. Controls and Procedures 63
PART II OTHER INFORMATION
Item 1. Legal Proceedings 64
Item 2. Unregistered Sales of Equity and Use of Proceeds 65
Item 3. Defaults upon Senior Securities 67
Item 4. Submission of Matters to a Vote of Security Holders 67
Item 5. Other Information/Subsequent Events 67
Item 6. Exhibits 68
SIGNATURES 70
EXHIBITS
DOCUMENTS INCORPORATED BY REFERENCE: See Exhibits
3
PART I – FINANCIAL INFORMATION
ITEM 1. – FINANCIAL STATEMENTS
ATTITUDE DRINKS INCORPORATED AND SUBSIDIARY (A Development Stage Company) CONDENSED CONSOLIDATED BALANCE SHEETS
Short-term bridge loans payable 388,000 388,000 Convertible notes payable 5,552,068 17,975,009 Non convertible note payable 10,250 34,000 Loans payable to related parties 21,463 21,463 TOTAL CURRENT LIABILITIES 11,301,972 28,074,279
CONVERTIBLE NOTES PAYABLE – NET OF CURRENT PORTION 842,290 -
STOCKHOLDERS' (DEFICIT):
Series A convertible preferred stock, par value $0.001 per share, 20,000,000 shares authorized, 9,000,000 shares issued and outstanding at December 31, 2010 and March 31, 2010 9,000 9,000
Common stock, par value $0.001, 1,000,000,000 shares authorized, 14,910,438 and 4,306,437 shares issued and outstanding at December 31, 2010 and March 31, 2010, respectively 14,910 4,306
Additional paid-in capital 6,470,470 5,959,687 Stock subscription receivable - (59,400 ) Deficit accumulated during the development stage (18,170,125 ) (33,750,839 )
TOTAL STOCKHOLDERS' (DEFICIT) (11,675,745 ) (27,837,246 )
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) $ 468,517 $ 237,033
See accompanying notes to condensed consolidated financial statements
4
01/24/2012 (11:22 ET) ATTD: Filed New Form 10-Q/A, Quarterly Report - Edgar
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About Attitude Drinks Inc.
Attitude Drinks Inc. is an innovative, beverage brand development company with a pure milk recovery drink that exploits recent scientific evidence confirming the benefits of milk and protein as an exercise recovery aid. Phase III® is sold in select local, regional and national markets, including colleges, universities, convenience stores, fitness centers and gyms, as well as online. For more information, including recent clinical trial results, visit www.attitudedrinks.com.
This news release contains forward looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the failure to meet schedule or performance requirements of the Company's contracts, the Company's liquidity position, the Company's ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In light of these uncertainties the forward-looking events referred to in this release might not occur.