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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Alanco Technologies Inc (CE) | USOTC:ALAN | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
Large accelerated filer
|
Accelerated filer
|
|||
Non-accelerated filer
|
Smaller reporting company
|
X
|
Yes
|
X
|
No
|
INDEX
|
|||||
Page
Number
|
|||||
PART I.
|
FINANCIAL INFORMATION
|
||||
Item 1.
|
Financial Statements
|
||||
Condensed Consolidated Balance Sheets as of March 31, 2015 (Unaudited)
|
4
|
||||
and June 30, 2014
|
|||||
Condensed Consolidated Statements of Operations (Unaudited)
|
5
|
||||
For the three months ended March 31, 2015 and 2014
|
|||||
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
|
6
|
||||
For the three months ended March 31, 2015 and 2014
|
|||||
Condensed Consolidated Statements of Operations (Unaudited)
|
7
|
||||
For the nine months ended March 31, 2015 and 2014
|
|||||
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
|
8
|
||||
For the nine months ended March 31, 2015 and 2014
|
|||||
Condensed Consolidated Statement of Changes in Shareholders’ Equity (Unaudited)
|
9
|
||||
For the nine months ended March 31, 2015
|
|||||
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
|||||
For the nine months ended March 31, 2015 and 2014
|
10
|
||||
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
11
|
||||
Note A –
|
Basis of Presentation, Accounting Policies and Recent Accounting Pronouncements
|
||||
Note B –
|
Stock-Based Compensation
|
||||
Note C –
|
Marketable Securities
|
||||
Note D –
|
Note Receivable
|
||||
Note E –
|
Land, Property and Equipment
|
||||
Note F –
|
Earnings Per Share
|
||||
Note G –
|
Equity
|
||||
Note H –
|
Contingent Payments
|
||||
Note I -
|
Asset Retirement Obligation
|
||||
Note J -
|
Commitments and Contingencies
|
||||
Note K -
|
Related Party Transactions
|
||||
Note L -
|
Subsequent Events
|
||||
Note M –
|
Liquidity
|
||||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition
|
||||
and Results of Operations
|
20
|
||||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
26
|
|||
Item 4.
|
Controls and Procedures
|
26
|
|||
PART II.
|
OTHER INFORMATION
|
||||
Item 1.
|
Legal Proceedings
|
26
|
|||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
27
|
|||
Item 6.
|
Exhibits
|
27
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||
AS OF MARCH 31, 2015 AND JUNE 30, 2014
|
||||||
|
March 31, 2015
|
June 30, 2014
|
||||
ASSETS
|
(unaudited)
|
|||||
CURRENT ASSETS
|
||||||
Cash and cash equivalents
|
$
|
960,600
|
$
|
1,215,600
|
||
Accounts receivable - trade, net
|
128,200
|
96,800
|
||||
Other receivables - related party
|
4,500
|
9,200
|
||||
Note receivable, current - related party
|
60,000
|
300,000
|
||||
Marketable securities
|
-
|
560,100
|
||||
Prepaid expenses and other current assets
|
212,600
|
212,700
|
||||
Total current assets
|
1,365,900
|
2,394,400
|
||||
LAND, PROPERTY AND EQUIPMENT, NET
|
4,392,900
|
4,163,000
|
||||
OTHER ASSETS
|
||||||
Note receivable, long-term - related party
|
285,700
|
109,000
|
||||
|
Trust account - asset retirement obligation
|
62,700
|
48,700
|
|||
Prepaid royalties, long-term
|
-
|
50,000
|
||||
TOTAL ASSETS
|
$
|
6,107,200
|
$
|
6,765,100
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||
CURRENT LIABILITIES
|
||||||
Accounts payable and accrued expenses
|
$
|
298,100
|
$
|
278,000
|
||
Contingent payments, current
|
50,000
|
50,000
|
||||
Total current liabilities
|
348,100
|
328,000
|
||||
LONG-TERM LIABILITIES
|
||||||
Contingent payments, long-term
|
1,141,900
|
1,138,300
|
||||
Asset retirement obligation
|
423,700
|
423,700
|
||||
TOTAL LIABILITIES
|
1,913,700
|
1,890,000
|
||||
|
|
|||||
SHAREHOLDERS' EQUITY
|
||||||
Preferred Stock - no shares issued or outstanding
|
-
|
-
|
||||
Common Stock
|
||||||
Class A - 75,000,000 no par shares authorized, 4,982,400 and
|
||||||
4,962,500 shares issued and outstanding at March 31, 2015
|
||||||
and June 30, 2014, respectively
|
109,145,300
|
109,106,800
|
||||
Class B - 25,000,000 no par shares authorized, none issued or
|
||||||
outstanding
|
-
|
-
|
||||
Accumulated Other Comprehensive Income
|
-
|
121,200
|
||||
Accumulated Deficit
|
(104,951,800)
|
(104,352,900)
|
||||
Total shareholders' equity
|
4,193,500
|
4,875,100
|
||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
6,107,200
|
$
|
6,765,100
|
||
See accompanying notes to the condensed consolidated financial statements
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||
FOR THE THREE MONTHS ENDED MARCH 31, (unaudited)
|
||||||
|
||||||
2015
|
2014
|
|||||
NET REVENUES
|
$
|
231,200
|
$
|
180,200
|
||
Cost of revenues
|
211,800
|
137,400
|
||||
GROSS PROFIT
|
19,400
|
42,800
|
||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
||||||
Corporate expenses
|
68,300
|
82,000
|
||||
Alanco Energy Services
|
191,600
|
193,800
|
||||
Stock-based compensation
|
13,900
|
-
|
||||
273,800
|
275,800
|
|||||
OPERATING LOSS
|
(254,400)
|
(233,000)
|
||||
OTHER INCOME
|
||||||
Interest income
|
10,400
|
11,200
|
||||
Gain on sale of marketable securities
|
-
|
288,200
|
||||
Other income
|
-
|
86,700
|
||||
NET INCOME (LOSS)
|
$
|
(244,000)
|
$
|
153,100
|
||
NET INCOME (LOSS) PER SHARE - BASIC AND DILUTED
|
||||||
Net income (loss) per share attributable to common shareholders
|
$
|
(0.05)
|
$
|
0.03
|
||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
4,971,900
|
4,932,500
|
||||
See accompanying notes to the condensed consolidated financial statements
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
||||||
FOR THE THREE MONTHS ENDED MARCH 31, (unaudited)
|
||||||
|
|
|||||
2015
|
2014
|
|||||
Net Income (Loss)
|
$
|
(244,000)
|
$
|
153,100
|
||
Reclassification adjustment for gain included in Net Income (Loss)
|
-
|
(288,200)
|
||||
Net unrealized gain (loss) on marketable securities held at March 31,
|
-
|
(41,500)
|
||||
Net unrealized gain on marketable securities sold during the period
|
-
|
125,500
|
||||
Comprehensive Loss
|
$
|
(244,000)
|
$
|
(51,100)
|
||
|
|
|||||
See accompanying notes to the condensed consolidated financial statements
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||
FOR THE NINE MONTHS ENDED MARCH 31, (unaudited)
|
||||||
|
||||||
2015
|
2014
|
|||||
NET REVENUES
|
$
|
674,800
|
$
|
264,600
|
||
Cost of revenues
|
590,400
|
292,900
|
||||
GROSS PROFIT (LOSS)
|
84,400
|
(28,300)
|
||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
||||||
Corporate expenses
|
175,100
|
237,500
|
||||
Alanco Energy Services
|
585,800
|
612,500
|
||||
Stock-based compensation
|
59,300
|
-
|
||||
820,200
|
850,000
|
|||||
OPERATING LOSS
|
(735,800)
|
(878,300)
|
||||
OTHER INCOME
|
||||||
Interest income
|
33,500
|
27,300
|
||||
Gain on sale of marketable securities
|
103,200
|
896,900
|
||||
Other income
|
200
|
88,000
|
||||
NET INCOME (LOSS)
|
$
|
(598,900)
|
$
|
133,900
|
||
NET INCOME (LOSS) PER SHARE - BASIC AND DILUTED
|
|
|||||
Net loss attributable to common shareholders
|
$
|
(0.12)
|
$
|
0.03
|
||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
4,987,700
|
4,938,700
|
||||
See accompanying notes to the condensed consolidated financial statements
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
||||||
FOR THE NINE MONTHS ENDED MARCH 31, (unaudited)
|
||||||
|
|
|||||
2015
|
2014
|
|||||
Net Income (Loss)
|
$
|
(598,900)
|
$
|
133,900
|
||
Reclassification adjustment for gain included in Net Income (Loss)
|
(103,200)
|
(896,900)
|
||||
Net unrealized loss on marketable securities held at March 31,
|
-
|
(19,900)
|
||||
Net unrealized gain (loss) on marketable securities sold during the period
|
(18,000)
|
527,000
|
||||
Comprehensive Loss
|
$
|
(720,100)
|
$
|
(255,900)
|
||
|
|
|||||
|
|
|||||
See accompanying notes to the condensed consolidated financial statements
|
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
|
||||||||||||||
FOR THE NINE MONTHS ENDED MARCH 31, 2015 (unaudited)
|
||||||||||||||
|
||||||||||||||
ACCUMULATED
|
||||||||||||||
OTHER
|
||||||||||||||
COMMON STOCK
|
TREASURY STOCK
|
COMPREHENSIVE
|
ACCUMULATED
|
|||||||||||
SHARES
|
AMOUNT
|
SHARES
|
AMOUNT
|
INCOME
|
DEFICIT
|
TOTAL
|
||||||||
Balances, June 30, 2014
|
4,962,500
|
$
|
109,106,800
|
-
|
$
|
-
|
$
|
121,200
|
$
|
(104,352,900)
|
$
|
4,875,100
|
||
Shares issued for services
|
75,000
|
31,500
|
-
|
-
|
-
|
-
|
31,500
|
|||||||
Value of stock-based compensation
|
-
|
27,800
|
-
|
-
|
-
|
-
|
27,800
|
|||||||
Shares of Alanco common stock repurchased
|
-
|
-
|
55,100
|
20,800
|
-
|
-
|
20,800
|
|||||||
Treasury shares retired
|
(55,100)
|
(20,800)
|
(55,100)
|
(20,800)
|
-
|
-
|
(41,600)
|
|||||||
Other comprehensive income adjustment
|
-
|
-
|
-
|
-
|
(121,200)
|
-
|
(121,200)
|
|||||||
Net loss
|
-
|
-
|
-
|
-
|
-
|
(598,900)
|
(598,900)
|
|||||||
Balances, March 31, 2015
|
4,982,400
|
$
|
109,145,300
|
-
|
$
|
-
|
$
|
-
|
$
|
(104,951,800)
|
$
|
4,193,500
|
||
|
||||||||||||||
See accompanying notes to the condensed consolidated financial statements
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||
FOR THE NINE MONTHS ENDED MARCH 31, (unaudited)
|
||||||
2015
|
2014
|
|||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||
Net income (loss)
|
$
|
(598,900)
|
$
|
133,900
|
||
Adjustments to reconcile net income (loss) to net
|
||||||
cash used in operating activities:
|
||||||
Depreciation and amortization
|
141,300
|
129,200
|
||||
Accretion of fair value - contingent payments
|
25,300
|
25,200
|
||||
Gain on sale of StarTrak, excluding shares for services
|
||||||
valued at $7,800
|
-
|
(129,500)
|
||||
Gain on sale of marketable securities
|
(103,200)
|
(896,900)
|
||||
Stock issued for services
|
31,500
|
11,700
|
||||
Note receivable issued for ACC amendment and accounting fees
|
-
|
(34,000)
|
||||
Stock-based compensation
|
27,800
|
-
|
||||
Changes in operating assets and liabilities:
|
||||||
Accounts receivable
|
(31,400)
|
(43,700)
|
||||
Other receivables - related party
|
4,700
|
27,400
|
||||
Prepaid expenses and other assets
|
50,100
|
27,500
|
||||
Trust account - asset retirement obligation
|
(14,000)
|
(14,000)
|
||||
Accounts payable and accrued expenses
|
(8,900)
|
85,900
|
||||
Contingent payment liabilities
|
(21,700)
|
-
|
||||
Net cash used in operating activities
|
(497,400)
|
(677,300)
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||
Issuance of note receivable to ACC
|
-
|
(25,000)
|
||||
Proceeds from repayment of ACC note
|
92,300
|
-
|
||||
Purchase of land, property, and equipment
|
(371,200)
|
(85,800)
|
||||
Proceeds from sale of marketable securities
|
542,100
|
2,037,100
|
||||
Payments pursuant to StarTrak sale
|
-
|
(643,800)
|
||||
Net cash provided by investing activities
|
|
263,200
|
|
1,282,500
|
||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||
Purchase of treasury shares
|
(20,800)
|
(26,100)
|
||||
Net cash used in financing activities
|
(20,800)
|
(26,100)
|
||||
NET INCREASE (DECREASE) IN CASH
|
(255,000)
|
579,100
|
||||
CASH AND CASH EQUIVALENTS, beginning of period
|
1,215,600
|
696,400
|
||||
CASH AND CASH EQUIVALENTS, end of period
|
$
|
960,600
|
$
|
1,275,500
|
||
|
|
|||||
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION
|
|
|||||
Non-cash investing and financing activities:
|
||||||
Other comprehensive income adjustment
|
$
|
121,200
|
$
|
389,800
|
||
Note receivable issued for ACC amendment and accounting fees
|
$
|
29,000
|
$
|
-
|
||
See accompanying notes to the condensed consolidated financial statements
|
Level 1:
|
||||||||
Quoted Prices
|
Level 2:
|
|||||||
in Active
|
Significant
|
Level 3:
|
Total
|
|||||
Markets
|
Other
|
Significant
|
at
|
|||||
for Identical
|
Observable
|
Unobservable
|
March 31,
|
|||||
Assets
|
Inputs
|
Inputs
|
2015
|
|||||
Asset Retirement Obligation
|
$
|
-
|
$
|
-
|
$
|
423,700
|
$
|
423,700
|
Contingent Land Payment
|
-
|
-
|
652,500
|
652,500
|
||||
Contingent Purchase Price
|
-
|
-
|
539,400
|
539,400
|
||||
$
|
-
|
$
|
-
|
$
|
1,615,600
|
$
|
1,615,600
|
·
|
Expected term is determined under the simplified method using an average of the contractual term and vesting period of the award as appropriate statistical data required to properly estimate the expected term was not available;
|
·
|
Expected volatility of award grants made under the Company’s plans is measured using the historical daily changes in the market price of the Company’s common stock over the expected term of the award and contemplation of future activity;
|
·
|
Risk-free interest rate is the implied yield on zero-coupon U.S. Treasury bonds with a remaining maturity equal to the expected term of the awards; and,
|
·
|
Forfeitures are based on the history of cancellations of awards granted by the Company and management’s analysis of potential future forfeitures.
|
Weighted
|
|
|||||||||||
Weighted
|
Average
|
|
||||||||||
|
Average
|
Remaining
|
Aggregate
|
Aggregate
|
||||||||
Exercise Price
|
Contractual
|
Fair
|
Instrinsic
|
|||||||||
Shares
|
Per Share
|
Term (1)
|
Value (3)
|
Value (2)
|
||||||||
Outstanding July 1, 2014
|
823,400
|
$0.63
|
3.35
|
$
|
212,600
|
$
|
-
|
|||||
Granted
|
390,000
|
$0.50
|
4.85
|
69,500
|
-
|
|||||||
Exercised
|
-
|
-
|
-
|
-
|
-
|
|||||||
Forfeited or expired
|
(10,200)
|
$1.50
|
-
|
(6,300)
|
-
|
|||||||
Outstanding March 31, 2015
|
1,203,200
|
$0.58
|
3.28
|
$
|
275,800
|
$
|
-
|
|||||
Exercisable March 31, 2015
|
969,200
|
$0.60
|
2.96
|
$
|
234,200
|
$
|
-
|
|||||
(1)
|
Remaining contractual term presented in years.
|
|||||||||||
(2)
|
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying
|
|||||||||||
awards and the closing price of the Company's common stock as of March 31, 2015, for those awards that
|
||||||||||||
have an exercise price below the closing price as of March 31, 2015 of $.30.
|
||||||||||||
(3)
|
Aggregate Fair Value is calculated using the Black Scholes option pricing model to estimate fair value of stock-based
|
|||||||||||
compensation.
|
Accumulated
|
|||||||||||||
Net
|
Cost Basis |
|
Market Value
|
Unrealized
|
|||||||||
Shares
|
Per Share
|
Cost Basis
|
Per Share
|
Total Value
|
Gain
|
(Loss)
|
|||||||
June 30, 2014
|
85,000
|
$
|
5.16
|
$
|
439,100
|
$
|
6.59
|
$
|
560,100
|
$
|
121,000
|
$
|
-
|
Shares sold
|
(45,000)
|
5.16
|
(232,600)
|
||||||||||
|
|||||||||||||
September 30, 2014
|
40,000
|
$
|
5.16
|
$
|
206,500
|
$
|
5.75
|
$
|
230,000
|
$
|
23,500
|
$
|
-
|
Shares sold
|
(40,000)
|
5.16
|
(206,500)
|
||||||||||
December 31, 2014 and
|
|||||||||||||
March 31, 2015
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
June 30, 2014
|
Additions
|
March 31, 2015
|
||||
Office furniture and equipment
|
$
|
51,300
|
$
|
-
|
$
|
51,300
|
Water disposal facility
|
2,714,600
|
3,700
|
2,718,300
|
|||
Production equipment
|
232,000
|
278,200
|
510,200
|
|||
2,997,900
|
281,900
|
3,279,800
|
||||
Less accumulation depreciation
|
(371,800)
|
(141,300)
|
(513,100)
|
|||
Land and improvements
|
1,536,900
|
89,300
|
1,626,200
|
|||
Net book value
|
$
|
4,163,000
|
$
|
229,900
|
$
|
4,392,900
|
March 31,
|
June 30,
|
|||
2015
|
2014
|
|||
Contingent land payment
|
$
|
652,500
|
$
|
660,200
|
Contingent purchase price
|
539,400
|
528,100
|
||
1,191,900
|
1,188,300
|
|||
Less current portion
|
(50,000)
|
(50,000)
|
||
Contingent payments, long-term
|
$
|
1,141,900
|
$
|
1,138,300
|
(A)
|
Three months ended March 31, 2015 versus three months ended March 31, 2014
|
(B)
|
Nine months ended March 31, 2015 versus nine months ended March 31, 2014
|
31.1
|
Certification of Chief Executive Officer
|
|
31.2
|
Certification of Chief Financial Officer
|
|
32
|
Certification of Chief Executive Officer and Chief Financial Officer
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
(Registrant)
|
/s/ Danielle Haney
|
Danielle Haney
|
Chief Financial Officer
|
Alanco Technologies, Inc.
|
/s/ John A. Carlson
|
________________________
|
John A. Carlson
|
President and Chief Executive Officer
|
/s/ Danielle L. Haney
|
________________________
|
Danielle L. Haney
|
Chief Financial Officer
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the periods presented.
|
/s/ John A. Carlson
|
John A. Carlson
|
President and Chief Executive Officer
|
Alanco Technologies, Inc.
|
/s/ Danielle L. Haney
|
Danielle L. Haney
|
Chief Financial Officer
|
Alanco Technologies, Inc.
|
1 Year Alanco Technologies (CE) Chart |
1 Month Alanco Technologies (CE) Chart |
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