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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mera Pharmaceuticals Inc (CE) | USOTC:MRPI | 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 |
DELAWARE
|
033-23460
|
04-3683628
|
||
(State or other jurisdiction
of incorporation)
|
|
(Commission
File Number)
|
|
(IRS Employer
Identification No.)
|
Large accelerated filer
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¨
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Accelerated filer
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¨
|
Non-accelerated filer
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¨
|
Smaller reporting company
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þ
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(Do not check if a smaller reporting company)
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PAGE
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31 |
•€€
|
Fewer than 5,000 out of the estimated total of 30,000 species are believed to have been cultivated in the laboratory
|
•€€
|
Fewer than 1,000 species are believed to have been carefully investigated for new substances
|
•€€
|
Fewer than 10 species have been cultivated at commercial scale
|
•€€
|
Several hundred new bioactive substances have been discovered in the small number of microalgae that have been researched to date
|
•€€
|
Many molecules derived from microalgae are already known to be valuable for use as enzymes, pigments, vitamins, nutraceuticals, pharmaceuticals and the like
|
•€€
|
Bioactive compounds extracted from microalgae have substantial potential value as pharmaceuticals
|
•€€
|
Growth rates for microalgae species range from about 1 to 10 divisions per day
|
•€€
|
Growth rates for these plants are, in general, faster than any other plants
|
•€€
|
Water, sunlight, fertilizer and carbon dioxide, the principal raw materials used in cultivation, are plentiful and economical
|
•€€
|
monitoring of key production variables at intervals more frequent than one minute;
|
•€€
|
data archiving for comprehensive analysis of system
|
•€€
|
performance; automated control of all operations performed more than once a
|
•€€
|
day (both a process control improvement and labor cost saving);
|
•€€
|
immediate alarm system for any system component not operating within parameters; and
|
•€€
|
automated maintenance for hundreds of system components, reducing failures and preventing contamination.
|
•€€
|
protecting against the harmful effects of UV light;
|
•€€
|
enhancing the immune response;
|
•€€
|
protecting against the oxidation of essential polyunsaturated fatty acids;
|
•€€
|
stimulating pro-vitamin A activity and vision;
|
•€€
|
improving reproductive capacity; and assisting in communication.
|
1)
|
INCREASE SALES OF NUTRACEUTICAL PRODUCTS.
|
The Company intends to increase sales of its current products, ASTAFACTOR®, SALMON ESSENTIALS™ and KONA SEA SALT™, by expanding distribution through a variety of sales channels. It appears that awareness of the benefits of our products is growing in the marketplace, and once the benefits of our products are more fully understood by the general public, we will focus on entering national domestic retail chains with the potential for delivering high sales volumes at attractive margins and efficient distribution.
|
2)
|
EXPAND STRATEGIC ALLIANCES.
|
We intend to develop relationships with other companies who have products that will benefit from utilizing our technology under license. We believe that there is significant potential revenue associated with the licensing of our technology to other companies or in performing contract work for them utilizing our facilities or expanded facilities if justified.
|
1)
|
CREATE ALLIANCES WITH EFFICIENT, HIGH-QUALITY DISTRIBUTORS IN KEY U.S. REGIONAL AND INTERNATIONAL MARKETS AND SUPPORT THOSE DISTRIBUTORS WITH EFFECTIVE ADVERTISING AND PROMOTION TO THE CONSUMER.
|
The Company currently markets ASTAFACTOR®, SALMON ESSENTIALS™ and KONA SEA SALT™ to mass retail outlets in Hawaii through distribution arrangements with established companies. We are also expanding our efforts to distribute outside of Hawaii. With the acquisition of Villari’s Family Centers, we are able to expand our distribution throughout the United States through company owned martial arts studios as well as franchised and joint venture locations.
|
2)
|
SELL ASTAFACTOR®, SALMONESSENTIALS™ AND KONA SEA SALT™ DIRECTLY TO THE CONSUMER.
|
This approach allows us to reach consumers throughout the domestic market at the most attractive margins, since it eliminates distributor and retailer profits. Web-based and specialty media promotion are also used to reinforce our marketing efforts and product visibility to all consumers. We are building a customer data base that will enhance our ability to reach regular customers with new products as they are developed and come to market.
|
With the product placement of our current commercial product lines at the Villari’s Martial Arts studios, and on the internet the Company will be able to drastically increases distribution and awareness of our nutracueticals and build the market for our future nutracuetical products.
|
Quarter Ended
|
High
|
Low
|
||||||
January 31, 2008
|
$
|
0.008
|
$
|
0.006
|
||||
April 30, 2008
|
$
|
0.011
|
$
|
0.006
|
||||
July 31, 2008
|
$
|
0.0095
|
$
|
0.005
|
||||
October 31, 2008
|
$
|
0.009
|
$
|
0.005
|
||||
January 31, 2009
|
$
|
0.008
|
$
|
0.0036
|
||||
April 30, 2009
|
$
|
0.01
|
$
|
0.0035
|
||||
July 31, 2009
|
$
|
0.019
|
$
|
0.006
|
||||
October 31, 2009
|
$
|
0.015
|
$
|
0.005
|
||||
January 31, 2010
|
$
|
0.006
|
$
|
0.004
|
||||
April 30, 2010
|
$
|
0.01
|
$
|
0.0041
|
||||
July 31, 2010
|
$
|
0.008
|
$
|
0.004
|
||||
October 31, 2010
|
$
|
0.0078
|
$
|
0.0025
|
||||
January 31, 2011
|
$
|
0.003
|
$
|
0.002
|
||||
April 30, 2011
|
$
|
0.004
|
$
|
0.0021
|
||||
July 31, 2011
|
$
|
0.003
|
$
|
0.002
|
||||
October 31, 2011
|
$
|
0.0023
|
$
|
0.0006
|
Number of securities
to be issued upon exercise of outstanding options, warrants
and rights
|
Weighted-average
exercise price of
outstanding options,
warrants and rights
|
Number of securities remaining available
for future issuance
under equity
compensation plans (excluding securities reflected in 1
st
column)
|
||||||||||
Equity compensation plans approved by security holders
|
11,215,000
|
$
|
0.01
|
48,785,000
|
||||||||
Equity compensation plans not approved by security holders
|
0
|
--
|
0
|
|||||||||
Total
|
11,215,000
|
$
|
0.01
|
48,785,000
|
•€€
|
our ability to complete successfully the commercialization and production cost optimization of our products;
|
•€€
|
our ability to manage production costs and yield issues associated with increased production of our products;
|
•€€
|
the progress of our research and development programs for developing other microalgal products;
|
•€€
|
the time and costs associated with obtaining regulatory approvals for our products;
|
•€€
|
our ability to protect our proprietary rights, or the expense of doing so;
|
•€€
|
the costs of filing, maintaining, protecting and enforcing our patents;
|
•€€
|
competing technological and market developments;
|
•€€
|
changes in our pricing policies or the pricing policies of our competitors;
|
•€€
|
the costs of commercializing and marketing our existing and potential products; and
|
•€€
|
the inability to achieve a level of sales of our products necessary to generate sufficient revenues to cover research, development and operating costs.
|
•€€
|
market acceptance of our products;
|
•€€
|
our ability to manufacture our products cost-effectively in quantities needed to sustain growing sales of our ASTAFACTOR® and KONA SEA SALT™ line of products;
|
•€€
|
the extent and progress of our research and development programs;
|
•€€
|
the time and costs of obtaining regulatory clearances for some of our products;
|
•€€
|
the costs of filing, maintaining, protecting and enforcing patent claims;
|
•€€
|
the need to address competing technological and market developments;
|
•€€
|
the cost of developing and/or operating production facilities for our existing and potential products; and
|
•€€
|
the costs of commercializing our products.
|
•€€
|
microbial contamination;
|
•€€
|
variability in production cycle times due to technical, environmental and biological factors; and
|
•€€
|
losses of final product due to inefficient processing.
|
•€€
|
announcements of technological innovations or new commercial products by us or our competitors;
|
•€€
|
developments concerning proprietary rights, including patents, by us or our competitors;
|
•€€
|
publicity regarding actual or potential benefits or drawbacks relating to products under development by us or our competitors;
|
•€€
|
conditions or trends in the life sciences, nutraceutical or pharmaceutical markets;
|
•€€
|
changes in the market valuations of biotechnology and life sciences companies in general; and
|
•€€
|
general regulatory developments affecting our products in both the United States and foreign countries.
|
NAME
|
AGE
|
POSITION
|
||
Charles G. Spaniak, Sr.
|
71
|
President and Chief Financial Officer
|
||
Joyce Markley
|
61
|
Director, Secretary
|
NAME AND PRINCIPAL POSITION
|
YEAR ENDED OCTOBER 31,
|
SALARY ($)
|
RESTRICTED STOCK AWARD(S) ($)
|
||||||
Gregory F. Kowal, CEO
|
2011
|
$
|
0
|
$
|
0
|
||||
Gregory F. Kowal, CEO
|
2010
|
$
|
49,500
|
$
|
0
|
||||
Gregory F. Kowal, CEO
|
2009
|
$
|
0
|
$
|
0
|
Option Awards
|
Stock Awards
|
||||||||||||||||||||||||||||
Number of Securities Underlying Unexercised Options
(#)
|
Number of Securities Underlying Unexercised Options
(#)
|
Option Exercise Price
|
Option Expiration
|
Number of Shares or Units of Stock That Have Not Vested
|
Market Value of Shares or Units of Stock That Have Not Vested
|
Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other rights That Have Not Vested
|
Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other rights That Have Not Vested
|
||||||||||||||||||||||
Name
|
Exercisable
|
Unexercisable
|
($)
|
Date
|
(#) |
($)
|
(#) |
($)
|
|||||||||||||||||||||
Gregory Kowal
|
5,000,000 | -- | 0.01 |
12/17/14
|
-- | -- | -- | -- |
Name of Beneficial Owner
|
Common Stock Beneficially Owned
|
Common Stock Beneficially Owned Giving Effect to Conversion of Series C Stock
|
Percentage of Common Stock Beneficially Owned Giving Effect to Conversion of Series C Stock
|
|||||||||
Charles G. Spaniak, Sr. (1)
|
0 | -0- | -0- | |||||||||
Joyce Markley
|
0 | 2,039,315,960 | 13.13 | % | ||||||||
Arlette Spaniak (2)
|
0 | 2,039,315,960 | 13.13 | % | ||||||||
All officers and directors as a group
|
4,078,631,920 | 26.26 | % |
1)
|
Does not include any shares owned or controlled by his spouse as to which he disclaims any beneficial ownership.
|
2)
|
Spouse of Charles G. Spaniak Sr.
|
Fee Category
|
Fiscal 2011
|
Fiscal 2010
|
||||||
Audit Fees
|
$ | 32,000 | $ | 16,000 | ||||
Audit Related Fees
|
$ | 0 | $ | 0 | ||||
Tax Fees
|
$ | 0 | $ | 0 | ||||
All Other Fees
|
$ | 0 | $ | 0 | ||||
Total Fees
|
$ | 32,000 | $ | 16,000 |
Exhibit List
|
Description
|
|
2.1 *
|
Plan Confirmation Hearing and Debtor’s Plan of Reorganization
|
|
2.2 **
|
Certificate of Merger merging Aquasearch, Inc., a Colorado corporation, into Mera Pharmaceuticals, Inc., a Delaware corporation
|
|
2.3 **
|
Certificate of Merger merging Aqua RM co., Inc. into Mera Pharmaceuticals, Inc.
|
|
3.1 **
|
Certificate of Incorporation
|
|
3.2
|
Certificate of Designation of Series A Preferred Stock of Mera Pharmaceuticals, Inc. and the Express Terms Thereof.
|
|
3.3
|
Certificate of Designation of Series B Preferred Stock of Mera Pharmaceuticals, Inc. and the Express Terms Thereof.
|
|
3.4 **
|
Bylaws
|
|
4.1 +
|
Form of 1996 Bridge Loan Note
|
|
4.2 +
|
Form of 1997 Warrant
|
|
4.3 ++
|
Form of Convertible Note
|
|
4.4 ++
|
Form of Warrant
|
|
4.5 ++
|
Form of Note and Warrant Purchase Agreement
|
|
4.6 #
|
Form of Promissory Note
|
|
10.1
|
Distribution and Development Agreement between Cultor Ltd. and Aquasearch, dated May 14, 1996 (terminated)
|
|
10.2
|
Stock Subscription Agreement between Cultor Ltd. and Aquasearch, dated May 14, 1996
|
|
10.3 +
|
The Amended Keahole Point Facilities Use Agreement dated august 22, 1006, by and between The National Energy Laboratory of Hawaii Authority and Aquasearch, Inc.
|
|
10.4 $
|
Letter of Intent between C. Brewer and company Limited and Aquasearch, Inc.
|
|
10.5
|
Amendment to Distribution and Development Agreement between Cultor Ltd. and Aquasearch, Inc., dated June 14, 1999
|
|
10.6 $$
|
Common Stock Purchase agreement (including form of Warrant) between Alpha Venture Capital, Inc. and Aquasearch, Inc., dated June 14, 2000
|
|
10.7 $$
|
Registration Rights Agreement between Alpha Venture Capital, Inc. and Aquasearch, Inc., dated June 14, 2000
|
|
10.8
|
Sublease between the Company and Ancile Pharmaceuticals, Inc., dated July 31, 2002
|
|
10.9 $$$
|
Technical Services Contract, dated November 9, 2002, between the Company and Hainan sunshine Marine Bioengineering Co., Ltd.
|
|
16.1 ***
|
Letter regarding change in Certifying Accountant dated June 14, 2011
|
|
31.1
|
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 350)
|
|
31.2
|
Certification of the Principal Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 350)
|
|
32.1
|
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350 (as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)
|
|
32.2
|
Certification of the Principal Accounting Officer pursuant to 18 U.S.C. Section 1350 (as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)
|
*
|
Incorporated by reference to the exhibit filed with our Current Report on Form 8-K dated July 3, 2002.
|
**
|
Incorporated by reference to the exhibit filed with our Current Report on Form 8-K dated July 30, 2002.
|
***
|
Incorporated by reference to the exhibit filed with our Current Report on Form 8-K dated June 20, 2011.
|
+
|
Incorporated by reference to the exhibit filed with our Annual Report on Form 10-KSB for the fiscal year ended October 31, 1996.
|
++
|
Incorporated by reference to the exhibit filed with Amendment No. 1 to our Registration Statement on Form S-B filed October 28, 1998.
|
Incorporated by reference to the exhibit filed with our Current Report on Form 8-K filed September 13, 1996.
|
|
Incorporated by reference to the exhibit filed with Amendment No. 1 to the Company’s Registration Statement on Form SB-2 filed November 9, 1999.
|
|
Incorporated by reference to the exhibit filed with our Registration Statement filed on Form SB-2/A dated December 11, 2003.
|
|
$
|
Incorporated by reference to the exhibit filed with our Current Report on Form 8-K dated November 13, 1996.
|
$$
|
Incorporated by reference to the exhibit filed with our Registration Statement on Form SB-2 filed July 13, 2000.
|
$$$
|
Incorporated by reference to the exhibit filed with our Quarterly Report on Form 10-QSB filed March 24, 2003.
|
MERA PHARMACEUTICALS, INC.
|
|||
By:
|
/s/ Charles G. Spaniak, Sr.
|
||
Charles G. Spaniak, Sr.
|
|||
President and Chief Financial Officer
|
SIGNATURE
|
TITLE
|
DATE
|
||
/s/ Charles G. Spaniak, Sr.
|
|
President and Chief Financial Officer
|
________________
|
|
Charles G. Spaniak, Sr.
|
||||
/s/ Joyce Markley
|
Director and Secretary
|
________________
|
||
Joyce Markley
|
Balance Sheets
|
As of October 31,
|
||||||||
2011
|
2010
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 4,315 | $ | 5,940 | ||||
Accounts receivable, net
|
7,848 | 8,864 | ||||||
Prepaid expenses
|
42,309 | - | ||||||
Total Current Assets
|
54,472 | 14,804 | ||||||
Plant and equipment, net
|
2,022 | 8,034 | ||||||
Other assets
|
14,188 | 50,519 | ||||||
Total Assets
|
$ | 70,682 | $ | 73,357 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$ | 486,166 | $ | 373,661 | ||||
Accounts payable - related parties
|
150,000 | 150,000 | ||||||
Notes payable - related parties
|
51,936 | 51,936 | ||||||
Loans payable - related party
|
247,200 | 174,700 | ||||||
Total Current Liabilities
|
935,302 | 750,297 | ||||||
Contingencies (See Note 9 )
|
||||||||
Stockholders' deficit:
|
||||||||
Preferred stock, $.0001 par value, 5,200 shares authorized,
none issued and outstanding, respectively
|
- | - | ||||||
Series A- Convertible Preferred Stock $0.0001 par value, 2,400 shares authorized, 80 and 80 issued and outstanding, respectively | 1 | 1 | ||||||
Series B- Convertible Preferred Stock $0.0001 par value, 2,400 shares authorized, 974 and 974 shares issued and outstanding | 1 | 1 | ||||||
Common stock, $.0001 par value: 750,000,000 shares authorized,
|
||||||||
547,769,915 and 547,769,915 shares issued and 547,269,915 and 547,269,915 outstanding, respectively | 54,777 | 54,777 | ||||||
Additional paid-in capital
|
7,968,873 | 7,968,873 | ||||||
Treasury stock at cost (500,000 and 500,000 shares, respectively)
|
(2,025 | ) | (2,025 | ) | ||||
Accumulated deficit
|
(8,886,247 | ) | (8,698,567 | ) | ||||
Total Stockholders' Deficit
|
(864,620 | ) | (676,940 | ) | ||||
Total Liabilities and Stockholders' Deficit
|
$ | 70,682 | $ | 73,357 |
Statements of Operations
|
||||||
For The Years Ended October 31, 2011 and 2010
|
2011
|
2010
|
|||||||
Sales, net
|
$ | 302,624 | $ | 288,888 | ||||
Cost of Goods Sold
|
16,260 | 46,066 | ||||||
GROSS PROFIT
|
286,364 | 242,822 | ||||||
Costs and Expenses
|
||||||||
Selling, general and administrative
|
306,132 | 186,790 | ||||||
Research and development costs
|
172,986 | 265,310 | ||||||
Depreciation and Amortization
|
8,300 | 28,008 | ||||||
Impariment loss
|
- | 314,440 | ||||||
Total costs and expenses
|
487,418 | 794,548 | ||||||
Operating loss
|
(201,054 | ) | (551,726 | ) | ||||
Other income (expense):
|
||||||||
Other income
|
4,998 | 2,312 | ||||||
Interest expense
|
(5,811 | ) | (4,992 | ) | ||||
Other expense
|
- | (2,722 | ) | |||||
Total other income (expense)
|
(813 | ) | (5,402 | ) | ||||
Net loss before income tax benefit
|
(201,867 | ) | (557,128 | ) | ||||
Benefit for income taxes
|
14,187 | 19,290 | ||||||
Net loss
|
(187,680 | ) | (537,838 | ) | ||||
Preferred Dividends
|
(32,938 | ) | (32,938 | ) | ||||
Net Loss Available to Common Shareholders
|
$ | (220,618 | ) | $ | (570,776 | ) | ||
Loss per share - basic and diluted
|
$ | (0.00 | ) | $ | (0.00 | ) | ||
Weighted average shares outstanding -
basic and diluted
|
547,769,915 | 547,769,915 |
Statements of Changes in Stockholders' Deficit
|
For The Years Ended October 31, 2011 and 2010
|
Stock
|
||||||||||||||||||||||||||||||||||||||||||||
Convertible Preferred
|
Common
|
Additional |
Treasury Stock
|
Total | ||||||||||||||||||||||||||||||||||||||||
Series A Shares
|
Series B Shares
|
Series A Par
|
Series B Par
|
Shares
|
Amount
|
Paid - In
Capital
|
Shares
|
At Cost
|
Accumulated Deficit
|
Stockholders'
Deficit
|
||||||||||||||||||||||||||||||||||
Balance at October 31, 2009
|
80 | 974 | $ | 1 | $ | 1 | 547,769,915 | $ | 54,777 | $ | 7,968,873 | (500,000 | ) | $ | (2,025 | ) | $ | (8,160,729 | ) | $ | (139,102 | ) | ||||||||||||||||||||||
Loss for the year ended October 31, 2010
|
(537,838 | ) | (537,838 | ) | ||||||||||||||||||||||||||||||||||||||||
Balance at October 31, 2010
|
80 | 974 | 1 | 1 | 547,769,915 | 54,777 | 7,968,873 | (500,000 | ) | (2,025 | ) | (8,698,567 | ) | (676,940 | ) | |||||||||||||||||||||||||||||
Loss for the year ended October 31, 2011
|
(187,680 | ) | (187,680 | ) | ||||||||||||||||||||||||||||||||||||||||
Balance at October 31, 2011
|
80 | 974 | $ | 1 | $ | 1 | 547,769,915 | $ | 54,777 | $ | 7,968,873 | (500,000 | ) | $ | (2,025 | ) | $ | (8,886,247 | ) | $ | (864,620 | ) |
Statements of Cash Flows
|
For The Years Ended October 31, 2011 and 2010
|
2011
|
2010
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net loss
|
$ | (187,680 | ) | $ | (537,838 | ) | ||
Adjustments to reconcile net loss to net cash
|
||||||||
provided used in operating activities:
|
||||||||
Depreciation and amortization expense
|
8,300 | 28,008 | ||||||
Provision for doubtful accounts
|
626 | |||||||
Impairment of fixed assets
|
314,440 | |||||||
Changes in assets and liabilities
|
||||||||
Accounts receivable
|
390 | (2,208 | ) | |||||
Tax credit receivable
|
36,331 | (19,290 | ) | |||||
Other current assets
|
(42,309 | ) | 15,994 | |||||
Accounts payable and accrued liabilities
|
112,505 | 209,449 | ||||||
Net cash provided by (used in) operating activities
|
(71,837 | ) | 8,555 | |||||
Cash Flows from Investing Activities:
|
||||||||
Purchases of fixed assets
|
(2,288 | ) | (150,000 | ) | ||||
Net cash used in investing activities
|
(2,288 | ) | (150,000 | ) | ||||
Cash Flows from Financing Activities:
|
||||||||
Loans Payable
|
72,500 | 144,250 | ||||||
Net cash provided by financing activities
|
72,500 | 144,250 | ||||||
Net increase (decrease) in cash
|
(1,625 | ) | 2,805 | |||||
Cash, beginning of the period
|
5,940 | 3,135 | ||||||
Cash, end of the period
|
$ | 4,315 | $ | 5,940 | ||||
Supplemental Disclosures of Cash Flow Information:
|
||||||||
Cash paid for interest expense
|
$ | 0 | $ | 0 | ||||
Cash paid for income taxes
|
$ | 0 | $ | 0 |
October 31,
|
||||||||
2011
|
2010
|
|||||||
Raw Materials
|
$ | 19,338 | $ | 19,338 | ||||
Work In Process
|
742,736 | 742,736 | ||||||
Inventory Asset | 66,568 | 68,774 | ||||||
Finished Goods
|
61,771 | 61,771 | ||||||
890,413 | 892,619 | |||||||
Inventories Allowance
|
(890,413 | ) | (892,619 | ) | ||||
$ | - | $ | - |
2011
|
2010
|
|||||||
Customer A
|
27 | % | 14 | % | ||||
Customer B
|
24 | % | 12 | % | ||||
Customer C
|
12 | % | N/A | |||||
Customer D
|
12 | % | N/A | |||||
Customer E
|
11 | % | N/A |
2011
|
2010
|
|||||||
Customer A
|
20 | % | 38 | % |
October 31,
2011
|
October 31,
2010
|
|||||||
Plant
|
$ | 109,662 | $ | 109,662 | ||||
Equipment
|
2,288 | - | ||||||
111,950 | 109,662 | |||||||
Accumulated depreciation
|
(109,928 | ) | (101,628 | ) | ||||
Total
|
$ | 2,022 | $ | 8,034 |
October 31,
|
||||||||
2011
|
2010
|
|||||||
Federal and State
|
$ | (97,760 | ) | $ | (224,873 | ) | ||
Tax effect of non-deductible expense
|
0 | 1,335 | ||||||
Increase in valuation allowance
|
83,573 | 204,248 | ||||||
Provision (benefit) for income taxes, net
|
$ | (14,187 | ) | $ | (19,290 | ) |
October 31,
|
||||||||
2011
|
2010
|
|||||||
Net operating loss carryforwards
|
$ | 7,699,982 | $ | 7,616,409 | ||||
Deferred income tax asset
|
$ | 7,699,982 | $ | 7,616,409 |
October 31,
|
||||||||
2011
|
2010
|
|||||||
Deferred tax assets
|
||||||||
Current
|
$ | - | $ | - | ||||
Non-current
|
7,699,982 | 7,616,409 | ||||||
7,689,982 | 7,616,409 | |||||||
Less valuation allowance
|
(7,699,982 | ) | (7,616,409 | ) | ||||
Net deferred income tax asset
|
$ | - | $ | - |
Amount
|
Year of
Expiration
|
|||||
1,502,122 | 2017 | |||||
2,027,746 | 2018 | |||||
3,223,542 | 2019 | |||||
3,983,010 | 2020 | |||||
2,608,677 | 2021 | |||||
1,872,993 | 2022 | |||||
1,160,667 | 2023 | |||||
926,115 | 2024 | |||||
422,620 | 2025 | |||||
223,709 | 2026 | |||||
149,558 | 2027 | |||||
188,419 | 2028 | |||||
88,223 | 2029 | |||||
101,115 | 2030 |
2011 | 2010 | |||||||
The Company has an unsecured demand notes payable – shareholder bearing an annual interest rate of 10% was due on March 31, 2004. The notes are currently past maturity; however no demand for payment has been made.
|
$ | 41,936 | $ | 41,936 | ||||
The Company has an unsecured demand notes payable – shareholder bearing an annual interest rate of 8% was due on various dates through March 26, 2006. The notes are currently past maturity; however no demand for payment has been made.
|
$ | 10,000 | $ | 10,000 | ||||
Total notes payable, related parties
|
$ | 51,936 | $ | 51,936 |
Number of
Shares
|
Weighted Average
Exercise Price
|
|||||||
Options outstanding, November 1, 2009
|
12,430,000 | $ | 0.01 | |||||
Options granted
|
- | - | ||||||
Options exercised
|
- | - | ||||||
Options forfeited
|
(1,215,000 | ) | 0.01 | |||||
Options outstanding, October 31, 2010
|
11,215,000 | $ | 0.01 | |||||
Options granted
|
- | - | ||||||
Options exercised
|
- | - | ||||||
Options forfeited
|
- | - | ||||||
Options outstanding, October 31, 2011
|
11,215,000 | $ | 0.01 |
2011 Options Outstanding
|
Options Exercisable
|
||||||||||||||||||
Range of Exercise Price
|
Number
Outstanding at
October 31, 2011
|
Weighted Average Remaining Contractual Life
|
Weighted Average Exercise Price
|
Number
Exercisable at
October 31, 2009
|
Weighted Average Exercise Price
|
||||||||||||||
$ | .01 | 11,215,000 |
1.58 years
|
$ | .01 | 11,215,000 | $ | .01 |
2010 Options Outstanding
|
Options Exercisable
|
||||||||||||||||||
Range of Exercise Price
|
Number
Outstanding at
October 31, 2010
|
Weighted Average Remaining Contractual Life
|
Weighted Average Exercise Price
|
Number
Exercisable at
October 31, 2010
|
Weighted Average Exercise Price
|
|
|||||||||||||
$
|
.01
|
|
|
|
11,215,000
|
|
2.58 years
|
|
$
|
.01
|
|
|
|
11,215,000
|
|
|
$
|
.01
|
|
2012
|
33,366 | |||
2013
|
33,366 | |||
2014
|
33,366 | |||
2015
|
33,366 | |||
Thereafter
|
767,418 | |||
Total
|
$ | 900,882 |
1 Year Mera Pharmaceuticals (CE) Chart |
1 Month Mera Pharmaceuticals (CE) Chart |
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