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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NXT Nutritionals Holdings Inc (CE) | USOTC:NXTH | 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 |
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware
|
59-2921318
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
|
o
|
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
|
|
Smaller reporting company
|
x
|
Item 1.
|
Financial Statements
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Control and Procedures
|
Item 1
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
(Removed and Reserved)
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
Page(s)
|
|
Consolidated Balance Sheets as of September 30, 2011 (unaudited)
|
|
and December 31, 2010
|
5
|
Consolidated Statements of Operations
|
|
Three and Nine Months Ended September 30, 2011 and 2010 (unaudited)
|
6
|
Consolidated Statements of Cash Flows
|
|
Nine Months Ended September 30, 2011 and 2010 (unaudited)
|
7
|
Notes to Consolidated Financial Statements (unaudited)
|
8 - 19
|
Consolidated Balance Sheets
|
||||||||
September 30, 2011
|
||||||||
(Unaudited)
|
December 31, 2010
|
|||||||
Assets
|
||||||||
Assets:
|
||||||||
Cash
|
$ | - | $ | 1,662,130 | ||||
Accounts receivable
|
59,875 | 119,070 | ||||||
Inventories
|
751,626 | 431,643 | ||||||
Total Current Assets
|
811,501 | 2,212,843 | ||||||
Debt issuance costs - net
|
12,014 | 25,548 | ||||||
Total Assets
|
$ | 823,515 | $ | 2,238,391 | ||||
Liabilities and Stockholders' Deficit
|
||||||||
Liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$ | 1,093,386 | $ | 654,963 | ||||
Loans payable - related parties
|
332,126 | 332,126 | ||||||
Loans payable - other
|
208,500 | 208,500 | ||||||
Accrued interest payable - other
|
69,431 | 59,035 | ||||||
Registration rights payable
|
362,453 | 608,840 | ||||||
Convertible notes payable - net of debt discount
|
412,261 | 8,438,684 | ||||||
Derivative liabilities
|
- | 2,986,900 | ||||||
Total Current Liabilities
|
2,478,157 | 13,289,048 | ||||||
Convertible notes payable - net of debt discount
|
8,590,942 | 1,496,959 | ||||||
Total Long-Term Liabilities
|
8,590,942 | 1,496,959 | ||||||
Total Liabilities
|
11,069,099 | 14,786,007 | ||||||
Stockholders' Deficit
|
||||||||
Series A, Redeemable Convertible Preferred stock, $0.001 par value, 50,000,000 shares authorized,
|
||||||||
none issued and outstanding
|
- | - | ||||||
Common stock, $0.001 par value, 200,000,000 shares authorized,
|
||||||||
53,587,874 and 49,408,068 shares issued and outstanding, respectively
|
53,588 | 49,408 | ||||||
Additional paid in capital
|
34,759,446 | 32,822,477 | ||||||
Accumulated deficit
|
(45,058,618 | ) | (45,419,501 | ) | ||||
Total Stockholders' Deficit
|
(10,245,584 | ) | (12,547,616 | ) | ||||
Total Liabilities and Stockholders' Deficit
|
$ | 823,515 | $ | 2,238,391 | ||||
Consolidated Statements of Operations
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Sales - net of slotting fees and discounts
|
$ | 66,230 | $ | 3,220 | $ | 151,174 | $ | 161,011 | ||||||||
Cost of sales
|
175,979 | 62,831 | 337,627 | 219,512 | ||||||||||||
Gross loss
|
(109,749 | ) | (59,611 | ) | (186,453 | ) | (58,501 | ) | ||||||||
General and administrative expenses
|
566,143 | 685,725 | 2,133,187 | 2,117,566 | ||||||||||||
Loss from operations
|
(675,892 | ) | (745,336 | ) | (2,319,640 | ) | (2,176,067 | ) | ||||||||
Other Income (Expenses)
|
||||||||||||||||
Interest expense
|
(67,266 | ) | (5,301,479 | ) | (363,692 | ) | (8,520,059 | ) | ||||||||
Interest income
|
- | 3,011 | - | 5,770 | ||||||||||||
Loss on extinguishment of debt
|
- | (3,726,410 | ) | - | (3,726,410 | ) | ||||||||||
Derivative expense
|
- | - | - | (8,590,802 | ) | |||||||||||
Change in fair value of derivative liability
|
32,403 | 782,924 | 2,797,828 | 13,146,856 | ||||||||||||
Gain on extinguishment of registration rights payable
|
246,387 | - | 246,387 | - | ||||||||||||
Registration rights expense
|
- | (85,016 | ) | - | (113,355 | ) | ||||||||||
Total Other Income (Expense) - Net
|
211,524 | (8,326,970 | ) | 2,680,523 | (7,798,000 | ) | ||||||||||
Net Income (Loss)
|
$ | (464,368 | ) | $ | (9,072,306 | ) | $ | 360,883 | $ | (9,974,067 | ) | |||||
Net Income (Loss) per Common Share - Basic
|
$ | (0.01 | ) | $ | (0.19 | ) | $ | 0.01 | $ | (0.22 | ) | |||||
Net Income (Loss) per Common Share - Diluted
|
$ | (0.01 | ) | $ | (0.19 | ) | $ | (0.02 | ) | $ | (0.22 | ) | ||||
Weighted Average Number of Common Shares Outstanding
|
53,417,004 | 46,589,785 | 52,269,314 | 45,103,155 | ||||||||||||
Consolidated Statements of Cash Flows
|
||||||||
(Unaudited)
|
||||||||
Nine Months Ended September 30,
|
||||||||
2011
|
2010
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income (loss)
|
$ | 360,883 | $ | (9,974,067 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Amortization of debt issue costs
|
13,534 | 743,467 | ||||||
Amortization of debt discount
|
339,950 | 7,761,635 | ||||||
Stock based compensation
|
479,687 | 419,680 | ||||||
Derivative expense
|
- | 8,590,802 | ||||||
Change in fair value of derivative liability
|
(2,797,828 | ) | (13,146,856 | ) | ||||
Registration rights expense
|
- | 113,355 | ||||||
Loss on extinguishment of debt
|
- | 3,726,410 | ||||||
Gain on extinguishment of registration rights payable
|
(246,387 | ) | - | |||||
Changes in operating assets and liabilities:
|
||||||||
(Increase) Decrease in:
|
||||||||
Accounts receivable
|
59,195 | 23,082 | ||||||
Inventories
|
(319,983 | ) | (350,680 | ) | ||||
Increase (Decrease) in:
|
||||||||
Accounts payable and accrued expenses
|
438,423 | (155,394 | ) | |||||
Accrued interest payable - other
|
10,396 | 13,395 | ||||||
Net Cash Used in Operating Activities
|
(1,662,130 | ) | (2,235,171 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from issuance of convertible notes
|
- | 5,667,743 | ||||||
Debt issuance costs paid in cash
|
- | (726,988 | ) | |||||
Repayment on loans - other
|
- | (215,000 | ) | |||||
Liquidated damages payment on registration rights
|
- | (3,000 | ) | |||||
Net Cash Provided By Financing Activities
|
- | 4,722,755 | ||||||
Net Increase (Decrease) in Cash
|
(1,662,130 | ) | 2,487,584 | |||||
Cash - Beginning of Period
|
1,662,130 | 68,454 | ||||||
Cash - End of Period
|
$ | - | $ | 2,556,038 | ||||
SUPPLEMENTARY CASH FLOW INFORMATION:
|
||||||||
Cash Paid During the Period for:
|
||||||||
Income Taxes
|
$ | - | $ | - | ||||
Interest
|
$ | - | $ | - | ||||
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
|
||||||||
Debt discount recorded on convertiable notes
|
$ | - | $ | 5,667,743 | ||||
Original issue discount
|
$ | - | $ | 850,201 | ||||
Conversion of convertible notes into common stock
|
$ | 1,272,389 | $ | 1,664,210 | ||||
Reclassification of derivative liability to additional paid in capital
|
$ | 189,073 | $ | 1,942,254 | ||||
Exercise of cashless warrants
|
$ | - | $ | 1,510 | ||||
September 30, 2011
|
December 31, 2010
|
|||||||
Raw Materials
|
$ | 584,608 | $ | 285,769 | ||||
Finished goods
|
167,018 | 145,874 | ||||||
$ | 751,626 | $ | 431,643 |
Three Months Ended
September 30, 2011
|
Three Months Ended
September 30, 2010
|
Nine Months Ended
September 30, 2011
|
Nine Months Ended
September 30, 2010
|
|||||||||||||
Gross Sales
|
$ | 66,304 | $ | 21,238 | $ | 215,137 | $ | 189,979 | ||||||||
Less: Slotting, Discounts, Allowances
|
74 | 18,018 | 63,963 | 28,968 | ||||||||||||
Net Sales
|
$ | 66,230 | $ | 3,220 | $ | 151,174 | $ | 161,011 |
Three Months Ended
September 30, 2011
|
Three Months Ended
September 30, 2010
|
Nine Months Ended
September 30, 2011
|
Nine Months Ended
September 30, 2010
|
|||||||||||
$ | 43,480 | $ | 132,864 | $ | 168,378 | $ | 457,509 |
Convertible debt – face amount of $9,167,423, conversion price of $0.25
|
36,669,692 | |||
Common stock warrants, exercise price of $0.25 (Series “A”, “B” and “C”)
|
27,231,269 | |||
Stock options, exercise price $0.22
|
2,123,750 | |||
Total common stock equivalents
|
66,024,711 |
Nine Months Ended September 30, 2011
|
||||||||||
Net income from operations
|
$ | 360,883 | ||||||||
Weighted average shares - basic
|
52,269,314 | |||||||||
Effect of dilutive securities (above)
|
66,024,711 | |||||||||
Change in fair value of derivative liability
|
(2,797,828 | ) | ||||||||
Interest expense
|
363,692 | |||||||||
Diluted loss
|
(2,073,253 | ) | ||||||||
Weighted average shares - diluted
|
118,294,025 | |||||||||
Earnings (loss) per share:
|
||||||||||
Basic
|
$ | 0.01 | ||||||||
Diluted
|
(0.02 | ) |
Convertible debt – face amount of $2,001,128, conversion price of $0.40
|
5,002,820 | |||
Convertible debt – face amount of $6,517,904, conversion price of $0.40
|
16,294,860 | |||
Common stock warrants, conversion price of $0.40 (Series “A”) and $0.60 (Series “B”)
|
19,735,634 | |||
Common stock warrants, conversion price of $0.40 (Series “C”)
|
6,517,944 | |||
Total common stock equivalents
|
47,551,258 |
September 30,
2011
|
December 31, 2010
|
|||||||
Convertible debt – secured – derivative liabilities (A)
|
$ | 7,655,095 | $ | 8,438,684 | ||||
Conventional convertible debt – secured (B)
|
1,512,328 | 2,001,128 | ||||||
- | ||||||||
Less: debt discount
|
(164,220 | ) | (504,169 | ) | ||||
Convertible debt – net
|
9,003,203 | 9,935,643 | ||||||
Less: current portion
|
(412,261 | ) | (8,438,684 | ) | ||||
Long term debt – Net
|
$ | 8,590,942 | $ | 1,496,959 |
(A)
|
2010 Original Issue Discount Senior Secured Convertible Note Offering
|
i.
|
In accordance with the December 6, 2010 Modification and Amendment Agreement, the Conversion price was modified from $0.40 to $0.37.
|
ii.
|
Registration rights – the Company was required to file a registration statement within 30 days of the close of the offering. If the Company failed to file such registration statement, the Company would incur liquidated damages of 0.5% of the aggregate amount raised in the offering. The maximum liquidated damages were capped at 6.0% of the aggregate amount raised in the offering. The Company obtained an effective registration on February 14, 2011.
|
iii.
|
Original issue discount- 60% of the cash proceeds received. The discount was fully amortized to interest expense as of December 31, 2010.
|
iv.
|
Full ratchet provision – The notes contain a provision in which the conversion price can be reduced in any event the Company issues any security or debt instrument with a lower consideration per share in any future offering.
|
v.
|
Secured by all assets of the Company
|
·
|
Waived their right to monthly redemptions on the notes,
|
·
|
Extended the maturity date to November 21, 2015, ratcheted the exercise price to $0.25 per share for both the notes and warrants,
|
·
|
Waived anti-dilution provisions for the note and warrants (resulting in these instruments ceasing to be treated as derivative liabilities),
|
·
|
Waived registration right penalties of $246,387,
|
·
|
Agreed to subordinate their security interests securing the Notes to the senior security interests to be granted by the Company to secure the investors in the November 21, 2011 financing and to third parties that provide financing for accounts receivables, inventory and raw materials of the Company.
|
Derivative liability balance at December 31, 2010
|
$ | 2,986,900 | ||
Reclassification to paid in capital when derivative liability ceases to exist
|
( 189,072 | ) | ||
Fair value mark to market adjustment
|
(2,797,828 | ) | ||
Derivative liability balance at September 30, 2011
|
$ | - |
Exercise price
|
$0.25 - $0.40
|
Expected dividends
|
0%
|
Expected volatility
|
360%
|
Risk fee interest rate
|
0.20 – 2.24%
|
Suboptimal exercise factor
|
1.5
|
Expected life of conversion features
|
0.50 years
|
Expected life of warrants
|
3.39 – 3.41 years
|
Convertible Notes Payable at December 31, 2010
|
$ | 8,438,684 | ||
Conversion of notes into common stock
|
(783,589 | ) | ||
Convertible Notes Payable at September 30, 2011
|
$ | 7,655,095 |
(B)
|
Convertible Debt and Warrants
|
i.
|
Conversion price: $0.40
|
ii.
|
Three year maturity
|
iii.
|
Original issue discount of 30%
|
iv.
|
Secured by all assets of the Company
|
v.
|
Registration rights – the Company was required to have a registration statement filed within 60 days after the offering closed. To date, the company has not filed a registration statement and has accrued the maximum liquidated damages penalty of 9% of the offering.
|
vi.
|
Full ratchet provision – The notes contain a provision in which the conversion price can be reduced in any event the Company issues any security or debt instrument with a lower consideration per share in any future offering.
|
vii.
|
1 Series “A” 5 Year $0.40 stock purchase warrant and 1 Series “B” 5 Year $0.60 stock purchase warrant for each convertible share
|
·
|
Ratcheted the exercise price to $0.25 per share for both the note and warrants,
|
·
|
Waived anti-dilution provisions for both the note and warrants,
|
·
|
Extended the maturity date to November 21, 2015
|
Convertible Debt, net of debt discount as of December 31, 2010
|
$ | 1,496,959 | ||
Conversion of debt into common stock
|
(488,800 | ) | ||
Accretion of debt discount for the nine months ended September 30, 2011
|
339,950 | |||
Convertible Debt, net of debt discount as of September 30, 2011
|
$ | 1,348,109 |
(C)
|
Debt Issuance Costs
|
Balance - December 31, 2010
|
$ | 25,548 | ||
Amortization of debt issue costs during nine months ended September 30, 2011
|
(13,534 | ) | ||
Balance - September 30, 2011
|
$ | 12,014 |
|
·
|
Level 1 inputs utilize unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access;
|
|
·
|
Level 2 inputs utilize other-than-quoted prices that are observable, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs such as interest rates and yield curves that are observable at commonly quoted intervals; and
|
|
·
|
Level 3 inputs are unobservable and are typically based on our own assumptions, including situations where there is little, if any, market activity.
|
(A)
|
Common Stock
|
Options
|
Weighted Average Exercise
Price
|
Weighted Average Remaining Contractual
Life
|
Aggregate Intrinsic
Value
|
||||||||||
Balance – December 31, 2010 – outstanding
|
15,760,000 | $ | 0.22 | $ | - | ||||||||
Balance – December 31, 2010 – exercisable
|
15,760,000 | $ | 0.22 | $ | - | ||||||||
Granted
|
- | $ | - | ||||||||||
Exercised
|
- | $ | - | ||||||||||
Forfeited
|
- | $ | - | ||||||||||
Balance – September 30, 2011 – outstanding
|
15,760,000 | $ | 0.22 |
9.15years
|
$ | - | |||||||
Balance - September 30, 2011 – exercisable
|
2,123,750 | $ | 0.22 |
9.15 years
|
$ | - | |||||||
Outstanding options held by related parties – 2011
|
15,760,000 | ||||||||||||
Exercisable options held by related parties – 2011
|
2,123,750 | ||||||||||||
Exercise price
|
$0.22
|
Expected dividends
|
0%
|
Expected volatility
|
360%
|
Risk fee interest rate
|
2.8%
|
Suboptimal exercise factor
|
1.5
|
Expected life of stock options
|
7.0 years
|
Warrants
|
Weighted Average Exercise Price
|
|||||||
Outstanding – December 31, 2010
|
27,231,269 | $ | 0.25 | |||||
Exercisable – December 31, 2010
|
27,231,269 | $ | 0.25 | |||||
Granted
|
- | $ | - | |||||
Exercised
|
- | $ | - | |||||
Forfeited/Cancelled
|
- | $ | - | |||||
Outstanding – September 30, 2011
|
27,231,269 | $ | 0.25 | |||||
Exercisable – September 30, 2011
|
27,231,269 | $ | 0.25 |
Warrants Outstanding
|
Warrants Exercisable
|
||||||||||||||||||
Range of
|
Number Outstanding
|
Weighted Average Remaining Contractual Life (in years)
|
Weighted Average Exercise Price
|
Number Exercisable
|
Weighted Average Exercise Price
|
||||||||||||||
exercise price
|
|||||||||||||||||||
$ | 0.25 | 27,231,269 |
2.88 years
|
$ | 0.25 | 27,231,269 | $ | 0.25 |
1.
|
Issuance of $1,000,000 four-year senior secured note (“2011 Note”) bearing interest at 13%; Default interest at 18%,
|
2.
|
Secured by all assets of the Company,
|
3.
|
Issuance of 13,075,468 shares of Series A Redeemable Convertible preferred stock, full voting rights up to 20% of the vote,
|
4.
|
Preferred stock is convertible at the option of the holder into an equal number of shares of common stock of the Company representing 20% of the Company’s fully diluted capital stock at the time of conversion. The redemption is triggered upon a change in control. The Company concluded the variable conversion feature would be classified and accounted for as a derivative liability,
|
5.
|
Annual dividend equal to the greater of (a) 10% of the then outstanding principal amount of the 2011 note payable or (b) 10% of net income in excess of $500,000; Dividends accrued commencing on January 1, 2012 and are payable annually in arrears.
|
6.
|
A first priority lien in the assets of the Company was granted to the holders of the 2011 Note. The holders of the 2010 Notes subordinated their interests to the security in the assets of the Company. See discussion of Fourth Modification.
|
7.
|
The investors may invest an additional $500,000 on or prior to January 20, 2012
|
8.
|
The sum of the $1,000,000 initial investment was attributed 20% for the purchase of the 2011 Note and 80% for the purchase of the Preferred Stock.
|
9.
|
Registration Rights- the Company agreed to register 100% of the common shares issuable upon conversion of the preferred stock, which equates to 20% of the fully dilutive capital structure of the Company. The registration statement must be filed within 60 days following the filing of the Company’s 2011 10K and must be declared effective within 180 calendar days from November 21, 2011, which is on or about May 31, 2012.
|
10.
|
If the Company fails the registration rights provisions, liquidated damages will be assessed up to a maximum of 6% of the amount financed.
|
Three months ended
|
||||||||
September 30, 2011
|
September 30, 2010
|
|||||||
Sales – net of slotting fees and discounts
|
$
|
66,230
|
$
|
3,220
|
||||
Gross Loss
|
$
|
(109,749
|
)
|
$
|
(59,611
|
)
|
||
General and Administrative Expenses
|
$
|
(566,143
|
)
|
$
|
(685,725
|
)
|
||
Other Income (Expense) - Net
|
$
|
211,524
|
$
|
(8,326,970
|
)
|
|||
Net Loss
|
$
|
(464,368
|
)
|
$
|
(9,072,306
|
)
|
||
Net Income per Common Share – Basic
|
$
|
(0.01
|
)
|
$
|
(0.19
|
)
|
·
|
The Company has shifted its Healthy Dairy sales focus from sales to grocery chains to the food service category. We have only recorded a limited number of Healthy Dairy sales since this shift in focus. The Company also launched the natural sweetener product (SUSTA) on April 30, 2009. The Company has experienced limited sales on the SUSTA product.
|
·
|
Gross sales for the three months ended September 30, 2011 and the three months ended September 30, 2010 reflected a slight increase, primarily due to an increase in yogurt smoothie sales. The Company is yet to significantly execute upon the shift in focus from grocery chains to the food service category.
|
·
|
General and administrative expenses decreased by approximately 17% during the three months ended September 30, 2011 as compared to the corresponding three months ended September 30, 2010. The decrease is primarily attributable to a decline in both stock base compensation and professional fees.
|
·
|
Other income (expense) - net increased significantly during the three months ended September 30, 2011 as compared to the corresponding three months ended September 30, 2010. The increase is primarily attributable to a decrease in interest expense. The Company fully accreted the debt discount recorded on the 2010 convertible note offering during 2010. The Company also recorded significant debt extinguishment expenses during the three months ended September 30, 2010. The increases were offset by a major decrease in the change in fair market value of the derivative liability during the three months ended September 30, 2011 as compared to the corresponding three months ended September 30, 2010.
|
Nine months ended
|
||||||||
September 30, 2011
|
September 30, 2010
|
|||||||
Sales – net of slotting fees and discounts
|
$
|
151,174
|
$
|
161,011
|
||||
Gross Loss
|
$
|
(186,453
|
)
|
$
|
(58,501
|
)
|
||
General and Administrative Expenses
|
$
|
(2,133,187
|
)
|
$
|
(2,117,566
|
)
|
||
Other Income (Expense) - Net
|
$
|
2,680,523
|
$
|
(7,798,000
|
)
|
|||
Net Income (Loss)
|
$
|
360,883
|
$
|
(9,974,067
|
)
|
|||
Net Income (Loss) per Common Share – Basic
|
$
|
0.01
|
$
|
(0.22
|
)
|
·
|
The Company has shifted its Healthy Dairy sales focus from sales to grocery chains to the food service category. We have only recorded a limited number of Healthy Dairy sales since this shift in focus. The Company also launched the natural sweetener product (SUSTA) on April 30, 2009. The Company has experienced limited sales on the SUSTA product.
|
·
|
Sales for the nine months ended September 30, 2011 as compared to the nine months ended September 30, 2010 decreased by 6%. The Company is yet to significantly execute upon the shift in focus from grocery chains to the food service category. |
·
|
General and administrative expenses increased by approximately 1% during the nine months ended September 30, 2011 as compared to the corresponding nine months ended September 30, 2010. The increase is primarily attributable to the Company’s development and roll out the 4 ounce yogurt cup, and increased marketing efforts to build brand and product awareness. The increase is offset by a decrease in both stock base compensation and professional fees. ·
|
September 30,
2011
|
December 31,
2010
|
Increase/
Decrease
|
||||||||||
(unaudited)
|
||||||||||||
Current Assets
|
$
|
811,501
|
$
|
2,212,843
|
$
|
(1,401,342
|
)
|
|||||
Current Liabilities
|
$
|
2,478,157
|
$
|
13,289,048
|
$
|
(10,810,891
|
) | |||||
Working Capital (Deficit)
|
$
|
(1,666,656
|
)
|
$
|
(11,076,205
|
)
|
$
|
(9,409,549
|
)
|
31.1
|
|
Certification of Chief Executive Officer, pursuant to Rule 13a – 14(a).
|
|
31.2
|
|
Certification of Chief Financial Officer, pursuant to Rule 13a – 14(a).
|
|
32.1
|
|
Certification of 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 Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
NXT NUTRITIONALS HOLDINGS, INC. | |||
Date:
|
December 9, 2011
|
By:
|
/s/ Francis McCarthy
|
Name:
|
Francis McCarthy
|
||
Title:
|
Chief Executive Officer
|
||
Date:
|
December 9, 2011
|
By:
|
/s/ David Briones
|
Name:
|
David Briones
|
||
Title:
|
Chief Financial Officer
|
Exhibit
No.
|
|
Description
|
31.1
|
|
Certification of Chief Executive Officer, pursuant to Rule 13a – 14(a).
|
31.2
|
|
Certification of Chief Financial Officer, pursuant to Rule 13a – 14(a).
|
32.1
|
|
Certification of 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 Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
1 Year NXT Nutritionals (CE) Chart |
1 Month NXT Nutritionals (CE) Chart |
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