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Share Name | Share Symbol | Market | Type |
---|---|---|---|
WeedHire International Inc (CE) | USOTC:WDHR | 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 |
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(
d
) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended DECEMBER 31, 2012
|
o
|
TRANSITION REPORT UNDER SECTION 13 OR 15(
d
) OF THE SECURITIES EXCHANGE ACT OF 1934
|
AnythingIT, Inc.
|
(
Name of registrant as specified in its charter
)
|
Delaware
|
22-3767312
|
|
(
State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
17-09 Zink Place, Unit 1, Fair Lawn, NJ
|
07410
|
|
(
Address of principal executive offices)
|
(Zip Code)
|
(877) 766-3050
|
(Registrant's telephone number, including area code)
|
not applicable
|
(
Former name, former address and former fiscal year, if changed since last report)
|
Large accelerated filer
|
o
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
|
Smaller reporting company
|
þ
|
Page
No.
|
|||||
PART I - FINANCIAL INFORMATION
|
|||||
Item 1.
|
Financial Statements.
|
4 | |||
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations.
|
20 | |||
Item 3.
|
Quantative and Qualitative Disclosures About Market Risk.
|
25 | |||
Item 4.
|
Controls and Procedures.
|
25 | |||
PART II - OTHER INFORMATION
|
|||||
Item 1.
|
Legal Proceedings.
|
26 | |||
Item 1A.
|
Risk Factors.
|
26 | |||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
26 | |||
Item 3.
|
Defaults Upon Senior Securities.
|
26 | |||
Item 4.
|
Mine Safety Disclosures.
|
26 | |||
Item 5.
|
Other Information.
|
26 | |||
Item 6.
|
Exhibits.
|
27 |
●
|
fluctuations in inventory value,
|
|
●
|
declining prices of new computer equipment,
|
|
●
|
our dependence on sales to the Federal government or to prime contractors for the Federal government,
|
|
●
|
our ability to effectively compete,
|
|
●
|
possible need to raise additional capital,
|
|
●
|
our dependence on a few significant customers,
|
|
●
|
the lack of a liquid market for our common stock,
|
|
●
|
our ability to hire and retain sufficient qualified personnel,
|
|
●
|
possible material weaknesses in our disclosure controls and internal control over financial reporting,
|
|
●
|
our system implementation may not be effective,
|
|
●
|
risks of integrating acquisitions into our company, and
|
|
●
|
the highly competitive nature of our business.
|
ANYTHINGIT, INC.
|
Balance Sheets
|
December 31,
2012
|
June 30,
2012
|
|||||||
(unaudited)
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 541,308 | $ | 1,009,580 | ||||
Restricted cash
|
90,459 | 30,387 | ||||||
Accounts receivable, net of allowance for doubtful accounts
|
343,387 | 674,606 | ||||||
Inventories
|
29,908 | 141,087 | ||||||
Deferred financing costs
|
1,933 | 27,986 | ||||||
Prepaid expenses and other current assets
|
99,775 | 43,617 | ||||||
Total current assets
|
1,106,770 | 1,927,263 | ||||||
Property and equipment, net
|
201,289 | 189,361 | ||||||
Security deposits
|
10,998 | 10,403 | ||||||
Total assets
|
$ | 1,319,057 | $ | 2,127,027 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY /(DEFICIT)
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$ | 499,766 | $ | 706,881 | ||||
Accrued expenses
|
120,712 | 148,952 | ||||||
Customer deposits
|
50,295 | 19,020 | ||||||
Capital lease payable
|
2,666 | 18,640 | ||||||
Deferred revenues
|
109,198 | 103,114 | ||||||
Current portion of notes payable
|
37,225 | 40,031 | ||||||
Total current liabilities
|
819,862 | 1,036,638 | ||||||
Long term debt:
|
||||||||
Note payable bank
|
27,993 | 28,644 | ||||||
Convertible notes payable net of debt discount of $6,899 and $48,294, respectively
|
493,101 | 451,706 | ||||||
Total long-term debt
|
521,094 | 480,350 | ||||||
Total Liabilities
|
1,340,956 | 1,516,988 | ||||||
Shareholders' Equity/(Deficit)
|
||||||||
Preferred stock - $.01 par value, 5,000,000 shares authorized;
|
||||||||
none outstanding
|
- | - | ||||||
Common stock - $.01 par value, 200,000,000 shares authorized;
|
||||||||
36,450,238 and 36,190,238 shares issued and outstanding, respectively
|
364,502 | 361,902 | ||||||
Additional paid-in capital
|
8,021,974 | 7,800,900 | ||||||
Accumulated deficit
|
(8,408,375 | ) | (7,552,763 | ) | ||||
Total shareholders' equity /(deficit)
|
(21,899 | ) | 610,039 | |||||
Total liabilities and shareholders' equity/(deficit)
|
$ | 1,319,057 | $ | 2,127,027 |
ANYTHINGIT, INC.
|
Statements of Operations
|
For the Three Months and Six Months Ended December 31, 2012 and 2011
|
(Unaudited)
|
Three months ended December 31,
|
Six months ended December 31, | |||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net sales
|
$ | 805,848 | $ | 1,459,615 | $ | 1,753,082 | $ | 3,359,819 | ||||||||
Cost of sales
|
384,554 | 958,637 | 937,900 | 1,974,894 | ||||||||||||
Gross profit
|
421,294 | 500,978 | 815,182 | 1,384,925 | ||||||||||||
Operating Expenses
|
||||||||||||||||
Selling, general and administration
|
776,940 | 885,116 | 1,571,143 | 1,501,711 | ||||||||||||
Operating income (loss)
|
(355,646 | ) | (384,138 | ) | (755,961 | ) | (116,786 | ) | ||||||||
Other income (expense) :
|
||||||||||||||||
Interest expense, net of interest income of $526,
|
||||||||||||||||
$2,852, $1,219 and $4,471, respectively
|
(49,458 | ) | (46,084 | ) | (99,651 | ) | (96,292 | ) | ||||||||
Income (loss) before income taxes
|
(405,104 | ) | (430,222 | ) | (855,612 | ) | (213,078 | ) | ||||||||
Provision for income taxes
|
- | - | - | - | ||||||||||||
Net Income (loss)
|
$ | (405,104 | ) | $ | (430,222 | ) | $ | (855,612 | ) | $ | (213,078 | ) | ||||
Net income (loss) per common share:
|
||||||||||||||||
Basic:
|
$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.01 | ) | ||||
Diluted:
|
$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.01 | ) | ||||
Weighted average common shares outstanding basic
|
36,220,238 | 34,852,177 | 36,205,238 | 34,835,872 | ||||||||||||
Weighted average common shares outstanding diluted
|
36,220,238 | 34,852,177 | 36,205,238 | 34,835,872 |
2012
|
2011
|
|||||||
|
|
|||||||
OPERATING ACTIVITIES
|
||||||||
Net Income (loss)
|
$ | (855,612 | ) | $ | (213,078 | ) | ||
Adjustments to reconcile net income (loss) from operations to
net cash provided by (used in)operating activities
|
||||||||
Depreciation
|
36,298 | 34,691 | ||||||
Amortization of debt discount
|
41,395 | 41,394 | ||||||
Amortization of deferred financing costs
|
26,053 | 26,056 | ||||||
Reduction in allowance for doubtful accounts
|
(31,061 | ) | (11,131 | ) | ||||
Amortization of stock based compensation
|
163,674 | 259,020 | ||||||
Change in operating assets and liabilities
|
||||||||
Accounts receivable
|
362,280 | (68,652 | ) | |||||
Inventories
|
111,179 | 354,843 | ||||||
Prepaid expenses and other current assets
|
(56,158 | ) | 9,315 | |||||
Accounts payable
|
(207,115 | ) | (347,776 | ) | ||||
Accrued expenses
|
31,760 | (60,617 | ) | |||||
Deferred Revenue
|
6,084 | 12,179 | ||||||
Customer deposits
|
31,275 | 10,009 | ||||||
Net cash (used in) provided by operating activities
|
(339,948 | ) | 46,253 | |||||
INVESTING ACTIVITIES
|
||||||||
Purchases of property and equipment
|
(48,226 | ) | (18,692 | ) | ||||
Increase in restricted cash
|
(60,072 | ) | - | |||||
Decrease in security deposits
|
(595 | ) | - | |||||
Net cash used in investing activities
|
(108,893 | ) | (18,692 | ) | ||||
FINANCING ACTIVITIES
|
||||||||
Common stock issued for cash, net of costs
|
- | - | ||||||
Proceeds from convertible notes payable, net of costs
|
- | - | ||||||
Payments on capital leases
|
(15,974 | ) | (15,785 | ) | ||||
Payments to related party
|
- | - | ||||||
Payments on notes payable
|
(3,457 | ) | (4,979 | ) | ||||
Net cash used in financing activities
|
(19,431 | ) | (20,764 | ) | ||||
Net (decrease) increase in cash and cash equivalents
|
(468,272 | ) | 6,797 | |||||
|
||||||||
Cash and cash equivalents at beginning of year
|
1,009,580 | 1,270,721 | ||||||
Cash and cash equivalents at end of period
|
$ | 541,308 | 1,277,518 | |||||
SUPPLEMENTAL CASH FLOW INFORMATION
|
||||||||
Cash payments during the year for :
|
||||||||
Interest
|
$ | 3,175 | $ | 2,572 | ||||
Income taxes
|
$ | - | $ | - | ||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING:
|
||||||||
Stock issued to pay interest on notes
|
$ | 60,000 | $ | 60,937 |
Asset Classification
|
Estimated
Useful Life (years)
|
|||
Computers and software
|
3 | |||
Equipment
|
5 | |||
Furniture and fixtures
|
5 to 7
|
December 31,
2012
|
June 30,
2012
|
|||||||
Software
|
$ | 210,143 | $ | 185,081 | ||||
Furniture and fixtures
|
104,429 | 89,779 | ||||||
Equipment
|
90,840 | 85,365 | ||||||
Capital leased equipment
|
139,737 | 139,737 | ||||||
Leasehold improvements
|
82,290 | 79,251 | ||||||
Less: Accumulated depreciation
|
(426,150 | ) | (389,852 | ) | ||||
Property and Equipment, net
|
$ | 201,289 | $ | 189,361 |
December 31,
2012
|
December 31,
2011
|
|||||||
Stock Options
|
3,486,673 | 2,893,338 | ||||||
Warrants
|
5,110,876 | 5,110,876 | ||||||
Convertible Notes
|
1,666,668 | 1,833,335 | ||||||
10,264,217 | 9,837,549 |
December 31,
2012
|
June 30,
2012
|
|||||||
Accounts Receivable
|
$ | 376,391 | $ | 738,671 | ||||
Less: Allowance for doubtful accounts
|
(33,004 | ) | (64,065 | ) | ||||
Accounts receivable, net
|
$ | 343,387 | $ | 674,606 |
Useful Life (Years)
|
December 31,
2012
|
June 30,
2012
|
||||||||||
Equipment
|
5 | $ | 60,523 | $ | 60,523 | |||||||
Software
|
5 | 79,214 | 79,214 | |||||||||
139,737 | 139,737 | |||||||||||
Less: Accumulated depreciation
|
(138,001 | ) | (125,058 | ) | ||||||||
Capital Leased Equipment, net
|
$ | 1,736 | $ | 14,679 |
December 31,
2012
|
||||
FY 2013
|
$ | 2,666 | ||
Thereafter
|
- | |||
Total future payments
|
2,666 | |||
Less: Amount representing interest
|
- | |||
Present value of future minimum payments
|
2,666 | |||
Less: Current portion
|
2,666 | |||
Long term portion
|
$ | - |
December 31,
2012
|
June 30,
2012
|
|||||||
Accrued interest
|
$ | - | $ | 29,753 | ||||
Wages and vacation
|
81,279 | 66,914 | ||||||
Commission
|
3,154 | 11,945 | ||||||
Professional fees
|
8,500 | 40,000 | ||||||
Other
|
27,779 | 340 | ||||||
$ | 120,712 | $ | 148,952 |
December 31,
2012
|
June 30,
2012
|
|||||||
|
||||||||
Loan payable to TD Banknorth maturing in October 2018 payable with varing monthly installments including interest at approximately 5.25% per annum, secured by all assets of the Company
|
$ | 31,857 | $ | 33,498 | ||||
Line payable to American Express payable with varying monthly installments including interest at approximately 9.49% per annum, secured by all assets of the Company
|
33,361 | 35,177 | ||||||
12% Convertible Promisory notes $500,000 principal net of debt discount of $6,899 and $48,294 at December 31, 2012 and June 30, 2012, respectively
|
493,101 | 451,706 | ||||||
558,319 | 520,381 | |||||||
Less : Current portion
|
37,225 | 40,031 | ||||||
$ | 521,094 | $ | 480,350 |
|
Range of
|
Weighted Average
|
||||||||||
Warrants
|
Exercise Price
|
Exercise Price
|
||||||||||
Outstanding at June 30, 2012
|
5,110,876 | $ | .30 to $.75 | $ | 0.56 | |||||||
Granted
|
- | |||||||||||
Expired
|
- | |||||||||||
Outstanding at December 31, 2012
|
5,110,876 | $ | .30 to $.75 | $ | 0.56 |
|
Range of
|
Weighted Average
|
||||||||||
Options
|
Exercise Price
|
Exercise Price
|
||||||||||
Outstanding at June 30, 2012
|
3,503,339 | $ | .15 to $.36 | $ | 0.28 | |||||||
Granted
|
- | - | $ | - | ||||||||
Expired
|
(16,666 | ) | $ | 0.30 | $ | 0.30 | ||||||
Outstanding at December 31, 2012
|
3,486,673 | $ | .15 to $.36 | $ | 0.28 |
|
●
|
fees for inventory management and data destruction services,
|
|
●
|
sales of used equipment to wholesalers providing a second life to IT equipment that may otherwise be discarded, and
|
|
●
|
sales to companies that specialize in removing recyclable or remarketable parts of electronics from equipment that no longer has a usable life.
|
|
●
|
expanding our sources of technology equipment;
|
|
●
|
expanding our resources for environmentally compliant recycling, reuse and data storage and destruction;
|
|
●
|
expanding our geographical footprint;
|
|
●
|
expanding the demanufacturing and recycling services we provide; and
|
|
●
|
further penetrating the large global market for the resale of useful equipment.
|
●
|
Net loss was approximately $(856,000), partially offset by an
|
●
|
Increase in working capital resulting from non-cash balance sheet changes of approximately $280,000, and
|
●
|
Non-cash operating expenses of approximately $236,000.
|
●
|
Non-cash operating expenses of approximately $350,000, partially offset by a
|
●
|
Net loss of approximately $(213,000), and
|
●
|
Decrease in working capital resulting from non-cash balance sheet changes of approximately $(91,000).
|
No.
|
Description
|
|
10.15
|
Lease Agreement dated December 12, 2012 by and between AnythingIT, Inc. and 41 Industrial Center Limited Partnership *
|
|
Rule 13a-14(a)/ 15d-14(a) Certification
of Chief Executive Officer *
|
||
Rule 13a-14(a)/ 15d-14(a) Certification
of Chief Financial Officer *
|
||
Section 1350 Certification of Chief Executive Officer *
|
||
Section 1350 Certification of Chief Financial Officer*
|
||
101.INS
|
XBRL Instance Document*
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase *
|
|
101.LAE
|
XBRL Taxonomy Extension Label Linkbase *
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase *
|
|
101.SCH
|
XBRL Taxonomy Extension Schema *
|
ANYTHINGIT Inc. | |||
Date: February 1,
2013
|
By:
|
/s/ David Bernstein | |
Name: David Bernstein | |||
Title: Chief Executive Officer | |||
/s/ Gail L. Babitt | |||
Name: Gail L. Babitt | |||
Title: Chief Financial Officer | |||
1 Year WeedHire (CE) Chart |
1 Month WeedHire (CE) Chart |
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