SOURCE: Standard Registrar and Transfer Company

Standard Registrar and Transfer Company - 10-Q/A

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

_________________

FORM 10-Q/A

( Amendment No. 1)

_________________

 ?    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2012

or

?     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from: ______ to ______

_________________

 Description: logo.jpg

ARRAYIT CORPORATION

(Exact name of registrant as specified in its charter)

 

_________________

Nevada

001-16381

76-0600966

(State or Other Jurisdiction

(Commission

(I.R.S. Employer

of Incorporation or Organization)

File Number)

Identification No.)

524 East Weddell Drive Sunnyvale, CA 94089
(Address of Principal Executive Offices) (Zip Code)

(408) 744-1331
(Registrant’s telephone number, including area code)

N/A
(Former name or former address and former fiscal year, if changed since last report)

_________________

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  ?    No ?  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes  ?     No  ?  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer  ?

Accelerated filer  ?

Non-accelerated filer  ?

Smaller reporting company  ?

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes  ?     No  ?

 

There were 27,803,584 shares of the Registrant’s common stock outstanding at August 20, 2012.

 

 

 

 

Explanatory Note

 The purpose of this Amendment No. 1 to ARRAYIT CORPORATION’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012, filed with the Securities and Exchange Commission on August 5, 2012(the “Form 10-Q”), is solely to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T. Exhibit 101 to this report provides the consolidated financial statements and related notes from the Form 10-Q formatted in XBRL (eXtensible Business Reporting Language).

No other changes have been made to the Form 10-Q. This Amendment No. 1 to the Form 10-Q speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q.

 

 

 

1

 

 

 

Form 10-Q/A

For the Quarterly Period Ended June 30, 2012

 

 

 

TABLE OF CONTENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page

 

 

 

 

 

 

 

 

 

PART I. FINANCIAL INFORMATION

 

Item 1.

 

 

Consolidated Financial Statements

 

 

 

 

 

 

 

 

Consolidated Balance Sheets at June 30, 2012 (unaudited) and December 31, 2011(audited)

 

 

4

 

 

 

 

 

Consolidated Statements of Operations for the three months and six months ended June 30, 2012 and 2011 (unaudited)

 

 

5

 

 

 

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2012 and 2011 (unaudited)

 

 

6

 

 

 

 

 

Notes to Consolidated Financial Statements

 

 

7

 

 

Item 2.

 

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

 

16

 

 

Item 3.

 

 

Quantitative and Qualitative Disclosure About Market Risk

 

 

18

 

 

Item 4.

 

 

Controls and Procedures

 

 

18

 

 

PART II. OTHER INFORMATION

 

Item 1.

 

 

Legal Proceedings

 

 

19

 

 

Item 1A.

 

 

Risk Factors

 

 

19

 

 

Item 2.

 

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

 

19

 

 

Item 3.

 

 

Defaults Upon Senior Securities

 

 

19

 

 

Item 4.

 

 

Removed and Reserved

 

 

19

 

 

Item 5.

 

 

Other Information

 

 

19

 

 

Item 6.

 

 

Exhibits

 

 

20

 

         Signatures

 

 

20

 

 Exhibit 31.1

 Exhibit 31.2

 Exhibit 32.1

 Exhibit 32.2

 

 

2

 

 

 

This report contains trademarks and trade names that are the property of Arrayit Corporation and its subsidiaries, and of other companies, as indicated.

 

 

FORWARD-LOOKING STATEMENTS

 

Portions of this Form 10-Q/A, including disclosure under “Management’s Discussion and Analysis of Financial Position and Results of Operations,” contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are subject to risks and uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. You should not unduly rely on these statements. Forward-looking statements involve assumptions and describe our plans, strategies, and expectations. You can generally identify a forward-looking statement by words such as may, will, should, expect, anticipate, estimate, believe, intend, contemplate or project. Factors, risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements include, among others,

 

·

our ability to raise capital,

·

our ability obtain and retain customers,

 

·

our ability to provide our products and services at competitive rates,

·

our ability to execute our business strategy in a very competitive environment,

 

·

our degree of financial leverage,

·

risks associated with our acquiring and integrating companies into our own,

 

·

risks related to market acceptance and demand for our services,

·

the impact of competitive services,

 

·

other risks referenced from time to time in our SEC filings.

 

With respect to any forward-looking statement that includes a statement of its underlying assumptions or bases, we caution that, while we believe such assumptions or bases to be reasonable and have formed them in good faith, assumed facts or bases almost always vary from actual results, and the differences between assumed facts or bases and actual results can be material depending on the circumstances. When, in any forward-looking statement, we or our management express an expectation or belief as to future results, that expectation or belief is expressed in good faith and is believed to have a reasonable basis, but there can be no assurance that the stated expectation or belief will result or be achieved or accomplished. All subsequent written and oral forward-looking statements attributable to us, or anyone acting on our behalf, are expressly qualified in their entirety by the cautionary statements. We do not undertake any obligations to publicly release any revisions to any forward-looking statements to reflect events or circumstances after the date of this report or to reflect unanticipated events that may occur.

 

 

3

 

 

 

 

PART I – FINANCIAL INFORMATION

ITEM 1.

ARRAYIT CORPORATION

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

06/30/2012

12/31/2011

Statement of Financial Position

 

 

 

 

 

  ASSETS

 

 

    Current Assets:

 

 

      Cash

$21,833

$1,519

      Accounts receivable

182,897

276,954

      Inventory

267,257

180,638

      Prepaid expenses

2,250

2,250

      Total current assets {sum}

474,237

461,361

 

 

 

      Property and equipment, net

9,764

16,310

      Deposits

18,365

18,365

      Total assets {sum}

$502,366

$496,036

 

 

 

  Liabilities and Stockholders' Deficit

 

 

    Current liabilities:

 

 

      Accounts payable and accrued liabilities

$6,914,912

$6,564,585

      Bank overdraft

80,256

173,262

      Due to related parties

598,283

615,783

      Customer deposits

4,895

4,895

      Notes payables, current portion including related parties

1,115,079

1,145,892

      Total current liabilities {sum}

8,713,424

8,504,417

      Notes payable, long term

0

0

      Total liabilities {sum}

8,713,424

8,504,417

 

 

 

    Commitments and contingencies

0

0

 

 

 

  Stockholders' Deficit

 

 

    Preferred stock,  $0.001 par value; 20,000,000 shares authorized;

 

 

    Preferred stock, Series A, 22,034 shares outstanding

22

22

    Preferred stock, Series C,$0.001 par value; 89,091 and 90,934 shares outstanding

92

92

    Common stock, $0.001 par value; 480,000,000 shares authorized, 27,803,584 and 26,978,501 issued and outstanding

27,614

26,788

    Additional paid-in capital

16,581,416

16,546,092

    Accumulated deficit

(25,442,014)

(24,544,723)

    Total Arrayit Corp’s Stockholders’ Equity (Deficit) {sum}

(8,832,870)

(7,971,729)

      Total Non-controlling interests 

(621,812)

(36,652)

      Total stockholders' deficit  {sum}

(8,211,058)

(8,008,381)

      Total liabilities and stockholders' deficit  {sum}

$502,366

$496,036

[1] Accounts receivable, net of allowance for doubtful accounts of $133,000

 

 

[2] Accounts receivable, net of allowance for doubtful accounts of $133,000

 

 

The accompanying notes are an integral part of these consolidated financial statements

 

 

4

 

 

 

 

ARRAYIT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the  Three Months Ended June 30, 2012

 

 

 

For the  Three Months Ended June 30, 2011

 

 

 

For the  Six Months Ended June 30, 2012

 

 

 

For the  Six Months Ended June 30, 2011

 

Statement of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Total Revenues

 

$

735,427

 

 

$

804,125

 

 

$

1,303,702

 

 

$

1,781,392

 

 Cost of Sales

 

 

361,859

 

 

 

519,391

 

 

 

714,182

 

 

 

1,071,942

 

   Gross Margin {sum}

 

 

373,568

 

 

 

284,734

 

 

 

589,520

 

 

 

709,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Selling, General and Administrative

 

 

395,029

 

 

 

333,278

 

 

 

1,739,680

 

 

 

701,677

 

 Research and Development

 

 

25,000

 

 

 

8,152

 

 

 

25,450

 

 

 

19,207

 

 Legal Expense

 

 

16,159

 

 

 

35,529

 

 

 

43,586

 

 

 

50,920

 

   Loss from operations {sum}

 

 

(62,620

)

 

 

(92,225

)

 

 

(1,219,196

)

 

 

(62,354

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Interest expense

 

 

(52,096

)

 

 

(53,031

)

 

 

(94,499

)

 

 

(100,462

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net loss

 

 

(114,716

)

 

 

(145,256

)

 

 

(1,313,695

)

 

 

(162,816

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Less: Net loss attributable to the non-controlling interest

 

 

(55,552

)

 

 

(15,089

)

 

 

(416,404

)

 

 

(27,755

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net Loss attributable to common stockholders {sum}

 

 

(59,164

)

 

 

(130,167

)

 

 

(897,291

)

 

 

(135,061

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Profit (Loss) per share - basic

 

$

(0.00

)

 

($

0.00

)

 

($

.03

)

 

($

0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Basic weighted average number of common shares

 

 

27,477,062

 

 

 

26,456,607

 

 

 

27,245,769

 

 

 

26,328,377

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements

 

 

5

 

 

 

 

ARRAYIT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

 For the Six Months  Ended
June 30

 

 

 

 

 

2012

 

2011

Cash flows from operating activities: