UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
l0-Q
(Mark
One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934
for
the quarterly period ended September 30, 2014
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
for
the transition period from ________________ to ___________________.
Commission
File Number. 0-15113
VERITEC,
INC.
(Exact
name of Registrant as Specified in its Charter)
Nevada |
95-3954373 |
(State
or Other Jurisdiction of
Incorporation
or Organization) |
(IRS
Employer
Identification
No.) |
|
|
2445
Winnetka Avenue N. Golden Valley, MN |
55427 |
(Address
of principal executive offices) |
(Zip
Code) |
Registrant's
telephone number, including area code: (763) 253-2670
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 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. See the definitions of "large accelerated filer," "accelerated filer" and "smaller
reporting company" in Rule l2b-2 of the Exchange Act. (Check one):
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☐ |
Smaller
Reporting Company ☒ |
|
|
(Do
not check if a smaller reporting company)
|
|
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of September 30, 2014, there were 16,270,088 shares of the issuer’s common stock outstanding.
VERITEC,
INC.
FORM
10-Q
FOR
THE THREE MONTHS ENDED SEPTEMER 30, 2014
TABLE
OF CONTENTS |
Page
No. |
|
|
PART
I |
|
ITEM
1 |
FINANCIAL
STATEMENTS |
4 |
ITEM
2 |
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
17 |
ITEM
3 |
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
20 |
ITEM
4 |
CONTROLS
AND PROCEDURES |
20 |
PART
II |
|
ITEM
1 |
LEGAL
PROCEEDINGS |
21 |
ITEM
1A |
RISK
FACTORS |
21 |
ITEM
2 |
UNREGISTERED
SALE OF EQUITY SECURITIES AND USE OF PROCEEDS |
21 |
ITEM
3 |
DEFAULTS
UPON SENIOR SECURITIES |
21 |
ITEM
4 |
MINE
SAFETY DISCLOSURES |
21 |
ITEM
5 |
OTHER
INFORMATION |
21 |
ITEM
6 |
EXHIBITS |
22 |
SIGNATURES |
23 |
Special
Note Regarding Forward-Looking Statements
This
Quarterly Report on Form 10-Q, including "Management's Discussion and Analysis of Financial Condition and Results of Operations"
in Item 2 of Part I of this report include forward-looking statements. These statements involve known and unknown risks, uncertainties
and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different
from any future results, levels of activity, performance, or achievements expressed or implied by forward-looking statements.
In
some cases, you can identify forward-looking statements by terminology such as "may," "should," "expects,"
"plans," "anticipates," "believes," "estimates," "predicts," "potential,"
"proposed," "intended," or "continue" or the negative of these terms or other comparable terminology.
You should read statements that contain these words carefully, because they discuss our expectations about our future operating
results or our future financial condition or state other "forward-looking" information. There may be events in the future
that we are not able to accurately predict or control. Before you invest in our securities, you should be aware that the occurrence
of any of the events described in this Quarterly Report could substantially harm our business, results of operations and financial
condition, and that upon the occurrence of any of these events, the trading price of our securities could decline and you could
lose all or part of your investment. Although we believe that the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, growth rates, levels of activity, performance or achievements. We are under no
duty to update any of the forward-looking statements after the date of this Quarterly Report to conform these statements to actual
results.
PART
I
ITEM
1 FINANCIAL STATEMENTS
VERITEC,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| |
September
30, | |
June
30, |
| |
2014 | |
2014 |
| |
(Unaudited) | |
|
ASSETS | |
| | | |
| | |
Current
Assets: | |
| | | |
| | |
Cash | |
$ | 18,797 | | |
$ | 24,665 | |
Accounts
receivables, net of allowance of $0 and $13,395, respectively | |
| 93,184 | | |
| 70,500 | |
Inventories | |
| 3,755 | | |
| 7,829 | |
Prepaid
expenses | |
| 9,739 | | |
| 17,143 | |
Total
Current Assets | |
| 125,475 | | |
| 120,137 | |
Restricted
cash | |
| 54,606 | | |
| 51,957 | |
Property
and Equipment, net | |
| 891 | | |
| 994 | |
Intangibles,
net | |
| 192,500 | | |
| — | |
Total
Assets | |
$ | 373,472 | | |
$ | 173,088 | |
| |
| | | |
| | |
LIABILITIES
AND STOCKHOLDERS’ DEFICIENCY | |
| | | |
| | |
| |
| | | |
| | |
Current
Liabilities: | |
| | | |
| | |
Notes
payable – in default | |
$ | 500,119 | | |
$ | 493,017 | |
Notes
payable, related party – in default | |
| 2,674,165 | | |
| 2,649,202 | |
Accounts
payable | |
| 553,737 | | |
| 540,794 | |
Accounts
payable, related party | |
| 78,480 | | |
| 78,753 | |
Customer
deposits | |
| 85,743 | | |
| 91,260 | |
Deferred
revenues | |
| 471,152 | | |
| 258,764 | |
Payroll
tax liabilities | |
| 525,377 | | |
| 539,218 | |
Accrued
expenses | |
| 9,166 | | |
| 104,168 | |
Total
Current Liabilities | |
| 4,897,939 | | |
| 4,755,176 | |
| |
| | | |
| | |
Contingent
earnout liability | |
| 155,000 | | |
| — | |
Total
Liabilities | |
| 5,052,939 | | |
| 4,755,176 | |
| |
| | | |
| | |
Commitments
and Contingencies | |
| — | | |
| — | |
| |
| | | |
| | |
Stockholders'
Deficiency: | |
| | | |
| | |
Convertible
preferred stock, par value $1.00; authorized 10,000,000 shares, 276,000 shares of Series H authorized, 1,000 shares issued
and outstanding as of September 30, 2014 and June 30, 2014, respectively. | |
| 1,000 | | |
| 1,000 | |
Common
stock, par value $.01; authorized 50,000,000 shares, 16,270,088 and 15,920,088 shares issued and outstanding as of September
30, 2014 and June 30, 2014, respectively | |
| 162,701 | | |
| 159,201 | |
Common
stock to be issued, 210,000 shares and 400,000 shares, respectively | |
| 42,846 | | |
| 39,596 | |
Additional
paid-in capital | |
| 14,732,056 | | |
| 14,594,181 | |
Accumulated
deficit | |
| (19,618,070 | ) | |
| (19,376,066 | ) |
Total
Stockholders' Deficiency | |
| (4,679,467 | ) | |
| (4,582,088 | ) |
| |
| | | |
| | |
Total
Liabilities and Stockholders’ Deficiency | |
$ | 373,472 | | |
$ | 173,088 | |
| |
| | | |
| | |
The
accompanying notes are an integral part of these consolidated financial statements |
VERITEC,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013
(UNAUDITED)
| |
Three
Months Ended September 30, |
| |
2014 | |
2013 |
| |
(Unaudited) | |
(Unaudited) |
| |
| |
|
Revenue: | |
| | | |
| | |
Barcode
technology revenue | |
$ | 69,237 | | |
$ | 85,689 | |
Mobile
banking technology revenue | |
| 85,689 | | |
| 692,671 | |
Total
revenue | |
| 154,926 | | |
| 778,360 | |
| |
| | | |
| | |
Cost
of Sales | |
| 69,180 | | |
| 117,601 | |
| |
| | | |
| | |
Gross
Profit | |
| 85,746 | | |
| 660,759 | |
| |
| | | |
| | |
Operating
Expenses: | |
| | | |
| | |
General
and administrative | |
| 122,633 | | |
| 134,010 | |
Sales
and marketing | |
| 29,196 | | |
| 17,372 | |
Research
and development | |
| 31,481 | | |
| 46,579 | |
Total
operating expenses | |
| 183,310 | | |
| 197,961 | |
| |
| | | |
| | |
Income
(Loss) from Operations | |
| (97,564 | ) | |
| 462,798 | |
| |
| | | |
| | |
Other
Expense: | |
| | | |
| | |
Interest
income | |
| — | | |
| 1 | |
Interest
expense and finance costs, including $137,316 and $47,073, respectively, to related parties | |
| (144,440 | ) | |
| (49,777 | ) |
Total
other expense | |
| (144,440 | ) | |
| (49,776 | ) |
| |
| | | |
| | |
Net
Income (Loss) | |
$ | (242,004 | ) | |
$ | 413,022 | |
| |
| | | |
| | |
| |
| | | |
| | |
Net Loss Per Common
Share - | |
| | | |
| | |
Basic | |
$ | (0.02 | ) | |
$ | 0.03 | |
Diluted | |
$ | (0.02 | ) | |
$ | 0.02 | |
| |
| | | |
| | |
Weighted Average
Number of Shares Outstanding - | |
| | | |
| | |
Basic | |
| 15,995,912 | | |
| 15,920,088 | |
Diluted | |
| 15,995,912 | | |
| 19,219,813 | |
| |
| | | |
| | |
The
accompanying notes are an integral part of these consolidated financial statements |
VERITEC,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY
FOR
THE THREE MONTHS ENDED SEPTEMBER 30, 2014
| |
| Preferred
Stock | | |
| Common
Stock | | |
| | | |
| | | |
| | | |
| | |
| |
| Shares | | |
| Amount | | |
| Shares | | |
| Amount | | |
| Common
Stock to be Issued | | |
| Additional
Paid-in Capital | | |
| Accumulated
Capital | | |
| Stockholders’
Deficiency | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
BALANCE,
July 1, 2014 | |
| 1,000 | | |
$ | 1,000 | | |
| 15,920,088 | | |
$ | 159,201 | | |
$ | 39,596 | | |
$ | 14,594,181 | | |
$ | (19,376,066 | ) | |
$ | (4,582,088 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares
issued for acquisition | |
| — | | |
| — | | |
| 250,000 | | |
| 2,500 | | |
| — | | |
| 35,000 | | |
| — | | |
| 37,500 | |
Shares
issued for services | |
| — | | |
| — | | |
| 100,000 | | |
| 1,000 | | |
| 3,250 | | |
| 4,000 | | |
| — | | |
| 8,250 | |
Beneficial
conversion feature on issuance of convertible notes payable | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 98,875 | | |
| — | | |
| 98,875 | |
Net
loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| | | |
| | | |
| (242,004 | ) | |
| (242,004 | ) |
BALANCE,
September 30, 2014 (Unaudited) | |
| 1,000 | | |
$ | 1,000 | | |
| 16,270,088 | | |
$ | 162,701 | | |
$ | 42,846 | | |
$ | 14,732,056 | | |
$ | (19,618,070 | ) | |
$ | (4,679,467 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
The
accompanying notes are an integral part of these condensed consolidated financial statements |
VERITEC,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| |
Three
Months Ended September 30, |
| |
2014 | |
2013 |
| |
(Unaudited) | |
(Unaudited) |
| |
| |
|
CASH
FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net
income (loss) | |
$ | (242,004 | ) | |
$ | 413,022 | |
Adjustments
to reconcile net income (loss) to net cash provided by operating activities: | |
| | | |
| | |
Depreciation | |
| 103 | | |
| — | |
Shares
issued for services | |
| 8,250 | | |
| 1,670 | |
Beneficial
conversion feature on issuance of convertible notes payable | |
| 98,875 | | |
| — | |
Interest
accrued on notes payable | |
| 45,565 | | |
| 39,257 | |
Changes
in operating assets and liabilities: | |
| | | |
| | |
Accounts
receivable | |
| (22,684 | ) | |
| 261,117 | |
Restricted
cash | |
| (2,649 | ) | |
| 239,911 | |
Inventories | |
| 4,074 | | |
| (2,912 | ) |
Prepaid
expenses | |
| 7,404 | | |
| 28,500 | |
Deferred
revenues | |
| 212,388 | | |
| (512,201 | ) |
Payroll
tax liabilities | |
| (13,841 | ) | |
| 5,428 | |
Customer deposit | |
| (5,517 | ) | |
| (3,909 | ) |
Accounts
payables and accrued expenses | |
| (82,332 | ) | |
| 3,598 | |
Net
cash provided by operating activities | |
| 7,632 | | |
| 473,481 | |
| |
| | | |
| | |
CASH
FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Payment
of notes payable | |
| — | | |
| (364,036 | ) |
Proceeds from notes payable, related party | |
| 126,500 | | |
| — | |
Payment
on notes payable, related party | |
| (140,000 | ) | |
| — | |
Net
cash used in financing activities | |
| (13,500 | ) | |
| (364,036 | ) |
| |
| | | |
| | |
NET
(DECREASE) INCREASE IN CASH | |
| (5,868 | ) | |
| 109,445 | |
| |
| | | |
| | |
CASH
AT BEGINNING OF YEAR | |
| 24,665 | | |
| 75,918 | |
| |
| | | |
| | |
CASH
AT END OF YEAR | |
$ | 18,797 | | |
$ | 185,363 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE
OF CASH FLOW INFORMATION | |
| | | |
| | |
Cash paid for interest | |
$ | — | | |
$ | 10,520 | |
| |
| | | |
| | |
NON CASH INVESTING
AND FINANCING ACTIVITIES | |
| | | |
| | |
Common stock issued
for acquisition | |
$ | 37,500 | | |
$ | — | |
Contingent earnout
liability from acquisition | |
$ | 155,000 | | |
$ | — | |
| |
| | | |
| | |
The
accompanying notes are an integral part of these condensed consolidated financial statements |
VERITEC,
INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
THREE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013
(UNAUDITED)
NOTE
1. NATURE OF BUSINESS
References
to the “Company” in this Form 10-Q refer to Veritec, Inc. (“Veritec”) and its wholly owned subsidiaries
Vcode Holdings, Inc. (Vcode®), and Veritec Financial Systems, Inc. (VTFS).
The
Company as primarily engaged in the development, marketing, sales and licensing of products and rendering of professional services
related thereto in the following two fields of technology: (1) proprietary two-dimensional matrix symbology (also commonly referred
to as “two-dimensional barcodes” or “2D barcodes”), and (2) mobile banking solutions. Subsequent to June
30, 2015, the Company began to focus exclusively on mobile banking technology, and sold its barcode technology.
Barcode
Technology
The
Company’s Barcode Technology was originally invented by the founders of Veritec under United States patents 4,924,078, 5,331,176,
5,612,524 and 7,159,780. Our principal licensed product to date that contains our VeriCode ® Barcode Technology has been a
product identification system for identification and tracking of manufactured parts, components and products mostly in the liquid
crystal display (LCD) markets. The VeriCode® symbol is a two-dimensional high data density machine-readable symbol that can
contain up to approximately 500 bytes of data. The Company’s VSCode® Barcode Technology is a derivative of the VeriCode®
symbol with the ability to encrypt a greater amount of data by increasing data density. The VSCode ® is a data storage “container”
that offers a high degree of security and which can also be tailored to the application requirements of the user. The VSCode ®
symbol can hold any form of binary information that can be digitized, including numbers, letters, images, photos, graphics, and
the minutia for biometric information, including fingerprints and facial image data, to the extent of its data storage capacity,
that are likewise limited by the resolution of the marking and reading devices employed by the user. VSCode ® is ideal for
secure identification documents (such as national identification cards, driver’s licenses, and voter registration cards),
financial cards, medical records and other high security applications. In its PhoneCodes™ product platform, Veritec developed
software to send, store, display, and read a VeriCode® Barcode Technology symbol on the LCD screen of a mobile phone. With
the electronic media that provide the ease of transferring information over the web, Veritec’s PhoneCodes™ technology
enables individuals and companies to receive or distribute gift certificates, tickets, coupons, receipts, or engage in banking
transactions using the VeriCode ® technology via wireless phone or PDA.
On
September 30, 2015, the Company sold all of its assets of its Barcode Technology, which was comprised solely of its intellectual
property. The sale allows the Company to focus its efforts solely on its growing Mobile Banking Technology (See Note 11).
Mobile
Banking Solutions
In
January 12, 2009, Veritec formed VTFS, a Delaware corporation, to bring its Mobile Banking Technology, products and related professional
services to market. In May 2009 Veritec was registered by Security First Bank in Visa’s Third Party Registration Program
as a Cardholder Independent Sales Organization and Third-Party Servicer. As a Cardholder Independent Sales Organization, Veritec
was able to promote and sell Visa branded card programs. As a Third-Party Servicer, Veritec provided back-end cardholder transaction
processing services for Visa branded card programs on behalf of Security First Bank. As of October 2010 the Company’s registration
with Security First Bank terminated. As of April 2011 the Company signed an ISO and processor agreement with Palm Desert National
Bank (which was later assigned to First California Bank) to market and processes the Company’s Visa branded card program
on behalf of the bank. First California Bank was sold to Pacific Western Bank and June 2013 Pacific Western Bank closed its entire
debit card division and transferred its contract with VTFS to Central Bank of Kansas City Bank. On February 5th, 2014 the entire
relationship between Veritec and Pacific Western Bank ended and the new relationship with Central Bank of Kansas City began.
On
September 30, 2014, Veritec ("Buyer"), and Tangible Payments LLC ("Seller"), a Maryland Limited Liability
Company, entered into an Asset Purchase Agreement (the "Asset Purchase Agreement") pursuant to which Veritec acquired
certain assets and liabilities of the Tangible Payments LLC (See Note 5).
The
Company has a portfolio of five United States and eight foreign patents. In addition, we have seven U.S. and twenty-eight
foreign pending patent applications.
NOTE
2. BASIS OF PRESENTATION
The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States of America
generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form
10-Q. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required
for complete financial statements.
In
the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation
have been included. Operating results for the three month period ended September 30, 2014 are not necessarily indicative of the
results that may be expected for the year ending June 30, 2015. The Condensed Consolidated Balance Sheet as of September 30, 2014
was derived from the unaudited consolidated financial statements as of such date, but does not include all of the information
and footnotes required by GAAP. For further information, refer to the Consolidated Financial Statements and footnotes thereto
included in our Form 10-K as of and for the year ended June 30, 2014.
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Those estimates and assumptions include estimates for reserves of uncollectible accounts, analysis of impairments of long lived
assets, accruals for potential liabilities and assumptions made in valuing stock instruments issued for services.
The
accompanying condensed consolidated financial statements include the accounts of Veritec, VCode, and VTFS. All inter-company transactions
and balances were eliminated in consolidation.
NOTE
3. GOING CONCERN
The
accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern.
Such assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During
the three months ended September 30, 2014, the Company incurred a net loss of $242,004. At September 30, 2014, the Company had
a working capital deficit of $4,772,464 and a stockholders’ deficiency of $4,679,467. In addition, as of September 30, 2014,
the Company is delinquent in payment of $3,174,284 of its notes payable and is also delinquent in payment of $525,377 in payroll
taxes and accrued interest and penalties.
These
factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s
ability to continue as a going concern is dependent upon its ability to develop additional sources of capital and to ultimately
achieve profitable operations. The Company’s independent registered public accounting firm, in their report on the Company’s
financial statements for the year ending June 30, 2014, expressed substantial doubt about the Company’s ability to continue
as a going concern. The Company’s financial statements do not include any adjustments that might result from the outcome
of these uncertainties.
The
Company believes its cash and forecasted cash flow from operations will not be sufficient to continue operations through fiscal
2015 without continued external investment. The Company will require additional funds to continue its operations through fiscal
2015 and to continue to develop its existing projects and plans to raise such funds by finding additional investors to purchase
the Company’s securities, generating sufficient sales revenue, implementing dramatic cost reductions or any combination
thereof. There is no assurance that the Company can be successful in raising such funds, generating the necessary sales or reducing
major costs. Further, if the Company is successful in raising such funds from sales of equity securities, the terms of these sales
may cause significant dilution to existing holders of common stock.
NOTE
4. SIGNIFICANT ACCOUNTING POLICIES
Net
Loss per Common Share:
Basic
earnings (loss) per share is computed by dividing the net income (loss) applicable to Common Stockholders by the weighted average
number of shares of Common Stock outstanding during the year. Diluted earnings (loss) per share is computed by dividing the net
income (loss) applicable to Common Stockholders by the weighted average number of common shares outstanding plus the number of
additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury
stock method. Potential common shares are excluded from the computation as their effect is antidilutive.
For
the three months ended September 30, 2014 the calculations of basic and diluted loss per share are the same because potential
dilutive securities would have an anti-dilutive effect. For the three months ended September 30, 2013 the calculation of diluted
earnings per share included stock options and warrants, calculated under the treasury stock method, and excluded preferred stock,
certain stock options and warrants, and convertible notes payable since the effect was antidilutive.
The
following table sets forth the computation of basic and diluted income per common share.
| |
September
30, |
| |
2014 | |
2013 |
| |
| |
|
Net
Income (Loss) | |
$ | (242,004 | ) | |
$ | 413,022 | |
| |
| | | |
| | |
Weighted average
common shares – basic | |
| 15,995,912 | | |
| 15,920,088 | |
Dilutive
effect of outstanding stock options | |
| — | | |
| 2,500,000 | |
Dilutive
effect of convertible notes payable | |
| — | | |
| 799,725 | |
Weighted
average shares outstanding – diluted | |
| 15,995,912 | | |
| 19,219,833 | |
| |
| | | |
| | |
As
of September 30, 2014 and 2013, we excluded the outstanding securities summarized below, which entitle the holders thereof to
acquire shares of common stock, from our calculation of earnings per share, as their effect would have been anti-dilutive.
| |
September
30, |
| |
2014 | |
2013 |
| |
| |
|
Series
H preferred stock | |
$ | 10,000 | | |
$ | 10,000 | |
Warrants | |
| — | | |
| 200,000 | |
Convertible
notes payable | |
| 15,392,058 | | |
| 7,326,220 | |
Options | |
| 3,046,500 | | |
| 631,500 | |
Total | |
| 18,438,558 | | |
| 8,167,720 | |
Concentrations
During
the three months ended September 30, 2014 and 2013, the Company had two customers that accounted for approximately 24% and 19%
of sales in 2014 and two customers that accounted for approximately 66% and 12% of sales in 2013, respectively. No other customers
accounted for more than 10% of sales in either period.
As
of September 30, 2014, the Company had accounts receivable due from one customer who comprised approximately 86,829 (93%) of its
total accounts receivable. As of June 30, 2014, the Company had approximately $86,361 (69%) and $23,250 (19%), respectively, of
accounts receivable due from its major customers.
For
the three months ended September 30, 2014 and 2013, foreign revenues accounted for 54% (29% Korea, 16% Taiwan, 9% other) and 87%
(71% Korea and 16% Taiwan) of the Company’s total revenues, respectively.
Recent
Accounting Pronouncements
In
May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts
with Customers. ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition
guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09
will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract.
The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising
from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to
obtain or fulfill a contract. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017. Early
adoption is permitted only in annual reporting periods beginning after December 15, 2016, including interim periods therein. Entities
will be able to transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption.
The Company is in the process of evaluating the impact of ASU 2014-09 on the Company’s financial statements and disclosures.
In
June 2014, the FASB issued Accounting Standards Update No. 2014-12, Compensation – Stock Compensation (Topic 718). The pronouncement
was issued to clarify the accounting for share-based payments when the terms of an award provide that a performance target could
be achieved after the requisite service period. The pronouncement is effective for reporting periods beginning after December
15, 2015. The adoption of ASU 2014-12 is not expected to have a significant impact on the Company’s consolidated financial
position or results of operations.
In
August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability
to Continue as a Going Concern, which provides guidance on determining when and how to disclose going-concern uncertainties in
the financial statements. ASU 2014-15 requires management to perform interim and annual assessments of an entity’s ability
to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain
disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. ASU
2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted.
The Company is currently evaluating the impact of the adoption of ASU 2014-15 on the Company’s financial statements and
disclosures.
In
November 2014, the FASB issued Accounting Standards Update No. 2014-16 (ASU 2014-16), Determining Whether the Host Contract in
a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity. The amendments in this ASU do not
change the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid financial
instrument is required. The amendments clarify that an entity should consider all relevant terms and features, including the embedded
derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. The ASU applies to all entities
that are issuers of, or investors in, hybrid financial instruments that are issued in the form of a share and is effective for
public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early
adoption is permitted. The Company is in the process of evaluating the impact of 2014-16 on the Company’s financial statements
and disclosures.
In
July 2015, the FASB issued Accounting Standards Update 2015-11, Simplifying the Measurement of Inventory, which requires that
inventory within the scope of ASU 2015-11 be measured at the lower of cost and net realizable value. Inventory measured using
last-in, first-out (LIFO) and the retail inventory method are not impacted by the new guidance. ASU 2015-11 applies to all other
inventory, which includes inventory that is measured using first-in,
first-out
(FIFO) or average cost. An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable
value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs
of completion, disposal, and transportation. ASU 2015-11 is effective for public business entities in fiscal years, and interim
periods within those years, beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating
the impact the adoption of ASU 2015-11 on the Company’s financial statements and disclosures.
Other
recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified
Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact
on the Company's present or future consolidated financial statements.
NOTE
5. RESTRICTED CASH
The
Company entered into Store Value Prepaid Card Sponsorship Agreements (the “Agreement”) with certain banks whereas
the Company markets and sells store value prepaid card programs (the “Programs”). The Programs are marketed and managed
daily at the direction of the Bank, for which the Company receives a transaction fee. In connection with the agreements the Company
is required to establish a Reserve Account controlled by the Bank. At September 30, 2014 and June 30, 2014, the restricted cash
totaled $54,606 and $51,957, respectively. Since this amount is restricted for the purposes related to the Programs, it is classified
as restricted cash on the consolidated balance sheets.
NOTE
6. ACQUISITION
On
September 30, 2014, the Company and Tangible Payments LLC, a Maryland Limited Liability Company, entered into an Asset Purchase
Agreement pursuant to which the Company acquired certain assets and liabilities of Tangible Payments LLC. Tangible Payments LLC
is a combined-solution software package that incorporates features the market is currently purchasing as an individual-solutions
product that requires integrated services at an additional cost. With a one-stop package, Tangible’s Payments LLC solution
eliminates costs and reduces deployment time.
The
purchase price for the acquisition was comprised of 250,000 shares of restricted common stock of Veritec valued at $37,500, issued
on closing, and an earnout payment of $155,000 for an aggregate purchase price of $192,500. The earnout payment is payable on
a monthly basis from the net profits derived from the acquired assets commencing three months after the closing. The earnout payment
is accelerated and the balance of the earnout payment shall be due in full at such time as Veritec receives equity investments
aggregating $1.3 million.
The
Company assigned $192,500 of the purchase price to contract commitments which will be amortized over a three year period.
The
following table presents our unaudited pro forma combined historical results of operations as if we had consummated the acquisition
as of July 1, 2013.
| |
September
30, |
| |
2014 | |
2013 |
| |
(Unaudited) | |
(Unaudited) |
Revenues | |
$ | 217,051 | | |
$ | 853,831 | |
Net
income (loss) | |
$ | (254,304 | ) | |
$ | 192,283 | |
NOTE
7. RELATED PARTY TRANSACTIONS
During
the years ended June 30, 2015 and 2014 the Company received various unsecured, non-interest bearing, due on demand advances from
its CEO Ms. Van Tran, a related party. The balances due Ms. Tran as of September 30, 2014 and June 30, 2014 were $78,480 and $78,753,
respectively. These advances have been classified as accounts payable, related party on the accompanying consolidated balance
sheets.
The
Company has relied on The Matthews Group, LLC (TMG), owned 50% by Ms. Van Tran, the Company’s CEO/Executive Chair and a
director, and 50% by Larry Johanns, a significant stockholder of the Company, for funding (see Note 8). The Company also leases
its office facilities from Ms. Van Tran.
NOTE
8. NOTES PAYABLE
Notes
payable includes accrued interest and consists of the following as of September 30, 2014 and June 30, 2014:
| |
| |
|
| |
September
30, 2014 | |
June
30, 2014 |
| |
| | | |
| | |
Convertible
Notes Payable | |
| | | |
| | |
Convertible
notes payable (includes $138,120 and $130,898, respectively, to non-related parties), unsecured, interest at 8%, due September 2010
through November 2010. The principal and accrued interest is convertible at a conversion price of $0.30. The principal
and interest is due immediately on the event of default or change of control. The notes are currently in default. | |
$ | 730,964 | | |
$ | 720,302 | |
| |
| | | |
| | |
Convertible
notes payable to related parties, unsecured, principal and interest are convertible into common stock at $0.30 to $0.33 per
share, interest at 8% to 10%, due on demand to November 2010. The notes are currently in default. | |
| 1,112,629 | | |
| 1,107,435 | |
| |
| | | |
| | |
Convertible
note payable to related party, secured by the Company’s intellectual property, principal and interest are convertible
into common stock at $0.25 per share subject to board of directors’ approval, interest at 8%. The note was due November
2010 and is now in default. | |
| 278,871 | | |
| 274,871 | |
| |
| | | |
| | |
Notes
payable, secured by the Company's certificate of deposit with a financial institution and classified on the balance sheet
as restricted cash, interest at 5%, convertible into common stock at $0.08 per share, due on demand | |
| 32,580 | | |
| 32,215 | |
| |
| | | |
| | |
Convertible
note payable, unsecured, principal and interest are convertible into common stock at $0.30 to $0.40 per share subject to board
of directors’ approval, interest at 5% to 8%, due January 2011 to March 2013. The note is currently in default. | |
| 13,786 | | |
| 13,586 | |
| |
| | | |
| | |
Convertible
note payable, unsecured, principal and interest are convertible into common stock at $1.00 per share subject to board of directors’
approval, interest at 8%. The note was paid in full. | |
| — | | |
| 1,766 | |
Subtotal
convertible notes | |
| 2,168,830 | | |
| 2,150,175 | |
| |
| | | |
| | |
Promissory
Notes | |
| | | |
| | |
Note
payable to related party, secured by the Company’s intellectual property, interest
at 8% due August 2010 and is now in default. | |
| 541,003 | | |
| 533,318 | |
| |
| | | |
| | |
Notes
payable to related parties, unsecured, interest at 0% to 8%, due on demand. | |
| 144,430 | | |
| 142,430 | |
| |
| | | |
| | |
Note
payable, unsecured, interest at 10%. The note was due in January 2010 and is now in default. | |
| 29,667 | | |
| 29,167 | |
| |
| | | |
| | |
Note
payable, secured by the Company's intellectual property, interest at variable rates starting September 1, 2012, due December
2012 and is now in default. | |
| 290,354 | | |
| 287,129 | |
Subtotal
notes payable | |
| 1,005,454 | | |
| 992,044 | |
| |
| | | |
| | |
Total | |
$ | 3,174,284 | | |
$ | 3,142,219 | |
| |
| | | |
| | |
| |
| | | |
| | |
During
the three months ended September 30, 2014, the Company issued $126,500 of convertible notes payable that could be converted at
a price of $0.08 per share. The market price on the date the convertible notes payable were issued was in excess of the conversion
price. The difference between the conversion price of $0.08 per share and the market price was recognized as an expense of $98,875
and was included in interest expense in the Condensed Consolidated Statements of Operations for the three months ended September
30, 2014. No similar activity occurred during the same period of the prior year.
For
the purposes of Balance Sheet presentation notes payable have been presented as follows:
| |
|
| |
| September
30, 2014 | | |
| June
30, 2014 | |
| |
| | | |
| | |
Notes
payable | |
$ | 500,119 | | |
$ | 493,017 | |
Notes
payable, related party | |
| 2,674,165 | | |
| 2,649,202 | |
Total | |
$ | 3,174,284 | | |
$ | 3,142,219 | |
NOTE
9 - STOCKHOLDERS’ DEFICIENCY
Preferred
Stock
The
articles of incorporation of Veritec authorize 10,000,000 shares of preferred stock with a par value of $1.00 per share. The Board
of Directors is authorized to determine any number of series into which shares of preferred stock may be divided and to determine
the rights, preferences, privileges and restrictions granted to any series of the preferred stock.
In
1999, a new Series H convertible preferred stock was authorized. Each share of Series H convertible preferred stock is convertible
into 10 shares of the Veritec’s common stock at the option of the holder. As of September 30, 2014 and June 30, 2014, there
were 1,000 shares of Series H convertible preferred stock issued and outstanding.
Common
Stock Issued
Shares
issued for acquisition
On
September 30, 2014, the Company issued 250,000 shares of common stock as partial consideration for an acquisition (See Note 6).
Shares
issued to consultants for services
During
the three months ended September 30, 2014, the Company granted and issued 100,000 shares of common stock for services received.
The common shares, based on the fair value on the dates granted, were valued at $0.05 per share, for an aggregate of $5,000.
Common
Stock to be Issued
Shares
to be issued to consultants for services rendered
On
July 15, 2014, the Company entered into a "Consulting Agreement" with a consultant to be a general advisor on technical
issues to both the Company’s President and its subsidiary, Veritec Financial Systems, Inc. Per the payment terms of the
Consulting Agreement, the consultant is to receive both monthly cash compensation and 5,000 shares of common stock. During the
three months ended September 30, 2014, the Company recorded an obligation to issue 10,000 shares of common stock with an aggregate
fair value of $1,500 or $0.15 per share. As of September 30, 2014, the 10,000 shares of common stock have not been issued and
have been reflected in common stock to be issued in the accompanying condensed consolidated balance sheet.
On
June 23, 2014, the Company entered into an "Advisory Agreement" with a consultant to be an executive advisor to the
Company’s President. Per the payment terms of the Advisory Agreement, the consultant is to receive both monthly cash compensation
and 5,000 shares of common stock. The Advisory Agreement was terminated in January 2015. During the three months ended September
30, 2014, the Company recorded an obligation to issue 15,000 shares of common stock with an aggregate fair value of $1,750 or
$0.12 per share. As of September 30, 2014, the 15,000 shares of common stock have not been issued and have been reflected in common
stock to be issued in the accompanying condensed consolidated balance sheet.
NOTE
10 – STOCK OPTIONS
Stock
Options
A
summary of stock options for the three months ended September 30, 2014 is as follows:
| |
Number
of Shares |
|
|
Weighted
- Average Exercise Price |
Outstanding
at June 30, 2014 | | |
| 3,056,500 | |
$ | 0.42 |
Granted | | |
| — | |
$ | 0.00 |
Forfeited | | |
| (10,000) | |
$ | 0.42 |
Outstanding
at September 30, 2014 | | |
| 3,046,500 | |
$ | 0.42 |
Exercisable
at September 30, 2014 | | |
| 3,046,500 | |
$ | 0.42 |
The
Company has agreements with certain employees that provide for five years of annual grants of options, on each employment anniversary
date, to purchase shares of the Company’s common stock. The option price is determined based on the market price on the
date of grant, the options vest one year from the date of grant, and the options expire five years after vesting. The Company
granted 2,500,000 options under this arrangement during fiscal year 2013. There were no options granted in fiscal year 2014 or
during the three months ended September 30, 2014 under this agreement. The Company recognized no stock-based compensation expense
related to stock options during the three months ended September 30, 2014 and 2013, respectively. As of September 30, 2014, there
was no remaining unrecognized compensation costs related to stock options. Based upon the trading value of the common shares,
there was no intrinsic value of these options as of September 30, 2014.
The
fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model that uses the weighted-average
assumptions noted in the following table. The risk-free rate for periods within the contractual life of the options is based on
the U. S. Treasury yield in effect at the time of the grant. Volatility was based on the historical volatility of the Company’s
common stock. The Company estimated the expected life of options based on historical experience and other averaging methods.
Additional
information regarding options outstanding as of September 30, 2014 is as follows:
Options
Outstanding at September 30, 2014 | |
Options
Exercisable at September 30, 2014 |
| |
| |
| |
| |
| |
|
| Range
of Exercise | | |
| Number
of Shares Outstanding | | |
| Weighted
Average Remaining Contractual Life (Years) | | |
| Weighted
Average Exercise Price | | |
| Number
of Shares Exercisable | | |
| Weighted
Average Exercise Price | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| $0.13
- $1.45 | | |
| 3,046,500 | | |
| 4.40 | | |
$ | 0.42 | | |
| 3,046,500 | | |
$ | 0.42 | |
| | | |
| 3,046,500 | | |
| | | |
| | | |
| 3,046,500 | | |
| | |
The
weighted-average remaining contractual life of stock options outstanding and exercisable at September 30, 2014 is 4.40 years.
NOTE
11. SUBSEQUENT EVENTS
These
unaudited condensed consolidated financial statements should be read in conjunctions with the financial statements and notes thereto
included in the Company’s Form 10-K for the year ended June 30, 2015 filed on January 20, 2016 with the Security and Exchange
Commission, which contains additional information of events subsequent to September 30, 2014.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results
of Operations – Three Months Ended September 30, 2014 compared to September 30, 2013
We
had a net loss of $242,004 for the three months ended September 30, 2014 compared to net income of $413,022 for the three months
ended September 30, 2013.
License
and other revenue
Details
of revenues are as follows:
| |
Three
Months Ended September 30, | |
Increase
(Decrease) |
| |
2014 | |
2013 | |
$ | |
% |
| |
| |
| |
| |
|
Barcode
Technology | |
$ | 85,689 | | |
$ | 776,329 | | |
$ | (690,640 | ) | |
| (88.9 | ) |
Mobile
Banking Technology | |
| 69,237 | | |
| 2,031 | | |
| 67,206 | | |
| 3,309.0 | |
| |
| | | |
| | | |
| | | |
| | |
Total
Revenues | |
$ | 154,926 | | |
$ | 778,360 | | |
$ | (623,434 | ) | |
| (80.0 | ) |
Barcode
Technology revenues are derived from our Product Identification systems sold principally to customers in the LCD manufacturing
industry. Identification Card revenues in these periods were a result of sales of identification card and mobile banking systems.
The
decrease in Barcode Technology revenues was mainly attributable to the decreased demand for LCD screens. Revenues from the LCD
market remain unpredictable as they are generated when customers open new production facilities or update production equipment;
however, for now the Company continues to experience relatively low demand for product identification product licenses in the
LCD industry. A large portion of our license sales are concentrated in the Asia-Pacific market, which decreased in Taiwan, Japan,
Germany, and increased in Korea and China.
Mobile
Banking Technology revenues includes products such as the Company’s Blinx On-Off™ prepaid toggle Card and its Open
Loop/Close Loop System and Bio ID Card Platform. Mobile Banking Technology uses web-based mobile technology to offer financial
cardholders the very best technology in conducting secure financial transactions in real time, protecting personal identity, and
financial account security. The increase in Mobile Banking Technology revenues is due to our efforts to grow this business line
which has led to several recent multiyear agreements to provide services and support.
On
September 30, 2015, the Company and The Matthews Group, a related party, entered into an Asset Purchase Agreement pursuant to
which the Company sold the intellectual property assets relating to its Barcode Technology. The sale allows the Company to focus
its efforts solely on growing its Mobile Banking Technology business.
Cost
of Sales
Cost
of sales for the three months ended September 30, 2014 and 2013, totaled $69,180 and $117,601, respectively. The decrease in expense
was the result of decreased labor costs associated with projects implemented during the period as compared to the same period
of the prior year. For the three months ended September 30, 2014 and 2013, cost of sales as a percentage of revenue were 44.7%
and 15.1%, respectively.
Operating
Expenses
General
and administrative expense for the three months ended September 30, 2014 and 2013 was $122,633 and $134,010, respectively. The
decrease of $11,377 was primarily from a reduction in professional fees.
Sales
and marketing expense for the three months ended September 30, 2014 and 2013 was $29,196 and $17,372, respectively. The increase
of $11,824 was the result of the Company’s increased sales and marketing efforts to support its mobile banking technology
and to open new markets in Asia.
Research
and development expense for the three months ended September 30, 2014 and 2013 was $31,481 and $46,579, respectively. The decrease
of $15,098 in expense was the result of the Company’s completion of certain research and development projects associated
with its Mobile Banking Technology as compared to the same period of the prior year.
Other
Expenses, net
Other
expense for the three months ended September 30, 2014 and 2013, which includes primarily interest expense, was $144,440 and $49,776,
respectively. The increase was primarily a result of $98,875 of non-cash expense relating to the beneficial conversion feature
of convertible notes payables issued during the three months ended September 30, 2014. A beneficial conversion feature is realized
when the conversion price of a convertible notes payable is below the closing market price on the date of issuance.
Liquidity
Our
cash and cash equivalents balance at September 30, 2014 decreased to $18,797 as compared to $24,665 at June 30, 2014. The decrease
was the result of $7,632 in cash provided by operating activities offset by $13,500 used in financing activities. Net cash provided
by operations during the three months ended September 30, 2014 was $7,632 compared with $473,481 of cash provided by operations
during the same period of the prior year. Cash provided by operations during the three months ended September 30, 2014 was primarily
due to our net loss in the period offset by a decrease in deferred revenues. Net cash used in financing activities of $13,500
during the three months ended September 30, 2014 was primarily due to proceeds received from notes payable of $126,500 offset
by payments of $140,000 on notes payable. During the same period of the prior year, net cash used in financing activities of $364,036
was from payments of $364,036 on notes payable.
The
accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern.
During the three months ended September 30, 2014, the Company had a net loss of $242,004. At September 30, 2014, the Company had
a working capital deficit of $4,772,463 and a stockholders’ deficiency of $4,679,467. The Company is delinquent or in default
on $3,174,284 of its notes payable and is delinquent in payment of certain amounts due of $525,377 for payroll taxes and accrued
interest and penalties as of September 30, 2014.
These
factors, among others, raise substantial doubt about our ability to continue as a going concern. As a result, our independent
registered public accounting firm, in its report on our June 30, 2014 financial statements, has raised substantial doubt about
our ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might be
necessary should we be unable to continue as a going concern.
The
Company believes its cash and forecasted cash flow from operations will not be sufficient to continue operations through fiscal
2015 without continued external investment. The Company believes it will require additional funds to continue its operations through
fiscal 2016 and to continue to develop its existing projects and plans to raise such funds by finding additional investors to
purchase the Company’s securities, generating sufficient sales revenue, implementing dramatic cost reductions or any combination
thereof. There is no assurance that the Company can be successful in raising such funds, generating the necessary sales or reducing
major costs. Further, if the Company is successful in raising such funds from sales of equity securities, the terms of these sales
may cause significant dilution to existing holders of common stock.
The
Company has traditionally been dependent on The Matthews Group, LLC, a related party, for its financial support. The Matthews
Group is owned 50% by Van Tran, the Company’s CEO/Executive Chair and a director, and 50% by Lawrence J. Johanns, a significant
Company stockholder.
In
September 2015, The Matthews Group, a related party and the Company’s largest debt holder, elected to convert $1.8 million
of its convertible notes payable balance, at a conversion price of $0.08 per share of common stock, into 22.2 million shares of
the Company’s common stock.
In
September 2015, the Company sold its Barcode Technology assets to The Matthews Group, a related party, for $670,000. The proceeds
from the sale were used to reduce the Company’s notes payable balance to The Matthews Group.
Recent
Accounting Pronouncements
See
Footnote 4 of our condensed consolidated financial statements for a discussion of recently issued accounting standards.
Off-Balance
Sheet Arrangements
We
do not have any off-balance sheet arrangements.
Critical
Accounting Policies
Stock-Based
Compensation:
The
Company periodically issues stock options and warrants to employees and non-employees in capital raising transactions, for services
and for financing costs. Stock-based compensation for employees is measured at the grant date, based on the fair value of
the award, and is recognized as expense over the requisite service period. Options vest and expire according to terms established
at the grant date. The value of the stock compensation to non-employees is based upon the measurement date as determined at either
(a) the date at which a performance commitment is reached or (b) at the date at which the necessary performance to earn the equity
instruments is complete.
We
estimate volatility and forfeitures based upon historical data. As permitted by the authoritative guidance issued by the FASB,
we use the “simplified” method to determine the expected life of an option due to the Company’s lack of sufficient
historical exercise data to provide a reasonable basis, which is a result of the relative high turnover rates experienced in the
past for positions granted options. All of these variables have an effect on the estimated fair value of our share-based awards.
Revenue
Recognition:
The
Company accounts for revenue recognition in accordance with SEC Staff Accounting Bulletin (SAB) No. 101 "Revenue Recognition
in Financial Statements" and related amendments. Revenues for the Company are classified into four separate products; license
revenue (Veritec’s Multi-Dimensional matrix symbology), hardware revenue, identification card revenue, and debit card revenue. Revenues
from licenses, hardware, and identification cards are recognized when the product is shipped and collection is reasonably assured.
The process typically begins for license and hardware revenue with a customer purchase order detailing its hardware specifications
so the Company can import its software into the customer's hardware. Once importation is completed, if the customer only wishes
to purchase a license, the Company typically transmits the software to the customer via the Internet. Revenue is recognized
at that point. If the customer requests both license and hardware products, once the software is imported into the hardware and
the process is complete, the product is shipped and revenue is recognized at time of shipment. Once the software and/or
hardware are either shipped or transmitted, the customers do not have a right of refusal or return. Under some conditions,
the customers remit payment prior to the Company having completed importation of the software. In these instances,
the Company delays revenue recognition and reflects the prepayments as customer deposits.
The
process for identification cards begins when a customer requests, via the Internet, an identification card. The card
is reviewed for design and placement of the data, printed and packaged for shipment. At the time the identification
cards are shipped and collection is reasonably assured, revenue is recognized.
The
Company, as a processor and a distributor, recognizes revenue from transaction fees charged cardholders for the use of its issued
mobile debit cards. The fees are recognized on a monthly basis after all cardholder transactions have been summarized and reconciled
with third party processors.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
A
smaller reporting company is not required to provide the information required by this Item 3.
ITEM
4. CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures.
Our
management, with the participation of our chief executive officer and our chief financial officer, carried out an evaluation of
the effectiveness of our “disclosure controls and procedures” (as defined in the Securities Exchange Act of 1934 (the
“Exchange Act”) Rules 13a-15(e) and 15-d-15(e)) as of the end of the period covered by this report (the “Evaluation
Date”). Based upon that evaluation, our chief executive officer and our chief financial officer concluded that,
as of the Evaluation Date, our disclosure controls and procedures were not effective to ensure that information required to be
disclosed by us in the reports that we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported,
within the time periods specified in the SEC’s rules and forms and (ii) is accumulated and communicated to our management,
including our chief executive officer and our chief financial officer, as appropriate to allow timely decisions regarding required
disclosure. As of December 31, 2014, our disclosure controls and procedures were not effective at the reasonable assurance
level due to the material weaknesses in our internal control over financial reporting described in our Form 10-K at June 30, 2014.
Changes
in Internal Control over Financial Reporting.
In
our Form 10-K at June 30, 2014, we identified certain matters that constitute material weaknesses (as defined under the Public
Company Accounting Oversight Board Auditing Standard No. 2) in our internal control over financial reporting as discussed on Management’s
Report on Internal Control Over Financial Reporting. We are undergoing ongoing evaluation and improvements in our internal
control over financial reporting. Regarding our identified weaknesses, we have performed the following remediation
efforts:
| • | We
have assigned our audit committee with oversight responsibilities. |
| • | Our
financial statements, periodic reports filed pursuant to the Securities Exchange Act
of 1934, as amended, our monthly bank statements and imaged checks are now continuously
reviewed by our chief financial officer and chief executive officer. |
| • | All
significant contracts are now being reviewed and approved by our board of directors in
conjunction with the chief executive officer. |
There
was no other change in our internal control over financial reporting that occurred during the period covered by this report that
has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART
II
ITEM
1. LEGAL PROCEEDINGS
The
Company is subject to various legal proceedings from time to time in the ordinary course of business, none of which is required
to be disclosed under this Item 1.
ITEM
1A. RISK FACTORS
A
smaller reporting company is not required to provide the information required by this Item.
ITEM
2. UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
The
Company is in default on its various notes payable totaling $3,174,284 representing principal and accrued interest as of September
30, 2014.
TEM
4. MINE SAFETY DISCLOSURES
Not
applicable.
ITEM
5. OTHER INFORMATION
The
Company is delinquent in payment of $525,377 for payroll taxes and accrued interest and penalties as of September 30, 2014.
ITEM
6 EXHIBITS
31.1 |
Certification of Chief Executive Officer pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002. |
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. |
101.1 |
The
following financial information from Veritec, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September
30, 2014 formatted in XBRL: (i) Consolidated Balance Sheets at September 30, 2014 and June 30, 2014; (ii) Consolidated
Statement of Operations for the three months ended September 30, 2014 and 2013; (iii) Consolidated Statement of Stockholders’
Deficit as at September 30, 2014; (iv) Consolidated Statements of Cash Flows for the three months ended September 30,
2014 and 2013; (v) Notes to the Consolidated Financial Statements.
|
** |
The certifications
attached as Exhibits 32.1 and 32.2 accompany the Quarterly on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 and shall not be deemed “filed” by Veritec, Inc. for purposes of Section 18 of the Securities
Exchange Act. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
|
VERITEC,
INC.,
a
Nevada corporation |
March 21, 2016 |
|
|
|
By: |
/s/
Van Thuy Tran |
|
|
Van Thuy Tran |
|
|
Chief Executive Officer |
|
|
(Principal Executive Officer) |
Exhibit
31.1
CERTIFICATION
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Van Tran, certify that:
| 1. | I
have reviewed this quarterly report on Form 10-Q of Veritec, Inc.; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statement made, in light of the
circumstances under which such statements were made, not misleading with respect to the
period covered by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for, the periods presented
in this report; |
| 4. | As
certifying officer, I am responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d015f))
for the registrant and have: |
| (a) | designed
such disclosure controls and procedures, or caused such internal control over financial
reporting to be designed under our supervision, to ensure that material information relating
to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
| (b) | designed
such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
| (c) | evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation;
and |
| (d) | disclosed
in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant’s most recent fiscal quarter (the registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control
over financial reporting; and |
| 5. | As
certifying officer, I have disclosed, based on our most recent evaluation of internal
control over financial reporting, to the registrant’s auditors and the audit committee
of the registrant’s board of directors (or persons performing the equivalent functions): |
| (a) | all
significant deficiencies and material weaknesses in the design or operation of internal
controls over financial reporting which are reasonably likely to adversely affect the
registrant’s ability to record, process, summarize and report financial information;
and |
| (b) | any
fraud, whether or not material, that involves management or other employees who have
a significant role in the Registrant’s internal control over financial reporting.
|
|
|
VERITEC,
INC.,
a
Nevada corporation |
March 21, 2016 |
|
|
|
By: |
/s/
Van Thuy Tran |
|
|
Van Thuy Tran |
|
|
Chief Executive Officer |
|
|
(Principal Executive Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Veritec, Inc. (the “Company”) on Form 10-Q for the period ended September
30, 2014, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Van Tran, Chief
Executive Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that:
| • | The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and |
| • | The
information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company. |
|
|
VERITEC,
INC.,
a
Nevada corporation |
March 21, 2016 |
|
|
|
By: |
/s/
Van Thuy Tran |
|
|
Van Thuy Tran |
|
|
Chief Executive Officer |
|
|
(Principal Executive Officer) |
v3.3.1.900
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v3.3.1.900
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Sep. 30, 2014 |
Jun. 30, 2014 |
Current Assets: |
|
|
Cash |
$ 18,797
|
$ 24,665
|
Accounts receivables, net of allowance of $0 and $13,395 respectively |
93,184
|
70,500
|
Inventories |
3,755
|
7,829
|
Prepaid expenses |
9,739
|
17,143
|
Total Current Assets |
125,475
|
120,137
|
Restricted cash |
54,606
|
51,957
|
Property and Equipment, net |
891
|
$ 994
|
Intangibles, net |
192,500
|
|
Total Assets |
373,472
|
$ 173,088
|
Current Liabilities: |
|
|
Notes payable - in default |
500,119
|
493,017
|
Notes payable, related party - in default |
2,674,165
|
2,649,202
|
Accounts payable |
553,737
|
540,794
|
Accounts payable, related party |
78,480
|
78,753
|
Customer deposits |
85,743
|
91,260
|
Deferred revenues |
471,152
|
258,764
|
Payroll tax liabilities |
525,377
|
539,218
|
Accrued expenses |
9,166
|
104,168
|
Total Current Liabilities |
4,897,939
|
$ 4,755,176
|
Contingent earnout liability |
155,000
|
|
Total Liabilities |
5,052,939
|
$ 4,755,176
|
Stockholders' Deficiency: |
|
|
Convertible preferred stock, par value $1.00; authorized 10,000,000 shares, 276,000 shares of Series H authorized, 1,000 shares issued and outstanding as of September 30, 2014 and June 30, 2014, respectively. |
1,000
|
1,000
|
Common stock, par value $.01; authorized 50,000,000 shares, 16,270,088 and 15,920,088 shares issued and outstanding as of September 30, 2014 and June 30, 2014, respectively |
162,701
|
159,201
|
Common stock to be issued, 210,000 shares and 400,000 shares, respectively |
42,846
|
39,596
|
Additional paid-in capital |
14,732,056
|
14,594,181
|
Accumulated deficit |
(19,618,070)
|
(19,376,066)
|
Total Stockholders' Deficiency |
(4,679,467)
|
(4,582,088)
|
Total Liabilities and Stockholders' Deficiency |
$ 373,472
|
$ 173,088
|
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v3.3.1.900
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
|
Sep. 30, 2014 |
Jun. 30, 2014 |
Allowance for Doubtful Accounts |
$ 0
|
$ 13,395
|
Convertible preferred stock, par value |
$ 1.00
|
$ 1.00
|
Convertible preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Convertible preferred stock, shares issued |
1,000
|
1,000
|
Convertible preferred stock, shares outstanding |
1,000
|
1,000
|
Common stock, par value |
$ .01
|
$ .01
|
Common stock, shares authorized |
50,000,000
|
50,000,000
|
Common stock, shares issued |
16,270,088
|
15,920,088
|
Common stock, shares outstanding |
16,270,088
|
15,920,088
|
Common stock, shares to be issued |
210,000
|
400,000
|
Series H Convertible |
|
|
Convertible preferred stock, shares authorized |
276,000
|
276,000
|
Convertible preferred stock, shares issued |
1,000
|
1,000
|
Convertible preferred stock, shares outstanding |
1,000
|
1,000
|
X |
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v3.3.1.900
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Sep. 30, 2014 |
Sep. 30, 2013 |
Revenue: |
|
|
Barcode technology revenue |
$ 69,237
|
$ 85,689
|
Mobile banking technology revenue |
85,689
|
692,671
|
Total revenue |
154,926
|
778,360
|
Cost of Sales |
69,180
|
117,601
|
Gross Profit |
85,746
|
660,759
|
Operating Expenses: |
|
|
General and administrative |
122,633
|
134,010
|
Sales and marketing |
29,196
|
17,372
|
Research and development |
31,481
|
46,579
|
Total Operating Expenses |
183,310
|
197,961
|
Income (Loss) from Operations |
$ (97,564)
|
462,798
|
Other Expense: |
|
|
Interest income |
|
1
|
Interest expense and finance costs, including $38,441 and $47,073, respectively, to related parties |
$ (144,440)
|
(49,777)
|
Total Other Expense |
(144,440)
|
(49,776)
|
Net Income (Loss) |
$ (242,004)
|
$ 413,022
|
Net Income (Loss) Per Common Share |
|
|
Basic |
$ (0.02)
|
$ 0.03
|
Diluted |
$ (0.02)
|
$ 0.02
|
Weighted Average Number of Shares Outstanding |
|
|
Basic |
15,995,912
|
15,920,088
|
Diluted |
15,995,912
|
19,219,813
|
X |
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v3.3.1.900
Condemsed Consolidated Statement of Stockholder's Deficiency
|
3 Months Ended |
Sep. 30, 2014
USD ($)
shares
|
Preferred Stock |
|
Beginning balance, Shares | shares |
1,000
|
Beginning balance, Amount |
$ 1,000
|
Shares issued for acquisitions, shares | shares |
|
Shares issued for acquisitions, amount |
|
Shares issued for services, shares | shares |
|
Shares issued for services, amount |
|
Beneficial conversion feature on issuance of convertible notes payable |
|
Net loss |
|
Ending balance, Shares | shares |
1,000
|
Ending balance, Amount |
$ 1,000
|
Common Stock |
|
Beginning balance, Shares | shares |
15,920,088
|
Beginning balance, Amount |
$ 159,201
|
Shares issued for acquisitions, shares | shares |
250,000
|
Shares issued for acquisitions, amount |
$ 2,500
|
Shares issued for services, shares | shares |
100,000
|
Shares issued for services, amount |
$ 1,000
|
Beneficial conversion feature on issuance of convertible notes payable |
|
Net loss |
|
Ending balance, Shares | shares |
16,270,088
|
Ending balance, Amount |
$ 162,701
|
Common Stock to be Issued |
|
Beginning balance, Amount |
$ 39,596
|
Shares issued for acquisitions, amount |
|
Shares issued for services, amount |
$ 3,250
|
Beneficial conversion feature on issuance of convertible notes payable |
|
Net loss |
|
Ending balance, Amount |
$ 42,846
|
Additional Paid-In Capital |
|
Beginning balance, Amount |
14,594,181
|
Shares issued for acquisitions, amount |
35,000
|
Shares issued for services, amount |
4,000
|
Beneficial conversion feature on issuance of convertible notes payable |
$ 98,875
|
Net loss |
|
Ending balance, Amount |
$ 14,732,056
|
Retained Earnings / Accumulated Deficit |
|
Beginning balance, Amount |
$ (19,376,066)
|
Shares issued for acquisitions, amount |
|
Shares issued for services, amount |
|
Beneficial conversion feature on issuance of convertible notes payable |
|
Net loss |
$ (242,004)
|
Ending balance, Amount |
(19,618,070)
|
Beginning balance, Amount |
$ (4,582,088)
|
Shares issued for acquisitions, shares | shares |
250,000
|
Shares issued for acquisitions, amount |
$ 37,500
|
Shares issued for services, shares | shares |
100,000
|
Shares issued for services, amount |
$ 8,250
|
Beneficial conversion feature on issuance of convertible notes payable |
98,875
|
Net loss |
(242,004)
|
Ending balance, Amount |
$ (4,679,467)
|
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v3.3.1.900
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Sep. 30, 2014 |
Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net income (loss) |
$ (242,004)
|
$ 413,022
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |
|
|
Depreciation |
103
|
|
Shares issued for services |
5,000
|
$ 1,670
|
Beneficial conversion feature on convertible notes payable |
98,875
|
|
Interest accrued on notes payable |
45,565
|
$ 39,257
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(22,684)
|
261,117
|
Restricted cash |
(2,649)
|
239,911
|
Inventories |
4,074
|
(2,912)
|
Prepaid expenses |
7,404
|
28,500
|
Deferred revenues |
212,388
|
(512,201)
|
Payroll tax liabilities |
(13,841)
|
5,428
|
Customer deposits |
(5,517)
|
(3,909)
|
Accounts payables and accrued expenses |
(82,332)
|
3,598
|
Net cash provided by operating activities |
$ 7,632
|
473,481
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Payment of notes payable |
|
$ (364,036)
|
Proceeds from notes payable, related party |
$ 126,500
|
|
Payments on notes payable, related party |
(140,000)
|
|
Net cash used in financing activities |
(13,500)
|
$ (364,036)
|
NET (DECREASE) INCREASE IN CASH |
(5,868)
|
109,445
|
CASH AT BEGINNING OF PERIOD |
24,665
|
75,918
|
CASH AT END OF PERIOD |
$ 18,797
|
185,363
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
Cash paid for interest |
|
$ 10,520
|
NON CASH INVESTING AND FINANCING ACTIVITIES |
|
|
Common stock issued for acquisition |
$ 37,500
|
|
Contingent earnout liability from acquisitions |
$ 155,000
|
|
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v3.3.1.900
Nature of Business
|
3 Months Ended |
Sep. 30, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Business |
NOTE 1. NATURE OF BUSINESS
References to the Company in
this Form 10-Q refer to Veritec, Inc. (Veritec) and its wholly owned subsidiaries Vcode Holdings, Inc. (Vcode®),
and Veritec Financial Systems, Inc. (VTFS).
The Company as primarily engaged in the
development, marketing, sales and licensing of products and rendering of professional services related thereto in the following
two fields of technology: (1) proprietary two-dimensional matrix symbology (also commonly referred to as two-dimensional
barcodes or 2D barcodes), and (2) mobile banking solutions. Subsequent to June 30, 2015, the Company began
to focus exclusively on mobile banking technology, and sold its barcode technology.
Barcode Technology
The Companys Barcode Technology
was originally invented by the founders of Veritec under United States patents 4,924,078, 5,331,176, 5,612,524 and 7,159,780. Our
principal licensed product to date that contains our VeriCode ® Barcode Technology has been a product identification system
for identification and tracking of manufactured parts, components and products mostly in the liquid crystal display (LCD) markets.
The VeriCode® symbol is a two-dimensional high data density machine-readable symbol that can contain up to approximately 500
bytes of data. The Companys VSCode® Barcode Technology is a derivative of the VeriCode® symbol with the ability
to encrypt a greater amount of data by increasing data density. The VSCode ® is a data storage container that
offers a high degree of security and which can also be tailored to the application requirements of the user. The VSCode ® symbol
can hold any form of binary information that can be digitized, including numbers, letters, images, photos, graphics, and the minutia
for biometric information, including fingerprints and facial image data, to the extent of its data storage capacity, that are likewise
limited by the resolution of the marking and reading devices employed by the user. VSCode ® is ideal for secure identification
documents (such as national identification cards, drivers licenses, and voter registration cards), financial cards, medical
records and other high security applications. In its PhoneCodes product platform, Veritec developed software to send, store,
display, and read a VeriCode® Barcode Technology symbol on the LCD screen of a mobile phone. With the electronic media that
provide the ease of transferring information over the web, Veritecs PhoneCodes technology enables individuals and
companies to receive or distribute gift certificates, tickets, coupons, receipts, or engage in banking transactions using the VeriCode
® technology via wireless phone or PDA.
On September 30, 2015, the Company sold all
of its assets of its Barcode Technology, which was comprised solely of its intellectual property. The sale allows the Company to
focus its efforts solely on its growing Mobile Banking Technology (See Note 11).
Mobile Banking Solutions
In January 12, 2009, Veritec formed VTFS,
a Delaware corporation, to bring its Mobile Banking Technology, products and related professional services to market. In May 2009
Veritec was registered by Security First Bank in Visas Third Party Registration Program as a Cardholder Independent Sales
Organization and Third-Party Servicer. As a Cardholder Independent Sales Organization, Veritec was able to promote and sell Visa
branded card programs. As a Third-Party Servicer, Veritec provided back-end cardholder transaction processing services for Visa
branded card programs on behalf of Security First Bank. As of October 2010 the Companys registration with Security First
Bank terminated. As of April 2011 the Company signed an ISO and processor agreement with Palm Desert National Bank (which was later
assigned to First California Bank) to market and processes the Companys Visa branded card program on behalf of the bank.
First California Bank was sold to Pacific Western Bank and June 2013 Pacific Western Bank closed its entire debit card division
and transferred its contract with VTFS to Central Bank of Kansas City Bank. On February 5th, 2014 the entire relationship between
Veritec and Pacific Western Bank ended and the new relationship with Central Bank of Kansas City began.
On September 30, 2014, Veritec ("Buyer"),
and Tangible Payments LLC ("Seller"), a Maryland Limited Liability Company, entered into an Asset Purchase Agreement
(the "Asset Purchase Agreement") pursuant to which Veritec acquired certain assets and liabilities of the Tangible Payments
LLC (See Note 5).
The Company has a portfolio of five United
States and eight foreign patents. In addition, we have seven U.S. and twenty-eight foreign pending patent applications.
|
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- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.3.1.900
Basis of Presentation
|
3 Months Ended |
Sep. 30, 2014 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
NOTE 2. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated
financial statements have been prepared in accordance with United States of America generally accepted accounting principles (GAAP)
for interim financial information and with the instructions to Form 10-Q. Accordingly, the condensed consolidated financial statements
do not include all of the information and footnotes required for complete financial statements.
In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for
the three month period ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year
ending June 30, 2015. The Condensed Consolidated Balance Sheet as of September 30, 2014 was derived from the unaudited consolidated
financial statements as of such date, but does not include all of the information and footnotes required by GAAP. For further information,
refer to the Consolidated Financial Statements and footnotes thereto included in our Form 10-K as of and for the year ended June
30, 2014.
The preparation of financial statements
in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities,
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those estimates. Those estimates and assumptions include
estimates for reserves of uncollectible accounts, analysis of impairments of long lived assets, accruals for potential liabilities
and assumptions made in valuing stock instruments issued for services.
The accompanying condensed consolidated
financial statements include the accounts of Veritec, VCode, and VTFS. All inter-company transactions and balances were eliminated
in consolidation.
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.3.1.900
Going Concern
|
3 Months Ended |
Sep. 30, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Going Concern |
NOTE 3. GOING CONCERN
The accompanying condensed consolidated
financial statements have been prepared assuming the Company will continue as a going concern. Such assumption contemplates the
realization of assets and satisfaction of liabilities in the normal course of business. During the three months ended September
30, 2014, the Company incurred a net loss of $242,004. At September 30, 2014, the Company had a working capital deficit of $4,772,464
and a stockholders deficiency of $4,679,467. In addition, as of September 30, 2014, the Company is delinquent in payment
of $3,174,284 of its notes payable and is also delinquent in payment of $525,377 in payroll taxes and accrued interest and penalties.
These factors, among others, raise substantial
doubt about the Companys ability to continue as a going concern. The Companys ability to continue as a going concern
is dependent upon its ability to develop additional sources of capital and to ultimately achieve profitable operations. The Companys
independent registered public accounting firm, in their report on the Companys financial statements for the year ending
June 30, 2014, expressed substantial doubt about the Companys ability to continue as a going concern. The Companys
financial statements do not include any adjustments that might result from the outcome of these uncertainties.
The Company believes its cash and forecasted
cash flow from operations will not be sufficient to continue operations through fiscal 2015 without continued external investment.
The Company will require additional funds to continue its operations through fiscal 2015 and to continue to develop its existing
projects and plans to raise such funds by finding additional investors to purchase the Companys securities, generating sufficient
sales revenue, implementing dramatic cost reductions or any combination thereof. There is no assurance that the Company can be
successful in raising such funds, generating the necessary sales or reducing major costs. Further, if the Company is successful
in raising such funds from sales of equity securities, the terms of these sales may cause significant dilution to existing holders
of common stock.
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v3.3.1.900
Significant Accounting Policies
|
3 Months Ended |
Sep. 30, 2014 |
Accounting Policies [Abstract] |
|
Significant Accounting Policies |
NOTE 4. SIGNIFICANT ACCOUNTING POLICIES
Net Loss per Common Share:
Basic earnings (loss) per share is computed
by dividing the net income (loss) applicable to Common Stockholders by the weighted average number of shares of Common Stock outstanding
during the year. Diluted earnings (loss) per share is computed by dividing the net income (loss) applicable to Common Stockholders
by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding
if all dilutive potential common shares had been issued, using the treasury stock method. Potential common shares are excluded
from the computation as their effect is antidilutive.
For the three months ended September 30, 2014
the calculations of basic and diluted loss per share are the same because potential dilutive securities would have an anti-dilutive
effect. For the three months ended September 30, 2013 the calculation of diluted earnings per share included stock options and
warrants, calculated under the treasury stock method, and excluded preferred stock, certain stock options and warrants, and convertible
notes payable since the effect was antidilutive.
The following table sets forth the computation of basic and diluted
income per common share.
|
|
September 30, |
|
|
2014 |
|
2013 |
|
|
|
|
|
Net Income (Loss) |
|
$ |
(242,004 |
) |
|
$ |
413,022 |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares basic |
|
|
15,995,912 |
|
|
|
15,920,088 |
|
Dilutive effect of outstanding stock options |
|
|
|
|
|
|
2,500,000 |
|
Dilutive effect of convertible notes payable |
|
|
|
|
|
|
799,725 |
|
Weighted average shares outstanding diluted |
|
|
15,995,912 |
|
|
|
19,219,833 |
|
|
|
|
|
|
|
|
|
|
As of September 30, 2014 and 2013, we excluded
the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock, from our calculation
of earnings per share, as their effect would have been anti-dilutive.
|
|
September 30, |
|
|
2014 |
|
2013 |
|
|
|
|
|
Series H preferred stock |
|
$ |
10,000 |
|
|
$ |
10,000 |
|
Warrants |
|
|
|
|
|
|
200,000 |
|
Convertible notes payable |
|
|
15,392,058 |
|
|
|
7,326,220 |
|
Options |
|
|
3,046,500 |
|
|
|
631,500 |
|
Total |
|
|
18,438,558 |
|
|
|
8,167,720 |
|
Concentrations
During the three months ended September 30,
2014 and 2013, the Company had two customers that accounted for approximately 24% and 19% of sales in 2014 and two customers that
accounted for approximately 66% and 12% of sales in 2013, respectively. No other customers accounted for more than 10% of sales
in either period.
As of September 30, 2014, the Company had
accounts receivable due from one customer who comprised approximately 86,829 (93%) of its total accounts receivable. As of June
30, 2014, the Company had approximately $86,361 (69%) and $23,250 (19%), respectively, of accounts receivable due from its major
customers.
For the three months ended September 30, 2014
and 2013, foreign revenues accounted for 54% (29% Korea, 16% Taiwan, 9% other) and 87% (71% Korea and 16% Taiwan) of the Companys
total revenues, respectively.
Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards
Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive
revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace
it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue
based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure
about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant
judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective
for interim and annual periods beginning after December 15, 2017. Early adoption is permitted only in annual reporting periods
beginning after December 15, 2016, including interim periods therein. Entities will be able to transition to the standard either
retrospectively or as a cumulative-effect adjustment as of the date of adoption. The Company is in the process of evaluating the
impact of ASU 2014-09 on the Companys financial statements and disclosures.
In June 2014, the FASB issued Accounting Standards
Update No. 2014-12, Compensation Stock Compensation (Topic 718). The pronouncement was issued to clarify the accounting
for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service
period. The pronouncement is effective for reporting periods beginning after December 15, 2015. The adoption of ASU 2014-12 is
not expected to have a significant impact on the Companys consolidated financial position or results of operations.
In August 2014, the FASB issued Accounting
Standards Update No. 2014-15, Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern, which
provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. ASU 2014-15
requires management to perform interim and annual assessments of an entitys ability to continue as a going concern within
one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise
substantial doubt about the entitys ability to continue as a going concern. ASU 2014-15 is effective for annual periods
ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company is currently evaluating
the impact of the adoption of ASU 2014-15 on the Companys financial statements and disclosures.
In November 2014, the FASB issued Accounting
Standards Update No. 2014-16 (ASU 2014-16), Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the
Form of a Share Is More Akin to Debt or to Equity. The amendments in this ASU do not change the current criteria in U.S. GAAP for
determining when separation of certain embedded derivative features in a hybrid financial instrument is required. The amendments
clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated
for bifurcation, in evaluating the nature of the host contract. The ASU applies to all entities that are issuers of, or investors
in, hybrid financial instruments that are issued in the form of a share and is effective for public business entities for fiscal
years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company
is in the process of evaluating the impact of 2014-16 on the Companys financial statements and disclosures.
In July 2015, the FASB issued Accounting
Standards Update 2015-11, Simplifying the Measurement of Inventory, which requires that inventory within the scope of ASU
2015-11 be measured at the lower of cost and net realizable value. Inventory measured using last-in, first-out (LIFO) and the
retail inventory method are not impacted by the new guidance. ASU 2015-11 applies to all other inventory, which includes
inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure inventory within the
scope of ASU 2015-11 at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in
the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. ASU 2015-11
is effective for public business entities in fiscal years, and interim periods within those years, beginning after December
15, 2016. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2015-11 on the
Companys financial statements and disclosures.
Other recent accounting pronouncements issued by the FASB, including its Emerging
Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not
or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.
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v3.3.1.900
Restricted Cash
|
3 Months Ended |
Sep. 30, 2014 |
Accounting Policies [Abstract] |
|
Restricted Cash |
NOTE 5. RESTRICTED CASH
The Company entered into Store Value Prepaid
Card Sponsorship Agreements (the Agreement) with certain banks whereas the Company markets and sells store value
prepaid card programs (the Programs). The Programs are marketed and managed daily at the direction of the Bank, for
which the Company receives a transaction fee. In connection with the agreements the Company is required to establish a Reserve
Account controlled by the Bank. At September 30, 2014 and June 30, 2014, the restricted cash totaled $54,606 and $51,957, respectively.
Since this amount is restricted for the purposes related to the Programs, it is classified as restricted cash on the consolidated
balance sheets.
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v3.3.1.900
Acquisition
|
3 Months Ended |
Sep. 30, 2014 |
Business Combinations [Abstract] |
|
Acquisition |
NOTE 6. ACQUISITION
On September 30, 2014, the Company and Tangible
Payments LLC, a Maryland Limited Liability Company, entered into an Asset Purchase Agreement pursuant to which the Company acquired
certain assets and liabilities of Tangible Payments LLC. Tangible Payments LLC is a combined-solution software package that incorporates
features the market is currently purchasing as an individual-solutions product that requires integrated services at an additional
cost. With a one-stop package, Tangibles Payments LLC solution eliminates costs and reduces deployment time.
The purchase price for the acquisition was
comprised of 250,000 shares of restricted common stock of Veritec valued at $37,500, issued on closing, and an earnout payment
of $155,000 for an aggregate purchase price of $192,500. The earnout payment is payable on a monthly basis from the net profits
derived from the acquired assets commencing three months after the closing. The earnout payment is accelerated and the balance
of the earnout payment shall be due in full at such time as Veritec receives equity investments aggregating $1.3 million.
The Company assigned $192,500 of the purchase
price to contract commitments which will be amortized over a three year period.
The following table presents our unaudited
pro forma combined historical results of operations as if we had consummated the acquisition as of July 1, 2013.
|
|
September 30, |
|
|
2014 |
|
2013 |
|
|
(Unaudited) |
|
(Unaudited) |
Revenues |
|
$ |
217,051 |
|
|
$ |
853,831 |
|
Net income (loss) |
|
$ |
(254,304 |
) |
|
$ |
192,283 |
|
|
X |
- DefinitionThe entire description for costs incurred to effect a business combination that have been expensed during the period. Such costs could include business integration costs, systems integration and conversion costs, and severance and other employee-related costs.
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v3.3.1.900
Related Party Transactions
|
3 Months Ended |
Sep. 30, 2014 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
NOTE 7. RELATED PARTY TRANSACTIONS
During the years ended June 30, 2015 and 2014
the Company received various unsecured, non-interest bearing, due on demand advances from its CEO Ms. Van Tran, a related party.
The balances due Ms. Tran as of September 30, 2014 and June 30, 2014 were $78,480 and $78,753, respectively. These advances have
been classified as accounts payable, related party on the accompanying consolidated balance sheets.
The Company has relied on The Matthews Group,
LLC (TMG), owned 50% by Ms. Van Tran, the Companys CEO/Executive Chair and a director, and 50% by Larry Johanns, a significant
stockholder of the Company, for funding (see Note 8). The Company also leases its office facilities from Ms. Van Tran.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.3.1.900
Notes Payable
|
3 Months Ended |
Sep. 30, 2014 |
Debt Disclosure [Abstract] |
|
Notes Payable |
NOTE 8. NOTES PAYABLE
Notes payable includes accrued interest and
consists of the following as of September 30, 2014 and June 30, 2014:
|
|
|
|
|
|
|
September 30, 2014 |
|
June 30, 2014 |
|
|
|
|
|
|
|
|
|
Convertible Notes Payable |
|
|
|
|
|
|
|
|
Convertible notes payable (includes $138,120 and $130,898, respectively, to non-related parties), unsecured, interest at 8%, due September 2010 through November 2010. The principal and accrued interest is convertible at a conversion price of $0.30. The principal and interest is due immediately on the event of default or change of control. The notes are currently in default. |
|
$ |
730,964 |
|
|
$ |
720,302 |
|
|
|
|
|
|
|
|
|
|
Convertible notes payable to related parties, unsecured, principal and interest are convertible into common stock at $0.30 to $0.33 per share, interest at 8% to 10%, due on demand to November 2010. The notes are currently in default. |
|
|
1,112,629 |
|
|
|
1,107,435 |
|
|
|
|
|
|
|
|
|
|
Convertible note payable to related party, secured by the Companys intellectual property, principal and interest are convertible into common stock at $0.25 per share subject to board of directors approval, interest at 8%. The note was due November 2010 and is now in default. |
|
|
278,871 |
|
|
|
274,871 |
|
|
|
|
|
|
|
|
|
|
Notes payable, secured by the Company's certificate of deposit with a financial institution and classified on the balance sheet as restricted cash, interest at 5%, convertible into common stock at $0.08 per share, due on demand |
|
|
32,580 |
|
|
|
32,215 |
|
|
|
|
|
|
|
|
|
|
Convertible note payable, unsecured, principal and interest are convertible into common stock at $0.30 to $0.40 per share subject to board of directors approval, interest at 5% to 8%, due January 2011 to March 2013. The note is currently in default. |
|
|
13,786 |
|
|
|
13,586 |
|
|
|
|
|
|
|
|
|
|
Convertible note payable, unsecured, principal and interest are convertible into common stock at $1.00 per share subject to board of directors approval, interest at 8%. The note was paid in full. |
|
|
|
|
|
|
1,766 |
|
Subtotal convertible notes |
|
|
2,168,830 |
|
|
|
2,150,175 |
|
|
|
|
|
|
|
|
|
|
Promissory Notes |
|
|
|
|
|
|
|
|
Note payable to related party, secured by the Companys intellectual property, interest at 8% due August 2010 and is now in default. |
|
|
541,003 |
|
|
|
533,318 |
|
|
|
|
|
|
|
|
|
|
Notes payable to related parties, unsecured, interest at 0% to 8%, due on demand. |
|
|
144,430 |
|
|
|
142,430 |
|
|
|
|
|
|
|
|
|
|
Note payable, unsecured, interest at 10%. The note was due in January 2010 and is now in default. |
|
|
29,667 |
|
|
|
29,167 |
|
|
|
|
|
|
|
|
|
|
Note payable, secured by the Company's intellectual property, interest at variable rates starting September 1, 2012, due December 2012 and is now in default. |
|
|
290,354 |
|
|
|
287,129 |
|
Subtotal notes payable |
|
|
1,005,454 |
|
|
|
992,044 |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
3,174,284 |
|
|
$ |
3,142,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the three months ended September 30,
2014, the Company issued $126,500 of convertible notes payable that could be converted at a price of $0.08 per share. The market
price on the date the convertible notes payable were issued was in excess of the conversion price. The difference between the conversion
price of $0.08 per share and the market price was recognized as an expense of $98,875 and was included in interest expense in the
Condensed Consolidated Statements of Operations for the three months ended September 30, 2014. No similar activity occurred during
the same period of the prior year.
For the purposes of Balance Sheet presentation
notes payable have been presented as follows:
|
|
|
|
|
|
September 30, 2014 |
|
|
|
June 30,
2014 |
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
$ |
500,119 |
|
|
$ |
493,017 |
|
Notes payable, related party |
|
|
2,674,165 |
|
|
|
2,649,202 |
|
Total |
|
$ |
3,174,284 |
|
|
$ |
3,142,219 |
|
|
X |
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v3.3.1.900
Stockholders' Deficiency
|
3 Months Ended |
Sep. 30, 2014 |
Equity [Abstract] |
|
Stockholders' Equity (Deficit) |
NOTE 9 - STOCKHOLDERS DEFICIENCY
Preferred Stock
The articles of incorporation of Veritec authorize
10,000,000 shares of preferred stock with a par value of $1.00 per share. The Board of Directors is authorized to determine any
number of series into which shares of preferred stock may be divided and to determine the rights, preferences, privileges and restrictions
granted to any series of the preferred stock.
In 1999, a new Series H convertible preferred
stock was authorized. Each share of Series H convertible preferred stock is convertible into 10 shares of the Veritecs common
stock at the option of the holder. As of September 30, 2014 and June 30, 2014, there were 1,000 shares of Series H convertible
preferred stock issued and outstanding.
Common Stock Issued
Shares issued for acquisition
On September 30, 2014, the Company issued 250,000
shares of common stock as partial consideration for an acquisition (See Note 6).
Shares issued to consultants for services
During the three months ended September 30,
2014, the Company granted and issued 100,000 shares of common stock for services received. The common shares, based on the fair
value on the dates granted, were valued at $0.05 per share, for an aggregate of $5,000.
Common Stock to be Issued
Shares to be issued to consultants for
services rendered
On July 15, 2014, the Company entered into
a "Consulting Agreement" with a consultant to be a general advisor on technical issues to both the Companys President
and its subsidiary, Veritec Financial Systems, Inc. Per the payment terms of the Consulting Agreement, the consultant is to receive
both monthly cash compensation and 5,000 shares of common stock. During the three months ended September 30, 2014, the Company
recorded an obligation to issue 10,000 shares of common stock with an aggregate fair value of $1,500 or $0.15 per share. As of
September 30, 2014, the 10,000 shares of common stock have not been issued and have been reflected in common stock to be issued
in the accompanying condensed consolidated balance sheet.
On June 23, 2014, the Company entered into
an "Advisory Agreement" with a consultant to be an executive advisor to the Companys President. Per the payment
terms of the Advisory Agreement, the consultant is to receive both monthly cash compensation and 5,000 shares of common stock.
The Advisory Agreement was terminated in January 2015. During the three months ended September 30, 2014, the Company recorded an
obligation to issue 15,000 shares of common stock with an aggregate fair value of $1,750 or $0.12 per share. As of September 30,
2014, the 15,000 shares of common stock have not been issued and have been reflected in common stock to be issued in the accompanying
condensed consolidated balance sheet.
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v3.3.1.900
Stock Options
|
3 Months Ended |
Sep. 30, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Stock-Based Compensation |
NOTE 10 STOCK OPTIONS
Stock Options
A summary of stock options for the three months
ended September 30, 2014 is as follows:
|
|
Number of Shares |
|
|
Weighted - Average Exercise Price |
Outstanding at June 30, 2014 |
|
|
|
3,056,500 |
|
$ |
0.42 |
|
|
Granted |
|
|
|
|
|
$ |
0.00 |
|
|
Forfeited |
|
|
|
(10,000) |
|
$ |
0.42 |
|
|
Outstanding at September 30, 2014 |
|
|
|
3,046,500 |
|
$ |
0.42 |
|
|
Exercisable at September 30, 2014 |
|
|
|
3,046,500 |
|
$ |
0.42 |
|
|
The Company has agreements with certain employees
that provide for five years of annual grants of options, on each employment anniversary date, to purchase shares of the Companys
common stock. The option price is determined based on the market price on the date of grant, the options vest one year from the
date of grant, and the options expire five years after vesting. The Company granted 2,500,000 options under this arrangement during
fiscal year 2013. There were no options granted in fiscal year 2014 or during the three months ended September 30, 2014 under this
agreement. The Company recognized no stock-based compensation expense related to stock options during the three months ended September
30, 2014 and 2013, respectively. As of September 30, 2014, there was no remaining unrecognized compensation costs related to stock
options. Based upon the trading value of the common shares, there was no intrinsic value of these options as of September 30, 2014.
The fair value of each option award is estimated
on the date of grant using the Black-Scholes option pricing model that uses the weighted-average assumptions noted in the following
table. The risk-free rate for periods within the contractual life of the options is based on the U. S. Treasury yield in effect
at the time of the grant. Volatility was based on the historical volatility of the Companys common stock. The Company estimated
the expected life of options based on historical experience and other averaging methods.
Additional information regarding options
outstanding as of September 30, 2014 is as follows:
Options Outstanding at
September 30, 2014 |
|
Options Exercisable at
September 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Range of Exercise |
|
|
|
Number of Shares Outstanding |
|
|
|
Weighted Average Remaining Contractual Life (Years) |
|
|
|
Weighted Average Exercise Price |
|
|
|
Number of Shares Exercisable |
|
|
|
Weighted Average Exercise Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$0.13 - $1.45 |
|
|
|
3,046,500 |
|
|
|
4.40 |
|
|
$ |
0.42 |
|
|
|
3,046,500 |
|
|
$ |
0.42 |
|
|
|
|
|
|
3,046,500 |
|
|
|
|
|
|
|
|
|
|
|
3,046,500 |
|
|
|
|
|
The weighted-average remaining contractual
life of stock options outstanding and exercisable at September 30, 2014 is 4.40 years.
|
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Subsequent Events
|
3 Months Ended |
Sep. 30, 2014 |
Subsequent Events [Abstract] |
|
Subsequent Events |
NOTE 11. SUBSEQUENT EVENTS
These unaudited condensed consolidated financial
statements should be read in conjunctions with the financial statements and notes thereto included in the Companys Form
10-K for the year ended June 30, 2015 filed on January 20, 2016 with the Security and Exchange Commission, which contains additional
information of events subsequent to September 30, 2014.
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v3.3.1.900
Significant Accounting Policies (Policies)
|
3 Months Ended |
Sep. 30, 2014 |
Accounting Policies [Abstract] |
|
Net Loss per Common Share |
Net Loss per Common Share:
Basic earnings (loss) per share is computed
by dividing the net income (loss) applicable to Common Stockholders by the weighted average number of shares of Common Stock outstanding
during the year. Diluted earnings (loss) per share is computed by dividing the net income (loss) applicable to Common Stockholders
by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding
if all dilutive potential common shares had been issued, using the treasury stock method. Potential common shares are excluded
from the computation as their effect is antidilutive.
For the three months ended September 30, 2014
the calculations of basic and diluted loss per share are the same because potential dilutive securities would have an anti-dilutive
effect. For the three months ended September 30, 2013 the calculation of diluted earnings per share included stock options and
warrants, calculated under the treasury stock method, and excluded preferred stock, certain stock options and warrants, and convertible
notes payable since the effect was antidilutive.
The following table sets forth the computation of basic and diluted
income per common share.
|
|
September 30, |
|
|
2014 |
|
2013 |
|
|
|
|
|
Net Income (Loss) |
|
$ |
(242,004 |
) |
|
$ |
413,022 |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares basic |
|
|
15,995,912 |
|
|
|
15,920,088 |
|
Dilutive effect of outstanding stock options |
|
|
|
|
|
|
2,500,000 |
|
Dilutive effect of convertible notes payable |
|
|
|
|
|
|
799,725 |
|
Weighted average shares outstanding diluted |
|
|
15,995,912 |
|
|
|
19,219,833 |
|
|
|
|
|
|
|
|
|
|
As of September 30, 2014 and 2013, we excluded
the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock, from our calculation
of earnings per share, as their effect would have been anti-dilutive.
|
|
September 30, |
|
|
2014 |
|
2013 |
|
|
|
|
|
Series H preferred stock |
|
$ |
10,000 |
|
|
$ |
10,000 |
|
Warrants |
|
|
|
|
|
|
200,000 |
|
Convertible notes payable |
|
|
15,392,058 |
|
|
|
7,326,220 |
|
Options |
|
|
3,056,500 |
|
|
|
631,500 |
|
Total |
|
|
18,458,558 |
|
|
|
8,167,720 |
|
|
Concentrations |
Concentrations
During the three months ended September 30,
2014 and 2013, the Company had two customers that accounted for approximately 24% and 19% of sales in 2014 and two customers that
accounted for approximately 66% and 12% of sales in 2013, respectively. No other customers accounted for more than 10% of sales
in either period.
As of September 30, 2014, the Company had
accounts receivable due from one customer who comprised approximately 86,829 (93%) of its total accounts receivable. As of June
30, 2014, the Company had approximately $86,361 (69%) and $23,250 (19%), respectively, of accounts receivable due from its major
customers.
For the three months ended September 30, 2014
and 2013, foreign revenues accounted for 54% (29% Korea, 16% Taiwan, 9% other) and 87% (71% Korea and 16% Taiwan) of the Companys
total revenues, respectively.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards
Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive
revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace
it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue
based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure
about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant
judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective
for interim and annual periods beginning after December 15, 2017. Early adoption is permitted only in annual reporting periods
beginning after December 15, 2016, including interim periods therein. Entities will be able to transition to the standard either
retrospectively or as a cumulative-effect adjustment as of the date of adoption. The Company is in the process of evaluating the
impact of ASU 2014-09 on the Companys financial statements and disclosures.
In June 2014, the FASB issued Accounting Standards
Update No. 2014-12, Compensation Stock Compensation (Topic 718). The pronouncement was issued to clarify the accounting
for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service
period. The pronouncement is effective for reporting periods beginning after December 15, 2015. The adoption of ASU 2014-12 is
not expected to have a significant impact on the Companys consolidated financial position or results of operations.
In August 2014, the FASB issued Accounting
Standards Update No. 2014-15, Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern, which
provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. ASU 2014-15
requires management to perform interim and annual assessments of an entitys ability to continue as a going concern within
one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise
substantial doubt about the entitys ability to continue as a going concern. ASU 2014-15 is effective for annual periods
ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company is currently evaluating
the impact of the adoption of ASU 2014-15 on the Companys financial statements and disclosures.
In November 2014, the FASB issued Accounting
Standards Update No. 2014-16 (ASU 2014-16), Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the
Form of a Share Is More Akin to Debt or to Equity. The amendments in this ASU do not change the current criteria in U.S. GAAP for
determining when separation of certain embedded derivative features in a hybrid financial instrument is required. The amendments
clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated
for bifurcation, in evaluating the nature of the host contract. The ASU applies to all entities that are issuers of, or investors
in, hybrid financial instruments that are issued in the form of a share and is effective for public business entities for fiscal
years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company
is in the process of evaluating the impact of 2014-16 on the Companys financial statements and disclosures.
In July 2015, the FASB issued Accounting
Standards Update 2015-11, Simplifying the Measurement of Inventory, which requires that inventory within the scope of ASU
2015-11 be measured at the lower of cost and net realizable value. Inventory measured using last-in, first-out (LIFO) and the
retail inventory method are not impacted by the new guidance. ASU 2015-11 applies to all other inventory, which includes
inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure inventory within the
scope of ASU 2015-11 at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in
the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. ASU 2015-11
is effective for public business entities in fiscal years, and interim periods within those years, beginning after December
15, 2016. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2015-11 on the
Companys financial statements and disclosures.
Other recent accounting pronouncements issued
by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities
and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future
consolidated financial statements.
|
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v3.3.1.900
Significant Accounting Policies (Tables)
|
3 Months Ended |
Sep. 30, 2014 |
Accounting Policies [Abstract] |
|
Basic and diltued income per share |
|
|
September 30, |
|
|
2014 |
|
2013 |
|
|
|
|
|
Net Income (Loss) |
|
$ |
(242,004 |
) |
|
$ |
413,022 |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares basic |
|
|
15,995,912 |
|
|
|
15,920,088 |
|
Dilutive effect of outstanding stock options |
|
|
|
|
|
|
2,500,000 |
|
Dilutive effect of convertible notes payable |
|
|
|
|
|
|
799,725 |
|
Weighted average shares outstanding diluted |
|
|
15,995,912 |
|
|
|
19,219,833 |
|
|
|
|
|
|
|
|
|
|
|
Summary of securities excluded from EPS calculation |
|
|
September 30, |
|
|
2014 |
|
2013 |
|
|
|
|
|
Series H preferred stock |
|
$ |
10,000 |
|
|
$ |
10,000 |
|
Warrants |
|
|
|
|
|
|
200,000 |
|
Convertible notes payable |
|
|
15,392,058 |
|
|
|
7,326,220 |
|
Options |
|
|
3,046,500 |
|
|
|
631,500 |
|
Total |
|
|
18,438,558 |
|
|
|
8,167,720 |
|
|
X |
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v3.3.1.900
Notes Payable (Tables)
|
3 Months Ended |
Sep. 30, 2014 |
Debt Disclosure [Abstract] |
|
Notes Payable |
|
|
|
|
|
|
|
September 30, 2014 |
|
June 30, 2014 |
|
|
|
|
|
|
|
|
|
Convertible Notes Payable |
|
|
|
|
|
|
|
|
Convertible notes payable (includes $138,120 and $130,898, respectively, to non-related parties), unsecured, interest at 8%, due September 2010 through November 2010. The principal and accrued interest is convertible at a conversion price of $0.30. The principal and interest is due immediately on the event of default or change of control. The notes are currently in default. |
|
$ |
730,964 |
|
|
$ |
720,302 |
|
|
|
|
|
|
|
|
|
|
Convertible notes payable to related parties, unsecured, principal and interest are convertible into common stock at $0.30 to $0.33 per share, interest at 8% to 10%, due on demand to November 2010. The notes are currently in default. |
|
|
1,112,629 |
|
|
|
1,107,435 |
|
|
|
|
|
|
|
|
|
|
Convertible note payable to related party, secured by the Companys intellectual property, principal and interest are convertible into common stock at $0.25 per share subject to board of directors approval, interest at 8%. The note was due November 2010 and is now in default. |
|
|
278,871 |
|
|
|
274,871 |
|
|
|
|
|
|
|
|
|
|
Notes payable, secured by the Company's certificate of deposit with a financial institution and classified on the balance sheet as restricted cash, interest at 5%, convertible into common stock at $0.08 per share, due on demand |
|
|
32,580 |
|
|
|
32,215 |
|
|
|
|
|
|
|
|
|
|
Convertible note payable, unsecured, principal and interest are convertible into common stock at $0.30 to $0.40 per share subject to board of directors approval, interest at 5% to 8%, due January 2011 to March 2013. The note is currently in default. |
|
|
13,786 |
|
|
|
13,586 |
|
|
|
|
|
|
|
|
|
|
Convertible note payable, unsecured, principal and interest are convertible into common stock at $1.00 per share subject to board of directors approval, interest at 8%. The note was paid in full. |
|
|
|
|
|
|
1,766 |
|
Subtotal convertible notes |
|
|
2,168,830 |
|
|
|
2,150,175 |
|
|
|
|
|
|
|
|
|
|
Promissory Notes |
|
|
|
|
|
|
|
|
Note payable to related party, secured by the Companys intellectual property, interest at 8% due August 2010 and is now in default. |
|
|
541,003 |
|
|
|
533,318 |
|
|
|
|
|
|
|
|
|
|
Notes payable to related parties, unsecured, interest at 0% to 8%, due on demand. |
|
|
144,430 |
|
|
|
142,430 |
|
|
|
|
|
|
|
|
|
|
Note payable, unsecured, interest at 10%. The note was due in January 2010 and is now in default. |
|
|
29,667 |
|
|
|
29,167 |
|
|
|
|
|
|
|
|
|
|
Note payable, secured by the Company's intellectual property, interest at variable rates starting September 1, 2012, due December 2012 and is now in default. |
|
|
290,354 |
|
|
|
287,129 |
|
Subtotal notes payable |
|
|
1,005,454 |
|
|
|
992,044 |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
3,174,284 |
|
|
$ |
3,142,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable- Balance Sheet presentation |
|
|
|
|
|
|
September 30, 2014 |
|
|
|
June 30,
2014 |
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
$ |
500,119 |
|
|
$ |
493,017 |
|
Notes payable, related party |
|
|
2,674,165 |
|
|
|
2,649,202 |
|
Total |
|
$ |
3,174,284 |
|
|
$ |
3,142,219 |
|
|
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v3.3.1.900
Stock Options and Warrants (Tables)
|
3 Months Ended |
Sep. 30, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Summary of Stock Options |
|
|
Number of Shares |
|
|
Weighted - Average Exercise Price |
Outstanding at June 30, 2014 |
|
|
|
3,056,500 |
|
$ |
0.42 |
|
|
Granted |
|
|
|
|
|
$ |
0.00 |
|
|
Forfeited |
|
|
|
(10,000) |
|
$ |
0.42 |
|
|
Outstanding at September 30, 2014 |
|
|
|
3,046,500 |
|
$ |
0.42 |
|
|
Exercisable at September 30, 2014 |
|
|
|
3,046,500 |
|
$ |
0.42 |
|
|
|
Additional information regarding outstanding options |
Options Outstanding at
September 30, 2014 |
|
Options Exercisable at
September 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Range of Exercise |
|
|
|
Number of Shares Outstanding |
|
|
|
Weighted Average Remaining Contractual Life (Years) |
|
|
|
Weighted Average Exercise Price |
|
|
|
Number of Shares Exercisable |
|
|
|
Weighted Average Exercise Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$0.13 - $1.45 |
|
|
|
3,056,500 |
|
|
|
1.06 |
|
|
$ |
0.42 |
|
|
|
3,056,500 |
|
|
$ |
0.42 |
|
|
|
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|
3 Months Ended |
|
Sep. 30, 2014 |
Sep. 30, 2013 |
Jun. 30, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
Net income (loss) |
$ (242,004)
|
$ 413,022
|
|
Working capital deficit |
4,772,464
|
|
|
Stockholders' deficiency |
(4,679,467)
|
|
$ (4,582,088)
|
Note payable obligations - in default |
3,174,284
|
|
|
Payroll taxes and accrued interest and penalties |
$ 525,377
|
|
$ 539,218
|
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|
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Sep. 30, 2014 |
Sep. 30, 2013 |
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|
|
Net income (loss) |
$ (242,004)
|
$ 413,022
|
Weighted average common shares - basic |
15,995,912
|
15,920,088
|
Dilutive effect of outstanding stock options |
|
2,500,000
|
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799,725
|
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|
Sep. 30, 2014 |
Sep. 30, 2013 |
Accounting Policies [Abstract] |
|
|
Series H Preferred Stock |
10,000
|
10,000
|
Warrants |
|
200,000
|
Convertible Notes Payable |
15,392,058
|
7,326,220
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3,056,500
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631,500
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Notes Payable - Notes Payable (Details) - USD ($)
|
Sep. 30, 2014 |
Jun. 30, 2014 |
Convertible notes payable, non-related paries |
$ 2,168,830
|
$ 2,150,175
|
Promissory Notes Payable |
1,005,454
|
992,044
|
Notes payable |
3,174,284
|
3,142,219
|
Unsecured, due Sept 2010 to Nov 2010 |
|
|
Convertible notes payable |
730,964
|
720,302
|
Convertible notes payable, non-related paries |
$ 138,120
|
$ 130,898
|
Interest rate |
8.00%
|
8.00%
|
Conversion price |
$ .30
|
$ .30
|
Unsecured, due Nov 2010 |
|
|
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$ 1,112,629
|
$ 1,107,435
|
Interest rate |
8.00%
|
8.00%
|
Interest rate, maximum |
10.00%
|
10.00%
|
Conversion price |
$ 0.30
|
$ 0.30
|
Conversion price, maximum |
$ 0.33
|
$ 0.33
|
Secured, due Nov 2010 |
|
|
Convertible notes payable |
$ 278,871
|
$ 274,871
|
Interest rate |
8.00%
|
8.00%
|
Conversion price |
$ .25
|
$ .25
|
Secured, due on demand |
|
|
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$ 32,580
|
$ 32,215
|
Interest rate |
5.00%
|
5.00%
|
Conversion price |
$ .08
|
$ .08
|
Unsecured, due Jan 2011 to March 2013 |
|
|
Convertible notes payable |
$ 13,786
|
$ 13,586
|
Interest rate |
5.00%
|
5.00%
|
Interest rate, maximum |
8.00%
|
8.00%
|
Conversion price |
$ .30
|
$ .30
|
Conversion price, maximum |
$ .40
|
$ .40
|
Unsecured, due Nov 2009 |
|
|
Convertible notes payable |
|
$ 1,766
|
Interest rate |
8.00%
|
8.00%
|
Conversion price |
$ 1.00
|
$ 1.00
|
Secured, due Aug 2010 |
|
|
Interest rate |
8.00%
|
8.00%
|
Promissory Notes Payable |
$ 541,003
|
$ 533,318
|
Unsecured, due on demand |
|
|
Interest rate |
0.00%
|
0.00%
|
Interest rate, maximum |
8.00%
|
8.00%
|
Promissory Notes Payable |
$ 144,430
|
$ 142,430
|
Unsecured, due Jan 2010 |
|
|
Interest rate |
10.00%
|
10.00%
|
Promissory Notes Payable |
$ 29,667
|
$ 29,167
|
Secured, due Dec 2012 |
|
|
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$ 290,354
|
$ 287,129
|
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v3.3.1.900
Notes Payable - Notes payable- Balance Sheet presentation (Details) - USD ($)
|
Sep. 30, 2014 |
Jun. 30, 2014 |
Debt Disclosure [Abstract] |
|
|
Notes payable |
$ 500,119
|
$ 493,017
|
Notes payable, related party |
2,674,165
|
2,649,202
|
Total |
$ 3,174,284
|
$ 3,142,219
|
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Stockholders' Deficiency (Details Narrative) - USD ($)
|
3 Months Ended |
12 Months Ended |
|
Sep. 30, 2014 |
Sep. 30, 2013 |
Jun. 23, 2014 |
Jun. 15, 2014 |
Jun. 30, 2014 |
Convertible preferred stock, par value |
$ 1.00
|
|
|
|
$ 1.00
|
Convertible preferred stock, shares authorized |
10,000,000
|
|
|
|
10,000,000
|
Convertible preferred stock, shares issued |
1,000
|
|
|
|
1,000
|
Convertible preferred stock, shares outstanding |
1,000
|
|
|
|
1,000
|
Shares issued for acquisitions, shares |
250,000
|
|
|
|
|
Shares issued for services, shares |
100,000
|
|
|
|
|
Shares issued for services, fair value |
$ 5,000
|
$ 1,670
|
|
|
|
Consulting Agreement |
|
|
|
|
|
Stock issued |
|
|
|
5,000
|
|
Obligation to issue stock, Shares |
10,000
|
|
|
|
|
Stock issued, aggregate fair value |
$ 1,500
|
|
|
|
|
Stock issued, aggregate fair value, price per share |
$ 0.15
|
|
|
|
|
Shares authorized but unissued |
10,000
|
|
|
|
|
Advisory Agreement |
|
|
|
|
|
Stock issued |
|
|
5,000
|
|
|
Obligation to issue stock, Shares |
15,000
|
|
|
|
|
Stock issued, aggregate fair value |
$ 1,750
|
|
|
|
|
Stock issued, aggregate fair value, price per share |
$ 0.12
|
|
|
|
|
Shares authorized but unissued |
15,000
|
|
|
|
|
Series H Convertible |
|
|
|
|
|
Convertible preferred stock, shares authorized |
276,000
|
|
|
|
276,000
|
Convertible preferred stock, shares issued |
1,000
|
|
|
|
1,000
|
Convertible preferred stock, shares outstanding |
1,000
|
|
|
|
1,000
|
Series H convertible preferred stock to common stock |
10
|
|
|
|
10
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v3.3.1.900
Stock Options - Summary of Stock Options (Details) - $ / shares
|
3 Months Ended |
12 Months Ended |
Sep. 30, 2014 |
Jun. 30, 2014 |
Dec. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
|
|
Beginning number of shares; outstanding |
3,056,500
|
3,056,500
|
|
Beginning weighted-average exercise price; outstanding |
$ 0.42
|
$ 0.42
|
|
Options Granted |
|
|
2,500,000
|
Options granted, weighted average exercise price |
$ 0.00
|
|
|
Options Forfeited |
(10,000)
|
|
|
Options Forfeited, weighted average exercise price |
$ .42
|
|
|
Ending number of shares; outstanding |
3,056,500
|
3,056,500
|
|
Ending weighted-average exercise price; outstanding |
$ 0.42
|
$ 0.42
|
|
Number of Shares; exercisable |
3,056,500
|
|
|
Weighted-average exercise price; exercisable |
$ 0.42
|
|
|
X |
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v3.3.1.900
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v3.3.1.900
Stock Options (Details Narrative) - shares
|
3 Months Ended |
12 Months Ended |
Sep. 30, 2014 |
Jun. 30, 2015 |
Dec. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
|
|
Options granted |
|
|
2,500,000
|
2013 Agreement terms |
The Company has agreements with certain employees that provide for five years
of annual grants of options, on each employment anniversary date, to purchase shares of the Companys common stock. The
option price is determined based on the market price on the date of grant, the options vest one year from the date of grant, and
the options expire five years after vesting.
|
|
|
Weighted average remaining contractual life |
4 years 4 months
|
4 years 4 months
|
|
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