UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarter ended November 30, 2015
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ____________ to ____________
Commission File No. 000-55422
MIX 1 LIFE INC. |
(Exact name of registrant as specified in its charter) |
Nevada | | 68-0678499 |
(State or Other Jurisdiction of Incorporation or Organization) | | (IRS Employer Identification Number) |
16000 N. 80th Street, Suite E
Scottsdale, AZ 85260
480-344-7770
(Address and telephone number of principal executive offices)
_____________
(former address)
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. x 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 ST (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x 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 12b-2 of the Exchange Act.
Large accelerated filer | ¨ | Accelerated filer | ¨ |
Non-accelerated filer | ¨ | Smaller reporting company | x |
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2 of the Exchange Act). ¨ Yes x No
As of January 15, 2016, the registrant had 13,288,799 shares of common stock issued and outstanding.
Special Note Regarding Forward-Looking Statements
Information included in this Quarterly Report on Form 10-Q contains forward-looking statements that reflect the views of the management of the Company with respect to certain future events. Forward-looking statements made by penny stock issuers such as the Company are excluded from the safe harbor in Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). Words such as "expects," "should," "may," "will," "believes," "anticipates," "intends," "plans," "seeks," "estimates" and similar expressions or variations of such words, and negatives thereof, are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this report. These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that matters anticipated in our forward-looking statements will come to pass. You are cautioned not to place undue reliance on forward-looking statements. You are also urged to review and consider carefully the various disclosures made in the Company's other filings with the Securities and Exchange Commission ("SEC"), including amendments to those filings, if any. Except as may be required by applicable laws, the Company undertakes no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.
*Please note that throughout this Quarterly Report, and unless otherwise noted, the words "we," "our," "us," the "Company," or "MIXX" refers to Mix 1 Life, Inc.
INDEX TO FINANCIAL STATEMENTS
MIX 1 LIFE, INC.
TABLE OF CONTENTS
Balance Sheets as of November 30, 2015 (unaudited) and August 31, 2015 (audited) | | | F-2 | |
| | | | |
Statements of Operations (unaudited) for the three months ended November 30, 2015 and 2014 | | | F-3 | |
| | | | |
Statements of Cash Flows (unaudited) for the three months ended November 30, 2015 and 2014 | | | F-4 | |
| | | | |
Notes to the unaudited Financial Statements | | | F-5 | |
Mix 1 Life, Inc.
BALANCE SHEETS
| | November 30, | | | August 31, | |
| | 2015 | | | 2015 | |
| | (Unaudited) | | | (Audited) | |
ASSETS |
Current Assets: | | | | | | |
Cash and cash equivalents | | $ | 66,617 | | | $ | 434 | |
Accounts receivable | | | 199,370 | | | | 279,702 | |
Inventory, lower of cost or market, principally first-in, first-out | | | | | | | | |
Finished product | | | 257,014 | | | | 380,752 | |
Raw materials | | | 91,619 | | | | 91,835 | |
Other current assets | | | 114,606 | | | | 37,883 | |
| | | | | | | | |
Total Current Assets | | | 729,226 | | | | 790,606 | |
| | | | | | | | |
Fixtures and Equipment, net of accumulated depreciation of $15,155 at November 30, 2015 and $9,826 at August 31, 2015 | | | 141,203 | | | | 139,394 | |
Ingredient Specifications, Branding, and Other Intangible Assets, net of accumulated amortization and impairment of $10,499,583 at November 30, 2015, and $10,093,574 at August 31, 2015 | | | 21,403,515 | | | | 21,809,524 | |
Other Assets | | | 8,396 | | | | 16,319 | |
| | | | | | | | |
TOTAL ASSETS | | $ | 22,282,340 | | | $ | 22,755,843 | |
| | | | | | | | |
LIABILITIES AND SHAREHOLDERS' EQUITY |
Current Liabilities: | | | | | | | | |
Cash overdraft | | $ | - | | | $ | 2,035 | |
Accounts payable and accrued liabilities | | | 981,914 | | | | 1,672,858 | |
Accounts payable - related parties | | | 1,480,532 | | | | 858,496 | |
Note payable - premium finance | | | 8,507 | | | | 8,507 | |
Notes Payable - other | | | 674,903 | | | | 442,404 | |
12% Senior Secured Convertible debenture - Current | | | 750,000 | | | | - | |
| | | | | | | | |
Total Current Liabilities | | | 3,895,856 | | | | 2,984,300 | |
| | | | | | | | |
12% Senior Secured Convertible Debentures - net of current maturity of $750,000 | | | 1,135,001 | | | | 1,885,001 | |
7.5% Senior Secured Convertible Debentures | | | 2,310,000 | | | | 2,310,000 | |
Derivative Liability | | | 3,003,000 | | | | 4,063,246 | |
| | | | | | | | |
Total Liabilities | | | 10,343,857 | | | | 11,242,547 | |
| | | | | | | | |
Shareholders' Equity: | | | | | | | | |
Common Stock, $0.001 par value, 100,000,000 shares authorized 13,427,070 and 13,163,070 shares issued and outstanding at November 30, 2015 and August 31, 2015 respectively | | | 13,427 | | | | 13,163 | |
Additional paid-in capital | | | 31,988,191 | | | | 31,293,189 | |
Accumulated (deficit) | | | (20,063,135 | ) | | | (19,793,056 | ) |
| | | | | | | | |
Total Shareholders' Equity | | | 11,938,483 | | | | 11,513,296 | |
| | | | | | | | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | | $ | 22,282,340 | | | $ | 22,755,843 | |
The accompanying notes are an integral part of these financial statements.
Mix 1 Life, Inc.
STATEMENTS OF OPERATIONS
For the three months ended November 30, 2015 and 2014
(Unaudited)
| | 2015 | | | 2014 | |
| | | | | | | | |
Gross Sales | | $ | 398,941 | | | $ | 242,476 | |
Customer incentives, discounts, returns, and allowances | | | (134,100 | ) | | | - | |
Net sales | | | 264,841 | | | | 242,476 | |
| | | | | | | | |
Cost of Goods Sold | | | 231,308 | | | | 212,040 | |
| | | | | | | | |
Gross Margin | | | 33,533 | | | | 30,436 | |
| | | | | | | | |
Operating Expenses | | | | | | | | |
Selling and marketing | | | 24,884 | | | | 44,316 | |
Corporate general and administrative | | | 711,517 | | | | 488,226 | |
Depreciation and amortization expense | | | 411,338 | | | | 429,850 | |
Total operating expenses | | | 1,147,739 | | | | 962,392 | |
| | | | | | | | |
Loss from Operations | | | (1,114,206 | ) | | | (931,956 | ) |
| | | | | | | | |
Other Income (Expenses) | | | | | | | | |
Interest expense | | | (216,119 | ) | | | (93,888 | ) |
Derivative expense | | | 1,060,246 | | | | - | |
| | | | | | | | |
Loss before Income Taxes | | | (270,079 | ) | | | (1,025,844 | ) |
| | | | | | | | |
Provision for Income Taxes | | | - | | | | - | |
| | | | | | | | |
Net (Loss) | | $ | (270,079 | ) | | $ | (1,025,844 | ) |
| | | | | | | | |
(Loss) per share | | | | | | | | |
Basic and fully diluted: | | | | | | | | |
Weighted average number of shares outstanding | | | 13,165,963 | | | | 11,154,682 | |
(Loss) per share | | $ | (0.02 | ) | | $ | (0.09 | ) |
The accompanying notes are an integral part of these financial statements.
Mix 1 Life, Inc.
STATEMENTS OF CASH FLOW
For the three months ended November 30, 2015 and 2014
(Unaudited)
| | 2015 | | | 2014 | |
| | | | | | |
Cash flows from operating activities: | | | | | | |
Net (loss) | | $ | (270,079 | ) | | $ | (1,025,844 | ) |
Adjustments to reconcile net (loss) to net cash used in operating activities: | | | | | | | | |
Common stock issued for services | | | - | | | | 29,655 | |
Common stock issued for services - related parties | | | - | | | | 78,601 | |
Common stock issued for officers' and directors' fees | | | 12,503 | | | | 17,504 | |
Common stock issued for interest | | | 77,763 | | | | 2,502 | |
Common stock issued for royalty payment | | | 500,000 | | | | - | |
Warrant issued, recorded as interest expense | | | - | | | | 74,920 | |
Derivative expense | | | (1,060,246 | ) | | | - | |
Depreciation and Amortization | | | 411,338 | | | | 429,850 | |
Amortization of debt discount | | | 120,000 | | | | - | |
Changes in Current Assets and Liabilities | | | | | | | | |
Cash overdraft | | | (2,035 | ) | | | - | |
Inventory | | | 123,954 | | | | 119,505 | |
Accounts receivable | | | 80,332 | | | | (241,164 | ) |
Other current assets | | | (68,800 | ) | | | (23,732 | ) |
Accounts payable and accrued liabilities | | | (690,944 | ) | | | (106,563 | ) |
Accounts payable - related parties | | | 622,036 | | | | (85,580 | ) |
Note receivable | | | - | | | | (234,900 | ) |
Net cash (used) by operating activities | | | (144,178 | ) | | | (965,246 | ) |
| | | | | | | | |
Cash flows from investing activities: | | | | | | | | |
Purchase of Fixtures and Equipment | | | (7,139 | ) | | | - | |
| | | | | | | | |
Net cash (used) by investing activities | | | (7,139 | ) | | | - | |
| | | | | | | | |
Cash flows from financing activities | | | | | | | | |
Convertible note proceeds | | | - | | | | 250,000 | |
Notes payable proceeds, net of debt discount | | | 217,500 | | | | - | |
Sale of common stock | | | - | | | | 679,750 | |
Note payable payment | | | - | | | | (9,625 | ) |
| | | | | | | | |
Net cash provided by financing activities | | | 217,500 | | | | 920,125 | |
| | | | | | | | |
Net increase (decrease) in cash and cash equivalents | | | 66,183 | | | | (45,121 | ) |
Cash and cash equivalents, beginning of year | | | 434 | | | | 91,794 | |
| | | | | | | | |
Cash and cash equivalents, end of year | | $ | 66,617 | | | $ | 46,673 | |
| | | | | | | | |
Supplemental cash flow disclosures: | | | | | | | | |
Cash paid during the year for: | | | | | | | | |
Interest | | $ | 11,257 | | | $ | 16,466 | |
Income taxes | | $ | - | | | $ | - | |
| | | | | | | | |
Non-cash investing and financing activities: | | | | | | | | |
Common stock issued for debt discount | | $ | 105,000 | | | $ | - | |
Debt Discount | | | (105,000 | ) | | | - | |
| | | - | | | | - | |
The accompanying notes are an integral part of these financial statements.
MIX 1 LIFE, INC.
NOTES TO THE FINANCIAL STATEMENTS
NOVEMBER 30, 2015
(Unaudited)
Note 1 - Description of Business and Summary of Significant Accounting Policies
Mix 1 Life, Inc. ("the Company" or "Mix 1") was incorporated under the laws of the State of Nevada, U.S. on June 10, 2009.
Mix 1 products are designed for consumers looking for better options for on-the-go energy and natural products that provide the required nutrients for consumers' daily needs. We believe that our products will be able to reach the mainstream consumer market because of the broad range of occasions for consumers to drink our beverages, such as an energy enhancer, after a workout to restore the body, as meal replacements for breakfast, lunch or dinner, as snacks or meal supplements, as energy boosts to get through the workday, or for no occasion at all. Mix 1's products exist in high growth categories and leverage the consumer demand for health, nutrition and functional ingredients.
The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC") and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's annual report filed with the SEC on its 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for our interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements for the year ended August 31, 2015, as reported in the Form 10-K, have been omitted.
These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has limited cash and, as yet, has not generated sufficient revenues to finance operations, raising substantial doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand, sales, loans from investors and/or issuance of common shares.
Note 2 - Notes Payable
During the quarter the Company entered into three separate note payable agreements for $75,000 each, net of debt discount of $7,500. Each note contains annual interest rate of 12%. Two of the notes are due in 2 months and the third is due in 12 months.
Note 3 - Subsequent Events
We have evaluated events and transactions after the balance sheet date to the date these financial statements were released for filing. Except as stated above, we did not have any material subsequent events that would require disclosure in these financial statements.
END NOTES TO FINANCIALS
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Information included in this Quarterly Report Form 10-Q contains forward-looking statements that reflect the views of the management of the Company with respect to certain future events. Forward-looking statements made by penny stock issuers such as the Company are excluded from the safe harbor in Section 21E of the Securities Exchange Act of 1934. Words such as "expects," "should," "may," "will," "believes," "anticipates," "intends," "plans," "seeks," "estimates" and similar expressions or variations of such words, and negatives thereof, are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this report. These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that matters anticipated in our forward-looking statements will come to pass.
You are cautioned not to place undue reliance on forward-looking statements. You are also urged to review and consider carefully the various disclosures made in the Company's other filings with the Securities and Exchange Commission, including any amendments to those filings. Except as may be required by applicable laws, the Company undertakes no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.
GENERAL
Corporate History
The Company was incorporated in the State of Nevada on June 10, 2009 under the name Antaga International Corp. We are in the business of formulation and distribution of nutritional supplements which are designed to have a positive effect on health, well-being and improve physical and mental performance.
On August 27, 2013, the Company entered into a Definitive Agreement (the "Definitive Agreement") with Mix1 LLC, an Arizona company, "Mix1." Pursuant to the Definitive Agreement, the Company acquired 100% of certain assets owned by Mix1, including, but not limited to, access to the Mix1 brand name, product formulas, packaging design specifications, vendor/supplier lists, market research reports, product sales sheets, social media assets, other work product and full rights to market and sell such assets and conduct business with the assets (the "Acquisition"). In exchange for the assets, the Company issued 3,333,333, post reverse, new shares of common stock to Mix1. On September 12, 2013, the Company changed its name to Mix1 Life, Inc. to reflect its new business. On November 1, 2013, the Company changed its trading symbol from "ANTR.OB" to "MIXX.OB". The Company is now focused on the continued development, marketing, sale and distribution of Mix1 brand.
On March 31, 2015, we entered into an Asset Purchase Agreement with Shadow Beverages and Snack, LLC, an Arizona limited liability company ("Shadow") for the purchase of the "No Fear" brand asset ("No Fear") from Shadow. Shadow's interest in the No Fear brand is in the form of an exclusive Trademark and License Agreement between Shadow and No Fear International wherein Shadow was granted exclusive licensing and distribution of the No Fear drink within the United States of America. The Company acquired One Hundred Percent (100%) of Shadow's interest in the No Fear brand only for an aggregate purchase price of Twelve Million Twenty Three Thousand Nine Hundred and Six ($12,023,906) USD.
Our Business
Mix1 products are designed for consumers looking for better options for on-the-go energy and natural products that provide the required nutrients for consumers' daily needs. We believe that our products will be able to reach the mainstream consumer market because of the broad range of occasions for consumers to drink our beverages, such as before a workout as an energy enhancer, after a workout to restore the body, as meal replacements for breakfast, lunch or dinner, as snacks or meal supplements, as energy boosts to get through the workday, or for no occasion at all.
Our business strategy over the next five years is to increase distribution of our products to national markets and expanding our distribution to international markets, to diversify and expand our current product portfolio and to increase our management and number of employees to effectively manage the growth of our business and increase our sales and marketing forces.
Mix1's mission:
"Create products with high-quality ingredients that are truly functional. We believe all natural products are better than artificial ones and are the key to leading a healthy balanced life. As a company we want to improve people's lives by promoting active lifestyles and overall health. These beliefs are what lead to creating Mix1. Never again will you miss getting the necessary nutrients because you were too busy to eat. We strive to help you make healthy choices during your busy day in order to help you feel your best not only today, but every day."
OUR BRANDS
Mix 1's brands exist in high growth categories and leverage the consumer demand for health, nutrition and functional ingredients. Our brands are delivering incremental volume and margin growth for our distributors while enhancing category margins for customers. That win-win formula provides Mix 1 Life Inc. with volume, revenue and industry level gross profit.
NO FEAR ENERGY | |
Category - Energy Drinks
Consumer Positioning - Youthful and Super Aggressive
Brand Performance Drivers - Exploding Category and Monster Fighter
| · | Ten-year licensing agreement with brand owner, IBML |
| | |
| · | Rights to develop other RTD categories |
| | |
| · | Trademark is expanding in mainstream apparel retailers under IBML |
| | |
| · | Previously a multi-million case brand in the Pepsi System |
mix1 | |
Category - Protein Shake
Consumer positioning - Nutrition Based, All Natural
Brand Performance Drivers - Started in 2009 - High growth category
| · | 26 grams of protein |
| | |
| · | Lifestyle and nutrition focused |
| | |
| · | Natural product provides for dual placement in stores |
Our Product and Brand
Since acquisition, we have reformulated and re-packaged three Mix1 shake flavors (Blueberry Vanilla, Strawberry Banana and Chocolate) in order to strengthen our mass consumer appeal. Additionally, we recently partnered with a large specialty beverage manufacturer on the production of our three flavors. Our first production run of the reformulated beverages was in May 2014, and we distribute to a targeted set of retailers in the western United States. We began distribution of the Mix 1 products in June 2014. Our objective during 2014 was to bring the Mix1 brand back into circulation via direct store delivery ("DSD") and natural distributors in many of the same markets and stores that previously carried Mix1 (including national retail chains). We expect significant revenue growth beginning in 2016 as we expand distribution, sales and marketing activities.
The Company has re-engineered the existing Mix1 products to improve their taste, quality, look and nutritional content. Our improvements include:
New Formulas: Using the existing Mix1 product formulas, we developed new formulas in collaboration with doctors to increase the protein content of our drinks and decrease the amount of calories, carbohydrates and sugars per serving.
New Flavors: We developed new flavors including Chocolate, Blueberry Vanilla and Strawberry Banana, which we launch ed in the second half of 2014. Our 99% lactose-free formulations are thick and creamy, and we have eliminated the "chalky" after-taste that typically accompanies other high-protein beverages. We developed a Mixed Berry flavor that we intend to rollout in the third quarter of 2014. We also have four additional formulas for new flavors currently under development.
New Bottle: We changed the shape of our bottle from a square Tetra Pak to a taller, more functional twelve ounce Polyethylene terephthalate "PET" bottle to make our product more appealing to consumers and to stand out among our competitors.
New Packaging: We created a new label for our bottles with better graphics and more information about the nutri tion al content of our drinks.
New Products: We are currently developing protein powders based on our new product formulas which we intend to launch in 2015.
Image of our new and improved Mix1 products which launched in 2014
We plan to meaningfully expand Mix1's offerings beyond our Chocolate, Blueberry Vanilla and Strawberry Banana flavors. In 2016, we plan to introduce a multi-pack for sale in the grocery channel and will prepare product for sale in the wholesale club and mass channels.
Target Market and Industry
Since 2005, Mix1 has strived to create a strong lifestyle beverage brand with highly engaged and passionate customers. Our brand awareness is particularly strong in Colorado and California, areas where Mix1 previously had its highest sales volumes. Today, awareness and passion for Mix1 remains strong, even during our transition and re-launch period. We have an active social media fan base, and we receive frequent requests from prior customers awaiting the reintroduction of Mix1 beverages.
Mix1 products are designed for consumers looking for better options for on-the-go energy and natural products that provide the required nutrients for consumers' daily needs. We believe that our products will be able to reach the mainstream consumer market because of the broad range of occasions for consumers to drink our beverages, such as before a workout as an energy enhancer, after a workout to restore the body, as meal replacements for breakfast, lunch or dinner, as snacks or meal supplements, as energy boosts to get through the workday, or for no occasion at all.
Our target customer is the rapidly growing segment of men and women ages 24 to 49 focused on living a healthy lifestyle. Many of these individuals make wellness a priority and prefer natural and organic foods. Mix1's natural ingredient list, fruit-forward flavors and brand image are key differentiating factors in the protein drink category, which separates us from our primary competitors (e.g., Muscle Milk). We believe these factors will also attract new customers to the category.
With our lifestyle-focused product line specially formulated to appeal to a wide range of users, Mix1 represents the next generation of functional beverages. Most ready-to-drink protein beverages have a narrow marketing focus that targets one of two niche consumer groups. Performance-focused products (i.e., Muscle Milk, Myoplex, Pure Protein) target serious gym-goers and skew heavily male. Nutrition-focused products (i.e., Boost, Ensure, Slim Fast, Special K) target weight management and skew older and heavily female. We believe that there is a large area of opportunity not currently being adequately served and that our mix1 product line addresses this market opportunity.
Smoothie and cold-pressed juice consumption has dramatically increased as consumers seek healthier "on-the-go" meal and snack options, and we believe our shakes provide the best ready-to-drink alternative to smoothies made in a blender. More so than other protein shakes, Mix1 beverages may be consumed as a meal replacement for breakfast and lunch or a mid-day snack, making our shakes a routine purchase. This repeat and balanced consumption pattern is expected to lead to long-term and loyal customers, which is expected to enable us to ultimately become a "lifestyle" beverage brand.
Projected Mix1 Consumers and Usage
We believe that our Mix1 natural, high-protein shakes will benefit from two large and sustainable trends: strong consumer demand for natural/organic foods and beverages, and increasing consumer awareness around the health benefits of protein consumption. Mintel reported in January 2013 that protein ingredients in beverages as meal supplements or replacements posted 37% growth over the past five years. [1] Also, nearly half (46%) of all consumers of these beverages state that high-protein is a primary selection attribute. [2]
Our core target market includes consumers who want a fully functional, ready to drink beverage made from all natural ingredients that provides a complete and balanced mix of nutrients for everyday occasions. This target market is large and growing. The functional beverage market was estimated to grow to $16 billion by 2015; the sports nutrition market was $19.6 billion in 2007 and is estimated to grow 51% to $29.6 billion by 2015.
According to market research performed under the direction of Mix1 prior to the Acquisition, we found that what consumers are primarily looking for in a beverage are health benefits, a reasonable price, good taste, high quality, nutritional data, low amounts of sugar, high amounts of protein, flavors offered and natural ingredients. We believe that Mix1 products will attract new consumers to the healthy beverage industry and drive incremental beverage growth by meeting the emerging demand for great tasting, high quality, health and wellness lifestyle beverages at a reasonable cost and offering multiple unique occasions for consumers to enjoy our products.
Historically, small and innovative companies have created tremendous market opportunities in the beverage industry. For example, Gatorade was an industry leader in sports drinks, Snapple was an innovator in new age beverages, Red Bull capitalized on the energy drink market, and Vitamin Water was a market mover in the enhanced water industry. Like these companies, the Company seeks to be an industry leader in the mainstream functional beverage market. We believe that one of the greatest strengths of the Mix1 brand is that our beverages fall into several different product categories including nutritional drinks, sports drinks, meal replacements, meal supplements, low calorie drinks, energy drinks, natural beverages, and more. Unlike some of our competitors, our brand is not limited by any one product category and as a result, we believe we will be able to attract a broad range of mainstream consumers.
_______________________
[1] US consumers have a healthy appetite for high protein food. The US leads the way in global launches of high protein products. (2013, January 18). Retrieved June 24, 2014, from http://www.mintel.com/press-centre/food-and-drink/us-consumers-have-a-healthy-appetite-for-high-protein-food-the-us-leads-the-way-in-global-launches-of-high-protein-products.
[2] Id.
Distribution
Prior to the Acquisition, Mix1 products were sold, either to distributors or directly to retailers, across the United States through multiple channels from natural health food stores, traditional grocery stores, big box stores, club stores, specialty outlets and drug stores, such as Kroger, GNC, Whole Foods Market, 7 Eleven, H-E-B, FredMeyer, QFC, King Soopers, United Supermarkets, Wild Oats Markets, Inc., Target, Henry's, Albertsons, Ralphs, Costco, Central Market, Fry's, Smith's Food and Drug Stores, and many others.
The Company will continue to seek additional channels of distribution for its products to include convenience, wholesale club and mass retailers. The Company will first focus on distributing its products regionally, starting in Arizona, Colorado, California and other western states, and will then seek to expand its distribution channels across the U.S. and then internationally.
Manufacturing
We outsource the manufacturing, bottling and packaging of our products to a third party located in the U.S. on an order-by-order basis. The Company does not have any long-term contracts with this third party for their services. Further, this third party does not work exclusively for the Company and may be limited in their ability to meet our production needs. Once the products have been manufactured, bottled and packaged, they are sent directly to our distributors and retailers based on their purchase orders.
Supplies of Raw Materials
The ingredients for our products are sourced from several different suppliers located primarily in North America and Europe on an order-by-order basis. Some of the ingredients in our products are not readily available in large quantities or are available on a limited or seasonal basis only. Further, the limited availability of some of these ingredients could cause significant fluctuations in their costs. Our management researches and develops our sources of ingredients used in the manufacturing of our products. The ingredients that we source are sent to our manufacturer in the U.S. to create our products. The Company does not have any long-term contracts with our suppliers and we cannot be assured that they will be able to meet our demands.
No Fear Acquisition
On March 31, 2015, the Company completed the purchase of the "No Fear" beverage brand from Shadow Beverage and Snack, LLC, an Arizona limited liability company. The purchase included Shadow's interest in the No Fear brand in the form of an exclusive Trademark License Agreement dated December 5, 2011, the First and Second amendments to that agreement that bear no date, and the third amendment dated December 23, 2013 between Shadow and No Fear International wherein Shadow had exclusive licensing and distribution of the No Fear brand drink within the United States of America. The Company acquired one hundred percent (100%) of Shadow's interest in the No Fear brand for an aggregate purchase price of Twelve Million Twenty Three Thousand Nine Hundred and Six ($12,023,906) USD.
The Energy Drink Epidemic
It all started with a growing addiction to coffee. Americans drink a total of 400 million cups of coffee per day, more than one cup per person. Recently, the trend has been toward more straightforward energy drinks or shots.
Consider this comparison: Monster Beverage which, like Red Bull, is one of the leaders in the energy drink market -- has seen its revenue grow 20 times (2,000 percent) in the last 10 years. Starbucks has grown two-and-three-quarters times (274 percent) during the same period.
5-Hour Energy leads the energy-shot front, selling 1.5 billion energy shots since it was launched in 2004. The company behind the product, Living Essentials, had sales of $1 billion last year and pocketed $600 million in profit.
Right now, Red Bull, Monster, and 5-Hour Energy command the largest and most lucrative market share in the energy drink space, and that's not likely to change.
Since both Red Bull and 5-Hour Energy's parent, Living Essentials, are privately held, investors are left with Monster Beverage for exposure to energy drinks. Now they have Mix 1 Life, Inc.
Soda sales in the United States have declined for nine consecutive years and were down 3% in 2013. However, energy drink sales are growing rapidly and were up 5.5% in 2013.
According to research by IBISWorld, energy drink sales generate $6.8 billion in annual revenue in the United States. The same research predicts annual growth of 9.7% for the industry through 2019.
Energy-drink makers say their products are safe and haven't caused any deaths. NO Fear ounce by ounce, has roughly half the caffeine of a Starbucks coffee. In addition to caffeine, energy drinks typically include other ingredients such as taurine and ginseng that the companies market as providing additional energy kicks.
$9 billion U.S. energy-drink market in 2013, according to the data service Euromonitor. The total market $27.5 billion global energy-drinks.
Product and Brand
This philosophy is still evident With No Fear Energy Drink today as consumers are reminded that… No Fear gives you the drive to do what YOU want to do. This powerful message is delivered every time a consumer sees the name…NO FEAR.
No Fear truly is a Lifestyle brand that speaks directly to the key energy consumer demographic.
IT'S AN ATTITUDE
IT'S A LIFESTYLE
IT'S A STATE OF MIND
Target Market and Industry
Brand | | No Fear |
| | |
Demo Age | | 16-34 |
| | |
Brand Imagery | | It's an Attitude It's a Lifestyle It's a State of Mind |
| | |
Brand Benefit | | Extreme Energy that gives you the drive to do what YOUwant to do |
| | |
Consumer Focus | | Teens Early 20's-30's |
| | |
Consumer Profile | | Young Male Pushes Boundries Action Sport Participants |
No Fear Spans Multiple Energy Demos. Provides an Alternative Young User Brand. Brings Back an Established User.
The Energy Beverage Category is big - and getting bigger. The 2nd largest beverage category expected to double in the next 5 years. 1/3 of consumers over the age of 18 regularly consume energy drinks. Energy growth will continue in double digits. New users are entering and adopting the category, Usage occasions are increasing, and Innovation supports sustained growth.
Competition
The beverage industry is highly competitive. There are a large number of widely recognized brands, such as Monster, AMP, Rockstar, and Red Bull.
RESULTS OF OPERATIONS
Operating and Net Loss
Our net loss for the three month period ended November 30, 2015 was $270,079 compared to a net loss of $1,025,844 during the three month period ended November 30, 2014. Our net loss for the year ended August 31, 2015 was $17,736,766 compared to a net loss of $1,995,519 for the year ended August 31, 2014. The Company generated net sales of $264,841 for the three months ended November 30, 2015 and $242,476 for the three months ended November 30, 2014.
Total operating expenses for the three month period ended November 30, 2015, were $1,147,739 and is comprised of selling and marketing, corporate general and administrative expenses, and depreciation and amortization expenses. In comparison, total operating expenses for the three month period ended November 30, 2014 were $962,392.
The weighted average number of shares outstanding was 13,165,963 for the three month period ended November 30, 2015 as compared to 11,154,682 for the three month period ended November 30, 2014. The weighted average number of shares outstanding was 12,059,705 for the year ended August 31, 2015 as compared to 10,013,939 for the year ended August 31, 2014.
Financial Condition
As of November 30, 2015, our total assets were $22,282,340 as compared to $22,755,843 as of August 31, 2015, and our total liabilities as of November 30, 2015 were $10,343,857 as compared to $11,242,547 as of August 31, 2015.
As of November 30, 2015, the Company had a net cash of $66,617 compared to cash of $434 at August 31, 2015.
Total stockholders' equity was $11,938,483 as of November 30, 2015 as compared to $11,513,296 as of August 31, 2015.
Cash Flows from Operating Activities
We have not generated positive cash flows from operating activities. For the three month period ended November 30, 2015, net cash flows used in operating activities was $144,178. For the three month period ended November 30, 2014, net cash flows used in operating activities was $965,246.
Cash Flows from Investing Activities
For the three month period ended November 30, 2015, net cash flows used in investing activities was $7,139. For the three month period ended November 30, 2014, net cash flows used in investing activities was $nil.
Cash Flows from Financing Activities
We have financed our operations primarily from either advancements or the issuance of equity and debt instruments. For the three month period ended November 30, 2015, there was $217,500 net cashed provided by financing activities which consisted of $217,500 from note payable proceeds. For the three month period ended November 30, 2014, there was $920,125 net cash provided by financing activities, consisting of $250,000 in convertible note proceeds, $679,750 from the sale of common stock, offset by $9,625 in note payable payments.
For the year ended August 31, 2015, net cash provided by financing activities was $3,313,228, $1,617,501 in convertible note proceeds, $1,493,249 generated from the sale of common stock, and $209,904 from notes payable proceeds.
Liquidity and Capital Resources
As of November 30, 2015, the Company had net cash of $66,617 compared to cash of $434 at August 31, 2015.
We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities, and future credit facilities or corporate borrowings. Our working capital requirements are expected to increase in line with the growth of our business.
Advances, debt instruments and sale of stock are expected to be adequate to fund our operations over the next twelve months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments.
In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.
Material Commitments
As of the date of this Quarterly Report, we do not have any material commitments.
Purchase of Significant Equipment
We do not intend to purchase any significant equipment during the next twelve months.
Critical Accounting Policies
Our financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.
We regularly evaluate the accounting policies and estimates that we use to prepare our financial statements. A complete summary of these policies is included in the notes to our financial statements. In general, management's estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management.
Going Concern
We have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive activities. For these reasons, our auditors stated in their report on our audited financial statements that they have substantial doubt that we will be able to continue as a going concern without further financing.
Future Financings
We will continue to rely on equity sales of our common shares in order to continue to fund our business operations. Issuances of additional shares will result in dilution to existing stockholders. There is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund our operations.
Off-Balance Sheet Arrangements
We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.
Contractual Obligations
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.
CRITICAL ACCOUNTING POLICIES
We have adopted various accounting policies that govern the application of accounting principles generally accepted in the United States ("GAAP"). We describe our significant accounting policies in the notes to our audited financial statements filed with our Form 10-K for the fiscal year ended August 31, 2015, filed with the SEC on December 16, 2015, and incorporated by reference herein.
Some of the accounting policies involve significant judgments and assumptions by us that have a material impact on the carrying value of our assets and liabilities. We consider these accounting policies to be critical accounting policies. The judgment and assumptions we use are based on historical experience and other factors that we believe to be reasonable under the circumstances. Because of the nature of the judgments and assumptions we make, actual results could differ from these judgments and estimates and could materially affect the carrying values of our assets and liabilities and our results of operations.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable.
ITEM 4. CONTROLS AND PROCEDURES
Management's Report on Disclosure Controls and Procedures
Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)). The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of the Company's internal control over financial reporting as of November 30, 2015 using the criteria established in "Internal Control - Integrated Framework " issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").
A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of November 30, 2015, the Company determined that there were control deficiencies that constituted material weaknesses, as described below.
| · | Audit Committee - As of July 14, 2014, our Board of Directors established an Audit Committee and adopted our Audit Committee Charter. While not being legally obligated to have an audit committee, it is the management's view that such a committee, including a financial expert member, is an utmost important entity level control over the Company's financial statement. Until the establishment of the Audit Committee on July 14, 2014, our Board of Directors acted in the capacity of the Audit Committee, and did not include a member that is considered to be independent of management to provide the necessary oversight over management's activities. |
| | |
| · | We did not implement appropriate information technology controls - As at November 30, 2015, the Company retains copies of all financial data and material agreements; however there is no formal procedure or evidence of normal backup of the Company's data or off-site storage of data in the event of theft, misplacement, or loss due to unmitigated factors. |
Accordingly, the Company concluded that this control deficiency resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the company's internal controls.
As a result of the material weaknesses described above, management has concluded that the Company did not maintain effective internal control over financial reporting as of November 30, 2015 based on criteria established in Internal Control-Integrated Framework issued by COSO.
Changes in Internal Control over Financial Reporting
There has been no change in our internal control over financial reporting identified in connection with our evaluation we conducted of the effectiveness of our internal control over financial reporting as of November 30, 2015, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
This quarterly report does not include an attestation report of the Company's registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by the Company's registered public accounting firm pursuant to temporary rules of the SEC that permit the Company to provide only management's report in this quarterly report.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which our directors, officers or any affiliates, or any registered or beneficial shareholder is an adverse party or has a material interest adverse to our interest.
ITEM 1A. RISK FACTORS
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
1. Quarterly Issuances:
On October 21, 2015, the Company authorized the issuance of 10,002 restricted shares of common stock to six parties as compensation for services rendered to the Company as a member of the Board of Directors during the quarter ended August 31, 2015, at a cost basis of $1.50 per share and 19,885 shares of restricted common stock to fifteen parties as payment for interest owed by the Company, cost basis $3.00-$6.00 per share.
On November 24, 2015, the Company authorized the issuance of 200,000 restricted shares of common stock to one party for past due royalty payments equaling $500,000 owed under a Trade Mark License Agreement which was assigned to the Company pursuant to the Asset Purchase Agreement with Shadow Beverages dated March 31, 2015.
On November 30, 2015, the Company authorized the issuance of 5,000 restricted shares of common stock to one party as a loan origination fee.
2. Subsequent Issuances:
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS
Exhibit Number | | Description of Exhibit | | Filing |
3.01(a) | | Articles of Incorporation filed with the Nevada Secretary of State on June 10, 2009 | | Filed with the SEC on October 22, 2010 as part of our Registration Statement on Form S-1. |
| | | | |
3.01(b) | | Certificate of Amendment to Articles of Incorporation filed with the Nevada Secretary of State on September 13, 2012 | | Filed with the SEC on October 3, 2012 as part of our Current Report on Form 8-K. |
| | | | |
3.01(c) | | Certificate of Amendment to Articles of Incorporation filed with the Nevada Secretary of State on February 10, 2014 | | Filed with SEC on November 28, 2014 as part of our annual report on Form 10-K. |
| | | | |
3.02 | | Bylaws | | Filed with the SEC on October 22, 2010 as part of our Registration Statement on Form S-1. |
| | | | |
10.01 | | Asset Purchase Agreement by and among the Company and Shadow Beverages and Snack, LLC, dated March 31, 2015 | | Filed with SEC on April 6, 2015 as part of our Current Report on Form 8-K. |
| | | | |
14.01 | | Code of Conduct and Ethics | | Filed with SEC on November 28, 2014 as part of our annual report on Form 10-K. |
| | | | |
16.01 | | Letter to SEC from Ron R. Chadwick P.C. dated September 30, 2013 | | Filed with SEC on October 3, 2013 as part of our Current Report on Form 8-K. |
| | | | |
31.01 | | Certification of Principal Executive Officer Pursuant to Rule 13a-14 | | Filed herewith. |
| | | | |
31.02 | | Certification of Principal Financial Officer Pursuant to Rule 13a-14 | | Filed herewith. |
| | | | |
32.01 | | CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act | | Filed herewith. |
| | | | |
32.02 | | CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act | | Filed herewith. |
| | | | |
101.INS* | | XBRL Instance Document | | Filed herewith. |
| | | | |
101.SCH* | | XBRL Taxonomy Extension Schema Document | | Filed herewith. |
| | | | |
101.CAL* | | XBRL Taxonomy Extension Calculation Linkbase Document | | Filed herewith. |
| | | | |
101.LAB* | | XBRL Taxonomy Extension Labels Linkbase Document | | Filed herewith. |
| | | | |
101.PRE* | | XBRL Taxonomy Extension Presentation Linkbase Document | | Filed herewith. |
| | | | |
101.DEF* | | XBRL Taxonomy Extension Definition Linkbase Document | | Filed herewith. |
______________________
* | Pursuant to Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections. |
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| MIX 1 Life, Inc. | |
| | | |
Dated: January 19, 2016 | By: | /s/ Cameron Robb | |
| | Cameron Robb | |
| | President and Chief Executive Officer | |
| | | |
Dated: January 19, 2016 | By: | /s/ Christopher Larson | |
| | Christopher Larson | |
| | Chief Financial Officer | |
16
EXHIBIT 31.01
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13a-14
I, Cameron Robb, certify that:
1. | I have reviewed this Quarterly Report on Form 10-Q of MIX 1 Life, 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 statements 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. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my 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. | The registrant's other certifying officer(s) and 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 control 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. |
| | | |
Date: January 19, 2016 | /s/ Cameron Robb | |
| By: | Cameron Robb | |
| Its: | Chief Executive Officer | |
EXHIBIT 31.02
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13a-14
I, Christopher Larson, certify that:
1. | I have reviewed this Quarterly Report on Form 10-Q of MIX 1 Life, 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 statements 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; |
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4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my 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. | The registrant's other certifying officer(s) and 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 control 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. |
Date: January 19, 2016 | /s/ Christopher Larson | |
| By: | Christopher Larson | |
| Its: | Chief Financial Officer | |
EXHIBIT 32.01
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 MIX 1 Life, Inc. (the "Company") on Form 10-Q for the period ending November 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Cameron Robb, Chief Executive Officer, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:
| (1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| | |
| (2) | The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
Dated: January 19, 2016 | By: | /s/ Cameron Robb | |
| | Cameron Robb | |
| | Chief Executive Officer | |
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
EXHIBIT 32.02
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 MIX 1 Life, Inc. (the "Company") on Form 10-Q for the period ending November 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Christopher Larson, Chief Financial Officer, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:
| (1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| | |
| (2) | The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
Dated: January 19, 2016 | By: | /s/ Christopher Larson | |
| | Christopher Larson | |
| | Chief Financial Officer | |
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
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v3.3.1.900
BALANCE SHEETS - USD ($)
|
Nov. 30, 2015 |
Aug. 31, 2015 |
Current Assets: |
|
|
Cash and cash equivalents |
$ 66,617
|
$ 434
|
Accounts receivable |
199,370
|
279,702
|
Inventory, lower of cost or market, principally first-in, first-out - Finished product |
257,014
|
380,752
|
Inventory, lower of cost or market, principally first-in, first-out - Raw materials |
91,619
|
91,835
|
Other current assets |
114,606
|
37,883
|
Total Current Assets |
729,226
|
790,606
|
Fixtures and Equipment, net of accumulated depreciation of $15,155 at November 30, 2015 and $9,826 at August 31, 2015 |
141,203
|
139,394
|
Ingredient Specifications, Branding, and Other Intangible Assets, net of accumulated amortization and impairment of $10,499,583 at November 30, 2015, and $10,093,574 at August 31, 2015 |
21,403,515
|
21,809,524
|
Other Assets |
8,396
|
16,319
|
TOTAL ASSETS |
$ 22,282,340
|
22,755,843
|
Current Liabilities: |
|
|
Cash overdraft |
|
2,035
|
Accounts payable and accrued liabilities |
$ 981,914
|
1,672,858
|
Accounts payable - related parties |
1,480,532
|
858,496
|
Notes payable - premium finance |
8,507
|
8,507
|
Notes Payable - other |
674,903
|
$ 442,404
|
12% Senior Secured Convertible debenture - Current |
750,000
|
|
Total Current Liabilities |
3,895,856
|
$ 2,984,300
|
12% Senior Secured Convertible Debenture - net of current maturity of $750,000 |
1,135,001
|
1,885,001
|
7.5% Senior Secured Convertible Debentures |
2,310,000
|
2,310,000
|
Derivative Liability |
3,003,000
|
4,063,246
|
Total Liabilities |
10,343,857
|
11,242,547
|
Shareholders' Equity: |
|
|
Common Stock, $0.001 par value, 100,000,000 shares authorized 13,427,070 and 13,163,070 shares issued and outstanding at November 30, 2015 and August 31, 2015 respectively |
13,427
|
13,163
|
Additional paid-in-capital |
31,988,191
|
31,293,189
|
Accumulated (deficit) |
(20,063,135)
|
(19,793,056)
|
Total Shareholders' Equity |
11,938,483
|
11,513,296
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ 22,282,340
|
$ 22,755,843
|
X |
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BALANCE SHEETS (Parenthetical) - USD ($)
|
Nov. 30, 2015 |
Aug. 31, 2015 |
Current Assets: |
|
|
Fixtures and Equipment, net of accumulated depreciation |
$ 15,155
|
$ 9,826
|
Ingredient Specifications, Branding, and Other Intangible Assets, net of accumulated amortization and impairment |
$ 10,499,583
|
$ 10,093,574
|
Stockholders' Equity |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
13,427,070
|
13,163,070
|
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13,427,070
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13,163,070
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STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
|
3 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Statements Of Operations |
|
|
Gross Sales |
$ 398,941
|
$ 242,476
|
Customer incentives, discounts, returns, and allowances |
(134,100)
|
|
Net sales |
264,841
|
$ 242,476
|
Costs of goods sold |
231,308
|
212,040
|
Gross Margin |
33,533
|
30,436
|
Operating Expenses |
|
|
Selling and marketing |
24,884
|
44,316
|
Corporate general and administrative |
711,517
|
488,226
|
Depreciation and amortization expense |
411,338
|
429,850
|
Total operating expenses |
1,147,739
|
962,392
|
Loss from Operations |
(1,114,206)
|
(931,956)
|
Other Income (Expenses) |
|
|
Interest expense |
(216,119)
|
$ (93,888)
|
Derivative expense |
1,060,246
|
|
Loss before Income Taxes |
$ (270,079)
|
$ (1,025,844)
|
Provision for Income Taxes |
|
|
Net (Loss) |
$ (270,079)
|
$ (1,025,844)
|
Basic and fully diluted: |
|
|
Weighted average number of shares outstanding |
13,165,963
|
11,154,682
|
(Loss) per share |
$ (0.02)
|
$ (0.09)
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v3.3.1.900
STATEMENTS OF CASH FLOW (Unaudited) - USD ($)
|
3 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Cash flows from operating activities: |
|
|
Net (loss) |
$ (270,079)
|
$ (1,025,844)
|
Adjustments to reconcile net (loss) to net cash used in operating activities: |
|
|
Common stock issued for services |
|
29,655
|
Common stock issued for services - related parties |
|
78,601
|
Common stock issued for officers' and directors' fees |
$ 12,503
|
17,504
|
Common stock issued for interest |
77,763
|
$ 2,502
|
Common stock issued for royalty payment |
$ 500,000
|
|
Warrant issued, recorded as interest expense |
|
$ 74,920
|
Derivative expense |
$ (1,060,246)
|
|
Depreciation and Amortization |
411,338
|
$ 429,850
|
Amortization of debt discount |
120,000
|
|
Changes in Current Assets and Liabilities |
|
|
Cash overdraft |
(2,035)
|
|
Inventory |
123,954
|
$ 119,505
|
Accounts receivable |
80,332
|
(241,164)
|
Other current assets |
(68,800)
|
(23,732)
|
Accounts payable and accrued liabilities |
(690,944)
|
(106,563)
|
Accounts payable - related parties |
$ 622,036
|
(85,580)
|
Notes receivable |
|
(234,900)
|
Net cash (used) in by operating activities |
$ (144,178)
|
$ (965,246)
|
Cash flows from investing activities: |
|
|
Purchase of Fixtures and Equipment |
(7,139)
|
|
Net cash provided by (used in) investing activities |
$ (7,139)
|
|
Cash flows from financing activities |
|
|
Convertible note proceeds |
|
$ 250,000
|
Notes payable proceeds, net of debt discount |
$ 217,500
|
|
Sale of common stock |
|
$ 679,750
|
Note payable payment |
|
(9,625)
|
Net cash provided by financing activities |
$ 217,500
|
920,125
|
Net increase in cash and cash equivalents |
66,183
|
(45,121)
|
Cash and cash equivalents, beginning of year |
434
|
91,794
|
Cash and cash equivalents, end of year |
66,617
|
46,673
|
Cash paid during the year for: |
|
|
Interest |
$ 11,257
|
$ 16,466
|
Income Taxes |
|
|
Non-cash investing and financing activities: |
|
|
Common stock issued for debt discount |
$ 105,000
|
|
Debt Discount |
$ (105,000)
|
|
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v3.3.1.900
Description of Business and Summary of Significant Accounting Policies
|
3 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 1 - Description of Business and Summary of Significant Accounting Policies |
Mix
1 Life, Inc. (the Company or Mix 1) was incorporated under the laws of the State of Nevada, U.S. on
June 10, 2009.
Mix
1 products are designed for consumers looking for better options for on-the-go energy and natural products that provide the required
nutrients for consumers' daily needs. We believe that our products will be able to reach the mainstream consumer market because
of the broad range of occasions for consumers to drink our beverages, such as an energy enhancer, after a workout to restore the
body, as meal replacements for breakfast, lunch or dinner, as snacks or meal supplements, as energy boosts to get through the
workday, or for no occasion at all. Mix 1's products exist in high growth categories and leverage the consumer demand for health,
nutrition and functional ingredients.
The
accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles
generally accepted in the United States of America and the rules of the Securities and Exchange Commission (SEC)
and should be read in conjunction with the audited financial statements and notes thereto contained in the Companys annual
report filed with the SEC on its 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments,
necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been
reflected herein. The results of operations for our interim period are not necessarily indicative of the results to be expected
for the full year. Notes to the financial statements that would substantially duplicate the disclosure contained in the audited
financial statements for the year ended August 31, 2015, as reported in the Form 10-K, have been omitted.
These
financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets
and discharge its liabilities in the normal course of business for the foreseeable future. The Company has limited cash and, as
yet, has not generated sufficient revenues to finance operations, raising substantial doubt about the Companys ability
to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable
operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from
normal business operations when they come due. Management intends to finance operating costs over the next twelve months with
existing cash on hand, sales, loans from investors and/or issuance of common shares.
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Notes Payable
|
3 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 2 - Notes Payable |
During the quarter the Company entered into
three separate note payable agreements for $75,000 each, net of debt discount of $7,500. Each note contains annual interest rate
of 12%. Two of the notes are due in 2 months and the third is due in 12 months.
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Subsequent Events
|
3 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 3 - Subsequent Events |
We have evaluated events and transactions
after the balance sheet date to the date these financial statements were released for filing. Except as stated above, we did not
have any material subsequent events that would require disclosure in these financial statements.
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