ICTV Brands Reports 2Q17 Financial Results
Conference Call Begins Tomorrow at 10:00am EDT
WAYNE, PA-(Marketwired - Aug 14, 2017) - ICTV Brands, Inc.
(OTCQX: ICTV), (CSE: ITV), a digitally focused direct response
marketing and international branding company focused on the health,
wellness and beauty sector, today reported financial results for
the three months ended June 30, 2017.
Second Quarter 2017 Highlights:
Delivered revenue of approximately $7.95M, up 75% compared to
the prior year quarter.
Achieved positive Adjusted EBITDA of $392,913, up 219% compared
to prior year quarter.
Total assets increased to approximately $19.9 million from
approximately $4.5 million at December 31, 2016, which includes
approximately $8.8 million in inventory and approximately $2.2
million in cash and equivalents.
Eliminated future royalty payments due to Photomedex.
Management Commentary: Richard Ransom, President, stated, "I am
once again pleased with our performance and execution during the
second quarter. This was our first full period of operations since
the acquisition of the no!no! brand and other assets from
Photomedex. We have integrated the assets onto our existing
platform and remain focused as we look to leverage our two flagship
brands for expanded distribution. Our 89% increase in revenue
during the first half of 2017 vs. 2016 is a reflection of our
talented team that I am extremely proud of today. I would like to
reiterate our expectations for 2017 revenue to more than double
from the $16.8 million we reported in 2016."
"During the second quarter, we continued to grow our retail
presence with either new or expanded rollouts at Kohl's, Bed Bath
& Beyond, as well as Shopper's Drug Mart and Jean Coutu in
Canada, amongst others. Our executive team recently initiated a
goal to be in over 30,000 retail doors worldwide by the end of
2018. Additionally, our live television distribution channel
remains strong both in the U.S. and overseas. We continue to see
compelling opportunities for both Dermawand and our no!no!
brands."
"We are excited about the second half of 2017 and look forward
to sharing more details in the near term as our products and
distribution platform continues to expand worldwide."
Reported Financial Results: Second Quarter 2017 Compared to
Second Quarter 2016: Revenues for the three months ended June 30,
2017 were approximately $7.95 million, compared to approximately
$4.5 million for the three months ended June 30, 2016. For the
three months ended June 30, 2017, we generated approximately $6.2
million in gross profit, compared to approximately $3.2 million
during the three months ended June 30, 2016 as a result of the
addition of the no!no!™, Kyrobak™ and Cleartouch ™ products
acquired in January 2017. Gross profit margin was 78% in the second
quarter 2017 compared to 70% in the prior year quarter. The
increase in gross margin percentage can be attributed to a higher
percentage of sales generated directly, as opposed to selling
through third parties, both domestically and internationally. Total
operating expenses increased to approximately $6.5 million from
approximately $3.8 million during the second quarter of 2016. The
largest factor is an increase in media expenditures. Media
expenditures were approximately $1.8 million and $1.7 million for
the three months ended June 30, 2017 and 2016, respectively. In
addition, internet marketing expense which increased to
approximately $1.2 million for the three months ended June 30, 2017
from approximately $252,000 during the three months ended June 30,
2016, as well as payroll expenses increased to $704,000 during the
three months ended June 30, 2017 from $386,000 during the three
ended June 30, 2016, as a result of additional employees from the
PhotoMedex acquisition.
Net loss for the second quarter was approximately $375,000,
compared to a net loss of approximately $601,000 in the prior year
quarter. The resulting EPS is ($0.01), as compared to ($0.02) in
the comparable quarter a year earlier. Adjusted earnings before
interest, taxes, depreciation, and amortization (Adjusted EBITDA)
was approximately $70,000 as compared to approximately
($440,000).
Six Months Ended June 30, 2017 Compared to Six Months Ended June
30, 2016 Revenues for the six months ended June 30, 2017 were $15.6
million, increasing from $8.3 million in the prior year period as a
result of the addition of the no!no!™, Kyrobak™ and Cleartouch ™
products acquired in January 2017. For the six months ended June
30, 2017, we generated $11.7 million in gross margin, compared to
approximately $5.7 million during the six months ended June 30,
2016 as a result of the addition of the no!no!™, Kyrobak™ and
Cleartouch ™ products acquired in January 2017. Gross margin
percentage was approximately 75% and 69% for the six months ended
June 30, 2017 and 2016. Total operating expenses increased to
approximately $12.4 million from approximately $6.4 million during
the second quarter of 2016. This increase in operating expenses
relates primarily to the PhotoMedex acquisition. The biggest
increase was media expenditures which was approximately $3.5
million for the six months ended June 30, 2017 compared to $2.6
million for the six months ended June 30, 2016. In addition to
media expenditures, there was an increase in internet marketing
expense of $1.5 million to $2.1 million for the six months ended
June 30, 2017 from $0.6 million during the six months ended June
30, 2016. In addition, payroll expenses increased to $1.4 million
during the six months ended June 30, 2017 from $0.8 million during
the six months ended June 30, 2016, as a result of additional
employees from the PhotoMedex acquisition. Net loss was ($743,000),
compared to ($690,000). EPS was ($0.02), as compared to $(0.02),
and Adjusted EBITDA was approximately $392,000 as compared to
approximately ($329,000).
Balance Sheet as of June 30, 2017 As of June 30, 2017, the
Company had approximately $2.25 million in cash and cash
equivalents and approximately $6.8 million in working capital
compared to approximately $1.4 million and approximately $1.3
million as of December 31, 2016, respectively. The Company believes
that our current cash will be sufficient to meet the anticipated
cash needs for working capital for at least the next twelve
months.
Conference Call ICTV will hold a conference call to discuss the
Company's second quarter 2017 results and answer questions on
August 15, 2017, beginning at 10:00am EDT. The call will be open to
the public and will have a corporate update presented by ICTV's
Chairman and Chief Executive Officer, Kelvin Claney, President,
Richard Ransom and Chief Financial Officer, Ernest P. Kollias, Jr.,
followed by a question and answer period. The live conference call
can be accessed by dialing (866) 831-8713 or (203) 518-9713.
Participants are recommended to dial-in approximately 10 minutes
prior to the start of the event. A replay of the call will be
available approximately two hours after completion through August
30, 2017. To listen to the replay, dial (800) 925-9354 (domestic)
or (402) 220-5384 (international). The conference call transcript
will be posted to the Company's corporate website
(http://www.ictvbrands.com) for those who are unable to attend the
live call.
ICTV Brands, Inc. ICTV Brands, Inc. sells primarily health,
beauty and wellness products as well as various consumer products
through a multi-channel distribution strategy. ICTV utilizes a
distinctive marketing strategy and multi-channel distribution model
to develop, market and sell products through, including direct
response television, or DRTV, digital marketing campaigns, live
home shopping, traditional retail and e-commerce market places, and
our international third party distributor network. Its products are
sold in the North America and are available in over 65 countries.
Its products include DermaWand, a skin care device that reduces the
appearance of fine lines and wrinkles, and helps improve skin tone
and texture, DermaVital, a professional quality skin care line that
effects superior hydration, the CoralActives brand of acne
treatment and skin cleansing products, and Derma Brilliance, a
sonic exfoliation skin care system which helps reduce visible signs
of aging, Jidue, a facial massager device which helps alleviate
stress, and Good Planet Super Solution, a multi-use cleaning agent.
On January 23, 2017, we acquired several new brands, through the
PhotoMedex and Ermis Labs acquisitions and have begun (or, will
shortly begin) marketing and selling the following new products;
no!no! ® Hair, a home use hair removal device; no!no!® Skin, a home
use device that uses light and heat to calm inflammation and kill
bacteria in pores to treat acne; no!no! ® Face Trainer, a home use
mask that supports a series of facial exercises; no!no!® Glow, a
home use device that uses light and heat energy to treat skin; Made
Ya Look, a heated eyelash curler; no!no! ® Smooth Skin Care, an
array of skin care products developed to work with the devices to
improve the treated skin; Kyrobak, a home use device for the
treatment of non-specific lower back pain; ClearTouch ®, a home use
device for the safe and efficient treatment of nail fungus; and
Ermis Labs acne treatment cleansing bars. ICTV Brands, Inc. was
founded in 1998 and is headquartered in Wayne, Pennsylvania. For
more information on our current initiatives, please visit
www.ictvbrands.com.
Non-GAAP Financial Information Adjusted EBITDA is defined as
income from continuing operations before depreciation,
amortization, interest expense, interest income, and stock-based
compensation. Adjusted EBITDA is not intended to replace operating
income, net income, cash flow or other measures of financial
performance reported in accordance with generally accepted
accounting principles. Rather, Adjusted EBITDA is an important
measure used by management to assess the operating performance of
the Company. Adjusted EBITDA as defined here may not be comparable
to similarly titled measures reported by other companies due to
differences in accounting policies.
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
For the three months ended
|
|
|
For the six months end
|
|
|
|
June 30, 2017
|
|
|
June 30, 2016
|
|
|
June 30, 2017
|
|
|
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss, as reported
|
|
$
|
(375,125
|
)
|
|
$
|
(601,172
|
)
|
|
$
|
(742,743
|
)
|
|
$
|
(689,851
|
)
|
Share based compensation expense
|
|
|
77,099
|
|
|
|
82,631
|
|
|
|
159,058
|
|
|
|
204,086
|
|
Depreciation and amortization
|
|
|
296,380
|
|
|
|
74,610
|
|
|
|
519,828
|
|
|
|
149,219
|
|
Interest Expense
|
|
|
1,723
|
|
|
|
3,455
|
|
|
|
50,770
|
|
|
|
7,237
|
|
Issuance of stock for compensation
|
|
|
-
|
|
|
|
-
|
|
|
|
336,000
|
|
|
|
-
|
|
Taxes
|
|
|
70,000
|
|
|
|
-
|
|
|
|
70,000
|
|
|
|
-
|
|
Adjusted EBITDA
|
|
$
|
70,077
|
|
|
$
|
(440,476
|
)
|
|
$
|
392,913
|
|
|
$
|
(329,309
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Forward-Looking Statements
Forward-Looking Statements. This press release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act")
(which Sections were adopted as part of the Private Securities
Litigation Reform Act of 1995). Statements preceded by, followed by
or that otherwise include the words "believe," "anticipate,"
"estimate," "expect," "intend," "plan," "project," "prospects,"
"outlook," and similar words or expressions, or future or
conditional verbs such as "will," "should," "would," "may," and
"could" are generally forward-looking in nature and not historical
facts. These forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the
Company's actual results, performance or achievements to be
materially different from any anticipated results, performance or
achievements. The Company disclaims any intention to, and
undertakes no obligation to, revise any forward-looking statements,
whether as a result of new information, a future event, or
otherwise. For additional risks and uncertainties that could impact
the Company's forward-looking statements, please see the Company's
Annual Report on Form 10-K for the year ended December 31, 2016,
including but not limited to the discussion under "Risk Factors"
therein, which the Company has filed with the SEC and which may be
viewed at http://www.sec.gov.
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- Financial Statement Schedules follow -
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ICTV BRANDS INC. AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
AS OF
|
|
|
|
|
June 30, 2017
|
|
December 31, 2016
|
|
ASSETS
|
(Unaudited)
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
2,254,785
|
|
$
|
1,390,641
|
|
|
Accounts receivable, net of $397,389 and $123,109,
respectively
|
|
3,059,766
|
|
|
506,337
|
|
|
Other receivable, net
|
|
267,460
|
|
|
-
|
|
|
Inventories, net
|
|
8,843,661
|
|
|
1,499,270
|
|
|
Prepaid expenses and other current assets
|
|
553,522
|
|
|
254,303
|
|
|
|
Total current assets
|
|
14,979,194
|
|
|
3,650,551
|
|
|
|
|
|
|
|
|
Property and equipment
|
|
1,078,337
|
|
|
74,098
|
|
Less accumulated depreciation
|
|
(132,415
|
)
|
|
(58,099
|
)
|
|
|
Property and equipment, net
|
|
945,922
|
|
|
15,999
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangibles assets, net
|
|
3,984,370
|
|
|
872,864
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
|
19,909,486
|
|
$
|
4,539,414
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
$
|
4,694,135
|
|
$
|
1,644,899
|
|
|
Deferred revenue - short-term
|
|
401,736
|
|
|
377,445
|
|
|
Contingent consideration - short term
|
|
2,594,984
|
|
|
-
|
|
|
Deferred consideration - short term
|
|
160,417
|
|
|
-
|
|
|
Other liabilities- current
|
|
295,650
|
|
|
288,525
|
|
|
Total current liabilities
|
|
8,146,922
|
|
|
2,310,869
|
|
|
|
|
|
|
|
|
Deferred revenue - long-term
|
|
233,298
|
|
|
274,374
|
|
Contingent consideration - long term
|
|
984,776
|
|
|
-
|
|
Deferred consideration - long term
|
|
1,003,701
|
|
|
-
|
|
Other liabilities - long-term
|
|
514,826
|
|
|
665,713
|
|
Total long-term liabilities
|
|
2,736,601
|
|
|
940,087
|
|
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
|
Preferred stock 20,000,000 shares authorized, no shares issued
and outstanding
|
|
-
|
|
|
-
|
|
Common stock, $0.001 par value, 100,000,000 shares authorized,
52,303,725 and 28,343,007 shares issued and outstanding as of June
30, 2017 and December 31,2016, respectively
|
|
42,093
|
|
|
18,132
|
|
Additional paid-in-capital
|
|
19,906,390
|
|
|
11,546,804
|
|
Accumulated other comprehensive loss
|
|
96,701
|
|
|
-
|
|
Accumulated deficit
|
|
(11,019,221
|
)
|
|
(10,276,487
|
)
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
9,025,963
|
|
|
1,288,458
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
$
|
19,906,390
|
|
$
|
4,539,414
|
|
|
|
|
|
|
|
|
See accompanying notes to the condensed consolidated financial
statements as filed on www.sec.gov.
|
|
|
|
|
|
ICTV BRANDS INC. AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS and
COMPREHENSIVE LOSS
|
|
(Unaudited)
|
|
|
|
|
|
For the three months ended
|
|
|
For the six months ended
|
|
|
|
June 30, 2017
|
|
|
June 30, 2016
|
|
|
June 30, 2017
|
|
|
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET SALES
|
|
$
|
7,950,076
|
|
|
$
|
4,544,092
|
|
|
$
|
15,597,195
|
|
|
$
|
8,267,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF SALES
|
|
|
1,726,046
|
|
|
|
1,343,069
|
|
|
|
3,879,626
|
|
|
|
2,539,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
|
6,224,030
|
|
|
|
3,201,023
|
|
|
|
11,717,569
|
|
|
|
5,727,971
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
2,673,271
|
|
|
|
1,081,419
|
|
|
|
5,155,541
|
|
|
|
2,040,737
|
|
Selling and marketing
|
|
|
3,854,031
|
|
|
|
2,717,321
|
|
|
|
7,243,975
|
|
|
|
4,369,848
|
|
Total operating expenses
|
|
|
6,527,302
|
|
|
|
3,798,740
|
|
|
|
12,399,516
|
|
|
|
6,410,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING LOSS
|
|
|
(303,272
|
)
|
|
|
(597,717
|
)
|
|
|
(681,947
|
)
|
|
|
(682,614
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE, NET
|
|
|
(1,723
|
)
|
|
|
(3,455
|
)
|
|
|
(50,770
|
)
|
|
|
(7,237
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MISCELLANEOUS INCOME (LOSS)
|
|
|
(130
|
)
|
|
|
-
|
|
|
|
59,974
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE PROVISION FOR INCOME TAX
|
|
|
(305,125
|
)
|
|
|
(601,172
|
)
|
|
|
(672,743
|
)
|
|
|
(689,851
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR INCOME TAXES
|
|
|
70,000
|
|
|
|
-
|
|
|
|
70,000
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
$
|
(375,125
|
)
|
|
$
|
(601,172
|
)
|
|
$
|
(742,743
|
)
|
|
$
|
(689,851
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment
|
|
|
102,118
|
|
|
|
-
|
|
|
|
96,701
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE LOSS
|
|
$
|
(273,007
|
)
|
|
$
|
-
|
|
|
$
|
(646,042
|
)
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
$
|
(0.01
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.02
|
)
|
|
DILUTED
|
|
$
|
(0.01
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED
|
|
|
52,075,703
|
|
|
|
28,202,739
|
|
|
|
48,093,572
|
|
|
|
28,175,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the condensed consolidated financial
statements as filed on www.sec.gov.
|
|
|
|
|
|
ICTV BRANDS INC. AND SUBSIDIARIES
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
FOR THE SIX MONTHS ENDED JUNE 30, 2017 AND 2016
|
|
(Unaudited)
|
|
|
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(742,743
|
)
|
|
$
|
(689,851
|
)
|
|
|
Adjustments to reconcile net loss to net increase in cash
provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
78,263
|
|
|
|
3,744
|
|
|
|
|
Amortization of intangible assets
|
|
|
441,565
|
|
|
|
145,475
|
|
|
|
|
Bad debt expense
|
|
|
653,491
|
|
|
|
442,193
|
|
|
|
|
Share based compensation
|
|
|
159,058
|
|
|
|
204,086
|
|
|
|
|
Issuance of stock for compensation
|
|
|
336,000
|
|
|
|
-
|
|
|
|
|
Change in fair value of contingent consideration
|
|
|
(48,035
|
)
|
|
|
-
|
|
|
|
|
Loss on disposal of property and equipment
|
|
|
3,228
|
|
|
|
-
|
|
|
|
|
Noncash interest
|
|
|
53,117
|
|
|
|
8,198
|
|
|
|
|
Change in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(3,206,920
|
)
|
|
|
(516,374
|
)
|
|
|
|
Other receivable
|
|
|
(837,708
|
)
|
|
|
-
|
|
|
|
|
Inventories
|
|
|
(507,213
|
)
|
|
|
656,805
|
|
|
|
|
Prepaid expenses and other current assets
|
|
|
(299,219
|
)
|
|
|
138,626
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
3,049,236
|
|
|
|
(90,184
|
)
|
|
|
|
Severance payable
|
|
|
-
|
|
|
|
(45,995
|
)
|
|
|
|
Deferred revenue
|
|
|
(16,785
|
)
|
|
|
49,910
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
|
(884,665
|
)
|
|
|
306,633
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment
|
|
|
(127,128
|
)
|
|
|
-
|
|
|
|
Cash paid for acquisition of PhotoMedex, Inc.
|
|
|
(5,000,000
|
)
|
|
|
-
|
|
|
|
Net cash used in investing activities
|
|
|
(5,127,128
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock, net of costs
|
|
|
6,982,930
|
|
|
|
-
|
|
|
|
Proceeds from exercise of options
|
|
|
55,559
|
|
|
|
-
|
|
|
|
Payments of deferred consideration for acquisition
|
|
|
(14,583
|
)
|
|
|
-
|
|
|
|
Payments of DermaWand asset purchase agreement
|
|
|
(150,000
|
)
|
|
|
(150,000
|
)
|
|
|
Net cash provided by (used in) financing activities
|
|
|
6,873,906
|
|
|
|
(150,000
|
)
|
|
|
|
|
|
|
|
|
|
Effect of exchange rates on cash and cash equivalents
|
|
|
2,031
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
|
|
864,144
|
|
|
|
156,633
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, beginning of the period
|
|
|
1,390,641
|
|
|
|
1,334,302
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, end of the period
|
|
$
|
2,254,785
|
|
|
$
|
1,490,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:
|
|
|
|
|
|
|
|
|
|
Cashless exercise of options
|
|
$
|
23
|
|
|
$
|
-
|
|
|
|
Payments of DermaWand asset purchase agreement
|
|
$
|
-
|
|
|
$
|
1,200,000
|
|
|
|
Contingent consideration reclassed to other receivable
|
|
$
|
570,248
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
Acquisition of PhotoMedex on January 23, 2017
|
|
|
|
|
|
|
|
|
|
Fair value of assets acquired
|
|
$
|
9,198,043
|
|
|
$
|
-
|
|
|
|
Fair value of deferred consideration
|
|
|
(4,198,043
|
)
|
|
|
-
|
|
|
|
Cash paid for acquisition
|
|
$
|
5,000,000
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
Asset Acquisition of Ermis Labs on January 23, 2017
|
|
|
|
|
|
|
|
|
|
Cost of assets acquired
|
|
$
|
1,981,822
|
|
|
$
|
-
|
|
|
|
Present value of deferred consideration
|
|
|
(1,131,822
|
)
|
|
|
-
|
|
|
|
Issuance of common stock for asset purchase
|
|
|
(850,000
|
)
|
|
|
-
|
|
|
|
Cash paid for acquisition
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the condensed consolidated financial
statements as filed on www.sec.gov.
Contact Information: Rich Ransom ransom@ictvbrands.com
484-598-2313 Ernest P. Kollias, Jr. kollias@ictvbrands.com
484-598-2300