Conference Call Begins November 21, 2017 at
10:00am EDT
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 September 30, 2017.
Third Quarter 2017 Highlights:
- Delivered revenue of approximately $7.56 million, up 80%
compared to the prior year quarter.
- Achieved positive Adjusted EBITDA of $256,000, up 299% compared
to prior year quarter.
- Total assets increased to approximately $17.2 million from
approximately $4.5 million at December 31, 2016, which includes
approximately $7.5 million in inventory and approximately $960,000
in cash and equivalents.
Management Commentary:Richard Ransom,
President, stated, “During the third quarter ICTV’s two flagship
brands were placed in several new brick and mortar retail stores,
including Shopper’s Drug Mart and expansion to over 300 additional
Bed Bath & Beyond locations. This positions ICTV to maximize
our sales during the prime retail season between Thanksgiving and
New Year’s Day. In addition to retail initiatives in North
America, our team has been focused on expanding the international
distribution platform in both South America and Asia.
We believe that the work our team has done over the last several
months positions ICTV well for substantial growth in 2018 and the
year to come.”
Reported Financial
Results:Third Quarter 2017 Compared to Third
Quarter 2016: Revenues for the three months ended
September 30, 2017 were approximately $7.56 million, compared to
approximately $4.2 million for the three months ended September 30,
2016. For the three months ended September 30, 2017, we
generated approximately $4.5 million in gross profit, compared to
approximately $3.0 million during the three months ended September
30, 2016 as a result of the addition of the no!no!TM, KyrobakTM and
Cleartouch TM products acquired in January 2017. Gross profit
margin was 60% in the third quarter 2017 compared to 72% in the
prior year quarter. Total operating expenses increased to
approximately $6.6 million from approximately $3.3 million during
the third quarter of 2016, primarily related to the acquisition of
the no!no! brand and other assets from PhotoMedex. The largest
factor is an increase in internet marketing expenditures.
Internet marketing expenses increased to approximately $1.2 million
for the three months ended September 30, 2017 from approximately
$299,000 during the three months ended September 30, 2016.
Media expenditures were approximately $1.3 million and $1.4 million
for the three months ended September 30, 2017 and 2016,
respectively. In addition, payroll expenses increased to
$565,000 during the three months ended September 30, 2017 from
$367,000 during the three months ended September 30, 2016, as a
result of additional employees from the PhotoMedex acquisition.
Net loss for the third quarter was approximately
$387,000, compared to a net loss of approximately $262,000 in the
prior year quarter. The resulting EPS is ($0.01), as compared to
($0.01) in the comparable quarter a year earlier. Adjusted
earnings before interest, taxes, depreciation, and amortization
(Adjusted EBITDA) was approximately $256,000 as compared to
approximately ($128,000).
Nine Months Ended September 30, 2017
Compared to Nine Months Ended September 30, 2016Revenues
for the nine months ended September 30, 2017 were $23.2 million,
increasing from $12.5 million in the prior year period as a result
of the addition of the no!no!TM, KyrobakTM and Cleartouch TM
products acquired in January 2017. For the nine months ended
September 30, 2017, we generated $15.2 million in gross margin,
compared to approximately $8.8 million during the nine months ended
September 30, 2016 as a result of the addition of the no!no!TM,
KyrobakTM and Cleartouch TM products acquired in January 2017.
Gross margin percentage was approximately 65% and 70% for the nine
months ended September 30, 2017 and 2016. Total operating expenses
increased to approximately $19.0 million from approximately $9.7
million during the third quarter of 2016. This increase in
operating expenses relates primarily to the PhotoMedex acquisition.
The biggest increase was internet marketing expenditures. Internet
marketing expenses increased to approximately $3.3 million for the
nine months ended September 30, 2017 from approximately $899,000
during the nine months ended September 30, 2016. Media
expenditures was approximately $4.2 million for the nine months
ended September 30, 2017 compared to $4.0 million for the nine
months ended September 30, 2016. In addition, payroll
expenses increased to $2.0 million during the nine months ended
September 30, 2017 from $1.1 million during the nine months ended
September 30, 2016, as a result of additional employees from the
PhotoMedex acquisition. Net loss was ($2.2 million), compared
to ($951,000). EPS was ($0.04), as compared to ($0.03), and
Adjusted EBITDA was approximately ($415,000) as compared to
approximately ($458,000).
Balance Sheet as of September 30,
2017As of September 30, 2017, the Company had
approximately $.96 million in cash and cash equivalents and
approximately $6.1 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 CallICTV will hold a
conference call to discuss the Company’s third quarter 2017 results
and answer questions on November 21, 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 December 5, 2017. To listen to
the replay, dial (800) 934-7776 (domestic) or (402) 220-6983
(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
InformationAdjusted 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 nine months end |
|
|
|
September 30, 2017 |
|
September 30, 2016 |
|
September 30, 2017 |
|
September 30, 2016 |
|
|
|
|
|
|
|
|
|
|
| Net
loss, as reported |
$ |
(386,858 |
) |
$ |
(261,597 |
) |
$ |
(2,195,156 |
) |
$ |
(951,448 |
) |
| Share
based compensation expense |
|
64,287 |
|
|
55,242 |
|
|
223,345 |
|
|
259,328 |
|
|
Depreciation and amortization |
|
300,964 |
|
|
74,631 |
|
|
820,792 |
|
|
223,850 |
|
| Interest
Expense |
|
164,915 |
|
|
3,274 |
|
|
218,032 |
|
|
10,511 |
|
| Issuance
of stock for compensation |
|
- |
|
|
- |
|
|
336,000 |
|
|
- |
|
|
Taxes |
|
112,277 |
|
|
- |
|
|
182,277 |
|
|
- |
|
|
Adjusted EBITDA |
$ |
255,586 |
|
$ |
(128,450 |
) |
$ |
(414,710 |
) |
$ |
(457,759 |
) |
|
|
|
|
|
|
|
|
|
|
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.
-- Financial Statement Schedules follow --
| |
| ICTV BRANDS INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| AS OF |
| |
|
|
|
September 30, 2017 |
|
December 31, 2016 |
|
ASSETS |
|
|
(Unaudited) |
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
| Cash and
cash equivalents |
|
$ |
961,024 |
|
|
$ |
1,390,641 |
|
| Accounts
receivable, net of $428,533 and $123,109, respectively |
|
|
3,753,803 |
|
|
|
506,337 |
|
|
Inventories, net |
|
|
7,479,842 |
|
|
|
1,499,270 |
|
| Prepaid
expenses and other current assets |
|
|
352,678 |
|
|
|
254,303 |
|
| Total
current assets |
|
|
12,547,347 |
|
|
|
3,650,551 |
|
|
|
|
|
|
|
|
|
| Property
and equipment |
|
|
1,111,900 |
|
|
|
74,098 |
|
| Less
accumulated depreciation |
|
|
(183,048 |
) |
|
|
(58,099 |
) |
| Property
and equipment, net |
|
|
928,852 |
|
|
|
15,999 |
|
|
|
|
|
|
|
|
|
|
Intangibles assets, net |
|
|
3,733,979 |
|
|
|
872,864 |
|
|
|
|
|
|
|
|
|
| Total
assets |
|
$ |
17,210,178 |
|
|
$ |
4,539,414 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
| CURRENT
LIABILITIES: |
|
|
|
|
|
|
| Accounts
payable and accrued liabilities |
|
$ |
5,047,357 |
|
|
$ |
1,644,899 |
|
| Current
portion of long-term debt to related party |
|
|
641,399 |
|
|
|
-0- |
|
| Deferred
revenue |
|
|
258,189 |
|
|
|
377,445 |
|
| Deferred
consideration |
|
|
160,417 |
|
|
|
- |
|
| Other
liabilities |
|
|
369,563 |
|
|
|
288,525 |
|
| Total
current liabilities |
|
|
6,476,925 |
|
|
|
2,310,869 |
|
|
|
|
|
|
|
|
|
| Deferred revenue –
long-term |
|
|
215,077 |
|
|
|
274,374 |
|
| Deferred consideration
– long-term |
|
|
1,026,097 |
|
|
|
- |
|
| Other liabilities –
long-term |
|
|
514,826 |
|
|
|
665,713 |
|
| Long term debt to
related party, net of current portion |
|
|
1,298,863 |
|
|
|
- |
|
| Total long-term
liabilities |
|
|
2,983,193 |
|
|
|
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, 52,324,032 and
28,343,007 shares issued and outstanding as of September 30,
2017 and December 31,2016, respectively |
|
|
42,113 |
|
|
|
18,132 |
|
| Additional
paid-in-capital |
|
|
19,970,657 |
|
|
|
11,546,804 |
|
| Accumulated other
comprehensive loss |
|
|
208,924 |
|
|
|
- |
|
| Accumulated
deficit |
|
|
(12,471,634 |
) |
|
|
(10,276,487 |
) |
|
|
|
|
|
|
|
|
| Total
shareholders’ equity |
|
|
7,750,060 |
|
|
|
1,288,458 |
|
|
|
|
|
|
|
|
|
| Total
liabilities and shareholders’ equity |
|
$ |
17,201,178 |
|
|
$ |
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 |
|
|
|
|
September 30, 2017 |
|
September 30, 2016 |
|
|
September 30, 2017 |
|
|
September 30, 2016 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| NET SALES |
|
$ |
7,559,754 |
|
$ |
4,203,530 |
|
|
$ |
23,156,949 |
|
|
$ |
12,471,266 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COST OF SALES |
|
|
3,049,989 |
|
|
1,158,998 |
|
|
|
7,995,170 |
|
|
|
3,698,764 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GROSS PROFIT |
|
|
4,509,765 |
|
|
3,044,532 |
|
|
|
15,161,779 |
|
|
|
8,772,502 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| General and
administrative |
|
|
2,448,376 |
|
|
1,035,752 |
|
|
|
7,643,917 |
|
|
|
3,076,489 |
|
| Selling and
marketing |
|
|
4,102,346 |
|
|
2,267,103 |
|
|
|
11,346,321 |
|
|
|
6,636,950 |
|
| Total operating
expenses |
|
|
6,590,722 |
|
|
3,302,855 |
|
|
|
18,990,238 |
|
|
|
9,713,439 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING LOSS |
|
|
(2,080,957 |
) |
|
(258,323 |
) |
|
|
(3,828,459 |
) |
|
|
(940,937 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INTEREST EXPENSE,
NET |
|
|
(164,377 |
) |
|
(3,274 |
) |
|
|
(215,147 |
) |
|
|
(10,511 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAIN ON SETTLEMENT |
|
|
1,969,245 |
|
|
- |
|
|
|
1,969,245 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MISCELLANEOUS INCOME
(LOSS) |
|
|
(130 |
) |
|
- |
|
|
|
59,974 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LOSS BEFORE PROVISION
FOR INCOME TAX |
|
|
(274,581 |
) |
|
(261,597 |
) |
|
|
(2,012,879 |
) |
|
|
(951,448 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PROVISION FOR INCOME
TAXES |
|
|
112,277 |
|
|
- |
|
|
|
182,277 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET LOSS |
|
$ |
(386,858 |
) |
$ |
(261,597 |
) |
|
$ |
(2,195,156 |
) |
|
$ |
(951,448 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OTHER COMPREHENSIVE
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency
translation adjustment |
|
|
112,223 |
|
|
- |
|
|
|
208,924 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMPREHENSIVE LOSS |
|
$ |
(274,635 |
) |
|
$ |
(261,597 |
) |
$ |
(1,986,232 |
) |
|
$ |
(951,448 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET LOSS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC |
|
$ |
(0.01 |
) |
$ |
(0.01 |
) |
$ |
(0.04 |
) |
|
$ |
(0.03 |
) |
|
DILUTED |
|
$ |
(0.01 |
) |
$ |
(0.01 |
) |
$ |
(0.04 |
) |
|
$ |
(0.03 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| WEIGHTED AVERAGE NUMBER
OF COMMON SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BASIC AND
DILUTED |
|
|
52,321,826 |
|
|
28,202,739 |
|
|
|
49,518,478 |
|
|
|
28,184,584 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 NINE MONTHS ENDED SEPTEMBER 30, 2017 AND
2016 |
|
| (Unaudited) |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
2016 |
|
| |
|
|
|
|
|
|
| CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Net
loss |
|
$ |
(2,195,156 |
) |
|
|
$ |
(951,448 |
) |
|
|
Adjustments to reconcile net loss to net decrease in cash provided
by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
128,835 |
|
|
|
|
5,637 |
|
|
|
Amortization of intangible assets |
|
|
691,957 |
|
|
|
|
218,213 |
|
|
| Bad debt
expense |
|
|
903,710 |
|
|
|
|
693,607 |
|
|
| Share
based compensation |
|
|
223,345 |
|
|
|
|
259,328 |
|
|
| Issuance
of stock for compensation |
|
|
336,000 |
|
|
|
|
- |
|
|
| Change in
fair value of contingent consideration |
|
|
(48,035 |
) |
|
|
|
- |
|
|
| Loss on
disposal of property and equipment |
|
|
6,197 |
|
|
|
|
- |
|
|
| Noncash
interest |
|
|
105,459 |
|
|
|
|
11,933 |
|
|
| Gain on
settlement of contingent consideration |
|
|
(1,969,245 |
) |
|
|
|
- |
|
|
| Change in
assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(4,113,466 |
) |
|
|
|
(900,774 |
) |
|
|
Other receivable |
|
|
(577,533 |
) |
|
|
|
- |
|
|
|
Inventories |
|
|
922,503 |
|
|
|
|
751,369 |
|
|
|
Prepaid expenses and other current assets |
|
|
114,171 |
|
|
|
|
52,158 |
|
|
|
Accounts payable and accrued liabilities |
|
|
3,603,242 |
|
|
|
|
(72,073 |
) |
|
| Severance
payable |
|
|
- |
|
|
|
|
(45,995 |
) |
|
|
Deferred revenue |
|
|
(178,553 |
) |
|
|
|
82,304 |
|
|
| Net cash
provided by (used in) operating activities |
|
|
(2,046,569 |
) |
|
|
|
104,259 |
|
|
|
|
|
|
|
|
|
|
|
|
| CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Acquisition of
property and equipment |
|
|
(171,196 |
) |
|
|
|
(1,290 |
) |
|
| Cash paid
for acquisition of PhotoMedex, Inc. |
|
|
(5,000,000 |
) |
|
|
|
- |
|
|
| Net cash
used in investing activities |
|
|
(5,171,196 |
) |
|
|
|
(1,290 |
) |
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
|
|
(225,000 |
) |
|
|
Repayments of long-term debt to related party |
|
|
(87,441 |
) |
|
|
|
- |
|
|
| Net cash
provided by (used in) financing activities |
|
|
6,786,465 |
|
|
|
|
(225,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Effect of exchange
rates on cash and cash equivalents |
|
|
1,683 |
|
|
|
|
- |
|
|
| |
|
|
|
|
|
|
|
|
| NET DECREASE IN CASH
AND CASH EQUIVALENTS |
|
|
(429,617 |
) |
|
|
|
(122,031 |
) |
|
| |
|
|
|
|
|
|
|
|
| CASH AND CASH
EQUIVALENTS, beginning of the period |
|
|
1,390,641 |
|
|
|
|
1,334,302 |
|
|
| |
|
|
|
|
|
|
|
|
| CASH AND CASH
EQUIVALENTS, end of the period |
|
$ |
961,024 |
|
|
|
$ |
1,212,271 |
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| SUPPLEMENTAL DISCLOSURE
OF NON-CASH ACTIVITY: |
|
|
|
|
|
|
|
|
| Cashless
exercise of options |
|
$ |
43 |
|
|
|
$ |
- |
|
|
| Payments
of DermaWand asset purchase agreement |
|
$ |
- |
|
|
|
$ |
1,200,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
$ |
- |
|
|
|
$ |
- |
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Settlement of
contingent consideration to PhotoMedex on July 12, 2017 |
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration owed to PhotoMedex |
|
$ |
3,579,760 |
|
|
|
$ |
- |
|
|
| Other
receivables amount forgiven |
|
|
(837,708 |
) |
|
|
|
|
|
|
| Payables
extinguished |
|
|
1,017,193 |
|
|
|
|
|
|
|
|
Settlement amount in proceeds from long-term debt |
|
|
(2,000,000 |
) |
|
|
|
- |
|
|
|
Assignment of deposit amount |
|
|
210,000 |
|
|
|
|
- |
|
|
| Gain on
settlement of contingent consideration |
|
$ |
1,969,245 |
|
|
|
$ |
- |
|
|
| |
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the condensed
consolidated financial statements as filed on www.sec.gov.
Contact Information:Rich
Ransomransom@ictvbrands.com 484-598-2313
Ernest P. Kollias,
Jr.kollias@ictvbrands.com 484-598-2300
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