Zurvita Holdings, Inc
At July 31, 2012, the Corporation had adverse working capital of around $1.5 million, an accumulated deficit of roughly $20.2 million and negative money flows from operating activities of roughly $two.4 million. Earnings per common share amounted to $.03 for the year ended July 31, 2012, as compared to a loss per common share of $.03 for the year ended July 31, 2011. Interest expense for the year ended July 31, 2012, was approximately $319 thousand, as compared to $362 thousand for the year ended July 31, 2011. The interest expense is a outcome of accreting the discount recognized on the Company’s $2 million interest bearing convertible note issued on October 9, 2009. Accretion of $263 thousand is incorporated inside interest expense for the year ended July 31, 2012, as compared to $323 thousand zurvita (official Youtube blog
) of accretion integrated inside interest expense for the year ended July 31, 2011.
Zurvita Holdings Inc
We performed our audits in accordance with the standards of the Public Company Accounting Oversight Board . These requirements need that we program and carry out the audit to receive affordable assurance about regardless of whether the financial statements are free of charge of material misstatement. An audit contains examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also consists of assessing the accounting principles utilized and important estimates produced by management, as nicely as evaluating the general financial statement presentation. We believe that our audits supply a affordable basis for our opinion.
Interest and penalties linked with unrecognized tax rewards are classified as revenue tax expense in the statement of operations. The Business recognizes the price resulting from all share-primarily based payment transactions
in the financial statements making use of a fair-worth-primarily based measurement technique. The Organization utilizes the Black-Scholes Solution Pricing Model in computing the fair value of warrant instrument issuances. Prior to exiting the discount charge for service business, the Firm marketed subscriptions to a service that facilitates the capacity of prospects, commonly little small business owners, to show industrial advertising by way of an on-line search directory. Income was recognized ratably more than the advertising subscription period.
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As discussed in Note 1 to the monetary statements, the Enterprise has suffered recurring losses from operations and has not generated enough cash flows from operations to meet its needs. This raises substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The monetary statements do not contain any adjustments that may result from the outcome of this uncertainty.
Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the extra-likely-than-not recognition threshold are measured as the largest quantity of tax benefit that is more than 50 percent probably of getting realized upon settlement with the applicable taxing authority.
Company’s independent representatives spend a charge to the Business entitling them to use of sites that facilitate their small business operations. Income is recognized ratably more than the web site subscription period. Due to the fact its inception, the Organization has met its capital needs principally via sale of its equity securities and the issuance of debt. The proceeds
from the sale of these securities have been applied for the Company’s operating costs, such as salary expenditures, expert charges, rent expenditures and other general and administrative expenses discussed above.