Delaware
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1-13669 | 95-4654481 |
(State or Other Jurisdiction
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(Commission | (I.R.S. Employer |
of Incorporation)
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File Number) | Identification No.) |
21900 Burbank Blvd., Suite 270
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||
Woodland Hills, California
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91367 | |
(Address of Principal Executive Offices)
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(Zip Code) |
TALON INTERNATIONAL, INC.
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|||
Date: May 14, 2012
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By:
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/s/ Lonnie D. Schnell | |
Lonnie D. Schnell, Chief Executive Officer
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·
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Sales for the First Quarter 2012 totaled $8.7 million vs. $9.2 million in 2011.
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·
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Gross profit margin for the First Quarter 2012 was 31.7%.
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Three Months Ended March 31,
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2012
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2011
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Net sales
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$ | 8,745,950 | $ | 9,228,193 | ||||
Cost of goods sold
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5,975,194 | 6,337,640 | ||||||
Gross profit
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2,770,756 | 2,890,553 | ||||||
Sales and marketing expenses
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1,096,923 | 898,560 | ||||||
General and administrative expenses
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2,147,659 | 2,282,498 | ||||||
Total operating expenses
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3,244,582 | 3,181,058 | ||||||
Loss from operations
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(473,826 | ) | (290,505 | ) | ||||
Interest expense, net
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22,037 | 18,440 | ||||||
Loss before provision for income taxes
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(495,863 | ) | (308,945 | ) | ||||
Provision for (benefits from) income taxes, net
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(290,233 | ) | 91,983 | |||||
Net loss
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$ | (205,630 | ) | $ | (400,928 | ) | ||
Series B Preferred Stock Liquidation Preference Increase
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(775,190 | ) | (668,267 | ) | ||||
Loss applicable to Common Shareholders
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$ | (980,820 | ) | $ | (1,069,195 | ) | ||
Per share amounts:
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||||||||
Net loss per share
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$ | (0.01 | ) | $ | (0.02 | ) | ||
Available to Preferred Shareholders
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(0.04 | ) | (0.03 | ) | ||||
Basic and diluted net loss per share applicable to Common Shareholders
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$ | (0.05 | ) | $ | (0.05 | ) | ||
Weighted average number of common shares outstanding – Basic and diluted
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21,604,105 | 20,291,433 | ||||||
Net loss
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$ | (205,630 | ) | $ | (400,928 | ) | ||
Other comprehensive loss -
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Foreign currency translation
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(15,634 | ) | (2,781 | ) | ||||
Total comprehensive loss
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$ | (221,264 | ) | $ | (403,709 | ) |
March 31,
2012
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December 31,
2011
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|||||||
(Unaudited)
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 4,302,135 | $ | 5,749,341 | ||||
Accounts receivable, net
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3,450,064 | 3,777,771 | ||||||
Inventories, net
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992,432 | 1,076,522 | ||||||
Prepaid expenses and other current assets
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647,375 | 314,761 | ||||||
Total current assets
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9,392,006 | 10,918,395 | ||||||
Property and equipment, net
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1,045,115 | 1,092,609 | ||||||
Intangible assets, net
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4,253,725 | 4,110,751 | ||||||
Other assets
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301,706 | 236,411 | ||||||
Total assets
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$ | 14,992,552 | $ | 16,358,166 | ||||
Liabilities, Preferred Stock and Stockholders’ Equity (Deficit)
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Current liabilities:
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Accounts payable
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$ | 6,065,745 | $ | 6,607,041 | ||||
Accrued expenses
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1,272,683 | 1,543,465 | ||||||
Notes payable to related parties
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- | 239,942 | ||||||
Other notes and current portion of capital lease obligations
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7,389 | 73,148 | ||||||
Total current liabilities
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7,345,817 | 8,463,596 | ||||||
Capital lease obligations, net of current portion
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8,650 | 10,461 | ||||||
Deferred income taxes
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787,335 | 751,148 | ||||||
Other liabilities
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184,386 | 379,803 | ||||||
Total liabilities
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8,326,188 | 9,605,008 | ||||||
Series B Convertible Preferred Stock, $0.001 par value; 407,160 shares authorized, issued and outstanding
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21,446,928 | 20,671,738 | ||||||
Stockholders’ Equity (Deficit):
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Series A Preferred Stock, $0.001 par value; 250,000 shares authorized; no shares issued or outstanding
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- | - | ||||||
Common Stock, $0.01 par value, 100,000,000 shares authorized; 21,900,808 and 21,000,808 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively
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21,901 | 21,001 | ||||||
Additional paid-in capital
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58,081,681 | 57,948,111 | ||||||
Accumulated deficit
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(72,930,741 | ) | (71,949,921 | ) | ||||
Accumulated other comprehensive income
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46,595 | 62,229 | ||||||
Total stockholders’ equity (deficit)
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(14,780,564 | ) | (13,918,580 | ) | ||||
Total liabilities, preferred stock and stockholders’ equity (deficit)
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$ | 14,992,552 | $ | 16,358,166 |
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