ULURU Inc.
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(Exact Name of Registrant as Specified in its Charter)
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Nevada
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000-49670
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41-2118656
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(State or Other Jurisdiction of
Incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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4452 Beltway Drive
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Addison, Texas 75001
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(Address of principal executive offices) (Zip Code)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition.
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Item 9.01
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Financial Statements and Exhibits
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(d)
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Exhibits
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Exhibit No.
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Description
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ULURU Inc.
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Date: November 15, 2013
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By:
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/s/ Terrance K. Wallberg
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Terrance K. Wallberg
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Vice President and Chief Financial Officer
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Exhibit No.
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Description
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¬
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Orders of Altrazeal® were shipped to five new markets in September and October 2013; the Czech Republic, Slovakia, South Africa, Croatia and Slovenia;
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¬
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Production of Altrazeal® has been initiated in the fourth quarter 2013 for eight additional markets;
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¬
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In September 2013, we executed a License and Supply Agreement with Altrazeal AG to market Altrazeal® in several new territories, to include Africa (markets not already licensed), Latin America, the Commonwealth of Independent States, Georgia, Ukraine, and Turkmenistan. Under the terms of the agreement with Altrazeal AG, we received an up-front licensing payment, will receive certain royalties on product sales within the territories, and will supply Altrazeal® at an agreed upon price; and
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¬
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Since the beginning of the third quarter 2013, we announced the further expansion of the Altrazeal® international marketing network to include 16 additional countries including, Scandinavia, Finland, South Africa, Czech Republic, Slovakia, Portugal, Croatia, and Slovenia.
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Three Months Ended September 30,
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Nine Months Ended September 30,
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2013
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2012
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2013
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2012
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Revenues
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License fees
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$ | 11,400 | $ | 11,400 | $ | 33,827 | $ | 29,163 | ||||||||
Royalty income
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10,276 | 16,633 | 10,276 | 49,918 | ||||||||||||
Product sales, net
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88,904 | 60,889 | 197,405 | 126,057 | ||||||||||||
Total Revenues
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110,580 | 88,922 | 241,508 | 205,138 | ||||||||||||
Costs and Expenses
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Cost of goods sold
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60,245 | 113,415 | 104,236 | 135,745 | ||||||||||||
Research and development
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201,244 | 152,985 | 577,712 | 517,196 | ||||||||||||
Selling, general and administrative
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302,093 | 375,767 | 914,509 | 1,365,836 | ||||||||||||
Amortization of intangible assets
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119,763 | 119,763 | 355,385 | 356,687 | ||||||||||||
Depreciation
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59,688 | 75,219 | 185,536 | 225,691 | ||||||||||||
Total Costs and Expenses
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743,033 | 837,149 | 2,137,378 | 2,601,155 | ||||||||||||
Operating (Loss)
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(632,453 | ) | (748,227 | ) | (1,895,870 | ) | (2,396,017 | ) | ||||||||
Other Income (Expense)
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Interest and miscellaneous income
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15,088 | 30,720 | 55,564 | 33,745 | ||||||||||||
Interest expense
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(125,904 | ) | (134,218 | ) | (385,965 | ) | (191,008 | ) | ||||||||
Equity in earnings (loss) of unconsolidated subsidiary
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--- | --- | --- | --- | ||||||||||||
Gain on sale of equipment
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--- | --- | 3,627 | --- | ||||||||||||
(Loss) Before Income Taxes
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(743,269 | ) | (851,725 | ) | (2,222,644 | ) | (2,553,280 | ) | ||||||||
Income taxes
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--- | --- | --- | --- | ||||||||||||
Net (Loss)
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$ | (743,269 | ) | $ | (851,725 | ) | $ | (2,222,644 | ) | $ | (2,553,280 | ) | ||||
Less preferred stock dividends
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(6,061 | ) | (12,288 | ) | (30,236 | ) | (35,168 | ) | ||||||||
Net (Loss) Allocable to Common Stockholders
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$ | (749,330 | ) | $ | (864,013 | ) | $ | (2,252,880 | ) | $ | (2,588,448 | ) | ||||
Basic and diluted net (loss) per common share
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$ | (0.05 | ) | $ | (0.10 | ) | $ | (0.16 | ) | $ | (0.32 | ) | ||||
Weighted average number of common shares outstanding
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15,659,822 | 8,267,755 | 13,677,186 | 8,106,117 | ||||||||||||
September 30, 2013
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December 31, 2012
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(Unaudited)
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(Audited)
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Cash and cash equivalents
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$ | 53,001 | $ | 21,549 | ||||
Current assets
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1,376,451 | 1,115,982 | ||||||
Property and equipment, net
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690,718 | 845,535 | ||||||
Other assets
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4,189,209 | 5,366,600 | ||||||
Total assets
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6,256,378 | 7,328,117 | ||||||
Current liabilities
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3,421,095 | 3,889,734 | ||||||
Long term liabilities – convertible notes payable
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45,688 | 751,543 | ||||||
Long term liabilities – deferred revenue
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912,994 | 835,553 | ||||||
Total liabilities
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4,379,777 | 5,476,830 | ||||||
Total stockholders’ equity
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1,876,601 | 1,851,287 |