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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o
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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: August 15, 2014
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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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During the past ninety days, Altrazeal® has now been shipped to nine additional markets including the key markets of Italy, Spain and Portugal;
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¬
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Shipments to four additional new markets are scheduled to occur prior to August 30, 2014;
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¬
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Repeat shipments to numerous markets are scheduled in the third quarter of 2014;
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¬
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Substantial resolution of prior production issues has enabled an inventory of blisters to be established;
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¬
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Expansion in our international network of licensing and distribution partners;
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¬
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Presentation of important clinical experience data at European Wound Management Association (“EWMA”) 2014 including results of 12 nurses experiences using Altrazeal® on over 60 patients; and
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¬
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Further reduction in the quarterly operating loss compared to both prior year and first quarter.
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Three Months Ended June 30,
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Six Months Ended June 30,
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2014
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2013
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2014
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2013
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Revenues
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License fees
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$ | 14,698 | $ | 11,274 | $ | 29,237 | $ | 22,427 | ||||||||
Royalty income
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17,012 | --- | 17,012 | --- | ||||||||||||
Product sales, net
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177,584 | 17,610 | 265,026 | 108,501 | ||||||||||||
Total Revenues
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209,294 | 28,884 | 311,275 | 130,928 | ||||||||||||
Costs and Expenses
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||||||||||||||||
Cost of goods sold
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113,090 | 3,102 | 154,132 | 43,991 | ||||||||||||
Research and development
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184,423 | 211,183 | 372,019 | 376,468 | ||||||||||||
Selling, general and administrative
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411,279 | 351,726 | 880,352 | 612,416 | ||||||||||||
Amortization of intangible assets
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118,461 | 118,461 | 235,622 | 235,622 | ||||||||||||
Depreciation
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59,553 | 60,460 | 120,107 | 125,848 | ||||||||||||
Total Costs and Expenses
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886,806 | 744,932 | 1,762,232 | 1,394,345 | ||||||||||||
Operating (Loss)
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(677,512 | ) | (716,048 | ) | (1,450,957 | ) | (1,263,417 | ) | ||||||||
Other Income (Expense)
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||||||||||||||||
Interest and miscellaneous income
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519 | 18,011 | 5,060 | 40,476 | ||||||||||||
Interest expense
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(32,722 | ) | (128,375 | ) | (97,981 | ) | (260,061 | ) | ||||||||
Equity in earnings (loss) of unconsolidated subsidiary
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--- | --- | --- | --- | ||||||||||||
Gain on early extinguishment of convertible note
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--- | --- | 142,703 | --- | ||||||||||||
Gain on sale of equipment
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--- | 3,627 | --- | 3,627 | ||||||||||||
(Loss) Before Income Taxes
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(709,715 | ) | (822,785 | ) | (1,401,175 | ) | (1,479,375 | ) | ||||||||
Income taxes
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--- | --- | --- | --- | ||||||||||||
Net (Loss)
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$ | (709,715 | ) | $ | (822,785 | ) | $ | (1,401,175 | ) | $ | (1,479,375 | ) | ||||
Less preferred stock dividends
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--- | (12,154 | ) | --- | (24,175 | ) | ||||||||||
Net (Loss) Allocable to Common Stockholders
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$ | (709,715 | ) | $ | (834,939 | ) | $ | (1,401,175 | ) | $ | (1,503,550 | ) | ||||
Basic and diluted net (loss) per common share
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$ | (0.03 | ) | $ | (0.06 | ) | $ | (0.06 | ) | $ | (0.12 | ) | ||||
Weighted average number of common shares outstanding
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24,122,176 | 13,670,628 | 22,776,695 | 12,669,437 | ||||||||||||
June 30, 2014
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December 31, 2013
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(Unaudited)
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(Audited)
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Cash and cash equivalents
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$ | 720,590 | $ | 5,119 | ||||
Current assets
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1,586,025 | 1,487,324 | ||||||
Property and equipment, net
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534,740 | 638,614 | ||||||
Other assets
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3,453,284 | 3,775,676 | ||||||
Total assets
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5,574,049 | 5,901,614 | ||||||
Current liabilities
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1,752,398 | 3,270,064 | ||||||
Long term liabilities – convertible notes payable
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--- | --- | ||||||
Long term liabilities – deferred revenue
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868,896 | 898,133 | ||||||
Total liabilities
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2,621,294 | 4,168,197 | ||||||
Total stockholders’ equity
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2,952,755 | 1,733,417 |