AeroGrow International, Inc.
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(Exact name of registrant as specified in charter)
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Delaware
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(State or other jurisdiction of incorporation)
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001-33531
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46-0510685
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(Commission File Number)
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(IRS Employee Identification No.)
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6075 Longbow Drive, Suite 200, Boulder, Colorado
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80301
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(Address of principal executive offices)
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(Zip Code)
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(Former name or former address, if changed since last report)
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Exhibit Number
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Description
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99.1
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AeroGrow International, Inc.
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||
(Registrant)
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||
Date: November 9, 2015
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By:
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/s/ Grey H. Gibbs
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Grey H. Gibbs
Principal Accounting Officer
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Exhibit Number
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Description
|
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99.1
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||
Three Months ended September 30,
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||||||||
(in thousands, except per share data)
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2015
|
2014
|
||||||
Net revenue
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$
|
1,091
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$
|
1,707
|
||||
Cost of revenue
|
761
|
1,083
|
||||||
Gross profit
|
330
|
624
|
||||||
Operating expenses
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||||||||
Research and development
|
143
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115
|
||||||
Sales and marketing
|
668
|
484
|
||||||
General and administrative
|
561
|
506
|
||||||
Total operating expenses
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1,372
|
1,105
|
||||||
(Loss) from operations
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(1,042
|
)
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(481
|
)
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||||
Other (expense) income, net
|
||||||||
Fair value changes in derivative warrant liability
|
(66
|
)
|
11
|
|||||
Interest expense
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-
|
-
|
||||||
Interest expense – related party
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(58
|
)
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(37
|
)
|
||||
Other income
|
-
|
-
|
||||||
Total other (expense) , net
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(124
|
)
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(26
|
)
|
||||
Net (loss)
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$
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(1,166
|
)
|
$
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(507
|
)
|
||
Change in fair value of stock to be distributed for Scotts Miracle-Gro transactions
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1,177
|
154
|
||||||
Net income (loss) attributable to common shareholders
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$
|
11
|
$
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(353
|
)
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|||
Net loss per share, basic and diluted
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$
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0.00
|
|
$
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(0.06
|
)
|
||
Weighted average number of common shares outstanding, basic and diluted
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7,500
|
6,405
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September 30, 2015
|
March 31, 2015
|
|||||||
(in thousands, except per share and share data)
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(Unaudited)
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(Derived from Audited Statements)
|
||||||
ASSETS
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||||||||
Current assets
|
||||||||
Cash
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$
|
2,411
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$
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1,015
|
||||
Restricted cash
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15
|
15
|
||||||
Accounts receivable, net of allowance for doubtful accounts of $5 and $10 at September 30, 2015 and March 31, 2015, respectively
|
632
|
1,300
|
||||||
Other receivables
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65
|
214
|
||||||
Inventory
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4,162
|
2,603
|
||||||
Prepaid expenses and other
|
1,140
|
144
|
||||||
Total current assets
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8,425
|
5,291
|
||||||
Property and equipment, net of accumulated depreciation of $3,464 and $3,284 at September
30, 2015 and March 31, 2015, respectively
|
752
|
525
|
||||||
Other assets
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||||||||
Intangible assets
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2
|
2
|
||||||
Deposits
|
156
|
156
|
||||||
Total assets
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$
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9,335
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$
|
5,974
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities
|
||||||||
Accounts payable
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$
|
1,698
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$
|
1,641
|
||||
Accrued expenses
|
624
|
816
|
||||||
Customer deposits
|
5
|
30
|
||||||
Deferred rent
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2
|
1
|
||||||
Notes payable-related party
|
4,558
|
207
|
||||||
Derivative warrant liability
|
2,018
|
1,688
|
||||||
Debt associated with sale of intellectual property
|
184
|
208
|
||||||
Total current liabilities
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9,089
|
4,591
|
||||||
Commitments and contingencies
|
||||||||
Stockholders' equity
|
||||||||
Preferred stock, $.001 par value, 20,000,000 shares authorized,
2,649,007 issued and outstanding at September 30, 2015
and March 31, 2015
|
3
|
3
|
||||||
Common stock, $.001 par value, 750,000,000 shares authorized,
7,499,966 and 6,563,518 shares issued and outstanding at
September 30, 2015 and March 31, 2015, respectively
|
7
|
6
|
||||||
Additional paid-in capital
|
84,009
|
82,101
|
||||||
Stock dividend to be distributed
|
317
|
1,715
|
||||||
Accumulated deficit
|
(84,090
|
)
|
(82,442
|
)
|
||||
Total stockholders' equity
|
246
|
1,383
|
||||||
Total liabilities and stockholders' equity
|
$
|
9,335
|
$
|
5,974
|
Three Months Ended September 30,
(in thousands)
|
||||||||
2015
|
2014
|
|||||||
Loss from operations
|
$
|
(1,042
|
)
|
$
|
(481
|
)
|
||
Add back non-cash items:
|
||||||||
Depreciation
|
99
|
61
|
||||||
Amortization
|
-
|
-
|
||||||
Stock based compensation
|
83
|
83
|
||||||
Common stock warrant expense
|
-
|
18
|
||||||
Scott’s Miracle-Gro intellectual property royalty and branding license
|
38
|
68
|
||||||
Total non-cash items
|
220
|
230
|
||||||
Adjusted EBITDA
|
$
|
(822
|
)
|
$
|
(251
|
)
|