FLORIDA
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0-28331
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84-1047159
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(State of Incorporation or
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(Commission File Number)
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(I.R.S. Employer
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Organization)
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Identification No.)
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99.1
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March 13, 2012 CHDT Corporation Press Release on financial results for the fiscal year ended December 31. 2012
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99.2
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Webcast/Teleconference Call Script on CHDT Corporation discussion of financial results for fiscal year ended December 31, 2012(1)
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(1) To be filed by amendment.
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·
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Achieved positive net income for quarter of $27 thousand and record net income for 2011 of $576 thousand
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·
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Operating margin expanded 130 basis points
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·
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Generated $1.3 million in cash from operations during 2011
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CHDT CORPORATION AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF OPERATIONS
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For the Three Months Ended
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For the Twelve Months Ended
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December 31,
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December 31,
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|||||||||||||||
2011
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2010
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2011
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2010
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Revenues
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$ | 2,099,669 | $ | 1,317,711 | $ | 10,248,840 | $ | 5,287,261 | ||||||||
Cost of Sales
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(1,575,089 | ) | (897,017 | ) | (7,770,823 | ) | (3,674,819 | ) | ||||||||
Gross Profit
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524,580 | 420,694 | 2,478,017 | 1,612,442 | ||||||||||||
Gross Margin
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25.0 | % | 31.9 | % | 24.2 | % | 30.5 | % | ||||||||
Operating Expenses:
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Sales and marketing
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29,296 | 35,560 | 146,355 | 414,670 | ||||||||||||
Compensation
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211,478 | 200,821 | 798,125 | 955,860 | ||||||||||||
Professional fees
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29,895 | 6,579 | 96,163 | 116,120 | ||||||||||||
Product Development
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56,818 | 25,651 | 197,290 | 140,917 | ||||||||||||
Other general and administrative
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116,413 | 119,262 | 368,534 | 464,151 | ||||||||||||
Total Operating Expenses
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443,900 | 387,873 | 1,606,467 | 2,091,718 | ||||||||||||
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Net Operating Income (Loss)
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80,680 | 32,821 | 871,550 | (479,276 | ) | |||||||||||
Operating Margin
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3.8 | % | 2.5 | % | 8.5 | % | -9.1 | % | ||||||||
Other Income (Expense):
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Interest expense
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(53,602 | ) | (75,837 | ) | (295,946 | ) | (259,602 | ) | ||||||||
Total Other Income (Expense)
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(53,602 | ) | (75,837 | ) | (295,946 | ) | (259,602 | ) | ||||||||
Net Income (Loss)
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$ | 27,078 | $ | (43,016 | ) | $ | 575,604 | $ | (738,878 | ) | ||||||
Income (Loss) per Common Share
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Basic
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$ | - | $ | - | $ | - | $ | - | ||||||||
Diluted
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$ | - | $ | - | $ | - | $ | - | ||||||||
Weighted Average Shares Outstanding
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Basic
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649,510,532 | 648,831,416 | 649,510,532 | 648,831,416 | ||||||||||||
Diluted
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804,957,109 | 806,102,933 | 804,957,109 | 806,102,933 |
CHDT CORPORATION AND SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS
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December 31,
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December 31,
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Current Assets:
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2011
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2010
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Cash
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$ | 164,610 | $ | 115,239 | ||||
Accounts receivable - net
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1,477,279 | 1,256,913 | ||||||
Inventory
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58,717 | 387,990 | ||||||
Prepaid expense
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417,743 | 527,562 | ||||||
Total Current Assets
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2,118,349 | 2,287,704 | ||||||
Fixed Assets:
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Computer equipment & software
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64,047 | 64,047 | ||||||
Machinery and equipment
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546,919 | 487,538 | ||||||
Furniture and fixtures
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5,665 | 5,665 | ||||||
Less: Accumulated depreciation
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(546,193 | ) | (486,974 | ) | ||||
Total Fixed Assets
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70,438 | 70,276 | ||||||
Other Non-current Assets:
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Product development costs - net
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13,624 | 18,895 | ||||||
Goodwill
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1,936,020 | 1,936,020 | ||||||
Total Other Non-current Assets
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1,949,644 | 1,954,915 | ||||||
Total Assets
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$ | 4,138,431 | $ | 4,312,895 | ||||
Current Liabilities:
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Accounts payable and accrued expenses
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$ | 526,936 | $ | 259,788 | ||||
Note payable - Sterling Factors
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441,607 | 889,708 | ||||||
Notes and loans payable to related parties - current maturities
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- | 1,550,144 | ||||||
Total Current Liabilities
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968,543 | 2,699,640 | ||||||
Long Term Liabilities
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Notes and loans payable to related parties - Long Term
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1,531,215 | 671,313 | ||||||
Total Liabilities
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2,499,758 | 3,370,953 | ||||||
Stockholders' Equity:
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Preferred Stock, Series A, par value $.001 per share, authorized 100,000,000 shares, issued -0- shares
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- | - | ||||||
Preferred Stock, Series B, par value $.10 per share, authorized 100,000,000 shares, issued -0- shares
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- | - | ||||||
Preferred Stock, Series B-1, par value $.0001 per share, authorized 50,000,000 shares, issued -0- shares
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- | - | ||||||
Preferred Stock, Series C, par value $1.00 per share, authorized 1,000 shares, issued 1,000 shares
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1,000 | 1,000 | ||||||
Common Stock, par value $.0001 per share, authorized 850,000,000 shares, 649,510,532 shares issued at December 31, 2011 and December 31, 2010
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64,951 | 64,951 | ||||||
Related party receivable
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- | (40,441 | ) | |||||
Additional paid-in capital
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7,041,858 | 6,961,172 | ||||||
Accumulated deficit
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(5,469,136 | ) | (6,044,740 | ) | ||||
Total Stockholders' Equity
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1,638,673 | 941,942 | ||||||
Total Liabilities and Stockholders’ Equity
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$ | 4,138,431 | $ | 4,312,895 |
CHDT CORPORATION AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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For the Twelve Months Ended
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December 31,
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2011
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2010
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Continuing operations:
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Net Income (Loss)
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$ | 575,604 | $ | (738,878 | ) | |||
Adjustments necessary to reconcile net loss to net cash used in
operating activities:
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Stock issued for expenses
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- | 6,525 | ||||||
Depreciation and amortization
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81,245 | 177,655 | ||||||
Compensation expense from stock options
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80,686 | 220,015 | ||||||
(Increase) decrease in accounts receivable
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(220,366 | ) | 84,972 | |||||
(Increase) decrease in inventory
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329,273 | 9,918 | ||||||
(Increase) decrease in prepaid expenses
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109,819 | (470,486 | ) | |||||
(Increase) decrease in deposits
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- | 15,000 | ||||||
(Increase) decrease in other assets
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(16,755 | ) | (18,675 | ) | ||||
Increase (decrease) in accounts payable and accrued expenses
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259,648 | (120,108 | ) | |||||
Increase (decrease) in accrued interest on notes payable
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82,019 | 67,308 | ||||||
Net cash provided by (used in) operating activities
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1,281,173 | (766,754 | ) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES:
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Purchase of property and equipment
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(59,381 | ) | (26,991 | ) | ||||
Net cash provided by (used in) investing activities
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(59,381 | ) | (26,991 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
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Proceeds from notes payable
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8,345,000 | 2,399,340 | ||||||
Repayments of notes payable
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(8,793,100 | ) | (2,786,784 | ) | ||||
Proceeds from notes and loans payable to related parties
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2,400,000 | 3,114,000 | ||||||
Repayments of notes and loans payable to related parties
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(3,124,321 | ) | (2,084,439 | ) | ||||
Net cash provided by financing activities
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(1,172,421 | ) | 642,117 | |||||
Net (Decrease) Increase in Cash and Cash Equivalents
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49,371 | (151,628 | ) | |||||
Cash and Cash Equivalents at Beginning of Period
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115,239 | 266,867 | ||||||
Cash and Cash Equivalents at End of Period
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$ | 164,610 | $ | 115,239 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
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Cash paid during the period for:
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Interest
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$ | 213,925 | $ | 197,733 | ||||
Franchise and income taxes
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$ | - | $ | - | ||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
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Related Party Receivable applied against Related Party Payable
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$ | 47,941 | $ | - | ||||
Notes payable converted to accounts payable
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$ | - | $ | 73,700 |