IPARTY CORP

CIK:0001078383|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Mar. 30, 2013	Mar. 31, 2012
Revenues	$ 15,795,228	$ 15,753,745
Operating costs:
Cost of products sold and occupancy costs	10,296,018	10,026,180
Marketing and sales	5,162,280	5,210,909
General and administrative	2,232,050	1,702,376
Operating loss	(1,895,120)	(1,185,720)
Change in fair value of warrant liability		(216)
Interest expense, net	(59,180)	(49,330)
Loss before income taxes	(1,954,300)	(1,235,266)
Income taxes
Net loss	$ (1,954,300)	$ (1,235,266)
Loss per share:
Basic and diluted	$ (0.08)	$ (0.05)
Weighted-average shares outstanding:
Basic and diluted	24,431,204	24,408,594

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Mar. 30, 2013	Mar. 31, 2012
Operating activities:
Net loss	$ (1,954,300)	$ (1,235,266)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	227,113	272,065
Amortization	60,542	89,531
Deferred rent	5,717	14,185
Non-cash stock-based compensation expense	36,715	48,702
Change in fair value of warrants		216
Changes in operating assets and liabilities:
Accounts receivable	57,795	670,145
Inventories	(1,090,119)	(647,207)
Prepaid expenses and other assets	27,339	(81,525)
Accounts payable and book overdrafts	471,658	737,465
Accrued expenses and other liabilities	488,479	(162,158)
Net cash used in operating activities	(1,669,061)	(293,847)
Investing activity:
Purchase of property and equipment	(41,703)	(211,796)
Net cash used in investing activity	(41,703)	(211,796)
Financing activities:
Net borrowings under line of credit	1,807,304	210,781
Decrease (increase) in restricted cash	(96,940)	295,969
Principal payments on capital lease obligations		(2,307)
Net cash provided by financing activities	1,710,364	504,443
Net decrease in cash	(400)	(1,200)
Cash beginning of period	64,650	63,650
Cash end of period	64,250	62,450
Supplemental disclosure of non-cash financing activities:
Disposal of property and equipment	$ 97,667	$ 8,258

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 30, 2013	Dec. 29, 2012
Current assets:
Cash	$ 64,250	$ 64,650
Restricted cash	577,756	480,816
Accounts receivable	764,108	821,903
Inventories	18,094,388	17,004,269
Prepaid expenses and other assets	1,622,601	1,646,950
Total current assets	21,123,103	20,018,588
Property and equipment, net	2,508,582	2,693,991
Intangible assets, net	276,183	327,329
Other assets	270,492	282,878
Total assets	24,178,360	23,322,786
Current liabilities:
Accounts payable and book overdrafts	7,301,522	6,829,864
Accrued expenses	2,359,386	1,870,906
Borrowings under line of credit	7,571,616	5,764,312
Total current liabilities	17,232,524	14,465,082
Long-term liabilities:
Deferred rent	1,513,449	1,507,732
Commitments and contingencies
Stockholders' equity:
Convertible preferred stock	12,986,628	12,986,628
Common stock - $.001 par value; 150,000,000 shares authorized; 24,431,204 shares issued and outstanding at March 30, 2013 and December 29, 2012	24,431	24,431
Additional paid-in capital	53,224,194	53,187,479
Accumulated deficit	(60,802,866)	(58,848,566)
Total stockholders' equity	5,432,387	7,349,972
Total liabilities and stockholders' equity	24,178,360	23,322,786
Series B convertible preferred stock
Stockholders' equity:
Convertible preferred stock	6,229,631	6,229,631
Series C convertible preferred stock
Stockholders' equity:
Convertible preferred stock	1,492,000	1,492,000
Series D convertible preferred stock
Stockholders' equity:
Convertible preferred stock	3,652,500	3,652,500
Series E convertible preferred stock
Stockholders' equity:
Convertible preferred stock	1,112,497	1,112,497
Series F convertible preferred stock
Stockholders' equity:
Convertible preferred stock	$ 500,000	$ 500,000