Skinny Nutritional Corp.

CIK:0001176325|SEC Filings

Condensed Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
Condensed Statements of Operations (Unaudited) (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Revenue, Net	$ 1,266,621	$ 2,113,229	$ 2,592,849	$ 3,724,744
Cost of Goods Sold	844,032	1,689,289	1,753,662	2,749,647
Gross Profit	422,589	423,940	839,187	975,097
Operating Expenses
Marketing and advertising	880,825	1,060,322	1,441,973	1,673,653
General and administrative	1,685,496	1,279,434	3,019,743	2,031,851
Total Operating Expenses	2,566,321	2,339,756	4,461,716	3,705,504
Loss from Operations	(2,143,732)	(1,915,816)	(3,622,529)	(2,730,407)
Other Income (Expense)
Interest expense	(276,392)	(611,139)	(991,651)	(690,603)
Other income				25,000
Total Other Income (Expense)	285,198	(611,139)	192,363	(665,603)
Net Loss	(1,858,534)	(2,526,955)	(3,430,166)	(3,396,010)
Weighted average common shares outstanding, basic and diluted	717,601,578	405,138,792	678,078,244	386,798,884
Net loss per share attributable to common stockholders, basic and diluted	$ 0.00	$ (0.01)	$ (0.01)	$ (0.01)
Warrant derivative liability
Other Income (Expense)
Change in fair value of derivative liability	298,214		913,240
Note conversion option liability
Other Income (Expense)
Change in fair value of derivative liability	$ 263,376		$ 270,774

Condensed Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
Condensed Statements of Cash Flows (Unaudited) (USD $)	Jun. 30, 2012	Jun. 30, 2011
Cash Flows from Operating Activities:
Net loss	$ (3,430,166)	$ (3,396,010)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for returns and doubtful accounts	31,109	(747)
Depreciation	5,387	4,490
Options – stock based compensation expense	48,704	301,848
Common stock issued for services	479,465	1,139,043
Loss on common stock issued for retirement of accounts payable	985,768
Amortization of deferred financing costs	570,751	515,035
Amortization of debt discount	295,417
Change in fair value of warrant derivative liability	(913,240)
Change in fair value of note conversion option liability	(270,774)
Changes in operating assets and liabilities:
Accounts receivable	(742,723)	(604,463)
Inventory	341,856	(470,633)
Prepaid expenses and other current assets	3,323	(13,362)
Deposits	18,000	0
Accounts payable	746,673	(396,584)
Accrued expenses	653,424	140,606
Total Adjustments	2,253,140	615,233
Net Cash Used In Operating Activities	(1,177,026)	(2,780,777)
Cash Flows Used In Investing Activities:
Purchase of property and equipment	(190,000)
Cash Flows from Financing Activities:
Advances on purchase of common stock		1,406,500
Proceeds from revolving line of credit, net	249,677	131,736
Proceeds from debt issuance from next financing	405,000
Repayment of note payable		(17,097)
Common stock issued, net of offering costs		1,259,638
Proceeds from notes payable	1,350,000
Deferred financing costs	(134,314)
Net Cash Provided by Financing Activities	1,870,363	2,780,777
Net Increase in Cash	503,337
Cash – Beginning
Cash – Ending	503,337
Cash paid during the period for:
Interest	$ 125,483	$ 175,568

Condensed Balance Sheets (USD $)	Jun. 30, 2012	Dec. 31, 2011
Current Assets
Cash	$ 503,337
Accounts receivable, net	1,068,484	356,870
Inventory, net	43,458	385,314
Prepaid expenses and other current assets	104,273	107,596
Total Current Assets	1,719,552	849,780
Property and Equipment, net	209,820	25,207
Deferred Financing Costs, net	185,915	574,696
Deposits	28,192	46,192
Trademarks	783,101	783,101
Total Assets	2,926,580	2,278,976
Current Liabilities
Revolving line of credit	785,079	535,402
Accounts payable	1,771,885	2,280,444
Accrued expenses	1,606,997	882,793
Notes payable	1,350,000
Convertible notes payable, net of discount of $374,166 and $550,416 at June 30, 2012 and December 31, 2011, respectively	330,834	35,417
Total Current Liabilities	6,012,492	4,015,376
Commitments and Contingencies
Stockholders’ Deficit
Series A Convertible Preferred stock, $.001 par value, 1,000,000 shares authorized, 1,420 shares issued and outstanding at June 30, 2012 and December 31, 2011	1	1
Common stock, $.001 par value, 1,000,000,000 shares authorized, 786,263,537 shares issued and outstanding at June 30, 2012 and 584,633,291 shares issued and outstanding at December 31, 2011	786,263	584,633
Additional paid-in capital	45,050,935	43,171,911
Accumulated deficit	(48,923,111)	(45,492,945)
Stockholders’ Deficit	(3,085,912)	(1,736,400)
Total Liabilities and Stockholders’ Deficit	2,926,580	2,278,976
Warrant derivative liability
Current Liabilities
Derivative liability	159,227	176,802
Note conversion option liability
Current Liabilities
Derivative liability	$ 8,470	$ 104,518