ICPW LIQUIDATION Corp

CIK:0001301712|SEC Filings

Statements of Operations - USD ($)	3 Months Ended
Statements of Operations - USD ($)	Mar. 31, 2016	Dec. 31, 2015
REVENUES
Net sales	$ 5,046,783	$ 4,458,843
COST OF SALES
Cost of sales	3,225,842	2,903,247
GROSS PROFIT	1,820,941	1,555,596
OPERATING EXPENSES
General and administrative	892,148	783,064
Sales and marketing	722,222	946,789
Research and development	162,752	147,305
Purchasing, warehousing and distribution	326,246	316,216
Depreciation and amortization	40,326	54,710
Total operating expenses	2,143,694	2,248,084
LOSS FROM OPERATIONS	(322,753)	(692,488)
OTHER INCOME (EXPENSE)
Interest expense	(36,187)	(48,480)
Interest income		37
Total other income (expense)	(36,187)	(48,443)
LOSS BEFORE BENEFIT FROM INCOME TAXES	(358,940)	(740,931)
(PROVISION FOR) BENEFIT FROM INCOME TAXES	670	(26,292)
NET LOSS	$ (358,270)	$ (767,223)
NET LOSS PER COMMON SHARE
Basic	$ (0.00)	$ (0.01)
Diluted	$ (0.00)	$ (0.01)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic	83,011,751	85,017,430
Diluted	83,011,751	85,017,430

Statements of Cash Flows - USD ($)	3 Months Ended
Statements of Cash Flows - USD ($)	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (767,223)	$ (358,270)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	50,530	37,234
Amortization	4,180	3,092
Inventory reserve		(98,362)
Stock option expense	111,141	104,753
Deferred income taxes	26,292
Changes in operating assets and liabilities:
Accounts receivable	2,412,966	547,333
Inventory	773,541	(2,522,161)
Deposits on inventory		62,996
Prepaid and other	(514,113)	(410,494)
Accounts payable and accrued expenses	(2,378,670)	60,834
Net cash flows used in operating activities	(281,356)	(2,573,045)
CASH FLOWS FROM INVESTING ACTIVITIES
Property, plant and equipment purchased	(63,454)	(100,819)
Investment in trademarks		(42,182)
Net cash flows used in investing activities	(63,454)	(143,001)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock	98,841	14,517
Proceeds from bank line of credit	4,983,336	5,748,652
Payments on bank lines of credit	(4,746,960)	(3,047,116)
Net cash flows provided by financing activities	335,217	2,716,053
NET (DECREASE) INCREASE IN CASH	(9,593)	7
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	299,904	276,981
CASH AND CASH EQUIVALENTS END OF PERIOD	290,311	276,988
SUPPLEMENTAL DISCLOSURES
Interest paid in cash	$ 48,480	$ 36,187

Balance Sheets - USD ($)	Mar. 31, 2017	Dec. 31, 2016
CURRENT ASSETS
Cash and cash equivalents	$ 290,311	$ 299,904
Accounts receivable, net of allowance for doubtful accounts of $30,000 and $30,000	5,555,550	7,968,513
Inventory, net of reserve of $197,549 and $197,549	7,959,774	8,733,315
Deposits on inventory	108,597	108,597
Prepaid and other	801,418	575,403
Total current assets	14,715,650	17,685,732
PROPERTY AND EQUIPMENT
Computer equipment and software	321,320	294,117
Office equipment and furniture	379,752	343,499
Leasehold improvements	140,717	140,718
Less: accumulated depreciation	(407,734)	(357,204)
Total property and equipment, net	434,055	421,130
OTHER ASSETS
Trademarks and patents, net of accumulated amortization of $85,441 and $81,260	231,557	235,738
Deposits and other assets	739,680	451,582
Total other assets	971,237	687,320
Total Assets	16,120,942	18,794,182
CURRENT LIABILITIES
Accounts payable and accrued expenses	2,295,436	4,674,106
Line of credit	4,484,446	4,248,070
Total current liabilities	6,779,882	8,922,176
Deferred Tax Liability	26,292
Total Liabilities	6,806,174	8,922,176
STOCKHOLDERS' EQUITY
Common stock, $.001 par value; 172,744,750 shares authorized; 85,646,354 and 84,500,454 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	85,646	84,500
Additional paid-in capital	21,491,424	21,282,588
Accumulated deficit	(12,262,302)	(11,495,082)
Total Stockholders' Equity	9,314,768	9,872,006
Total Liabilities and Stockholders' Equity	$ 16,120,942	$ 18,794,182