NXT Nutritionals Holdings, Inc.

CIK:0001417425|SEC Filings

Consolidated Statements of Operations (USD $)	12 Months Ended
Consolidated Statements of Operations (USD $)	Dec. 31, 2011	Dec. 31, 2010
Sales - net of slotting fees and discounts	$ 237,989	$ 187,516
Cost of sales	1,150,705	433,599
Gross loss	(912,716)	(246,083)
General and administrative expenses	3,535,854	3,591,276
Loss from operations	(4,448,570)	(3,837,359)
Other income (expense)
Interest expense	(420,043)	(8,616,218)
Interest income	181	7,499
Loss on extinguishment of debt	0	(9,845,860)
Forgiveness of registration rights payable	246,387	0
Derivative expense	0	(8,590,802)
Change in fair market value of derivative liabilities	3,286,339	13,763,391
Registration rights expense	0	(283,387)
Total other income (expense) - net	3,112,864	(13,565,377)
Net loss	(1,335,706)	(17,402,736)
Series A, convertible redeemable preferred stock dividend	(878,177)	0
Net loss applicable to common stockholders'	$ (2,213,883)	$ (17,402,736)
Net loss per common share - basic and diluted	$ (0.04)	$ (0.38)
Weighted average number of common shares outstanding - basic and diluted	53,728,392	45,787,226

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
Consolidated Statements of Cash Flows (USD $)	Dec. 31, 2011	Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,335,706)	$ (17,402,736)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt issue costs	19,210	748,030
Amortization of debt discount	374,076	7,848,508
Bad debt expense	4,102	0
Inventory reserve	897,213	0
Stock based compensation	1,479,516	1,077,284
Loss on extinguishment of debt	0	9,845,860
Derivative expense	0	8,590,802
Change in fair market value of derivative liabilities	(3,286,339)	(13,763,391)
Registration rights expense	0	283,387
Forgiveness of registration rights payable	(246,387)	0
(Increase) Decrease in:
Accounts receivable	103,947	(46,428)
Prepaid expenses	(11,884)	0
Inventories	(465,570)	(281,533)
Increase (Decrease) in:
Accounts payable and accrued expenses	289,508	47,228
Accrued interest payable - related parties	12,510	17,910
Accrued interest payable - convertible notes	14,247	0
Net Cash Used in Operating Activities	(2,151,557)	(3,035,079)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans payable - related parties	12,498	0
Proceeds from issuance of convertible notes	0	5,667,743
Debt issuance costs paid in cash	(41,737)	(726,988)
Proceeds from issuance of preferred stock and promissory note	1,000,000	0
Stock issuance costs paid in cash	(37,012)	0
Repayment on loans - related parties	0	(45,000)
Repayment on loans - other	0	(230,000)
Liquidated damage payment on registration rights	0	(37,000)
Net Cash Provided By Financing Activities	933,749	4,628,755
Net Increase (Decrease) in Cash	(1,217,808)	1,593,676
Cash - Beginning of Year	1,662,130	68,454
Cash - End of Year	444,322	1,662,130
Cash Paid During the Year for:
Income taxes	0	0
Interest	0	0
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Debt discount recorded on convertible notes	474,292	5,667,743
Series A, convertible redeemable preferred stock dividend	878,178	0
Original issue discount	0	850,201
Conversion of convertible note payable to common stock	1,352,389	2,262,610
Reclassification to additional paid in capital when derivative ceases to exist	189,073	4,834,934
Exercise of cashless warrants	$ 0	$ 1,510

Consolidated Balance Sheets (USD $)	Dec. 31, 2011	Dec. 31, 2010
Current Assets
Cash	$ 444,322	$ 1,662,130
Accounts receivable - net	11,021	119,070
Inventories - net	0	431,643
Other	11,884	0
Total Current Assets	467,227	2,212,843
Debt issuance costs - net	48,076	25,548
Total Assets	515,303	2,238,391
Current Liabilities
Accounts payable and accrued expenses	944,472	654,962
Loans payable - related parties	344,624	332,126
Loans payable - other	208,500	208,500
Accrued interest payable - related parties	71,545	59,035
Accrued interest payable - convertible notes	14,247	0
Registration rights payable	362,453	608,840
Convertible notes payable - net of debt discount	419,375	527,126
Derivative liabilities	389,666	2,986,900
Total Current Liabilities	2,754,882	5,377,489
Long-Term Liabilities
Note payable - net	538,702	0
Convertible notes payable - net of debt discount	8,524,961	9,408,517
Total Long-Term Liabilities	9,063,663	9,408,517
Total Liabilities	11,818,545	14,786,006
Series A, convertible redeemable preferred stock, $0.001 par value, 50,000,000 shares authorized, 13,075,468 and 0 shares issued and outstanding, respectively (no stated value)	474,292	0
Stockholders' Deficit
Common stock, $0.001 par value, 200,000,000 shares authorized, 72,838,322 and 49,408,068 shares issued and outstanding, respectively	72,839	49,408
Additional paid in capital	35,783,011	32,822,477
Accumulated deficit	(47,633,384)	(45,419,501)
Total Stockholders' Deficit	(11,777,534)	(12,547,616)
Total Liabilities, Redeemable Preferred Stock, and Stockholders' Deficit	$ 515,303	$ 2,238,391