As Seen On TV, Inc.

CIK:0001432967|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]
Revenues	$ 4,024,354	$ 765,690	$ 10,605,601	$ 9,955,861
Cost of revenues	5,141,020	595,979	11,100,277	7,998,801
Gross profit	(1,116,666)	169,711	(494,676)	1,957,060
Operating expenses:
Selling and marketing expenses	730,576	174,863	1,344,463	351,875
General and administrative expenses	3,765,144	1,027,498	8,341,287	3,698,924
Impairment loss on goodwill	19,177,171	0	19,177,171	0
Impairment loss on other intangible assets	2,793,415	0	2,793,415	0
Loss from operations	(27,582,972)	(1,032,650)	(32,151,012)	(2,093,739)
Other (income) expense:
Change in fair value of warrants	(665,733)	0	1,037,108	0
Interest expense	(1,663,199)	(238,185)	(3,294,488)	(238,185)
Interest income	33,565	0	70,303	0
Loss on inventory deposit	(200,000)	0	(200,000)	0
Loss on note receivable	(1,035,256)	0	(1,035,256)	0
Other income (expense)	9,292	7,658	(38,403)	6,229
Net other income (expense)	(3,521,331)	(230,527)	(3,460,736)	(231,956)
Loss before provision for income taxes	(31,104,303)	(1,263,177)	(35,611,748)	(2,325,695)
Provision for income taxes	0	0	0	0
Net loss	(31,104,303)	(1,263,177)	(35,611,748)	(2,325,695)
Less: Net loss attributed to noncontrolling interest in Ronco Holdings, Inc.	17,942,343	0	19,139,054	0
Net loss attributable to As Seen On TV, Inc.	$ (13,161,960)	$ (1,263,177)	$ (16,472,694)	$ (2,325,695)
Basic and diluted loss per share	$ (.02)	$ (.02)	$ (.04)	$ (.03)
Basic and diluted weighted-average number of common shares outstanding	531,815,115	71,741,250	378,457,160	67,114,073

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities
Net loss	$ (35,611,748)	$ (2,325,695)
Adjustments to reconcile net loss to net cash used in operating activities
Accretion of discount on notes payable	1,858,675	0
Amortization of debt issuance costs	214,958	0
Change in allowance for sales refunds	1,493,106	(178,299)
Change in allowance for uncollectible accounts	151,026	(15,274)
Change in inventory allowance	794,485	0
Depreciation and amortization	601,900	25,137
Gain on warrant revaluation	(1,037,108)	0
Impairment loss on goodwill	19,177,171	0
Impairment loss on other intangible assets	2,793,415	0
Loss on inventory deposit	200,000	0
Loss on note receivable	1,035,256	0
Share-based compensation expense	362,966	599,058
Changes in operating assets and liabilities
Accounts receivable	22,788	1,318,021
Inventories	(3,743,274)	(54,529)
Prepaid expenses and other current assets	(939,839)	(815,126)
Accounts payable	3,177,853	(779,626)
Accrued expenses and other current liabilities	1,682,586	36,991
Deferred revenue	71,198	(159,840)
Other	(2,000)	(10,095)
Net cash used in operating activities	(7,696,586)	(2,359,277)
Cash flows from investing activities
Decrease in restricted cash	15,619	0
Cash acquired in connection with acquisitions	150,398	0
Purchase of property and equipment	(275,730)	0
Net cash provided by investing activities	(109,713)	0
Cash flows from financing activities
Capital contribution from Infusion Brands International	31,162	0
Funds borrowed from affliated entities	0	2,857,207
Net payments made on accounts receivable factoring arrangement	(473,861)	(786,626)
Principal payments on notes payable	(151,050)	0
Proceeds from senior secured note payable	8,406,833	0
Net cash provided by financing activities	7,813,084	2,070,581
Net increase (decrease) in cash	6,785	(288,696)
Cash at beginning of year	91,397	288,779
Cash at end of year	98,182	83
Supplemental Cash Flow Information
Cash paid for interest		238,185
Cash paid for income taxes		0
Non Cash Investing and Financing Activities
Capital contribution from Infusion Brands International		0
Common shares issued in connection with merger	5,997,476	0
Warrants issued with notes payable		0
Reclassification of accrued interest to principal balance of debt		0
Insurance premiums financed through note payable		0
Assumed note payable	$ 102,500	0
Anti-dilutive shares issued		$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash	$ 98,182	$ 91,397
Accounts receivable, net	1,693,249	1,127,058
Inventories	5,345,341	879,178
Prepaid expenses and other current assets	1,369,210	96,826
Total current assets	8,505,982	2,194,459
Restricted cash - non current	67,843	0
Property plant and equipment, net	538,119	100,732
Intangible assets, net	6,611,956	0
Deposits	17,563	0
Total assets	15,741,463	2,295,191
Current liabilities:
Accounts payable	9,265,991	2,193,664
Deferred revenue	152,223	37,030
Accrued expenses and other current liabilities	5,952,981	659,695
Accounts receivable financing arrangement	99	473,960
Notes payable - current portion	18,545,767	0
Notes payable - related party	3,000,143	0
Warrant liability	3,039,617	0
Due to affiliates	0	20,138,733
Total current liabilities	39,956,821	23,503,082
Notes payable	2,151,075	0
Notes payable - related party	11,211,562	0
Total liabilities	$ 53,319,458	$ 23,503,082
Commitments and contingencies (Note 13)
Redeemable preferred stock (Note 14)	$ 2,700,000	$ 0
Stockholders' equity:
Preferred stock, $.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively.	0	0
Common stock, $.0001 par value; 750,000,000 shares authorized and 531,815,115 and 71,741,250 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively.	53,182	7,174
Additional paid-in capital	22,972,201	6,476,565
Accumulated deficit	(44,164,324)	(27,691,630)
Total ASTV stockholders' deficit	(21,138,941)	(21,207,891)
Deficit relating to noncontrolling interest in Ronco Holdings, Inc.	(19,139,054)	0
Total stockholders' deficit	(40,277,995)	(21,207,891)
Total liabilities, redeemable preferred stock and stockholders' defficit	$ 15,741,463	$ 2,295,191