As Seen On TV, Inc. continues to expand its primary channels of sales and distribution: its own AsSeenOnTV.com website, direct response television, television shopping networks, e-commerce marketplaces and retail outlets. Subsequent to the end of the fiscal year, the Company closed its asset purchase of AsSeenOnTV.com, and now fully owns what it believes to be the "Crown Jewel" of the direct response industry. During each month the Company had several product successes on major live television shopping channels. Several of the Company's products were featured in social media and e-commerce marketplaces, which represents a newly developed sales channel. The Company's retail strategy is in its development stage and remains a key initiative over the next year.
The funnel and pipeline for new products continue to broaden and remains very strong. Chairman Kevin Harrington's frequent appearances on television and tradeshows and speaking engagements continue to draw the attention of entrepreneurs and inventors. The Company is continually sought after for product development and television marketing partnerships.
Steve Rogai, CEO of As Seen On TV, Inc. stated, "We are very pleased with the business progress and financial performance of the quarter and fiscal year, particularly the second half of fiscal 2012, once we had access to adequate capital. Our product development efforts over the past few quarters have turned into several successful television marketing debuts and product sales. More recently, with the closing of our asset purchase of AsSeenOnTV.com, we are very excited to introduce a social media marketing campaign to further the growth and scope of our brand. We look forward to building a successful and long-lasting business for years to come."
Statement of Operations:
AS SEEN ON TV, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS Three Months Ended March 31, Twelve Months Ended (unaudited) March 31, ------------------------ ------------------------ 2012 2011 2012 2011 ----------- ----------- ----------- -----------Revenues $ 4,815,053 $ 505,297 $ 8,165,470 $ 1,354,238Cost of revenues 4,352,561 669,784 6,270,508 1,838,367 ----------- ----------- ----------- -----------Gross profit (loss) 462,492 (164,487) 1,894,962 (484,129)Operating expenses: Selling and marketing expenses 1,575,879 -- 3,517,765 -- General and administrative expenses 1,802,821 1,403,068 4,970,616 4,271,965 ----------- ----------- ----------- -----------Loss from operations (2,916,208) (1,567,555) (6,593,419) (4,756,094)Other (income) expense: Warrant revaluation (5,041,015) 4,056,544 (5,452,436) 1,935,256 Loss of extinguishment of debt -- -- 2,950,513 -- Revaluation of derivative liability -- -- (209,351) -- Registration rights penalty -- 81,000 -- 156,000 Interest income - related party -- -- -- (10,440) Other (income) expense (611) (1,805) (10,076) (25,407) Interest expenses - notes payable 954 (2,933) 4,181,642 63,212 Interest expense - related party -- 59,844 23,271 104,783 ----------- ----------- ----------- ----------- (5,040,672) 4,192,650 1,483,563 2,223,404Income/(loss) before income taxes 2,124,464 (5,760,205) (8,076,982) (6,979,498)Provision for income taxes -- -- -- -- ----------- ----------- ----------- -----------Net income/(loss) $ 2,124,464 $(5,760,205) $(8,076,982) $(6,979,498) =========== =========== =========== ===========Income/ (loss) per common share: Basic $ 0.07 $ (0.53) $ (0.40) $ (0.70) =========== =========== =========== =========== Diluted $ 0.07 $ (0.53) $ (0.40) $ (0.70) =========== =========== =========== ===========Weighted-average number of common shares outstanding: Basic 31,970,784 10,791,013 20,240,435 9,923,596 =========== =========== =========== =========== Diluted 31,970,784 10,791,013 20,240,435 9,923,596 =========== =========== =========== ===========
