Balance Sheet:
AS SEEN ON TV, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2012 March 31, (unaudited) 2011 ------------- -------------ASSETSCurrent Assets: Cash and cash equivalents $ 4,683,186 $ 35,502 Accounts receivable, net 2,055,162 82,238 Advances on inventory purchases 304,702 -- Inventories 1,561,314 1,107 Deferred offering costs -- 63,500 Prepaid expenses and other current assets 262,163 46,370 ------------- -------------Total current assets 8,866,527 228,717Investments, at cost, and Certificate of Deposit 50,000 150,000Property, plant and equipment, net 140,000 92,732Deposit on asset acquisition 729,450 -- ------------- -------------Total Assets $ 9,785,977 $ 471,449 ============= =============LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)Current Liabilities: Accounts payable $ 433,591 $ 332,833 Notes payable officer -- 91,219 Deferred revenue 33,750 88,652 Accrued interest related parties -- 2,354 Accrued registration rights penalty 156,000 156,000 Accrued expenses and other current liabilities 601,695 108,326 Notes Payable - Current Portion 28,737 9,714 Warrant liability 25,797,615 4,117,988 ------------- -------------Total current liabilities 27,051,388 4,907,086Commitments and contingenciesStockholders' equity (deficiency): Preferred stock, $.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding at March 31, 2012 and March 31, 2011, respectively. -- -- Common stock, $.0001 par value; 750,000,000 shares authorized at March 31, 2012 and 400,000,000 shares authorized at March 31, 2011, respectively, and; 31,970,784 and 10,791,013 issued and outstanding at March 31, 2012 and March 31, 2011, respectively. 3,197 1,089 Additional paid-in capital -- 3,460,597 Accumulated deficit (17,268,608) (7,897,323) ------------- -------------Total stockholders' equity (deficiency) (17,265,411) (4,435,637) ------------- -------------Total liabilities and stockholders' equity (deficiency) $ 9,785,977 $ 471,449 ============= =============
About As Seen On TV, Inc.
As Seen On TV, Inc. is a direct response marketing company and owner of AsSeenOnTV.com. We identify, develop and market consumer products for global distribution via TV, Internet and retail channels. As Seen On TV, Inc. was established by Kevin Harrington, a pioneer of direct response television. For more information go to www.AsSeenOnTV.com and www.TVGoodsInc.com.
Forward-Looking Statements:
Except for statements of historical fact, the matters discussed in this press release are forward-looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "expects," or "projected." These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history, difficulty in identifying and marketing products, intense competition and additional risks factors as discussed in reports filed by the company with the Securities and Exchange Commission, which are available at http://www.sec.gov.
Contact Information:
Steven Hart
Corporate Strategy & Development
shart@tvgoodsinc.com
917-658-7878
