Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. Arrayit Corp (1084507) 10-Q published on Nov 20, 2015 at 5:04 pm
Reporting Period: Sep 29, 2015
On December 12, 2011, Arrayit signed an Agreement and Plan of Distribution with its subsidiary, Avant Diagnostics, Inc., (“Avant”) whereby shares of common stock of Avant (currently 39,350,000 shares or 41.0% of the total outstanding) owned by Arrayit will be distributed ratably to the shareholders of Arrayit on the record date which will occur upon approval by the SEC of a Form S-1 registration statement to be submitted by Avant Diagnostics, Inc. On September 30, 2015 the Board of Directors of Arrayit approved a Stock In Kind dividend of 10,000,000 shares of Avant to all common shareholders of Arrayit as of September 30, 2015. On October 17, 2015 the Board of Arrayit, on the advice of counsel and in order to comply with FINRA regulations, amended the record date for the Dividend In Kind to October 31, 2015. Arrayit will not record the Dividend In Kind until the Company receives regulatory approval.
Number and Designation. The total number of shares of all classes that this Corporation shall have authority to issue shall be 980,000,000, of which 960,000,000 shall be shares of common stock, par value $.0.001 per share (“Common Stock”) , and 20,000,000 shall be shares of preferred stock, par value $.0.001 per share (“Preferred Stock”).
Selling, general and administrative expenses for the nine months ended September 30, 2015 and 2014 were $4,051,083 and $3,198,667, respectively. The increase of $852,416 is attributable to the Company’s issuance of Series “C” preferred shares, whose fair market value was recorded as compensation expense, offset by a bad debt expense of $1,550,000 recorded in 2014 against the sale to Avant.
On October 22, 2015, Plaintiffs The Nemours Foundation on behalf of the Alfred I. Dupont Hospital for Children, in case number 1:15-CV-00956-RGA launched an action against Arrayit Corporation seeking damages and other relief based on its purchase of a tissue microarrayer instrument, in the amount of $94,925. On November 16, 2015 the parties reached a settlement in the amount of $21,000, of which $11,000 was paid on November 18, 2015 and the balance of $10,000 is due on December 1, 2015.
31.1 Certification of Chief Executive Officer and Principal Accounting Officer pursuant to Section 302 of the Sarbanes - Oxley Act of 2002. (Filed herewith)
32.1 Certification of Chief Executive Officer and Principal Accounting Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Filed herewith)