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. Avalon Holding Group, Inc. (1453684) 10-Q published on Dec 15, 2014 at 4:15 pm
Reporting Period: Oct 30, 2014
Certain prior period amounts have been reclassified to conform to current period presentation. Accrued interest is shown as a separate line item now in the statement of cash flows.
During the period ended September 30, 2014 the Company received $19,032 from the new licensor (reported as other income on the statement of operations). Subsequent to the period on November 14, 2014 the Company received an additional $36,192 from the new licensor.
Subsequent to the period as per the Inventory Agreement the Company received an additional $36,192 from the new licensor on November 14, 2014 (Note 6).
For the nine month period ended October 31, 2014, we had revenues of $nil as compared to revenues of $27,367 for the nine month period ended October 31, 2013. The decrease in revenue is because the marketing agreement between Painmaster and Newmark has expired. The Agreement has not been renewed and Painmaster has begun transferring the remaining inventory to the new licensor as of November 26, 2013. As of October 31, 2014 the Company has received $19,032 in income from the new licensor. Subsequent to the period on November 14, 2014 the Company received an additional $36,192 from the new licensor. The income has been recorded as other income on the Condensed Consolidated Statement of Operations in the Company’s financial statements.
Our net loss for the nine month period ended October 31, 2014 was $90,878 compared to a loss of $344,826 during the same period from the prior fiscal year. During the nine month period ended October 31, 2014, we generated $nil in revenue and incurred general and administrative expense of $35,612, advertising & marketing expense of $nil, management fees of $nil, interest expense of $74,298 and other income of $19,032 as compared to general and administrative expense of $224,576, advertising & marketing expense of $116,039, management fees of $24,000, interest expense of $53,138 and gain on forgiveness of debt of $50,000 for the same period in 2013. The decrease in our general and administrative expenses for the nine month period ended October 31, 2014, compared to the same period from the prior fiscal year was due to decreased audit, accounting, legal and filing expenses. The decrease in our advertising and marketing expense and our management fees was due to the expiration of the marketing agreement between Painmaster and Newmark. As of October 31, 2014 the Company has received $19,032 in income from the new licensor. Subsequent to the period on November 14, 2014 the Company received an additional $36,192 from the new licensor. The income has been recorded as other income on the Condensed Consolidated Statement of Operations in the Company’s financial statements.