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. WOODSTOCK HOLDINGS INC. (1095373) 10-Q published on Nov 07, 2012 at 4:06 pm
During the nine months ended September 30, 2012 and 2011, the Company had potential common stock issuances of 86,000 shares of 2001 Series A Preferred Stock and 81,500 shares of 2012 Series A Preferred Stock relating to outstanding shares of preferred stock. The effect of the convertible preferred stock issuances would be antidilutive because the exercise price is more than the fair value of the stock. The effect of these potential common stock issuances has been excluded from the computation of net earnings per share for each year.
In August 2012, the FASB issued ASU 2012-03, “Technical Amendments and Corrections to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 114, Technical Amendments Pursuant to SEC Release No. 33-9250, and Corrections Related to FASB Accounting Standards Update 2010-22 (SEC Update)” in Accounting Standards Update No. 2012-03. This update amends various SEC paragraphs pursuant to the issuance of SAB No. 114. The adoption of ASU 2012-03 is not expected to have a material impact on the Company’s financial position or results of operations.
Selling, general and administrative expense for the nine months ended September 30, 2012 increased by $55,315, or approximately 3%, to $1,918,666 from $1,863,351 for the comparable period in 2011. This slight increase is primarily due to increases in compliance settlements. Compliance settlement increased approximately $40,000.
Commencing October 1, 2012, the Company’s Chief Executive Officer and his spouse who acts as consultant to the Company, have agreed to reduce their monthly base salary and consulting fees by 10%. Further, the Company has required all non-commissioned employees to agree to a 10% reduction in base cash compensation. It is anticipated that the Company’s overhead will be reduced by approximately $8,600 per month as a result of these cost cutting measures.
(a) From January 1, 2012 through September 30, 2012, we had no sales or issuances of unregistered common stock, except we made sales or issuances of unregistered securities listed in the table below: