PINX:ACAR ActiveCare Inc Quarterly Report 10-Q Filing - 6/30/2012

Effective Date 6/30/2012

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activecare.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
 
(Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended: June 30, 2012
or
 
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from ____________ to _____________
 
Commission File Number: 0-53570

ActiveCare, Inc.
(Exact name of registrant as specified in its charter)

Delaware
 
87-0578125
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
     
  5095 West 2100 South West Valley City, Utah     84120
(Address of principal executive offices)
    (Zip Code)

(801) 974-9474
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes x  No o
  
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes x  No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o
Accelerated filer o
Non-accelerated filer o
Smaller reporting company x
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)  Yes  o   No  x

As of August 20, 2012, the registrant had 45,369,771 shares of Common Stock outstanding.

 
 

 

ActiveCare, Inc.

Quarterly Report on Form 10-Q

Table of Contents

 
 
Page
   
PART I – FINANCIAL INFORMATION
3
Item 1.  Financial Statements
3
Condensed Consolidated Balance Sheets (unaudited)
3
Condensed Consolidated Statements of Operations (unaudited)
5
Condensed Consolidated Statements of Cash Flows (unaudited)
6
Notes to Condensed Consolidated Financial Statements (unaudited)
8
Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of  Operations
20
Item 3.  Quantitative and Qualitative Disclosures About Market Risk
29
Item 4.  Controls and Procedures
29
   
PART II – OTHER INFORMATION
30
   
Item 1.  Legal Proceedings
30
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds
30
Item 3.  Defaults Upon Senior Securities
30
Item 5.  Other Information
30
Item 6.  Exhibits
31
SIGNATURES
32

 
2

 

ActiveCare, Inc.
Balance Sheets
(unaudited)
             
             
   
June 30,
2012
   
September 30,
2011
 
Assets
           
  Current assets:
           
    Cash
  $ 76,916     $ 178,131  
    Accounts receivable, net of allowance for doubtful accounts of $14,647 and $6,820, respectively
    265,414       103,044  
    Inventories, net of inventory valuation of $6,232 and $4,404, respectively
    142,130       116,010  
    Prepaid expenses and other assets
    3,340       2,217  
      Total current assets
    487,800       399,402  
                 
    Property and equipment, net of accumulated depreciation of $511,077 and $464,276, respectively
    186,606       232,182  
    Deposits
    29,870       30,831  
    Domain name, net of amortization of $1,966 and $1,430, respectively
    12,334       12,870  
    Leased equipment, net of amortization of $85,527 and $54,549, respectively
    64,841       112,955  
Patent, net of amortization of $196,870 and $81,310,  respectively
    725,508       218,690  
Contracted customer, net of amortization of $13,837 and $0, respectively
    96,858       -  
Goodwill
    479,305       -  
      Total assets
  $ 2,083,122     $ 1,006,930  

 
See accompanying notes to condensed consolidated financial statements
 
 
3

 
 
 
ActiveCare, Inc.
 
Balance Sheets
 
(unaudited) Continued
 
             
             
   
June 30,
2012
   
September 30,
2011
 
Liabilities and Stockholders’ Equity / (Deficit)
           
  Current liabilities:
           
    Accounts payable
  $ 655,556     $ 452,034  
    Accounts payable - related party
    13,675       -  
    Accrued expenses
    823,502       494,919  
Dividents payable
    40,842       -  
Derivative liability
    1,346,174       -  
    Deferred revenue
    7,369       1,365  
    Note payable
    1,315,778       300,000  
    Note payable - related party
    1,143,037       -  
    Accrued payable on license agreement
    -       300,000  
      Total current liabilities
    5,345,933       1,548,318  
      Total liabilities
    5,345,933       1,548,318  
                 
Stockholders’ equity (deficit)
               
    Preferred stock; $.00001 par value, 10,000,000 shares authorized; 480,000 and 0 shares of Series C, 55,000 and 0 shares of Series D, issued and outstanding, respectively
    6       -  
    Common stock, $.00001 par value, 70,000,000 shares authorized; 45,369,771 and 38,568,160 shares issued and outstanding,  respectively
    454       386  
    Additional paid in capital
    30,124,008       24,394,501  
    Accumulated deficit
    (33,387,279 )     (24,936,275 )
      Total stockholders’ equity (deficit)
    (3,262,811 )     (541,388 )
      Total liabilities and stockholders’ equity (deficit)
  $ 2,083,122     $ 1,006,930  
 
 
See accompanying notes to condensed consolidated financial statements
 
 
4

 

ActiveCare, Inc.
 
Statements of Operations
 
(unaudited)
 
                         
                         
   
Three months ended
   
Nine months ended
 
   
June 30,
   
June 30,
 
   
2012
   
2011
   
2012
   
2011
 
                         
Revenues:
                       
Care Services
  $ 66,035     $ 80,107     $ 190,662     $ 247,702  
Reagents
    135,636       104,792       357,374       325,965  
Chronic Illness Monitoring
    230,625       -       233,743       -  
          Total revenues
    432,296       184,899       781,779       573,667  
                                 
Cost of Revenue
                     

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