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At July 31, 2012, the Company had unfavorable functioning capital of roughly $1.5 million, an accumulated deficit of approximately $20.2 million and damaging money flows from operating activities of approximately $2.4 million. Earnings per widespread share amounted to $.03 for the year ended July 31, 2012, as compared to a loss per popular share of $.03 for the year ended July 31, 2011. Interest expense for the year ended July 31, 2012, was roughly $319 thousand, as compared to $362 thousand for the year ended July 31, 2011. The interest expense is a outcome of accreting the discount recognized on the Company’s $two million interest bearing convertible note issued on October 9, 2009. Accretion of $263 thousand is integrated within interest expense for the year ended July 31, 2012, as compared to $323 thousand of accretion integrated inside interest expense for the year ended July 31, 2011.

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We performed our audits in accordance with the standards of the Public zurvita business opportunity (visit the up coming site) Accounting Oversight Board . These standards call for that we strategy and perform the audit to get affordable assurance about no matter whether the financial statements are free of charge of material misstatement. An audit includes examining, on a test basis, proof supporting the amounts and disclosures in the economic statements. An audit also contains assessing the accounting principles applied and considerable estimates produced by management, as nicely as evaluating the all round economic statement presentation. We think that our audits supply a reasonable basis for our opinion.
Interest and penalties linked with unrecognized tax advantages are classified as income tax expense in the statement of operations. The Corporation recognizes the cost resulting from all share-based payment transactions in the economic statements working with a fair-worth-primarily based measurement strategy. The Corporation uses the Black-Scholes Solution Pricing Model in computing the fair worth of warrant instrument issuances. Prior to exiting the discount charge for service company, the Business marketed subscriptions to a service that facilitates the capacity of customers, commonly smaller business owners, to display industrial marketing by means of an on-line search directory. Revenue was recognized ratably over the advertising subscription period.

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As discussed in Note 1 to the financial statements, the Corporation has suffered recurring losses from operations and has not generated enough cash flows from operations to meet its wants. This raises substantial doubt about the Company’s capability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The financial statements do not include things like any adjustments that might outcome from the outcome of this uncertainty.
Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the extra-likely-than-not recognition threshold are measured as the biggest amount of tax benefit that is far more than 50 percent most likely of being realized upon settlement with the applicable taxing authority.

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Company’s independent representatives spend a charge to the Firm entitling them to use of web sites that facilitate their small business operations. Revenue is recognized ratably more than the web-site subscription period. Because its inception, the Organization has met its capital demands principally by means of sale of its equity securities and the issuance of debt. The proceeds from the sale of these securities have been made use of for the Company’s operating expenditures, such as salary costs, skilled charges, rent costs and other general and administrative costs discussed above.