For the year ended July 31, 2012 and 2011, interest expense was approximately $263 thousand and $323 thousand, respectively. Of the interest expense recognized, around $159 thousand and $192 thousand relates to the amortization of the discount. As of July 31, 2011, the Business was involved in a variety of additional claims or disputes arising in the regular course of business.
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The outcome of such claims cannot be determined at this time. Management does not believe that the ultimate outcome of these matters will have a material influence on the Company’s operations or cash flows. In the course of the years ended July 31, 2012 and 2011, the effect of convertible debt, outstanding exercisable warrants and convertible preferred stock have been not incorporated within the Company’s earnings per share calculation as they have been either out-of-the dollars or anti-dilutive. Amacore had accelerated the vesting circumstances of the original award prior to July 31, 2009 and, for that reason, no compensation expense is recorded in fiscal 2010.
As of July 31, 2011, there have been 800 thousand warrants outstanding and exercisable. No warrants expired, nor were any warrants exercised or forfeited through the nine months ended April 30, 2011 and, for that reason, no intrinsic worth was realized. As of July 31, 2011, the weighted typical exercising cost of warrants granted was $.60. As of July 31, 2012, there was no unrecognized compensation expense related to non-compensatory liability warrants as all were quickly vested upon issuance.
This annual report does not involve an attestation report of our registered public accounting firm concerning internal handle over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to temporary rules of the SEC that permit the Company to deliver only management’s report in this annual report.
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Mr. Stastney also jointly founded Victus Capital Management LLC in 2001. In 1997, he joined Credit Suisse Initial Boston’s then-combined convertible/equity derivative origination desk. From 1994 to 1997, he was an associate at the law firm of Cravath, Swaine and Moore in New York, in their tax and corporate groups, focusing on derivatives. He graduated from the University of North Dakota in 1990 with a B.A.
There had been no warrants exercised for the duration of the year ended July 31, 2012 for that reason no intrinsic worth associated with them. The total fair value of vested warrants at July 31, 2012 was about $1.5 thousand.The weighted typical grant date fair value of warrants granted for the duration of the year ended July 31, 2012 and 2011 was $ and $, respectively.
From 2001 to 2006, he worked at International Fund Solutions, the fund administrator, where he was a Managing Director of Operation. Shadron Stastney was elected to the Board of Directors in March 2010. Mr. Statsney also serves on the board of directors of Amacore. Mr. Stastney is the Chief Operating Officer and Head of Investigation for Vicis Capital, LLC, a corporation he jointly founded in 2004.
We had no alterations in or disagreements with accountants on accounting and financial disclosure in 2011 or 2010. For the year ended July 31, 2012, zurvita (inquiry) paid Amacore $386 thousand, for these solutions, as compared to $461 thousand for the prior year. The Enterprise recognized interest expense with respect to the note payable due to Infusion Brands, who is a substantial shareholder of the firm.
Our management is responsible for establishing and preserving sufficient internal control more than economic reporting. Simply because of its inherent limitations, internal control over monetary reporting is not intended to deliver absolute assurance that a misstatement of the Company’s financial statements would be prevented or detected. Our disclosure controls and procedures are not created adequately to supply reasonable assurance that such details is accumulated and communicated to our management. Our disclosure controls and procedures contain elements of our internal handle over financial reporting. This conclusion was primarily based on the material weaknesses identified beneath with regard to internal controls more than monetary reporting.
in Political Theory and History, and from the Yale Law College in 1994 with a J.D. Mr. Stastney presently is a director of Ambient Corporation, MDwerks, Inc and Master Silicon Carbide Industries, Inc. There was no alter in our internal handle more than financial reporting that occurred for the duration of the periods covered by this annual report on Form 10-K that materially impacted, or is reasonably likely to materially influence, our internal manage over economic reporting.