|
Item 1
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Financial Statements
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(Formerly known as Big Sky Productions, Inc.)
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(UNAUDITED)
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March 31,
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June 30,
|
|
|
|
2014
|
|
2013
|
|
|
ASSETS
|
|
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Current assets
|
|
|
|
|
|
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Cash
|
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$
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186,009
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|
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$
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19,323
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|
|
Accounts receivable
|
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71,429
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|
|
|
117,995
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Inventory
|
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48,867
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|
|
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109,964
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|
|
Total current assets
|
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306,305
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|
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247,282
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|
|
|
|
|
|
|
|
|
|
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Fixed assets, net of accumulated depreciation
|
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28,191
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|
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31,563
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|
|
|
|
|
|
|
|
|
|
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Total assets
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$
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334,496
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$
|
278,845
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|
|
|
|
|
|
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LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
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Current liabilities
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|
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|
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Accounts payable and accrued liabilities
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$
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49,491
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$
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17,832
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|
Note payable, related party, net of discounts of $0 and $913
|
|
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41,016
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|
|
|
-
|
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Total current liabilities
|
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90,507
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17,832
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|
|
|
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|
|
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Stockholders' equity (deficit)
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Common stock, $0.001 par value; 75,000,000 shares authorized; 42,354,556 and 20,000,000 issued and outstanding at March 31, 2014 and June 30, 2013
|
|
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42,355
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|
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20,000
|
|
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Additional paid in capital
|
|
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235,021
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|
|
|
-
|
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Accumulated deficit
|
|
|
(33,387
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)
|
|
|
241,013
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Total stockholders' equity (deficit)
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|
|
243,989
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|
|
|
261,013
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|
|
|
|
|
|
|
|
|
|
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Total liabilities and stockholders' equity (deficit)
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|
$
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334,496
|
|
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$
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278,845
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|
|
|
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|
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See notes to unaudited condensed consolidated financial statements.
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(Formerly known as Big Sky Productions, Inc.)
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(UNAUDITED)
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Three months ended March 31,
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Nine months ended March 31,
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2014
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2013
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2014
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2013
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Revenue
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$
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164,425
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|
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$
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387,962
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$
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746,151
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$
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631,627
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Cost of revenue
|
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107,732
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|
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239,633
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|
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466,967
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365,729
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Gross profit
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56,693
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|
|
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148,329
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|
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279,184
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|
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265,898
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|
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|
|
|
|
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Operating expenses
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|
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Professional fees
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101,003
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1,858
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215,583
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18,449
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Depreciation
|
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1,568
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|
|
|
754
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4,780
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3,164
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Travel
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30,326
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17,997
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87,499
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26,624
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Research and development
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5,776
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41,495
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35,810
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45,785
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Promotional and advertising
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15,518
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2,710
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35,305
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12,562
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General and administrative
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69,197
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35,490
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173,804
|
|
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74,390
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Total operating expenses
|
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|
(166,695
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)
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100,304
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552,81
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|
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180,974
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
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Loss from operations
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(166,695
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)
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48,025
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(273,597
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)
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84,924
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|
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|
|
|
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|
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|
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Other income (expense)
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Interest income
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|
-
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|
|
|
-
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|
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16
|
|
|
|
-
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Other income
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|
|
-
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|
|
|
-
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|
|
|
-
|
|
|
|
-
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Interest expense
|
|
|
-
|
|
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|
-
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(819
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)
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|
|
-
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Total other income (expense)
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|
|
-
|
|
|
|
-
|
|
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(803
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)
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|
-
|
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|
|
|
|
|
|
|
|
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Net loss
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$
|
(166,695
|
)
|
|
$
|
48,025
|
|
|
$
|
(274,400
|
)
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|
$
|
84,924
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|
|
|
|
|
|
|
|
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|
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|
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Net loss per common share
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$
|
(0.00
|
)
|
|
$
|
0.00
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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Weighted average shares outstanding
|
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|
41,124,045
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|
20,000,000
|
|
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31,692,267
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20,000,000
|
|
|
|
|
|
|
|
|
|
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|
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See notes to unaudited condensed consolidated financial statements.
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(Formerly known as Big Sky Productions, Inc.)
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|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(UNAUDITED)
|
|
|
Nine months ended March 31,
|
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|
|
2014
|
|
|
2013
|
|
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Cash flows from operating activities
|
|
|
|
|
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Net loss
|
|
$
|
(274,400
|
)
|
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$
|
84,924
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|
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Adjustments to reconcile net loss to net cash used in operating activities
|
|
|
|
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Depreciation
|
|
|
4,780
|
|
|
|
-
|
|
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Amortization of debt discount
|
|
|
933
|
|
|
|
2,410
|
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Shares issued for services
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|
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41,000
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|
|
|
-
|
|
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Changes in operating assets and liabilities
|
|
|
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|
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|
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Accounts receivable
|
|
|
67,099
|
|
|
|
-
|
|
|
Inventory
|
|
|
168,337
|
|
|
|
-
|
|
|
Prepaid expenses and other current asset
|
|
|
-
|
|
|
|
-
|
|
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Accounts payable and accrued liabilities
|
|
|
31,659
|
|
|
|
(39,322
|
)
|
|
Deferred revenue
|
|
|
-
|
|
|
|
-
|
|
|
Net cash used in operating activities
|
|
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39,408
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|
|
|
48,012
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|
|
|
|
|
|
|
|
|
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Cash flows from investing activities
|
|
|
|
|
|
|
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|
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Purchase of equipment
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|
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(1,201
|
)
|
|
|
-
|
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Cash flows from investing activities
|
|
|
(1,201
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
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Cash flows from financing activities
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|
|
|
|
|
|
|
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Cash acquired in merger
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|
|
7
|
|
|
|
-
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Proceeds from notes payable - related party
|
|
|
41,016
|
|
|
|
-
|
|
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Payments on notes payable - related party
|
|
|
(9,865
|
)
|
|
|
-
|
|
|
Proceeds from sale of stock
|
|
|
323,985
|
|
|
|
-
|
|
|
Net cash provided by financing activities
|
|
|
355,136
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
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Net change in cash
|
|
|
166,686
|
|
|
|
48,012
|
|
|
Cash at beginning of period
|
|
|
19,323
|
|
|
|
2,097
|
|
|
Cash at end of period
|
|
$
|
186,009
|
|
|
$
|
50,109
|
|
|
|
|
|
|
|
|
|
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Supplemental disclosure of non-cash investing and financing activities:
|
|
|
|
|
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|
Common stock issued as settlement of accounts payable
|
|
$
|
41,244
|
|
|
$
|
-
|
|
|
Accounts receivable acquired in subsidiary acquisition
|
|
$
|
20,533
|
|
|
$
|
-
|
|
|
Inventory acquired in subsidiary acquisition
|
|
$
|
107,240
|
|
|
$
|
-
|
|
|
Net equipment acquired in subsidiary acquisition
|
|
$
|
30,046
|
|
|
$
|
-
|
|
|
Common stock issued for goodwill
|
|
$
|
28,191
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow Information:
|
|
|
|
|
|
|
|
|
|
Cash paid for interest
|
|
$
|
-
|
|
|
$
|
-
|
|
|
Cash paid for income taxes
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
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|
See notes to unaudited condensed consolidated financial statements.
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|
AUTRIS
(formerly known as Big Sky Productions, Inc.)
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1
–
Nature of Business
AUTRIS (the
“
Company
”
) was incorporated in the State of Nevada on February 28, 2008 as Big Sky Productions, Inc. The Company filed a Certificate of Amendment with the Nevada Secretary of State on January 6, 2014 effecting the name change.
On October 09, 2013, we acquired 100% of the membership interest of NitroHeat, LLC. Under the membership interest purchase agreement, Autris issued 20,000,000 shares of its common stock to Derek Naidoo (100% membership owner) exchange for 100% of NitroHeat, LLC. For accounting purposes, the acquisition of the NitroHeat, LLC by Autris has been accounted for as a re-capitalization, similar to a reverse acquisition whereby the private company, NitroHeat, LLC, acquired (Autris) due to a change of control. Accordingly, NitroHeat, LLC is considered the acquirer for accounting purposes and thus, the historical financials are primarily that of NitroHeat, LLC As a result of this transaction, Autris changed its business direction and is now a manufacturer and distributor of heated nitrogen system primarily focused towards the spray painting industry.
Note 2
–
Summary of Significant Accounting Policies
Basis of presentation
The accompanying unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information.
The unaudited interim financial statements should be read in conjunction with the Company
’
s Annual Report on Form 10-K, which contains the audited financial statements and notes thereto, together with the Plan of Operations for the year ended June 30, 2013.
Certain information or footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted, pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim results for the nine months ended March 31, 2014 are not necessarily indicative of results for the full fiscal year.
Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Areas requiring the use of estimates include impairment of long lived assets, valuation allowance applied to deferred tax assets and useful lives used in the depreciation of equipment. Actual results could differ from those estimates.
AUTRIS
(formerly known as Big Sky Productions, Inc.)
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Principles of consolidation
For the period ended March 31, 2014 and June 30, 2013, the consolidated financial statements include the accounts of NitroHeat, LLC and Autris. All significant intercompany balances and transactions have been eliminated. NitroHeat, LLC and Autris will be collectively referred herein to as the
“
Company
”
.
Cash and Cash Equivalents
All highly liquid investments with maturity of three months or less are considered to be cash equivalents. There were no cash equivalents as of March 31, 2014.
Inventory
Inventories are stated at the lower of cost (first-in, first-out basis) or market (net realizable value).
Property and Equipment
Property and equipment are carried at cost. Expenditures for maintenance and repairs are charged against operations. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period.
Depreciation is computed for financial statement purposes on a straight-line basis over estimated useful lives of the related assets. The estimated useful lives of depreciable assets are:
|
|
Estimated Useful Lives
|
|
Furniture and Fixtures
|
5 - 10 years
|
|
Computer Equipment
|
2 - 5 years
|
|
Vehicles
|
5 - 10 years
|
For federal income tax purposes, depreciation is computed under the modified accelerated cost recovery system. For audit purposes, depreciation is computed under the straight-line method.
Earnings per share
FASB ASC 260,
“
Earnings Per Share
”
provides for calculation of "basic" and "diluted" earnings (loss) per share. Basic earnings per share includes no dilution and is computed by dividing net income (loss) available to common shareholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity similar to fully diluted earnings per share. Basic and diluted loss per share were the same, at the reporting dates, as there were no common stock equivalents outstanding.
Stock-based compensation
The Company records stock based compensation in accordance with the guidance in ASC Topic 505 and 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.
AUTRIS
(formerly known as Big Sky Productions, Inc.)
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Stock-based compensation, continued
The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 718-10 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50.
Revenue Recognition
The Company's financial statements are prepared under the accrual method of accounting. Revenues are recognized when evidence of an agreement exists, the price is fixed or determinable, collectability is reasonably assured and goods have been delivered or services performed.
Through the acquisition of NitroHeat, the Company derived revenues from the sale of advertising space on its radio program
“
The Ellis Martin Report.
”
“
The Ellis Martin Report
”
is a paid news magazine airing on select AM radio stations in the United States. Clients and/or guests compensated the Company for time on this program to expose their business or stories to the listening audience.
Since the acquisition of NitroHeat, the Company derives revenues from the sale of heated nitrogen systems.
Recent Accounting Pronouncements
The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company
’
s financial position, or statements.
Note 3
–
Going Concern
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. The Company incurred a net loss from continuing operations for the nine months ended March 31, 2014 of $274,400. The Company
’
s net operating loss was primarily related to expenses incurred in connection with its merger activities. The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.
AUTRIS
(formerly known as Big Sky Productions, Inc.)
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 4
–
Fixed Assets
|
|
|
|
|
|
|
|
|
|
|
March 31, 2014
|
|
|
June 30, 2013
|
|
|
Leasehold improvements
|
|
$
|
2,795
|
|
|
$
|
-
|
|
|
Computer and video equipment
|
|
|
11,265
|
|
|
|
-
|
|
|
Machinery
|
|
|
35,370
|
|
|
|
35,370
|
|
|
Furniture and equipment
|
|
|
5,091
|
|
|
|
5,091
|
|
|
Sub Total
|
|
$
|
54,521
|
|
|
$
|
40,461
|
|
|
Accumulated depreciation
|
|
|
(26,330
|
)
|
|
|
(8,898
|
)
|
|
Total
|
|
$
|
28,191
|
|
|
$
|
31,563
|
|
Note 5
–
Related Party Transactions
During the nine months ended March 31, 2014, the Company repaid outstanding loans from related parties totaling $9,865 and received advancements of $41,016. There was a total of $41,016 due to related parties as of March 31, 2014. The loans are non-interest bearing, due on demand and as such are included in current liabilities.
Note 6
–
Stockholders
’
Equity
Common Stock
The Company is authorized to issue up to 75,000,000 shares of $0.001 par value common stock. The Company has no stock option plan, warrants or other dilutive securities.
During the nine months ended March 31, 2014:
|
·
|
The Company completed its acquisition of NitroHeat in exchange for 20,000,000 shares of its common stock which was recorded as a recapitalization because it was a reverse merger.
|
|
·
|
The Company issued 2,062,175 shares of common stock as settlement in full of $41,244 of accounts payable, representing the estimated fair value of the shares issued.
|
|
·
|
The Company issued 800,000 common shares with an estimated fair value of $16,000 or $0.02 per share in exchange for professional services received during the six month period.
|
|
·
|
The Company issued 250,000 shares of its common stock to an individual pursuant to a Consulting Agreement for general business development services received during the second fiscal quarter. The estimated fair value of the shares issued totaled $5,000 and has been recorded as a consulting expense.
|
|
·
|
The Company sold a total of 6,039,000 shares of its common stock for cash totaling $209,990 or $0.035 per share.
|
AUTRIS
(formerly known as Big Sky Productions, Inc.)
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 6
–
Stockholders
’
Equity (Continued)
Common Stock (continued)
|
·
|
The Company sold a total of 1,140,000 shares of its common stock for cash totaling $113,995 or $0.10 per share.
|
Note 7
–
Subsequent Events
In May 2014, the Company issued a total of 850,000 common shares at a price of $0.10 for total cash proceeds of $85,000.
Item 2
Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of our financial condition and plan of operations should be read in conjunction with our unaudited interim financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q. Various statements have been made herein that may constitute “forward-looking statements”. Forward-looking statements may also be made in the Company’s other reports filed with or furnished to the United States Securities and Exchange Commission (the “SEC”) and in other documents. In addition, the Company through its management may make oral forward-looking statements.
Forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from such statements. The words “believe,” “expect,” “anticipate,” “optimistic,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely” and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance, and therefore, you should not put undue reliance upon them. Some of the statements that are forward-looking include: our ability to successfully implement our business plan; our estimates of revenues and of other expenses associated with our operations; our ability to identify, explore and extract mineralized material; and our ability to generate sufficient cash flows and maintain adequate sources of liquidity to finance our ongoing operations and capital expenditures. The Company undertakes no obligation to update or revise any forward-looking statements.
CORPORATE HISTORY AND BACKGROUND
Autris, formerly Big Sky Productions, Inc. (the “Company”) was incorporated in the State of Nevada on February 28, 2008. Effective January 14, 2014, our name change went effective and our ticker symbol was changed to “AUTR”. The Company has elected a fiscal year end of June 30.
OUR BUSINESS
We have discontinued our operations of an online news magazine and terrestrial radio program broadcast known as the “Ellis Martin Report” and during the quarter ended September 30, 2013, we completed the acquisition of NitroHeat, LLC, a California limited liability company (“NitroHeat") from its sole member Anand Derek Naidoo. Mr. Naidoo became our Chief Executive officer, President and Director, as well as remaining Chief Executive Officer of NitroHeat as a result of the acquisition. NitroHeat shall operate as a wholly-owned subsidiary of the Company.
NitroHeat is a manufacturer and distributor of nitrogen generators and compressed gas heaters, with all manufacturing and assembly conducted in the Gardena, California. This unique solution is currently supplied into the automotive and industrial spray painting markets. Even though NitroHeat’s initial focus was in the spray painting of vehicle and industrial applications, there are a variety of other uses for this system in the following areas: Food production and packaging, shielding gases in the industrial and aeronautical sector, fire retardants, wine production and bottling, shielding gas and aluminum extrusion.
In the painting segment, the benefits derived from the utilization of the NitroHeat system are; improved paint transfer efficiency, faster drying / curing time and a higher finish quality. In the industrial sectors, the Nitrogen generators are used as an alternative to compressed “bottled / tanked” nitrogen. The NitroHeat Nitrogen generators are able to produce “nitrogen on demand”. The Nitroheat compressed gas heaters are also used in a variety of industries requiring “hot air”. Our unique thermal process controllers are able to precisely supply compressed air or nitrogen at very specific temperatures.
Future operations of the Company shall focus on NitroHeat.
Critical Accounting Policies and Estimates
While our significant accounting policies are more fully described in Note 1 to our financial statements for the nine months ended March 31, 2014, we believe that the following accounting policies are the most critical to aid you in fully understanding and evaluating this management discussion and analysis.
Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We continually evaluate our estimates, including those related to bad debts, recovery of long-lived assets, income taxes, and the valuation of equity transactions. We base our estimates on historical experience and on various other assumptions that we believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Any future changes to these estimates and assumptions could cause a material change to our reported amounts of revenues, expenses, assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. We believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of the financial statements.
Principles of Consolidation
The unaudited consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America and present the financial statements of the Company and our wholly-owned subsidiaries. In the preparation of our unaudited consolidated financial statements, intercompany transactions and balances are eliminated.
Results of Operations
The following discussion of the financial condition and results of operations should be read in conjunction with the financial statements included herewith. This discussion should not be construed to imply that the results discussed herein will necessarily continue into the future, or that any conclusion reached herein will necessarily be indicative of actual operating results in the future.
For the Three and Nine Months ended March 31, 2014
For the nine months ended March 31, 2014, operating expenses were $552,781, as compared to $180,974 for the nine months ended March 31, 2013. For the three months ended March 31, 2014, operating expenses were $223,388 as compared to $100,304 for the three months ended March 31, 2013. The increase in operating expenses for the three and nine month periods were primarily attributable to the increase in travel, promotional and marketing and general and administrative, the increase in professional fees primarily due to accounting and legal fees related to public company filing and reporting requirements increase of $101,003.
We did not incur income (loss) from discontinued during the three months ended March 31, 2014 and 2013 and the nine months ended March 31, 2014 and 2013.
For the nine months ended March 31, 2014 and 2013, we incurred a net loss of $274,400 and net income of $84,924, respectively. For the three months ended March 31, 2014 and 2013, we incurred a net loss of $166,695 and net income of $48,025, respectively.
Liquidity and Capital Resources
As of March 31, 2014, our current assets were $306,305 and our current liabilities were $90,507, resulting in working capital of $215,798. We have been funding our operations through the issuance of common stock for operating capital purposes.
Liquidity and Financial Condition
As of March 31, 2014, the Company had current assets of $306,305 and current liabilities of $90,507; and a cash balance of $186,009.
We anticipate that additional capital will be required to implement our business plan for the next 12 months in our operations of NitroHeat. In order to obtain the necessary capital, the Company may need to sell additional shares of common stock or borrow funds from private lenders.
Even if we are able to raise the funds required, it is possible that we could incur unexpected costs and expenses, fail to collect significant amounts owed to us or experience unexpected cash requirements that would force us to seek alternative financing. Further, if we issue additional equity or debt securities as a means of raising additional capital, stockholders may experience dilution or the new equity securities may have rights, preferences or privileges senior to those of existing holders of common stock.
Operating Activities
For the nine months ended March 31, 2014, net cash flows used in operating activities was $39,408 and was primarily attributable to our net loss of $274,400 adjusted for the add back by depreciation of $4,780 and offset by net changes in operating assets and liabilities of $158,694 due to an decrease in inventory of $168,337 and an increase in accounts payable and accrued expenses of $31,659. For the nine months ended March 31, 2013, net cash used by operating activities was $48,012 and was mainly the result of our net loss during the period.
Investing Activities
Net cash flows used in investing activities were $1,201 for the nine months ended March 31, 2014 and compared to $0 for the nine months ended March 31, 2013. During the nine months ended March 31, 2014, we used cash for the purchase of equipment.
Financing Activities
Net cash flows provided by financing activities were $355,136 for the nine months ended March 31, 2014 resulting from net proceeds received from the sale of our common stock. Net cash flows provided by financing activities for the nine months ended March 31, 2013 was $323,985 and consisted of net proceeds from the sale of our common stock.
We anticipate that depending on market conditions and our plan of operations, we may incur operating losses in the foreseeable future. Therefore, our auditors have raised substantial doubt about our ability to continue as a going concern in their audit opinion for the year ended June 30, 2013. We estimate that based on current plans and assumptions, that our available cash is insufficient to satisfy our cash requirements for the next 12 months. We presently have no other alternative source of working capital. We may not have sufficient working capital to provide working capital necessary for our ongoing operations and obligations for the next 12 months. As of March 31, 2014, we had $186,009 available in cash.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements.