2014 Q2 Form 10-K Financial Statement

#000114420414040441 Filed on June 30, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2014
Revenue $41.44K $0.00 $0.00
YoY Change
Cost Of Revenue $11.88K $120.0K
YoY Change
Gross Profit $29.57K $120.0K
YoY Change
Gross Profit Margin 71.34%
Selling, General & Admin $590.0K $790.0K $2.800M
YoY Change -23.38% -7.28%
% of Gross Profit 1995.54% 2333.33%
Research & Development $246.0K $30.00K $575.1K
YoY Change 99.6% -21.91%
% of Gross Profit 831.97% 479.24%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $833.0K $820.0K $575.1K
YoY Change -6.47% -21.91%
Operating Profit -$803.4K -$3.598M
YoY Change -9.79% 41.14%
Interest Expense $657.00 -$610.0K $404.3K
YoY Change -99.66% 16.55%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$660.0K -$1.430M -$4.050M
YoY Change -26.67% -2.41%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$655.8K -$1.430M -$4.153M
YoY Change -27.08% 51.42%
Net Earnings / Revenue -1582.48%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.10 -$0.22 -$0.57
COMMON SHARES
Basic Shares Outstanding 67.11M shares 66.43M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2014
SHORT-TERM ASSETS
Cash & Short-Term Investments $830.0K $1.400M $390.0K
YoY Change -29.06% -72.14%
Cash & Equivalents $830.1K $1.403M
Short-Term Investments
Other Short-Term Assets $10.00K $20.00K $0.00
YoY Change -90.91% -100.0%
Inventory $15.87K $0.00 $10.00K
Prepaid Expenses $9.464K $10.64K
Receivables $27.93K $0.00 $60.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $880.0K $1.424M $460.0K
YoY Change -31.34% 169.24% -67.61%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $3.384K $0.00 $0.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $880.0K $1.424M $460.0K
Total Long-Term Assets $3.384K $0.00 $0.00
Total Assets $883.4K $1.424M $460.0K
YoY Change -31.08% 164.05% -67.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $160.0K $80.00K $130.0K
YoY Change -11.11% 62.5%
Accrued Expenses $0.00
YoY Change -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.470M $1.535M $1.540M
YoY Change -11.4% 191.14% 0.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.470M $1.535M $1.540M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.475M $1.535M $1.540M
YoY Change -33.91% 38.58% 0.65%
SHAREHOLDERS EQUITY
Retained Earnings -$8.983M -$8.327M
YoY Change -277.06% 99.49%
Common Stock $67.21K $66.83K
YoY Change 12.42% 20.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$591.4K -$110.4K -$1.080M
YoY Change
Total Liabilities & Shareholders Equity $883.4K $1.424M $460.0K
YoY Change -31.08% 164.05% -67.61%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2014
OPERATING ACTIVITIES
Net Income -$655.8K -$1.430M -$4.153M
YoY Change -27.08% 51.42%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$590.0K -$530.0K -$2.500M
YoY Change 64.13% 17.37%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $10.00K $0.00 $10.00K
YoY Change
Cash From Investing Activities $10.00K $0.00 $10.00K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.133M
YoY Change 166.65%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K 110.0K 1.480M
YoY Change -99.12% -52.87%
NET CHANGE
Cash From Operating Activities -590.0K -530.0K -2.500M
Cash From Investing Activities 10.00K 0.000 10.00K
Cash From Financing Activities 10.00K 110.0K 1.480M
Net Change In Cash -570.0K -420.0K -1.010M
YoY Change -173.67% -200.0%
FREE CASH FLOW
Cash From Operating Activities -$590.0K -$530.0K -$2.500M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <b>1. &#160;BUSINESS AND BASIS OF OPERATIONS</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left">Stevia First Corp. (the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; or &#8220;our&#8221;), was incorporated under the laws of the State of Nevada on June 29, 2007. During the period from July 1, 2007 to June 30, 2011, the Company commenced operations by issuing shares and acquiring a mineral property located in the Province of Saskatchewan, Canada. The Company was unable to keep the mineral claim in good standing due to lack of funding, and accordingly its interest in it has expired. On October 10, 2011, the Company completed a merger with its wholly-owned subsidiary, Stevia First Corp., whereby it changed its name from &#8220;Legend Mining Inc.&#8221; to &#8220;Stevia First Corp.&#8221; In connection with a related change in management, the addition of key personnel, and the lease of property for&#160;laboratory and office space in California, the Company is now pursuing its new business as an agricultural biotechnology company engaged primarily in developing novel methods and technologies for industrial production of stevia, using such methods and technologies to develop, obtain approval for and commercialize one or more stevia extract products, and exploring and commercializing additional research applications for such methods and technologies. &#160;As of March 31, 2014, the Company had not produced any revenues. &#160;The Company's fiscal year end is March 31.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On June 10, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-10 (ASU 2014-10), <i>Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation.</i>&#160; ASU 2014-10 eliminates the requirement to present inception-to-date information about income statement line items, cash flows, and equity transactions, and clarifies how entities should disclose the risks and uncertainties related to their activities.&#160;&#160; ASU 2014-10 also eliminates an exception provided to development stage entities in Consolidations (ASC Topic 810) for determining whether an entity is a variable interest entity on the basis of the amount of investment equity that is at risk.&#160; The presentation and disclosure requirements in Topic 915 are no longer required for interim and annual reporting periods beginning after December 15, 2014.&#160; The revised consolidation standards will take effect in annual periods beginning after December 15, 2015, however, early adoption is permitted.&#160; The Company adopted the provisions of ASU 2014-10 for this annual report on Form 10-K for the fiscal year ended March 31, 2014.&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>Going Concern</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. &#160;The Company has incurred losses since inception resulting in an accumulated deficit of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">8,326,861</font> as at March 31, 2014, and further losses are anticipated in the development of its business. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.</div> &#160;&#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The ability to continue as a going concern is dependent on the Company attaining and maintaining profitable operations in the future and/or raising additional capital to meet its obligations and repay its liabilities arising from normal business operations when they come due. After giving effect to the funds received in recent equity and debt financings, we estimate as of March 31, 2014 we will have sufficient funds to operate the business for the next 6 months. &#160;We will require additional financing to fund our planned future operations, including the continuation of our ongoing research and development efforts, seeking to license or acquire new assets, and researching and developing any potential patents and any further intellectual property that we may acquire. Further, these estimates could differ if we encounter unanticipated difficulties, in which case our current funds may not be sufficient to operate our business for that period. &#160;In addition, our estimates of the amount of cash necessary to operate our business may prove to be wrong, and we could spend our available financial resources much faster than we currently expect.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">We do not have any firm commitments for future capital. &#160; Significant additional financing will be required to fund our planned principal&#160;operations in the near term and in future periods, including research and development activities relating to stevia extract production, developing and seeking regulatory approval for any of our stevia product candidates, commercializing any product candidate for which we are able to obtain regulatory approval or certification, seeking to license or acquire new assets or businesses, and maintaining our intellectual property rights and pursuing rights to new technologies. &#160; We do not presently have, nor do we expect in the near future to have, significant&#160;revenue to fund our business from our operations, and will need to obtain most of our necessary funding from external sources in the near term. &#160; Since inception, we have funded our operations primarily through equity and debt financings, and we expect to continue to rely on these sources of capital in the future. However, if we raise additional funds by issuing equity or convertible debt securities, our existing stockholders&#8217; ownership will be diluted, and obtaining commercial loans would increase our liabilities and future cash commitments.&#160;If we pursue capital through alternative sources, such as collaborations or other similar arrangements, we may be forced to relinquish rights to our proprietary technology or other intellectual property and could result in our receipt of only a portion of any revenue that may be generated from a partnered product or business. Further, these or other sources of capital may not be available on commercially reasonable or acceptable terms when needed, or at all. &#160; If we cannot raise the money that we need in order to continue to develop our business, we will be forced to delay, scale back or eliminate some or all of our proposed operations. &#160; If any of these were to occur, there is a substantial risk that our business would fail and our stockholders could lose all of their investment.&#160;</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2014 dei Document Type
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CY2014 dei Amendment Flag
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CY2014 dei Document Period End Date
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CY2014 dei Document Fiscal Year Focus
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CY2014 dei Document Fiscal Period Focus
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CY2014 dei Entity Registrant Name
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Stevia First Corp.
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CY2014 dei Current Fiscal Year End Date
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CY2014 dei Entity Well Known Seasoned Issuer
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CY2014 dei Entity Voluntary Filers
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CY2014 dei Entity Current Reporting Status
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CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2013 stvf Total Stock Based Compensation
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CY2014 stvf Total Stock Based Compensation
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CY2014 stvf Unamortized Cost Stock Awards
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CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2014 stvf Cost Of Warrant Modification
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CY2014 us-gaap Debt Conversion Converted Instrument Shares Issued1
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CY2013 stvf Cost Of Warrant Modification
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CY2014 stvf Number Of Common Stock To Be Issued Upon Exercise Of Warrants
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