$RNGE
RANGE IMPACT, INC.

2014 Q3 Form 10-Q Financial Statement

#000114420414050173 Filed on August 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2014 Q1
Revenue $86.70K $41.44K $0.00
YoY Change
Cost Of Revenue $22.11K $11.88K
YoY Change
Gross Profit $64.59K $29.57K
YoY Change
Gross Profit Margin 74.5% 71.34%
Selling, General & Admin $940.0K $590.0K $790.0K
YoY Change 28.77% -23.38%
% of Gross Profit 1455.36% 1995.54%
Research & Development $207.7K $246.0K $30.00K
YoY Change 107.34% 99.6%
% of Gross Profit 321.51% 831.97%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.151M $833.0K $820.0K
YoY Change 38.06% -6.47%
Operating Profit -$1.086M -$803.4K
YoY Change 30.31% -9.79%
Interest Expense $4.055K $657.00 -$610.0K
YoY Change -90.19% -99.66%
% of Operating Profit
Other Income/Expense, Net -$321.7K
YoY Change -721.74%
Pretax Income -$1.410M -$660.0K -$1.430M
YoY Change 80.77% -26.67%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.408M -$655.8K -$1.430M
YoY Change 80.09% -27.08%
Net Earnings / Revenue -1623.79% -1582.48%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.21 -$0.10 -$0.22
COMMON SHARES
Basic Shares Outstanding 67.21M shares 67.11M shares 66.43M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.780M $830.0K $1.400M
YoY Change 223.64% -29.06%
Cash & Equivalents $1.782M $830.1K $1.403M
Short-Term Investments
Other Short-Term Assets $20.00K $10.00K $20.00K
YoY Change -75.0% -90.91%
Inventory $19.42K $15.87K $0.00
Prepaid Expenses $21.46K $9.464K $10.64K
Receivables $39.40K $27.93K $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.860M $880.0K $1.424M
YoY Change 190.63% -31.34% 169.24%
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 $2.454K $3.384K $0.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $1.860M $880.0K $1.424M
Total Long-Term Assets $2.454K $3.384K $0.00
Total Assets $1.862M $883.4K $1.424M
YoY Change 191.01% -31.08% 164.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.0K $160.0K $80.00K
YoY Change 81.82% -11.11%
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 $1.540M $1.470M $1.535M
YoY Change 3.36% -11.4% 191.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.540M $1.470M $1.535M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.543M $1.475M $1.535M
YoY Change -26.51% -33.91% 38.58%
SHAREHOLDERS EQUITY
Retained Earnings -$10.39M -$8.983M -$8.327M
YoY Change -277.46% -277.06% 99.49%
Common Stock $72.43K $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 $319.1K -$591.4K -$110.4K
YoY Change
Total Liabilities & Shareholders Equity $1.862M $883.4K $1.424M
YoY Change 191.01% -31.08% 164.05%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2014 Q1
OPERATING ACTIVITIES
Net Income -$1.408M -$655.8K -$1.430M
YoY Change 80.09% -27.08%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$520.0K -$590.0K -$530.0K
YoY Change -14.75% 64.13%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $10.00K $0.00
YoY Change
Cash From Investing Activities $0.00 $10.00K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.471M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.470M 10.00K 110.0K
YoY Change -99.12%
NET CHANGE
Cash From Operating Activities -520.0K -590.0K -530.0K
Cash From Investing Activities 0.000 10.00K 0.000
Cash From Financing Activities 1.470M 10.00K 110.0K
Net Change In Cash 950.0K -570.0K -420.0K
YoY Change -255.74% -173.67%
FREE CASH FLOW
Cash From Operating Activities -$520.0K -$590.0K -$530.0K
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"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>1. &#160;BUSINESS AND BASIS OF OPERATIONS</b>&#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">&#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">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. In February 2012, we substantially changed our management team, added other key personnel, and began leasing laboratory and office space and land in California and since then we have been pursuing our 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.</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">&#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;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">8,982,658</font> as at June 30, 2014, and further losses are anticipated in the development of its business. The Company also had a stockholders&#8217; deficit of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">591,427</font> at June 30, 2014. These factors raise substantial doubt about the Company's ability to continue as a going concern. As a result, the Company&#8217;s independent registered public accounting firm, in their report on the Company&#8217;s March 31, 2014 financial statements, raised substantial doubt about the Company&#8217;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> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;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">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. We estimate as of June 30, 2014 we will have sufficient funds to operate the business for the next 6 months, if we limit our planned activities.&#160;&#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;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"> We do not have any firm commitments for future capital. &#160;Significant additional financing will be required to fund our planned principal 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. We do not presently have, nor do we expect in the near future to have, sufficient or consistent&#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. 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 that 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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#160;</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Basis of Presentation of Unaudited Condensed Financial Information</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;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"> The unaudited condensed financial statements of the Company for the three months ended June 30, 2014 and 2013 have been prepared in accordance with accounting principles generally accepted in the U<font style="COLOR: black">nited States of America (&#8220;U.S. GAAP&#8221;) for interim financial information, applied on a consistent basis, and pursuant to the requirements for reporting on Form 10-Q and the requirements of Regulation S-K <font style="text-underline-style: double">and Regulation S-X promulgated under the Securities Act of 1933</font></font>.&#160;Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.&#160;&#160;However, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair presentation of the financial position and the results of operations. Results shown for interim periods are not necessarily indicative of the results to be obtained for a full fiscal year&#160;or any future annual or interim period.&#160;&#160;The balance sheet information as of March 31, 2014 was derived from the audited financial statements as of and for the year ended March 31, 2014 included in the Company&#8217;s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on June 30, 2014. These financial statements should be read in conjunction with that report.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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