lconic Blands, Inc. and Subsidiary
( a d c v e l o p m e n ts t a g ec o m p a n y )
C o n s o l i d a t e dB a l a n c eS h e e t s
December
31,
2013
December
31,
2012
Assets
Currentassets:
Cashandcashequivalents
- $
C u r r e n t a s s e t so f d i s c o n t i n u e d o p e r a t i o n s( s c c N o t e 8 )
Total current assets
Total assets
L i a b i l i t i e s a n d S t o c k h o l d e r s 'D e f ic i e n c v
Current liabilities:
N o t e sP a y a b l e
Accounts payable
A c c r u e d i n t e r e s to n l c o n i c B r a n d s . I n c . d e b r
C u r r e n t l i a b i l i t i e so f d i s c o n t i n u e d o p e r a t i o l s ( s e c N o r e 8 )
Total current liabilities
$
595,893$
r6,500
267,001
294,040
92,009
77,233
3,690,823
879,394
4,154,t
05
Long term debt
7I,E6g
L o n g t e r m d e b t o f d i s c o n t i n u e d o p e r a t i o n s( s c c \ o t e 8 )
S e r i e sB p r e f e r r e d s t o c k ,$ 2 . 0 0 p e r s h a r c s t a t c d v r l u e i d e s i g n a t c d1 , 0 ( 1 0 . 0 0s0h a r e s ,
i s s u e da n d o u t s t a n d i n g9 1 6 , 6 0 3a n d 9 l ( r . ( r 0 Js h a r e s ,r e s p e c t i v e l y
Total liabilities
1,477,339
1,833,206
1,933,206
2,712,600
7,536,51E
Stockholdersd
' e f ic i e n c y :
P r e f e r r e d s t o c k ,$ . 0 0 0 0 1p a r v a l u e ; a u t h o r i z { r d l ( X ) . ( } 0 0 . 0 0s0h a l c s .
S e r i e sA , d e s i g n a t e dI s h a r e , i s s u e da n d o u t s t a l r d i n g I a n d I s h a r e s .r e s p e c t i v e l y
C o m m o n s t o c k ,$ . 0 0 0 0 1p a r v a l u e ; a u t h o r i z c d 1 0 0 , 0 0 0 , 0 0 0
shares,
i s s u e da n d c o m m i t t e d t o b e i s s u e da n d o u t s t a n d i n g 4 9 . 5 5 5 . 0 6 2a n d { 9 . 5 5 5 , 0 6 2s h a r e s ,r e s p e c t i v e l y
Additional paid-in capital
A c c u m u l a t e dd e f i c i t p r i o r t o d e v e l o p m e n ts t a g e
A c c u m u l a t e d l o s s e s d u r i n g t h e d e v e l o p m e n t s t r g r p e r i o d . l t nl .u2a0rlyl . ,t o D e c e m b e r 3 l , 2 0 l 2
Total stockholders' defi ciencv
T o t a l l i a b i l i t i e sa n d s t o c k h o l d e r s 'd e f i c i c r r c r
S e en o t e st o c o n s o l i d a t e df i n a n c i a l s t a t c m c n t s .
l
496
8,955,714
(r6,r24,330)
4,455,519
(2,712,600)
- $
I
496
8,955,714
( 16,124,330)
(368,399)
(7,536,5t9)
lconic Brf,nds. Ina rnd Sub6idirry
(n developnEnt shgc.ompDy)
Consolid{rcd Strtemmts of ODerrtioN
Ddclopd6t
Prird Juurry l, 201I
to Dcqnber 31,Zrl3
Cmtiouirg
o6ntios:
SdG.
Epos:
Prufeknd
06rr s*rd
lnhd
dIrc
fe
ud .dminist.rtive errEns (itrcltrdingstock-b{sd conrFns.lion ot S0. $18,14t, end 3J6.2t2. r6Fctivcly)
d l.onic BrDds, Inc. debt (iocluding ,mortiHrion of d€bl discounrsot t4.Jl8, S16.488.md S3?29a,GFaivcly)
2t,5q)
1O?SO
Toad crDas
LN
9t,750
frum qtiruing
Incom (L6)
Ncr lncoc
osEr.aion.
(9t,?50)
frem disontinucd oD€.rtions (G Note E)
(LG)
Nca lN pcr m|M
lhan - brsic:
Cmiauing opcntiou
Di$dinu.d
op.nti@.
Toad
Nd lo$ D.r cMmo! .hrrc - Dilurcd:
CorimiqoFnt'reu
ll'minucd
opcrrtiom
Tord
Wcithtcd rrcn*.
B0ic
Dilut d
Sc mts
numbar of coDmon rhrr6
to.oBoliddcd
fnucirl
strhncnl!,
s
$
s
(0.m)$
3
0.t0
0.10 $
(0.m)
0.0?
0.tvl
outslrnding
lconic Br lnds. lilc. and Subsidiary
(a der elopDent stage company)
Coilsolidat.d Stat€nrentsof Cnsh Flows
Dcvelopment
Strge
P€riodJsnuaryl,20ll
to DNember31,2012
Year Ended
December 31.
20r3
2012
Crsh flows from operating activities
Net Income (lrss)
$
(Gain) lass frcm discontinued opcrations
Adjultmcnts ao reconcile n€t loss to tret cflsh used itr operaling {ctivities:
Amodiation of debl discounts charged to iillcrest erl)etrse
Stock -bflsed compens{tion
4,823,918 $
(4,9rs,66t)
(r83,722)
4,31t
16,488
16,974
37,294
36,282
95,790
18,142
lcgal, audit and nccounting, and coilstrlting fees paid br two lenden on behalf of rhe ( onrpanr
21,500
25,240
(312)
51,304
(rs,000)
29.710
4,455,519
(4,759,523)
Chantes in opemling f,ssetsand liabilities:
Accounls pryf,ble
Accrucd erpenses and othcr curr€tr1 liabilities
Nel cash provided by (us€d io) operating aclivilies - conrinuing operations
Net crsh provided by (used in) operating activities - discoiltiilued operations
8,196
109,833
(16,009)
17,r68
784
Nel ctsh provided by (used in) operflting aclivities
(rs,000)
Cash 0ows from invcsting ncliviti€s
Lotns from conainuing operstions to discoiltinncd opcrttio[s
Net cnsh provid€d by (used in) investitrg activitirs
coiltiiluiilg operations
Net cash provided by (used iil) investirg activiri(s - discontiniled operatioos
Net crih provided by (used in) investing {crivirics
Crsh flows from linancing activities:
lncrcasesin debt
15,000
Repaymcnt of dcbt
Net crih providcd by (used in) finailciilg f,ctivitirs - coilrinuitrg oper.lioils
Nel crsh providcd by (used i[) financing activilies
15,000
15,000
r5,000
15,000
discoiltirrtredoperations
Nct cosh providcd by (used ir) financiilg actir irics
Decrcrsc in cish and cash equivalents
(2251
,r<
Cnsh rnd cnsh equivtlcnts, begiililitrg of period
Cash rnd c.sh equiv{leilts, cnd of period
Less cash rnd cish equivalents ofdisconrintrcd ol)cr{tioils nl eild of period
Cssh end cash equivalcnts ofcotrtinuiilg operntioils nl c[(l ofperiod
$
-
Inlcrest paid
$
-
Income tnxcs paid
$
-
$
-
$
Supplemenlrl disclosuresof cash llow infornttt ior:
Non-crsh, operflting. investitrg and financitrg tcliviri(s:
lpgrl, sudii ind accounting, rnd consultitrg fees paid bv two letrde6 oil behnlf of the Comprily
Shnres ofcommon stock isstredlo noteholdcrs in satisfictioil ofd(bt en(l accriled iiltetest
S@ notes to consolidrted finatrcial stalemetrts
$
$
2 1,500 5
$
25,240 $
- $
95,?90
3,500
lqlc Bilda bc rd &hddhry
(. dd.tolrd
tr!. nFry)
Cn.otdrt d Srr|d
of Cfrco b Sbd.fou.r,
DtfttFry
Dd.lr?ma
Sb!. p.rbd ,rorrt
I, A)l I b D.6tq
3t, 20lf
&l.na.t
hd.l
J.rnry
r. tll
ffitud%
(lqh
of ffip*|r
PElryNebtulm
sdqtudF
rr$)
r@t
Sc.L. A
Prf.rd
Sblq
. S.mml q|r
ShrG
Aw!3
l
|
Cmffi
S@g
S.(qql Fr
qf!Amgr
fr,7r1x1
1n
r.&2,t6
l9
Addhto.d
pdGl.
Cjpfd
f,.gls,sr
Adiubt
d d.fl.t pdr b
DRdohrs.e.p.dod
ircia:rol
A4cunubhd h.€ durlnt
dE de.bpm.nt ltrgc pcrlod
Jeurni l, 201| aoScobmbcr30.2012
Told
O.2m,nr't
3,€l
J,S
r&t0
l&10
(r8467t1
B.l.E
il Dcib.r
31, 20t I
de.6f,)
Srl@thqHE
(?J7qff)
l&142
bl.na.t
l!.€brtl.2ol2
bl..e.t
hbrll,
Xl3
S.c !G
b mdu{.d
thidrt
(7,536,318)
!bm[