Auri, Inc., (OTCBB: AURI) www.aurifootwear.com, announced today its
financial and operational results for the three months ended March
31, 2011.
Quarterly Highlights:
-- On February 24, 2011 Auri Design Group, LLC succeeded in going public
through a reverse merger with Wellstone Filter Sciences, Inc.
-- On April 14, 2011 the Company changed its name to Auri, Inc. and ticker
symbol to AURI.OB.
-- Company hired M2SF http://www.m2sf.com/ to update and refine the entire
Auri brand platform.
-- Auri was selected by Doneger Group / Directives West to showcase their
new fashion footwear products to industry leaders from the fashion
retail sector and media nationwide.
In the first quarter ending March 31, 2011, revenue increased to
$304,037 from $139,320 over Q1 2010, representing a 118% increase.
The increase in revenue was largely due to the increase in Women's
footwear sales of 629%. Women's footwear sales increased to
$172,852 from $23,685 for the same period in 2010. Gross profit
increased 118% to $90,983 from $41,750 in the same period 2010. The
increase in gross profit is primarily due to increased sales.
Cost of goods sold for the first quarter 2011 was $213,054
compared to $97,570 for the same period 2010. The increase in gross
profit is primarily due to an increase in sales.
Operating expenses consist of sales, marketing and general and
administrative expenses. Operating expenses increased by $148,960,
or 60%, from $248,685 for 2010 to $397,645 for 2011. A large
portion of this increase, $54,175 or 47% was a result of accounting
and legal fees associated with the Company's public accounting
audit necessitated by the reverse merger into a public company.
Loss from operations was $(306,662) for 2011, compared to a loss
from operations of $(206,935) for the same period 2010, an increase
of $(99,727) or 48%.
For the three months ended March 31, 2011, net loss was
$(329,332), compared to a net loss of $(207,058) for the three
months ended March 31, 2010.
"Our team is very pleased with our first quarter results,"
stated Ori Rosenbaum, CEO of Auri, Inc. "Having just taken the
company public in February, the numbers are already showing an
exciting trajectory of growth. As we continue to forge new
alliances with both retail and strategic partners, we will increase
the brands visibility and distribution with an eye on making Auri
into a globally recognized brand and one that owns a unique and
distinctly own able place in the consumer mindset."
- Financial Charts to Follow -
CONSOLIDATED BALANCE SHEETS
(unaudited)
March 31, December 31,
2011 2010
ASSETS
Cash and cash equivalents $ 210,232 $ 406,439
Accounts receivable - net 220,194 104,355
Due from factor 36,421 15,796
Inventory - net 444,094 226,773
Prepaid expenses and other assets 1,185 116,320
Deferred finance fee - net 8,779 18,778
------------ ------------
Total Current Assets 920,905 888,461
Property and equipment - net 69,133 85,035
------------ ------------
Total Assets $ 990,038 $ 973,496
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Accounts payable $ 244,838 $ 85,337
Accrued liabilities 71,800 46,132
Short-term portion of long-term note payable 31,250 12,500
Short-term portion of long-term related party
note payable 35,417 4,167
Short-term convertible note payable 500,000 500,000
------------ ------------
Total Current Liabilities 883,305 648,136
Long-term note payable - net of short term
portion 118,750 137,500
Long-term related party note payable - net of
short term portion 39,583 45,833
------------ ------------
Total Liabilities 1,041,638 831,469
------------ ------------
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock - $0.001 par value; 1,000,000
shares authorized,
No shares issued and outstanding
Common stock - $0.001; 300,000,000 shares
authorized, and 59,735,360 shares issued and
outstanding at December 31, 2010 and 87,941,580
shares issued and outstanding at March 31, 2011 87,942 59,735
Additional paid in capital 4,559,094 4,451,596
Accumulated deficit (4,698,636) (4,369,304)
------------ ------------
Total stockholders' equity (deficit) (51,600) 142,027
------------ ------------
Total liabilities and stockholders' equity
(deficit) $ 990,038 $ 973,496
============ ============
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Three Months
Ended Ended
March 31, March 31,
2011 2010
Sales - net $ 304,037 $ 139,320
Cost of goods sold 213,054 97,570
------------ ------------
Gross profit 90,983 41,750
Selling, general and administrative expenses 397,645 248,685
------------ ------------
Loss from operations (306,662) (206,935)
Other income (expenses) (22,670) (123)
------------ ------------
Net loss $ (329,332) $ (207,058)
============ ============
Net loss per share - Basic and diluted $ 0.00 $ 0.00
Weighted average shares outstanding - Basic
and diluted 70,558,549 51,884,093
About Auri
Auri designs and markets fashion footwear for men and women,
fusing performance engineering, innovative designs and advanced
technical materials. Crafted with Italian leathers and
hand-burnished finishes, the products incorporate a seamless fusion
of next level technologies including active suspension systems,
compression control and anti-fatigue, removable foot beds, Outlast®
temperature regulating linings, Liquicell® ultra-thin liquid-filled
interface technology, and encapsulated gel technologies. Auri
trades on the Over-The-Counter Bulletin Board under the symbol
AURI. For more information, please visit www.aurifootwear.com.
Statements in this press release which are not purely
historical, including statements regarding Auri, Inc., intentions,
hopes, beliefs, expectations, representations, projections, plans
or predictions of the future are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. The forward-looking statements involve risks and
uncertainties including, but not limited to, the risks and
uncertainties associated with the adoption and retail acceptance of
the Auri brand, ability to open additional doors, the company's
ability to raise future capital for growth, ability to expand into
other product offering and, ability to consummate a strategic
partnering arrangement or license deal. It is important to note
that the company's actual results could differ materially from
those in any such forward-looking statements. Factors that could
cause actual results to differ materially include, but are not
limited to, risks and uncertainties associated with the effect of
changing economic conditions, trends in the products markets,
variations in the company's cash flow, market acceptance risks and
seasonality. Our business could be affected by a number of other
factors, including the risk factors listed from time to time in the
company's SEC reports including, but not limited to, the annual
report on Form 10-K for the year ended December 31, 2010. The
company cautions investors not to place undue reliance on the
forward-looking statements contained in this press release. Auri
disclaims any obligation, and does not undertake to update or
revise any forward-looking statements in this press release.
Media Contact: SnL Communications Marla White MWhite@snlc.net
(310) 996-0239 Investor Contact: DC Consulting, LLC 407-792-3332
investorinfo@dcconsultingllc.com
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