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As Of Filer Filing For·On·As Docs:Size Issuer Agent 6/01/11 Umami Sustainable Seafood Inc. S-1 6:4.7M Vintage/FA |
Document/Exhibit Description Pages Size 1: S-1 Registration Statement (General Form) HTML 2.15M 2: EX-5.1 Opinion re: Legality HTML 11K 3: EX-21.1 Subsidiaries of the Registrant HTML 4K 4: EX-23.1 Consent of Experts or Counsel HTML 8K 5: EX-23.2 Consent of Experts or Counsel HTML 7K 6: EX-23.3 Consent of Experts or Counsel HTML 4K
Unassociated Document |
Nevada
|
0921
|
98-06360182
|
(State or other jurisdiction of
|
(Primary Standard Industrial
|
(I.R.S. Employer
|
incorporation or organization)
|
Classification Code Number)
|
Identification No.)
|
Large accelerated filer ¨
|
Accelerated filer ¨
|
Non-accelerated filer ¨
|
Smaller reporting company x
|
Title of Each Class of Securities to be
Registered
|
Amount To
Be
Registered
|
Proposed
Maximum
Offering
Price Per
Share (1)
|
Proposed
Maximum
Aggregate
Offering
Price
|
Amount of
Registration
Fee
|
||||||||||||
Common Stock, par value $0.001
|
20,546,066 | $ | 3.00 | $ | 61,638,198 | $ | 7,156 | |||||||||
Common Stock, par value $0.001 (2)
|
3,393,399 | $ | 3.00 | $ | 10,180,197 | $ | 393 | |||||||||
Common Stock, par value $0.001 (3)
|
50,000 | $ | 3.00 | $ | 150,000 | $ | 17 | |||||||||
|
||||||||||||||||
Total
|
23,989,465 | $ | 71,968,395 | $ | 8,355.53 |
Page
|
||||
|
||||
Prospectus Summary
|
1 | |||
Risk Factors
|
3 | |||
Forward Looking Statements
|
8 | |||
Use of Proceeds
|
8 | |||
Management's Discussion and Analysis or Plan of Operation
|
9 | |||
Business
|
17 | |||
Description of Property
|
24 | |||
Legal Proceedings
|
25 | |||
Directors and Executive Officers
|
26 | |||
Executive Compensation
|
28 | |||
Security Ownership of Certain Beneficial Owners and Management
|
30 | |||
Market for Common Equity and Related Stockholder Matters
|
31 | |||
Selling Stockholders
|
32 | |||
Recent Financing
|
||||
Certain Relationships and Related Transactions
|
34 | |||
Description of Securities
|
36 | |||
Plan of Distribution
|
37 | |||
Legal Matters
|
38 | |||
Experts
|
38 | |||
Where You Can Find More Information
|
40 | |||
Disclosure of Commission Position on Indemnification for Securities Act Liabilities
|
40 | |||
Index to Consolidated Financial Statements
|
41 |
Shares offered by Selling Stockholders
|
Up to 23,989,465 shares, including 3,393,399 shares issuable upon exercise of warrants and 50,000 shares issuable upon exercise of options
|
|
Common Stock to be outstanding after the offering
|
62,855,465*
|
|
Use of Proceeds
|
We will not receive any proceeds from the sale of the common stock hereunder. See "Use of Proceeds" for a complete description
|
|
Risk Factors
|
The purchase of our common stock involves a high degree of risk.
You should carefully review and consider "Risk Factors" beginning on page 3
|
|
●
|
incorporate effectively the components of any business that we may acquire in our effort to achieve growth.
|
|
●
|
dilution caused by our issuance of additional shares of common stock and other forms of equity securities, which we expect to make in connection with future acquisitions or capital financings to fund our operations and growth, to attract and retain valuable personnel and in connection with future strategic partnerships with other companies;
|
|
●
|
changes in the valuation of similarly situated companies, both in our industry and in other industries;
|
|
(i)
|
Kali Tuna Trgovina d.o.o., (KTT) which is owned 50% each by Kali Tuna and Bluefin Tuna Hellas A.E, (“BTH Joint Venture”);
|
3 Months ended
|
9 Months ended
|
|||||||
Net Revenue
|
$
|
42,338
|
$
|
56,712
|
||||
Cost of Goods Sold
|
(32,383
|
)
|
(43,539
|
)
|
||||
Gross Profit
|
$
|
9,955
|
$
|
13,173
|
||||
Gross Profit %
|
24
|
%
|
23
|
%
|
||||
Add back: Estimated Cost of Goods Sold in excess of catch and farming costs
|
$
|
7,751
|
$
|
10,311
|
||||
Estimated non-GAAP gross profit based on catch and farming costs
|
$
|
17,706
|
$
|
23,484
|
||||
Estimated non-GAAP gross profit % based on catch and farming costs
|
42
|
%
|
41
|
%
|
3 Months ended March
|
9 Months ended March
|
|||||||
Net income attributable to Umami Shareholders
|
$
|
2,808
|
$
|
2,717
|
||||
Plus estimated cost of goods sold in excess of catch and farming costs
|
7,751
|
10,311
|
||||||
Eliminate Bargain purchase on business combination
|
(930
|
)
|
(2,781
|
)
|
||||
Estimated non-GAAP net income attributable to Umami shareholders using estimated catch and farming costs and eliminating gain on bargain purchase on business combination
|
$
|
9,629
|
$
|
10,247
|
Nine Months Ended March 31,
|
||||||||
2010
|
||||||||
Total cash provided by (used in):
|
||||||||
Operating activities
|
$
|
11,144
|
$
|
(751
|
)
|
|||
Investing activities
|
(21,303
|
)
|
(2,267
|
)
|
||||
Financing activities
|
11,562
|
2,533
|
||||||
Effects of exchange rate changes on cash balances
|
2,951
|
143
|
||||||
Increase (decrease) in cash and cash equivalents
|
$
|
4,354
|
$
|
(342
|
)
|
|
1.
|
It researches the feeding habits of the Bluefin Tuna for the purpose of determining the optimal way of feeding the fish at its sites. Improving the so-called Food Conversion Ratio or FCR, which represents the number of kilograms of feed needed to produce one kilogram of fish, facilitates achieving maximum feeding efficiencies and cost savings.
|
|
2.
|
It has also been conducting research and testing in the area of spawning the Bluefin Tuna in captivity with the objective of closing the full circle farming process, i.e. farming Bluefin Tuna that is born and raised in captivity. The company has managed to hatch eggs for 2 consecutive years in a laboratory environment. Kali Tuna is in the final stages of preparing a hatchery for use during the next spawning season to allow it to advance its research.
|
|
·
|
Build up enough livestock to create carry-over inventories. Our objective has been to lengthen the farming cycle. This is expected to result in the greatest weight growth and an increase in the price paid per kilogram of fish by our buyers (the bigger the fish, the better the price per kilogram). In addition, it will mitigate the effects of short-term fluctuations in catching due to weather or other abnormal situations that may occur. Kali’s Tuna’s live stock inventories biomass increased from 1,315 metric tons at June 30, 2009 to 1,540 metric tons at March 31, 2011. Baja’s live stock inventories totaled 1,456 metric tons at March 31, 2011.
|
|
·
|
Strategic investments. We will seek to acquire stakes in tuna farming and fisheries with farming and/or fishing licenses in selected areas in countries with successful Bluefin Tuna farming history that will synergize with our existing operations. We have already identified a number of additional targets.
|
|
·
|
Cooperate closely with regulators. Based on scientific advice, we intend to assist regulators in formulating regulatory proposals aimed at the conservation of the Bluefin Tuna. We might also lobby for distribution of individual transferable quotas, or ITQs, and monitoring systems based on the experiences of leading countries in the seafood industry that have historically had to rely on sustainable usage of their fishery by strictly regulating and controlling the volume of catching.
|
|
·
|
Consolidating and upgrading of the fleet. We intend to reduce the existing catching capacity to fewer and more efficient vessels as the quota system develops. One of the important factors in sustainable fisheries management is to avoid overcapacity of fleet, which is caused by underdevelopment in regulatory environments, for example with Olympic catch systems (first in gets the fish), versus the highly controlled ITQ system. We believe that a key part of sustainable resource management is to ensure that the harvesting of resources is done in the most efficient and economic way while at the same time, maximizing the value and quality of each fish.
|
|
·
|
Increase our research and development. We intend to increase our efforts on closing the Northern Bluefin Tuna cycle in cooperation with leading research institutes in this field (i.e. intense farming) as well as enhancing feeding techniques to continue our efforts to minimize the food conversion ratio (FCR) of Tuna. We also intend to establish and fund a research center in Kali, Croatia to focus on these issues.
|
|
·
|
Upgrade and invest in feed procurement. We intend to achieve greater cost efficiency in feed procurement by focusing on our catching and logistic activities. We expect this to result in greater profitability, especially in light of our efforts to lengthen the farming cycle.
|
(1)
|
strict compliance with the internationally agreed food safety, environmental safety and ethical criteria if genetically modified organisms or hormones are utilized in the production, as well as;
|
(2)
|
giving priority to the development of integrated fish farming and of sources for animal feed other than fish protein and fish lipid.
|
·
|
Underpayment of value added taxes for calendar year 2006 and related interest, which total approximately $1.5 million, in connection with sales of tuna inventory by the Company to its 50%-owned subsidiary, Kali Tuna Trgovina, at its purchase cost.
|
·
|
Underpayment of tax on profit for the year ended June 30, 2007 and related interest, which totaled approximately $100,000, in connection with sales of tuna inventory by the Company to a related party.
|
Name
|
Age
|
Position
|
||
37
|
Chairman, President and Chief Executive Officer
|
|||
Daniel Zang
|
|
56
|
|
Chief Financial Officer and Secretary
|
|
51
|
|
Director
|
|
68
|
Director
|
|||
68
|
Director
|
|||
42
|
Director
|
Name and
|
Option
|
|||||||||||||
principal
|
Fiscal
|
Salary
|
Awards
|
Total
|
||||||||||
position
|
Year
|
($)
|
($)
|
($)
|
||||||||||
(a)
|
(b)
|
(c)
|
(f)
|
(j)
|
||||||||||
Oli Valur Steindorsson, Chairman, President and CEO
|
2010
|
129,194 | (2)(3) | 43,902 | 173,096 | |||||||||
Robert Fraser, President and CEO(4)
|
2010
|
-0- | -0- | |||||||||||
2009
|
-0- | -0- | ||||||||||||
Daniel G. Zang, Chief Financial Officer
|
2010
|
-0- | 16,486 | 16,486 |
(1)
|
In accordance with the rules and regulations of the Securities and Exchange Commission, the table omits columns that are not applicable.
|
(3)
|
Represents 678,810 Croatian Kunas using an average conversion rate of 5.262 Kunas to the U.S. Dollar.
|
Equity Incentive
|
|||||||||||||||||
Plan Awards:
|
|||||||||||||||||
Number of
|
Number of
|
Number of
|
|||||||||||||||
Securities Underlying
|
Securities Underlying
|
Securities Underlying
|
Option
|
||||||||||||||
Name and
|
Unexercised Options
|
Unexercised Options
|
Unexercised
|
Exercise
|
Option
|
||||||||||||
principal
|
(#)
|
(#)
|
Unearned Options
|
Price
|
Expiration
|
||||||||||||
position
|
Exercisable
|
Unexercisable
|
(#)
|
($)
|
Date
|
||||||||||||
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
||||||||||||
Chairman, President and CEO (1)
|
133,333 | 666,667 | 666,667 | $ | 1.00 |
6/30/2013
|
|||||||||||
Chief Financial Officer (1)
|
50,000 | 250,000 | 250,000 | $ | 1.00 |
6/30/2013
|
|||||||||||
183,333 | 916,667 | 916,667 |
|
(1)
|
With respect to each person, 1/6 of the options vested immediately; an additional 1/6 vests on the first anniversary of grant; 1/3 vests on each of the second and third anniversaries of grant.
|
Name of Beneficial Owner
|
Number of Shares
|
Percentage(1)
|
||||||
Atlantis Group hf
|
30,000,000 | 50.5 | % | |||||
Storhofda 15
|
||||||||
110 Reykjavik
|
||||||||
Iceland
|
||||||||
34,366,666 | 56.9 | % | ||||||
-0- | -0- | |||||||
30,000,000 | 50.5 | % | ||||||
-0- | -0- | |||||||
-0- | -0- | |||||||
Dan Zang (4)
|
100,000 | * | ||||||
MotoMax C.V.
|
3,000,000 | 4.9 | % | |||||
Boulevard 10 de Mayo PTE No. 116
|
||||||||
Los Mochis Sinaloa
|
||||||||
Mexico
|
||||||||
Salander Holdings
|
7,000,000 | 11.8 | % | |||||
4 V Dimech Street
|
||||||||
Floriana Frn 1504
|
||||||||
Malta
|
||||||||
Executive Officers and Directors as a Group
(four persons)
|
34,466,666 | 56.9 | % |
(1)
|
Beneficial ownership percentages are calculated based on 59,412,066 shares of Common Stock issued and outstanding as of May 23, 2011. Beneficial ownership is determined in accordance with Rule 13d-3 of the Exchange Act. The number of shares beneficially owned by a person includes shares of Common Stock underlying options or warrants held by that person that are currently exercisable or exercisable within 60 days of May 23, 2011. The shares issuable pursuant to the exercise of those options or warrants are deemed outstanding for computing the percentage ownership of the person holding those options and warrants but are not deemed outstanding for the purposes of computing the percentage ownership of any other person. The persons and entities named in the table have sole voting and sole investment power with respect to the
shares set forth opposite that person’s name, subject to community property laws, where applicable, unless otherwise noted in the applicable footnote.
|
(2)
|
Includes 30,000,000 shares owned by Atlantis Group HF (“Atlantis”) of which Mr. Steindorsson may be deemed to be the beneficial owner in his capacity as Chief Executive Officer of that entity. Mr. Steindorsson disclaims beneficial ownership in the shares owned by Atlantis. In addition, includes 400,000 shares and 80,000 shares issuable upon exercise of warrants held by Aur Capital Inc. of which Mr. Steindorsson may be deemed a control person. It further includes 2,980,000 shares and 640,000 shares issuable upon the exercise of warrants held by Aurora Investments Ltd. of which Mr. Steindorsson may be deemed a control person. Also includes 133,333 shares issuable upon currently exercisable options and 133,333 shares issuable upon exercise of options that will become exercisable within 60 days. Does not include 533,334 shares issuable upon exercise of options that vest thereafter.
|
(3)
|
Consists of 30,000,000 shares owned by Atlantis of which Mr. Gault may be deemed to be the beneficial owner in his capacity as Chairman of that entity. Mr. Gault disclaims beneficial ownership in the shares owned by Atlantis.
|
(4)
|
Consists of shares issuable upon exercise of 50,000 currently exercisable options and 50,000 options that will become exercisable within 60 days. Does not include 200,000 shares issuable upon exercise of options that vest thereafter.
|
Year Ended June 30, 2010
|
|
HIGH
|
|
|
LOW
|
|
||
Third Quarter
|
$
|
0.08
|
$
|
0.06
|
||||
Fourth Quarter
|
$
|
1.30
|
$
|
0.08
|
Year Ended June 30, 2011
|
|
HIGH
|
|
|
LOW
|
|
||
First Quarter
|
$
|
4.25
|
$
|
1.53
|
||||
Second Quarter
|
$
|
4.25
|
$
|
1.78
|
||||
Third Quarter
|
$
|
3.29
|
$
|
1.60
|
Selling Stockholder
|
Shares
Beneficially
Owned Prior to
Offering*
|
Shares to be
Sold in
Offering
|
Shares Beneficially
Owned After
Offering
|
Percentage
Beneficial
Ownership After
Offering
|
||||||||||||
Bart Hilton Matusow
|
60,000 | (1) | 60,000 | -0- | -0- | |||||||||||
Paul Rhodes
|
72,000 | (2) | 72,000 | -0- | -0- | |||||||||||
Robert Siddons
|
60,000 | (1) | 60,000 | -0- | -0- | |||||||||||
Peter Cotton
|
60,000 | (1) | 60,000 | -0- | -0- | |||||||||||
Joeri Jan Louis Jacobs
|
600,000 | (3) | 600,000 | -0- | -0- | |||||||||||
Sherrie Ann Pollock
|
30,000 | (4) | 30,000 | -0- | -0- | |||||||||||
John Pollock
|
30,000 | (4) | 30,000 | -0- | -0- | |||||||||||
The Royal Trust Company SA
|
240,000 | (5) | 240,000 | -0- | -0- | |||||||||||
Motomax SA de CV
|
3,000,000 | (6) | 3,000,000 | -0- | -0- | |||||||||||
Salander Holdings Ltd.
|
7,000,000 | (7) | 7,000,000 | -0- | -0- | |||||||||||
BTA Tuna LLC
|
600,000 | (8) | 600,000 | -0- | -0- | |||||||||||
Felicia Ross
|
675,000 | (9) | 675,000 | -0- | -0- | |||||||||||
Gretchen Ross
|
2,850,000 | (10) | 2,850,000 | -0- | -0- | |||||||||||
Siegfried Jansen
|
90,000 | (11) | 90,000 | -0- | -0- | |||||||||||
Eduardo Cabrera
|
90,000 | (12) | 90,000 | -0- | -0- | |||||||||||
Victoria Ross
|
777,000 | (13) | 777,000 | -0- | -0- | |||||||||||
William Grossholz
|
100,000 | 100,000 | -0- | -0- | ||||||||||||
Negotiart of America, LLC
|
1,000,000 | (14) | 1,000,000 | -0- | -0- | |||||||||||
Ocean Spray Group LLC
|
1,324,000 | (15) | 1,324,000 | -0- | -0- | |||||||||||
Jones Gable & Company Limited
|
323,400 | (16) | 323,400 | -0- | -0- | |||||||||||
Robert Fraser
|
100,000 | 100,000 | -0- | -0- | ||||||||||||
William Ball
|
180,000 | (17) | 180,000 | -0- | -0- | |||||||||||
Dror Yehuda
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
The John Francis Kneisel Rev. Trust
|
40,000 | (19) | 40,000 | -0- | -0- | |||||||||||
John F. Kneisel
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Bruce Eisen
|
60,000 | (20) | 60,000 | -0- | -0- | |||||||||||
David Ashear
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Gerald and Barbara Moreland
|
80,000 | (21) | 80,000 | -0- | -0- | |||||||||||
Joseph Santoro
|
60,000 | (20) | 60,000 | -0- | -0- | |||||||||||
Robert Mancuso
|
200,000 | (22) | 200,000 | -0- | -0- | |||||||||||
Thomas Shafran
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Jackie Scaba
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Fred and Debra Harris
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Ashwin Butala
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Mark Dady
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Larry Wattenberg
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Arthur Sereno
|
600 | (24) | 600 | -0- | -0- | |||||||||||
David Perez
|
200 | (24) | 200 | -0- | -0- | |||||||||||
Krishna Darooka
|
1,400 | (24) | 1,400 | -0- | -0- | |||||||||||
Paul Abate
|
800 | (24) | 800 | -0- | -0- | |||||||||||
Peter Torabkhan
|
800 | (24) | 800 | -0- | -0- | |||||||||||
Robert Buffington
|
800 | (24) | 800 | -0- | -0- | |||||||||||
Angelo Vitale
|
2,000 | (24) | 2,000 | -0- | -0- | |||||||||||
Alex Mayers
|
133,332 | (25) | 133,332 | -0- | -0- | |||||||||||
Vitale Capital Management Group
|
20,000 | (26) | 20,000 | -0- | -0- | |||||||||||
Anserfone Inc.
|
40,000 | (27) | 40,000 | -0- | -0- | |||||||||||
Beenish Ikram
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Blair Zurn
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Douglas Cisneros
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Dwight Paulsen
|
60,000 | (20) | 60,000 | -0- | -0- | |||||||||||
Franklin Wang
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Gregory Stewart
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
H. Boyd and Deborah Harris
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Hirendra and Sandra Dave
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
James and Patrice Vining
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Jayshree Shah and Vinit Shah
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Jose Reboredo
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Michael Holl
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Perry Berg
|
80,000 | (21) | 80,000 | -0- | -0- | |||||||||||
Ralph and Huong Attanasi
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Ramji and Neeru Gupta
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Ray Cappadona
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Joe Pazmino
|
200 | (24) | 200 | -0- | -0- | |||||||||||
Matthew Meehan
|
400 | (24) | 400 | -0- | -0- | |||||||||||
Edward Daigneau
|
7,400 | (24) | 7,400 | -0- | -0- | |||||||||||
Hamza Shaikh
|
3,533 | (24) | 3,533 | -0- | -0- | |||||||||||
Luigi Vultaggio
|
1,200 | (24) | 1,200 | -0- | -0- | |||||||||||
Robert Costomiris
|
400 | (24) | 400 | -0- | -0- | |||||||||||
Raffaele Gambardella
|
2,600 | (24) | 2,600 | -0- | -0- | |||||||||||
Shadi Barakat
|
200 | (24) | 200 | -0- | -0- | |||||||||||
Victor Sedaka
|
10,200 | (24) | 10,200 | -0- | -0- | |||||||||||
Charles Desenberg & Phyllis Beer
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Daniel Boone
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Dorinne Tal
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Davex LLC
|
120,000 | (28) | 120,000 | -0- | -0- | |||||||||||
Guy Mercer
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Jagdish Bansal
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Jeffrey Manca
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Daniel Zang
|
50,000 | (29) | 50,000 | -0- | -0- | |||||||||||
Stephen Blaser
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Farhad Torabkhan & Douglas Cisneros
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Suboroto & Somaletha Bhattacharya
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Brian Brooks
|
60,000 | (20) | 60,000 | -0- | -0- | |||||||||||
Michael Cunnigham & Brian Cunningham
|
120,000 | (30) | 120,000 | -0- | -0- | |||||||||||
Thomas Dunlop & Vicki Dunlop
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Shreya Jhaveri and Bharat Jhaveri
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Barbara Mishan
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Richard Hemingway and Judy Hemingway
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Ornella Di Manno
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Fermo Jaeckle
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Endeavor Capital Holdings Group
|
872,000 | (31) | 872,000 | -0- | -0- | |||||||||||
David Oved
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Isaac Oved
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Joseph and Mary Oved
|
80,000 | (21) | 80,000 | -0- | -0- | |||||||||||
Michael Oved
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Oved Brothers Realty
|
80,000 | (21) | 80,000 | -0- | -0- | |||||||||||
Melanie Wong
|
60,000 | (20) | 60,000 | -0- | -0- | |||||||||||
Jerrold Kurtz
|
80,000 | (21) | 80,000 | -0- | -0- | |||||||||||
Seaside 88, LP
|
1,000,000 | (33) | 1,000,000 | -0- | -0- | |||||||||||
Maria Valliades
|
20,000 | (18) | 20,000 | -0- | -0- | |||||||||||
Alfred Galiani
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Kirk Galiani
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Leon Gugel
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Elisabeth Anton
|
40,000 | (23) | 40,000 | -0- | -0- | |||||||||||
Total
|
23,989,465 | 23,989,465 |
|
·
|
The number and percentage of shares beneficially owned is determined in accordance with Rule 13d-3 of the Securities Exchange Act of 1934, and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rule, beneficial ownership includes any shares as to which the selling stockholder has sole or shared voting power or investment power and also any shares which the selling stockholder has the right to acquire within 60 days. Unless otherwise indicated, for each selling stockholder, the number of shares beneficially owned prior to this offering consists of shares of common stock currently owned by the selling stockholder as well as an equal number of shares of common stock issuable upon the exercise of warrants
|
|
(5)
|
Includes 40,000 shares issuable upon exercise of warrants. Fred Baker has voting and dispositive power over the shares held by the Royal Trust.
|
|
(6)
|
Vilhelm Gudmundsson has voting and dispositive power over the shares held by Motomax. Mr. Gudmundsson is the Chief Executive Officer of Baja Aqua Farms, a subsidiary of the Company.
|
|
(8)
|
Includes 100,000 shares issuable upon exercise of warrants. Dan Watkoske has voting and dispositive power over the shares held by BTA Tuna.
|
(14)
|
John Isaac has voting and dispositive power over the shares held by Negotiart in his capacity of President of that entity.
|
(15)
|
Frederick Kempson, a former director of the Company, in his capacity as director of Ocean Spray, has voting and dispositive power over the shares held by that entity.
|
(16)
|
Don Ross, in his capacity as President of Jones Gable, has voting and dispositive power over the shares held by that entity. Jones Gable is a Canadian registered broker dealer. The shares it owns were issued as a placement agent fee in connection with a financing transaction by the Company. There are no agreements or understandings, directly or indirectly with any person to distribute these shares.
|
(19)
|
Includes 20,000 shares issuable upon exercise of warrants. Edmund Kneisel has voting and dispositive power over these shares in his capacity as trustee of the trust.
|
Includes 10,000 shares issuable upon exercise of warrants. Angelo Vitale, in his capacity as President, has voting and dispositive power over the shares held by this entity.
|
(27)
|
Includes 20,000 shares issuable upon exercise of warrants. Stan Cooper, in his capacity as President, has voting and dispositive power over the shares held by this entity.
|
(28)
|
Includes 60,000 warrants issuable upon exercise of warrants. David Floyd, in his capacity of Manager, has voting and dispositive power over the shares held by this entity.
|
(29)
|
Consists of shares issuable upon exercise of vested options. Figure in the column entitled “Shares Beneficially Owned after Offering” does not include 250,000 shares issuable upon exercise of unvested options. Mr. Zang is our Chief Financial Officer.
|
(31)
|
Consists of shares issuable upon exercise of warrants. Jon DeMichiel, in his capacity as President of Endeavor, has voting and dispositive power over securities held by that entity. Endeavor is a registered broker dealer. The warrants it owns were issued as a placement agent fee in connection with a financing transaction by the Company. There are no agreements or understandings, directly or indirectly with any person to distribute these warrants or the shares issuable upon exercise thereof.
|
(32)
|
Includes 20,000 shares issuable upon exercise of warrants. Isaac Oved, in his capacity of President of Oved Brothers, has voting and dispositive power over the securities held by that entity.
|
(33)
|
William Ritger, in his capacity of Manager of the General Partner, has voting and dispositive power over the shares owned by that entity.
|
|
·
|
The patent and the U.S. ownership rights to Freshtec, a method to treat food, fish and meat to improve storage durability of the food being treated, at an option price of $2.3 million. The patent application is pending.
|
|
·
|
Factory equipment for food processing, packaging and processing using the Freshtec method, at an option price of $1.5 million.
|
|
·
|
Farming concession for up to 1,000 tons stocking rights for striped sea bass, yellow tail tuna and king fish with necessary farming equipment, at Todos Santos, Mexico, at an option price of $1.5 million.
|
|
·
|
The entire share capital in Havetorsk AS, Mausund, Norway, a Norwegian cod farming company, at an option price of $7.0 million.
|
|
·
|
From June 30, 2010 through August 10, 2010, in connection with a private placement of our securities, we issued five-year warrants to purchase 1,744,000 shares of our common stock at $2.00 per share. We also issued warrants to purchase 872,000 shares of common stock in placement agent fees on the same terms.
|
|
·
|
On October 7, 2010, we issued five-year warrants to purchase 2,981,000 shares of our common stock at $1.50 per share for 1,000,000 shares and $1.00 per share for the balance of the shares. The warrants were issued to a lender in a loan transaction. The exercise price of these warrants is subject to adjustment if we issue shares of our common stock at a price below the exercise of the warrants in accordance with a formula set forth in the warrants. The warrants may also be exercised on a cashless basis at any time.
|
|
·
|
On October 20, 2010, we issued five-year warrants to purchase 1,000,000 shares of our common stock at $1.80 per share. We also issued warrants to purchase 100,000 shares of common stock in placement agent fees.
|
|
·
|
Between October 28, 2010 and November 18, in connection with a private placement of our securities, we issued five-year warrants to purchase 1,666,666 shares of our common stock at $1.80 per share. The Company received gross proceeds of $2.5 million in the transaction. In connection with the issuances, we also issued placement agents warrants to purchase an aggregate of 283,333 shares of the Company’s common stock on the same terms as the warrants sold in the private placement. The exercise price of these warrants is subject to adjustment as follows:
|
|
(i)
|
In the event that we complete a public offering of our common stock resulting in gross proceeds of $5,000,000 or more on or before June 30, 2011, and the price per share of the securities sold in the offering is less than $2.50, then the warrant exercise price will adjusted to be equal to 120% of the greater of (a) the product of the offering price and .6 and (b) $1.00, subject to subsequent adjustments.
|
|
(ii)
|
In the event that we do not complete a public offering on or before December 31, 2010, and the average closing price of our common stock for each trading day in June 2011 is less than $2.50, then the warrant exercise price will be adjusted to be equal to 120% of the greater of (a) the product of the average trading price and .6 and (b) $1.00, subject to subsequent adjustment.
|
|
·
|
block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;
|
|
·
|
settlement of short sales entered into after the effective date of the registration statement of which this prospectus is a part;
|
|
·
|
broker-dealers may agree with the Selling Stockholders to sell a specified number of such shares at a stipulated price per share;
|
|
·
|
through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;
|
PAGE
|
||
REPORT OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM
|
F-1
|
|
CONSOLIDATED BALANCE SHEETS JUNE 30, 2010 AND 2009
|
F-2
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED JUNE 30, 2010 AND 2009
|
F-3
|
|
CONSOLIDATED STATEMENTS OF EQUITY FOR THE TWO YEARS ENDED JUNE 30, 2010
|
F-4
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2010 AND 2009
|
F-5
|
|
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
F-6 - F-14
|
|
NINE MONTHS ENDED MARCH 31, 2011 AND 2010
|
||
CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2011 AND JUNE 30, 2010 (UNAUDITED)
|
F-15
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS AND NINE MONTHS ENDED MARCH 31, 2011 AND 2010 (UNAUDITED)
|
F-16
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED MARCH 31, 2011 AND 2010 (UNAUDITED)
|
F-17
|
|
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
F-18 - F-36
|
PAGE
|
||
INDEPENDENT AUDITORS’ REPORT
|
F-39 - F-40
|
|
CONSOLIDATED AND COMBINED BALANCE SHEETS
|
F-41
|
|
CONSOLIDATED AND COMBINED INCOME STATEMENTS
|
F-42
|
|
CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
|
F-43
|
|
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
|
F-44
|
|
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
F-45 - F-53
|
|
AS OF SEPTEMBER 30, 2010
|
||
(Unaudited)
|
||
STATEMENT OF FINANCIAL POSITION
|
F-54
|
|
STATEMENTS OF OPERATIONS
|
F-55
|
|
STATEMENTS OF CASH FLOWS
|
F-56
|
|
|
PAGE
|
INDEPENDENT AUDITORS’ REPORT
|
F-58
|
|
BALANCE SHEET
|
F-59
|
|
STATEMENT OF OPERATIONS
|
F-60
|
|
STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
|
F-61
|
|
STATEMENT OF CASH FLOWS
|
F-62
|
|
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
F-63- F-68
|
|
AS OF SEPTEMBER 30, 2010
|
||
(Unaudited)
|
||
STATEMENT OF FINANCIAL POSITION
|
F-69
|
|
STATEMENTS OF OPERATIONS
|
F-70
|
|
STATEMENTS OF CASH FLOWS
|
F-71
|
|
UMAMI SUSTAINABLE SEAFOOD INC.
Pro Forma Financial Information for acquisition of Baja and Oceanic
(unaudited)
|
||
PRO FORMA STATEMENT OF FINANCIAL POSITION FOR ACQUISITION OF BAJA AND OCEANIC AS OF SEPTEMBER 30, 2010
|
F-72
|
|
PRO FORMA STATEMENT OF OPERATIONS FOR ACQUISITION OF BAJA AND OCEANIC FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2010
|
F-73
|
|
PRO FORMA STATEMENT OF OPERATIONS FOR ACQUISITION OF BAJA AND OCEANIC FOR THE FISCAL YEAR ENDED JUNE 30, 2010
|
F-74
|
|
NOTES
|
F-75
|
June 30,
|
June 30,
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ |
215
|
$ |
1,421
|
||||
Accounts receivable, escrow agent
|
1,635 | - | ||||||
Accounts receivable, trade
|
64
|
238
|
||||||
Accounts receivable, related party
|
424
|
-
|
||||||
Inventories
|
19,767
|
20,324
|
||||||
Other current assets
|
781
|
1,374
|
||||||
Total current assets
|
22,886
|
23,357
|
||||||
Property and equipment, net
|
8,672
|
8,561
|
||||||
Other assets
|
11
|
18
|
||||||
Total assets
|
$ |
31,569
|
$ |
31,936
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Short-term borrowings
|
$ |
12,700
|
$ |
12,076
|
||||
Borrowings from shareholder
|
-
|
560
|
||||||
Accounts payable, trade
|
1,812
|
2,888
|
||||||
Accounts payable to related parties
|
-
|
3,559
|
||||||
Accrued liabilities
|
634
|
642
|
||||||
Income taxes payable
|
157
|
483
|
||||||
Deferred income taxes
|
135
|
201
|
||||||
Total current liabilities
|
15,438
|
20,409
|
||||||
Derivative warrant liability | 697 | - | ||||||
Obligations under capital leases
|
28
|
19
|
||||||
Total liabilities
|
16,163
|
20,428
|
||||||
Commitments and contingencies (Note 13)
|
||||||||
Stockholders’ equity:
|
||||||||
Common stock $0.001 par value, 100,000 shares authorized
|
||||||||
45,261and 30,000 shares issued and outstanding at June 30, 2010 and June 30, 2009, respectively
|
45
|
30
|
||||||
Additional paid-in capital
|
6,308
|
(26
|
) | |||||
Retained earnings
|
7,514
|
7,073
|
||||||
Accumulated other comprehensive income
|
2,401
|
3,966
|
||||||
Total Umami stockholders’ equity
|
16,268
|
11,043
|
||||||
Noncontrolling interests in VIE’s:
|
||||||||
Lubin
|
(1,812
|
) |
(909
|
) | ||||
BTH Joint Venture
|
950
|
1,374
|
||||||
Total noncontrolling interest
|
(862
|
) |
465
|
|||||
Total equity
|
15,406
|
11,508
|
||||||
Total liabilities and stockholders’ equity
|
$ |
31,569
|
$ |
31,936
|
Years Ended
|
||||||||
June 30,
|
||||||||
Net revenue
|
$ |
25,326
|
$ |
24,070
|
||||
Cost of goods sold
|
(20,074
|
)
|
(16,924
|
)
|
||||
Gross profit
|
5,252
|
7,146
|
||||||
Other operating income
|
46
|
110
|
||||||
Selling, general and administrative expenses
|
(3,094
|
)
|
(1,422
|
)
|
||||
Operating income
|
2,204
|
5,834
|
||||||
Gain (loss) from foreign currency transactions
|
(1,700)
|
(3,176
|
) | |||||
Interest income
|
6
|
62
|
||||||
Interest expense
|
(987
|
)
|
(710
|
)
|
||||
Income (loss) before provision for income taxes
|
(477
|
) |
2,010
|
|||||
Income tax provision
|
(462
|
) |
(510
|
)
|
||||
Net income (loss)
|
(939
|
) |
1,500
|
|||||
Add net losses (income) attributable to the non-controlling interests:
|
||||||||
Lubin
|
1,106
|
799
|
||||||
BTH Joint Venture
|
274
|
(169
|
) | |||||
Net income attributable to Umami stockholders
|
$ |
441
|
$ |
2,130
|
||||
Basic and diluted net income per share attributable to Umami stockholders
|
$ |
0.01
|
$ |
0.07
|
||||
Weighted-average shares outstanding, basic and diluted
|
30,042
|
30,000
|
Common Stock
|
Additional
Paid-In Capital |
Retained Earnings
|
Accumulated
Currency Translation Adjustments |
Total
Umami Stockholders’ Equity |
Non-Controlling
Interest in VIE
|
Total
Equity |
||||||||||||||||||||||||||||||
Shares
|
Amount
|
Lubin
|
BTH
|
|||||||||||||||||||||||||||||||||
Equity July 1, 2008
|
30,000
|
$ |
30
|
$ |
(26
|
)
|
$ |
4,943
|
$ |
5,023
|
$ |
9,970
|
$ |
(100
|
)
|
$ |
257
|
$ |
10,127
|
|||||||||||||||||
Transfer from non-controlling interests
|
1,138
|
1,138
|
||||||||||||||||||||||||||||||||||
Distribution to non-controlling interest
|
(188 | ) | (188 | ) | ||||||||||||||||||||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||||||||||
Net income (loss)
|
2,130
|
2,130
|
(799
|
)
|
169
|
1,500
|
||||||||||||||||||||||||||||||
Translation adjustments
|
(1,057
|
)
|
(1,057
|
)
|
(10
|
)
|
(2
|
)
|
(1,069
|
)
|
||||||||||||||||||||||||||
Total comprehensive income:
|
1,073
|
(809
|
)
|
167
|
431
|
|||||||||||||||||||||||||||||||
Equity June 30, 2009
|
30,000
|
30
|
(26
|
)
|
7,073
|
3,966
|
11,043
|
(909
|
)
|
1,374
|
11,508
|
|||||||||||||||||||||||||
Shares issued for recapitalization on June 30, 2010
|
7,450 | 7 | (7 |
)
|
||||||||||||||||||||||||||||||||
Issuance of common stock and warrants
|
7,811
|
8
|
6,978
|
6,986
|
6,986
|
|||||||||||||||||||||||||||||||
Reclassification of derivative
warrant liability
|
(697 | ) | (697 | ) | (697 | ) | ||||||||||||||||||||||||||||||
Stock-based compensation expense
|
60
|
60
|
60
|
|||||||||||||||||||||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||||||||||
Net income (loss)
|
441
|
441
|
(1,106
|
)
|
(274
|
)
|
(939
|
)
|
||||||||||||||||||||||||||||
Translation adjustments
|
(1,565
|
)
|
(1,565
|
)
|
203
|
(150
|
)
|
(1,512
|
)
|
|||||||||||||||||||||||||||
Total comprehensive income (loss)
|
(1,124
|
)
|
(903
|
)
|
(424
|
)
|
(2,451
|
)
|
||||||||||||||||||||||||||||
Equity June 30, 2010
|
45,261
|
$ |
45
|
$ |
6,308
|
$ |
7,514
|
$ |
2,401
|
$ |
16,268
|
$ |
(1,812
|
)
|
$ |
950
|
$ |
15,406
|
Years Ended
|
||||||||
Operating activities
|
||||||||
Net income (loss)
|
$ | (939 | ) | $ | 1,500 | |||
Adjustments to reconcile to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
1,153 | 959 | ||||||
Stock-based compensation
|
60 | - | ||||||
Deferred income tax
|
5 | 40 | ||||||
Changes in assets and liabilities:
|
||||||||
Accounts receivable, trade
|
150 | 50 | ||||||
Inventories
|
(1,894 | ) | (3,007 | ) | ||||
Other current assets
|
245 | 57 | ||||||
Accounts payable, trade
|
(1,071 | ) | (6,368 | ) | ||||
Income taxes payable
|
(236 | ) | 228 | |||||
Other current liabilities
|
224 | 1,047 | ||||||
Net cash used in operating activities
|
(2,303 | ) | (5,494 | ) | ||||
Investing activities
|
||||||||
Purchases of fixed assets
|
(2,405 | ) | (1,561 | ) | ||||
Proceeds from sale of equipment
|
8 | 95 | ||||||
Net cash used in investing activities
|
(2,397 | ) | (1,466 | ) | ||||
Financing activities
|
||||||||
Dividends paid
|
- | (220 | ) | |||||
Shareholder loans
|
11,790 | - | ||||||
Repayments of long-term liabilities
|
(19 | ) | (9 | ) | ||||
Repayments of shareholder loans
|
(12,572 | ) | (32 | ) | ||||
Borrowings
|
24,151 | 11,080 | ||||||
Repayments of borrowings
|
(21,927 | ) | (5,000 | ) | ||||
Repayment of accounts payable to related parties | (3,200 | ) | - | |||||
Escrow deposit in connection with letter of credit
|
- | (83 | ) | |||||
Proceeds on the issuance of common stock and warrants
|
5,351 | - | ||||||
Net cash provided by financing activities
|
3,574 | 5,736 | ||||||
Subtotal
|
(1126 | ) | (1,224 | ) | ||||
Effects of exchange rate changes on the balances of cash held in foreign currencies
|
(80 | ) | (375 | ) | ||||
Cash and cash equivalents at beginning of year
|
1,421 | 3,020 | ||||||
Cash and cash equivalents at end of year
|
$ | 215 | $ | 1,421 | ||||
Supplemental Cash Flow Information
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
956 | 610 | ||||||
Income taxes
|
691 | 314 | ||||||
Non cash financing activities:
|
||||||||
BTH livestock contribution to Joint Venture
|
- | 1,138 | ||||||
New lease of capital equipment
|
34 | - | ||||||
Advance received by related party
|
5,000 | - | ||||||
Equity proceeds received by escrow agent
|
1,635 | - |
Consolidated
Net Income
|
Total
Comprehensive
Income
|
|||||||
As previously reported
|
$ | 1,331 | $ |
264
|
||||
Attributable to noncontrolling interest held by BTH
|
169 |
167
|
||||||
As restated
|
$ | 1,500 | $ |
431
|
2010
|
2009
|
|||||||
Live stock inventories:
|
||||||||
Adriatic tuna
|
||||||||
0-30 kg.
|
$ |
7,132
|
$ |
10,587
|
||||
30-60 kg.
|
8,858
|
4,052
|
||||||
60+ kg.
|
720
|
1,901
|
||||||
Mediterranean tuna + 60kg.
|
2,354
|
2,128
|
||||||
19,064
|
18,668
|
|||||||
Fish feed and supplies
|
703
|
1,656
|
||||||
Total inventories
|
$ |
19,767
|
$ |
20,324
|
2010
|
2009
|
|||||||
Refundable value added tax
|
$ | 463 | $ | 736 | ||||
Refundable income taxes
|
16 | 141 | ||||||
Other receivables
|
278 | 130 | ||||||
Prepaid expenses
|
24 | 282 | ||||||
Escrow balance related to letter of credit
|
- | 85 | ||||||
$ | 781 | $ | 1,374 |
2010
|
2009
|
|||||||
Cost:
|
||||||||
Land
|
$ |
431
|
$ |
468
|
||||
Buildings
|
2,495
|
2833
|
||||||
Vessels
|
8,143
|
7,315
|
||||||
Machinery and equipment
|
6,884
|
6,043
|
||||||
Fixtures and office equipment
|
110
|
121
|
||||||
Construction in progress
|
34
|
1,414
|
||||||
18,097
|
18,194
|
|||||||
Less accumulated depreciation:
|
||||||||
Buildings
|
918
|
893
|
||||||
Vessels
|
3,982
|
3,972
|
||||||
Machinery and equipment
|
4,428
|
4,670
|
||||||
Fixtures and office equipment
|
97
|
98
|
||||||
9,425
|
9,633
|
|||||||
Property and equipment, net
|
$ |
8,672
|
$ |
8,561
|
Facility
|
Interest rate
|
Effective rate
@ June 30,
|
2010
|
2009
|
||||||||||||
Erste&Steiermaerkische bank d.d.
|
HRK 19,240,000
|
5%
|
5.000 | % | $ | 3,258 | $ | 3,705 | ||||||||
Erste&Steiermaerkische bank d.d.
|
HRK 30,000,000
|
5%
|
5.000 | % | 5,080 | 5,777 | ||||||||||
Erste&Steiermaerkische bank d.d.
|
EUR 1,375,000
|
EURIBOR +7%
|
7.699 | % | 1,675 | 1,930 | ||||||||||
Erste&Steiermaerkische bank d.d.
|
JPY 180,000,000
|
3M JPY LIBOR+6.5%
|
6.746 | % | 2,025 | - | ||||||||||
Erste Factoring d.o.o.
|
HRK 3,400,000
|
3M CHF LIBOR+5.75%
|
N/A | - | 655 | |||||||||||
Erste&Steiermaerkische bank d.d.
|
CHF 707,000
|
1M LIBOR +7%
|
7.108 | % | 649 | - | ||||||||||
Current maturities of capital lease obligations
|
13 | 9 | ||||||||||||||
$ | 12,700 | $ | 12,076 |
2010
|
2009
|
|||||||
Total obligations under capital leases
|
$ |
41
|
$ |
28
|
||||
Current maturities (classified as borrowings within the consolidated balance sheets)
|
(13
|
)
|
(9
|
)
|
||||
Non-current obligations
|
$ |
28
|
$ |
19
|
||||
Aggregated annual maturities under capital leases as of June 30, 2010 were as follows:
|
||||||||
Year ending June 30, 2011
|
$ |
15
|
||||||
Year ending June 30, 2012
|
15
|
|||||||
Year ending June 30, 2013
|
7
|
|||||||
Year ending June 30, 2014
|
7
|
|||||||
Year ending June 30, 2015
|
2
|
|||||||
46
|
||||||||
Less interest
|
(5
|
)
|
||||||
Total obligations under capital leases
|
$ |
41
|
2010
|
2009
|
|||||||
Current expense
|
$ |
(528
|
) | $ |
(470
|
)
|
||
Deferred benefit (expense)
|
66
|
(40
|
) | |||||
Total income tax provision
|
$ |
(462
|
)
|
$ |
(510
|
)
|
2010
|
2009
|
|||||||
Inventories
|
$ | (135 | ) | $ | (210 | ) | ||
Tax loss carryforwards
|
859 | 150 | ||||||
Other items
|
- | 9 | ||||||
Valuation allowance
|
(859 | ) | (150 | ) | ||||
Net deferred income tax liability
|
$ | (135 | ) | $ | (201 |
)
|
Available through June 30, 2014 related to MB Lubin
|
$ |
752
|
||
Available through June 30, 2015 related to MB Lubin
|
877
|
|||
Available through June 30, 2017 related to Umami
|
1,569
|
Lubin
|
KTT
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Rental income and sale of inventory
|
$ |
2,402
|
$ |
1,860
|
$ |
-
|
$ |
-
|
||||||||
Purchase of inventory
|
48
|
26
|
-
|
-
|
||||||||||||
Unsecured loans
|
6,028
|
5,597
|
-
|
61
|
Lubin
|
KTT
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Total assets
|
$ |
5,123
|
$ |
5,835
|
$ |
51
|
$ |
67
|
||||||||
Total liabilities
|
7,308
|
6,744
|
-
|
1
|
||||||||||||
Stockholders’ equity
|
(2,185
|
)
|
(909
|
)
|
51
|
66
|
||||||||||
Net sales
|
2,518
|
1,623
|
-
|
-
|
||||||||||||
Net income (loss)
|
(1,566
|
)
|
(799
|
) |
(8
|
) |
1
|
2010
|
2009
|
|||||||
Total assets
|
$ |
2,354
|
$ |
2,128
|
||||
Total liabilities
|
-
|
-
|
||||||
Venturers’ equity
|
2,354
|
2,128
|
||||||
Net sales
|
189
|
3,844
|
||||||
Net income (loss)
|
(456
|
)
|
336
|
Average risk-free interest rate
|
1.9 | % | ||
Expected dividend yield
|
None
|
|||
Expected volatility
|
100 | % | ||
Expected term (years)
|
3.0 |
Shares
|
Exercise Price
|
Remaining
Contractual
Term
|
||||||||
Outstanding as of June 30, 2009
|
- | - | ||||||||
Options granted
|
1,100,000 | $ | 1.00 | |||||||
Options exercised
|
- | |||||||||
Options forfeited
|
- | |||||||||
Outstanding as of June 30, 2010
|
1,100,000 | $ | 1.00 |
5.0 years
|
||||||
Exercisable as of June 30, 2010
|
183,333 | $ | 1.00 |
5.0 years
|
||||||
Vested as of June 30, 2010
|
183,333 | $ | 1.00 |
5.0 years
|
||||||
Nonvested as of June 30, 2010
|
916,667 | $ | 1.00 |
5.0 years
|
Number
|
Exercise Price
|
Term
|
||||||||
Subscription agreements
|
1,460,000 | $ |
2.00
|
5 years
|
||||||
Investor agreement
|
1,000,000 | $ |
1.00
|
3 years
|
||||||
Placement agent payment
|
730,000 | $ |
2.00
|
3 years
|
||||||
Total warrants at June 30, 2010
|
3,190,000 |
2010
|
|||||
Purchases of goods/services from Atlantis, the ultimate parent company of Kali Tuna prior to the Share Exchange described in Note 1, and its affiliates
|
$ |
1,778
|
2009
|
|||||
Bluefin Tuna Hellas, joint venture partner as described in Note 2:
|
|||||
Sales of good/services
|
93
|
||||
Contribution of livestock to joint venture
|
1,138
|
2010
|
2009
|
|||||||
Accounts receivable from related parties – Atlantis and its affiliates
|
$ |
424
|
$ |
-
|
||||
Accounts payable to related parties:
|
||||||||
Atlantis and its affiliates
|
-
|
3,559
|
||||||
Note payable to KT DOO Finance Pty. Ltd, Australia, subsidiary of Atlantis, non interest bearing (AUD 696,000)
|
-
|
560
|
Asset
|
Option Exercise Price
|
|||
The patent and the U.S. ownership rights to Freshtec, a method to treat food, fish and meat to improve storage durability of the food being treated. The patent application is pending.
|
$
|
2,300,000
|
||
Farming Concession for up to 1,000 tons stocking rights for for striped sea bass, yellow tail tuna and king fish with necessary farming equipments, at Todos Santos, Mexico.
|
$
|
1,500,000
|
||
Factory equipment for food processing, packaging and processing using the Freshtec method.
|
$
|
1,500,000
|
||
The entire share capital in Havetorsk AS, Mausund, Norway, a Norwegian cod farming company.
|
$
|
7,000,000
|
·
|
Prior to November 30, 2010, Baja will be permitted to distribute $2 million to certain of its selling shareholders and to repay certain additional amounts that have been advanced by those shareholders to fund Baja’s working capital needs. As of September 27, 2010, such amounts were approximately $10 million.
|
·
|
The Company will fund any further deficit in Baja’s cash flows as loans to Baja and will be allowed to use proceeds from sales of Baja’s inventory and amounts financed using Baja’s assets as collateral for loans to fund the above-referenced payments to shareholders and Baja’s operating expenses as well as the amount required for the cash option payment.
|
Inventories
|
$ | 19,767 | ||
Other current assets
|
1,484 | |||
Equity investments
|
8,000 | |||
Long term assets
|
8,683 | |||
Total assets
|
$ | 37,934 | ||
Short-term borrowings
|
$ | 12,700 | ||
Borrowings from shareholder
|
6,365 | |||
Other current liabilities
|
2,738 | |||
Long term liabilities
|
725 | |||
Total equity
|
15,406 | |||
Total liabilities and equity
|
$ | 37,934 |
Net revenue
|
$ | 25,326 | ||
Cost of goods sold
|
(20,074 | ) | ||
Gross profit
|
5,252 | |||
Selling, general and administrative expenses and other operating income
|
(3,048 | ) | ||
Operating income
|
2,204 | |||
Loss from foreign currency transactions
|
(1,700 | ) | ||
Loss from equity investments
|
(567 | ) | ||
Interest income
|
6 | |||
Interest expense
|
(1,794 | ) | ||
Loss before provision for income taxes
|
(1,851 | ) | ||
Income tax provision
|
(462 | ) | ||
Net loss
|
(2,313 | ) | ||
Net loss attributable to the non-controlling interests
|
1,380 | |||
Net loss attributable to Umami shareholders
|
$ | (933 | ) | |
Basic and diluted net loss per share attributable to Umami shareholders
|
$ | ( 0.03 | ) | |
Weighted-average shares outstanding, basic and diluted
|
30,042 |
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
4,569
|
$
|
215
|
||||
Accounts receivable, escrow agent
|
-
|
1,635
|
||||||
Accounts receivable, trade, net
|
2,001
|
64
|
||||||
Accounts receivable, related parties
|
12,302
|
681
|
||||||
Inventories
|
43,027
|
19,767
|
||||||
Refundable value added tax
|
1,352
|
463
|
||||||
Other current assets
|
1,787
|
318
|
||||||
Total current assets
|
65,038
|
23,143
|
||||||
Property and equipment, net
|
15,672
|
8,672
|
||||||
Farming concessions
|
3,000
|
-
|
||||||
Deferred financing costs
|
520
|
-
|
||||||
Other assets
|
145
|
11
|
||||||
Total assets
|
$
|
84,375
|
$
|
31,826
|
||||
LIABILITIES, STOCKHOLDERS’ EQUITY AND NONCONTROLLING INTERESTS
|
||||||||
Current liabilities:
|
||||||||
Short-term borrowings and current portion of long-term debt
|
$
|
23,685
|
$
|
12,700
|
||||
Notes payable to related parties
|
6,271
|
-
|
||||||
Accounts payable, trade
|
5,043
|
1,812
|
||||||
Accounts payable, related parties
|
796
|
257
|
||||||
Accrued liabilities
|
3,640
|
634
|
||||||
Income taxes payable
|
1,926
|
157
|
||||||
Deferred income taxes
|
-
|
|
135
|
|||||
Total current liabilities
|
41,361
|
15,695
|
||||||
Long term debt
|
1,112
|
-
|
||||||
Notes payable to related parties
|
4,000
|
-
|
||||||
Derivative stock warrants
|
2,288
|
697
|
||||||
Obligations under capital leases
|
19
|
28
|
||||||
Deferred income taxes
|
1,217
|
-
|
||||||
Total liabilities
|
49,997
|
16,420
|
||||||
Commitments and contingencies (Note 13)
|
||||||||
Stockholders’ equity:
|
||||||||
Common stock $0.001 par value, 100,000 shares authorized
|
||||||||
59,412 and 45,261 shares issued and outstanding at March 31, 2011 and June 30, 2010, respectively
|
59
|
45
|
||||||
Additional paid-in capital
|
22,756
|
6,308
|
||||||
Retained earnings
|
10,231
|
7,514
|
||||||
Accumulated other comprehensive income
|
4,046
|
2,401
|
||||||
Total Umami stockholders’ equity
|
37,092
|
16,268
|
||||||
Noncontrolling interests in VIE’s:
|
||||||||
Lubin
|
(2,610
|
)
|
(1,812
|
)
|
||||
Marpesca
|
(131
|
)
|
-
|
|||||
KTT
|
27
|
26
|
||||||
BTH Joint Venture
|
-
|
924
|
||||||
Total noncontrolling interests
|
(2,714
|
)
|
(862
|
)
|
||||
Total equity
|
34,378
|
15,406
|
||||||
Total liabilities, stockholders’ equity and noncontrolling interests
|
$
|
84,375
|
$
|
31,826
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
Net revenue
|
$
|
42,338
|
$
|
20,358
|
$
|
56,712
|
$
|
25,172
|
||||||||
Cost of goods sold
|
(32,383
|
)
|
(16,868
|
)
|
(43,539
|
)
|
(20,529
|
)
|
||||||||
Gross profit
|
9,955
|
3,490
|
13,173
|
4,643
|
||||||||||||
Research and development expenses
|
(121
|
)
|
-
|
(244
|
)
|
-
|
||||||||||
Selling, general and administrative expenses
|
(3,485
|
)
|
(401
|
)
|
(7,042
|
)
|
(1,340
|
)
|
||||||||
Other operating income
|
30
|
31
|
329
|
427
|
||||||||||||
Total operating expenses
|
(3,576
|
)
|
(370
|
)
|
(6,957
|
)
|
(913
|
)
|
||||||||
Operating income
|
6,379
|
3,120
|
6,216
|
3,730
|
||||||||||||
Loss from foreign currency transactions and remeasurements
|
(500
|
)
|
(1,036
|
)
|
(734
|
)
|
(1,353
|
)
|
||||||||
Gain (loss) on derivative stock warrants
|
(140
|
)
|
-
|
79
|
-
|
|||||||||||
Income from investment in unconsolidated affiliates
|
-
|
-
|
601
|
-
|
||||||||||||
Bargain purchase on business combination
|
930
|
-
|
2,781
|
-
|
||||||||||||
Interest expense , net
|
(2,264
|
) |
(280
|
)
|
(4,889
|
)
|
(793
|
)
|
||||||||
Income before provision for income taxes
|
4,405
|
1,804
|
4,054
|
1,584
|
||||||||||||
Income tax provision
|
1,675
|
547
|
2,104
|
568
|
||||||||||||
Net income
|
2,730
|
1,257
|
1,950
|
1,016
|
||||||||||||
Add net (income) losses attributable to the non-controlling interests:
|
||||||||||||||||
Lubin
|
(10
|
)
|
591
|
562
|
912
|
|||||||||||
Marpesca
|
87
|
-
|
131
|
-
|
||||||||||||
BTH Joint Venture
|
-
|
69
|
73
|
180
|
||||||||||||
KTT | 1 | 2 | 1 | 4 | ||||||||||||
Net income attributable to Umami stockholders
|
$
|
2,808
|
$
|
1,919
|
$
|
2,717
|
$
|
2,112
|
||||||||
Basic net income per share attributable to Umami stockholders
|
$
|
0.05
|
$
|
0.06
|
$
|
0.05
|
$
|
0.07
|
||||||||
Weighted-average shares outstanding, basic
|
59,412
|
30,000
|
52,541
|
30,000
|
||||||||||||
Diluted net income per share attributable to Umami stockholders
|
$
|
0.05
|
$
|
0.06
|
$
|
0.05
|
$
|
0.07
|
||||||||
Weighted-average shares outstanding, diluted
|
59,942
|
30,000
|
52,691
|
30,000
|
Nine Months Ended
|
||||||||
Operating activities
|
||||||||
Net income
|
$
|
1,950
|
$
|
1,016
|
||||
Adjustments to reconcile to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
1,259
|
832
|
||||||
Gain on bargain purchase on business combination | (2,781 | ) | - | |||||
Stock-based compensation
|
120
|
-
|
||||||
Deferred income tax
|
(134
|
) |
(61
|
)
|
||||
Gain on stock warrants
|
(79
|
)
|
-
|
|||||
Gain from investment in unconsolidated affiliates
|
(601
|
)
|
-
|
|||||
Amortization of deferred financing costs, debt discount and warrants included in interest expense
|
1,641
|
|||||||
Changes in assets and liabilities, net of effects of business combination:
|
||||||||
Accounts receivable, trade
|
(624
|
)
|
92
|
|||||
Accounts receivable, related parties
|
(12,253
|
)
|
-
|
|||||
Inventories
|
18,098
|
2,498
|
||||||
Refundable value added tax | (9 | ) | - | |||||
Other current assets
|
(1,010
|
) |
(1,447
|
)
|
||||
Accounts payable, trade and accrued liabilities
|
3,210
|
(566
|
)
|
|||||
Income taxes payable
|
1,561
|
49
|
||||||
Accounts payable to related parties
|
796
|
(3,164
|
)
|
|||||
Net cash provided by (used in) operating activities
|
11,144
|
(751
|
)
|
|||||
Investing activities
|
||||||||
Purchase of Baja and Oceanic
|
(19,109
|
)
|
-
|
|||||
Purchase of joint venture assets
|
(1,629
|
)
|
-
|
|||||
Purchases of property and equipment
|
(565
|
)
|
(2,274
|
)
|
||||
Sale of fixed assets
|
-
|
7
|
||||||
Net cash used in investing activities
|
(21,303
|
)
|
(2,267
|
)
|
||||
Financing activities
|
||||||||
Bank Financing
|
21,609
|
2,094
|
||||||
Bank repayments |
(19,934
|
) | - | |||||
Borrowings from unrelated parties
|
14,750
|
-
|
||||||
Repayments of borrowings
|
(8,750
|
)
|
-
|
|||||
Borrowings from related parties
|
4,099
|
7,339
|
||||||
Repayments of borrowings from related parties | (5,442 | ) | (6,900 | ) | ||||
Offering costs paid
|
(1,046
|
)
|
-
|
|||||
Proceeds from the issuance of common stock and warrants
|
4,641
|
-
|
||||||
Funds released from escrow
|
1,635
|
-
|
||||||
Net cash provided by financing activities
|
11,562
|
2,533
|
||||||
Subtotal
|
1,403
|
(485
|
)
|
|||||
Effect of exchange rate changes on cash held in foreign currencies
|
2,951
|
143
|
||||||
Cash and cash equivalents at beginning of year
|
215
|
1,421
|
||||||
Cash and cash equivalents at end of period
|
$
|
4,569
|
$
|
1,079
|
||||
Non-cash activities
|
||||||||
Settlement of related party accounts |
$
|
8,884 |
$
|
- | ||||
AAdvances from shareholders for investment in and advances to unconsolidated affiliates
|
|
8,000
|
|
5,000
|
||||
Reclassification of derivative warrant liability
|
1,290
|
-
|
||||||
Payment by BTH to Atlantis Group, offset against shareholder loan
|
334
|
-
|
||||||
Issuance of common stock in connection with acquisition of Baja and Oceanic
|
12,050
|
-
|
1.
|
Description of business
|
2.
|
Significant accounting policies
|
Three Months
Ended
|
Three Months
Ended
|
Nine Months
Ended
|
Nine Months
Ended
|
|||||||||||||
(In thousands, except per share data)
|
||||||||||||||||
Numerator: Net income attributable to Umami shareholders
|
$
|
2,808
|
$
|
1,919
|
$
|
2,717
|
$
|
2,112
|
||||||||
Denominator: Weighted average shares outstanding (basic)
|
59,412
|
30,000
|
52,541
|
30,000
|
||||||||||||
Effect of dilutive securities
|
||||||||||||||||
Stock warrants
|
530
|
-
|
150
|
-
|
||||||||||||
Denominator for net income per share (diluted)
|
59,942
|
30,000
|
52,691
|
30,000
|
||||||||||||
Net income per share (basic)
|
$
|
0.05
|
$
|
0.06
|
$
|
0.05
|
$
|
0.07
|
||||||||
Net income per share (diluted)
|
$
|
0.05
|
$
|
0.06
|
$
|
0.05
|
$
|
0.07
|
Three Months Ended
March 31,
|
Nine Months Ended
|
|||||||||||||||
2010
|
2011
|
2010
|
||||||||||||||
(In thousands)
|
||||||||||||||||
Net income
|
$
|
2,730
|
$
|
1,257
|
$
|
1,950
|
$
|
1,016
|
||||||||
Other comprehensive income (loss) - Unrealized foreign currency translation gain/(loss), net of taxes of $0
|
1,047
|
(438
|
)
|
1,645
|
(373
|
)
|
||||||||||
Comprehensive income
|
|
3,777
|
|
819
|
|
3,595
|
|
643
|
||||||||
Comprehensive loss attributable to non-controlling interests
|
78
|
662
|
767
|
1,096
|
||||||||||||
Total comprehensive income attributable to Umami shareholders
|
$ |
3,855
|
$ |
1,481
|
$ |
4,362
|
$ |
1,739
|
3.
|
Significant concentrations
|
4.
|
Inventories
|
Live stock inventories:
|
||||||||
0-30 kg.
|
$
|
21,057
|
$
|
7,132
|
||||
30-60 kg.
|
17,965
|
8,925
|
||||||
60+ kg.
|
2,167
|
3,074
|
||||||
41,189
|
19,131
|
|||||||
Fish feed
|
1,838
|
636
|
||||||
Total inventories
|
$
|
43,027
|
$
|
19,767
|
5.
|
Other current assets
|
Prepaid fishing expenses
|
$
|
640
|
$
|
-
|
||||
Refundable income taxes
|
-
|
|
16
|
|||||
Prepaid expenses
|
667
|
24
|
||||||
Other receivables
|
134
|
278
|
||||||
Prepaid insurance
|
346
|
-
|
||||||
$
|
1,787
|
$
|
318
|
6.
|
Property and equipment
|
Cost:
|
||||||||
Land
|
$
|
485
|
$
|
431
|
||||
Buildings
|
2,808
|
2,495
|
||||||
Vessels
|
13,749
|
8,143
|
||||||
Machinery and equipment
|
9,633
|
6,884
|
||||||
Fixtures and office equipment
|
347
|
110
|
||||||
Vehicles
|
235
|
-
|
||||||
Construction in progress
|
452
|
34
|
||||||
27,709
|
18,097
|
|||||||
Less accumulated depreciation:
|
||||||||
Buildings
|
1,142
|
918
|
||||||
Vessels
|
5,154
|
3,982
|
||||||
Machinery and equipment
|
5,541
|
4,428
|
||||||
Fixtures and office equipment
|
142
|
97
|
||||||
Vehicles
|
58
|
-
|
||||||
12,037
|
9,425
|
|||||||
Property and equipment, net
|
$
|
15,672
|
$
|
8,672
|
7.
|
Acquisition of Baja and Oceanic
|
Cash
|
$
|
12,000
|
||
10 million shares of Umami stock
|
12,050
|
|||
Fair value of previously held equity interest
|
8,601
|
|||
Total purchase price
|
$
|
32,651
|
(in thousands)
|
Quarter ended
December 31, 2010 |
Adjustments in Quarter ended
March 31, 2011 |
Quarter ended
March 31, 2011 |
|||||||||
Cash
|
$ | 385 | $ | $ | 385 | |||||||
Accounts receivable
|
1,210 | 1,210 | ||||||||||
Other accounts receivable
|
615 | 615 | ||||||||||
Inventory
|
37,756 | 37,756 | ||||||||||
Other current assets
|
456 | (17 | ) | 439 | ||||||||
Property, plant and equipment
|
6,225 | 403 | 6,628 | |||||||||
Farming concessions
|
3,000 | 3,000 | ||||||||||
Long-term deferred tax assets
|
471 | (471 | ) | - | ||||||||
Other long-term assets
|
118 | 118 | ||||||||||
Total assets acquired
|
$ | 50,236 | $ | (85 | ) | $ | 50,151 | |||||
Accounts payable and accrued liabilities
|
$ | 2,833 | $ | $ | 2,833 | |||||||
Working capital advances from Umami
|
7,494 | 7,494 | ||||||||||
Short-term notes payable
|
3,191 | 3,191 | ||||||||||
Deferred tax liability
|
2,232 | (1,015 | ) | 1,217 | ||||||||
Total liabilities assumed
|
15,750 | (1,015 | ) | 14,735 | ||||||||
Net assets acquired
|
$ | 34,486 | $ | 930 | $ | 35, 416 |
(in thousands)
|
Three Months
Ended
|
Three Months
Ended
|
Nine Months
Ended
|
Nine Months
Ended
|
||||||||||||
Net revenue
|
$
|
42,338
|
$
|
22,241
|
$
|
70,902
|
$
|
31,823
|
||||||||
Operating income
|
6,379
|
1,617
|
8,291
|
2,204
|
||||||||||||
Net income (loss)
|
2,730
|
(839
|
)
|
1,743
|
(1,711
|
)
|
||||||||||
Net income (loss) attributable to Umami stockholders
|
2,808
|
(177
|
)
|
2,537
|
(617
|
)
|
||||||||||
Basic and diluted net income (loss) per share attributable to Umami stockholders
|
$
|
0.05
|
$
|
(0.00
|
)
|
$
|
0.04
|
$
|
(0.02
|
)
|
8.
|
Borrowings
|
Facility
|
Interest rate
|
Effective rate
at March 31,
|
|
|||||||||||||
Erste&Steiermaerkische bank d.d.
|
HRK 19,240,000
|
5% floating
|
-
|
$
|
-
|
$
|
3,258
|
|||||||||
Erste&Steiermaerkische bank d.d.
|
HRK 29,240,000
|
5% floating
|
5.81
|
%
|
|
5,572
|
|
-
|
||||||||
Erste&Steiermaerkische bank d.d.
|
HRK 30,000,000
|
5% floating
|
6.24
|
%
|
5,717
|
5,080
|
||||||||||
Erste&Steiermaerkische bank d.d.
|
EUR 1,375,000
|
EURIBOR +7%
|
8.07
|
%
|
41
|
1,675
|
||||||||||
Erste&Steiermaerkische bank d.d.
|
JPY 180,000,000
|
3M LIBOR+6.5%
|
6.69
|
%
|
2,164
|
2,025
|
||||||||||
Erste&Steiermaerkische bank d.d.
|
CHF 707,000
|
3M CHF LIBOR +7%
|
8.42
|
%
|
767
|
649
|
||||||||||
Volksbank d.d.
|
HRK 10,000,000
|
40% at HBOR + 60% at 5.9%
|
5.55
|
%
|
1,747
|
-
|
||||||||||
Bancomer
|
MXN 40,000,000
|
TIEE + 4.5%
|
9.34
|
%
|
3,363
|
-
|
||||||||||
Secured notes
|
USD 3,125,000
|
9%
|
9
|
%
|
3,125
|
-
|
||||||||||
Secured notes
|
USD 3,600,000
|
Nil
|
Nil
|
3,600
|
-
|
|||||||||||
Total obligations under capital leases
|
36
|
41
|
||||||||||||||
Less: Debt discount
|
(1,316
|
)
|
-
|
|||||||||||||
Total borrowings
|
$
|
24,816
|
$
|
12,728
|
||||||||||||
Presented in consolidated balance sheets as follows:
|
||||||||||||||||
Short-term borrowings
|
$ |
23,685
|
$ |
12,700
|
||||||||||||
Long-term debt
|
1,112
|
-
|
||||||||||||||
Long-term obligations under capital leases
|
19
|
28
|
||||||||||||||
Total borrowings
|
$
|
24,816
|
$
|
12,728
|
9.
|
Variable interest entities
|
Lubin Three Months Ended
|
Lubin Nine Months Ended
|
|||||||||||||||
Rental income and sale of inventory
|
$
|
496
|
$
|
424
|
$
|
1,425
|
$
|
1,780
|
||||||||
Purchase of inventory
|
-
|
-
|
-
|
34
|
Lubin
|
KTT
|
|||||||||||||||
Total assets
|
$
|
5,839
|
$
|
5,496
|
$
|
54
|
$
|
51
|
||||||||
Total liabilities
|
8,449
|
7,308
|
-
|
-
|
||||||||||||
Stockholders’ equity
|
(2,610
|
)
|
(1,812
|
)
|
54
|
51
|
Lubin Three Months Ended
|
Lubin Nine Months Ended
|
|||||||||||||||
Net sales
|
$
|
496
|
$
|
428
|
$
|
1,489
|
$
|
1,806
|
||||||||
Net income (loss)
|
10
|
(590
|
)
|
(562
|
)
|
(912
|
)
|
Total assets
|
$
|
-
|
$
|
2,354
|
||||
Total liabilities
|
-
|
-
|
||||||
Venturers’ equity
|
-
|
2,354
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
Net sales
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
24
|
||||||||
Net income (loss)
|
(1
|
)
|
(144
|
)
|
(146
|
)
|
(358
|
)
|
(in thousands)
|
||||||||||||||||
Total assets
|
$
|
915
|
$
|
-
|
||||||||||||
Total liabilities
|
1,221
|
-
|
||||||||||||||
Stockholders’ equity
|
(306
|
)
|
-
|
|||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
Net sales
|
$
|
64
|
$
|
-
|
$
|
128
|
|
$
|
-
|
|||||||
Net income (loss)
|
(219
|
)
|
-
|
(306
|
)
|
-
|
10.
|
Stock options and warrants
|
Average risk-free interest rate
|
1.91
|
%
|
||
Expected dividend yield
|
None
|
|||
Expected volatility
|
50
|
%
|
||
Expected term (years)
|
3.0
|
Warrants
(in thousands)
|
Exercise Price
|
Term
|
|||||
Balance at June 30, 2010
|
3,190
|
$1.00 to $2.00
|
3-5 years
|
||||
Issued in connection with private placements of units
|
3,476
|
$1.50 to $2.00
|
5 years
|
||||
Issued in connection with Secured Notes
|
3,416
|
$1.00 to $1.65
|
5 years
|
||||
Balance at March 31, 2011
|
10,082
|
|
|||||
Weighted average exercise price
|
$
|
1.56
|
Balance as of June 30, 2010
|
$
|
697
|
||
New warrants issued
|
2,882
|
|||
Revaluation for fair market value
|
(1
|
)
|
||
Reclassification of warrants to equity upon change of functional currency
|
(1,290
|
)
|
||
Balance as of March 31, 2011
|
$
|
2,288
|
March 31,
|
||||||||
2010
|
||||||||
Exercise prices
|
|
$1.00-$1.80
|
|
$1.00-$2.00
|
||||
Market price
|
|
$1.19
|
|
$0.96
|
||||
Expected dividends
|
-
|
-
|
||||||
Expected volatility
|
50
|
%
|
50
|
%
|
||||
Average risk-free interest rate
|
2.24
|
%
|
1.90
|
%
|
||||
Expected term / life (in years)
|
4.5
|
5
|
11.
|
Related parties
|
|
·
|
The patent and the U.S. ownership rights to Freshtec, a method to treat food, fish and meat to improve storage durability of the food being treated, at an option price of $2.3 million. The patent application is pending.
|
|
·
|
Factory equipment for food processing, packaging and processing using the Freshtec method, at an option price of $1.5 million.
|
|
·
|
Farming concession for up to 1,000 tons stocking rights for striped sea bass, yellow tail tuna and king fish with necessary farming equipment, at Todos Santos, Mexico, at an option price of $1.5 million.
|
|
·
|
The entire share capital in Havetorsk AS, Mausund, Norway, a Norwegian cod farming company, at an option price of $7.0 million.
|
Balance Sheet
|
||||||||
Current Assets
|
||||||||
Trade accounts receivable related parties
|
$
|
12,302
|
$
|
-
|
||||
Other accounts receivable related parties
|
-
|
681
|
||||||
Total accounts receivable related parties
|
$
|
12,302
|
$
|
681
|
||||
Accounts payable to related parties
|
$
|
796
|
$
|
257
|
||||
Notes payable to related parties
|
||||||||
Due to Atlantis - principal
|
$
|
909
|
$
|
-
|
||||
Due to Aurora - principal
|
9,260
|
-
|
||||||
- accrued interest
|
102
|
-
|
||||||
Total
|
$
|
10,271
|
$ |
-
|
||||
Included in current portion
|
6,271
|
-
|
||||||
Long term portion
|
$
|
4,000
|
$
|
-
|
Three months ended
|
Nine months ended
|
|||||||||||||||
Income Statement
|
||||||||||||||||
Sales to Atlantis Subsidiary – included in net revenue
|
$
|
28,825
|
$
|
-
|
$
|
40,802
|
$
|
-
|
||||||||
Reimbursement of costs – included in selling, general and administrative expenses
|
13
|
-
|
459
|
-
|
||||||||||||
Commission expense – included in selling, general and administrative expenses
|
536
|
-
|
1,033
|
-
|
||||||||||||
Interest expense
|
557
|
-
|
1,364
|
-
|
12.
|
Income Taxes
|
13.
|
Commitments and contingencies
|
14.
|
Subsequent events
|
Page
|
||
INDEPENDENT AUDITORS’ REPORT
|
F-35
|
|
EXAMINED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS:
|
||
Consolidated and Combined Balance Sheets
|
F-37
|
|
Consolidated and Combined Income Statements
|
F-38
|
|
Consolidated and Combined Statements of Changes in Stockholders’ Equity
|
F-39
|
|
Consolidated and combined Statements of Cash Flows
|
F-40
|
|
Notes to Consolidated and Combined Financial Statements
|
F-41
|
2009
|
2008
|
|||||||
ASSETS:
|
||||||||
CURRENT:
|
||||||||
Cash and cash equivalents
|
$ | 669,427 | $ | 66,443 | ||||
Accounts receivable (Note 4)
|
6,370,279 | 5,898,625 | ||||||
Due from related parties (Note 8)
|
192,719 | 1,126,894 | ||||||
Inventories (Note 5)
|
12,330,547 | 7,951,598 | ||||||
Prepaid expenses
|
596,740 | 79,243 | ||||||
Total current assets
|
20,159,712 | 15,122,803 | ||||||
DEFERRED INCOME TAXES
|
406,444 | 295,160 | ||||||
PROPERTY, MACHINERY AND EQUIPMENT, Net (Note 6)
|
3,195,951 | 4,343,041 | ||||||
Total assets
|
23,762,107 | 19,761,004 | ||||||
LIABILITIES:
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Notes payable to financial institutions
|
1,380,849 | 1,312,731 | ||||||
Accounts payable (Note 7)
|
6,396,039 | 5,020,379 | ||||||
Due to related parties (Note 8)
|
5,446,194 | 5,242,866 | ||||||
Total liabilities
|
13,223,082 | 11,575,976 | ||||||
STOCKHOLDERS' EQUITY:
|
||||||||
Common stock (Note 10)
|
12,290,547 | 12,290,547 | ||||||
Contributions for future increases in capital
|
19,755,245 | 19,755,245 | ||||||
Premium on common stock
|
68,042 | 68,042 | ||||||
ACCUMULATED DEFICIT:
|
||||||||
Prior years
|
(23,928,806 | ) | (26,858,293 | ) | ||||
Net income of the year
|
2,353,997 | 2,929,487 | ||||||
(21,574,809 | ) | (23,928,806 | ) | |||||
Total stockholders’ equity
|
10,539,025 | 8,185,028 | ||||||
Total liabilities and stockholders’ equity
|
$ | 23,762,107 | $ | 19,761,004 |
2009
|
2008
|
|||||||
NET SALES
|
$ | 12,201,245 | $ | 8,369,847 | ||||
COST OF SALES
|
6,862,116 | 4,553,283 | ||||||
Gross profit
|
5,339,129 | 3,816,564 | ||||||
General expenses
|
4,181,769 | 8,176,177 | ||||||
Income (loss) from operations
|
1,157,360 | (4,359,613 | ) | |||||
Other income (expenses), net (Note 11)
|
547,211 | 5,298,058 | ||||||
Comprehensive financing income (Note 12)
|
(615,773 | ) | (1,039,911 | ) | ||||
Income before income taxes benefit
|
2,320,344 | 1,978,356 | ||||||
Income taxes benefit (Note 9)
|
(33,653 | ) | (951,131 | ) | ||||
Net income (Note 13)
|
$ | 2,353,997 | $ | 2,929,487 |
Retained earnings
|
||||||||||||||||||||||||
Common
stock
|
Contributions
for future
increases in
capital
|
Premium
on common
stock
|
Prior
years
|
Net income
of the year
|
Total
stockholders’
|
|||||||||||||||||||
Balance, December 31, 2007
|
$ | 12,290,547 | $ | 0 | $ | 68,042 | $ | (14,727,903 | ) | $ | (12,130,390 | ) | $ | (14,499,704 | ) | |||||||||
Allocation of loss
|
(12,130,390 | ) | 12,130,390 | 0 | ||||||||||||||||||||
Issuance of paid-in capital
|
19,755,245 | 19,755,245 | ||||||||||||||||||||||
Net income
|
2,929,487 | 2,929,487 | ||||||||||||||||||||||
Balance, December 31, 2008
|
12,290,547 | 19,755,245 | 68,042 | (26,858,293 | ) | 2,929,487 | 8,185,028 | |||||||||||||||||
Allocation of loss
|
2,929,487 | (2,929,487 | ) | 0 | ||||||||||||||||||||
Net income
|
2,353,997 | 2,353,997 | ||||||||||||||||||||||
Balance, December 31, 2009
|
$ | 12,290,547 | $ | 19,755,245 | $ | 68,042 | $ | (23,928,806 | ) | $ | 2,353,997 | $ | 10,539,025 |
2009
|
2008
|
|||||||
Operating activities:
|
||||||||
Net income
|
$ | 2,353,997 | $ | 2,929,487 | ||||
Items related to investing activities:
|
||||||||
Depreciation and amortization
|
631,718 | 1,326,507 | ||||||
Gain on sale fixed assets
|
(1,121,372 | ) | (4,360,236 | ) | ||||
Deferred income tax
|
(111,284 | ) | (951,131 | ) | ||||
Remeasurement gain
|
(841,425 | ) | (2,473,187 | ) | ||||
Total
|
911,634 | (3,528,560 | ) | |||||
Increase in accounts receivable
|
(245,654 | ) | (4,939,421 | ) | ||||
Decrease in due from related parties
|
938,644 | 9,215,432 | ||||||
Increase in inventories
|
(3,983,864 | ) | (4,898,661 | ) | ||||
(increase) decrease in prepaid expenses
|
(495,112 | ) | 99,657 | |||||
Increase (decrease) in accounts payable
|
1,165,351 | (826,140 | ) | |||||
Decrease in due to related parties
|
129,368 | (4,221,707 | ) | |||||
Net cash flows used in operating activities
|
(1,579,633 | ) | (9,099,400 | ) | ||||
Investing activities:
|
||||||||
Sales of machinery and equipment, net
|
1,636,744 | 9,420,156 | ||||||
Effect of exchange rate changes on cash
|
545,873 | (1,110,862 | ) | |||||
Net increase (decrease) in cash and cash equivalents
|
602,984 | (790,106 | ) | |||||
Cash and cash equivalents at beginning of year
|
66,443 | 856,549 | ||||||
Cash and cash equivalents at end of year
|
$ | 669,427 | $ | 66,443 | ||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid during the year for:
|
||||||||
Interest
|
$ | 225,652 | $ | 297,323 | ||||
Supplemental schedule of non-cash investing and financing activities:
|
||||||||
Contributions for future increases in capital
|
$ | 0 | $ | 19,755,245 |
|
Ownership
|
||||||
Company |
Percentage
|
|
||||
Rancho Marino Guadalupe, S.A. de C.V.
|
99 | % |
Consolidated
|
|||
Marpesca, S.A. de C.V.
|
0 | % |
Combined
|
2009
|
2008
|
|||||||
Current exchange rate as of December 31,
|
$ | 13.0587 | $ | 13.5383 | ||||
Weighted average exchange rate
|
13.5723 | 11.1694 |
Average
Years
|
||||
Buildings
|
5 | |||
Machinery and equipment
|
10 | |||
Vehicles
|
4 | |||
Computers
|
3 | |||
Office furniture and equipment
|
10 |
2009
|
2008
|
|||||||
Trade accounts receivable
|
$ | 603,402 | $ | 191 | ||||
Sundry debtors
|
4,540,045 | 4,738,557 | ||||||
Recoverable taxes
|
1,226,832 | 1,159,877 | ||||||
$ | 6,370,279 | $ | 5,898,625 |
2009
|
2008
|
|||||||
Blue fin
|
$ | 13,833,300 | $ | 7,914,714 | ||||
Sardine for consumption
|
74,691 | 36,884 | ||||||
Other
|
156,129 | 0 | ||||||
14,064,120 | 7,951,598 | |||||||
Allowance for mortality inventories
|
(1,733,573 | ) | 0 | |||||
$ | 12,330,547 | $ | 7,951,598 |
2009
|
2008
|
|||||||
Buildings
|
$ | 101,671 | $ | 1,639,867 | ||||
Machinery and equipment
|
6,120,997 | 9,409,774 | ||||||
Vehicles
|
387,792 | 148,280 | ||||||
Computers
|
24,140 | 47,566 | ||||||
Office furniture and equipment
|
35,291 | 90,900 | ||||||
6,669,891 | 11,336,387 | |||||||
Accumulated depreciation
|
(3,501,912 | ) | (7,370,750 | ) | ||||
3,167,979 | 3,965,637 | |||||||
Land
|
0 | 349,478 | ||||||
Other assets
|
27,972 | 27,926 | ||||||
$ | 3,195,951 | $ | 4,343,041 |
2009
|
2008
|
|||||||
Trade accounts payable
|
$ | 0 | $ | 828,708 | ||||
Accrued expenses payable
|
6,006,549 | 3,716,492 | ||||||
Various taxes payable
|
389,490 | 475,179 | ||||||
$ | 6,396,039 | $ | 5,020,379 |
Affiliates:
|
2009
|
2008
|
||||||
Oceanic Enterprises, Inc
|
$ | 131,760 | $ | 1,030,993 | ||||
Others
|
50,000 | 44,017 | ||||||
Management:
|
||||||||
Víctor Manuel Guardado France
|
10,959 | 51,884 | ||||||
$ | 192,719 | $ | 1,126,894 |
Affiliates:
|
2009
|
2008
|
||||||
AUSA EHF
|
$ | 3,144,633 | $ | 2,963,228 | ||||
Servicios Administrativos BAF, S. de R.L. de C.V.
|
284,263 | 263,727 | ||||||
Oceanic Enterprises Inc
|
2,017,298 | 2,015,911 | ||||||
$ | 5,446,194 | $ | 5,242,866 |
Costs and expenses:
|
2009
|
2008
|
||||||
Administrative services
|
$ | 3,042,027 | $ | 4,238,396 | ||||
Technical Assistance and services
|
1,741,047 | 2,144,497 | ||||||
Interest incurred
|
0 | 316,936 | ||||||
$ | 4,783,074 | $ | 6,699,829 |
Revenues:
|
2009
|
2008
|
||||||
Sales
|
$ | 7,344,000 | $ | 5,468,173 |
2009
|
2008
|
|||||||
Current IETU
|
$ | 77,631 | 0 | |||||
Deferred IETU
|
(111,284 | ) | (951,131 | ) | ||||
$ | (33,653 | ) | $ | (951,131 | ) |
|
2009
|
2008
|
||||||
Asset (liability):
|
||||||||
Accounts receivable
|
$ | (2,332,478 | ) | $ | (5,116,340 | ) | ||
Fixed assets
|
(3,007,623 | ) | (3,195,820 | ) | ||||
Accounts payable
|
2,607,488 | 4,258,692 | ||||||
(2,732,613 | ) | (4,053,468 | ) | |||||
Tax rate
|
17.5 | % | 17 | % | ||||
Deferred IETU on temporary differences cumulative or deductible
|
(478,207 | ) | (689,090 | ) | ||||
Less: IETU at 17% on tax credits:
|
||||||||
Undeducted balance of investments acquired from January 1998 to December 2007
|
308,472 | 403,898 | ||||||
Credit from immediate deduction of tax loss carryforwards
|
342,158 | 360,683 | ||||||
Credit on IETU losses
|
234,021 | 219,669 | ||||||
Deferred IETU
|
$ | 406,444 | $ | 295,160 |
Year of
generation
|
Tax loss
carryforwards
|
Year of
expiration
|
||||||
2001
|
$ | 1,566,776 | 2011 | |||||
2003
|
63,907 | 2013 | ||||||
2004
|
2,813,125 | 2014 | ||||||
2005
|
743,170 | 2015 | ||||||
2006
|
9,995,203 | 2016 | ||||||
2007
|
7,110,923 | 2017 | ||||||
2008
|
106,807 | 2018 | ||||||
2009
|
844,283 | 2019 | ||||||
$ | 23,244,194 |
a)
|
During a stockholders’ meeting held on December 23, 2008, the stockholders’ voted in favor of a future increase in capital of $19,755,245. The meeting agreed that issuance stock and forms of payment of capital would be discussed in a future stockholders’ meeting.
|
b)
|
Retained earnings include the statutory legal reserve. The General Corporate Law requires that at least 5% of net income of the year be transferred to the legal reserve until the reserve equals 20% of capital stock at par value (historical pesos). The legal reserve may be capitalized but may not be distributed unless the entity is dissolved. The legal reserve must be replenished if it is reduced for any reason.
|
c)
|
Stockholders’ equity, except restated paid-in capital and tax retained earnings will be subject to income taxes payable by the Company at the rate in effect upon distribution. Any tax paid on such distribution may be credited against annual and estimated income taxes of the year in which the tax on dividends is paid and the following two fiscal years.
|
2009
|
2008
|
|||||||
Gain on sale of fixed assets
|
$ | 1,121,372 | $ | 4,360,236 | ||||
Leases
|
0 | 52,986 | ||||||
Services
|
0 | 485,970 | ||||||
Restated of tax recoverable balance
|
106 | 21,070 | ||||||
Allowance for mortality inventories
|
(1,733,573 | ) | 0 | |||||
Various
|
1,159,306 | 377,796 | ||||||
$ | 547,211 | $ | 5,298,058 |
2009
|
2008
|
|||||||
Financing expenses:
|
||||||||
Interest paid
|
$ | 225,652 | $ | 1,437,170 | ||||
Financing income:
|
||||||||
Interest received
|
0 | (3,894 | ) | |||||
Remeasurement gain
|
(841,425 | ) | (2,473,187 | ) | ||||
$ | (615,773 | ) | $ | (1,039,911 | ) |
a)
|
In January 2010 due to extraordinary weather conditions, the Company suffered severe damage in some of its tuna corrals containing inventory, causing a lost of approximately US$400,000. For the above-mentioned, the Company has presented the respective claim to the insurance company for the occasioned damages.
|
b)
|
In a recent extraordinary stockholders’ meeting held last April 5, 2010, the meeting resolved to increase variable common stock by 597,63,740 Series B shares for $19,77,245 dollars.
|
Baja
|
||||
Current assets:
|
||||
Cash and cash equivalents
|
$ | 2,867 | ||
Accounts receivable, trade
|
2,315 | |||
Accounts receivable, shareholder and other related party
|
115 | |||
Inventories
|
22,692 | |||
Other current assets
|
221 | |||
Total current assets
|
28,210 | |||
Property and equipment, net
|
3,759 | |||
Other assets
|
421 | |||
Total assets
|
$ | 32,390 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||
Current liabilities:
|
||||
Accounts payable, trade
|
$ | 2,298 | ||
Accounts payable to shareholder and other related parties
|
36,510 | |||
Total current liabilities
|
38,808 | |||
Long term debt
|
3,200 | |||
Total liabilities
|
42,008 | |||
Commitments and contingencies
|
||||
Stockholders’ equity:
|
||||
Common stock
|
7,707 | |||
Additional paid-in capital
|
68 | |||
Retained earnings
|
(17,393 | ) | ||
Accumulated other comprehensive income
|
- | |||
Total Baja stockholders’ equity
|
(9,618 | ) | ||
Total liabilities and stockholders’ equity
|
$ | 32,390 |
9/30/2010
|
9/30/2009
|
|||||||
Net revenue
|
$ | 6,043 | $ | 7,839 | ||||
Cost of goods sold
|
(7,339 | ) | (4,968 | ) | ||||
Gross profit
|
(1,296 | ) | 2,871 | |||||
Selling, general and administrative expenses
|
(3,318 | ) | (3,283 | ) | ||||
Operating loss
|
(4,614 | ) | (412 | ) | ||||
Other income (expenses), net
|
1,246 | 2,035 | ||||||
Financing (cost) income
|
(1,840 | ) | (522 | ) | ||||
Income (loss) before provision for income taxes
|
(5,208 | ) | 1,101 | |||||
Income tax provision
|
- | - | ||||||
Net income (loss) from continuing operations | (5,208 | ) | 1,101 | |||||
Net loss from discontinued operations | (144 | ) | (486 | ) | ||||
Net income (loss)
|
$ | (5,352 | ) | $ | 615 |
Nine months ended
|
Nine months ended
|
|||||||
Operating Activities
|
||||||||
Net gain / (loss)
|
$ | (5,208 | ) | $ | 1,101 | |||
Net (loss) from discontinued operations
|
(144 | ) | (486 | ) | ||||
Adjustments to reconcile to net cash used in operating activities:
|
||||||||
Depreciation
|
366 | 305 | ||||||
Deferred income taxes
|
(18 | ) | (4 | ) | ||||
Changes in assets and liabilities:
|
||||||||
Accounts receivable, trade
|
3,503 | (131 | ) | |||||
Accounts receivable, related parties
|
(197 | ) | 501 | |||||
Inventories
|
(10,362 | ) | (2,591 | ) | ||||
Other current assets
|
360 | (161 | ) | |||||
Accounts payable, trade
|
(376 | ) | 3,929 | |||||
Accounts payable to related parties
|
33,082 | 2,729 | ||||||
Net cash from / (used in) operating activities of continuing operations
|
21,006 | 5,192 | ||||||
Net cash from / (used in) operating activities of discontinued operations
|
(4,893 | ) | (5,546 | ) | ||||
Net cash from / (used in) operating activities
|
16,113 | (354 | ) | |||||
Investing activities
|
||||||||
Purchases of property and equipment
|
(952 | ) | (423 | ) | ||||
Sale of fixed assets
|
- | 454 | ||||||
Net cash from / (used in) investing activities of continuing operations
|
(952 | ) | 31 | |||||
Net cash from / (used in) investing activities of discontinued operations
|
23 | 664 | ||||||
Net cash from / (used in) investing activities
|
(929 | ) | 695 | |||||
Financing activities
|
||||||||
Reclassification of equity to accounts payable to related parties
|
(29,453 | ) | - | |||||
Repayments of note payable to financial institution
|
(1,381 | ) | (1,313 | ) | ||||
Issuance of LT Debt
|
3,200 | - | ||||||
Net cash from / (used in) financing activities of continuing operations
|
(27,634 | ) | (1,313 | ) | ||||
Net cash from / (used in) financing activities of discontinued operations
|
14,648 | 1,365 | ||||||
Net cash from / (used in) financing activities
|
(12,986 | ) | 52 | |||||
Subtotal
|
2,198 | 393 | ||||||
Cash and cash equivalents at beginning of year
|
669 | 66 | ||||||
Cash and cash equivalents at end of period
|
$ | 2,867 | $ | 459 |
2009
|
2008
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash
|
$ | 7,147 | $ | 2,995,391 | ||||
Accounts receivable - Baja Aqua Farms
|
645,774 | - | ||||||
Inventory
|
5,659 | - | ||||||
Prepaids, employee and other advances
|
10,000 | 18,380 | ||||||
Due from - Rancho Marino
|
2,157,313 | 1,035,923 | ||||||
Notes receivable - Baja Aqua Farms
|
700,000 | - | ||||||
Prepaid taxes
|
- | 1,400 | ||||||
Deferred tax asset, net
|
430,000 | 492,000 | ||||||
Total current assets
|
3,955,893 | 4,543,094 | ||||||
EQUIPMENT
|
||||||||
Vessels & equipment for vessels
|
12,996 | 12,996 | ||||||
Processing & farm equipment
|
33,929 | 33,929 | ||||||
Vehicles - autos & trucks
|
37,262 | 37,262 | ||||||
Office furniture & equipment
|
265,063 | 252,724 | ||||||
349,250 | 336,911 | |||||||
Less accumulated depreciation
|
(254,239 | ) | (204,480 | ) | ||||
95,011 | 132,431 | |||||||
LONG-TERM DEPOSITS
|
115,990 | 113,990 | ||||||
$ | 4,166,894 | $ | 4,789,515 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable
|
$ | 264,310 | $ | 152,375 | ||||
Accrued compensated absences
|
31,621 | 39,121 | ||||||
Credit Cards Payable
|
- | 1,967 | ||||||
Accounts Payable to - Baja Aqua Farms
|
1,483,770 | 1,009,101 | ||||||
Accrued interest payable
|
148,294 | 40,174 | ||||||
Total current liabilities
|
1,927,995 | 1,242,738 | ||||||
LOANS PAYABLE - Stockholder
|
1,939,405 | 3,324,237 | ||||||
STOCKHOLDERS’ EQUITY
|
||||||||
Common stock — no par value; 200,000 shares authorized; 10,000 shares issued and outstanding
|
10,000 | 10,000 | ||||||
Additional paid-in-capital
|
1,000,000 | 1,000,000 | ||||||
Retained earnings (deficit)
|
(710,506 | ) | (787,460 | ) | ||||
299,494 | 222,540 | |||||||
$ | 4,166,894 | $ | 4,789,515 |
2009
|
2008
|
|||||||
REVENUE
|
||||||||
Fish sales
|
$ | 9,707,209 | $ | 10,709,661 | ||||
Fish processing & other services
|
4,305 | 260,315 | ||||||
Management fees, commissions and vessel charter fees
|
1,727,350 | 510,040 | ||||||
11,438,864 | 11,480,016 | |||||||
COST OF GOODS SOLD
|
||||||||
Fish purchases
|
6,691,037 | 7,775,950 | ||||||
Processing costs & feeding expenses
|
183,265 | 226,287 | ||||||
Shipping & freight
|
803,258 | 680,315 | ||||||
Direct selling costs
|
1,618,055 | 1,214,280 | ||||||
9,295,615 | 9,896,832 | |||||||
Gross Profit
|
2,143,249 | 1,583,184 | ||||||
EXPENSES
|
||||||||
Salaries and wages
|
761,769 | 798,154 | ||||||
Outside services and consultants
|
187,723 | 445,059 | ||||||
Rent and occupancy costs
|
218,639 | 224,835 | ||||||
Vessel expenses
|
13,819 | 40,211 | ||||||
Travel, meals and entertainment
|
167,679 | 176,007 | ||||||
Telephone and cell phones
|
62,653 | 102,058 | ||||||
Payroll taxes
|
49,193 | 57,155 | ||||||
Vehicles expenses
|
70,148 | 97,587 | ||||||
Depreciation
|
49,759 | 100,766 | ||||||
Employees benefits
|
105,347 | 83,821 | ||||||
Professional fees
|
87,735 | 36,486 | ||||||
Office expense and supplies
|
69,015 | 154,310 | ||||||
Bank charges & miscellaneous
|
16,242 | 12,161 | ||||||
Permits, licenses & import Duties
|
2,867 | 10,632 | ||||||
1,862,588 | 2,339,242 | |||||||
Income (loss) from operations
|
280,661 | (756,058 | ) | |||||
OTHER INCOME (LOSS) AND (EXPENSE)
|
||||||||
Interest expense
|
(254,943 | ) | (190,238 | ) | ||||
Gain (loss) on sale of assets
|
- | (15,135 | ) | |||||
Exchange gains (losses)
|
114,885 | 15,902 | ||||||
INCOME BEFORE PROVISION FOR INCOME TAX
|
140,603 | (945,529 | ) | |||||
Add benefit for income taxes
|
(63,649 | ) | 372,400 | |||||
Net Income (Loss)
|
$ | 76,954 | $ | (573,129 | ) |
Retained
|
||||||||||||||||
Common
|
Additional
|
Earnings
|
||||||||||||||
Stock
|
Paid-in-capital
|
(Deficit)
|
Total
|
|||||||||||||
Balance at December 31, 2007
|
$ | 10,000 | $ | 1,000,000 | $ | (214,331 | ) | $ | 795,669 | |||||||
Net Income (Loss)
|
- | - | (573,129 | ) | (573,129 | ) | ||||||||||
Balance at December 31, 2008
|
$ | 10,000 | $ | 1,000,000 | $ | (787,460 | ) | $ | 222,540 | |||||||
Net Income (Loss)
|
- | - | 76,954 | 76,954 | ||||||||||||
Balance at December 31, 2009
|
$ | 10,000 | $ | 1,000,000 | $ | (710,506 | ) | $ | 299,494 |
2009
|
2008
|
|||||||
Net Income (Loss)
|
$ | 76,954 | $ | (573,129 | ) | |||
Adjustments to reconcile net income to net cash used by operating activities:
|
||||||||
Depreciation
|
49,759 | 100,766 | ||||||
(Gain) Loss on disposition of assets
|
- | 15,135 | ||||||
Effect of change in:
|
||||||||
Accounts receivable - Baja Aqua Farms
|
(645,774 | ) | 295,881 | |||||
Inventory
|
(5,659 | ) | 4,710,000 | |||||
Notes receivable - Baja Aqua Farms
|
(700,000 | ) | - | |||||
Due from - Rancho Marino
|
(1,121,390 | ) | (1,035,923 | ) | ||||
Prepaid taxes
|
1,400 | - | ||||||
Deferred tax asset, net
|
62,000 | (374,000 | ) | |||||
Prepaids, employee and other advances
|
8,380 | (14,551 | ) | |||||
Deposits
|
(2,000 | ) | (6,000 | ) | ||||
Accounts payable
|
111,935 | (74,922 | ) | |||||
Accrued compensated absences
|
(7,500 | ) | (20,603 | ) | ||||
Credit Cards Payable
|
(1,967 | ) | (23,463 | ) | ||||
Amounts due to - Baja Aqua Farms
|
474,669 | (3,420,899 | ) | |||||
Accrued interest payable
|
108,120 | 2,674 | ||||||
Net cash used by operating activities
|
(1,591,073 | ) | (419,034 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Proceeds from sale of equipment
|
- | 75,000 | ||||||
Acquisition of equipment
|
(12,339 | ) | (5,552 | ) | ||||
Net cash provided by investing activities
|
(12,339 | ) | 69,448 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Loans from (repayments to) - Stockholder
|
(1,384,832 | ) | 3,324,237 | |||||
Net cash provided (use) by financing activities
|
(1,384,832 | ) | 3,324,237 | |||||
Net Increase (decrease) in cash
|
(2,988,244 | ) | 2,974,651 | |||||
CASH, beginning of year
|
2,995,391 | 20,740 | ||||||
CASH, end of year
|
$ | 7,147 | $ | 2,995,391 |
Year
|
Rents
|
|||
2010
|
104,080 | |||
2011
|
107,063 | |||
2012
|
45,488 | |||
$ | 256,631 |
2009
|
2008
|
|||||||
Current Provision
|
$ | 1,649 | $ | 1,600 | ||||
Deferred taxes (deferred tax benefit)
|
62,000 | (374,000 | ) | |||||
Tax provision (benefit)
|
$ | 63,649 | $ | (372,400 | ) |
2009
|
2008
|
|||||||
Tax Asset
|
Tax Asset
|
|||||||
(Tax Liability)
|
(Tax Liability)
|
|||||||
Accrued compensated absences
|
$ | 8,000 | $ | 9,600 | ||||
Net operating losses
|
424,200 | 483,800 | ||||||
Depreciation
|
(2,200 | ) | (1,400 | ) | ||||
Deferred tax asset, net
|
$ | 430,000 | $ | 492,000 |
2009
|
2008
|
|||||||
Assets
|
Assets
|
|||||||
(Liabilities)
|
(Liabilities)
|
|||||||
Assets and Liabilities:
|
||||||||
Other receivables
|
$ | - | $ | 8,941 | ||||
Due from (to) Baja Aqua Farms and subsidiaries:
|
||||||||
Accounts receivable - Baja Aqua Farms
|
$ | 645,774 | $ | - | ||||
Due from - Rancho Marino
|
2,157,313 | 1,035,923 | ||||||
Notes receivable - Baja Aqua Farms
|
700,000 | - | ||||||
Accounts Payable to - Baja Aqua Farms
|
(1,475,445 | ) | (1,009,101 | ) | ||||
Advance from - Marpesa
|
(8,325 | ) | - | |||||
Amounts due from (to) - Baja Aqua Farms and subsidiaries, net
|
$ | 2,019,317 | $ | 26,822 | ||||
Accrued interest payable - Stockholder
|
$ | (148,294 | ) | $ | (40,174 | ) | ||
Notes payable - Stockholder
|
$ | (1,939,405 | ) | $ | (3,324,237 | ) |
2009
|
2008
|
|||||||
Income
|
Income
|
|||||||
(Expenses)
|
(Expenses)
|
|||||||
Revenues - Baja Aqua Farms:
|
||||||||
Fish processing & other services
|
$ | 4,305 | $ | 260,315 | ||||
Management fees, commissions and vessel charter fees
|
1,727,350 | $ | 510,040 | |||||
$ | 1,731,655 | $ | 770,355 | |||||
Expenses - Baja Aqua Farms:
|
||||||||
Fish purchases
|
$ | (6,691,037 | ) | $ | (7,775,950 | ) | ||
Interest expense
|
$ | - | $ | (99,435 | ) | |||
Gain (Loss) on sale of assets
|
$ | - | $ | (15,135 | ) | |||
Expenses - Others
|
||||||||
Interest expense - Stockholder
|
$ | (148,294 | ) | $ | (90,803 | ) |
Oceanic
|
||||
Current assets:
|
||||
Cash and cash equivalents
|
$ | 78 | ||
Accounts receivable, trade
|
32 | |||
Accounts receivable, shareholder and other related party
|
2,922 | |||
Inventories
|
36 | |||
Other current assets
|
74 | |||
Total current assets
|
3,142 | |||
Property and equipment, net
|
173 | |||
Other assets
|
548 | |||
Total assets
|
$ | 3,863 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||
Current liabilities:
|
||||
Borrowings from shareholder
|
$ | - | ||
Accounts payable, trade
|
187 | |||
Accounts payable to shareholder and other related parties
|
3,502 | |||
Accrued liabilities
|
15 | |||
Total current liabilities
|
3,704 | |||
Long term notes payable
|
- | |||
Total liabilities
|
3,704 | |||
Commitments and contingencies
|
||||
Stockholders’ equity:
|
||||
Common stock
|
10 | |||
Additional paid-in capital
|
1,000 | |||
Retained earnings
|
(851 | ) | ||
Accumulated other comprehensive income
|
- | |||
Total Oceanic stockholders’ equity
|
159 | |||
Total liabilities and stockholders’ equity
|
$ | 3,863 |
9/30/2010
|
9/30/2009
|
|||||||
Net revenue
|
$ | 1,800 | $ | 10,507 | ||||
Cost of goods sold
|
- | (9,069 | ) | |||||
Gross profit
|
1,800 | 1,438 | ||||||
Selling, general and administrative expenses
|
(1,473 | ) | (1,583 | ) | ||||
Operating income (loss)
|
327 | (145 | ) | |||||
Exchange gains
|
- | 115 | ||||||
Gain (loss) asset disposition
|
(2 | ) | - | |||||
Interest expense
|
(472 | ) | (91 | ) | ||||
Income (loss) before provision for income taxes
|
(147 | ) | (121 | ) | ||||
Income tax provision
|
- | - | ||||||
Net income (loss)
|
$ | (147 | ) | $ | (121 | ) |
Nine months ended
|
Nine months ended
|
|||||||
Operating Activities
|
||||||||
Net loss
|
$ | (147 | ) | $ | (121 | ) | ||
Adjustments to reconcile to net cash used in operating activities:
|
||||||||
Depreciation
|
- | - | ||||||
Deferred income taxes
|
(432 | ) | (506 | ) | ||||
Changes in assets and liabilities:
|
||||||||
Accounts receivable, trade
|
614 | (364 | ) | |||||
Accounts receivable, shareholder and other related party
|
(65 | ) | 110 | |||||
Inventories
|
(30 | ) | (6 | ) | ||||
Other current assets
|
366 | 486 | ||||||
Accounts payable, trade
|
(77 | ) | (159 | ) | ||||
Accounts payable to shareholder and other related parties
|
2,018 | (634 | ) | |||||
Accrued liabilities
|
(165 | ) | (49 | ) | ||||
Net cash used and provided in operating activities
|
2,082 | (1,243 | ) | |||||
Investing activities
|
||||||||
Purchases of property and equipment
|
(85 | ) | (11 | ) | ||||
Sale of fixed assets
|
13 | - | ||||||
Net cash used in investing activities
|
(72 | ) | (11 | ) | ||||
Financing activities
|
||||||||
Borrowings from unrelated parties
|
- | 100 | ||||||
Repayments of note payable to shareholder
|
(1,939 | ) | (1,464 | ) | ||||
Net cash used in financing activities
|
(1,939 | ) | (1,364 | ) | ||||
Subtotal
|
71 | (2,618 | ) | |||||
Cash and cash equivalents at beginning of year
|
7 | 2,995 | ||||||
Cash and cash equivalents at end of period
|
$ | 78 | $ | 377 |
Remove
|
9/30/2010
|
|||||||||||||||||||||||
Interco
|
Equity
|
Pro Forma
|
||||||||||||||||||||||
Umami
|
Baja
|
Oceanic
|
Elim
|
Loss
|
Combined
|
|||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 274 | $ | 2,867 | $ | 78 | $ | - | $ | - | $ | 3,219 | ||||||||||||
Accounts receivable, trade
|
86 | 2,315 | 32 | - | - | 2,433 | ||||||||||||||||||
Accounts receivable, shareholder and other related party
|
9 | 115 | 2,922 | (2,920 | ) | - | 126 | |||||||||||||||||
Inventories
|
27,006 | 22,692 | 36 | - | - | 49,734 | ||||||||||||||||||
Other current assets
|
903 | 221 | 74 | - | - | 1,198 | ||||||||||||||||||
Total current assets
|
28,278 | 28,210 | 3,142 | (2,920 | ) | - | 56,710 | |||||||||||||||||
Property and equipment, net
|
9,217 | 3,759 | 173 | - | - | 13,149 | ||||||||||||||||||
Investments in and advances to unconsolidated affiliates
|
12,936 | - | - | (5,103 | ) | 164 | 7,997 | |||||||||||||||||
Other assets
|
11 | 421 | 548 | - | - | 980 | ||||||||||||||||||
Total assets
|
$ | 50,442 | $ | 32,390 | $ | 3,863 | $ | (8,023 | ) | $ | 164 | $ | 78,836 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||
Short-term borrowings
|
$ | 13,664 | - | - | - | - | $ | 13,664 | ||||||||||||||||
Accounts payable, trade
|
2,849 | 2,298 | 187 | - | - | 5,334 | ||||||||||||||||||
Accounts payable to shareholder and other related parties
|
1,819 | 36,510 | 3,502 | (8,023 | ) | - | 33,808 | |||||||||||||||||
Accrued liabilities
|
848 | - | 15 | - | - | 863 | ||||||||||||||||||
Income taxes payable
|
88 | - | - | - | - | 88 | ||||||||||||||||||
Deferred income taxes
|
149 | - | - | - | - | 149 | ||||||||||||||||||
Total current liabilities
|
19,417 | 38,808 | 3,704 | (8,023 | ) | - | 53,906 | |||||||||||||||||
Long term debt
|
2,119 | 3,200 | - | - | 5,319 | |||||||||||||||||||
Note payable to shareholder
|
11,589 | - | - | - | 11,589 | |||||||||||||||||||
Derivative warrant liability
|
729 | - | - | - | - | 729 | ||||||||||||||||||
Obligations under capital leases
|
27 | - | - | - | - | 27 | ||||||||||||||||||
Total liabilities
|
33,881 | 42,008 | 3,704 | (8,023 | ) | - | 71,570 | |||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||
Stockholders’ equity:
|
||||||||||||||||||||||||
Common stock
|
46 | 7,707 | 10 | - | - | 7,763 | ||||||||||||||||||
Additional paid-in capital
|
7,634 | 68 | 1,000 | - | - | 8,702 | ||||||||||||||||||
Retained earnings
|
6,028 | (17,393 | ) | (851 | ) | 164 | (12,052 | ) | ||||||||||||||||
Accumulated other comprehensive income
|
3,500 | - | - | - | - | 3,500 | ||||||||||||||||||
Total Umami stockholders’ equity
|
17,208 | (9,618 | ) | 159 | - | 164 | 7,913 | |||||||||||||||||
Noncontrolling interests in VIE’s:
|
||||||||||||||||||||||||
Lubin
|
(1,981 | ) | - | - | - | - | (1,981 | ) | ||||||||||||||||
BTH Joint Venture
|
1,334 | - | - | - | - | 1,334 | ||||||||||||||||||
Total noncontrolling interest
|
(647 | ) | - | - | - | - | (647 | ) | ||||||||||||||||
Total equity
|
16,561 | (9,618 | ) | 159 | - | 164 | 7,266 | |||||||||||||||||
Total liabilities and stockholders’ equity
|
$ | 50,442 | $ | 32,390 | $ | 3,863 | $ | (8,023 | ) | $ | 164 | $ | 78,836 |
Remove
|
||||||||||||||||||||||||
Interco
|
Equity
|
Total
|
||||||||||||||||||||||
Umami
|
Baja
|
Oceanic
|
Elim
|
Income
|
Consolidated
|
|||||||||||||||||||
Net revenue
|
$ | - | $ | 3,492 | $ | 600 | $ | (600 | ) | $ | - | $ | 3,492 | |||||||||||
Cost of goods sold
|
- | (3,287 | ) | - | - | - | (3,287 | ) | ||||||||||||||||
Gross profit
|
- | 205 | 600 | (600 | ) | - | 205 | |||||||||||||||||
Other operating income
|
17 | - | - | - | - | 17 | ||||||||||||||||||
Selling, general and administrative expenses
|
(1,308 | ) | (736 | ) | (555 | ) | 300 | - | (2,299 | ) | ||||||||||||||
Research and development expenses
|
(63 | ) | - | - | - | - | (63 | ) | ||||||||||||||||
Operating income (loss)
|
(1,354 | ) | (531 | ) | 45 | (300 | ) | - | (2,140 | ) | ||||||||||||||
Gain from foreign currency transactions
|
428 | - | - | - | - | 428 | ||||||||||||||||||
Gain on derivative stock warrants
|
45 | - | - | - | - | 45 | ||||||||||||||||||
Loss from investment in unconsolidated affiliates
|
(164 | ) | - | - | - | 164 | - | |||||||||||||||||
Bargain purchase on business combination
|
- | - | - | - | - | - | ||||||||||||||||||
Amortization of deferred financing costs
|
- | - | - | - | - | - | ||||||||||||||||||
Interest expense, net
|
(484 | ) | (653 | ) | (2 | ) | - | - | (1,139 | ) | ||||||||||||||
Other Income (expense), net
|
- | 98 | (402 | ) | - | - | (304 | ) | ||||||||||||||||
Loss before provision for income taxes
|
(1,529 | ) | (1,086 | ) | (359 | ) | (300 | ) | 164 | (3,110 | ) | |||||||||||||
Income tax provision
|
30 | - | - | - | - | 30 | ||||||||||||||||||
Net loss
|
(1,559 | ) | (1,086 | ) | (359 | ) | (300 | ) | 164 | (3,140 | ) | |||||||||||||
Add net losses attributable to the non-controlling interests:
|
||||||||||||||||||||||||
Lubin
|
- | - | - | - | - | - | ||||||||||||||||||
Marpesca
|
- | 121 | - | - | - | 121 | ||||||||||||||||||
BTH Joint Venture
|
73 | - | - | - | - | 73 | ||||||||||||||||||
Net loss attributable to Umami stockholders
|
$ | (1,486 | ) | $ | (965 | ) | $ | (359 | ) | $ | (300 | ) | $ | 164 | $ | (2,946 | ) | |||||||
Basic and diluted net loss per share attributable to Umami stockholders
|
$ | (0.03 | ) | $ | (0.05 | ) | ||||||||||||||||||
Weighted-average shares outstanding, basic and diluted
|
46,291 | 56,291 |
FY 2010
|
||||||||||||||||||||
Interco
|
Total
|
|||||||||||||||||||
Umami
|
Baja
|
Oceanic
|
Elim
|
Consolidated
|
||||||||||||||||
Net revenue
|
$ | 25,326 | $ | 6,988 | $ | 2,731 | $ | (2,400 | ) | $ | 32,645 | |||||||||
Cost of goods sold
|
(20,074 | ) | (7,127 | ) | (226 | ) | - | (27,427 | ) | |||||||||||
Gross profit
|
5,252 | (139 | ) | 2,505 | (2,400 | ) | 5,218 | |||||||||||||
Other operating income
|
46 | - | - | - | 46 | |||||||||||||||
Selling, general and administrative expenses
|
(3,094 | ) | (4,136 | ) | (1,765 | ) | 1,200 | (7,795 | ) | |||||||||||
Operating income (loss)
|
2,204 | (4,275 | ) | 740 | (1,200 | ) | (2,531 | ) | ||||||||||||
Loss from foreign currency transactions
|
(1,700 | ) | (355 | ) | - | - | (2,055 | ) | ||||||||||||
Interest income (expense), net
|
(981 | ) | 5 | (234 | ) | - | (1,210 | ) | ||||||||||||
Income (loss) before provision for income taxes
|
(477 | ) | (4,625 | ) | 506 | (1,200 | ) | (5,796 | ) | |||||||||||
Income tax provision (benefit)
|
462 | (34 | ) | - | - | 428 | ||||||||||||||
Net income (loss)
|
(939 | ) | (4,591 | ) | 506 | (1,200 | ) | (6,224 | ) | |||||||||||
Add net losses attributable to the non-controlling interests:
|
||||||||||||||||||||
Lubin
|
1,106 | - | - | - | 1,106 | |||||||||||||||
Marpesca
|
- | 270 | - | - | 270 | |||||||||||||||
BTH Joint Venture
|
274 | - | - | - | 274 | |||||||||||||||
Net income (loss) attributable to Umami stockholders
|
$ | 441 | $ | (4,321 | ) | $ | 506 | $ | (1,200 | ) | $ | (4,574 | ) | |||||||
Basic and diluted net income (loss) per share attributable to Umami stockholders
|
$ | 0.01 | $ | (0.11 | ) | |||||||||||||||
Weighted-average shares outstanding, basic and diluted
|
30,042 | 40,042 |
Securities and Exchange Commission Registration Fee
|
$
|
8,355
|
||
Accounting Fees and Expenses
|
$
|
25,000
|
*
|
|
Legal Fees and Expenses
|
$
|
35,000
|
*
|
|
Total
|
$
|
68,355
|
* |
Exhibit
|
||
Number
|
Description
|
|
2.1
|
Articles of Merger (1)
|
|
2.2
|
Share Exchange Agreement (2)
|
|
3.1
|
||
3.2
|
Bylaws (3)
|
|
4.1
|
Form of Warrant (2)
|
|
4.2
|
Common Stock Purchase Warrant dated October 7, 2010 (4)
|
|
4.3
|
Senior Secured Bridge Note in the Principal Amount of $3,125,000 dated October 7, 2010 (4)
|
|
4.4
|
Senior Secured Bridge Note in the Principal Amount of $2,500,000 dated October 7, 2010 (4)
|
|
4.5
|
Form of Common Stock Purchase Warrant dated October 20, 2010 (5)
|
|
4.6
|
Form of Warrant Issued October 2010 (6)
|
|
5.1
|
Opinion re Legality*
|
|
10.1
|
Letter Agreement dated June 6, 2007, with Sunway Lighting Technology Co. Ltd. (3)
|
|
10.2
|
Return to Treasury Agreement dated May 12, 2009 with Robert McIsaac (7)
|
|
10.3
|
Employment Agreement dated July 1, 2010 with Oli Valur Steindorsson (2)
|
|
10.4
|
Employment Agreement dated July 1 2010 with Dan Zang (2)
|
|
10.5
|
Sales Agency Agreement dated June 30, 2010 with Atlantis Group hf (2)
|
|
10.6
|
Call Option Agreement dated June 30, 2010 with Atlantis Group hf (2)
|
|
10.7
|
Stock Purchase Agreement dated July 20, 2010 by and among the Company, Corposa, S.A. de C.V., Marpesca, S.A. de C.V., Holshyrna ehf, Vilhelm Mar Gudmundsson, Robert Gudfinnsson, Baja Aqua Farms, S.A. de C.V., and Oceanic Enterprises, Inc.(1)
|
|
10.8
|
Option Agreement, dated July 20, 2010, by and among the Company, Baja Aqua-Farms, S.A. de C.V., Corposa, S.A. de C.V. and Holshyrna, ehf (1)
|
|
10.9
|
Amendment dated September 24, 2010 to Stock Purchase Agreement dated July 20, 2010 (10)
|
|
10.10
|
Amendment dated September 24, 2010 to Option Agreement dated July 20, 2010 (10)
|
|
10.11
|
Note and Warrant Purchase Agreement dated October 7, 2010 (4)
|
|
10.12
|
Atlantis Credit Facility effective as of June 30, 2010 (4)
|
|
10.13
|
Amendment No. 1 to Loan Agreement dated September 30, 2010 (4)
|
|
10.14
|
Company Pledge and Security Agreement dated October 7, 2010 (4)
|
|
10.15
|
Securities Purchase Agreement dated October 20, 2010 (5)
|
|
10.16
|
Form of Subscription Agreement with private placement purchasers (6)
|
|
10.17
|
Form of Registration Rights Agreement with private placement purchasers (6)
|
|
10.18
|
Secured Promissory Note dated March 31, 2011 (11)
|
|
14.1
|
Code of Ethics (8)
|
|
16.1
|
Letter from Former Accountants dated August 25, 2010. (9)
|
|
16.2
|
Letter from Former Accountants dated February 3, 2011 (12)
|
|
21.1
|
||
23.1
|
Consent of Independent Registered Accounting Firm*
|
|
23.2
|
Consent of Registered Accounting Firm*
|
|
23.3
|
Consent of Independent Registered Accounting Firm*
|
|
23.4
|
Consent of Counsel (included in Exhibit 5.1)
|
|
(3)
|
Incorporated by reference to the Company’s Registration Statement on Form SB-2 filed on July 12, 2006
|
UMAMI SUSTAINABLE SEAFOOD INC.
|
||
By:
|
||
Chief Executive Officer
|
Signature
|
Title
|
Date
|
|||
Director and Chief Executive Officer
|
|||||
(Principal Executive Officer)
|
|||||
/s/ Daniel G. Zang
|
Chief Financial Officer
|
||||
(Principal Financial and Accounting Officer)
|
|||||
/s/ Douglas Dunn
|
Director
|
||||
Director
|
|||||
/s/ Yukuo Takenaka
|
Director
|
||||
/s/ James White
|
Director
|
This ‘S-1’ Filing | Date | Other Filings | ||
---|---|---|---|---|
6/30/17 | ||||
6/30/15 | ||||
12/31/14 | ||||
6/30/14 | NTN 10K | |||
12/31/13 | NT 10-Q | |||
6/30/13 | 10-K/A | |||
3/31/13 | NT 10-Q | |||
1/31/13 | ||||
6/30/12 | 10-K, 10-K/A, NT 10-K | |||
3/31/12 | 10-Q | |||
3/15/12 | ||||
3/1/12 | ||||
2/15/12 | ||||
1/31/12 | ||||
11/16/11 | ||||
9/30/11 | 10-Q, NT 10-Q | |||
8/31/11 | ||||
6/30/11 | 10-K, 10-K/A, NT 10-K | |||
Filed on: | 6/1/11 | 4 | ||
5/26/11 | ||||
5/25/11 | ||||
5/23/11 | 8-K | |||
5/19/11 | ||||
5/17/11 | 10-Q, 8-K | |||
5/16/11 | NT 10-Q | |||
5/12/11 | ||||
5/11/11 | ||||
5/6/11 | ||||
4/18/11 | ||||
4/7/11 | ||||
4/1/11 | ||||
3/31/11 | 10-Q, 8-K, NT 10-Q | |||
3/18/11 | ||||
3/16/11 | ||||
3/15/11 | ||||
3/1/11 | 3 | |||
2/28/11 | 10-Q, 8-K | |||
2/16/11 | ||||
2/15/11 | 8-K/A, NT 10-Q | |||
2/11/11 | ||||
2/3/11 | 8-K | |||
1/31/11 | 3, 8-K, 8-K/A | |||
1/14/11 | ||||
1/1/11 | ||||
12/31/10 | 10-Q, NT 10-Q | |||
12/16/10 | ||||
12/15/10 | ||||
12/10/10 | 4 | |||
12/3/10 | ||||
12/1/10 | ||||
11/30/10 | 8-K, 8-K/A | |||
11/18/10 | ||||
11/15/10 | NT 10-Q | |||
10/28/10 | 10-K/A, 8-K | |||
10/26/10 | 8-K | |||
10/22/10 | 10-K | |||
10/20/10 | 8-K | |||
10/19/10 | ||||
10/17/10 | ||||
10/8/10 | ||||
10/7/10 | 8-K | |||
10/1/10 | 8-K | |||
9/30/10 | 10-Q, NT 10-Q | |||
9/29/10 | 8-K, NT 10-K | |||
9/27/10 | 8-K | |||
9/24/10 | ||||
9/15/10 | ||||
8/27/10 | 8-K | |||
8/26/10 | ||||
8/25/10 | ||||
8/20/10 | 8-K | |||
8/15/10 | ||||
8/10/10 | ||||
7/30/10 | 8-K/A | |||
7/29/10 | ||||
7/20/10 | 8-K, 8-K/A | |||
7/7/10 | 8-K | |||
7/1/10 | 8-K | |||
6/30/10 | 10-K, 10-K/A, 3, 8-K, NT 10-K | |||
5/3/10 | 8-K | |||
4/18/10 | ||||
4/8/10 | ||||
4/5/10 | ||||
3/31/10 | ||||
2/28/10 | 10-K | |||
1/1/10 | ||||
12/31/09 | ||||
12/15/09 | ||||
11/15/09 | ||||
9/30/09 | ||||
7/1/09 | ||||
6/30/09 | ||||
5/12/09 | 4, 8-K, SC 13D | |||
3/3/09 | ||||
3/2/09 | ||||
1/1/09 | ||||
12/31/08 | ||||
12/23/08 | ||||
11/5/08 | ||||
10/1/08 | ||||
7/1/08 | ||||
4/30/08 | ||||
12/31/07 | ||||
8/31/07 | 10QSB, 10QSB/A | |||
6/30/07 | ||||
6/13/07 | 10KSB | |||
6/6/07 | ||||
7/12/06 | SB-2 | |||
5/2/05 | ||||
List all Filings |