Delaware
|
0-24641
|
84-1016435
|
||
(State
or other jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
Number)
|
ITEM 1.01 |
ENTRY
INTO A MATERIAL DEFINITIVE
AGREEMENT
|
ITEM 2.01 |
COMPLETION
OF ACQUISITION OR DISPOSITION OF
ASSETS
|
· |
10,800
Series A Shares;
|
· |
240
Series B Shares; and
|
· |
90,000,000
shares of Common Stock
|
· |
all
obligations arising from the operations of the Petals business including
accounts payable and accrued expenses of approximately $3
million;
|
· |
a
five-year $1.5 million revolving line of credit from Ridgefield Bank
that
matures in December 2009 and requires monthly payments of principal
and
interest. At June 30, 2006, this line of credit was fully drawn.
Ridgefield Bank holds a first position security interest in all of
the
assets acquired in the Acquisition to secure payment of this line
of
credit. Stephen M. Hicks, the president of Petals and the newly elected
president and chairman of Immuno is a member of an advisory
board of Ridgefield Bank;
|
· |
an
aggregate of $5.0 million of term notes maturing on December 31,
2008.
These term notes are payable to Southridge Partners, LP and Southshore
Capital Fund, Ltd., affiliates of Petals and Stephen M. Hicks. Southridge
Partners, LP and Southshore Capital Fund, Ltd. hold security interests
in
all of the assets acquired in the Acquisition to secure payment of
these
term notes;
|
· |
unsecured
term notes totaling $2.135 million in outstanding principal amount
maturing on December 31, 2007. These term notes require pre-payments
of
principal on the 15th day of January, April, July and October based
on the
number of customer orders shipped in the previous calendar quarter;
|
· |
obligations
pursuant to employment agreements with the Petals' president and
chairman,
and chief executive officer, each of whom were elected executives
of
Immuno on June 30, 2006;
|
· |
obligations
pursuant to real estate leases for the Petals corporate headquarters
in
Ridgefield, Connecticut and the Petals distribution facility in Portland,
Tennessee, with total monthly rental payments of approximately $36,000;
and
|
· |
obligations
pursuant to the Master Services Agreement with Petals' third party
telemarketing, warehouse and product distribution
vendor.
|
· |
the
payment of $244,506.65 of outstanding indebtedness and accrued expenses
which were to be paid in cash at the time of the
Closing;
|
· |
the
issuance of an aggregate of 42,477 shares of Immuno common stock
to
officers of Immuno in satisfaction of loans payable by Immuno to
such
officers in the aggregate amount of $8,494.84;
and
|
· |
the
issuance of an aggregate of 987,507 shares of Immuno common stock
to the
holders of notes payable and other creditors of Immuno, in satisfaction
of
the indebtedness evidenced by the notes and accrued expenses due
from
Immuno to such creditors.
|
Six
Months Ended
|
Fiscal
Year
Ended
September
3,
2005
|
Fiscal
Year
Ended
August
28,
2004
|
|||||||||||
Statement
of Operations
Data:
|
February
28,
2006
(unaudited)
|
March
5,
2005
(unaudited)
|
|||||||||||
Net
sales
|
$
|
11,278,214
|
$
|
7,151,430
|
$
|
14,800,145
|
$
|
4,274,326
|
|||||
Cost
of sales
|
5,176,012
|
3,808,214
|
7,799,751
|
2,591,037
|
|||||||||
Gross
profit
|
6,102,202
|
3,343,216
|
7,000,394
|
1,683,289
|
|||||||||
Operations
expense
|
2,331,463
|
1,399,063
|
2,795,669
|
1,158,342
|
|||||||||
Selling
and marketing expense
|
3,820,929
|
2,268,954
|
5,458,519
|
1,920,390
|
|||||||||
Administrative
expense
|
1,836,387
|
1,537,712
|
3,228,953
|
3,999,781
|
|||||||||
Interest
expense
|
215,019
|
19,604
|
106,184
|
2,256
|
|||||||||
Net
loss
|
(2,101,596
|
)
|
(1,882,117
|
)
|
(4,588,931
|
)
|
(5,397,480
|
)
|
|||||
Distribution
on preferred stock
|
321,952
|
298,283
|
601,584
|
205,236
|
|||||||||
Net
loss attributable to common membership interests
|
$
|
(2,423,548
|
)
|
$
|
(2,180,400
|
)
|
$
|
(5,190,515
|
)
|
$
|
(5,602,716
|
)
|
|
||||
Balance
Sheet Data:
|
At
February
28,
2006
(unaudited)
|
|||
Cash
|
$
|
112,783
|
||
Working
capital (deficit)
|
(827,339
|
)
|
||
Total
assets
|
6,802,694
|
|||
Long-term
debt due to affiliate
|
5,000,000
|
|||
Accrued
distributions
|
1,128,772
|
|||
Accumulated
deficit
|
(13,216,779
|
)
|
||
Members
deficit
|
(5,141,516
|
)
|
· |
In
late fiscal 2005, Petals’ current management team took over from the
interim transition management team.
|
· |
In
late fiscal 2005, Petals assumed responsibility for the assembly
of its
finished products, with the objective of improving quality and reducing
product costs.
|
· |
During
fiscal 2005, Petals mailed 9.4 million catalogs in 13 mailings, generating
approximately 182,000 orders with an average order size, excluding
shipping and handling, of $88.36.
|
· |
In
early fiscal 2006, Petals established a new assembly facility in
leased
premises in Portland, Tennessee, giving it complete control over
the
product assembly process.
|
· |
Silk
flowers are long lasting and complement the décor of the home or
office.
|
· |
Silk
flowers may be preferred by persons who are allergic to fresh flowers.
|
· |
All
designs can be previewed, knowing that a chosen bouquet or arrangement
will be exactly what was ordered.
|
· |
Favorite
flowers may be purchased even if they are out of
season.
|
· |
During
the second half of fiscal 2004, Petals re-established contact with
its
customer base, mailing catalogs in January, March, April, May and
June.
Due to the initial challenges in procurement of inventory, these
catalogs
offered a limited number of products and included very few proprietary
floral arrangements or decorative accent products.
|
· |
In
late fiscal 2005, Petals’ current management team took over from the
interim transition management team.
|
· |
In
late fiscal 2005, Petals assumed responsibility for the assembly
of its
finished products, with the objective of improving quality and reducing
product costs.
|
· |
During
fiscal 2005, Petals mailed 9.4 million catalogs in 13 mailings, generating
approximately 182,000 orders with an average order size, excluding
shipping and handling, of $88.36. Approximately 24% of its revenue
in
fiscal 2005 was attributable to orders placed on its website, generally
by
recipients of its catalog.
|
· |
In
early fiscal 2006, Petals established a new assembly facility in
leased
premises in Portland, Tennessee, giving it complete control over
the
product assembly process.
|
· |
product
sales derived from mailing of catalogs to its core customer base
and to
prospective customers and from visitors to its Internet site,
|
· |
shipping
and handling revenue charged on product sales, and
|
· |
revenue
from the renting of its mailing list.
|
Six
months ended
|
||||||||||
February
28,
2006
|
March
5,
2005
|
Percentage
change
2005 to
2006
|
||||||||
Net
revenue
|
100.0
|
%
|
100.0
|
%
|
57.7
|
%
|
||||
Cost
of sales
|
45.9
|
%
|
53.3
|
%
|
35.9
|
%
|
||||
Gross
profit
|
54.1
|
%
|
46.7
|
%
|
82.5
|
%
|
||||
Operating
expense
|
20.7
|
%
|
19.6
|
%
|
66.6
|
%
|
||||
Selling
and marketing expense
|
33.9
|
%
|
31.7
|
%
|
68.4
|
%
|
||||
Administrative
expense
|
16.3
|
%
|
21.5
|
%
|
19.4
|
%
|
||||
Interest
expense
|
1.9
|
%
|
0.3
|
%
|
996.8
|
%
|
||||
Net
loss
|
(18.6
|
)%
|
(26.3
|
)%
|
11.7
|
%
|
Fiscal
2005
|
Fiscal
2004
|
Percentage
change
2004
to 2005
|
||||||||
Net
revenue
|
100.0
|
%
|
100.0
|
%
|
246.3
|
%
|
||||
Cost
of sales
|
52.7
|
%
|
60.6
|
%
|
201.0
|
%
|
||||
Gross
profit
|
47.3
|
%
|
39.4
|
%
|
315.9
|
%
|
||||
Operating
expense
|
18.9
|
%
|
27.1
|
%
|
141.4
|
%
|
||||
Selling
and marketing expense
|
36.9
|
%
|
44.9
|
%
|
184.2
|
%
|
||||
Administrative
expense
|
21.8
|
%
|
93.6
|
%
|
(19.3
|
)%
|
||||
Interest
expense
|
0.7
|
%
|
0.1
|
%
|
4,606.7
|
%
|
||||
Net
loss
|
(31.0
|
)%
|
(126.3
|
)%
|
(15.0
|
)%
|
· |
require
us to use a substantial portion of our cash flow from operations
to pay
interest and principal on senior debt, for working capital, capital
expenditures and other general corporate purposes,
|
· |
limit
our ability to obtain additional financing for working capital, capital
expenditures, expansion plans and other investments, which may limit
our
ability to implement our business strategy,
|
· |
result
in higher interest expense if interest rates increase on our floating
rate
borrowings,
|
· |
heighten
our vulnerability to downturns in our business, the industry or in
the
general economy and limit our flexibility in planning for or reacting
to
changes in our business and the retail industry, or
|
· |
prevent
us from taking advantage of business opportunities as they arise.
|
· |
implementation
of these plans may be delayed or may not be successful,
|
· |
if
our expanded product offerings and sales channels fail to maintain
and
enhance the distinctive Petals brand identity, our brand image may
be
diminished and our sales may decrease,
|
· |
if
we fail to expand our infrastructure, including hiring and training
qualified employees, we may be unable to manage our expansion
successfully, and
|
· |
implementation
of these plans may divert management’s attention from other aspects of our
business and place a strain on our management, operational and financial
resources, as well as our information systems.
|
· |
variations
in its quarterly results of
operations;
|
· |
the
introduction of new products or product categories by Immuno or our
competitors;
|
· |
acquisitions
or strategic alliances involving our
competitors;
|
· |
future
sales of shares of common stock in the public market;
and
|
· |
market
conditions in our industries and the economy as a
whole.
|
ITEM 3.02 |
UNREGISTERED
SALES OF EQUITY SECURITIES
|
Name
|
Date
|
Shares
Issued
(1)
|
Total
Consideration
Paid
|
|||||||
|
||||||||||
Mark
A. Scharmann (2)
|
8/22/01
|
518,395
|
$
|
32,399.67
|
||||||
David
Knudson (2)
|
8/22/01
|
506,971
|
$
|
31,685.79
|
||||||
Mark
A. Scharmann (2)
|
6/27/02
|
646,495
|
$
|
40,405.91
|
||||||
David
Knudson (2)
|
12/19/02
|
328,140
|
$
|
20,508.74
|
||||||
Steve
Scharmann (3)
|
6/28/05
|
10,000
|
$
|
1,000.00
|
||||||
Jill
Corry (3)
|
6/30/05
|
10,000
|
$
|
1,000.00
|
||||||
Doug
Eilertson (3)
|
6/30/05
|
50,000
|
$
|
5,000.00
|
||||||
Richard
Robinson (3)
|
6/30/05
|
50,000
|
$
|
5,000.00
|
· |
the
payment of $244,506.65 of outstanding indebtedness and accrued expenses
which were to be paid in cash at the time of the
Closing;
|
· |
the
issuance of an aggregate of 42,477 shares of Immuno common stock
to
officers of Immuno in satisfaction of loans payable by Immuno to
such
officers in the aggregate amount of $8,494.84;
and
|
· |
the
issuance of an aggregate of 987,507 shares of Immuno common stock
to the
holders of notes payable and creditors of Immuno, in satisfaction
of the
indebtedness evidenced by the notes and accrued expenses due from
Immuno
to such creditors.
|
ITEM 3.03 |
MATERIAL
MODIFICATION OF RIGHTS OF SECURITY
HOLDERS
|
ITEM 5.01 |
CHANGES
IN CONTROL OF REGISTRANT
|
· |
10,600
Series A Shares;
|
· |
240
Series B Shares; and
|
· |
90,000,000
shares of Common Stock
|
· |
each
person known by us to be the beneficial owner of more than five percent
of
Immuno common stock;
|
· |
each
of our directors;
|
· |
each
executive officer named in the summary compensation table;
and
|
· |
all
of our current directors and executive officers as a
group.
|
|
Shares
Beneficially Owned
|
|||
Name
and Address of Beneficial Owner
|
Outstanding
|
Right
to
Acquire(1)
|
Total
|
Percent
|
Petals
Decorative Accents LLC
90
Grove Street, Suite 206
Ridgefield,
Connecticut 06877
|
90,000,000
|
24,000,000(4)
|
114,000,000
|
94.88%
|
Accelerant
Partners, LLC (2)
c/o
Southridge Capital Mgmt
90
Grove Street, Suite 206
Ridgefield,
Connecticut 06877
|
90,000,000
|
24,000,000(4)
|
114,000,000
|
94.88%
|
|
|
|
||
Stephen
M. Hicks, (3)
president
and chairman
c/o
Southridge Capital Mgmt
90
Grove Street, Suite 206
Ridgefield,
Connecticut 06877
|
90,000,000
|
24,000,000(4)
|
114,000,000
|
94.88%
|
Mark
A. Scharmann,
director
1661
Lakeview Circle
Ogden,
Utah 84403
|
2,824,330
|
―
|
2,824,330
|
2.35%
|
|
|
|
||
Christopher
Topping,
chief
executive officer
c/o
Petals Decorative Accents LLC
90
Grove Street
Ridgefield,
Connecticut 06877
|
―
|
―
|
―
|
―
|
|
|
|
||
Stephen
Hieber,
chief
financial officer
c/o
Petals Decorative Accents LLC
90
Grove Street
Ridgefield,
Connecticut 06877
|
―
|
―
|
―
|
―
|
|
|
|
||
Daniel
Dorzback,
chief
merchandising officer
c/o
Petals Decorative Accents LLC
90
Grove Street
Ridgefield,
Connecticut 06877
|
―
|
―
|
―
|
―
|
|
|
|
||
Antonio
Yenidjeian,
senior
vice president of operations
c/o
Petals Decorative Accents LLC
90
Grove Street
Ridgefield,
Connecticut 06877
|
―
|
―
|
―
|
―
|
|
|
|
||
All
current directors and executive officers as a group (6
persons)
|
92,824,330
|
24,000,000(4)
|
116,824,330
|
97.23%
|
|
High
Bid
|
Low
Bid
|
|||||
|
|
|
|||||
Fiscal
Year Ended June 30, 2004
|
|
|
|||||
|
|||||||
First
Quarter
|
$
|
0.14
|
$
|
0.065
|
|||
Second
Quarter
|
$
|
0.11
|
$
|
0.07
|
|||
Third
Quarter
|
$
|
0.09
|
$
|
0.03
|
|||
Fourth
Quarter*
|
$
|
0.06
|
$
|
0.02
|
|||
|
|||||||
Fiscal
Year Ended June 30, 2005
|
|||||||
|
|||||||
First
Quarter
|
$
|
0.09
|
$
|
0.025
|
|||
Second
Quarter
|
$
|
0.05
|
$
|
0.023
|
|||
Third
Quarter**
|
$
|
0.55
|
$
|
0.25
|
|||
Fourth
Quarter**
|
$
|
0.40
|
$
|
0.26
|
|||
|
|||||||
Fiscal
Year Ended June 30, 2006
|
|||||||
|
|||||||
First
Quarter
|
$
|
0.26
|
$
|
0.26
|
|||
Second
Quarter
|
$
|
0.35
|
$
|
0.26
|
|||
Third
Quarter
|
$
|
0.30
|
$
|
0.26
|
|||
Fourth
Quarter
|
$
|
0.30
|
$
|
0.26
|
ITEM 5.02 |
DEPARTURE
OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF PRINCIPAL
OFFICERS
|
Name
|
Age
|
Position
|
||
Mark
Scharmann
|
47
|
President,
treasurer and director
|
||
Dan
Price
|
51
|
Director
|
Name
|
Age
|
Position
|
||
Stephen
M. Hicks
|
46
|
President
and chairman of the board of directors
|
||
Christopher
Topping
|
45
|
Chief
executive officer
|
||
Stephen
Hieber
|
40
|
Chief
financial officer
|
||
Daniel
Dorzback
|
49
|
Chief
merchandising officer
|
||
Antonio
Yenidjeian
|
50
|
Senior
vice president of operations
|
||
Mark
A. Scharmann
|
47
|
Director
|
Name
|
Age
|
Position
|
Year
Began
|
|||
Stephen
M. Hicks
|
46
|
Chairman
of the board of directors
|
2003
|
|||
Christopher
Topping
|
45
|
Chief
executive officer
|
2004
|
|||
Stephen
Hieber
|
40
|
Chief
financial officer
|
2005
|
|||
Daniel
Dorzback
|
49
|
Chief
merchandising officer
|
2004
|
|||
Henry
Sargent
|
39
|
Director
|
2003
|
|||
Antonio
Yenidjeian
|
50
|
Senior
vice president of operations
|
2005
|
|
|
|
Long-Term
Compensation
|
||||
|
|
Annual
Compensation
|
Awards
|
Payouts
|
|||
Name
and Principal Position
|
Fiscal
Year
|
Salary
($)
|
Bonus
($)
|
Other
Annual
Compensation
($)
|
Restricted
Stock
Award(s)
($)
|
Securities
Underlying
Options
(#)
|
Other
Compensation
|
Christopher
Topping (1)
chief
executive officer
|
2005
|
235,000
|
15,000
|
1,272
|
|
||
Daniel
Dorzback (3)
chief
merchandising officer
|
2005
|
151,292
|
5,000
|
723
|
|
||
James
Hersh (5)
former
chief financial officer
|
2005
|
191,667
|
|
1,219
|
|
1. |
Mr.
Topping joined us on August 30,
2004.
|
2. |
Mr.
Dorzback joined us on October 15,
2004.
|
3. |
Mr.
Hersh, our chief financial officer, separated from Petals on October
18,
2005.
|
ITEM 5.03 |
AMENDMENTS
TO ARTICLES OF INCORPORATION OR BYLAWS; CHANGE
IN FISCAL YEAR END
|
· |
prior
to such date, the board of directors approved either the business
combination or the transaction that resulted in the stockholder becoming
an interested stockholder;
|
· |
upon
consummation of the transaction that resulted in the stockholder
becoming
an interested stockholder, the interested stockholder owned at least
85%
of the voting stock of the corporation outstanding at the time the
transaction commenced, excluding for purposes of determining the
number of
shares outstanding those shares owned by persons who are directors
and
also officers and by employee stock plans in which employee participants
do not have the right to determine confidentially whether shares
held
subject to the plan will be tendered in a tender or exchange offer;
or
|
· |
on
or subsequent to such date, the business combination is approved
by the
board of directors and authorized at an annual meeting or special
meeting
of stockholders and not by written consent, by the affirmative vote
of at
least 66 2/3% of the outstanding voting stock that is not owned by
the
interested stockholder.
|
· |
any
merger or consolidation involving the corporation and the interested
stockholder;
|
· |
any
sale, transfer, pledge or other disposition of 10% or more of the
assets
of the corporation involving the interested stockholder;
|
· |
subject
to certain exceptions, any transaction that results in the issuance
or
transfer by the corporation of any stock of the corporation to the
interested stockholder;
|
· |
any
transaction involving the corporation that has the effect of increasing
the proportionate share of the stock of any class or series of the
corporation beneficially owned by the interested stockholder; or
|
· |
the
receipt by the interested stockholder of the benefit of any loans,
advances, guarantees, pledges or other financial benefits provided
by or
through the corporation.
|
ITEM 9.01 |
FINANCIAL
STATEMENTS AND EXHIBITS
|
Page
|
|
Report
of Independent Registered Public Accounting Firm
|
F-2
|
Balance
Sheets at February 28, 2006 (unaudited) and September 3,
2005
|
F-3
|
Statements
of Operations for the six months ended February 28, 2006
(unaudited)
and March 5, 2005 (unaudited), the year ended September 3, 2005
and
the period from November 4, 2003 (inception) through August 28,
2004
|
F-4
|
Statements
of Members’ Equity (Deficit) for the six months ended
February
28, 2006 (unaudited), the year ended September 3, 2005 and
the
period from November 4, 2003 (inception) through August 28,
2004
|
F-5
|
Statements
of Cash Flows for the six months ended February 28, 2006
(unaudited),
the year ended September 3, 2005 and the period from
November
4, 2003 (inception) through August 28, 2004
|
F-6
|
Notes
to Financial Statements
|
F-7
|
(b)
Pro
Forma Financial Information
|
|
Unaudited
Pro Forma Combined Balance Sheet at February 28, 2006
|
F-14
|
Unaudited
Pro Forma Combined Statements of Operations for the
six
months ended March 31, 2006
|
F-15
|
Unaudited
Pro Forma Combined Statements of Operations for the
twelve months
ended June 30, 2005
|
F-16
|
Notes to Pro Forma Financial Statements |
F-17
|
February
28,
2006
|
September
3,
2005
|
||||||
(unaudited)
|
|||||||
ASSETS
|
|||||||
CURRENT
ASSETS:
|
|||||||
Cash
|
$ | 112,783 | $ | 16,831 | |||
Restricted
cash
|
|
51,470
|
|
756,445
|
|||
Accounts
receivable
|
42,727
|
130,082
|
|||||
Inventories
|
4,902,984
|
4,177,444
|
|||||
Prepaid
catalog expenses
|
874,410
|
767,634
|
|||||
Other
current assets
|
132,497
|
144,356
|
|||||
Total
current assets
|
6,116,871
|
5,992,792
|
|||||
Equipment
|
636,766
|
361,933
|
|||||
Accumulated
depreciation
|
(203,480
|
)
|
(145,579
|
)
|
|||
Net
|
433,286
|
216,354
|
|||||
Customer
list
|
289,421
|
289,421
|
|||||
Accumulated
amortization
|
(123,299
|
)
|
(94,500
|
)
|
|||
Net
|
166,122
|
194,921
|
|||||
Other
assets
|
86,415
|
89,720
|
|||||
TOTAL
ASSETS
|
$
|
6,802,694
|
$
|
6,493,787
|
|||
LIABILITIES
AND MEMBERS’ DEFICIT
|
|||||||
CURRENT
LIABILITIES:
|
|||||||
Note
payable
|
$
|
1,500,000
|
$
|
1,500,000
|
|||
Note
payable - affiliate
|
1,005,000
|
4,665,000
|
|||||
Bank
overdraft
Accounts
payable and accrued expenses
Accrued
distributions
|
—
3,310,438
1,128,772
|
478,175
1,761,760
806,820
|
|||||
Total
current liabilities
|
6,944,210
|
9,211,755
|
|||||
Term
note due to affiliate
|
5,000,000
|
||||||
Total
liabilities
|
11,944,210
|
9,211,755
|
|||||
Members’
deficit:
|
|||||||
First
class preferred economic interests, bearing dividends at 8% per annum,
redeemable
at the Company’s option, at liquidation value
|
6,325,263
|
6,325,263
|
|||||
Second
class preferred economic interests, bearing dividends at 6% per
annum,
redeemable at the Company’s option, at liquidation value
|
1,500,000
|
1,500,000
|
|||||
Common
membership interests
|
250,000
|
250,000
|
|||||
Accumulated
deficit
|
(13,216,779
|
)
|
(10,793,231
|
)
|
|||
Total
members’ deficit
|
(5,141,516
|
)
|
(2,717,968
|
)
|
|||
TOTAL
LIABILITIES AND MEMBERS’ DEFICIT
|
$
|
6,802,694
|
$
|
6,493,787
|
Six
Months Ended
|
Year
Ended
|
Period
from
November
4, 2003
(inception)
to
|
|||||||||||
February
28,
2006
|
March
5,
2005
|
September
3,
2005
|
August
28,
2004
|
||||||||||
(unaudited)
|
|||||||||||||
Net
revenues
|
$
|
11,278,214
|
$
|
7,151,430
|
$
|
14,800,145
|
$
|
4,274,326
|
|||||
Costs
of sales
|
5,176,012
|
3,808,214
|
7,799,751
|
2,591,037
|
|||||||||
Gross
profit
|
6,102,202
|
3,343,216
|
7,000,394
|
1,683,289
|
|||||||||
Operating
expenses
|
2,331,463
|
1,399,063
|
2,795,669
|
1,158,342
|
|||||||||
Selling
and marketing expenses
|
3,820,929
|
2,268,954
|
5,458,519
|
1,920,390
|
|||||||||
Administrative
expenses
|
1,836,387
|
1,537,712
|
3,228,953
|
3,999,781
|
|||||||||
Interest
expense
|
215,019
|
19,604
|
106,184
|
2,256
|
|||||||||
8,203,798
|
5,225,333
|
11,589,325
|
7,080,769
|
||||||||||
Net
loss
|
(2,101,596
|
)
|
(1,882,117
|
)
|
(4,588,931
|
)
|
(5,397,480
|
)
|
|||||
Distributions
on preferred interests
|
321,952
|
298,283
|
601,584
|
205,236
|
|||||||||
Net
loss attributable to common membership interests
|
$
|
(2,423,548
|
)
|
$
|
(2,180,400
|
)
|
$
|
(5,190,515
|
)
|
$
|
(5,602,716
|
)
|
Preferred
Economic
Interests
|
||||||||||||||||
First
Class
|
Second
Class
|
Common
Membership
Interests
|
Accumulated
Deficit
|
Total
|
||||||||||||
Sales
of membership interests
|
$
|
250,000
|
$
|
250,000
|
||||||||||||
Contribution
of assets
|
$
|
1,500,000
|
1,500,000
|
|||||||||||||
Sales
of membership interests
|
$
|
5,605,263
|
5,605,263
|
|||||||||||||
Net
loss
|
$
|
(5,397,480
|
)
|
(5,397,480
|
)
|
|||||||||||
Distributions
accrued
|
(205,236
|
)
|
(205,236
|
)
|
||||||||||||
Balance,
August 28, 2004
|
5,605,263
|
1,500,000
|
250,000
|
(5,602,716
|
)
|
1,752,547
|
||||||||||
Sales
of membership interests
|
720,000
|
720,000
|
||||||||||||||
Net
loss
|
(4,588,931
|
)
|
(4,588,931
|
)
|
||||||||||||
Distributions
accrued
|
(601,584
|
)
|
(601,584
|
)
|
||||||||||||
Balance,
September 3, 2005
|
6,325,263
|
1,500,000
|
250,000
|
(10,793,231
|
)
|
(2,717,968
|
)
|
|||||||||
|
||||||||||||||||
Net
loss (unaudited)
|
(2,101,596
|
)
|
(2,101,596
|
)
|
||||||||||||
Distributions
accrued (unaudited)
|
(321,952
|
)
|
(321,952
|
)
|
||||||||||||
Balance,
February 28, 2006 (unaudited)
|
$
|
6,325,263
|
$
|
1,500,000
|
$
|
250,000
|
$
|
(13,216,779
|
)
|
$
|
(5,141,516
|
)
|
Six
Months
Ended
February
28,
|
Six
Months
Ended
March
5, 2005
|
Year
Ended
September
3,
|
Period
November
4, 2003
(inception)
to
August
28,
|
||||||||||
2006
|
2005
|
2005
|
2004
|
||||||||||
(unaudited)
|
(unaudited)
|
||||||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
|||||||||||||
Net
loss
|
$
|
(2,101,596
|
)
|
$
|
(1,882,117
|
)
|
$
|
(4,588,931
|
)
|
$
|
(5,397,480
|
)
|
|
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
|||||||||||||
Depreciation
and amortization
|
86,700
|
151,981
|
151,091
|
88,988
|
|||||||||
Changes
in current assets and liabilities:
|
|||||||||||||
Decrease
(increase) in restricted cash
|
704,975
|
573,354
|
372,871
|
(1,129,316
|
)
|
||||||||
Decrease
in accounts receivable
|
87,355
|
18,500
|
34,455
|
597,510
|
|||||||||
Increase
in inventories
|
(725,540
|
)
|
(1,011,487
|
)
|
(3,148,694
|
)
|
(726,764
|
)
|
|||||
Increase
in prepaid expenses and other current assets
|
(94,917
|
)
|
(361,287
|
)
|
(296,612
|
)
|
(543,275
|
)
|
|||||
Decrease
(increase) in other long-term assets
|
|
|
3,305
|
|
(72,117
|
)
|
(89,720
|
)
|
—
|
|
|||
Increase
in accounts payable and accrued expenses
|
1,548,675
|
131,206
|
1,007,978
|
753,783
|
|||||||||
Net
cash used in operating activities
|
(491,043
|
)
|
(2,451,967
|
)
|
(6,557,562
|
)
|
(6,
356,554
|
)
|
|||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
|||||||||||||
Purchase
of equipment
|
(274,830
|
)
|
(48,963
|
)
|
(183,017
|
)
|
(149,874
|
)
|
|||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
|||||||||||||
Bank
overdraft
|
(478,175
|
)
|
(115,005
|
)
|
363,170
|
115,005
|
|||||||
Proceeds
of note payable to affiliates
|
1,340,000
|
1,950,000
|
4,165,000
|
500,000
|
|||||||||
Proceeds
of note payable
|
—
|
1,500,000
|
—
|
||||||||||
Sales
of common membership interests
|
—
|
—
|
250,000
|
||||||||||
Sales
of preferred economic membership interests
|
—
|
720,000
|
720,000
|
5,605,263
|
|||||||||
Net
cash provided by financing activities
|
861,825
|
2,554,995
|
6,748,170
|
6,470,268
|
|||||||||
INCREASE
(DECREASE) IN CASH:
|
95,952
|
54,065
|
7,591
|
(36,160
|
)
|
||||||||
CASH
AT BEGINNING OF PERIOD
|
16,831
|
9,239
|
9,240
|
45,400
|
|||||||||
CASH
AT END OF PERIOD
|
$
|
112,783
|
$
|
63,304
|
$
|
16,831
|
$
|
9,240
|
|||||
SUPPLEMENTAL
SCHEDULE OF CASH FLOW ACTIVITIES:
|
|||||||||||||
Cash
paid for:
|
|||||||||||||
Interest
|
$
|
56,702
|
$
|
22,464
|
$
|
67,184
|
$
|
2,256
|
|||||
Non-Cash
Transactions:
|
|||||||||||||
Dividends
accrued
|
$
|
321,952
|
$
|
297,533
|
$
|
601,584
|
$
|
205,236
|
|||||
Conversion
of notes payable to affiliate term loans to
to
affiliate
|
$
|
5,000,000
|
—
|
||||||||||
Contribution
of assets
|
$
|
1,500,000
|
Note 1. |
ORGANIZATION
|
Note 2. |
SUMMARY
OF SIGNIFICANT ACCOUNTING
POLICIES
|
February
28,
2006
(Unaudited)
|
September
3,
2005
|
||||||
Components
|
$
|
2,356,404
|
$
|
1,958,462
|
|||
Finished
goods
|
2,546,580
|
2,218,982
|
|||||
Total
|
$
|
4,902,984
|
$
|
4,177,444
|
Note 3. |
GOING
CONCERN
|
Note 4. |
INTANGIBLE
ASSETS
|
February
28,
2006
(Unaudited)
|
September
3,
2005
|
||||||
Customer
lists
|
$
|
289,421
|
$
|
289,421
|
|||
Less:
accumulated amortization
|
(123,299
|
)
|
(94,500
|
)
|
|||
Total
intangible assets
|
$
|
166,122
|
$
|
194,921
|
Note 5. |
LOANS
PAYABLE
|
Due to: |
February
28,
2006
|
September
3,
2005
|
|||||
Bank | $ | 1,500,000 | $ | 1,500,000 | |||
Affiliate | 6,005,000 | 4,665,000 | |||||
$ | 7,505,000 | $ | 6,165,000 |
Note 6. |
MEMBERS’
DEFICIT
|
Note 7. |
INCOME
TAXES
|
Note 8. |
COMMITMENTS
AND
CONTINGENCIES
|
Fiscal
Year Ended
August
|
Affiliated
|
Unaffiliated
|
Total
|
|||||||
2006
|
$
|
126,060
|
$
|
129,030
|
$
|
255,090
|
||||
2007
|
252,125
|
258,060
|
510,185
|
|||||||
2008
|
252,125
|
258,060
|
510,185
|
|||||||
2009
|
84,040
|
43,010
|
127,050
|
|||||||
$
|
714,350
|
$
|
688,160
|
$
|
1,402,510
|
Note 9. |
RELATED
PARTY TRANSACTIONS
|
Petals
|
||||||||||||||||
Immunotechnology
|
Decorative
|
Combined
|
||||||||||||||
Corporation
(1)
|
Accents
LLC (2)
|
Adjustments
|
Pro
Forma
|
|||||||||||||
ASSETS
|
||||||||||||||||
CURRENT
ASSETS:
|
||||||||||||||||
Cash
|
$
|
61
|
$
|
112,783
|
$
|
1,350,000
|
(3)
|
|
$
|
1,218,337
|
||||||
(244,507
|
)
|
(3)
|
|
|||||||||||||
Restricted
cash
|
-
|
51,470
|
51,470
|
|||||||||||||
Accounts
receivable
|
-
|
42,727
|
42,727
|
|||||||||||||
Inventories
|
-
|
4,902,984
|
4,902,984
|
|||||||||||||
Prepaid
expenses and other current assets
|
-
|
1,006,907
|
21,585
|
(3)
|
|
1,028,492
|
||||||||||
Total
current assets
|
61
|
6,116,871
|
1,127,078
|
7,244,010
|
||||||||||||
Equipment
|
-
|
636,766
|
636,766
|
|||||||||||||
Accumulated
depreciation
|
-
|
(203,480
|
)
|
(203,480
|
)
|
|||||||||||
Net
|
-
|
433,286
|
433,286
|
|||||||||||||
Customer
list
|
-
|
289,421
|
289,421
|
|||||||||||||
Accumulated
amortization
|
-
|
(123,299
|
)
|
(123,299
|
)
|
|||||||||||
|
-
|
166,122
|
166,122
|
|||||||||||||
Other
assets
|
-
|
86,415
|
86,415
|
|||||||||||||
Total
assets
|
$
|
61
|
$
|
6,802,694
|
$
|
1,127,078
|
$
|
7,929,833
|
||||||||
LIABILITIES
AND MEMBERS' DEFICIT
|
||||||||||||||||
CURRENT
LIABILITIES:
|
||||||||||||||||
Loan
payable
|
$
|
-
|
$
|
1,500,000
|
$
|
$
|
1,500,000
|
|||||||||
Loan
payable - affiliate
|
-
|
1,005,000
|
(1,005,000
|
)
|
(4)
|
|
-
|
|||||||||
Loan
payable - officers
|
231,447
|
-
|
(8,495
|
)
|
(5)
|
|
118,952
|
|||||||||
(104,000
|
)
|
(3)
|
|
|||||||||||||
|
||||||||||||||||
Notes
payable
|
173,197
|
-
|
(116,020
|
)
|
(6)
|
|
-
|
|||||||||
(57,177
|
)
|
(3)
|
|
|||||||||||||
|
||||||||||||||||
Accounts
payable and accrued expenses
|
107,489
|
3,310,439
|
(15,000
|
)
|
(7)
|
|
3,341,183
|
|||||||||
(61,745
|
)
|
(3)
|
|
|||||||||||||
|
||||||||||||||||
Accrued
dividends
|
-
|
1,128,772
|
(1,128,772
|
)
|
(5)
|
|
-
|
|||||||||
Total
current liabilities
|
512,133
|
6,944,211
|
(2,496,209
|
)
|
|
4,960,135
|
||||||||||
|
||||||||||||||||
Long-term
debt - affiliate
|
-
|
5,000,000
|
|
5,000,000
|
||||||||||||
|
||||||||||||||||
Petals
Bridge Notes, face amount
|
-
|
-
|
2,135,000
|
(3)
|
|
2,135,000
|
||||||||||
Less:
Original issue discount
|
-
|
-
|
|
(610,000
|
)
|
(3)
|
(610,000
|
)
|
||||||||
Total
liabilities
|
512,133
|
11,944,211
|
(971,209
|
)
|
|
11,485,135
|
||||||||||
|
||||||||||||||||
Stockholders'
deficit
|
|
|||||||||||||||
Series
A preferred stock, stated value $1,000 per share; 10800
shares
|
-
|
-
|
|
0
|
||||||||||||
Series B
preferred stock
|
-
|
-
|
0
|
|||||||||||||
Common
stock
|
51
|
-
|
9
|
(6)
|
|
961
|
||||||||||
1
|
(7)
|
|
||||||||||||||
900
|
(9)
|
|
||||||||||||||
|
||||||||||||||||
Additional
paid-in capital
|
541,127
|
-
|
11,044
|
(5)
|
|
9,788,803
|
||||||||||
237,247
|
(6)
|
|
||||||||||||||
19,500
|
(7)
|
|
||||||||||||||
(175,000
|
)
|
(3)
|
|
|||||||||||||
10,209,035
|
(10)
|
|
||||||||||||||
(900
|
)
|
(9)
|
|
|||||||||||||
(1,053,250
|
)
|
(11)
|
|
|||||||||||||
Accumulated
deficit
|
(1,053,250
|
)
|
-
|
|
|
|
|
|
|
|||||||
151,332
|
(11)
|
(13,345,066
|
)
|
|||||||||||||
901,918
|
(11)
|
|
||||||||||||||
(2,549
|
)
|
(5)
|
|
|||||||||||||
(121,236
|
)
|
(6)
|
|
|||||||||||||
(4,501
|
)
|
(7)
|
|
|||||||||||||
(13,216,780
|
)
|
(12)
|
||||||||||||||
Total
stockholders' deficit
|
(512,072
|
)
|
-
|
(3,043,230
|
)
|
(3,555,302
|
)
|
|||||||||
Members'
deficit:
|
||||||||||||||||
First
class preferred economic interest
|
-
|
6,325,263
|
(6,325,263
|
)
|
(4)
|
|
-
|
|||||||||
Second
class preferred economic interest
|
-
|
1,500,000
|
(1,500,000
|
)
|
(4)
|
|
-
|
|||||||||
Common
membership interests
|
-
|
250,000
|
(250,000
|
)
|
(4)
|
|
-
|
|||||||||
Accumulated
members' deficit
|
-
|
(13,216,780
|
)
|
-
|
||||||||||||
13,216,780
|
(12)
|
|
||||||||||||||
|
-
|
(5,141,517
|
)
|
5,141,517
|
-
|
|||||||||||
Total
liabilities and members'/stockholders' deficit
|
$
|
61
|
$
|
6,802,694
|
$
|
1,127,078
|
$
|
7,929,833
|
Petals
|
||||||||||||||||
Immunotechnology
|
Decorative
|
Pro
Forma
|
||||||||||||||
Corporation
(13)
|
Accents
LLC (14)
|
Adjustments
|
Combined
|
|||||||||||||
Net
revenue
|
$
|
-
|
$
|
11,278,214
|
$
|
11,278,214
|
||||||||||
Cost
of sales
|
-
|
5,176,012
|
5,176,012
|
|||||||||||||
Gross
profit
|
-
|
6,102,202
|
6,102,202
|
|||||||||||||
Operating
expense
|
-
|
2,331,463
|
2,331,463
|
|||||||||||||
Selling
and marketing expense
|
-
|
3,820,929
|
3,820,929
|
|||||||||||||
Administrative
expense
|
102,351
|
1,836,387
|
1,938,738
|
|||||||||||||
Interest
expense
|
28,574
|
215,019
|
(4,892
|
)
|
(15)
|
|
570,321
|
|||||||||
203,333
|
(16)
|
|
||||||||||||||
128,286
|
(17)
|
|
||||||||||||||
Gain
on extinguishment of debt
|
(21,250
|
)
|
-
|
-
|
(21,250
|
)
|
||||||||||
Total
operating expenses
|
109,675
|
8,203,798
|
326,728
|
8,640,201
|
||||||||||||
Net
loss
|
(109,675
|
)
|
(2,101,596
|
)
|
(326,728
|
)
|
(2,537,999
|
)
|
||||||||
Dividends
on preferred interests
|
-
|
321,952
|
(321,952
|
)
|
(18)
|
|
432,000
|
|||||||||
432,000
|
(18)
|
|
||||||||||||||
Net
loss attributable to common
|
||||||||||||||||
membership
interests/stockholders
|
$
|
(109,675
|
)
|
$
|
(2,423,548
|
)
|
$
|
(436,776
|
)
|
$
|
(2,969,999
|
)
|
||||
LOSS
PER SHARE
|
$
|
(0.02
|
)
|
Note
(19)
|
$
|
(0.00
|
)
|
$
|
(0.03
|
)
|
||||||
Weighted
average number of shares used in
|
||||||||||||||||
calculation
of loss per share
|
5,120,016
|
Note
(19)
|
91,029,984
|
96,150,000
|
Petals
|
||||||||||||||||
Immunotechnology
|
Decorative
|
Pro
Forma
|
||||||||||||||
Corporation
(20)
|
Accents
LLC (21)
|
Adjustments
|
Combined
|
|||||||||||||
Net
revenue
|
$
|
-
|
$
|
14,800,145
|
$
|
14,800,145
|
||||||||||
Cost
of sales
|
-
|
7,799,751
|
7,799,751
|
|||||||||||||
Gross
profit
|
-
|
7,000,394
|
7,000,394
|
|||||||||||||
Operating
expense
|
-
|
2,795,669
|
2,795,669
|
|||||||||||||
Selling
and marketing expense
|
-
|
5,458,519
|
5,458,519
|
|||||||||||||
Administrative
expense
|
262,428
|
3,228,953
|
3,491,381
|
|||||||||||||
Interest
expense
|
61,363
|
106,184
|
(9,783
|
)
|
(15)
|
|
692,716
|
|||||||||
406,667
|
(16)
|
|
||||||||||||||
128,286
|
(17)
|
|
||||||||||||||
Total
operating expenses
|
323,791
|
11,589,325
|
525,169
|
12,438,285
|
||||||||||||
Net
loss
|
(323,791
|
)
|
(4,588,931
|
)
|
(525,169
|
)
|
(5,437,891
|
)
|
||||||||
Dividends
on preferred interests
|
-
|
601,584
|
(601,584
|
)
|
(18)
|
|
864,000
|
|||||||||
864,000
|
(18)
|
|
||||||||||||||
Net
loss attributable to common stockholders/
|
||||||||||||||||
membership
interests
|
(323,791
|
)
|
(5,190,515
|
)
|
(787,585
|
)
|
(6,301,891
|
)
|
||||||||
LOSS
PER SHARE
|
$ |
(0.06
|
)
|
Note
(19)
|
$
|
(0.00
|
)
|
$
|
(0.07
|
)
|
||||||
Weighted
average number of shares used in
|
||||||||||||||||
calculation
of loss per share
|
5,010,016
|
Note
(19)
|
91,029,984
|
96,040,000
|
·
|
Immuno
would acquire $1.35 million of cash held by Petals, representing
the
remaining proceeds of a private placement of unsecured promissory
notes
(the “Petals Bridge Notes”) effected by Petals on June 16,
2006;
|
·
|
Immuno
would use approximately $245,000 of that cash to repay in part
certain
loans payable to officers, convertible promissory notes and accrued
expenses of Immuno;
|
·
|
Immuno
would issue an aggregate of 1,029,984 shares of Immuno Common
Stock to
such officers, holders of convertible notes and other creditors
in partial
satisfaction of the indebtedness of Immuno to such persons; and
|
·
|
the
balance of the indebtedness of Immuno to such persons would remain
outstanding, with the majority of such remaining indebtedness
payable by
Immuno in six monthly installments beginning October 1, 2006,
together
with interest at the rate of 7% per
annum.
|
· |
The
unaudited pro forma combined balance sheet at February 28, 2006
is based
upon the balance sheet of Petals at that date and the balance
sheet of
Immuno at March 31, 2006;
|
· |
The
unaudited pro forma combined statement of operations for the
53 weeks
ended September 3, 2005 is based upon the statement of operations
of
Petals for that period and the statement of operations of Immuno
for its
fiscal year ended June 30, 2005;
and
|
· |
The
unaudited pro forma combined statement of operations for the
six months
ended February 28, 2006 is based upon the statement of operations
of
Petals for that period and the statement of operations of Immuno
for the
six months ended March 31, 2006.
|
(1)
|
Balance
sheet information of Immuno as of March 31,
2006.
|
(2)
|
Balance
sheet information of Petals as of February 28,
2006.
|
(3)
|
Reflects
(a) the assumption by Immuno, in connection with the Acquisition,
of
$2.135 million of indebtedness of Petals under the Petals Bridge
Notes,
(b) receipt by Immuno of the $1.35 million of proceeds of the
Petals
Bridge Notes, after deducting the original issue discount of
$610,000 and
other payments of $175,000, and (c) application of such proceeds to
(i) repayment of $104,000 of loans payable by Immuno to its officers,
(ii)
repayment of $57,177 of convertible notes payable of Immuno,
(iii) payment
of $61,745 of accrued expenses of Immuno, and (iv) prepayment
of $21,585
of interest associated with the convertible
notes.
|
(4)
|
Reflects
elimination of indebtedness of Petals pursuant to certain revolving
credit
notes in the amount of $1,005,000 million at February 28, 2006,
which
obligations were not assumed by Immuno and were retained by Petals.
|
(5)
|
Reflects
the issuance of 42,477 shares of Common Stock of Immuno in satisfaction
of
indebtedness of Immuno to its officer in the aggregate amount
of
$8,495.
|
(6)
|
Reflects
the issuance of 912,504 shares of Common Stock of Immuno upon
the
conversion of convertible promissory notes of Immuno having an
outstanding
balance of $116,020.
|
(7)
|
Reflects
the issuance of 75,003 shares of Common Stock of Immuno in satisfaction
of
accrued expenses of Immuno in the amount of
$15,000.
|
(8)
|
Reflects
elimination of accrued unpaid distributions on Petals’ preferred economic
interests, which were not assumed by Immuno.
|
(9)
|
Reflects
the issuance to Petals, in exchange for all the acquired assets
of Petals,
of the following:
|
· |
10,800
Series A Shares;
|
· |
240
Series B Shares; and
|
· |
90,000,000
shares of Common Stock.
|
(10)
|
Reflects
elimination of (a) indebtedness of Petals in the amount of $1,005,000
not
assumed by Immuno, (b) accrued and unpaid distributions in respect
of
Petals’ preferred economic interests in the amount of $1,128,772, (c)
the
stated value of Petals’ first class and second class preferred economic
interests in the amounts of $6,325,263 and $1,500,000, respectively,
and
(d) the additional paid-in capital associated with Petals’ common
membership interests, in the amount of
$250,000.
|
(11)
|
Reflects
elimination of the accumulated deficit of Immuno, the acquired
company for
accounting purposes, including its (a) accumulated deficit prior
to
development stage of $151,332 and (b) accumulated deficit during
development stage of $901,918.
|
(12)
|
Reflects
reclassification of the accumulated members’ deficit of Petals, the
acquiring company for accounting purposes, as the accumulated
deficit of
Immuno.
|
(13)
|
Statement
of operations information of Immuno for the six months ended
March 31,
2006.
|
(14)
|
Statement
of operations information of Petals for the six months ended
February 28,
2006.
|
(15)
|
Reflects
reduction in interest attributable to the restructuring of Immuno’s
pre-acquisition debt, as if the transactions contemplated by
the Debt
Restructuring Agreements had been effected at the beginning of
the period
presented.
|
(16)
|
Reflects
assumed amortization of the aggregate $610,000 original issue
discount on
the Petals Bridge Notes on a straight line basis over a period
of 18
months, which is equivalent to their original maturity, as if
the Petals
Bridge Notes had been issued at the beginning of each period
presented.
The Petals Bridge Notes, in the aggregate principal amount of
$2.135
million, are due December 31, 2007, and are subject to prepayment
in
quarterly installments, commencing on January 15, 2007, that
are variable
in amount and depend on the volume of shipments made by the
Company.
|
(17)
|
Reflects
interest expense recorded in connection with the Debt Restructuring
Agreements attributable to the repayment of indebtedness of Immuno
by the
issuance of common stock having a fair value in excess of the
indebtedness
retired.
|
(18)
|
Reflects
(a) elimination of accrued distributions on Petals’ preferred economic
interests and (b) accrual of dividends on Immuno’s new Series A preferred
stock, as if the Series A shares had been issued at the beginning
of each
period presented.
|
(19)
|
Because
the historical equity capitalization of Petals consists of limited
liability company membership interest that are not numerically
divisible
into finite numbers of shares or share equivalents, the calculation
of
earnings per share on a historical basis for Petals is not meaningful.
|
(20)
|
Reflects
statement of operations information of Immuno for the fiscal
year ended
June 30, 2005.
|
(21)
|
Reflects
statement of operations information of Petals for the fiscal
year ended
September 3, 2005.
|
Incorporated
by Reference
|
|||||||||||
Exhibit
No.
|
Description
|
Filed
with
this
Form
8-K
|
Form
|
Filing
Date
|
Exhibit
No.
|
||||||
2.1
|
Contribution
Agreement by and between Petals Decorative Accents LLC and
ImmunoTechnology Corporation, dated June 23, 2006.
|
8-K
|
June
30, 2006
|
10.1
|
|||||||
2.2
|
Bill
of Sale and Assignment by and between Petals Decorative Accents LLC
and
ImmunoTechnology Corporation, dated June 30, 2006.
|
X
|
|||||||||
2.3
|
Assignment
and Assumption Agreement by and between Petals Decorative Accents
LLC and
ImmunoTechnology Corporation, dated June 30, 2006.
|
X
|
|||||||||
3.1
|
Certificate
of Incorporation of ImmunoTechnology Corporation, as
amended.
|
X
|
|||||||||
3.2
|
Amended
and Restated Bylaws of ImmunoTechnology Corporation, as adopted by
the
Board of Directors on June 30, 2006.
|
X
|
|||||||||
3.3
|
Certificate
of Designations, Preferences and Rights of Series A Preferred
Stock.
|
X
|
|||||||||
3.4
|
Certificate
of Designations, Preferences and Rights of Series B Preferred
Stock.
|
X
|
|||||||||
10.1
|
Form
of Payment of Debt, Notice of Conversion and Subscription for Shares
Agreement by and among ImmunoTechnology Corporation and certain creditors
of ImmunoTechnology Corporation.
|
X
|
|||||||||
10.2
|
Master
Service Agreement by and between Petals Decorative Accents LLC and
NewRoads, Inc., dated January 1, 2004.
|
X
|
|||||||||
10.3
|
Amendment
#1, dated January 12, 2004, to the Master Service Agreement by and
between
Petals Decorative Accents LLC and NewRoads, Inc., dated January 1,
2004.
|
X
|
Incorporated
by
Reference
|
|||||||||||
Exhibit
No.
|
Description
|
Filed
with
this
Form
8-K
|
Form
|
Filing
Date
|
Exhibit
No.
|
||||||
10.4
|
Amendment
#2, dated May 11, 2006, to the Master Service Agreement by and between
Petals Decorative Accents LLC and NewRoads, Inc., dated January 1,
2004.
|
X
|
|||||||||
10.5
|
Agreement
by and between Petals Decorative Accents LLC and RR Donnelley, dated
March
3, 2005.
|
X
|
|||||||||
10.6
|
Service
Contract by and between Petals Decorative Accents LLC and Maersk
Sealand,
dated December 21, 2005.
|
X
|
|||||||||
10.7
|
Employment
Agreement by and between Petals Decorative Accents LLC and James
Hersh,
dated October 1, 2004.
|
X
|
|||||||||
10.8
|
Employment
Agreement by and between Petals Decorative Accents LLC and Christopher
Topping, dated August 12, 2004.
|
X
|
|||||||||
10.9
|
Employment
Agreement by and between Petals Decorative Accents LLC and Stephen
M.
Hicks, dated March 31, 2006.
|
X
|
|||||||||
10.10
|
Commercial
Line of Credit and Loan Agreement by and among Petals Decorative
Accents
LLC, Southridge Holdings, LLC and Fairfield County Bank Corp., dated
December 10, 2004.
|
X
|
|||||||||
10.11
|
Loan
Agreement by and among Petals Decorative Accents LLC, Southridge
Holdings,
LLC and Fairfield County Bank Corp., dated December 10,
2004.
|
X
|
|||||||||
10.12
|
Security
Agreement by and among Petals Decorative Accents LLC, Southridge
Holdings,
LLC and Fairfield County Bank Corp., dated December 10,
2004.
|
X
|
|||||||||
10.13
|
Loan
Assumption and Consent by and among Petals Decorative Accents LLC,
Southridge Holdings, LLC, Stephen M. Hicks, ImmunoTechnology Corporation
and Fairfield County Bank Corp., dated June 30, 2006.
|
X
|
Incorporated
by
Reference
|
|||||||||||
Exhibit
No.
|
Description
|
Filed
with
this
Form
8-K
|
Form
|
Filing
Date
|
Exhibit
No.
|
||||||
10.14
|
Loan
and Security Agreement by and among Petals Decorative Accents LLC
and
Southshore Capital Fund, Ltd. and Southridge Partners, LP, dated
January
3, 2005.
|
X
|
|||||||||
10.15
|
Consent
to Transfer of Term Loans by and among Petals Decorative Accents
LLC,
Southshore Capital Fund, Ltd., and Southridge Partners, LP, dated
June 22,
2006.
|
X
|
|||||||||
10.16
|
Lease
Agreement by and between Petals Decorative Accents LLC and Southridge
Holdings, LLC, dated January 16, 2006.
|
X
|
|||||||||
10.17
|
Consent
to Transfer of Lease by and between Petals Decorative Accents LLC
and
Southridge Holdings, LLC, dated June 22, 2006
|
X
|
|||||||||
10.18
|
Lease
Agreement by and among Petals Decorative Accents LLC and Oscar Smith
and
Peggy Smith, dated August 24, 2005.
|
X
|
|||||||||
10.19
|
Consent
to Transfer of Lease by and among Petals Decorative Accents LLC and
Oscar
Smith and Peggy Smith, dated June 20, 2006.
|
X
|
|||||||||
10.20
|
Sublease
Agreement by and between Petals Decorative Accents LLC and NewRoads,
Inc.,
dated May 6, 2005.
|
X
|
|||||||||
10.21
|
Form
of Subscription Agreement by and between Petals Decorative Accents
LLC and
the investors in the offering of nonnegotiable unsecured promissory
notes
completed on June 16, 2006.
|
X
|
|||||||||
10.22
|
Form
of Nonnegotiable Unsecured Promissory Note made by Petals Decorative
Accents LLC and issued to investors in the offering of nonnegotiable
unsecured promissory notes completed on June 16, 2006.
|
X
|
|||||||||
10.23
|
Contract
for Technology Support Services between Petals Decorative Accents
LLC and
Southridge Technology Group, LLC, dated January 9, 2004.
|
X
|
IMMUNOTECHNOLOGY
CORPORATION
|
||
|
|
|
Date: July 7, 2006 | By: | /s/ Stephen M. Hicks |
Stephen M. Hicks |
||
President
|