HIGH PERFORMANCE (OTCMKTS:TBEV) filed Form 10-K/A with the U.S. SEC wherein its independent registered auditors stated that lack of resources raises substantial doubt on company’s ability to continue as a going concern.
High Performance stated that General, administrative and other expenses comprised travel expenses, office supplies and professional fees associated with the launch of new product line. G&A expenses surged to $584,253 for the fiscal completed July 31, 2014 from $485,527 in the comparable year. The increase in expenses can be attributed to jump in professional fees amounting to $246,000 in the respective period.
High Performance reported that marketing costs declined to $42,237 from $982,637 at July 31, 2013. The decline can be attributed to share base compensation that was given to professional athletes in the prior year. The marketing costs cover the costs related to press releases and meeting with people deemed important to the marketplace launch of new product line. The product development costs came at $0 compared to $37,077 during the fiscal ended July 31, 2014. The company completed the development of products following which no costs were recorded in the year.
HIGH PERFORMANCE (OTCMKTS:TBEV) stated that other income (expense) surged ($1,554,573) during the fiscal ended July 31, 2014 compared to $(362,759) in the prior year. The change in derivative liability and inventory write off impairment resulted in the increase in other expenses. The net loss for the fiscal completed July 31, 2014 jumped by $1,565,700, to $3,778,972 from $2,213,273 recorded in the comparable year. The increase in net loss was due to increased deferred financing cost, note discount amortization, change in derivative liability, interest expenses and share based compensation expense.
In last trading session, the stock price of TBEV surged more than 50% to close the trading session at $0.00060. The gains came at a share volume of 393.72 million compared to average share volume of 157.21 million.