0001262463-12-000234.txt : 20120614 0001262463-12-000234.hdr.sgml : 20120614 20120614153809 ACCESSION NUMBER: 0001262463-12-000234 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120430 FILED AS OF DATE: 20120614 DATE AS OF CHANGE: 20120614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Vital Products, Inc. CENTRAL INDEX KEY: 0001331275 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS FURNITURE & FIXTURES [2590] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-127915 FILM NUMBER: 12907529 BUSINESS ADDRESS: STREET 1: 35 ADESSO ROAD CITY: CONCORD STATE: A6 ZIP: L4K 3C7 BUSINESS PHONE: 416 650 5711 MAIL ADDRESS: STREET 1: 35 ADESSO ROAD CITY: CONCORD STATE: A6 ZIP: L4K 3C7 10-Q 1 vital04302012_10q.txt FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2012 or [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission file number: 333-127915 VITAL PRODUCTS, INC. --------------------- (Exact name of registrant as specified in its charter) Delaware 98-0464272 ---------------------- -------------- (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 33671 CHULA VISTA AVE., DANA POINT, CA 92629 --------------------------------------------------------- (Address of principal executive offices) 949-340-6646 --------------------- (Registrant's telephone number, including area code) 245 DRUMLIN CIRCLE, CONCORD ONTARIO, CANADA L4K 3E4 -------------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files). Yes [ ] No [ ] Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of 'large accelerated filer,' 'accelerated filer' and 'small reporting company' in Rule 12b-2 of the Exchange Act. Large Accelerated filer [ ] Accelerated filer [ ] Non-Accelerated filer [ ] Smaller reporting company [X] (Do not check if a smaller reporting company) Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X] As of June 14, 2012, the Issuer had 579,296,457 shares of common stock issued and outstanding, par value $0.0001 per share. 2 VITAL PRODUCTS, INC. QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED APRIL 30, 2012 TABLE OF CONTENTS Page PART I - FINANCIAL INFORMATION Item 1 - Consolidated Financial Statements..................................F1 Consolidated Balance Sheets as of April 30, 2012 and July 31, 2011..........F1 Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended April 30, 2012 and 2011...................F2 Consolidated Statements of Cash Flows for the nine months ended April 30, 2012 and 2011 .................................................F3 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS............................F4 - F11 Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations........................................................4 Item 3 - Quantitative and Qualitative Disclosures About Market Risk..........9 Item 4T - Controls and Procedures...........................................10 PART II - OTHER INFORMATION Item 1 - Legal Proceedings..................................................10 Item 1A - Risk Factors......................................................10 Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds........11 Item 3 - Defaults Upon Senior Securities....................................11 Item 4 - Mine Safety Disclosures............................................11 Item 5 - Other Information..................................................11 Item 6 - Exhibits...........................................................11 3 PART I - FINANCIAL INFORMATION ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS Vital Products, Inc. CONSOLIDATED BALANCE SHEETS (Unaudited) April 30, July 31, 2012 2011 ASSETS ----------- ---------- Current assets Cash $ 200 $ 3,869 Accounts receivable 40,301 9,989 Inventory 12,281 4,572 Due from related party - 2,453 ----------- ----------- Total current assets 52,782 20,883 ----------- ----------- Total assets $ 52,782 $ 20,883 =========== =========== LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Accounts payable and accrued liabilities $ 117,514 $ 69,904 Accounts payable and accrued liabilities - related party 195,003 173,224 Advances 65,208 - Convertible notes payable, net 229,607 298,026 Advances from related parties 135,932 174,909 ----------- ----------- Total current liabilities 743,264 716,063 ----------- ----------- Total liabilities 743,264 716,063 ----------- ----------- Stockholders' deficit Preferred Stock; $0.01 par value; authorized undesignated 900,000 shares, no shares issued and outstanding Series A Convertible Preferred Stock; $0.01 par value;100,000 shares authorized, 100,000 and 40,000 issued and outstanding, respectively 1,000 400 Common stock; $0.0001 par value; 1,000,000,000 shares authorized and 579,296,457 and 296,457 issued and outstanding, respectively 57,930 30 Additional paid-in capital 3,803,744 3,656,482 Accumulated other comprehensive income 47,181 32,853 Accumulated deficit (4,601,195) (4,384,945) ----------- ----------- Total Vital Products, Inc. stockholders' deficit (691,340) (695,180) Noncontrolling interest 858 - ----------- ----------- Total deficit (690,482) (695,180) ----------- ----------- Total liabilities and deficit $ 52,782 $ 20,883 =========== =========== The accompanying notes are an integral part of these consolidated financial statements F1 Vital Products, Inc. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited)
For the For the For the For the three months three months nine months nine months ended April 30, ended April 30 ended April 30, ended April 30 2012 2011 2012 2011 =============== ============== ============== ============== Sales $ 43,112 $ 354,901 $ 53,537 $ 1,121,763 Cost of sales 38,950 235,709 46,381 819,211 --------------- -------------- -------------- -------------- Gross profit 4,162 119,192 7,156 302,552 --------------- -------------- -------------- -------------- Operating expenses Selling, general and administrative 49,500 167,789 100,059 395,662 Consulting - 292 - 14,778 Depreciation - 399 - 3,117 --------------- -------------- -------------- -------------- Total expenses 49,500 168,480 100,059 413,557 --------------- -------------- -------------- -------------- Net operating loss (27,315) 7,857 (47,516) (61,717) Other income (loss) Financing costs (109,288) (31,378) (182,336) (123,043) Gain on settlement of debt 27,528 4,000 67,928 14,000 Gain (loss) on currency exchange rate 6,694 13,297 (8,281) 18,666 --------------- -------------- -------------- --------------- Net loss for the period (120,404) (63,369) (215,592) (201,382) Net (income) loss attributed to noncontrolling interest (658) 22,679 (658) 2,058 Net loss attributable o Vital Products, Inc. (121,062) (40,690) (216,250) (199,324) Other comprehensive income (loss) Foreign currency translation adjustment (17,360) (14,644) 14,328 (20,873) -------------- -------------- -------------- -------------- Comprehensive loss $ (138,422) $ (55,334) $ (201,922) $ (178,451) =============== ============== ============== ============== Net loss attributable to Vital Products Inc. per common share, basic $ (0.00) $ (0.15) $ (0.01) $ (1.52) =============== ============== ============== ============== Weighted average number of common shares outstanding ' basic 102,385,345 269,404 33,829,302 130,893 =============== ============== ============== ===============
The accompanying notes are an integral part of these consolidated financial statements F2 Vital Products, Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the nine For the nine months ended months ended April 30, 2012 April 30, 2011 --------------- -------------- Cash flows from operating activities Net loss attributable to Vital Products, Inc. $ (216,250) $ (199,324) Adjustments to reconcile net loss to cash used in operating activities Noncontrolling interest income (loss) 658 (2,058) Share-based compensation 21,200 - Depreciation 3,117 Accretion of debt discount and interest expense 182,336 123,043 Loss on currency exchange 8,281 (18,666) Gain on settlement of debt (67,928) (14,000) Change in operating assets and liabilities Accounts receivable (28,310) 43,092 Inventory (7,877) (2,467) Prepaid expenses - 3,528 Accounts payable and accrued liabilities 75,325 (13,942) Advances from related parties - (12,411) --------------- -------------- Net cash used in operating activities (32,565) (90,088) --------------- -------------- Cash flow from financing activities Advance on bank overdraft - (9,372) Advances 64,484 - Payments on related party advances (34,135) - Noncontrolling interest 200 - Proceeds from convertible notes payable - 96,200 --------------- -------------- Net cash provided by financing activities 30,549 86,828 --------------- -------------- Foreign currency translation effect (1,651) 11,457 --------------- -------------- Net change in cash (3,667) 8,197 Cash, beginning of the period 3,867 406 --------------- -------------- Cash, end of the period $ 200 $ 8,603 ============== ============= Supplemental disclosure of non-cash investing and financing activities Issuance of common stock for conversion of promissory note $ 95,800 $ 29,546 ============== ============= Beneficial conversion feature $ 88,762 $ 29,546 ============== ============= The accompanying notes are an integral part of these consolidated financial statements F3 VITAL PRODUCTS, INC. Notes to Consolidated Financial Statements April 30, 2012 and 2011 (Unaudited) NOTE 1 - NATURE OF OPERATIONS AND BASIS FOR PRESENTATION The accompanying unaudited interim consolidated financial statements of Vital Products, Inc. have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission requirements for interim financial statements. Therefore, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. The interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended July 31, 2011 of Vital Products, Inc. The interim consolidated financial statements present the balance sheets, statements of operations and comprehensive loss and cash flows of Vital Products, Inc. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The interim financial information is unaudited. In the opinion of management, all adjustments necessary to present fairly the financial position as of April 30, 2012 and the results of operations and cash flows presented herein have been included in the interim consolidated financial statements. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results of operations for the full year. On April 26, 2012, we entered into a License Agreement with Vital Products Supplies, Inc. (Vital Supplies). Under the terms of the Agreement, we have the right to market the products of Vital Supplies as well as the right of use of the facilities of Vital Supplies including but not limited to the sales and distribution facilities. We agreed to pay a fee of 1.5% of all sales generated plus a management fee of 1.5% based on the total monies paid for employee salaries, benefits and commissions. The Company is responsible for all expenses that relate to sales generated under the License Agreement. The duration of the agreement is for a period of twelve months commencing on April 26, 2012 and thereafter on a month-by-month basis unless sooner terminated by Vital Supplies as provided for in the agreement. Vital Supplies may at any time in its sole discretion,with sixty days prior notice, terminate the agreement and revoke the license granted for any reason whatsoever and upon such termination we will immediately stop the use of the facilities as described. The Company has determined that Vital Supplies is a Variable Interest Entity and that Vital Products, Inc. is the primary beneficiary. As such, Vital Supplies has been consolidated into the Company's financial statements. F4 NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES Liquidity and Going Concern During the nine months ended April 30, 2012 and 2011, the Company incurred losses of $215,592 and $201,382, respectively, and cash used in operations was $32,565 and $90,088, respectively. The Company financed its operations through loans payable, advances from related parties and vendors' credit. Management believes that the current cash balances at April 30, 2012 and net cash proceeds from operations will not be sufficient to meet the Company's cash requirements for the next twelve months. Accordingly, these financial statements have been prepared on a going concern basis and do not include any adjustments to the measurement and classification of the recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company has experienced losses in the period and has negative working capital. The Company's ability to realize its assets and discharge its liabilities in the normal course of business is dependent upon continued support. The Company is currently attempting to obtain additional financing from its existing shareholders and other strategic investors to continue its operations. However, the Company may not obtain sufficient additional funds from these sources. These conditions cause substantial doubt about the Company's ability to continue as a going concern. A failure to continue as a going concern would require that stated amounts of assets and liabilities be reflected on a liquidation basis that could differ from the going concern basis. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the company cannot continue in existence. ACCOUNTING PRINCIPLES The Company's accounting and reporting policies conform to generally accepted accounting principles in the United States. The consolidated financial statements are reported in United States dollars. CONSOLIDATION The consolidated financial statements include the accounts of the Company and its variable interest entity ('VIE') in which the Company is the primary beneficiary. Effective August 1, 2009, the Company adopted the accounting standards for non-controlling interests and reclassified the equity attributable to its non-controlling interests as a component of equity in the accompanying consolidated balance sheets. All significant intercompany balances and transactions have been eliminated in consolidation. See Note 3. Management's determination of the appropriate accounting method with respect to the Company's variable interests is based on accounting standards for VIEs issued by the Financial Accounting Standards Board ('FASB'). The Company consolidates any VIEs in which it is the primary beneficiary and discloses significant variable interests in VIEs of which it is not the primary beneficiary, if any. F5 NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (continued) USE OF ESTIMATES The preparation of consolidated financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates. Significant estimates include amounts for impairment of equipment, share based compensation, inventory obsolescence and allowance for doubtful accounts. FOREIGN CURRENCY TRANSLATION The Company determined the functional currency to be the Canadian dollar and, accordingly, our financial information is translated into U.S. dollars using exchange rates in effect at period-end. The income statement is translated at the average year-to-date exchange rate. Adjustments resulting from translation of foreign exchange are included as a component of other comprehensive income within stockholders' deficit. VALUATION OF LONG-LIVED ASSETS We assess the recoverability of long-lived assets whenever events or changes in business circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognized when the sum of the expected undiscounted net cash flows over the remaining useful life is less than the carrying amount of the assets. REVENUE RECOGNITION The Company recognizes revenue in accordance with FASB ASC Subtopic 605, Revenue Recognition. Under FASB ASC Subtopic 605, revenue is recognized at the point of passage to the customer of title and risk of loss, there is persuasive evidence of an arrangement, the sales price is determinable, and collection of the resulting receivable is reasonably assured. The Company generally recognizes revenue at the time of delivery of goods. Sales are reflected net of sales taxes, discounts and returns. CASH AND CASH EQUIVALENTS Cash equivalents consist of highly liquid investments with maturities of three months or less when purchased. Cash and cash equivalents are on deposit with financial institutions without any restrictions. ALLOWANCE FOR DOUBTFUL ACCOUNTS The Company records an allowance for doubtful accounts as a best estimate of the amount of probable credit losses in its accounts receivable. Each month, the Company reviews this allowance and considers factors such as customer credit, past transaction history with the customer and changes in customer payment terms when determining whether the collection of a receivable is reasonably assured. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. Receivables are charged off against the allowance for doubtful accounts when it becomes probable that a receivable will not be recovered. F6 NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (continued) FAIR VALUE OF FINANCIAL INSTRUMENTS The Company's financial instruments comprise cash, accounts receivable, accounts payable and accrued liabilities, notes payable to The Cellular Connection Ltd and Larry Burke, and advances from related parties. The carrying value of Company's short-term instruments approximates fair value, unless otherwise noted, due to the short-term maturity of these instruments. In management's opinion, the fair value of notes payable is approximate to carrying value as the interest rates and other features of these instruments approximate those obtainable for similar instruments in the current market. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks in respect of these financial instruments. INVENTORY Inventory comprises finished goods held for sale and is stated at lower of cost or market value. Cost is determined by the average cost method. The Company estimates the realizable value of inventory based on assumptions about forecasted demand, market conditions and obsolescence. If the estimated realizable value is less than cost, the inventory value is reduced to its estimated realizable value. If estimates regarding demand and market conditions are inaccurate or unexpected changes in technology affect demand, the Company could be exposed to losses in excess of amounts recorded. STOCK-BASED COMPENSATION The Company follows FASB ASC Subtopic 718, Stock Compensation, for accounting for stock-based compensation. The guidance requires that new, modified and unvested share-based payment transactions with employees, such as grants of stock options and restricted stock, be recognized in the consolidated financial statements based on their fair value at the grant date and recognized as compensation expense over their vesting periods. The Company also follows the guidance for equity instruments issued to consultants. LOSS PER SHARE FASB ASC Subtopic 260, Earnings Per Share, provides for the calculation of 'Basic' and 'Diluted' earnings per share. Basic earnings per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding for the period. All potentially dilutive securities have been excluded from the computations since they would be antidilutive. However, these dilutive securities could potentially dilute earnings per share in the future. F7 NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (continued) COMPREHENSIVE INCOME The Company has adopted FASB ASC Subtopic 220, Comprehensive Income, which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income is defined to include all changes in equity except those resulting from investments by owners or distributions to owners. Among other disclosures, FASB ASC Subtopic 220 requires that all items that are required to be recognized under the current accounting standards as a component of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. Comprehensive income is displayed in the statement of operations and comprehensive loss and in the balance sheet as a component of stockholders' deficit. RECENT ACCOUNTING PRONOUNCEMENTS There have been no recent accounting pronouncements or changes in accounting pronouncements that impacted the third quarter of fiscal 2012, or which are expected to impact future periods, that were not already adopted and disclosed in prior periods. NOTE 3. VARIABLE INTEREST ENTITY Following is a description of our financial interests in a variable interest entity that we consider significant, those for which we have determined that we are the primary beneficiary of the entity and, therefore, have consolidated the entity into our financial statements. On April 26, 2012, we entered into a License Agreement with Vital Products Supplies, Inc. (Vital Supplies). Under the terms of the Agreement, we have the right to market the products of Vital Supplies as well as the right of use of the facilities of Vital Supplies including but not limited to the sales and distribution facilities. We agreed to pay a fee of 1.5% of all sales generated plus a management fee of 1.5% based on the total monies paid for employee salaries, benefits and commissions. The Company is responsible for all expenses that relate to sales generated under the License Agreement. The duration of the agreement is for a period of twelve months commencing on April 26, 2012 and thereafter on a month-by-month basis unless sooner terminated by Vital Supplies as provided for in the agreement. Vital Supplies may at any time in its sole discretion, with sixty days prior notice, terminate the agreement and revoke the license granted for any reason whatsoever and upon such termination we will immediately stop the use of the facilities as described. We have determined that we are the primary beneficiary of Vital Supplies as our interest in the entity is subject to variability based on results from operations and changes in the fair value. F8 NOTE 3. VARIABLE INTEREST ENTITY (continued) The results of operations for Vital Supplies have been included in the financial statements of the Company. The Company did not pay consideration to enter into the License Agreement. The acquisition has been accounted for using the purchase method as follows: Cash $ 200 Non-controlling interest (200) --------- $ - ========= Vital Products Supplies, Inc. - At April 30, 2012 our consolidated balance sheet recognizes current assets of $52,782, and accounts payable and accrued liabilities of $51,925 related to our interests in Vital Supplies. Our statement of operations recognizes sales of $40,301, cost of sales of $35,593 and selling, general and administrative expenses of $4,050 related to our interest in Vital Supplies for the period from April 26, 2012 to April 30, 2012 NOTE 4 - NOTES PAYABLE TO THE CELLULAR CONNECTION LTD. AND LARRY BURKE Original April 30, July 31, Date of Issuance Maturity Date 2012 2011 ---------------- ------------- -------- --------- Promissory Note 3 June 12, 2009 June 11, 2012 $ 0 $ 31,680 Promissory Note 4 November 18, 2009 November 17, 2012 0 30,000 Promissory Note 5 March 26, 2010 March 25, 2012 0 12,000 Promissory Note 6 June 29, 2010 June 28, 2012 0 12,000 Promissory Note 7 May 27, 2010 May 26, 2012 44,400 44,400 Promissory Note 8 September 28, 2010 September 27, 2012 0 12,000 Promissory Note 9 November 29, 2010 November 28, 2012 58,800 49,000 Promissory Note 10 December 10, 2010 December 9, 2012 0 10,000 Promissory Note 11 February 25, 2011 February 24, 2012 0 5,200 Promissory Note 12 April 7, 2011 April 6, 2013 38,400 32,000 Promissory Note 13 February 24, 2012 February 23, 2012 27,241 0 Interest 23,171 25,844 Accretion 37,595 33,902 --------- -------- $ 229,607 $ 298,026 ========= ========= As of April 30, 2012 and July 31, 2011 notes payable are recorded net of unamortized debt discount of $78,676 and $68,394, respectively. On September 28,2011,Promissory Note 8 renewed for an additional year under the terms outlined in the original Note. The modification of the Note upon renewal has been accounted for as debt extinguishment and the issuance of a new debt instrument. Accordingly, in connection with extinguishment of the original debt, the Company recognized a $4,800 gain. On November 18, 2011, Promissory Note 4 renewed for an additional year under the terms outlined in the original Note. The modification of the Note upon renewal has been accounted for as debt extinguishment and the issuance of a new debt instrument. Accordingly, in connection with extinguishment of the original debt, the Company recognized a $12,000 gain. F9 NOTE 4-NOTES PAYABLE TO THE CELLULAR CONNECTION LTD AND LARRY BURKE (Continued) On November 29,2011, Promissory Note 9 renewed for an additional year under the terms outlined in the original Note. The modification of the Note upon renewal has been accounted for as debt extinguishment and the issuance of a new debt instrument. Accordingly, in connection with extinguishment of the original debt, the Company recognized a $19,600 gain. On December 10,2011,Promissory Note 10 renewed for an additional year under the terms outlined in the original Note. The modification of the Note upon renewal has been accounted for as debt extinguishment and the issuance of a new debt instrument. Accordingly, in connection with extinguishment of the original debt, the Company recognized a $4,000 gain. On April 7, 2012, Promissory Note 12 renewed for an additional year under the terms outlined in the original Note. The modification of the Note upon renewal has been accounted for as debt extinguishment and the issuance of a new debt instrument. Accordingly, in connection with extinguishment of the original debt, the Company recognized a $12,800 gain. On February 24, 2012, the Company agreed to amend the terms of Promissory Notes 3, 4, 5, 6, 8, 10 and 11 issued to the Cellular Connection Ltd. Under the terms of the Side Letter Agreement, the Promissory Notes were combined into one new Promissory Note ('Promissory Note 13') with an issue amount of $147,936 and face amount of $177,523. The conversion feature of the Promissory Note 13 has a fixed conversion price of $0.0002 per share of common stock of the Company. The face amount of the new Promissory Note is payable February 24, 2013. The outstanding face amount of Promissory Note 13 shall increase by another 20% on February 24, 2014 and again on each one year anniversary of February 24, 2014 until the new Promissory Note has been paid in full. The amendment of the terms of these notes resulted in a beneficial conversion feature of $88,762 since the closing price of common stock on February 24, 2012 exceeded the fixed conversion price. The beneficial conversion feature of $88,762 is included in additional paid-in capital. The amendment of the terms of the note was accounted for as a debt extinguishment and the issuance of a new debt instrument. Accordingly, in connection with extinguishment of the original debt, the Company recognized a $14,728 gain. Commencing on March 20, 2012 and ending on April 26, 2012 the holder of the note converted $95,800 of principal and interest of Promissory Note 13 into 479,000,000 shares of the Company's common stock. Each of the notes bear interest at 20% per annum and allow for the lender to secure a portion of the Company assets up to 200% of the face value of the note and mature one year from the day of their respective issuance. Unless otherwise indicated, the holder has the right to convert the Notes plus accrued interest into shares of the Company's common stock at any time prior to the Maturity Date. The number of common stock to be issued will be determined using a conversion price based on 75% of the average of the lowest closing bid price during the fifteen trading days immediately prior to conversion. F10 NOTE 5 - ADVANCES Advances are non-interest bearing, unsecured and have no-specific terms of repayment. NOTE 6 - RELATED PARTY BALANCES AND TRANSACTIONS For the nine months ended April 30, 2012 and 2011, the Company had rent expenses totaling $26,884 and $25,553, respectively and as of April 30, 2012 and July 31, 2011 advances of $31,344 and $64,597, respectively, and outstanding payables totaling $195,003 and $173,224, respectively, with a vendor to which the Company's Chief Executive Officer has a majority ownership interest. The balances are non-interest bearing, unsecured and have no specified terms of repayment. As of April 30, 2012 and July 31, 2011 the Company had advances of $104,588 and $110,312, respectively, with Den Packaging Corporation in which the Company's Chief Executive Officer has a majority ownership interest. The balances are non-interest bearing, unsecured and have no specified terms of repayment. NOTE 7 - SHAREHOLDER EQUITY On February 10, 2012 the Board of Directors approved the issuance to James McKinney, the President and Chief Financial Officer of the Company, a signing bonus comprising 60,000 shares of Series A Convertible Preferred Stock and 100,000,000 shares of common stock valued at $21,200 ($0.002 per share of common stock). The shares were fully vested when issued, value based on the closing price on the date they were approved and expensed in the statement of operations. On March 5, 2012 the Company approved and effected a 1-for-1000 reverse stock split of issued and outstanding common stock. Consequently, all share information has been revised to reflect the reverse stock split from the Company's inception. Commencing on March 20, 2012 and ending on April 26, 2012 the holder of Promissory Note 13 converted $95,800 of principal and interest into 479,000,000 shares of the Company's common stock at a fixed conversion price of $0.0002 per share. F11 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This report on Form 10-Q contains 'forward-looking statements' that involve risks and uncertainties. You should not place undue reliance on these forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described in our Form 10-K filed November 14, 2011, for the year ended July 31, 2011, and other filings we make with the Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made. We do not intend to update any of the forward-looking statements after the date of this report to conform these statements to actual results or to changes in our expectations, except as required by law. The following discussion and analysis of financial condition and results of operations is based upon, and should be read in conjunction with our audited financial statements and related notes thereto included elsewhere in this report, and in our Form 10-K filed November 14, 2011, for the year ended July 31, 2011. OVERVIEW Vital Products, Inc. (the 'Company') was incorporated in the State of Delaware on May 27, 2005. On July 5, 2005, the Company purchased the Childcare Division of Metro One Development, Inc., (formerly On The Go Healthcare, Inc.) which manufactured and distributed infant care products. There were no material assets or revenues that relate to the discontinued Childcare Division. In August 2008, we changed our business plan and began the process of developing a new line of business as a distributor of industrial packaging products. On September 17, 2008, we entered into a Letter of Intent to purchase Montreal-based Den Packaging Corporation. The transaction proposed in the Letter of Intent did not close. On February 27, 2010, we entered into a License Agreement with Den Packaging Corporation as noted below. On October 7, 2008, we entered into a consulting agreement with DLW Partners of Toronto, an industrial packaging consulting firm specializing in market analysis, market and product strategies and the development of product line extensions. We believed that DLW would work closely with us to develop new products for existing markets and establish product line extensions to further our market share. Most importantly DLW has experience in the development of environmentally friendly products and we expect that DLW will further our initiative to develop environmentally acceptable products. As we have not had a product commercialized by DLW we let the agreement expire on July 31, 2010. 4 On October 21, 2008, we entered into a sales and marketing agreement with Eco Tech Development LLC of Nevada, a product research and development company specializing in eco-friendly industrial packaging applications, whereby we would market certain proprietary and patent-pending technologies that have recently been developed by Eco Tech, beginning with the marketing of a new bio-based foam packaging product. As we have not had a product commercialized we let the agreement expire on July 31, 2010. On January 13, 2009, we announced that we had commenced production of Biofill(TM), our bio-based foam in place packaging product, and on January 26, 2009, we received our first purchase order. On February 19, 2009, we entered into an agreement to market a new paper packaging system. While we believe paper packaging has been a staple in the industrial packaging market for many years, our new system produces a craft paper product that simulates a moldable nest. We believe this product is priced competitively with other paper products and gives us the advantage of performance and range of use. Although our new line of business continues to develop, we believe that these purchase orders validate our product and reflect the industrial packaging industry's trend towards environmentally friendly product lines. As of July 31, 2010, we have limited production of the new paper packaging product. On February 27, 2010, we entered into a License Agreement with Den Packaging Corporation, in which our Chief Executive Officer has a majority ownership interest. Under the terms of the Agreement, we had the right to market the products of Den Packaging as well as the right of use of the facilities of Den Packaging including but not limited to the sales and distribution facilities. We purchased all of the inventory on hand as of March 1, 2010 and agreed to pay a fee of 5% of all sales generated plus a management fee of 5% based on the total monies paid for employee salaries, benefits and commissions. Total fees earned by Den Packaging Corporation as a result of the License Agreement for the three months ended April 30, 2012 and 2011 is $0 and $25,461, respectively. The Company is responsible for all expenses that relate to sales generated under the License Agreement. The duration of the agreement was for a period of twelve months commencing on March 1, 2010 and thereafter on a month-by-month basis unless sooner terminated by Den Packaging as provided for in the agreement. Den Packaging may at any time in its sole discretion, with sixty days prior notice, terminate the agreement and revoke the license granted for any reason whatsoever and upon such termination we would immediately stop the use of the facilities as described. The Company had determined that Den Packaging is a Variable Interest Entity and that Vital Products, Inc. was the primary beneficiary. As such, Den Packaging Corporation was consolidated into the Company's financial statements. The License Agreement was terminated by Den Packaging and the Company determined that it lost control of Den Packaging effective May 1, 2011. As such, the Company derecognized all of the assets and liabilities of Den Packaging from its consolidated financial statements at their carrying values. 5 On April 26, 2012, we entered into a License Agreement with Vital Products Supplies, Inc. (Vital Supplies). Under the terms of the Agreement, we have the right to market the products of Vital Supplies as well as the right of use of the facilities of Vital Supplies including but not limited to the sales and distribution facilities. We agreed to pay a fee of 1.5% of all sales generated plus a management fee of 1.5% based on the total monies paid for employee salaries, benefits and commissions. The Company is responsible for all expenses that relate to sales generated under the License Agreement. The duration of the agreement is for a period of twelve months commencing on April 26, 2012 and thereafter on a month-by-month basis unless sooner terminated by Vital Supplies as provided for in the agreement. Vital Supplies may at any time in its sole discretion, with sixty days prior notice, terminate the agreement and revoke the license granted for any reason whatsoever and upon such termination we will immediately stop the use of the facilities as described. The Company has determined that Vital Supplies is a Variable Interest Entity and that Vital Products, Inc. is the primary beneficiary. As such, Den Packaging Corporation has been consolidated into the Company's financial statements. CRITICAL ACCOUNTING POLICIES AND ESTIMATES The preparation of consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, the accounting for the allowance for doubtful accounts, inventories, impairment of long-term assets, income taxes and loss contingencies. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from these estimates under different assumptions or conditions. We believe the following critical accounting policies, among others, may be impacted significantly by judgment, assumptions and estimates used in the preparation of the consolidated financial statements. FOREIGN CURRENCY TRANSLATION We consider the functional currency to be the local currency being Canadian dollars and, accordingly, our financial information is translated into U.S. dollars using exchange rates in effect at year-end for assets and liabilities and average exchange rates during each reporting period for the results of operations. Adjustments resulting from translation of foreign exchange are included as a component of other comprehensive income (loss) within stockholders' deficit. Significantly all of our operations are located in Canada. Operational foreign exchange gains or losses from transacting in foreign currencies are recognized through the statement of operations. 6 REVENUE RECOGNITION The Company recognizes revenue in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 101, 'Revenue Recognition in Financial Statements' ('SAB 101') as modified by Securities and Exchange Commission Staff Accounting Bulletin No. 104. Under SAB 101,which was primarily codified into Topic 605 Revenue Recognition SEC Staff Accounting Bulletin Topic 13 in the Accounting Standards Codification, revenue is recognized at the point of passage to the customer of title and risk of loss, there is persuasive evidence of an arrangement, the sales price is determinable, and collection of the resulting receivable is reasonably assured. The Company generally recognizes revenue at the time of delivery of goods. Sales are reflected net of discounts and returns. COMPREHENSIVE INCOME The Company has adopted Topic 220, Comprehensive Income, which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income is defined to include all changes in equity except those resulting from investments by owners or distributions to owners. Among other disclosures, ASC 220 requires that all items that are required to be recognized under the current accounting standards as a component of comprehensive income be reported in a financial statement that is displayed with the same prominence as other consolidated financial statements. Comprehensive income is displayed in the statement of operations and comprehensive loss in the balance sheet as a component of stockholders' deficit. EFFECT OF NEW ACCOUNTING PRONOUNCEMENTS There have been no recent accounting pronouncements or changes in accounting pronouncements that impacted the third quarter of fiscal 2012, or which are expected to impact future periods, that were not already adopted and disclosed in prior periods. RESULTS OF OPERATIONS COMPARISON OF RESULTS FOR THREE AND NINE MONTHS ENDED APRIL 30,2012 AND 2011 REVENUES: We had revenues of $43,112 and $53,537 for the three and nine months ended April 30, 2012, as compared to revenues of $354,901 and $1,121,763 for the three and nine months ended April 30, 2011. The decrease in revenues was primarily the result of termination of the License Agreement with Den Packaging Corporation on May 1, 2011. The Company determined that it lost control of Den Packaging effective May 1, 2011. As such, the Company derecognized the assets and liabilities of Den Packaging from its consolidated financial statements at their carrying values. The increase in revenues as compared to the previous quarter was primarily the result of the License Agreement with Vital Supplies on April 26, 2012. As a result of the License Agreement, the Company has determined that it is the primary beneficiary Vital Supplies, a Variable Interest Entity, and Vital Supplies has been fully consolidated in our financial statements. 7 COST OF SALES: Our cost of sales for the three and nine months ended April 30, 2012 was $38,950 and $46,381, compared to $235,709 and $819,211 for the three and nine months ended April 30, 2011. The decrease in cost of sales was directly related to decrease in sales associated with the termination of the License Agreement with Den Packaging Corporation on May 1, 2011. The increase in cost of sales as compared to the previous quarter was primarily the result of the License Agreement with Vital Supplies on April 26, 2012. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES: Our selling, general and administrative and consulting costs were $49,500 and $100,059 for the three and nine months ended April 30, 2012, compared to $167,789 and $395,662 for the three and nine months ended April 30, 2011. The decrease in selling, general and administrative expenses was primarily the result of the termination of the License Agreement with Den Packaging Corporation on May 1, 2011. NET LOSS: Our net loss attributed to Vital Products Inc. for the three and nine months ended April 30, 2012 was $121,062 and $216,250, compared to the net loss attributed to Vital Products Inc. of $40,690 and $199,324 for the three and nine months ended April 30, 2011. The increase of the net loss compared to the prior period was primarily attributable finance costs related to convertible secured promissory notes. Finance costs were $109,288 and $182,336 for the three and nine months ended April 30, 2012, compared to $31,378 and $123,043 for the three and nine months ended April 30, 2011. TOTAL ASSETS: Our total assets as of April 30, 2012 were $52,782, an increase of $31,949, as compared to the fiscal year ended July 31, 2011 which was $20,833. Our total liabilities as of April 30, 2012 were $743,264, an increase of $27,201, as compared to $716,063 as of July 31, 2011. The increase in our total liabilities compared to July 31, 2011 was primarily the result of the increased advances from loans, related parties and vendors. LIQUIDITY AND CAPITAL RESOURCES As of April 30, 2012, we had total current assets of $52,782 and total current liabilities of $743,264, resulting in a working capital deficit of $690,482. At the end of the quarterly period ending April 30, 2012, we had cash of $200. Our cash flow used in operating activities for the nine months ended April 30, 2012 is $32,565. Our current cash balance and cash flow from operating activities will not be sufficient to fund our operations. Our cash flow from financing activities for the nine months ended April 30, 2012 was $30,549. We believe we will need to raise capital of approximately $300,000 to $350,000 through either debt or equity instruments to fund our operations for the next 12 months. However, we may not be successful in raising the necessary capital to fund our operations. In addition to the amounts needed to fund our operations, we will need to generate an additional $500,000 to cover our current liabilities for the next 12 months. As of April 30, 2012, we have $229,607 of convertible notes payable due to The Cellular Connection Ltd. and Larry Burke. The aggregate amount due under four convertible secured promissory notes with an aggregate face amount of $308,283. Convertible notes payable are recorded on our balance sheet net of debt discount of $78,676. We issued these notes to The Cellular Connection Ltd. and Larry Burke during 2012, 2011, 2010 and 2009. The carrying value of convertible notes payable of $229,607 includes accreted interest totaling $60,766 and actual loan amount totaling $168,841. 8 The convertible secured promissory notes accrue interest at a rate of 20% per year and have maturity dates as disclosed in Note 4 of the consolidated financial statements for the period ended April 30, 2012. The outstanding face amount of the convertible secured promissory notes increase by 20% in 2011, by an additional 20% in 2012 and again on each one year anniversary after 2012 until the notes have been paid in full. The notes entitle the holder to convert the note, plus accrued interest, any time prior to the maturity date, at 75% of the average of the lowest closing bid price during the fifteen trading days immediately preceding the conversion date. Pursuant to the terms of the convertible secured promissory notes, The Cellular Connection Ltd. may elect to secure a portion of our assets not to exceed 200% of the face amount of the notes, including, but not limited to, accounts receivable, cash, marketable securities, equipment, or inventory. Until we are able to generate positive cash flows from operations in an amount sufficient to cover our current liabilities and debt obligations as they become due, if ever, we will remain reliant on borrowing funds or selling equity. We intend to raise funds through the issuance of debt or equity. Raising funds in this manner typically requires much time and effort to find accredited investors, and the terms of such an investment must be negotiated for each investment made. There is a risk that such additional financing may not be available, or may not be available on acceptable terms, and the inability to obtain additional financing or generate sufficient cash from operations could require us to reduce or eliminate expenditures for capital equipment, production, design or marketing of our products, or otherwise curtail or discontinue our operations, which could have a material adverse effect on our business, financial condition and results of operations. We may not be able to raise sufficient funds to meet our obligations. If we do not raise sufficient funds, our operations will be curtailed or will cease entirely and you may lose all of your investment. Further, to the extent that we raise capital through the sale of equity or convertible debt securities, the issuance of such securities may result in dilution to our existing stockholders. If we raise additional funds through issuance of debt securities, these securities may have rights, preferences and privileges senior to holders of our common stock and the terms of such debt could impose restrictions on our operations. Regardless of whether our cash assets prove to be adequate to meet our operational needs, we may seek to compensate our service providers with stock in lieu of cash, which may also result in dilution to existing stockholders. OFF-BALANCE SHEET ARRANGEMENTS As of April 30, 2012, we have no off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK As a Smaller Reporting Company, as defined by Rule 12b-2 of the Exchange Act and in Item 10(f)(1) of Regulation S-K, we are electing scaled disclosure reporting obligations and therefore are not required to provide the information requested by this Item. 9 ITEM 4T. CONTROLS AND PROCEDURES DISCLOSURE CONTROLS AND PROCEDURES Our management evaluated, with the participation of our Chief Executive Officer and our Chief Financial Officer, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, as of the end of the period covered by this quarterly report on Form 10-Q. Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures are not effective to ensure information we are required to disclose in reports that we file or submit under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and (ii) is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Our disclosure controls and procedures are designed to provide reasonable assurance that such information is accumulated and communicated to our management. Our disclosure controls and procedures include components of our internal control over financial reporting. Management's assessment of the effectiveness of our internal control over financial reporting is expressed at the level of reasonable assurance that the control system, no matter how well designed and operated, can provide only reasonable, but not absolute, assurance that the control system's objectives will be met. CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING There were no changes in our internal control over financial reporting that occurred during the quarter ended April 30, 2012 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS We may be involved from time to time in ordinary litigation, negotiation and settlement matters that will not have a material effect on our operations or finances. We are not aware of any pending or threatened litigation against our Company or our officers and directors in their capacity as such that could have a material impact on our operations or finances. ITEM 1A. RISK FACTORS WE NEED EXTERNAL FUNDING TO SUSTAIN AND GROW OUR BUSINESS AND IF WE CANNOT FIND THIS FUNDING ON ACCEPTABLE TERMS, WE MAY NOT BE ABLE TO IMPLEMENT OUR BUSINESS PLANS AND THEREFORE MAY HAVE TO CEASE OUR OPERATIONS We may not be able to generate sufficient revenues from our existing operations to fund our capital requirements. At the end of the quarterly period ending April 30, 2012, we had a cash balance of $200. We will require additional funds to enable us to operate profitably and grow our business. We believe we will need $300,000 to $350,000 to run our business for the next twelve months. In addition to the amounts needed to fund our operations, we will need to generate an additional $500,000 to cover our current liabilities for the next 12 months. 10 The financing we need may not be available on terms acceptable to us or at all. We currently have no bank borrowings and we may not be able to arrange any debt financing. Additionally, we may not be able to successfully consummate offerings of stock or other securities in order to meet our future capital requirements. If we cannot raise additional capital through issuing stock or creating debt, we may not be able to sustain or grow our business which may cause our revenues and stock price to decline. WE HAVE ISSUED CONVERTIBLE SECURED PROMISSORY NOTES THAT ARE FULLY SECURED BY OUR ASSETS AND IF WE ARE UNABLE TO PAY THE NOTES ON THE MATURITY DATES WE MAY HAVE TO CEASE OPERATIONS We have outstanding four convertible secured promissory notes to The Cellular Connection Ltd. and Larry Burke that bear interest at 20% per annum and have maturity dates beginning on April 30, 2012. As of April 30, 2012 we had $229,607 due under the note issuances to The Cellular Connection and Larry Burke and we may not be able to make payments under the notes when due. The holders of the notes also have the right to convert the notes plus accrued interest into shares of our common stock at any time prior to the maturity dates. If the holders elect to convert the notes this will further dilute the equity interests of existing shareholders. ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS During the quarter ended April 30, 2012, we did not sell any unregistered securities. ITEM 3. DEFAULTS UPON SENIOR SECURITIES During the quarter ended April 30, 2012, we did not have any defaults upon senior securities. ITEM 4. MINE SAFETY DISCLOSURES None. ITEM 5. OTHER INFORMATION Not applicable. ITEM 6. EXHIBITS Exhibit Number Description of Exhibit 3.1 Certificate of Incorporation (included as exhibit 3.1 to the Form SB-2 filed August 29, 2005 and incorporated herein by reference). 3.2 By-laws (included as exhibit 3.2 to the Form SB-2 filed August 29, 2005 and incorporated herein by reference). 4.1 Form of Stock Certificate (included as exhibit 4.1 to the Form SB-2 filed October 26, 2006 and incorporated herein by reference). 4.2 Certificate of Designation of Preferences, Rights and Limitations of Series A Convertible Preferred Stock, dated April 20, 2009 (included as exhibit 4.1 to the Form 8-K filed April 24, 2009 and incorporated herein by reference). 11 10.1 Asset Sale Agreement between the Company and On The Go Healthcare, Inc. dated July 5, 2005 (included as exhibit 10.3 to the Form SB-2 filed August 29, 2005 and incorporated herein by reference). 10.2 Secured Promissory Note between the Company and On The Go Healthcare, Inc. dated February 23, 2006 (included as exhibit 10.2 to the Form SB-2 filed February 24, 2006 and incorporated herein by reference). 10.3 Secured Promissory Note between the Company and On The Go Healthcare, Inc. dated February 23, 2006 (included as exhibit 10.3 to the Form SB-2 filed February 24, 2006 and incorporated herein by reference). 10.4 Secured Promissory Note between the Company and The Cellular Connection Ltd. dated January 20, 2009 (included as exhibit 10.5 to the Form 10-Q filed March 20, 2009 and incorporated herein by reference). 10.5 Convertible Promissory Note between the Company and Metro One Development, Inc. dated June 18, 2009 (included as exhibit 10.5 to the Form 10-Q filed June 19, 2009 and incorporated herein by reference). 10.6 Secured Promissory Note between the Company and The Cellular Connection Ltd. dated April 30, 2009 (included as exhibit 10.6 to the Form 10-Q filed June 19, 2009 and incorporated herein by reference). 31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). 31.1 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). 32.1 Certification of Officers pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: June 14, 2012 Vital Products, Inc. By:/s/ Michael Levine -------------------------- Michael Levine Principal Executive Officer and Director By:/s/ James McKinney -------------------------- James McKinney Principal Accounting Officer EX-31 2 vital04302012_10qex311.txt EXHIBIT 31.1 EXHIBIT 31.1 CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. SECTION 1350) I, Michael Levine, certify that: 1. I have reviewed this quarterly report of Vital Products, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: June 14, 2012 By: /s/ Michael Levine ------------------------------------------ Michael Levine, Chief Executive Officer, Principal Executive Officer EX-31 3 vital04302012_10qex312.txt EXHIBIT 31.2 EXHIBIT 31.2 CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. SECTION 1350) I, James McKinney, certify that: 1. I have reviewed this quarterly report of Vital Products, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: June 14, 2012 By: /s/ James McKinney ------------------------------------------ James McKinney, Chief Financial Officer, Principal Financial Officer, Principal Accounting Officer and President EX-32 4 vital04302012_10qex321.txt EXHIBIT 32.1 EXHIBIT 32.1 CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. SECTION 1350) Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of Vital Products, Inc., a Delaware corporation (the 'Company'), does hereby certify, to such officer's knowledge, that: The quarterly report on Form 10-Q for the quarter ended April 30, 2012 (the 'Form 10-Q') of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company. Date: June 14, 2012 By: /s/ Michael Levine ---------------------------------------- Michael Levine, Chief Executive Officer, Principal Executive Officer, Chairman of the Board and Director EX-32 5 vital04302012_10qex322.txt EXHIBIT 32.2 EXHIBIT 32.2 CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. SECTION 1350) Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of Vital Products, Inc., a Delaware corporation (the 'Company'), does hereby certify, to such officer's knowledge, that: The quarterly report on Form 10-Q for the quarter ended April 30, 2012 (the 'Form 10-Q') of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company. Date: June 14, 2012 By: /s/ James McKinney ---------------------------------------- James McKinney, Chief Financial Officer and President EX-101.INS 6 vtpi-20120430.xml XBRL INSTANCE DOCUMENT 10-Q 2012-04-30 false Vital Products, Inc. 0001331275 --07-31 118583 Smaller Reporting Company No No No 2012 Q3 200 3869 40301 9989 12281 4572 0 2453 52782 20833 52782 20833 117514 69904 195003 173224 65208 0 229607 298026 135932 174909 743264 716063 743264 716063 57930 30 3803744 3656482 47181 32853 -4601195 -4384945 -691340 -695180 858 0 -690682 -695180 52782 20883 1000 400 .0001 .0001 1000000000 1000000000 579296457 296457 .01 .01 100000 100000 100000 40000 43112 354901 53537 1121763 38950 235709 46381 819211 4162 119192 7156 302552 49500 167789 100059 395662 0 292 0 14778 0 399 49500 168480 100059 413557 -45338 -49288 -92903 -111005 -109288 -31378 -182336 -123043 27528 4000 6694 13297 -8281 18666 -120404 -63369 -215592 -201382 -658 22679 -658 2058 -121062 -40690 -17360 -14644 14328 -20873 -138422 -55334 -201922 -178451 -0.00 -0.15 -0.01 -1.52 102385345 269404 33829302 130893 579276457 <!--egx--><p style="text-align:left;padding:0;margin:0">NOTE 1 - NATURE OF OPERATIONS AND BASIS FOR PRESENTATION</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">The accompanying unaudited interim consolidated financial statements of Vital</p><p style="text-align:left;padding:0;margin:0">Products, Inc. have been prepared without audit pursuant to the rules and</p><p style="text-align:left;padding:0;margin:0">regulations of the Securities and Exchange Commission requirements for interim</p><p style="text-align:left;padding:0;margin:0">financial statements. Therefore, they do not include all of the information and</p><p style="text-align:left;padding:0;margin:0">footnotes required by accounting principles generally accepted in the United</p><p style="text-align:left;padding:0;margin:0">States for complete financial statements. The interim consolidated financial</p><p style="text-align:left;padding:0;margin:0">statements should be read in conjunction with the annual consolidated financial</p><p style="text-align:left;padding:0;margin:0">statements for the year ended July 31, 2011 of Vital Products, Inc.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">The interim consolidated financial statements present the balance sheets,</p><p style="text-align:left;padding:0;margin:0">statements of operations and comprehensive loss and cash flows of Vital Products, Inc.<br></br>&#160;The financial statements have been prepared in accordance with accounting principles generally accepted in the United States.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">The interim financial information is unaudited. In the opinion of management,</p><p style="text-align:left;padding:0;margin:0">all adjustments necessary to present fairly the financial position as of</p><p style="text-align:left;padding:0;margin:0">April 30, 2012 and the results of operations and cash flows presented herein have been included in the interim consolidated financial statements. All such adjustments are of a normal and recurring nature.&#160; Interim results are not necessarily indicative of results of operations for the full year.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">On April 26, 2012, we entered into a License Agreement with Vital Products Supplies, Inc. (&#147;Vital Supplies&#148;). Under the terms of the Agreement, we have the right to market the products of Vital Supplies as well as the right of use of the facilities of </p><p style="text-align:left;padding:0;margin:0">Vital Supplies including but not limited to the sales and distribution </p><p style="text-align:left;padding:0;margin:0">facilities. We agreed to pay a fee of 1.5% of all sales generated plus a management fee of 1.5% based on the total monies paid for employee salaries, benefits and </p><p style="text-align:left;padding:0;margin:0">commissions. The Company is responsible for all expenses that relate to sales</p><p style="text-align:left;padding:0;margin:0">generated under the License Agreement.&#160; The duration of the agreement is for </p><p style="text-align:left;padding:0;margin:0">a period of twelve months commencing on April 26, 2012and thereafter on a</p><p style="text-align:left;padding:0;margin:0">month-by-month basis unless sooner terminated by Vital Supplies as provided </p><p style="text-align:left;padding:0;margin:0">for in the agreement. Vital Supplies may at any time in its sole discretion,</p><p style="text-align:left;padding:0;margin:0">with sixty days prior notice, terminate the agreement and revoke the license </p><p style="text-align:left;padding:0;margin:0">granted for any reason whatsoever and upon such termination we will </p><p style="text-align:left;padding:0;margin:0">immediately stop the use of the facilities as described.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">The Company has determined that Vital Supplies is a Variable Interest Entity </p><p style="text-align:left;padding:0;margin:0">and that Vital Products, Inc. is the primary beneficiary. As such, Vital Supplies <br></br>has been consolidated into the Company&#146;s financial statements.</p> <!--egx--><p style="text-align:left;padding:0;margin:0">NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">Liquidity and Going Concern</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">During the nine months ended April 30, 2012 and 2011, the Company incurred</p><p style="text-align:left;padding:0;margin:0">losses of $215,592and $201,382, respectively, and cash used in operations</p><p style="text-align:left;padding:0;margin:0">was $32,565and $90,088, respectively.&#160; The Company financed its operations</p><p style="text-align:left;padding:0;margin:0">through loans payable, advances from related parties and vendors' credit.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">Management believes that the current cash balances at April 30, 2012 and net</p><p style="text-align:left;padding:0;margin:0">cash proceeds from operations will not be sufficient to meet the Company's cash</p><p style="text-align:left;padding:0;margin:0">requirements for the next twelve months.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">Accordingly, these financial statements have been prepared on a going concern</p><p style="text-align:left;padding:0;margin:0">basis and do not include any adjustments to the measurement and classification</p><p style="text-align:left;padding:0;margin:0">of the recorded asset amounts and classification of liabilities that might be</p><p style="text-align:left;padding:0;margin:0">necessary should the Company be unable to continue as a going concern.&#160; The</p><p style="text-align:left;padding:0;margin:0">Company has experienced losses in the period and has negative working capital.</p><p style="text-align:left;padding:0;margin:0">The Company's ability to realize its assets and discharge its liabilities in</p><p style="text-align:left;padding:0;margin:0">the normal course of business is dependent upon continued support.&#160; The Company</p><p style="text-align:left;padding:0;margin:0">is currently attempting to obtain additional financing from its existing</p><p style="text-align:left;padding:0;margin:0">shareholders and other strategic investors to continue its operations. However,</p><p style="text-align:left;padding:0;margin:0">the Company may not obtain sufficient additional funds from these sources.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">These conditions cause substantial doubt about the Company's ability to</p><p style="text-align:left;padding:0;margin:0">continue as a going concern.&#160; A failure to continue as a going concern would</p><p style="text-align:left;padding:0;margin:0">require that stated amounts of assets and liabilities be reflected on a</p><p style="text-align:left;padding:0;margin:0">liquidation basis that could differ from the going concern basis. The consolidated<br></br>financial statements do not include any adjustments<br></br>relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities <br></br>that might be necessary in the event the company cannot continue in existence.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">ACCOUNTING PRINCIPLES</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">The Company's accounting and reporting policies conform to generally accepted</p><p style="text-align:left;padding:0;margin:0">accounting principles in the United States.&#160; The consolidated financial</p><p style="text-align:left;padding:0;margin:0">statements are reported in United States dollars.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">CONSOLIDATION</p><p style="text-align:left;padding:0;margin:0">The consolidated financial statements include the accounts of the Company and</p><p style="text-align:left;padding:0;margin:0">its variable interest entity ("VIE") in which the Company is the primary</p><p style="text-align:left;padding:0;margin:0">beneficiary. Effective August 1, 2009, the Company adopted the accounting</p><p style="text-align:left;padding:0;margin:0">standards for non-controlling interests and reclassified the equity</p><p style="text-align:left;padding:0;margin:0">attributable to its non-controlling interests as a component of equity in</p><p style="text-align:left;padding:0;margin:0">the accompanying consolidated balance sheets. All significant intercompany</p><p style="text-align:left;padding:0;margin:0">balances and transactions have been eliminated in consolidation. See Note 3.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">Management's determination of the appropriate accounting method with respect</p><p style="text-align:left;padding:0;margin:0">to the Company's variable interests is based on accounting standards for</p><p style="text-align:left;padding:0;margin:0">VIEs issued by the Financial Accounting Standards Board ("FASB"). The</p><p style="text-align:left;padding:0;margin:0">Company consolidates any VIEs in which it is the primary beneficiary and</p><p style="text-align:left;padding:0;margin:0">discloses significant variable interests in VIEs of which it is not the</p><p style="text-align:left;padding:0;margin:0">primary beneficiary, if any.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">USE OF ESTIMATES</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">The preparation of consolidated financial statements in conformity with</p><p style="text-align:left;padding:0;margin:0">United States generally accepted accounting principles requires management</p><p style="text-align:left;padding:0;margin:0">to make estimates and assumptions that affect the reported amounts of assets</p><p style="text-align:left;padding:0;margin:0">and liabilities and disclosure of contingent assets and liabilities at the</p><p style="text-align:left;padding:0;margin:0">date of the consolidated financial statements and the reported amounts of</p><p style="text-align:left;padding:0;margin:0">revenues and expenses during the year. Actual results could differ from</p><p style="text-align:left;padding:0;margin:0">those estimates. Significant estimates include amounts for impairment of</p><p style="text-align:left;padding:0;margin:0">equipment, share based compensation, inventory obsolescence and allowance</p><p style="text-align:left;padding:0;margin:0">for doubtful accounts.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">FOREIGN CURRENCY TRANSLATION</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">The Company determined the functional currency to be the Canadian dollar</p><p style="text-align:left;padding:0;margin:0">and, accordingly, our financial information is translated into U.S. dollars</p><p style="text-align:left;padding:0;margin:0">using exchange rates in effect at period-end. The income statement is</p><p style="text-align:left;padding:0;margin:0">translated at the average year-to-date exchange rate. Adjustments resulting</p><p style="text-align:left;padding:0;margin:0">from translation of foreign exchange are included as a component of other</p><p style="text-align:left;padding:0;margin:0">comprehensive income within stockholders' deficit.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">VALUATION OF LONG-LIVED ASSETS</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">We assess the recoverability of long-lived assets whenever events or changes</p><p style="text-align:left;padding:0;margin:0">in business circumstances indicate that the carrying value may not be</p><p style="text-align:left;padding:0;margin:0">recoverable. An impairment loss is recognized when the sum of the expected</p><p style="text-align:left;padding:0;margin:0">undiscounted net cash flows over the remaining useful life is less than the</p><p style="text-align:left;padding:0;margin:0">carrying amount of the assets.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">REVENUE RECOGNITION</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">The Company recognizes revenue in accordance with FASB ASC Subtopic 605,</p><p style="text-align:left;padding:0;margin:0">Revenue Recognition.&#160; Under FASB ASC Subtopic 605, revenue is recognized</p><p style="text-align:left;padding:0;margin:0">at the point of passage to the customer of title and risk of loss, there is</p><p style="text-align:left;padding:0;margin:0">persuasive evidence of an arrangement, the sales price is determinable, and</p><p style="text-align:left;padding:0;margin:0">collection of the resulting receivable is reasonably assured. The Company</p><p style="text-align:left;padding:0;margin:0">generally recognizes revenue at the time of delivery of goods. Sales are</p><p style="text-align:left;padding:0;margin:0">reflected net of sales taxes, discounts and returns.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">CASH AND CASH EQUIVALENTS</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">Cash equivalents consist of highly liquid investments with maturities of</p><p style="text-align:left;padding:0;margin:0">three months or less when purchased.&#160; Cash and cash equivalents are on deposit</p><p style="text-align:left;padding:0;margin:0">with financial institutions without any restrictions.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">ALLOWANCE FOR DOUBTFUL ACCOUNTS</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">The Company records an allowance for doubtful accounts as a best estimate of</p><p style="text-align:left;padding:0;margin:0">the amount of probable credit losses in its accounts receivable.&#160; Each month,</p><p style="text-align:left;padding:0;margin:0">the Company reviews this allowance and considers factors such as customer</p><p style="text-align:left;padding:0;margin:0">credit, past transaction history with the customer and changes in customer</p><p style="text-align:left;padding:0;margin:0">payment terms when determining whether the collection of a receivable is</p><p style="text-align:left;padding:0;margin:0">reasonably assured.&#160; Past due balances over 90 days and over a specified</p><p style="text-align:left;padding:0;margin:0">amount are reviewed individually for collectability. Receivables are charged</p><p style="text-align:left;padding:0;margin:0">off against the allowance for doubtful accounts when it becomes probable</p><p style="text-align:left;padding:0;margin:0">that a receivable will not be recovered.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">FAIR VALUE OF FINANCIAL INSTRUMENTS</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">The Company's financial instruments comprise cash, accounts receivable,</p><p style="text-align:left;padding:0;margin:0">accounts payable and accrued liabilities, notes payable to The Cellular</p><p style="text-align:left;padding:0;margin:0">Connection Ltd. and Larry Burke, and advances from related parties.&#160; The carrying</p><p style="text-align:left;padding:0;margin:0">value of Company's short-term instruments approximates fair value, unless</p><p style="text-align:left;padding:0;margin:0">otherwise noted, due to the short-term maturity of these instruments.&#160; In</p><p style="text-align:left;padding:0;margin:0">management's opinion, the fair value of notes payable is approximate to</p><p style="text-align:left;padding:0;margin:0">carrying value as the interest rates and other features of these instruments</p><p style="text-align:left;padding:0;margin:0">approximate those obtainable for similar instruments in the current market.</p><p style="text-align:left;padding:0;margin:0">Unless otherwise noted, it is management's opinion that the Company is not</p><p style="text-align:left;padding:0;margin:0">exposed to significant interest, currency or credit risks in respect of</p><p style="text-align:left;padding:0;margin:0">these financial instruments.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">INVENTORY</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">Inventory comprises finished goods held for sale and is stated at lower of</p><p style="text-align:left;padding:0;margin:0">cost or market value.&#160; Cost is determined by the average cost method.&#160; The</p><p style="text-align:left;padding:0;margin:0">Company estimates the realizable value of inventory based on assumptions</p><p style="text-align:left;padding:0;margin:0">about forecasted demand, market conditions and obsolescence.&#160; If the</p><p style="text-align:left;padding:0;margin:0">estimated realizable value is less than cost, the inventory value is reduced</p><p style="text-align:left;padding:0;margin:0">to its estimated realizable value.&#160; If estimates regarding demand and market</p><p style="text-align:left;padding:0;margin:0">conditions are inaccurate or unexpected changes in technology affect demand,</p><p style="text-align:left;padding:0;margin:0">the Company could be exposed to losses in excess of amounts recorded.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">STOCK-BASED COMPENSATION</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">The Company follows FASB ASC Subtopic 718, Stock Compensation, for accounting</p><p style="text-align:left;padding:0;margin:0">for stock-based compensation. The guidance requires that new, modified and</p><p style="text-align:left;padding:0;margin:0">unvested share-based payment transactions with employees, such as grants of</p><p style="text-align:left;padding:0;margin:0">stock options and restricted stock, be recognized in the consolidated financial</p><p style="text-align:left;padding:0;margin:0">statements based on their fair value at the grant date and recognized as</p><p style="text-align:left;padding:0;margin:0">compensation expense over their vesting periods.&#160; The Company also follows</p><p style="text-align:left;padding:0;margin:0">the guidance for equity instruments issued to consultants.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">LOSS PER SHARE</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">FASB ASC Subtopic 260, Earnings Per Share, provides for the calculation of</p><p style="text-align:left;padding:0;margin:0">"Basic" and "Diluted" earnings per share. Basic earnings per share is computed</p><p style="text-align:left;padding:0;margin:0">by dividing net loss available to common shareholders by the weighted average</p><p style="text-align:left;padding:0;margin:0">number of common shares outstanding for the period. All potentially dilutive</p><p style="text-align:left;padding:0;margin:0">securities have been excluded from the computations since they would be</p><p style="text-align:left;padding:0;margin:0">anti dilutive. However, these dilutive securities could potentially dilute</p><p style="text-align:left;padding:0;margin:0">earnings per share in the future.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">COMPREHENSIVE INCOME</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">The Company has adopted FASB ASC Subtopic 220, Comprehensive Income, which</p><p style="text-align:left;padding:0;margin:0">establishes standards for reporting and display of comprehensive income, its</p><p style="text-align:left;padding:0;margin:0">components and accumulated balances.&#160; Comprehensive income is defined to</p><p style="text-align:left;padding:0;margin:0">include all changes in equity except those resulting from investments by</p><p style="text-align:left;padding:0;margin:0">owners or distributions to owners.&#160; Among other disclosures, FASB ASC Subtopic</p><p style="text-align:left;padding:0;margin:0">220 requires that all items that are required to be recognized under the</p><p style="text-align:left;padding:0;margin:0">current accounting standards as a component of comprehensive income be</p><p style="text-align:left;padding:0;margin:0">reported in a financial statement that is displayed with the same prominence</p><p style="text-align:left;padding:0;margin:0">as other financial statements.&#160; Comprehensive income is displayed in the</p><p style="text-align:left;padding:0;margin:0">statement of operations and comprehensive loss and in the balance sheet as a component</p><p style="text-align:left;padding:0;margin:0">of stockholders' deficit.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">RECENT ACCOUNTING PRONOUNCEMENTS</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">There have been no recent accounting pronouncements or changes in accounting</p><p style="text-align:left;padding:0;margin:0">pronouncements that impacted the third quarter of fiscal 2012, or which are</p><p style="text-align:left;padding:0;margin:0">expected to impact future periods, that were not already adopted and disclosed</p><p style="text-align:left;padding:0;margin:0">in prior periods.</p> <!--egx--><p style="text-align:left;padding:0;margin:0">NOTE 3 - VARIABLE INTEREST ENTITY</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">Following is a description of our financial interests in a variable interest</p><p style="text-align:left;padding:0;margin:0">entity that we consider significant, those for which we have determined that</p><p style="text-align:left;padding:0;margin:0">we are the primary beneficiary of the entity and, therefore, have consolidated</p><p style="text-align:left;padding:0;margin:0">the entity into our financial statements.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">On April 26, 2012, we entered into a License Agreement with Vital Products Supplies, Inc. (&#147;Vital Supplies&#148;). Under the terms of the Agreement, we have the right to market the products of Vital Supplies as well as the right of use of the facilities of </p><p style="text-align:left;padding:0;margin:0">Vital Supplies including but not limited to the sales and distribution </p><p style="text-align:left;padding:0;margin:0">facilities. We agreed to pay a fee of 1.5% of all sales generated plus a management fee of 1.5% based on the total monies paid for employee salaries, benefits and </p><p style="text-align:left;padding:0;margin:0">commissions. The Company is responsible for all expenses that relate to sales</p><p style="text-align:left;padding:0;margin:0">generated under the License Agreement.&#160; The duration of the agreement is for </p><p style="text-align:left;padding:0;margin:0">a period of twelve months commencing on April 26, 2012 and thereafter on a</p><p style="text-align:left;padding:0;margin:0">month-by-month basis unless sooner terminated by Vital Supplies as provided </p><p style="text-align:left;padding:0;margin:0">for in the agreement. Vital Supplies may at any time in its sole discretion,</p><p style="text-align:left;padding:0;margin:0">with sixty days prior notice, terminate the agreement and revoke the license </p><p style="text-align:left;padding:0;margin:0">granted for any reason whatsoever and upon such termination we will </p><p style="text-align:left;padding:0;margin:0">immediately stop the use of the facilities as described.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">We have determined that we are the primary beneficiary of Vital Supplies as our interest in the entity is subject to variability based on results from operations and changes in the fair value. </p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">The results of operations for Vital Supplies have been included in</p><p style="text-align:left;padding:0;margin:0">the financial statements of the Company. The Company did not pay consideration</p><p style="text-align:left;padding:0;margin:0 0 10pt 0"><font style="line-height:14pt">to enter into the License Agreement. The acquisition has been accounted for using the purchase method as follows:</font></p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><table cellspacing="0" cellpadding="0" align="left" style="border-collapse:collapse;text-align:left;margin:auto 0.1in auto 0.1in"><tr style="border-collapse:collapse;text-align:left"><td valign="top" width="280" style="border-collapse:collapse;text-align:left;width:168.25pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">Cash</p></td><td valign="bottom" width="28" style="border-collapse:collapse;text-align:left;width:16.85pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">$</p></td><td valign="bottom" width="62" style="border-collapse:collapse;text-align:left;width:37.15pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">200</p></td></tr><tr style="border-collapse:collapse;text-align:left"><td valign="top" width="280" style="border-collapse:collapse;text-align:left;width:168.25pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">Non-controlling interest</p></td><td valign="bottom" width="28" style="border-collapse:collapse;text-align:left;width:16.85pt;padding:0 5.4pt 0 5.4pt;border-bottom:solid 1pt windowtext"></td><td valign="bottom" width="62" style="border-collapse:collapse;text-align:left;width:37.15pt;padding:0 5.4pt 0 5.4pt;border-bottom:solid 1pt windowtext"><p align="right" style="text-align:right;padding:0;margin:0 -5.35pt 0 0">(200)</p></td></tr><tr style="border-collapse:collapse;text-align:left"><td valign="top" width="280" style="border-collapse:collapse;text-align:left;width:168.25pt;padding:0 5.4pt 0 5.4pt"></td><td valign="bottom" width="28" style="border-collapse:collapse;text-align:left;width:16.85pt;padding:0 5.4pt 0 5.4pt;border-bottom:double 1.5pt windowtext"><p align="right" style="text-align:right;padding:0;margin:0">$</p></td><td valign="bottom" width="62" style="border-collapse:collapse;text-align:left;width:37.15pt;padding:0 5.4pt 0 5.4pt;border-bottom:double 1.5pt windowtext"><p align="right" style="text-align:right;padding:0;margin:0">-</p></td></tr></table><p style="text-align:left;padding:0;margin:0">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><font style="line-height:14pt">Vital Products Supplies, Inc. &#150; At April 30, 2012 our consolidated balance sheet recognizes current assets of $52,782, and accounts payable and accrued liabilities of $51,925 related to our interests in Vital Supplies.</font>&#160; <!--egx--><p style="text-align:left;padding:0;margin:0">NOTE 4 - NOTES PAYABLE TO THE CELLULAR CONNECTION LTD. AND LARRY BURKE</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><div align="center" style="text-align:center;padding:0;margin:auto"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse;text-align:left;margin:auto"><tr style="border-collapse:collapse;text-align:left"><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.3pt;padding:0 5.4pt 0 5.4pt"></td><td valign="bottom" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt;border-bottom:solid 1pt windowtext"><p align="center" style="text-align:center;padding:0;margin:0">Original Date of Issuance</p></td><td valign="bottom" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt;border-bottom:solid 1pt windowtext"><p align="center" style="text-align:center;padding:0;margin:0">Maturity Date</p></td><td valign="bottom" width="128" style="border-collapse:collapse;text-align:left;width:76.65pt;padding:0 5.4pt 0 5.4pt;border-bottom:solid 1pt windowtext"><p align="center" style="text-align:center;padding:0;margin:0">January 31, 2012</p></td><td valign="bottom" width="123" style="border-collapse:collapse;text-align:left;width:73.65pt;padding:0 5.4pt 0 5.4pt;border-bottom:solid 1pt windowtext"><p align="center" style="text-align:center;padding:0;margin:0">July 31, 2011</p></td><td valign="top" width="101" style="border-collapse:collapse;text-align:left;width:60.4pt;padding:0 5.4pt 0 5.4pt;border-bottom:solid 1pt windowtext"></td></tr><tr style="border-collapse:collapse;text-align:left"><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.3pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">Promissory Note 3</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">June 12, 2009</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">June 11, 2012</p></td><td valign="top" width="128" style="border-collapse:collapse;text-align:left;width:76.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">$&#160; 0</p></td><td valign="top" width="123" style="border-collapse:collapse;text-align:left;width:73.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">$&#160;&#160; 31,680</p></td><td valign="top" width="101" style="border-collapse:collapse;text-align:left;width:60.4pt;padding:0 5.4pt 0 5.4pt"></td></tr><tr style="border-collapse:collapse;text-align:left"><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.3pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">Promissory Note 4</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">November 18, 2009</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">November 17, 2012</p></td><td valign="top" width="128" style="border-collapse:collapse;text-align:left;width:76.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">0</p></td><td valign="top" width="123" style="border-collapse:collapse;text-align:left;width:73.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">30,000</p></td><td valign="top" width="101" style="border-collapse:collapse;text-align:left;width:60.4pt;padding:0 5.4pt 0 5.4pt"></td></tr><tr style="border-collapse:collapse;text-align:left"><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.3pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">Promissory Note 5</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">March 26, 2010</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">March 25, 2012</p></td><td valign="top" width="128" style="border-collapse:collapse;text-align:left;width:76.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">0</p></td><td valign="top" width="123" style="border-collapse:collapse;text-align:left;width:73.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">12,000</p></td><td valign="top" width="101" style="border-collapse:collapse;text-align:left;width:60.4pt;padding:0 5.4pt 0 5.4pt"></td></tr><tr style="border-collapse:collapse;text-align:left"><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.3pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">Promissory Note 6</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">June 29, 2010</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">June 28, 2012</p></td><td valign="top" width="128" style="border-collapse:collapse;text-align:left;width:76.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">0</p></td><td valign="top" width="123" style="border-collapse:collapse;text-align:left;width:73.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">12,000</p></td><td valign="top" width="101" style="border-collapse:collapse;text-align:left;width:60.4pt;padding:0 5.4pt 0 5.4pt"></td></tr><tr style="border-collapse:collapse;text-align:left"><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.3pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">Promissory Note 7</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">May 27, 2010</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">May 26, 2012</p></td><td valign="top" width="128" style="border-collapse:collapse;text-align:left;width:76.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">44,400</p></td><td valign="top" width="123" style="border-collapse:collapse;text-align:left;width:73.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">44,400</p></td><td valign="top" width="101" style="border-collapse:collapse;text-align:left;width:60.4pt;padding:0 5.4pt 0 5.4pt"></td></tr><tr style="border-collapse:collapse;text-align:left"><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.3pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">Promissory Note 8</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">September 28, 2010</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">September 27, 2012</p></td><td valign="top" width="128" style="border-collapse:collapse;text-align:left;width:76.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">0</p></td><td valign="top" width="123" style="border-collapse:collapse;text-align:left;width:73.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">12,000</p></td><td valign="top" width="101" style="border-collapse:collapse;text-align:left;width:60.4pt;padding:0 5.4pt 0 5.4pt"></td></tr><tr style="border-collapse:collapse;text-align:left"><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.3pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">Promissory Note 9</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">November 29, 2010</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">November 28, 2012</p></td><td valign="top" width="128" style="border-collapse:collapse;text-align:left;width:76.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">58,800</p></td><td valign="top" width="123" style="border-collapse:collapse;text-align:left;width:73.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">49,000</p></td><td valign="top" width="101" style="border-collapse:collapse;text-align:left;width:60.4pt;padding:0 5.4pt 0 5.4pt"></td></tr><tr style="border-collapse:collapse;text-align:left"><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.3pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">Promissory Note 10</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">December 10, 2010</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">December 9, 2012</p></td><td valign="top" width="128" style="border-collapse:collapse;text-align:left;width:76.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">0</p></td><td valign="top" width="123" style="border-collapse:collapse;text-align:left;width:73.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">10,000</p></td><td valign="top" width="101" style="border-collapse:collapse;text-align:left;width:60.4pt;padding:0 5.4pt 0 5.4pt"></td></tr><tr style="border-collapse:collapse;text-align:left"><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.3pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">Promissory Note 11</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">February 25, 2011</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">February 24, 2012</p></td><td valign="top" width="128" style="border-collapse:collapse;text-align:left;width:76.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">0</p></td><td valign="top" width="123" style="border-collapse:collapse;text-align:left;width:73.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">5,200</p></td><td valign="top" width="101" style="border-collapse:collapse;text-align:left;width:60.4pt;padding:0 5.4pt 0 5.4pt"></td></tr><tr style="border-collapse:collapse;text-align:left"><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.3pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">Promissory Note 12</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">April 7, 2011</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">April 6, 2012</p></td><td valign="top" width="128" style="border-collapse:collapse;text-align:left;width:76.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">38,400</p></td><td valign="top" width="123" style="border-collapse:collapse;text-align:left;width:73.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">32,000</p></td><td valign="top" width="101" style="border-collapse:collapse;text-align:left;width:60.4pt;padding:0 5.4pt 0 5.4pt"></td></tr><tr style="border-collapse:collapse;text-align:left"><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.3pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">Promissory Note 13</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">February 24, 2012</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">February 23, 2012</p></td><td valign="top" width="128" style="border-collapse:collapse;text-align:left;width:76.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">27,241</p></td><td valign="top" width="123" style="border-collapse:collapse;text-align:left;width:73.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">0</p></td><td valign="top" width="101" style="border-collapse:collapse;text-align:left;width:60.4pt;padding:0 5.4pt 0 5.4pt"></td></tr><tr style="border-collapse:collapse;text-align:left"><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.3pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">Interest</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"></td><td valign="top" width="128" style="border-collapse:collapse;text-align:left;width:76.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">23,171</p></td><td valign="top" width="123" style="border-collapse:collapse;text-align:left;width:73.65pt;padding:0 5.4pt 0 5.4pt"><p align="right" style="text-align:right;padding:0;margin:0">25,844</p></td><td valign="top" width="101" style="border-collapse:collapse;text-align:left;width:60.4pt;padding:0 5.4pt 0 5.4pt"></td></tr><tr style="border-collapse:collapse;text-align:left"><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.3pt;padding:0 5.4pt 0 5.4pt"><p style="text-align:left;padding:0;margin:0">Accretion</p></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"></td><td valign="top" width="128" style="border-collapse:collapse;text-align:left;width:76.65pt;padding:0 5.4pt 0 5.4pt;border-bottom:solid 1pt windowtext"><p align="right" style="text-align:right;padding:0;margin:0">37,595</p></td><td valign="top" width="123" style="border-collapse:collapse;text-align:left;width:73.65pt;padding:0 5.4pt 0 5.4pt;border-bottom:solid 1pt windowtext"><p align="right" style="text-align:right;padding:0;margin:0">33,902</p></td><td valign="top" width="101" style="border-collapse:collapse;text-align:left;width:60.4pt;padding:0 5.4pt 0 5.4pt;border-bottom:solid 1pt windowtext"></td></tr><tr style="border-collapse:collapse;text-align:left"><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.3pt;padding:0 5.4pt 0 5.4pt"></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"></td><td valign="top" width="181" style="border-collapse:collapse;text-align:left;width:108.7pt;padding:0 5.4pt 0 5.4pt"></td><td valign="top" width="128" style="border-collapse:collapse;text-align:left;width:76.65pt;padding:0 5.4pt 0 5.4pt;border-bottom:double 1.5pt windowtext"><p align="right" style="text-align:right;padding:0;margin:0">$229,607</p></td><td valign="top" width="123" style="border-collapse:collapse;text-align:left;width:73.65pt;padding:0 5.4pt 0 5.4pt;border-bottom:double 1.5pt windowtext"><p align="right" style="text-align:right;padding:0;margin:0">$298,026</p></td><td valign="top" width="101" style="border-collapse:collapse;text-align:left;width:60.4pt;padding:0 5.4pt 0 5.4pt;border-bottom:double 1.5pt windowtext"></td></tr></table></div><p style="text-align:left;padding:0;margin:0 0 10pt 0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">As of April 30, 2012 and July 31, 2011notes payable are recorded net of</p><p style="text-align:left;padding:0;margin:0">unamortized debt discount of $78,676 and $68,394, respectively.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">On September 28, 2011, Promissory Note 8 renewed for an additional year under the</font></p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">terms outlined in the original Note. The modification of the Note upon renewal</font></p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">has been accounted for as debt extinguishment and the issuance of a new debt</font></p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">instrument.</font>&#160; Accordingly, in connection with extinguishment of the original</p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">debt, the Company recognized a $4,800 gain.</font></p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">On November 18, 2011, Promissory Note 4 renewed for an additional year under the</font></p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">terms outlined in the original Note. The modification of the Note upon renewal</font></p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">has been accounted for as debt extinguishment and the issuance of a new debt</font></p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">instrument.</font>&#160; Accordingly, in connection with extinguishment of the original</p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">debt, the Company recognized a $12,000 gain.</font></p><p style="text-align:left;padding:0;margin:0">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">On November 29, 2011, Promissory Note 9 renewed for an additional year under the</font></p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">terms outlined in the original Note. The modification of the Note upon renewal</font></p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">has been accounted for as debt extinguishment and the issuance of a new debt</font></p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">instrument.</font>&#160; Accordingly, in connection with extinguishment of the original</p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">debt, the Company recognized a $19,600 gain.</font></p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">On December 10, 2011, Promissory Note 10 renewed for an additional year under the</font></p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">terms outlined in the original Note. The modification of the Note upon renewal</font></p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">has been accounted for as debt extinguishment and the issuance of a new debt</font></p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">instrument.</font>&#160; Accordingly, in connection with extinguishment of the original</p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">debt, the Company recognized a $4,000 gain.</font></p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">On April 7, 2012, Promissory Note 12 renewed for an additional year under the</font></p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">terms outlined in the original Note. The modification of the Note upon renewal</font></p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">has been accounted for as debt extinguishment and the issuance of a new debt</font></p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">instrument.</font>&#160; Accordingly, in connection with extinguishment of the original</p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">debt, the Company recognized a $12,800 gain.</font></p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">On February 24, 2012, the Company agreed to amend the terms of Promissory Notes 3, 4, 5, 6, 8, 10 and 11 issued to the Cellular Connection Ltd. Under the terms of the Side Letter Agreement, the Promissory Notes were combined into one new Promissory Note (&#147;Promissory Note 13&#148;) with an issue amount of $147,936 and face amount of $177,523. The conversion feature of the Promissory Note 13has a fixed conversion price of $0.0002 per share of common stock of the Company. The face amount of the new Promissory Note is payable February 24, 2013. The outstanding face amount of Promissory Note 13 shall increase by another 20% on February 24, 2014 and again on each one year anniversary of February 24, 2014 until the new Promissory Note has been paid in full. The amendment of the terms of these notes resulted in a beneficial conversion feature of $88,762 since the closing price of common stock on February 24, 2012 exceeded the fixed conversion price. The beneficial conversion feature of $88,762 is included in additional paid-in capital. The amendment of the terms of the note was accounted for as a debt extinguishment and the issuance of a new debt instrument.&#160; Accordingly, in connection with extinguishment of the original debt, the Company recognized a $14,728 gain. Commencing on March 20, 2012 and ending on April 26, 2012 the holder of the note converted $95,800 of principal and interest of Promissory Note 13 into 479,000,000 shares of the Company&#146;s common stock.</p><p style="text-align:left;padding:0;margin:0 0 10pt 0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">Each of the notes bear interest at 20% per annum and allow for the lender to</p><p style="text-align:left;padding:0;margin:0">secure a portion of the Company assets up to 200% of the face value of the</p><p style="text-align:left;padding:0;margin:0">note and mature one year from the day of their respective issuance. Unless</p><p style="text-align:left;padding:0;margin:0">otherwise indicated, the holder has the right to convert the Notes plus accrued</p><p style="text-align:left;padding:0;margin:0">interest into shares of the Company's common stock at any time prior to the</p><p style="text-align:left;padding:0;margin:0">Maturity Date. The number of common stock to be issued will be determined using</p><p style="text-align:left;padding:0;margin:0">a conversion price based on 75% of the average of the lowest closing bid price</p><p style="text-align:left;padding:0;margin:0">during the fifteen trading days immediately prior to conversion.</p> <!--egx--><p style="text-align:left;padding:0;margin:0">NOTE 5&#150;ADVANCES</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">Advances are non-interest bearing, unsecured and have no-specific terms of repayment.</p> <!--egx--><p style="text-align:left;padding:0;margin:0">NOTE 6- RELATED PARTY BALANCES AND TRANSACTIONS</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">For the nine months ended April 30, 2012 and 2011, the Company had rent</p><p style="text-align:left;padding:0;margin:0">expenses totaling $26,884 and $25,553, respectively and as of April 30, 2012</p><p style="text-align:left;padding:0;margin:0">and July 31, 2011 advances of $31,344and $64,597, respectively, and</p><p style="text-align:left;padding:0;margin:0">outstanding payables totaling $195,003 and $173,224, respectively, with a</p><p style="text-align:left;padding:0;margin:0">vendor to which the Company's Chief Executive Officer has a majority ownership</p><p style="text-align:left;padding:0;margin:0">interest. The balances are non-interest bearing, unsecured and have no</p><p style="text-align:left;padding:0;margin:0">specified terms of repayment.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0"><font lang="EN-CA">As of April 30, 2012and July 31, 2011the Company had advances of $104,588 and $110,312, respectively, with Den Packaging Corporation in which the Company's Chief Executive Officer has a majority ownership interest. The balances are non-interest bearing, unsecured and have no specified terms of repayment.</font></p> <!--egx--><p style="text-align:left;padding:0;margin:0">NOTE 7 &#150; SHAREHOLDER EQUITY</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">On February 10, 2012 the Board of Directors approved the issuance to James McKinney, the President and Chief Financial Officer of the Company, a signing bonus comprising 60,000 shares of Series A Convertible Preferred Stock and 100,000,000 shares of common stock valued at $21,200 ($0.002 per share of common stock).The shares were fully vested when issued, value based on the closing price on the date they were approved and expensed in the statement of operations.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0">On March 5, 2012 the Company approved and effected a 1-for-1000 reverse stock</p><p style="text-align:left;padding:0;margin:0">split of issued and outstanding common stock.&#160; Consequently, all share</p><p style="text-align:left;padding:0;margin:0">information has been revised to reflect the reverse stock split from the</p><p style="text-align:left;padding:0;margin:0">Company's inception.</p><p style="text-align:left;padding:0;margin:0">&nbsp;</p><p style="text-align:left;padding:0;margin:0 0 10pt 0"><font style="line-height:14pt">Commencing on March 20, 2012 and ending on April 26, 2012 the holder of Promissory Note 13 converted $95,800 of principal and interest into 479,000,000 shares of the Company&#146;s common stock at a fixed conversion price of $0.0002 per share.</font></p> -216250 -199324 658 -2058 21200 0 0 3117 182336 123043 8281 -18666 67928 14000 -28310 43092 -7877 -2467 0 3528 75325 -13942 0 -12411 -32565 -90088 0 -9372 64484 0 -34135 0 200 0 0 96200 30549 86828 -1651 11457 -3667 8197 3867 406 200 8603 95800 29546 88762 29546 0001331275 2011-08-01 2012-04-30 0001331275 2012-06-12 0001331275 2012-01-31 0001331275 2012-04-30 0001331275 2011-07-31 0001331275 us-gaap:SeriesAMember 2012-04-30 0001331275 us-gaap:SeriesAMember 2011-07-31 0001331275 2012-02-01 2012-04-30 0001331275 2011-02-01 2011-04-30 0001331275 2010-08-01 2011-04-30 0001331275 2010-07-31 0001331275 2011-04-30 iso4217:USD shares iso4217:USD shares EX-101.SCH 7 vtpi-20120430.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000040 - Statement - Vital Products, Inc. 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Debt
 9 Months Ended
Apr. 30, 2012
Debt:  
Note 4 - Notes Payable To The Cellular Connection Ltd. and Larry Burke

NOTE 4 - NOTES PAYABLE TO THE CELLULAR CONNECTION LTD. AND LARRY BURKE

 

 

Original Date of Issuance

Maturity Date

January 31, 2012

July 31, 2011

Promissory Note 3

June 12, 2009

June 11, 2012

$  0

$   31,680

Promissory Note 4

November 18, 2009

November 17, 2012

0

30,000

Promissory Note 5

March 26, 2010

March 25, 2012

0

12,000

Promissory Note 6

June 29, 2010

June 28, 2012

0

12,000

Promissory Note 7

May 27, 2010

May 26, 2012

44,400

44,400

Promissory Note 8

September 28, 2010

September 27, 2012

0

12,000

Promissory Note 9

November 29, 2010

November 28, 2012

58,800

49,000

Promissory Note 10

December 10, 2010

December 9, 2012

0

10,000

Promissory Note 11

February 25, 2011

February 24, 2012

0

5,200

Promissory Note 12

April 7, 2011

April 6, 2012

38,400

32,000

Promissory Note 13

February 24, 2012

February 23, 2012

27,241

0

Interest

23,171

25,844

Accretion

37,595

33,902

$229,607

$298,026

 

As of April 30, 2012 and July 31, 2011notes payable are recorded net of

unamortized debt discount of $78,676 and $68,394, respectively.

 

On September 28, 2011, Promissory Note 8 renewed for an additional year under the

terms outlined in the original Note. The modification of the Note upon renewal

has been accounted for as debt extinguishment and the issuance of a new debt

instrument.  Accordingly, in connection with extinguishment of the original

debt, the Company recognized a $4,800 gain.

 

On November 18, 2011, Promissory Note 4 renewed for an additional year under the

terms outlined in the original Note. The modification of the Note upon renewal

has been accounted for as debt extinguishment and the issuance of a new debt

instrument.  Accordingly, in connection with extinguishment of the original

debt, the Company recognized a $12,000 gain.

                                                                        

On November 29, 2011, Promissory Note 9 renewed for an additional year under the

terms outlined in the original Note. The modification of the Note upon renewal

has been accounted for as debt extinguishment and the issuance of a new debt

instrument.  Accordingly, in connection with extinguishment of the original

debt, the Company recognized a $19,600 gain.

 

On December 10, 2011, Promissory Note 10 renewed for an additional year under the

terms outlined in the original Note. The modification of the Note upon renewal

has been accounted for as debt extinguishment and the issuance of a new debt

instrument.  Accordingly, in connection with extinguishment of the original

debt, the Company recognized a $4,000 gain.

 

On April 7, 2012, Promissory Note 12 renewed for an additional year under the

terms outlined in the original Note. The modification of the Note upon renewal

has been accounted for as debt extinguishment and the issuance of a new debt

instrument.  Accordingly, in connection with extinguishment of the original

debt, the Company recognized a $12,800 gain.

 

On February 24, 2012, the Company agreed to amend the terms of Promissory Notes 3, 4, 5, 6, 8, 10 and 11 issued to the Cellular Connection Ltd. Under the terms of the Side Letter Agreement, the Promissory Notes were combined into one new Promissory Note (“Promissory Note 13”) with an issue amount of $147,936 and face amount of $177,523. The conversion feature of the Promissory Note 13has a fixed conversion price of $0.0002 per share of common stock of the Company. The face amount of the new Promissory Note is payable February 24, 2013. The outstanding face amount of Promissory Note 13 shall increase by another 20% on February 24, 2014 and again on each one year anniversary of February 24, 2014 until the new Promissory Note has been paid in full. The amendment of the terms of these notes resulted in a beneficial conversion feature of $88,762 since the closing price of common stock on February 24, 2012 exceeded the fixed conversion price. The beneficial conversion feature of $88,762 is included in additional paid-in capital. The amendment of the terms of the note was accounted for as a debt extinguishment and the issuance of a new debt instrument.  Accordingly, in connection with extinguishment of the original debt, the Company recognized a $14,728 gain. Commencing on March 20, 2012 and ending on April 26, 2012 the holder of the note converted $95,800 of principal and interest of Promissory Note 13 into 479,000,000 shares of the Company’s common stock.

 

Each of the notes bear interest at 20% per annum and allow for the lender to

secure a portion of the Company assets up to 200% of the face value of the

note and mature one year from the day of their respective issuance. Unless

otherwise indicated, the holder has the right to convert the Notes plus accrued

interest into shares of the Company's common stock at any time prior to the

Maturity Date. The number of common stock to be issued will be determined using

a conversion price based on 75% of the average of the lowest closing bid price

during the fifteen trading days immediately prior to conversion.
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Variable interest entity
 9 Months Ended
Apr. 30, 2012
variable interest entity:  
variable interest entity

NOTE 3 - VARIABLE INTEREST ENTITY

 

Following is a description of our financial interests in a variable interest

entity that we consider significant, those for which we have determined that

we are the primary beneficiary of the entity and, therefore, have consolidated

the entity into our financial statements.

 

On April 26, 2012, we entered into a License Agreement with Vital Products Supplies, Inc. (“Vital Supplies”). Under the terms of the Agreement, we have the right to market the products of Vital Supplies as well as the right of use of the facilities of

Vital Supplies including but not limited to the sales and distribution

facilities. We agreed to pay a fee of 1.5% of all sales generated plus a management fee of 1.5% based on the total monies paid for employee salaries, benefits and

commissions. The Company is responsible for all expenses that relate to sales

generated under the License Agreement.  The duration of the agreement is for

a period of twelve months commencing on April 26, 2012 and thereafter on a

month-by-month basis unless sooner terminated by Vital Supplies as provided

for in the agreement. Vital Supplies may at any time in its sole discretion,

with sixty days prior notice, terminate the agreement and revoke the license

granted for any reason whatsoever and upon such termination we will

immediately stop the use of the facilities as described.

 

We have determined that we are the primary beneficiary of Vital Supplies as our interest in the entity is subject to variability based on results from operations and changes in the fair value.

 

The results of operations for Vital Supplies have been included in

the financial statements of the Company. The Company did not pay consideration

to enter into the License Agreement. The acquisition has been accounted for using the purchase method as follows:

 

Cash

$

200

Non-controlling interest

(200)

$

-

       

 

 

 

 

Vital Products Supplies, Inc. – At April 30, 2012 our consolidated balance sheet recognizes current assets of $52,782, and accounts payable and accrued liabilities of $51,925 related to our interests in Vital Supplies. 
XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Vital Products Inc. CONSOLIDATED BALANCE SHEETS (USD $)
Apr. 30, 2012
Jul. 31, 2011
Current assets    
Cash $ 200 $ 3,869
Accounts receivable 40,301 9,989
Inventory 12,281 4,572
Due from related party 0 2,453
Total current assets 52,782 20,833
Total assets 52,782 20,833
Current liabilities    
Accounts payable and accrued liabilities 117,514 69,904
Accounts payable and accrued liabilities - related party 195,003 173,224
Advances 65,208 0
Convertible notes payable, net 229,607 298,026
Advances from related parties 135,932 174,909
Total current liabilities 743,264 716,063
Total liabilities 743,264 716,063
Stockholders' deficit    
Common stock; $0.0001 par value; 1,000,000,000 shares authorized and 579,296,457 and 296,457 issued and outstanding, respectively 57,930 30
Additional paid-in-capital 3,803,744 3,656,482
Accumulated other comprehensive income 47,181 32,853
Accumulated deficit (4,601,195) (4,384,945)
Total Vital Products, Inc. stockholders' deficit (691,340) (695,180)
Noncontrolling interest 858 0
Total deficit (690,682) (695,180)
Total liabilities and deficit 52,782 20,883
Series A - Convertible Preferred Stock
    
Stockholders' deficit    
Preferred stock $ 1,000 $ 400
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Organization, Consolidation and Presentation of Financial Statements
 9 Months Ended
Apr. 30, 2012
Organization, Consolidation and Presentation of Financial Statements:  
Note 1 - Nature of Operations and Basis For Presentation

NOTE 1 - NATURE OF OPERATIONS AND BASIS FOR PRESENTATION

 

The accompanying unaudited interim consolidated financial statements of Vital

Products, Inc. have been prepared without audit pursuant to the rules and

regulations of the Securities and Exchange Commission requirements for interim

financial statements. Therefore, they do not include all of the information and

footnotes required by accounting principles generally accepted in the United

States for complete financial statements. The interim consolidated financial

statements should be read in conjunction with the annual consolidated financial

statements for the year ended July 31, 2011 of Vital Products, Inc.

 

The interim consolidated financial statements present the balance sheets,

statements of operations and comprehensive loss and cash flows of Vital Products, Inc.

 The financial statements have been prepared in accordance with accounting principles generally accepted in the United States.

 

The interim financial information is unaudited. In the opinion of management,

all adjustments necessary to present fairly the financial position as of

April 30, 2012 and the results of operations and cash flows presented herein have been included in the interim consolidated financial statements. All such adjustments are of a normal and recurring nature.  Interim results are not necessarily indicative of results of operations for the full year.

 

On April 26, 2012, we entered into a License Agreement with Vital Products Supplies, Inc. (“Vital Supplies”). Under the terms of the Agreement, we have the right to market the products of Vital Supplies as well as the right of use of the facilities of

Vital Supplies including but not limited to the sales and distribution

facilities. We agreed to pay a fee of 1.5% of all sales generated plus a management fee of 1.5% based on the total monies paid for employee salaries, benefits and

commissions. The Company is responsible for all expenses that relate to sales

generated under the License Agreement.  The duration of the agreement is for

a period of twelve months commencing on April 26, 2012and thereafter on a

month-by-month basis unless sooner terminated by Vital Supplies as provided

for in the agreement. Vital Supplies may at any time in its sole discretion,

with sixty days prior notice, terminate the agreement and revoke the license

granted for any reason whatsoever and upon such termination we will

immediately stop the use of the facilities as described.

 

The Company has determined that Vital Supplies is a Variable Interest Entity

and that Vital Products, Inc. is the primary beneficiary. As such, Vital Supplies

has been consolidated into the Company’s financial statements.
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Accounting Policies
 9 Months Ended
Apr. 30, 2012
Accounting Policies:  
Note 2 - Significant Accounting Policies

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

 

Liquidity and Going Concern

 

During the nine months ended April 30, 2012 and 2011, the Company incurred

losses of $215,592and $201,382, respectively, and cash used in operations

was $32,565and $90,088, respectively.  The Company financed its operations

through loans payable, advances from related parties and vendors' credit.

 

Management believes that the current cash balances at April 30, 2012 and net

cash proceeds from operations will not be sufficient to meet the Company's cash

requirements for the next twelve months.

 

Accordingly, these financial statements have been prepared on a going concern

basis and do not include any adjustments to the measurement and classification

of the recorded asset amounts and classification of liabilities that might be

necessary should the Company be unable to continue as a going concern.  The

Company has experienced losses in the period and has negative working capital.

The Company's ability to realize its assets and discharge its liabilities in

the normal course of business is dependent upon continued support.  The Company

is currently attempting to obtain additional financing from its existing

shareholders and other strategic investors to continue its operations. However,

the Company may not obtain sufficient additional funds from these sources.

 

These conditions cause substantial doubt about the Company's ability to

continue as a going concern.  A failure to continue as a going concern would

require that stated amounts of assets and liabilities be reflected on a

liquidation basis that could differ from the going concern basis. The consolidated

financial statements do not include any adjustments

relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities

that might be necessary in the event the company cannot continue in existence.

 

ACCOUNTING PRINCIPLES

 

The Company's accounting and reporting policies conform to generally accepted

accounting principles in the United States.  The consolidated financial

statements are reported in United States dollars.

 

CONSOLIDATION

The consolidated financial statements include the accounts of the Company and

its variable interest entity ("VIE") in which the Company is the primary

beneficiary. Effective August 1, 2009, the Company adopted the accounting

standards for non-controlling interests and reclassified the equity

attributable to its non-controlling interests as a component of equity in

the accompanying consolidated balance sheets. All significant intercompany

balances and transactions have been eliminated in consolidation. See Note 3.

 

Management's determination of the appropriate accounting method with respect

to the Company's variable interests is based on accounting standards for

VIEs issued by the Financial Accounting Standards Board ("FASB"). The

Company consolidates any VIEs in which it is the primary beneficiary and

discloses significant variable interests in VIEs of which it is not the

primary beneficiary, if any.

 

USE OF ESTIMATES

 

The preparation of consolidated financial statements in conformity with

United States generally accepted accounting principles requires management

to make estimates and assumptions that affect the reported amounts of assets

and liabilities and disclosure of contingent assets and liabilities at the

date of the consolidated financial statements and the reported amounts of

revenues and expenses during the year. Actual results could differ from

those estimates. Significant estimates include amounts for impairment of

equipment, share based compensation, inventory obsolescence and allowance

for doubtful accounts.

 

FOREIGN CURRENCY TRANSLATION

 

The Company determined the functional currency to be the Canadian dollar

and, accordingly, our financial information is translated into U.S. dollars

using exchange rates in effect at period-end. The income statement is

translated at the average year-to-date exchange rate. Adjustments resulting

from translation of foreign exchange are included as a component of other

comprehensive income within stockholders' deficit.

 

VALUATION OF LONG-LIVED ASSETS

 

We assess the recoverability of long-lived assets whenever events or changes

in business circumstances indicate that the carrying value may not be

recoverable. An impairment loss is recognized when the sum of the expected

undiscounted net cash flows over the remaining useful life is less than the

carrying amount of the assets.

 

REVENUE RECOGNITION

 

The Company recognizes revenue in accordance with FASB ASC Subtopic 605,

Revenue Recognition.  Under FASB ASC Subtopic 605, revenue is recognized

at the point of passage to the customer of title and risk of loss, there is

persuasive evidence of an arrangement, the sales price is determinable, and

collection of the resulting receivable is reasonably assured. The Company

generally recognizes revenue at the time of delivery of goods. Sales are

reflected net of sales taxes, discounts and returns.

 

CASH AND CASH EQUIVALENTS

 

Cash equivalents consist of highly liquid investments with maturities of

three months or less when purchased.  Cash and cash equivalents are on deposit

with financial institutions without any restrictions.

 

ALLOWANCE FOR DOUBTFUL ACCOUNTS

 

The Company records an allowance for doubtful accounts as a best estimate of

the amount of probable credit losses in its accounts receivable.  Each month,

the Company reviews this allowance and considers factors such as customer

credit, past transaction history with the customer and changes in customer

payment terms when determining whether the collection of a receivable is

reasonably assured.  Past due balances over 90 days and over a specified

amount are reviewed individually for collectability. Receivables are charged

off against the allowance for doubtful accounts when it becomes probable

that a receivable will not be recovered.

 

FAIR VALUE OF FINANCIAL INSTRUMENTS

 

The Company's financial instruments comprise cash, accounts receivable,

accounts payable and accrued liabilities, notes payable to The Cellular

Connection Ltd. and Larry Burke, and advances from related parties.  The carrying

value of Company's short-term instruments approximates fair value, unless

otherwise noted, due to the short-term maturity of these instruments.  In

management's opinion, the fair value of notes payable is approximate to

carrying value as the interest rates and other features of these instruments

approximate those obtainable for similar instruments in the current market.

Unless otherwise noted, it is management's opinion that the Company is not

exposed to significant interest, currency or credit risks in respect of

these financial instruments.

 

INVENTORY

 

Inventory comprises finished goods held for sale and is stated at lower of

cost or market value.  Cost is determined by the average cost method.  The

Company estimates the realizable value of inventory based on assumptions

about forecasted demand, market conditions and obsolescence.  If the

estimated realizable value is less than cost, the inventory value is reduced

to its estimated realizable value.  If estimates regarding demand and market

conditions are inaccurate or unexpected changes in technology affect demand,

the Company could be exposed to losses in excess of amounts recorded.

 

STOCK-BASED COMPENSATION

 

The Company follows FASB ASC Subtopic 718, Stock Compensation, for accounting

for stock-based compensation. The guidance requires that new, modified and

unvested share-based payment transactions with employees, such as grants of

stock options and restricted stock, be recognized in the consolidated financial

statements based on their fair value at the grant date and recognized as

compensation expense over their vesting periods.  The Company also follows

the guidance for equity instruments issued to consultants.

 

LOSS PER SHARE

 

FASB ASC Subtopic 260, Earnings Per Share, provides for the calculation of

"Basic" and "Diluted" earnings per share. Basic earnings per share is computed

by dividing net loss available to common shareholders by the weighted average

number of common shares outstanding for the period. All potentially dilutive

securities have been excluded from the computations since they would be

anti dilutive. However, these dilutive securities could potentially dilute

earnings per share in the future.

 

COMPREHENSIVE INCOME

 

The Company has adopted FASB ASC Subtopic 220, Comprehensive Income, which

establishes standards for reporting and display of comprehensive income, its

components and accumulated balances.  Comprehensive income is defined to

include all changes in equity except those resulting from investments by

owners or distributions to owners.  Among other disclosures, FASB ASC Subtopic

220 requires that all items that are required to be recognized under the

current accounting standards as a component of comprehensive income be

reported in a financial statement that is displayed with the same prominence

as other financial statements.  Comprehensive income is displayed in the

statement of operations and comprehensive loss and in the balance sheet as a component

of stockholders' deficit.

 

RECENT ACCOUNTING PRONOUNCEMENTS

 

There have been no recent accounting pronouncements or changes in accounting

pronouncements that impacted the third quarter of fiscal 2012, or which are

expected to impact future periods, that were not already adopted and disclosed

in prior periods.
XML 20 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Vital Products Inc. CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Apr. 30, 2012
Jul. 31, 2011
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares issued 579,296,457 296,457
Series A - Convertible Preferred Stock
    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 100,000 100,000
Preferred stock, issued 100,000 40,000
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Document and Entity Information (USD $)
 9 Months Ended
Apr. 30, 2012
Jun. 12, 2012
Jan. 31, 2012
Document and Entity Information:      
Entity Registrant Name Vital Products, Inc.    
Document Type 10-Q    
Document Period End Date Apr. 30, 2012    
Amendment Flag false    
Entity Central Index Key 0001331275    
Current Fiscal Year End Date --07-31    
Entity Common Stock, Shares Outstanding   579,276,457  
Entity Public Float     $ 118,583
Entity Filer Category Smaller Reporting Company    
Entity Current Reporting Status No    
Entity Voluntary Filers No    
Entity Well-known Seasoned Issuer No    
Document Fiscal Year Focus 2012    
Document Fiscal Period Focus Q3    
XML 23 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Vital Products, Inc. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (USD $)
 3 Months Ended 9 Months Ended
Apr. 30, 2012
Apr. 30, 2011
Apr. 30, 2012
Apr. 30, 2011
Sales $ 43,112 $ 354,901 $ 53,537 $ 1,121,763
Cost of sales 38,950 235,709 46,381 819,211
Gross profit 4,162 119,192 7,156 302,552
Operating expenses        
Selling, general and administrative 49,500 167,789 100,059 395,662
Consulting 0 292 0 14,778
Depreciation 0 399 0 3,117
Net operating loss (45,338) (49,288) (92,903) (111,005)
Total expenses 49,500 168,480 100,059 413,557
Other income (loss)        
Financing costs (109,288) (31,378) (182,336) (123,043)
Gain on settlement of debt 27,528 4,000 67,928 14,000
Gain (loss) on currency exchange rate 6,694 13,297 (8,281) 18,666
Net loss for the period (120,404) (63,369) (215,592) (201,382)
Net (income)loss attributed to noncontrolling interest (658) 22,679 (658) 2,058
Net loss attributable to Vital Products, Inc. (121,062) (40,690) (216,250) (199,324)
Other comprehensive income (loss) Foreign currency translation adjustment (17,360) (14,644) 14,328 (20,873)
Comprehensive loss $ (138,422) $ (55,334) $ (201,922) $ (178,451)
Net loss attributable to Vital Products, Inc. per common share, basic $ 0.00 $ (0.15) $ (0.01) $ (1.52)
Weighted average number of common shares outstanding - basic 102,385,345 269,404 33,829,302 130,893
XML 24 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Equity
 9 Months Ended
Apr. 30, 2012
Equity:  
Note 7 - Shareholder Equity

NOTE 7 – SHAREHOLDER EQUITY

 

On February 10, 2012 the Board of Directors approved the issuance to James McKinney, the President and Chief Financial Officer of the Company, a signing bonus comprising 60,000 shares of Series A Convertible Preferred Stock and 100,000,000 shares of common stock valued at $21,200 ($0.002 per share of common stock).The shares were fully vested when issued, value based on the closing price on the date they were approved and expensed in the statement of operations.

 

On March 5, 2012 the Company approved and effected a 1-for-1000 reverse stock

split of issued and outstanding common stock.  Consequently, all share

information has been revised to reflect the reverse stock split from the

Company's inception.

 

Commencing on March 20, 2012 and ending on April 26, 2012 the holder of Promissory Note 13 converted $95,800 of principal and interest into 479,000,000 shares of the Company’s common stock at a fixed conversion price of $0.0002 per share.
XML 25 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Disclosures
 9 Months Ended
Apr. 30, 2012
Related Party Disclosures:  
Note 6 - Related Party Balances and Transactions

NOTE 6- RELATED PARTY BALANCES AND TRANSACTIONS

 

For the nine months ended April 30, 2012 and 2011, the Company had rent

expenses totaling $26,884 and $25,553, respectively and as of April 30, 2012

and July 31, 2011 advances of $31,344and $64,597, respectively, and

outstanding payables totaling $195,003 and $173,224, respectively, with a

vendor to which the Company's Chief Executive Officer has a majority ownership

interest. The balances are non-interest bearing, unsecured and have no

specified terms of repayment.

 

As of April 30, 2012and July 31, 2011the Company had advances of $104,588 and $110,312, respectively, with Den Packaging Corporation in which the Company's Chief Executive Officer has a majority ownership interest. The balances are non-interest bearing, unsecured and have no specified terms of repayment.
XML 26 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Vital Products, Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) (USD $)
 9 Months Ended
Apr. 30, 2012
Apr. 30, 2011
Cash flows from operating activities    
Net loss attributable to Vital Products, Inc. $ (216,250) $ (199,324)
Adjustments to reconcile net loss to cash used in operating activities    
Non-controlling interest income (loss) 658 (2,058)
Share-based compensation 21,200 0
Depreciation 0 3,117
Accretion of debt discount and interest expense 182,336 123,043
Loss on currency exchange 8,281 (18,666)
Gain on settlement of debt (67,928) (14,000)
Accounts receivable (28,310) 43,092
Inventory (7,877) (2,467)
Prepaid expenses 0 3,528
Accounts payable and accrued liabilities 75,325 (13,942)
Advances from related parties 0 (12,411)
Net cash used in operating activities (32,565) (90,088)
Cash flow from financing activities    
Advance on bank overdraft 0 (9,372)
Advance 64,484 0
Payments on related party advances (34,135) 0
Non-controlling interest 200 0
Proceeds from convertible notes payable 0 96,200
Net cash provided by financing activities 30,549 86,828
Foreign currency translation effect (1,651) 11,457
Net change in cash (3,667) 8,197
Cash, beginning of the period 3,867 406
Cash, end of the period 200 8,603
Issuance of common stock for conversion of promissory note 95,800 29,546
Beneficial conversion feature $ 88,762 $ 29,546
XML 27 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Advances Disclosure
 9 Months Ended
Apr. 30, 2012
Advances Disclosure:  
Advances Disclosure

NOTE 5–ADVANCES

 

Advances are non-interest bearing, unsecured and have no-specific terms of repayment.
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