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ORGANIZATION AND OPERATIONS
6 Months Ended
Dec. 31, 2011
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND OPERATIONS

 

NOTE 1 – ORGANIZATION AND OPERATIONS

 

DESCRIPTION OF BUSINESS - AuraSound, Inc. (the “Company,” “AuraSound,” “we,” “us” or “our”) specializes in the design, manufacture and sale of high-fidelity loudspeakers and complete audio solutions. Our headquarters is located in Santa Ana, California, our manufacturing is sourced from mainland China, and we have sales and support offices in Hong Kong, Taiwan and mainland China. We have over 20 years of experience delivering industry leading audio solutions to the professional and consumer markets. With our acquisition of ASI Holdings Limited and ASI Audio Technologies, LLC in July 2010, we moved from being an audio component supplier to a provider of complete audio solutions. This acquisition and the resulting expansion of our business has helped fuel our growth over the past year and a half. Our products have been recognized worldwide via exceptional product reviews, and we differentiate ourselves by offering superior products based on patented technologies. We have an impressive portfolio of customer and technology partners, including many of the leading worldwide brands. We believe our leadership team and internal management processes are among the best in our industry. Our mantra is to deliver the “Ultimate Vision in Sound”.

 

COMPANY BACKGROUND - Hemcure, Inc. (“Hemcure”) was incorporated under the laws of the state of Minnesota in 1986. On September 8, 2006, Hemcure was reincorporated in the state of Nevada pursuant to a merger with Hemcure, Inc., a Nevada corporation, and the corresponding adoption of Nevada Articles of Incorporation. On June 7, 2007, Hemcure acquired AuraSound, Inc. (“AuraSound”). Aura Sound was incorporated on July 28, 1999 in California to engage in the development, commercialization, and sale of audio products, sound systems, and audio components using electromagnetic technology. On February 12, 2008, the Company changed its name from Hemcure, Inc. to AuraSound, Inc.

 

On July 10, 2010, AuraSound, Inc. entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with ASI Holdings Limited, a Hong Kong corporation (“ASI Holdings”), and its wholly-owned subsidiary ASI Audio Technologies, LLC, an Arizona limited liability company (“ASI Arizona”), pursuant to which AuraSound acquired substantially all of the business assets and certain liabilities of ASI Holdings and ASI Arizona (the “ASI Transaction”). This acquisition added the television soundbar product line that is the majority of our current business. See Note 4 below for additional information