Nevada
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033-25126 D
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85-0368333
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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301 Yamato Road
Suite 315
Boca Raton, FL
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33431
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(Address of principal executive offices)
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(Zip Code)
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(Former name or former address, if changed since last report)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No.
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Description
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99.1
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Press Release dated November 15, 2011.
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MEDEFILE INTERNATIONAL, INC.
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Date: November 16, 2011
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By:
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/s/ Kevin Hauser
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Kevin Hauser
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Chief Executive Officer
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·
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Revenues increased 91% to $83,802 from $43,903.
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·
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Total operating expenses were $753,401, up from $338,972.
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o
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Excluding non-cash warrant expenses of $352,256 and $25,682 included in selling, general and administrative (SG&A) expenses for the third and second quarters, respectively; SG&A expenses declined 22% to $322,759 from $416,403 when comparing the three-month period ended September 30, 2011 to the three-month period ended June 30, 2011.
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o
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On a subsequent quarter over quarter basis, marketing expenses also declined, decreasing 77% to $70,641 in the third quarter of this year compared to $310,867 reported for the second quarter, ended June 30, 2011.
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·
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Due largely to the aforementioned non-cash warrant expense, net loss rose to $679,437, or $0.00 loss per basic and diluted share, from $295,069, or $0.00 loss per basic and diluted share.
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·
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Revenues rose 699% to $403,644 from $50,505.
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·
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Net loss remained relatively flat at $1,790,866, or $0.00 per basic and diluted share, compared to $1,712,267, or $0.00 per basic and diluted share.
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Unaudited
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||||||||
September 30,
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December 31,
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|||||||
Assets
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2011
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2010
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||||||
Current assets
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||||||||
Cash
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$ | 482,830 | $ | 499,652 | ||||
Accounts receivable, net
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760 | 2,468 | ||||||
Inventory
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53,977 | 22,184 | ||||||
Merchant services reserve
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64,141 | 6,173 | ||||||
Prepaid Insurance
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2,775 | - | ||||||
Total current assets
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604,483 | 530,477 | ||||||
Website development, net of accumulated amortization
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31,473 | 47,210 | ||||||
Furniture and equipment, net of accumulated depreciation
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12,751 | 20,364 | ||||||
Intangibles
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1,339 | 1,339 | ||||||
Total assets
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$ | 650,046 | $ | 599,390 | ||||
Liabilities and Stockholders' Equity
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||||||||
Accounts payable and accrued liabilities
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$ | 232,630 | $ | 310,325 | ||||
Cash overdraft
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- | 6,928 | ||||||
Deferred revenues
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7,051 | 9,575 | ||||||
Total Current Liabilities
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239,681 | 326,828 | ||||||
Stockholders' Equity
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||||||||
Preferred stock, $.0001 par value: 10,000 authorized,
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||||||||
no shares issued and outstanding
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- | - | ||||||
Common stock, $.0001 par value: 5,000,000,000 authorized;
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||||||||
3,911,383,852 and 3,450,021,410 shares issued and outstanding on
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September 30, 2011 and December 31, 2010, respectively
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391,138 | 345,002 | ||||||
Common stock payable
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24,000 | - | ||||||
Additional paid in capital
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17,948,649 | 16,090,116 | ||||||
Accumulated deficit
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(17,953,422 | ) | (16,162,556 | ) | ||||
Total stockholders' equity
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410,365 | 272,562 | ||||||
Total liability and stockholders' equity
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$ | 650,046 | $ | 599,390 |
For the Three
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For the Three
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For the Nine
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For the Nine
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|||||||||||||
Months
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Months
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Months
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Months
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|||||||||||||
Ended
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Ended
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Ended
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Ended
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|||||||||||||
September 30,
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September 30,
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September 30,
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September 30,
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|||||||||||||
2011
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2010
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2011
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2010
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Revenue
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$ | 83,802 | $ | 43,903 | $ | 403,644 | $ | 50,505 | ||||||||
Cost of goods sold
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9,838 | - | 163,579 | - | ||||||||||||
Gross profit
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73,964 | 43,903 | 240,065 | 50,505 | ||||||||||||
Operating expenses
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||||||||||||||||
Selling, general and administrative expenses
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675,015 | 330,863 | 1,496,220 | 511,172 | ||||||||||||
Marketing expense
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70,641 | - | 511,362 | - | ||||||||||||
Depreciation and amortization expense
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7,745 | 8,109 | 23,349 | 21,801 | ||||||||||||
Total operating expenses
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753,401 | 338,972 | 2,030,931 | 532,973 | ||||||||||||
Loss from operations
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(679,437 | ) | (295,069 | ) | (1,790,866 | ) | (482,468 | ) | ||||||||
Other expenses
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||||||||||||||||
Interest expense - note payable
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- | - | - | (10,166 | ) | |||||||||||
Interest expense - related party note payable
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- | - | - | (1,219,633 | ) | |||||||||||
Total other expenses
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- | - | - | (1,229,799 | ) | |||||||||||
Loss before income tax
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(679,437 | ) | (295,069 | ) | (1,790,866 | ) | (1,712,267 | ) | ||||||||
Provision for income tax
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- | - | - | - | ||||||||||||
Net Loss
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$ | (679,437 | ) | $ | (295,069 | ) | $ | (1,790,866 | ) | $ | (1,712,267 | ) | ||||
Net loss per share: basic and diluted
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$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||
Weighted average share outstanding
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3,888,216,666 | 1,978,131,704 | 3,642,641,183 | 1,009,955,771 | ||||||||||||
basic and diluted
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