Jeff Foxworthy's You Might be a Redneck if What's Your Like? Are You Smarter than a 5th Grader? Every item in our inventory has been inspected, very strictly graded, and bagged for its protection. Shrink Wrapped. Still in the original factory shrink wrap, with condition visible through shrink noted. For example, "SW NM " means shrink wrapped in near-mint condition.
Near Mint. Like new with only the slightest wear, many times indistinguishable from a Mint item. Close to perfect, very collectible. Lightly used, but almost like new. May show very small spine creases or slight corner wear. Absolutely no tears and no marks, a collectible condition. Very Good. May have medium-sized creases, corner dings, minor tears or scuff marks, small stains, etc. Complete and very useable. Very well used, but complete and useable.
May have flaws such as tears, pen marks or highlighting, large creases, stains, marks, a loose map, etc. If you have any questions or comments regarding grading or anything else, please send e-mail to contact nobleknight. Patch Products Patch Products is a toy company owned by the Patch family. Filter Products. Refine Listing. Grid List Row. Product Line View All. Add to Cart. Add to Want List. Sell Us Yours. Go Wacky! Love It!
Hate It! Now What? Recent Arrival. Three for All! What's Yours Like? Out of Stock. All In. Bible TriBond. Bubble Brain. Actual results could differ from those estimates. Share-Based Compensation. That cost is measured based on the estimated fair value of the equity or liability instruments issued. The Company did not record any share-based compensation during the three months ended March 31, and , respectively. Recent Accounting Pronouncements:. The Company has elected to defer the adoption of the nonrecurring fair value measurements disclosures of non-financial assets and liabilities.
SFAS R significantly changes the accounting for business combinations in a number of respects as including the treatment of contingent consideration, pre-acquisition contingencies, transaction costs, in-process research and development, and restructuring costs.
SFAS changes the accounting and reporting for minority. This new consolidation method significantly changes the accounting for transactions with minority interest holders. SFAS is effective for fiscal years beginning after December 31, These standards will change our accounting treatment for business combinations on a prospective basis. SFAS permits companies to choose to measure many financial instruments and certain other items at fair value.
The objective is to improve financial reporting by providing companies with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions.
SFAS is effective for fiscal years beginning after November 15, The Company has not elected to value any financial instruments at fair value. SFAS defines fair value and establishes a framework for measuring fair value in accounting principals generally accepted in the United States of America. More precisely, this statement sets forth a standard definition of fair value as it applies to assets or liabilities, the principal market or most advantageous market for determining fair value price , the market participants, inputs, and the application of the derived fair value to those assets and liabilities.
SFAS is effective for all full fiscal and interim periods beginning after November 15, Basic loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding. Diluted loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding and common share equivalents related to stock options and warrants when dilutive.
Because the Company had a loss from operations during the three months ended March 31, and , those shares were excluded from the loss per share computations because they were antidilutive.
The provision for income taxes for the three months ended March 31, and , was offset by a valuation allowance for deferred taxes. No federal or state income tax benefit was provided for the three months ended March 31, and , as the realization of such benefit is not reasonably assured.
In July, , the Company entered into a supply and licensing agreement with Novartis, effective January 1, By December 31, , the supply portion of the Agreement was completed and the Company no longer manufactured any product. Novartis is required by the Agreement to pay royalties to the Company at an agreed upon percentage based on net sales of vapor patches by Novartis for each year the License is in effect.
Novartis confirmed to the Company that the patch involved in this incident was not. The Company has met with Novartis representatives to discuss how to prevent an incident where a child or pet chews or ingests a patch and discussions regarding the same are ongoing. In January , the Company engaged an independent consulting firm to audit royalties due to the Company pursuant to the Agreement.
In April , the Company was informed that the U. Novartis has not announced whether it will re-introduce a vapor patch for the pediatric market. Novartis continues to advertise and market the adult patch via TV commercials and various stores continue to shelve and sell this vapor patch.
As a result, the Company is once again receiving revenue under the Novartis Agreement. Currently, the Company continues to explore mutual opportunities with Novartis under the Agreement including partnering, merger or acquisition possibilities, and exploring opportunities relating to other patents the Company holds.
The Company ceased manufacturing operations of topical patches and sold all of its manufacturing assets related to the production of patches to its only remaining customer, Novartis, as of December 31, On February 21, , the warrant holder exercised, on a cashless basis, the warrant. As a result of the cashless exercise, the Company did not receive any cash proceeds from the exercise. As of the filing date of this Form Q, the Company has no outstanding warrants. The Company has several U.
Eighteen issued U. The Company has four U. The Company also holds three registered U. In and , the Company filed for two new provisional patents, which include i adding an aversive agent to our licensed patch or other patches to prevent ingestion by children or pets and ii a hand sanitizing patch that will kill targeted infectious organisms. The hand sanitizing patch will be dry, thereby rendering the patch harmless in the event that it is licked, chewed or exposed to the eye.
Issued patents can later be held invalid by the patent office issuing the patent or by a court. The Company uses both patents and trade secrets to protect its proprietary property and information.
To the extent the Company relies on confidential information to maintain its competitive position, there can be no assurance that other parties will not independently develop the same or similar information.
The Company has disclosed details of the pending lawsuit in previous SEC filings. The Company appeared in court on December 3, for a scheduling conference. The Company has incurred operating losses, accumulated deficits and negative cash flows from operations during the last few years.
The Company does not believe its existing cash and cash equivalents will be sufficient to fund operations through based upon its current cash on hand, its anticipated operating expenses, and costs the Company is likely to incur related to its pending patent infringement litigation.
These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern. The Company is taking steps to strengthen its patent portfolio for territories of use, including the United States, Europe, and other countries.
The Company is also focused on strengthening its position with respect to the protection of its rights related to its current intellectual property portfolio. In February , the Company engaged a consulting firm to conduct an extensive market research and intellectual property analysis of its patent portfolio and technology.
The Company subsequently evaluated emerging markets as a strategic growth opportunity for the Company and determined that India has significant potential. In June , Novartis issued a nationwide recall of all of its vapor patch products sold under its license agreement with the Company. In , Novartis launched an adult vapor patch product in the United States for the cough, cold and flu season.
This was a significant development for the Company in its effort to restart its revenue stream. As a result of the launch of the adult vapor patch, the Company is, once again, receiving royalty income based upon sales of these vapor patch products under the terms of the Novartis Agreement.
As a result, the Company has sued five potential patent infringers. The Company has made a motion for a preliminary injunction in the U.
The Company can not give any assurance as to the outcome of the motion for the preliminary injunction filed against the defendants in the ongoing lawsuit. The increase in revenue was primarily due to an increase in royalty income from sales of licensed product in Mexico. The royalty income recorded during the three month periods ended March 31, and was based on information provided by Novartis.
The decrease in operating expenses resulted primarily from a decrease in facility lease expenses, a reduction in patent related costs, and a reduction in consulting costs. In addition, the Company has reduced its operating expenses as a. However, these savings may be offset with costs related to additional actions the Company decides to take with respect to protecting its intellectual property portfolio.
The provision for income tax benefits for the three month periods ended March 31, and was offset by a valuation allowance for deferred taxes. No federal or state income tax benefit was provided for the three month periods ended March 31, and , as the realization of such benefits is not reasonably assured. The Company had no material commitments for capital expenditures at March 31, or Under the agreement, the Rader firm will receive a percentage of any recovery in the litigation or other proceeds resulting from a settlement of the litigation as its primary compensation for representing the Company in this matter.
The Company is cautious about preserving its current cash position with respect to its current litigation efforts and its ability to sustain normal operations going forward. Without an infusion of cash, the royalty income received from Novartis or other sources may not be sufficient to fund our efforts. The Company earns interest on its available cash. Royalty income is uncertain because it is subject to factors that the Company cannot control. We have incurred operating losses, accumulated deficit and negative cash flows from operations during the last several years.
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