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MSLPD > SEC Filings for MSLPD > Form 8-K on 17-Oct-2012All Recent SEC Filings

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Results of Operations and Financial Condition, Other Events

Item 2.02 Results of Operations and Financial Condition.

MusclePharm Corporation (the "Registrant") has provided disclosure below regarding the conversion of certain of its outstanding common stock purchase warrants into common stock. As a result of these warrant conversions and other extinguishments of derivative liabilities during the quarter ended September 30, 2012, the Registrant's pro forma adjusted capitalization as of June 30, 2012 would have reflected a decrease in stockholders' deficit from approximately $11,417,000 to approximately $5,330,769 and the Registrant's derivative liabilities as of June 30, 2012 would have been reduced from approximately $7,909,000 to approximately $25,000. All of these stock issuances, warrant conversions and other extinguishments of derivative liabilities will be reflected in the Registrant's financial statements as of September 30, 2012 and for the three and nine months then ended.

The information in this Current Report on Form 8-K furnished pursuant to this Item 2.02 shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to liability under that section, and it shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01 Other Events.

1. Effective October 12, 2012, the Registrant entered into a Release and Settlement Agreement (the "Agreement") with Inter-Mountain Capital Corp. ("Inter-Mountain") to resolve case No: 2:12-cv-00416-PMW initiated by Inter-Mountain against the Registrant in the United States District Court for the District of Utah alleging the breach of contract regarding a warrant and purchase agreement. Pursuant to the Agreement, on October 12, 2012, the Registrant and Inter-Mountain completed an exchange and retirement of all of Inter-Mountain's warrants in the Registrant for 143,000,000 shares of the Registrant's common stock, par value $0.001 (the "Shares"). The Registrant relied on an exemption from the registration requirements of the Securities Act for the issuance of the Shares pursuant to Section 3(a)(9) of the Securities Act. The transaction was an exchange, Inter-Mountain is a security holder, and no commissions or other remuneration were paid in order to solicit the exchange.

2. In late September 2012, the Registrant issued shares of its common stock in the amounts and as of the dates set forth in the table below to several accredited investors (as defined in Regulation D promulgated under the Securities Act) pursuant to conversions of outstanding warrants to purchase common stock of the Registrant. The issuances of these shares were exempt from the registration requirements of the Securities Act pursuant to Section 3(a)(9) of the Securities Act. No commissions were paid to any person by the Registrant in connection with these share issuances. The warrants were converted on a cashless basis and thus, the Registrant did not receive any cash proceeds from these stock issuances.

                          Number of Shares of
     Date of Issuance     Common Stock Issued    Nature of Conversion

 1.  September 28, 2012              330,594,666 Conversion of warrants to purchase
                                                 496,272,500 shares of common

 2.  September 29, 2012              107,500,000 Conversion of warrants to purchase
                                                 143,333,334 shares of common

 3.  September 30, 2012               64,241,786 Conversion of warrants to purchase
                                                 75,578,572 shares of common stock.

3. Effective October 15, 2012, the Board of Directors of the Registrant determined to suspend indefinitely the Registrant's stock repurchase program that was adopted on April 18, 2012. Under this program, the Registrant repurchased 26,431,575 shares of its common stock.

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