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MMMS > SEC Filings for MMMS > Form 8-K on 13-Sep-2013All Recent SEC Filings

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Form 8-K for MEDYTOX SOLUTIONS, INC.


13-Sep-2013

Other Events


Item 8.01. Other Events

As previously reported in the Form 8-K filed on July 11, 2013, on July 2, 2013 a jury awarded our wholly-owned subsidiary, Medytox Institute of Laboratory Medicine, Inc. ("MILM"), $2,906,844 on its breach of contract claim against Trident Laboratories, Inc. ("Trident"), and Trident's shareholders, Michele Steegstra, Christopher Hawley, Donnette Hawley, Michael Falestra and Skyler Lukas (the "Shareholders"), and awarded Seamus Lagan $750,000 individually against Christopher Hawley for Mr. Hawley's defamatory postings on the internet.

Trident and the Shareholders filed motions for judgment notwithstanding the verdict, for a new trial, to dismiss the case, and for remittitur. On September 4, 2013, the judge denied all of these motions and entered a partial final judgment in the amounts granted by the jury. MILM's claims for specific performance and other equitable claims remain to be decided by the Court. There is still the possibility of an appeal.

On August 16, 2013, we issued a press release announcing that we had filed our Form 10-Q for the quarter ended June 30, 2013. As reflected on our Form 10-Q, filed on August 14, 2013, we indicated that our revenues for the second quarter in 2013 were $8,602,577, compared to $2,352,360 for the second quarter of 2012, an increase of $6,250,217 or 266%. We also indicated that our revenues for the six months ended June 30, 2013 were $16,626,336, as compared to $3,591,341 for the six months ended June 30, 2012, an increase of $13,034,995 or 363%. The press release also indicated that our income (loss) from operations, excluding depreciation and amortization and excluding one-time legal fees related to disputed subsidiary were $2,978,567 for the six months ended June 30, 2013, compared to ($1,421,670) for the six months ended June 30, 2102. This quantification was derived from the face of the income statement, as set forth in our Form 10-Q, by adding to our income (loss) from operations, the line items, "legal fees related to subsidiary" and "depreciation and amortization" for the relevant periods.

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