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BASIS OF PRESENTATION AND PLAN OF OPERATIONS | 9 Months Ended
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Sep. 30, 2014
Notes to Financial Statements |
Note 1 - BASIS OF PRESENTATION AND PLAN OF OPERATIONS | The unaudited condensed interim consolidated financial statements as of and for the three and nine months ended September 30, 2014 and 2013 have been prepared by Assured Pharmacy, Inc. (the “Company”) in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. These consolidated statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments and accruals) necessary for a fair statement for the periods presented. The year-end consolidated data was derived from audited financial statements but does not include all disclosures required by GAAP. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The results of operations for the three and nine months ended September 30, 2014 are not necessarily indicative of the results to be expected for the full fiscal year. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company and notes thereto included in the audited annual financial statements for the year ended December 31, 2013 filed as part of the Company’s Annual Report on Form 10-K/A on April 25, 2014. Going Concern Considerations The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the ordinary course of business. As of September 30, 2014, the Company had an accumulated deficit of approximately $51.2 million and, recurring losses from operations. The Company also had negative working capital of approximately $6.0 million and debt with maturities within one year in the amount of approximately $4.8 million as of September 30, 2014. As described in Note 14, Subsequent Events, the Company filed voluntary petitions in the United States Bankruptcy Court. On April 14, 2015, we received an order approving Disclosure Statement, on a final basis, and confirming Joint Chapter 11 Plan of Reorganization from the United States Bankruptcy Court for the Eastern District of Texas Sherman Division. On March 27, 2015, the Company filed a Form 15-12G Certification of Termination of Registration with the United States Securities and Exchange Commission to voluntary discontinue public company reporting. The Company made the election as a cost reduction measure and to facilitate the equity sale of the Company. On April 16, 2015, the Company completed the equity sale of 100 % of the post bankruptcy common stock to Precise Analytical, LLC ., in accordance with the terms of the Equity Purchase Agreement and as a result of the transaction became a private company.

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- Definition The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). + References No definition available. + Details
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