(Exact name of registrant as specified in its charter.)
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)
(Address of principal executive offices)
(Registrant's Telephone number)
(Former Name or Former Address, if Changed Since Last Report)
See Item 8.01 below.
On April 25, 2018, Kevin Sherman resigned from his position as President and Chief Marketing Officer of True Drinks Holdings, Inc. (the "Company") solely for personal reasons, and to pursue other opportunities. Mr. Sherman will remain as a director of the Company.
In connection with the preparation of its financial statements for the fiscal year ended December 31, 2017, the Company is currently performing an evaluation of goodwill and other intangible assets. It is anticipated that the Company will file its Annual Report on Form 10-K for the year ended December 31, 2017 ("Annual Report") following completion of the evaluation, and the audit of the financial statements. In connection with the evaluation, it is anticipated that management will record a substantial non-cash goodwill impairment charge in an amount to be determined. The anticipated non-cash charge is principally attributable to weakness in the sale of AquaBall Naturally Flavored Water and continued operating losses. In light of these weaknesses, management has also determined to discontinue the production of AquaBall®, in its current packaging and formulation. As a result of management's determination, the Company has reduced its staff to two full-time employees, and is currently reviewing its business and remaining assets. Management's review will likely result in the decision to sell its remaining assets, or a determination to enter into a license or similar agreement with a third party to continue the production, marketing and sale of AquaBall®.
True Drinks Holdings, Inc. |
By: | /s/ James Greco |
Name: James Greco | |
Title: Chief Executive Officer |