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Another actor joins "the Losers." Iron Man 2 nears the end of filming while a Green Lantern is chosen. All this plus a scene from "Watchmen: The Director's Cut" and more over in the Comic Reel.
Three vie for the "Green Lantern" while the masks of Destro and Cobra Commander are revealed. Plus details on a Foot Clan audition, "The Black Freighter" finally comes to "Watchmen" and more.
A new Superman film by 2012? Meanwhile, Cameron Diaz considers going Green and screenwriter Zak Penn assembles more "Avengers" notes. All this plus more "Kick-Ass" photos and more.
New photos from the set of Kick-Ass! Brian Azzarello suggests "100 Bullets" as a feature. Meanwhile, Edgar Wright still likes "Ant Man." All this plus some "Heroes" Comic-Con information and more in the Comic Reel.
Stephen Dorff returns for a "Blade" prequel? Meanwhile, "Watchmen" leaked to the Internet. G.I. Joe comes to Japan, and "Proof" presents itself. All this plus another Stan Lee cameo and more.
"Green Lantern" approaches light. "Deadpool" will shatter the fourth wall while Smallville's Kryptonite turns out to be spoilers. All this plus Venom's feature cameo, a triple shot of "Pilgrim," and more.
Is everything ship-shape in Sparta? Also, Superman Brandon Routh would love to fly again. All this plus denials, conjecture, spy shots, changes in "Watchmen" the Director's Cut and more in the Comic Reel.
Appearing at Meltdown Comics last night, Grant Morrison and Clive Barker discussed the unacknowledged bondage of Wonder Woman, the altered state of creativity, and the progression of "The If."
Jessica Biel is coming on to "Thor?" Meanwhile, "Jonah Hex" comic writer Justin Gray gets facetime with actor Josh Brolin. All this plus release date changes, spoiler-worthy reports, and more in the Comic Reel.
Teenage Mutant Ninja Turtles Begins? A seven hour pitch for "Thor?" An ultimate "Y: The Last Man?" "Dead of Night" straight to DVD? All these questions and more as the Comic Reel ponders just who is in charge here.
With great action sequences, but a thin story, "Terminator Salvation" -- starring Christian Bale and Sam Worthington -- finally reveals, with surprising reality, the Future War of the Machines.
Anton Yelchin, Bryce Dallas Howard, Moon Bloodgood, and Common tell CBR News about shooting the new Terminator film, doubling up on summer movies, and the role of technology in their lives.
Director McG and screenwriters Michael Ferris and Jon Brancato tell CBR News about the challenges in returning not just the Terminator to movie screens, but also John Connor.
"Terminator Salvation's" new cyborg Sam Worthington talks about his job as an actor, his role in the McG film, and his upcoming role in a remake of "Clash of the Titans."
Actor Christian Bale talks to CBR News about "Terminator Salvation," working with the film's director, and why Christopher Nolan will not tell him anything about the next Batman movie.
CBR News reveals a look at the forthcoming film "Dead of Night" with a production photo taken at the New Orleans set of the Brandon Routh-starring film based on the Italian Dylan Dog comics.
"X-Men Origins: Wolverine" combines a great character with a fun movie not without its problems, but ultimately succeeds as reviewer Erik Amaya notes film goers will come away with "a desire…to see another X-Men picture."
Directed by Ray Griggs, the parody "Super Capers" features misguided heroes and misguided filmmaking, with derivative characters and plots, some of which strain the definition of "homage."
Screenwriter David Hayter, actor Matthew Goode and illustrator Dave Gibbons talk to CBR about the "Watchmen" film's biggest departure from the Alan Moore & Dave Gibbons graphic novel.
"Watchmen" screenwriters David Hayter and Alex Tse talk with CBR News about the long and harrowing journey to bring Alan Moore & Dave Gibbons' classic graphic novel to film -- faithfully.
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Oðblgshezi: Calculator Words. Riddle me this. I love telling riddles for one simple reason: you know something someone else doesn't, and it makes them really, really mad.
Here are some riddle type games that you can play for hours if you're cruel. The Green Glass Door (a.k.a. The Green Glass Room.): Basically, tell your friends that there is something called the green glass door, and only certain objects (and possibly actions) are allowed inside of it. Scary shark mouth container. 1) Sharks will eat anything… 2) …especially cheese straws.
... gone fishing - imaginechildhood.com. If there is one thing that says "summer", it's sitting next to a cool river under the dappled shade of a tree with a fishing pole... ... the only problem is we didn't have one, so we decided it was the opportunity to make one.
Starting with a bamboo garden stake... ... and using some old wine corks for the handle, we quickly got to work. With the rod and the handle in place, it was time to find a reel and some rigging for the line. For the rigging we simply screwed in some tiny, evenly spaced eye-screws along one side of the rod (see first picture and make sure to pre-drill the holes if you can, it helps quite a bit to prevent any splitting in the bamboo). Flickr – Compartilhamento de fotos! Lã tingida com suco em pó. Preparadas para saber o que aconteceu na semana passada ?
Zipervideo: a bola de lã que não te enrola ! Reciclando o seu tricô. No final de semana resolvi colocam em prática mais um projeto de reciclagem de inverno.
Desta vez, ao invés de repaginar uma blusa de lã eu resolvi ir mais a fundo e reciclar a própria lã de peças de tricô. Explico. Eu tinha dois cachecóis de tricô que estavam encostados no armário. A lã era muito bonita e de boa qualidade (um azul mais clarinho, de lã de carneiro mista e um azul escuro de lã mista com seda) mas eu já tinha enjoado deles e achei que podiam ter um novo destino. Resolvi que uma boa saída seria desmanchá-los para aproveitar o fio em outros projetos de tricô. Desmanchar cachecóis é fácil porque normalmente eles não têm costura.
. * É melhor desmanchar peças que foram tricotadas manualmente. Giant Atari Joystick Lamp. I didn't have a real joystick to study and measure for dimensions, so I went off of pictures I got online.
I think I got the proportions pretty close though, just through some basic math like height/width ratios, etc. I purchased one 2 by 4-foot panel of MDF in each of the following thicknesses: 1/4", 1/2", 3/4". I also purchased one 2 by 4-foot sheet of 1/8' hardboard. I had plenty of material left over afterward. MDF is great for things like this. If you plan to make one of these, I would recommend finding a real joystick to work from. The top piece is cut from 1/2" material. Free textures for your next web project.
Traveling Craft Kit. By Future Craft Collective How many times have you been out and about – on the road, at the beach or in the woods with a hankering to get your craft on but no supplies handy?
Which always feels like such a shame, since nature, travel or even being stranded in a train station can provide such endless inspiration for your crafty endeavors. What we've discovered in our years of being on the road – both with kids and without, is that an inspired craft kit can provide you with infinite possibilities for creating wherever and whenever you go. Our traveling craft kit is intended to provide endless hours of open ended inspiration. It is intended too, to utilize things you find along the way – be they items from nature or flyer from the lobby of the local welcome center. Your mode of travel may serve to determine the size of your kit – small, medium or large.
Directions: Tron Bag with EL Wire. Tote your Thinkpad and port your Apple in style with our custom TRON-inspired laptop bag tutorial.
With a little soldering and sewing skills you can have your own light up satchel, sure to impress geeky friends. So grab your sewing needle and soldering iron and follow along. Project: Kokedama String Garden. The first time I saw a kokedama string garden was right here, on Craftzine. Being a bonsai and ikebana enthusiast, I was captivated by yet another amazingly beautiful Japanese gardening method.
I've hung my kokedama outdoors, where it sways a bit in the breeze, and I couldn't love it more. The steps are simple, with the most important aspect being the mixture of clay and soil. Try to achieve a blend of mud that clings together well. When encasing the plant, you will feel a bit like a sculptor, and in essence, you are sculpting the earth into something fairly impossible — a perfectly round hanging garden.
Materials Small plant Heavy clay mud, or bonsai soil Potting soil Moss Twine. SCP-244. Item #: SCP-244 Object Class: Euclid Special Containment Procedures: When not in testing, SCP-244-1 is to be placed in a room with its own thermostat, kept at a temperature of no less than 38℃.
This room must also have its own ventilation system to provide constant air circulation. SCP-244-1 will rest on top of a scale attached to an alarm, so that any abrupt changes in weight from SCP-244-1's cap's sudden removal or from SCP-244-1's displacement may be immediately detected. If the alarm goes off, SCP-244-1 is to be immediately retrieved, capped, and placed back on the scale. Planning and Organizing Blog Posts for the Year.
I couldn't resist introducing this post with a shot of our 10" diameter Hibiscus blossom (Hibiscus moscheutos) taken this past summer! After all, this post is designed to give you a few tools for planning your blog posts for the whole year ahead! Why not a picture of coming attractions? My readers in the southern hemisphere are already enjoying summer, so here is what's around the corner in their future! Diane published our third annual Christmas podcast conversation in December during which I mentioned that I usually have most of my blog posts planned a year in advance. Now even though, to me anyway, this seems a perfectly normal thing to do, apparently it surprised a lot of listeners and several have written and requested more information about just how exactly I do that! Stuff Beaders Say. Nintendo DS(NDS) Games,DS(NDS) Roms,DS Movies,game news - Games-Engine.com.
Man Crafts: office supply grappling gun. Ever notice how secret agents and spies get all the cool gear?
Well, now you can too! Make your own mini grappling hook out of office and household supplies, then let let loose on a top secret mission from Her Majesty's Secret Service. This grappling hook design was built from the new book Mini Weapons of Mass Destruction 2 (Chicago Review Press) by John Austin*. This book has over 30 mini weapons and gadgets which can all easily be built with office or household supplies, most of which I had on hand already!
I chose to build a personal favourite, the grappling gun. The Mini Top Hat Tutorial. With only about 30 days left until our trip to Atlanta for Dragon*Con, I've been thinking about what costumes to take. See Everything. Bow and Knot. Our instructions are for decorating a 3 3/4-inch jewelry box, but you can adapt them to suit any size. Learn the techniques and you can also use the ties on napkins, flower girls' dresses, and more. (The pyramid bow would look especially lovely on the backs of ceremony chairs.) Four-Bow-Box How-To1. Cut four ribbons, about 25 inches each. DIY Fake Lashes. Need some gigantic eyelashes sometime soon, say, for Halloween, and don't want to pay almost $10 for them? Well I got the tutorial for you! I found a tutorial on youtube on how to make your own false lashes with just a few materials that most people have around and got to makin'.
Materials: {Thursday Thoughts} Notebook Tee Tutorial. This post contains affiliate links. Thank you for your support. It's almost that time {here in NY at least} for back to school! Although my daughter is 2 and has quite some time before I send her off on a bus...I wanted to make something for one of you amazing readers {well, not for you...for your kiddo}. First, here is a tutorial in case you don't win {or aren't the crafty type}: You will need: How to Make Goo (aka Slime, Gak, or Flubber) Making goo (also known as slime, gak, or flubber) is a simple process. You only need three ingredients, and this recipe results in a weird, stretchy substance that entertains kids for quite awhile. This is a fun experiment for kids of all ages -- I found the recipe at Steve Spangler science.
Fall is a great time of year to stock up on one of the principle ingredients: white glue. School supply sales are awesome! Of course, you can buy white glue at the dollar store all year around for the low price of $1, too. Recycled glove chipmunk. Always Chrysti - Always Chrysti - 100+ Ways to Creatively Reuse Old Magazines. Free textures, texture tutorials and texture inspiration collections from the web. Origami Length line Heart.

subset: commoncrawl


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I am having trouble getting PhantomJS and CasperJS working within the cygwin environment. I am very new to cygwin. I was able to download both packages for windows and run them via windows cmd.
To get them to work with Cygwin, I tried the following:
I downloaded the tar/zip files for both PhantomJS and CasperJS, I copied the contents on the "bin" folders into C:\cygwin\bin. But when I type in phantomjs on cygwin I get:
/usr/bin/phantomjs: cannot execute binary file
Then, I tried to do:
pip install git+git://github.com/ariya/phantomjs
but after waiting for a while I get the following response:
Downloading/unpacking git+git://github.com/ariya/phantomjs Cloning git://github.com/ariya/phantomjs to /tmp/pip-dCF1oZ-build Running setup.py egg_info for package from git+git://github.com/ariya/phantomjs Traceback (most recent call last): File "", line 16, in IOError: [Errno 2] No such file or directory: '/tmp/pip-dCF1oZ-build/setup.py' Complete output from command python setup.py egg_info: Traceback (most recent call last):
File "", line 16, in
IOError: [Errno 2] No such file or directory: '/tmp/pip-dCF1oZ-build/setup.py'
---------------------------------------- Command python setup.py egg_info failed with error code 1 in /tmp/pip-dCF1oZ-build Storing complete log in /home/tkondapalli/.pip/pip.log
Does any one have any advice on how to get this working? Does anyone use PhantomJS/CasperJS in the cygwin environment?
Also, I thought the .exe I am downloading and copying into the C:\cygwin\bin directory is the one for linux, so maybe that doesn't work? So this means that I need to compile from source on cygwin...
So, I started following directions for building phantomjs: http://phantomjs.org/build.html
The first thing we need to do is build OpenSSL for devel, but again I don't know how to do this for cygwin! So I just skipped this step for now, which is probably not right.
I did download the source from github and tried to build it. It failed with the follow error:
Makefile:217: recipe for target `qtemporaryfile.o' failed make: * [qtemporaryfile.o] Error 1 make: * Waiting for unfinished jobs.... make: *** No targets specified and no makefile found. Stop. ./build.sh: line 90: src/qt/bin/qmake: No such file or directory
Earlier I had downloaded the executables for Linux, so it was not working. This time I downloaded the executables for windows and put it in C:/cygwin/bin, and it worked!
I don't understand why I would need to download the windows executable, when cygwin is a linux emulator. This confuses me, but at least it works now!


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|Property Details A Single-Level Of Smart Spacious Living A sparkling renovation has breathed new life into this street-front, single-level villa. Smartly updated for todays living & a walk away from Glen Huntly Village & city transport, the stylish home enjoys an open-plan living & dining room, granite benchtops & splashbacks in the modern kitchen/meals & a partially covered courtyard for alfresco relaxation in all weather conditions. One of just five. 2009742260
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By: Don Williams on September 4, 2014 - 4:04pm - Add new comment
Texas Tech defensive lineman Bennett Ofor is focusing on academics and not currently practicing with the team, defensive line coach John Scott Jr.
Ofor is not listed on the Red Raiders' roster at the moment, but Tech spokesman Blayne Beal said he could return.
The senior from Friendswood Clear Brook played in nine games last season, mostly as a noseguard in pass-rush packages. He underwent surgery after the season for a torn anterior cruciate knee ligament and hasn't been on the field since.
By: Don Williams on September 1, 2014 - 3:30pm - Add new comment
Texas Tech expected to feel the loss of Eric Ward this season. Not only did he catch more than 80 passes three years in a row, but he played a rough, physical style when a teammate had the football.
The Red Raiders felt his absence right away Saturday.
By: Don Williams on September 1, 2014 - 3:12pm - Add new comment
Texas Tech offensive coordinator Eric Morris said freshman receiver Cameron Batson will have a chance this week to play on offense, but at different positions than the ones at which he's been projected.
Tech coach Kliff Kingsbury and Morris weren't pleased with the play of their outside receivers in Saturday's 42-35 win against Central Arkansas and said they'll plug in Batson there — at split end or flanker either one.
Batson started preseason practice training behind Jakeem Grant and Jordan Davis at "H" inside receiver.
By: Don Williams on September 1, 2014 - 2:33pm - Add new comment
Texas Tech defensive coordinator Matt Wallerstedt picked a conspicuous stretch to insert safeties Jalen Barnes and Josh Keys for their first career defensive snaps: virtually the entire fourth quarter of a game that hadn't been decided.
Barnes, a redshirt freshman, and Keys, a junior college transfer, went in with 12:58 left Saturday and Tech up 35-21. They played every snap the last two series, during which Central Arkansas drove 15 plays to get within 35-28 and nine plays to cut it to 42-35.
Wallerstedt said he wanted to get both some playing time.
By: Don Williams on September 1, 2014 - 1:49pm - Add new comment
Texas Tech linebacker Chris Payne is enrolled in school for the fall semester, defensive coordinator Matt Wallerstedt said Monday, and could be a candidate to help the team late in the season.
Payne was on the sideline in jersey and shorts Saturday night during the Red Raiders' 42-35 victory against Central Arkansas.
By: Don Williams on September 1, 2014 - 1:37pm - Add new comment
Texas Tech noseguard Rika Levi is day to day, coach Kliff Kingsbury said Monday, with the right knee injury he suffered in Saturday's season opener against Central Arkansas.
"It wasn't as bad as initially thought, which was good," Kingsbury said. "So we're going to brace him up and see how he's feeling. But he's day to day as of right now."
Levi got hurt on his fifth play, a fourth-and-1 in Tech territory in the first quarter.
By: Don Williams on August 25, 2014 - 3:48pm - Add new comment
Although freshman Patrick Mahomes seems to be in an obvious will-play situation this season as the No. 2 quarterback, it remains to be seen how the Red Raiders will use him.
Since Tech coaches have no plans to redshirt Mahomes, they could try to get him into every game or nearly every game to maximize his development.
By: Don Williams on August 25, 2014 - 3:22pm - Add new comment
Luckless Tech lineman Tony Morales is out again — this time for an indefinite period with a knee injury — Texas Tech coach Kliff Kingsbury confirmed Monday.
Morales, a junior from Arlington Houston, has suffered season-ending injuries — one to each shoulder and also to a knee — each of the last three years. He's never played in a game.
By: Don Williams on August 25, 2014 - 3:13pm - Add new comment
Texas Tech offensive coordinator Eric Morris said slot receiver Ian Sadler caught the third-most passes of any Red Raiders receiver during preseason practices and will be a phenomenal player.
Tech fans might not see the start of that until 2015, howeveer.
Tech coaches will try to redshirt the freshman signee from Argyle, Morris said Monday. Sadler and Oklahoma City Millwood product Cameron Batson — both freshmen, both inside receivers and both punt-return candidates — ostensibly were battling each other for a spot.
By: Don Williams on August 25, 2014 - 2:00pm - Add new comment
Texas Tech had its first weekly football news conference of the season Monday.
Here's the most noteworthy stuff to come out of it:
— Tony Morales is out indefinitely with a knee injury, Tech coach Kliff Kingsbury confirmed, yet another shot of bad news for the junior center. Morales suffered season-ending injuries each of the previous three years: on both shoulders and a knee.
Lubbock Avalanche-Journal ©2016. All Rights Reserved.


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Quotes & Info
|WDKA > SEC Filings for WDKA > Form 10-Q on 19-Nov-2012
|All Recent SEC Filings
Quarterly Report
The following information should be read in conjunction with our financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and well as our most recent Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions, which could cause actual results to differ materially from management's expectations. Please see "CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION"
We use the terms "Panache," "the Company," "we," "us," and "our" to refer to Panache Beverage Inc., its subsidiaries and predecessors, unless indicated otherwise.
Business Overview
Panache Beverages, Inc. is an alcoholic beverage company specializing in the development, global sales and marketing of spirits brands. The Company's expertise lies in the strategic development and aggressive early growth of its brands establishing its assets as viable and attractive acquisition candidates for the major global spirits companies. Panache intends to build its brands as individual acquisition candidates while continuing to develop its pipeline of new brands into the Panache portfolio. Panache's existing portfolio contains three brands:
Wodka Vodka (www.welovewodka.com)
Wodka is triple distilled and charcoal filtered earning it a 90 point rating by the Beverage Testing Institute - a first for any brand available for under $10. Wodka was developed as an egalitarian brand - coming from the position that consumers shouldn't have to pay $30 for a bottle of quality vodka. This position was authentic - the brand was discovered by Panache while walking through a distillery in Eastern Poland - Wodka Vodka, a relic from Poland's communist era, was government owned/issued vodka. Wodka stands tall in the exploding category of 'quality for value' spirit brands. It is uniquely positioned in the category as fun, quirky, aloof - all attributes which have been embraced by trade and consumers making Wodka a true "brand" very quickly.
Alchemia Infused Vodka (www.alchemiainfusions.com)
Alchemia is a premium, traditional Polish vodka that is naturally infused with select raw ingredients and made in the "Spiritus Vini", or "Spirit of Wine". The spirit is available in three varieties: Chocolate, Ginger, and Wild Cherry. Alchemia's infusions are a fresh escape for consumers who have been offered very little from a spirits world rife with the artificially flavored vodkas presently taking up store shelves and back bars. Alchemia has found a strategic niche in the exploding culinary world and is being favored by celebrity chefs and their restaurants. Cherry received a 94 PTS by Wine Enthusiast and was named a Top 50 Spirit for 2011, whereas Chocolate received a 92 by The Tasting Panel.
Alibi American Whiskey (www.alibiamerica.com)
Showing its propensity to stir up a little controversy, Panache is finishing
test marketing for its latest creation, Alibi American Whiskey. Alibi has been
developed to exploit a gap in the exploding brown spirits category - the need
for an edgy, cool, premium Whiskey that appeals to the younger generation of
legal age drinkers. While we could focus on the fact that Alibi is affordable
premium Whiskey, distilled from Rye, aged four years in new American oak barrel
- we think that's rather mundane. Alibi is an elixir for the flawed human spirit in all of us, a tonic for sin and an excuse for vulnerability. We created the spirit because we know mankind needs an out, a way to feel better about those poor decisions that will invariably be made. Everyone needs an Alibi.
The Company was incorporated in Florida effective December 28, 2004 and provided motorcycle repair services to customers located in and around the Charlotte, North Carolina area. Subsequent to the Plan of Exchange executed on August 19, 2011, the Company has continued operations of Panache, an alcoholic beverage company specializing in the development and global sales and marketing of spirits brands, and no longer be engaged in the business of motor cycle repair services.
Panache was formed in November 2004 by James Dale as the import company of record for the premium vodka, 42 BELOW NZ. At that time, 42 BELOW was a publicly traded company but lack of traction in the most important liquor markets in the world, including the United States. Panache provided the marketing solution for 42 BELOW, and it became a brand available in 19 strategically selected states and was over-performing in top tier image accounts a year later. By mid-2005 42 BELOW was a major player in the business and was being noticed in the United States by major suppliers.
After noticing that 42 BELOW has replaced Grey Goose in numerous key accounts, Bacardi added 42 BELOW to a list of top threats to Grey Goose in the US. Shortly thereafter 42 BELOW was formally approached for global acquisition. At this stage Panache was responsible for over 50% of the total annual cases sold globally and was among the key driving factors in the success of the brand. These agreements were purchased as part of the settlement and purchase of the 42 BELOW Public Company in December 2006.
During this time Panache was developing its current pipeline brands Alchemia Vodka and Alibi Bourbon with an eye toward developing a value brand, which became Wodka.
Today, Panache has developed a unique set of wholesale and retail relationships as well as sales and marketing infrastructure and proprietary partnerships enabling it to successfully develop, roll out and exit its brands.
Operational Highlights for the nine months ended September 30, 2012
Panache continued its expansion into foreign markets by tapping O.B.H. Wine and Spirits Inc. as an exclusive partner to represent Wodka and Alchemia brands in Canada. Panache and O.B.H are in the process of securing approval from the Legal Control Board of Ontario to sell and market the brands throughout all provinces and territories of Canada.
Wodka Vodka has been accepted as a core range product for LMG Bottlemart Group, which represents 12% of total Australian packaged liquor market and comprises over 2,000 members throughout the country. The acceptance of Wodka by LMG Bottlemart is an endorsement of the brand's strategy, marketing, and pricing.
Alibi American Whiskey has received its Certificate of Label Approval from Alcohol and Tobacco Tax and Trade Bureau. The approval paves the way for Panache to roll out this highly anticipated brand in the third quarter of this year.
Panache added 2 new distributors for the Alchemia brand and expanded into 1 state in the third quarter of 2012. Our brands are now available in 31 states across the United States.
Results of Operations for the Three and Nine Months Ended September 30, 2012 and 2011
Revenues were $271,241 and $433,979 for the three months ended September 30, 2012 and 2011, respectively, a decrease of 37%. Revenues were $1,310,765 and $1,265,671 for the nine months ended September 30, 2012 and 2011, respectively, an increase of 4%. We generate our revenues from sales of distilled spirits. The revenues are recognized when persuasive evidence of a sale exists, transfer of title has occurred, the selling price is fixed or determinable and collectability is reasonably assured. Our sales arrangements are not subject to warranty. Gross revenue was reduced due to sales returns and allowances by $0 and $65 during the three months ended September 30, 2012 and 2011, respectively and $30,325 and $16,142 during the nine months ended September 30, 2012 and 2011, respectively.
The decrease in revenue during the three months ended September 30, 2012 compared to the three months ended September 30, 2011 was primarily due to production issues at our supplier in Bialystock, Poland. Due to these issues at the distillery, the Company has contracted a new distillery on September 10, 2012 to supply its Wodka and Alchemia products and has now begun shipping these products at previous levels. The increase in revenue during the three and nine months ended September 30, 2012 compared to the same period in 2011 was primarily due to the implementation of our marketing strategies in new markets and growth in existing markets. This increase has been partially offset by the supplier issues noted above.
Cost of Goods Sold
Cost of goods sold included expenses directly related to selling our products. Product delivery, broker fees and direct labor would be examples of cost of goods sold items. Cost of goods sold was $115,122, or 42% of revenue, and $357,304, or approximately 82% of revenue, during the three months ended September 30, 2012 and 2011, respectively. Cost of goods sold was $811,462, or approximately 62% of revenue, and $1,004,756, or approximately 79% of revenue, during the nine months ended September 30, 2012 and 2011, respectively.
The decrease in costs of goods sold as a percentage of revenue during the three and nine month periods ended September 30, 2012 in comparison to the same periods in 2011 is primarily due to increased efficiencies in operations and higher gross profit on international sales, which accounted for a higher percentage of sales in 2012.
Operating expenses were $876,066 and $1,442,269 for the three months ended September 30, 2012 and 2011, respectively and $3,198,285 and $2,809,753 for the nine months ended September 30, 2012 and 2011, respectively.
The increase in operating expenses during the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011 was the result of Panache becoming a public company and its rapid growth. As a new public company Panache incurred substantial accounting and legal expenses, as well as financial consulting, research, and investor relations expenditures. However, substantial portion of these fees were paid in stock of Panache Beverage Inc. to alleviate pressure on cash reserves. As part of its expansion and growth efforts, the Company has hired new employees and incurred higher employee compensation, executive recruiting, insurance, and T&E expenses in the first nine months of 2012.
The decrease in operating expenses during the three months ended September 30, 2012 compared to the same period in 2011 was due to the substantial accounting and legal expenses incurred in the early stages of operating at a public company during the third quarter of 2011. These expenses have decreased as the Company has established better business processes.
Net Loss
The Company's net loss for stockholders was $684,699 and $838,628 for the three months ended September 30, 2012 and 2011, respectively and $2,280,576 and $868,015 for the nine months ended September 30, 2012 and 2011, respectively. The change in net loss for the nine months ended September 30, 2012 compared to the same 2011 period was attributable to higher operating expenses and less loss allocated to non-controlling interests. The decrease in the loss for the three months ended September 30, 2012 compared to the same 2011 period was due to the decrease in operating expenses.
There can be no assurance that we will achieve or maintain profitability, or that any revenue growth will take place in the future.
Liquidity and Capital Resources
Cash flows used in operating activities were $1,529,853 and $765,749 for the nine months ended September 30, 2012 and 2011, respectively. Negative cash flows from operations for the nine months ended September 30, 2012 were due primarily to the net loss of $2,280,576 and the loss allocated to non-controlling interests of $480,329 offset by non-cash advertising of $257,944 and stock issued for services and compensation of $445,000. Negative cash flows from operations for the nine months ended September 30, 2011 were due primarily to the net loss of $868,015 and the loss allocated to non-controlling interests of $1,736,403 offset by non-cash advertising of $1,251,539.
Cash flows used in investing activities in both 2012 and 2011 were due to the purchase of equipment.
Cash flows provided by financing activities were $1,433,734 and $756,151 during the nine months ended September 30, 2012 and 2011, respectively. Positive cash flows from financing activities during the nine months ended September 30, 2012 were due primarily to proceeds of $1,022,700 from sales of common stock. Positive cash flows from financing activities during nine months ended September 30, 2011 were due primarily to proceeds of $270,000 from sales of common stock. Positive cash flows also resulted from contributions from non-controlling interests to consolidated subsidiaries of $199,800 and proceeds of $184,639 from factoring accounts receivable.
We project that we will need additional capital of approximately $1,100,000 to fund operations over the next 12 months.
Overall, we have funded our cash needs from inception through September 30, 2012 with a series of debt and equity transactions, primarily with related parties. If we are unable to receive additional cash from our related parties, we may need to rely on financing from outside sources through debt or equity transactions. Our related parties are under no legal obligation to provide us with capital infusions. Failure to obtain such financing could have a material adverse effect on operations and financial condition.
We had cash of $47,904 on hand as of September 30, 2012. Currently, we may not be able to sustain our capital needs because we do not have enough cash to fund our operations for the next three months. This is based on current negative cash flows from operating activities and net losses during the periods. We will then need to obtain additional capital through equity or debt financing to sustain operations for an additional year. Our current level of operations would require capital of approximately $1,100,000 per year. Modifications to our business plans may require additional capital for us to operate. For example, if we are unable to raise additional capital in the future we may need to curtail our number of product offers or limit our marketing efforts to the most profitable geographical areas. This may result in lower revenues and market share for us. In addition, there can be no assurance that additional capital will be available to us when needed or available on terms favorable to us.
On a long-term basis, liquidity is dependent on continuation and expansion of operations, receipt of revenues, and additional infusions of capital and debt financing. Our current capital and revenues are insufficient to fund such expansion. If we choose to launch such an expansion campaign, we will require substantially more capital. The funds raised from this offering will also be used to market our products and services as well as expand operations and contribute to working capital. However, there can be no assurance that we will be able to obtain additional equity or debt financing in the future, if at all. If we are unable to raise additional capital, our growth potential will be adversely affected and we will have to significantly modify our plans. For example, if we unable to raise sufficient capital to develop our business plan, we may need to:
� Curtail new product launches
� Limit our future marketing efforts to areas that we believe would be the most profitable.
Demand for the products and services will be dependent on, among other things, market acceptance of our products, our brands' recognition, distilled spirits market in general, and general economic conditions, which are cyclical in nature. Inasmuch as a major portion of our activities is the receipt of revenues from the sales of our products, our business operations may be adversely affected by our competitors and prolonged recession periods.
Our success will be dependent upon implementing our plan of operations and the risks associated with our business plans. We specialize in development, global sales and marketing of spirits brands. We plan to strengthen our position in these markets. We also plan to expand our operations through aggressively marketing our products and our concept.