On 05/16/2013, Xhibit Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

Xhibit Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company’s revenues were $2,353,634 against $2,100,122 a year ago. Loss from operations was $89,307 against $1,526,822 a year ago. Loss before income tax was $108,197 against $1,533,401 a year ago. Net loss was $108,197 against $1,533,401 a year ago. Basic and diluted loss per share was $0.00 against $0.02 a year ago. For the year, the company’s revenues were $9,772,966 against $6,351,384 a year ago. Loss from operations was $338,734 against $329,424 a year ago. Loss before income tax was $394,310 against $336,003 a year ago. Net loss was $394,310 against $336,003 a year ago. Basic and diluted loss per share was $0.01 against $0.01 a year ago. Net cash provided by operating activities was $477,221 against $790,417 a year ago. Purchases of property and equipment were $721,610 against $31,949 a year ago.

On April 15, 2013, Xhibit Corp. entered into Unsecured Promissory Notes in the aggregate principal amount of $375,000 with four lenders, all of which were accredited investors. The Notes bear interest at a fixed amount equal to 10% of the principal amount. The Notes mature on March 31, 2014, when the principal and the fixed interest amount are due in full. The Notes are unsecured and were issued pursuant to an Unsecured Note Purchase Agreement, under which the company is seeking up to $1,250,000. The company may continue to offer and sell additional unsecured promissory notes under this Unsecured Note Purchase Agreement until April 30, 2013. All proceeds from the Notes are expected to be used for general working capital.