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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SMS Alternatives Inc (CE) | USOTC:CICN | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.00 | 0.00 | 01:00:00 |
Delaware
|
11-2920559
|
(State
or other jurisdiction of incorporation or
organization)
|
(I.R.S
Employer Identification Number)
|
8000
Regency Parkway, Suite 542, Cary, North Carolina
|
27518
|
(Address of
principal executive offices)
|
(Zip
Code)
|
PART I.
Financial Information
|
Page
Number
|
|
|
Item 1.
Condensed Consolidated Financial Statements
|
|
|
|
Condensed
Consolidated Balance Sheets as of September 30, 2016 (unaudited)
and December 31, 2015
|
3
|
|
|
Condensed
Consolidated Statements of Operations for the three and nine months
ended September 30, 2016 and 2015 (unaudited)
|
4
|
|
|
Condensed
Consolidated Statements of Cash Flows for the nine months ended
September 30, 2016 and 2015 (unaudited)
|
5
|
|
|
Condensed
Consolidated Statement of Stockholders’ Deficit as of
September 30, 2016 (unaudited)
|
6
|
|
|
Notes
to Condensed Consolidated Financial Statements
(unaudited)
|
7
|
|
|
Item 2.
Management’s Discussion and Analysis of Financial Condition
and Results of Operations
|
15
|
|
|
Item 3.
Quantitative and Qualitative Disclosures about Market
Risk
|
22
|
|
|
Item 4.
Controls and Procedures
|
22
|
|
|
PART II
. Other Information
|
23
|
|
|
Item 1.
Legal Proceedings
|
23
|
|
|
Item
1A. Risk Factors
|
23
|
|
|
Item 2.
Unregistered Sales of Equity Securities and Use of
Proceeds
|
23
|
|
|
Item 3.
Defaults Upon Senior Securities
|
23
|
|
|
Item 4.
Mine Safety Disclosures
|
23
|
|
|
Item 5.
Other Information
|
23
|
|
|
Item 6.
Exhibits
|
23
|
|
|
SIGNATURE
|
24
|
|
|
|
Three Months
Ended
September
30,
|
Nine Months
Ended
September
30,
|
||
|
2016
|
2015
|
2016
|
2015
|
Revenue:
|
|
|
|
|
Software
|
$
11
|
$
140
|
$
34
|
$
345
|
Maintenance
|
124
|
372
|
769
|
1,106
|
Services
|
82
|
30
|
167
|
59
|
Total operating
revenue
|
217
|
542
|
970
|
1,510
|
|
|
|
|
|
Cost of
revenue:
|
|
|
|
|
Software
|
--
|
--
|
--
|
--
|
Maintenance
|
46
|
26
|
144
|
82
|
Services
|
96
|
145
|
337
|
434
|
Total cost of
revenue
|
142
|
171
|
481
|
516
|
|
|
|
|
|
Gross
margin
|
75
|
371
|
489
|
994
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Sales and
marketing
|
84
|
215
|
415
|
833
|
Research and
product development
|
269
|
359
|
862
|
1,108
|
General and
administrative
|
197
|
419
|
642
|
928
|
Total operating
expenses
|
550
|
993
|
1,919
|
2,869
|
Loss from
operations
|
(475
)
|
(622
)
|
(1,430
)
|
(1,875
)
|
|
|
|
|
|
Other
income/(expense):
|
|
|
|
|
Interest
expense
|
(114
)
|
(43
)
|
(329
)
|
(325
)
|
Total
other income/(expense)
|
(114
)
|
(43
)
|
(329
)
|
(325
)
|
|
|
|
|
|
|
|
|
|
|
Net
loss:
|
(589
)
|
(665
)
|
(1,759
)
|
(2,200
)
|
8%
preferred stock Series B dividend
|
--
|
24
|
--
|
86
|
Deemed
dividend applicable to warrant purchase
|
--
|
882
|
--
|
882
|
Net loss applicable
to common stockholders
|
$
(589
)
|
$
(1,571
)
|
$
(1,759
)
|
$
(3,168
)
|
Loss per share
applicable to common stockholders:
|
|
|
|
|
Basic and
Diluted
|
$
(0.00
)
|
$
(0.01
)
|
$
(0.01
)
|
$
(0.02
)
|
Weighted average
shares outstanding:
|
|
|
|
|
Basic
and Diluted
|
192,253
|
178,735
|
192,253
|
138,537
|
|
Nine Months
Ended
September
30,
|
|
|
2016
|
2015
|
Cash flows from
operating activities:
|
|
|
Net
loss
|
$
(1,759
)
|
$
(2,200
)
|
Adjustments to
reconcile net loss to net cash used by operating
activities:
|
|
|
Depreciation and
amortization
|
5
|
10
|
Stock
compensation expense
|
2
|
9
|
Amortization
of debt discount
|
200
|
--
|
Changes in assets
and liabilities:
|
|
|
Trade accounts
receivable
|
213
|
903
|
Prepaid expenses
and other current assets
|
167
|
7
|
Accounts payable
and accrued expenses
|
(328
)
|
755
|
Deferred
revenue
|
58
|
(649
)
|
Net cash used by
operating activities
|
(1,442
)
|
(1,165
)
|
|
|
|
Cash flows from
investing activities:
|
|
|
Purchases of
equipment
|
(3
)
|
(8
)
|
Net
cash used by investing activities
|
(3
)
|
(8
)
|
|
|
|
Cash flows from
financing activities:
|
|
|
Issuance
of common stock
|
--
|
1,000
|
Borrowings under
debt
|
833
|
1,410
|
Repayments of
debt
|
(4
)
|
(210
)
|
Net cash generated
by financing activities
|
829
|
2,200
|
Net
increase/(decrease) in cash
|
(616
)
|
1,027
|
Cash:
|
|
|
Beginning of
period
|
1,009
|
20
|
End of
period
|
$
393
|
$
1,047
|
|
Common
Stock
|
Preferred
Stock
|
Additional
Paid-in
|
Accumulated
|
|
||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
(Deficit)
|
Total
|
Balance at December
31, 2015
|
192,253,005
|
$
192
|
--
|
--
|
$
246,220
|
$
(253,689
)
|
$
(7,277
)
|
Imputed interest on
debt discount
|
|
|
|
|
49
|
|
49
|
Options issued as
compensation
|
|
|
|
|
2
|
|
2
|
Net
loss
|
|
|
|
|
|
(1,759
)
|
(1,759
)
|
Balance at
September 30, 2016 (unaudited)
|
192,253,005
|
$
192
|
--
|
--
|
$
246,271
|
$
(255,448
)
|
$
(8,985
)
|
|
Shares
|
Outstanding on
December 31, 2015
|
3,657,110
|
Granted
|
--
|
Exercised
|
--
|
Forfeited
|
(824,898
)
|
Outstanding on
September 30, 2016
|
2,832,212
|
|
|
Weighted average
exercise price of outstanding options
|
$
0.24
|
Aggregate Intrinsic
Value
|
$
0
|
Shares available
for future grants on September 30, 2016
|
1,667,788
|
|
|
Weighted average of
remaining contractual life
|
3.48
|
|
Goodwill
|
Balance at December
31, 2015
|
$
1,658,000
|
Additions
|
--
|
Impairment
|
--
|
Balance at
September 30, 2016
|
$
1,658,000
|
|
September
30,
2016
|
December
31,
2015
|
Note payable
– asset purchase agreement (a)
|
$
1,518
|
$
1,518
|
Note payable
– related parties (b)
|
2,674
|
1,845
|
Notes payable
(c)
|
1,086
|
1,086
|
Unamortized debt
discount (b)
|
(68
)
|
(219
)
|
Total
debt
|
5,210
|
4,230
|
Less current
portion
|
(5,210
)
|
(2,098
)
|
Total long-term
debt
|
$
--
|
$
2,132
|
|
Lease
Commitments
|
|
|
2016
|
$
19
|
2017
|
64
|
2018
|
55
|
|
$
138
|
Exhibit No.
|
|
Description
|
31.1
|
|
Certification
of Chief Executive Officer/Chief Financial Officer pursuant to Rule
13a-14(a) (filed herewith).
|
32.1
|
|
Certification
of Chief Executive Officer/Chief Financial Officer pursuant to 18
USC § 1350, as adopted pursuant to §906 of the
Sarbanes-Oxley Act of 2002 (filed herewith).
|
|
CICERO
INC.
|
|
|
|
|
|
|
Date: November 14, 2016 |
By:
|
/s/
John P.
Broderick
|
|
|
|
John P.
Broderick
|
|
|
|
Chief Executive
Officer and Chief Financial Officer
|
|
1 Year SMS Alternatives (CE) Chart |
1 Month SMS Alternatives (CE) Chart |
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