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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Carbonmeta Technologies Inc (PK) | USOTC:COWI | 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% | 0.000001 | 0.000001 | 0.0001 | 0.0001 | 0.000001 | 0.0001 | 5,912,916 | 14:57:24 |
Delaware
|
95-4868120
|
(State or Other Jurisdiction
|
(I.R.S. Employer
|
of Incorporation)
|
Identification No.)
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
o
(Do not check if a smaller reporting company
|
Smaller reporting company
x
|
PAGE | ||
Item 1.
|
Consolidated Financial Statements
|
3 |
Consolidated Balance Sheets at March 31, 2013 (Unaudited) and December 31, 2012
|
3 | |
Unaudited Consolidated Statements of Operations for the three months
|
||
ended March 31, 2013 and 2012
|
4 | |
Unaudited Consolidated Statements of Cash Flows for the three months ended
|
||
March 31, 2013 and 2012
|
5 | |
7 | ||
Item 2.
|
13 | |
Item 3.
|
15 | |
Item 4.
|
Controls and Procedures
|
16 |
Item 1.
|
17 | |
Risk Factors
|
17 | |
Item 2.
|
17 | |
Item 3.
|
Defaults Upon Senior Securities
|
17 |
Item 4.
|
18 | |
Item 5.
|
18 | |
Item 6.
|
18 | |
SIGNATURES
|
19 |
COROWARE, INC.
|
Consolidated Balance Sheets
|
ASSETS
|
March 31,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(unaudited)
|
|
|||||||
CURRENT ASSETS
|
||||||||
Cash
|
$ | 6,587 | $ | 2,754 | ||||
Accounts receivable, net
|
256,574 | 176,123 | ||||||
Costs and revenues in excess of billings
|
- | - | ||||||
Inventory, net
|
16,057 | 15,267 | ||||||
Construction in progress
|
- | - | ||||||
Other current assets
|
1,109 | 21,109 | ||||||
Total Current Assets
|
280,327 | 215,253 | ||||||
PROPERTY AND EQUIPMENT, net
|
11,223 | 15,454 | ||||||
OTHER ASSETS
|
||||||||
Deposits
|
- | - | ||||||
Other assets, net
|
7,331 | 12,873 | ||||||
Total Other Assets
|
7,331 | 12,873 | ||||||
TOTAL ASSETS
|
$ | 298,881 | $ | 243,580 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable and accrued expenses
|
$ | 5,090,957 | $ | 5,155,860 | ||||
Lines of credit
|
132,977 | 121,369 | ||||||
Obligations collateralized by receivables
|
225,106 | 177,455 | ||||||
Current portion of notes payable
|
185,100 | 232,332 | ||||||
Accrued expenses- related parties
|
183,929 | 183,929 | ||||||
Notes payable-related parties
|
204,144 | 202,612 | ||||||
Derivative liability
|
77,024,684 | 77,655,809 | ||||||
Current maturities of convertible debt, net of discount
|
2,090,997 | 2,258,830 | ||||||
Redeemable preferred stock, Series B, $.001 par value, 525,000
|
||||||||
shares authorized, 159,666 shares issued and outstanding
|
212,887 | 70,961 | ||||||
Redeemable preferred stock, Series D, $.001 par value, 500,000
|
||||||||
shares authorized, 100,000 shares issued and outstanding
|
130,719 | 34,602 | ||||||
Redeemable preferred stock, Series E, $.001 par value, 500,000
|
||||||||
shares authorized, 100,000 shares issued and outstanding
|
34 | 50 | ||||||
Small business administration loan
|
980,450 | 980,450 | ||||||
Total Current Liabilities
|
86,461,984 | 87,074,259 | ||||||
LONG TERM LIABILITIES
|
||||||||
Convertible debentures, net of current maturities
|
221,805 | 221,805 | ||||||
Total Liabilities
|
86,683,789 | 87,296,064 | ||||||
Commitments and contingencies
|
||||||||
STOCKHOLDERS' DEFICIT
|
||||||||
Common stock; 100,000,000 shares authorized
|
||||||||
at $0.0001 par value, 2,202,838,008 and 306,542,857
|
||||||||
shares issued and outstanding, respectively
|
220,284 | 30,654 | ||||||
Additional paid-in capital
|
16,545,646 | 16,537,112 | ||||||
Non controlling interest
|
38,665 | 39,298 | ||||||
Treasury stock
|
(35,700 | ) | (35,700 | ) | ||||
Accumulated deficit
|
(103,153,803 | ) | (103,623,848 | ) | ||||
Total Stockholders' Deficit
|
(86,384,908 | ) | (87,052,484 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
|
$ | 298,881 | $ | 243,580 |
The accompanying notes are an integral part of these consolidated financial statements.
|
COROWARE, INC.
|
|||||||
Consolidated Statements of Operations
|
|||||||
(unaudited)
|
For the Three Months Ended
|
||||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
REVENUES
|
$ | 318,588 | $ | 353,376 | ||||
COST OF SALES
|
198,628 | 212,489 | ||||||
GROSS PROFIT
|
119,960 | 140,887 | ||||||
OPERATNG EXPENSES
|
||||||||
Depreciation and amortization
|
4,231 | 3,000 | ||||||
General and administrative
|
345,379 | 226,109 | ||||||
Total Operating Expenses
|
349,610 | 229,109 | ||||||
LOSS FROM OPERATIONS
|
(229,650 | ) | (88,222 | ) | ||||
OTHER INCOME (EXPENSE)
|
||||||||
Gain (loss) on derivative valuation
|
741,568 | (189,357 | ) | |||||
Interest expense
|
(54,506 | ) | (207,293 | ) | ||||
Loss on settlement of debt
|
- | (35,630 | ) | |||||
TOTAL OTHER INCOME (EXPENSE)
|
687,062 | (432,280 | ) | |||||
LOSS BEFORE NON CONTROLLING INTEREST
|
457,412 | (520,502 | ) | |||||
Net loss attributable to non controlling interest
|
12,633 | - | ||||||
LOSS BEFORE INCOME TAXES
|
470,045 | (520,502 | ) | |||||
INCOME TAX EXPENSE
|
- | - | ||||||
NET LOSS
|
$ | 470,045 | $ | (520,502 | ) | |||
BASIC AND DILUTED LOSS PER SHARE
|
$ | 0.00 | $ | (0.08 | ) | |||
WEIGHTED AVERAGE NUMBER OF COMMON
|
||||||||
SHARES OUTSTANDING BASIC AND DILUTED
|
1,492,563,835 | 6,824,014 |
The accompanying notes are an integral part of these consolidated financial statements
|
COROWARE, INC.
|
||||||||
Consolidated Statements of Cash Flows
|
||||||||
(unaudited)
|
For the Three Months Ended
|
||||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
OPERATING ACTIVITIES
|
||||||||
Net loss
|
$ | 457,412 | $ | (520,502 | ) | |||
Adjustments to reconcile net loss to net cash
|
||||||||
used in operating activities:
|
||||||||
(Gain) loss on derivative valuation
|
(741,568 | ) | 189,357 | |||||
Loss on settlement of debt
|
- | 35,630 | ||||||
Amortization of deferred financing costs
|
- | 1,370 | ||||||
Stock issued for services
|
28,659 | - | ||||||
Depreciation and amortization
|
4,231 | 3,000 | ||||||
Amortization of debt discount
|
5,542 | 100,794 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(80,452 | ) | (20,114 | ) | ||||
Other current assets
|
20,000 | (3,664 | ) | |||||
Inventory
|
(789 | ) | - | |||||
Prepaid expenses and deposits
|
- | - | ||||||
Accrued expenses-related parties
|
- | 35,424 | ||||||
Accounts payable and accrued expenses
|
(64,903 | ) | 155,522 | |||||
Net Cash Used in Operating Activities
|
(371,868 | ) | (23,183 | ) | ||||
INVESTING ACTIVITIES
|
||||||||
Purchase of property and equipment
|
- | (561 | ) | |||||
Net Cash Used in Investing Activities
|
- | (561 | ) | |||||
FINANCING ACTIVITIES
|
||||||||
Obligations collateralized by receivables
|
47,651 | 11,429 | ||||||
Proceeds from related party loans
|
1,532 | - | ||||||
Proceeds from convertible debentures
|
350,142 | 12,990 | ||||||
Proceeds from line of credit
|
11,608 | 1,985 | ||||||
Proceeds from non controlling interest
|
12,000 | - | ||||||
Repayment of notes payable
|
(47,232 | ) | - | |||||
Repayment of related party loans
|
- | (3,182 | ) | |||||
Net Cash Provided by Financing Activities
|
375,701 | 23,222 | ||||||
NET INCREASE (DECREASE) IN CASH
|
3,833 | (522 | ) | |||||
CASH AT BEGINNING OF PERIOD
|
2,754 | 522 | ||||||
CASH AT END OF PERIOD
|
$ | 6,587 | $ | - |
The accompanying notes are an integral part of these consolidated financial statements.
|
Consolidated Statements of Cash Flows (Continued)
|
||||||||
(unaudited)
|
For the Three Months Ended
|
||||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
SUPPLEMENTAL DISCLOSURES OF
|
||||||||
CASH FLOW INFORMATION
|
||||||||
CASH PAID FOR:
|
||||||||
Interest
|
$ | - | $ | - | ||||
Income taxes
|
- | - | ||||||
NON CASH FINANCING ACTIVITIES:
|
||||||||
Common stock issued upon conversion of debt
|
$ | 169,506 | $ | 207,859 | ||||
Commons stock issued for accrued liabilities
|
- | 17,985 |
The accompanying notes are an integral part of these consolidated financial statements.
|
March 31,
2013
|
December 31,
2012
|
|||||||
$2,825,000 Yorkville financing (a)
|
$
|
420,828
|
$
|
471,543
|
||||
$ 600,000 Yorkville financing
|
600,000
|
600,000
|
||||||
$ 300,000 Yorkville financing
|
300,000
|
300,000
|
||||||
$ 75,000 Collins financing
|
39,170
|
39,170
|
||||||
$ 27,500 Asher financing (m)
|
18,900
|
18,900
|
||||||
$ 10,750 Barclay financing
|
10,750
|
10,750
|
||||||
$ 9,750 Tangiers financing (b)
|
-
|
3,059
|
||||||
$ 170,562 Ratzker financing (c)
|
28,784
|
152,007
|
||||||
$ 67,042 Harvey financing
|
67,042
|
67,.042
|
||||||
$ 89,383 Cariou financing (d)
|
42,465
|
54,838
|
||||||
$ 17,500 Asher financing (l)
|
17,500
|
3,547
|
||||||
$ 20,000 Asher financing (k)
|
18,775
|
18,775
|
||||||
$ 65,000 Panache financing (g)
|
29,253
|
41,860
|
||||||
$ 15,000 Panache financing
|
15,000
|
15,000
|
||||||
$ 567,200 Westmount financing
|
534,055
|
537,318
|
||||||
$ 170,561 Redwood financing (h)
|
58,627
|
89,377
|
||||||
$ 21,962 Premier financing
|
21,962
|
21,962
|
||||||
$ 21,000 Tangiers financing (i)
|
-
|
11,424
|
||||||
$ 5 474Tangiers financing
|
-
|
2,500
|
||||||
$ 10,000 Magna financing
|
-
|
10,000
|
||||||
$ 54,060 Ridge Point financing
|
23,305
|
9,117
|
||||||
$42,200 AGS financing
|
42,000
|
-
|
||||||
$131,377 AGS financing (j)
|
128,752
|
-
|
||||||
2,401,468
|
2,480,635
|
|||||||
Discount
|
(88,666
|
)
|
(73,796
|
)
|
||||
Less: Current portion of convertible debt
|
(2,090,997
|
)
|
(2,204,710
|
)
|
||||
Long term portion of convertible debt
|
$
|
221,805
|
$
|
221,805
|
(a)
|
$2,825,000 Yorkville financing:
|
(b)
|
$9,750 Tangiers financing (formerly the Mackie financing):
|
(c)
|
$170,562 Ratzker financing:
|
Financing or other contractual arrangement:
|
Principal
converted
|
Shares Issued
|
|||
Yorkville convertible note financing
|
$
|
25,715
|
196,137,255
|
||
Panache convertible note financing
|
12,607
|
162,490,000
|
|||
Ratzker convertible note financing
|
9,125
|
125,000,000
|
|||
Westmount convertible note financing
|
3,263
|
19,196,530
|
|||
Asher convertible note financing
|
15,700
|
242,222,222
|
|||
Redwood convertible note financing
|
30,750
|
209,817,812
|
|||
Magna convertible note financing
|
10,000
|
94,000,000
|
|||
Tangiers convertible note financing
|
33,328
|
247,641,345
|
|||
Ridge Point convertible note financing
|
22,425
|
405,000,000
|
|||
MD Global
|
6,593
|
75,360,000
|
a)
|
Stock Options:
|
Total
Options
|
Weighted
Average Price
|
|||||||
Outstanding, December 31, 2012
|
38,164
|
$
|
2.97
|
|||||
Granted
|
-
|
-
|
||||||
Cancelled
|
-
|
-
|
||||||
Forfeited
|
-
|
-
|
||||||
Exercised
|
-
|
-
|
||||||
Outstanding, March 31, 2013
|
38,164
|
$
|
2.97
|
|||||
Exercisable at March 31, 2013
|
38,164
|
$
|
2.97
|
b)
|
Outstanding warrants:
|
Total
Options
|
Weighted
Average Price
|
|||||||
Outstanding, December 31, 2012
|
167
|
$
|
2.97
|
|||||
Granted
|
-
|
-
|
||||||
Cancelled
|
-
|
-
|
||||||
Forfeited
|
-
|
-
|
||||||
Expired
|
(167)
|
-
|
||||||
Outstanding, March 31, 2013
|
-
|
$
|
2.97
|
|||||
Exercisable at March 31, 2013
|
-
|
$
|
2.97
|
2013
|
2012
|
|||||||||||||||
Shares
|
Value
|
Shares
|
Value
|
|||||||||||||
Employee compensation
|
119,429,987
|
$
|
28,659
|
468,000,000
|
$
|
46,000
|
||||||||||
2013
|
2012
|
|||||||||||||||
Shares
|
Value
|
Shares
|
Value
|
|||||||||||||
Satisfaction of payables
|
-
|
-
|
934,882
|
$ |
17,985
|
|||||||||||
Redemption of convertible debenture
|
1,776,865,164
|
169,506
|
5,851,154
|
207,859
|
||||||||||||
Notes payable
|
-
|
-
|
-
|
-
|
||||||||||||
1,776,865,164
|
169,506
|
6,786,036
|
$ |
225,844
|
d)
|
Dividends on preferred stock:
|
e)
|
Preferred Stock, Series E:
|
f)
|
Increase in Authorized Shares:
|
g) | Reverse split: |
Years Ending December 31,
|
||||
2013
|
$
|
52,041
|
||
2014
|
55,029
|
|||
2015
|
33,117
|
|||
$
|
140,187
|
Shares issued in connection with redemptions on convertible debentures
|
1,153,987,068 | |||
Total
|
1,153,987,068 |
·
|
CoroWare Business Solutions
: IT and lab management; business intelligence; software architecture, design and development; content delivery; partner and program management.
|
|
·
|
Robotics and Automation
: Custom engineering such as visualization, simulation and software development; and mobile robot platforms.
|
|
·
|
Enhanced Collaboration Solution
: Collaboration and conferencing products, solutions and subscription services.
|
Payments due by Period
|
||||||||||||||||||||
Contractual Obligations
|
Total
|
Less than 1
year
|
1-3 years
|
3-5 years
|
More than 5
years
|
|||||||||||||||
Convertible debt, net
|
$
|
2,480,635
|
$
|
2,258,830
|
$
|
221,805
|
$
|
-
|
$
|
-
|
||||||||||
Notes payable
|
232,332
|
232,332
|
-
|
-
|
-
|
|||||||||||||||
Notes payable, related parties
|
202,612
|
202,612
|
-
|
-
|
-
|
|||||||||||||||
Long –term debt
|
980,450
|
980,450
|
-
|
-
|
-
|
|||||||||||||||
Total
|
$
|
3,896,029
|
$
|
3,674,224
|
$
|
221,805
|
$
|
-
|
$
|
-
|
(a)
|
No material default in the payment of principal, interest, a sinking fund or purchase fund installment, or any other material default not cured within 30 days exists as of the balance sheet date.
|
(b)
|
As of the balance sheet date the company is in arrears in the payment of dividends related to its Series B preferred stock in the amount of $15,969.
|
(c)
|
At March 31, 2012, we are in default on the remaining of the original $2,825,000 Secured Convertible Debenture presently held by Yorkville Advisors, LLC. Yorkville currently holds $395,628 of the first tranche and $82,630 of the third tranche. The remainder of the first tranche was assigned to a third party (“Ratzker”) who amended the terms in March 2011 extending the maturity date to March 2013. During the second quarter of 2011, Ratzker assigned 50% of his note to another third party (“Redwood”). The second trance was assigned to a third party who did not amend the terms. The note is still in default. The debenture accrued interest at 10% per annum thru March 25, 2008 at which time the interest rate was increased to 14% per annum. The debenture is convertible at the option of the holder into shares of CoroWare, Inc. common stock.
|
(d)
|
As of March 31, 2012, we are in default on our Secured Convertible Debenture presently held by Yorkville Advisors, LLC in the face amount of $600,000. The debenture accrued interest at 14% per annum and is convertible at the option of the holder into shares of CoroWare, Inc. common stock.
|
(e)
|
As of March 31, 2012, we are in default on our Secured Convertible Debenture presently held by Yorkville Advisors, LLC in the face amount of $300,000. The debenture accrued interest at 14% per annum and is convertible at the option of the holder into shares of CoroWare, Inc. common stock.
|
(f)
|
As of March 31, 2012, we are in default on our Unsecured Convertible Debenture presently held by Barclay Lyons in the face amount of $10,750. The debenture accrued interest at 21% through the maturity date of July 28, 2011 with default interest at 35% thereafter. The debenture is convertible at the option of the holder into shares of CoroWare, Inc. common stock.
|
(g)
|
As of March 31, 2012, we are in default on our Unsecured Convertible Debenture presently held by Martin Harvey in the face amount of $67,042. The debenture accrued interest at 10% through the maturity date of May 2, 2011 with default interest at 15% thereafter. The debenture is convertible at the option of the holder into shares of CoroWare, Inc. common stock.
|
(h)
|
As of March 31, 2012, we are in default on our Unsecured Convertible Debenture presently held by Thomas Collins in the face amount of $39,170. The debenture accrues interest at 15% and is convertible at the option of the holder into shares of CoroWare, Inc. common stock.
|
As of March 31, 2012, we are in default on two notes payable aggregating $100,000. The notes accrued interest at 8% through the maturity date of February 2003 with default interest at 15% thereafter. The notes are convertible at the option of the holder into shares of CoroWare, Inc. common stock.
|
31
|
|
Certification of Periodic Financial Reports by Lloyd Spencer in satisfaction of Section 302 of the Sarbanes-Oxley Act of 2002
|
32
|
|
Certification of Periodic Financial Reports by Lloyd Spencer in satisfaction of Section 906 of the Sarbanes-Oxley Act of 2002 and 18 U.S.C. Section 1350
|
CoroWare, Inc.
|
|||
Dated: June 18, 2013
|
By:
|
/s/ Lloyd T. Spencer
|
|
Lloyd T. Spencer
|
|||
Chief Executive Officer and
Interim Chief Financial Officer
(Principal Executive Officer and Principal
Accounting and Financial Officer)
|
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