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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 | 3,992,000 | 19:03:41 |
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 |
COROWARE, INC. |
PAGE | ||
PART I – FINANCIAL INFORMATION | 2 | |
Item 1. | Consolidated Financial Statements | 2 |
Consolidated Balance Sheets at September 30, 2012 (Unaudited) and December 31, 2011
|
2 | |
Unaudited Consolidated Statements of Operations for the three and nine months
ended September 30, 2012 and 2011
|
3 | |
Unaudited Consolidated Statements of Cash Flows for the nine months ended
September 30, 2012 and 2011
|
4 | |
Notes to Unaudited Consolidated Financial Statements
|
6 | |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 16 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 19 |
Item 4. | Controls and Procedures | 20 |
PART II – OTHER INFORMATION | 21 | |
Item 1. | Legal Proceedings | 21 |
Item 1A. | Risk Factors | 21 |
Item 2. | Unregistered Sales of Equity Securities and Use of Funds | 21 |
Item 3. | Defaults Upon Senior Securities | 21 |
Item 4. | Mine Safety Disclosures | 22 |
Item 5. | Other Information | 22 |
Item 6. | Exhibits | 22 |
SIGNATURES | 23 |
Long term liabilities:
|
||||||||
Convertible debt, net of discount and current portion
|
221,805 | 149,107 | ||||||
Total liabilities
|
18,693,031 | 11,515,217 | ||||||
Commitments
|
||||||||
Stockholders’ deficit:
|
||||||||
Common stock, $.0001 par value, 3,000,000,000 shares authorized,
|
||||||||
101,813,955 and 3,980,589 shares issued and 101,813,951 and
3,980,585 outstanding at September 30, 2012 and
|
||||||||
December 31, 2011, respectively
|
10,182 | 398 | ||||||
Additional paid-in capital
|
16,537,111 | 16,159,171 | ||||||
Accumulated deficit
|
(34,964,256 | ) | (27,466,565 | ) | ||||
Treasury stock
|
(35,700 | ) | (35,700 | ) | ||||
Total stockholders’ deficit
|
(18,452,663 | ) | (11,342,696 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
$ | 240,368 | $ | 172,521 |
COROWARE, INC.
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||
For the Three and Nine Months ended September 30, 2012 and 2011
(Unaudited)
|
||||||||||||||||
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues
|
$ | 224,136 | $ | 389,089 | $ | 910,655 | $ | 1,277,358 | ||||||||
Cost of revenues
|
179,098 | 289,945 | 595,459 | 849,347 | ||||||||||||
Gross profit
|
45,038 | 99,144 | 315,196 | 428,011 | ||||||||||||
Operating expenses:
|
||||||||||||||||
General and administrative
|
177,636 | 182,588 | 516,109 | 658,083 | ||||||||||||
Sales and marketing
|
57,236 | 68,824 | 192,875 | 251,322 | ||||||||||||
Research and development
|
12,309 | 20,372 | 57,391 | 106,562 | ||||||||||||
Depreciation and amortization
|
3,000 | 3,000 | 9,000 | 20,081 | ||||||||||||
Total operating expenses
|
250,181 | 274,784 | 775,375 | 1,036,048 | ||||||||||||
Loss from operations
|
(205,143 | ) | (175,640 | ) | (460,179 | ) | (608,037 | ) | ||||||||
Other income (expense):
|
||||||||||||||||
Derivative expense
|
(6,228,894 | ) | (2,561,925 | ) | (6,568,388 | ) | (3,021,883 | ) | ||||||||
Interest expense, net
|
(157,303 | ) | (198,518 | ) | (527,021 | ) | (567,600 | ) | ||||||||
Gain (Loss) on settlement of liabilities and mortgage note
|
(15,272 | ) | - | (13,172 | ) | (76,582 | ) | |||||||||
Gain (loss) on convertible debt redemptions
|
106,700 | 114 | 71,070 | 75,517 | ||||||||||||
Total other expense
|
(6,294,769 | ) | (2,760,329 | ) | (7,037,511 | ) | (3,590,548 | ) | ||||||||
Net loss
|
$ | (6,499,912 | ) | $ | (2,935,969 | ) | $ | (7,497,690 | ) | $ | (4,198,586 | ) | ||||
Net loss per share:
|
||||||||||||||||
Basic
|
$ | (0.27 | ) | $ | (0.62 | ) | $ | (0.53 | ) | $ | (1.68 | ) | ||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
23,689,883 | 4,705,474 | 14,126,220 | 2,503,438 |
Continued.
|
COROWARE, INC.
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
|
For the Nine Months Ended September 30, 2012 and 2011
|
(Unaudited)
|
2012 | 2011 | |||||||
SUPPLEMENTAL CASH FLOW INFORMATION
|
||||||||
Interest paid
|
$ | - | $ | - | ||||
Income taxes paid
|
$ | - | $ | - | ||||
NON-CASH INVESTING AND FINANCING TRANSACTIONS
|
||||||||
Common stock issued for redemption of convertible debentures
|
$ | 278,705 | $ | 330,669 | ||||
Common stock issued in satisfaction of accrued liabilities
|
$ | 34,540 | $ | 280,849 | ||||
Common stock issued as contribution into joint venture
|
$ | 49,400 | $ | - | ||||
The accompanying notes are an integral part of these consolidated financial statements.
|
September 30,
2012
|
December 31,
2011
|
||||||||
$2,825,000 Yorkville financing
|
$ | 471,543 | $ | 478,258 | |||||
$ 600,000 Yorkville financing
|
600,000 | 600,000 | |||||||
$ 300,000 Yorkville financing
|
300,000 | 300,000 | |||||||
$ 75,000 Collins financing
|
39,169 | 34,679 | |||||||
$ 17,500 Asher financing
|
(a)
|
2,499 | - | ||||||
$ 20,000 Asher financing
|
(b)
|
18,695 | - | ||||||
$ 27,500 Asher financing
|
(c)
|
18,102 | 19,951 | ||||||
$ 10,750 Barclay financing
|
10,750 | 10,750 | |||||||
$ 9,750 Tangiers financing
|
(d)
|
3,059 | 8,524 | ||||||
$ 170,562 Ratzker financing
|
118,655 | 79,319 | |||||||
$ 67,042 Harvey financing
|
67,043 | 62,675 | |||||||
$ 89,383 Cariou financing
|
54,838 | 83,077 | |||||||
$ 10,000 Tangiers financing
|
- | 7,895 | |||||||
$ 15,000 Tangiers financing
|
- | 10,764 | |||||||
$ 65,000 Panache financing
|
(e)
|
47,388 | 29,602 | ||||||
$ 15,000 Panache financing
|
15,000 | 5,612 | |||||||
$ 567,200 Westmount financing
|
537,318 | 537,318 | |||||||
$ 170,561 Redwood financing
|
(f)
|
77,146 | 69,788 | ||||||
$ 21,962 Premier financing
|
21,805 | 17,142 | |||||||
$ 21,000 Tangiers financing
|
6,043 | - | |||||||
$ 5,474 Tangiers financing
|
2,500 | - | |||||||
$ 10,000 Magna financing
|
(g)
|
10,000 | - | ||||||
$ 54,060 Ridge Point financing
|
(h)
|
4,962 | - | ||||||
2,426,515 | 2,355,354 | ||||||||
Less: Current portion of convertible debt
|
(2,204,710 | ) | (2,206,247 | ) | |||||
Long term portion of convertible debt
|
$ | 221,805 | $ | 149,107 |
(a)
|
$17,500 Asher financing:
|
(b)
|
$20,000 Asher financing:
|
(c)
|
$27,500 Asher financing:
|
(d)
|
$9,750 Tangiers financing:
|
(e)
|
$170,561 Redwood financing:
|
(f)
|
$65,000 Panache financing:
|
(g)
|
$10,000 Magna financing:
|
(h)
|
$54,060 Ridge Point financing:
|
Three Months ended September 30, 2012
|
||||||||||||||||
Derivative income (expense):
|
Inception
|
Fair Value
Adjustments
|
Redemptions
|
Total
|
||||||||||||
$2,825,000 Yorkville financing (a)
|
$ | - | $ | (1,596,351 | ) | $ | - | $ | (1,596,351 | ) | ||||||
$ 600,000 Yorkville financing
|
- | (684,871 | ) | - | (684,871 | ) | ||||||||||
$ 300,000 Yorkville financing
|
- | - | - | - | ||||||||||||
$ 75,000 Collins financing
|
- | (88,632 | ) | - | (88,632 | ) | ||||||||||
$ 17,500 Asher financing
|
- | (59,471 | ) | - | (59,471 | ) | ||||||||||
$ 20,000 Asher financing
|
(62,980 | ) | (32,754 | ) | (971 | ) | (96,705 | ) | ||||||||
$ 27,500 Asher financing (b)
|
- | (62,079 | ) | (108,311 | ) | (170,390 | ) | |||||||||
$ 10,750 Barclay financing (c)
|
- | (13,025 | ) | - | (13,025 | ) | ||||||||||
$ 9,750 Tangiers financing (d)
|
- | (28,636 | ) | (10,462 | ) | (39,098 | ) | |||||||||
$ 170,562 Ratzker financing (e)
|
- | (368,772 | ) | - | (368,772 | ) | ||||||||||
$ 67,042 Harvey financing (f)
|
- | (60,090 | ) | - | (60,090 | ) | ||||||||||
$ 89,383 Cariou financing (g)
|
- | (24,193 | ) | - | (24,193 | ) | ||||||||||
$ 10,000 Tangiers financing (i)
|
- | - | - | - | ||||||||||||
$ 15,000 Tangiers financing (j)
|
- | - | - | - | ||||||||||||
$ 65,000 Panache financing (k)
|
- | (167,097 | ) | (21,812 | ) | (188,909 | ) | |||||||||
$ 15,000 Panache financing (l)
|
- | (29,427 | ) | - | (29,427 | ) | ||||||||||
$ 567,200 Westmount financing (m)
|
- | (1,756,385 | ) | - | (1,756,385 | ) | ||||||||||
$ 170,561 Redwood financing (n)
|
- | (494,302 | ) | (12,857 | ) | (507,159 | ) | |||||||||
$ 21,962 Premier financing
|
- | (11,535 | ) | - | (11,535 | ) | ||||||||||
$ 21,000 Tangiers financing
|
- | (78,291 | ) | - | (78,291 | ) | ||||||||||
$ 5,000 Tangiers financing
|
- | (10,788 | ) | - | (10,788 | ) | ||||||||||
$ 10,000 Magna financing
|
(13,267 | ) | (21,210 | ) | - | (34,477 | ) | |||||||||
$ 54,060 Ridge Point financing
|
(9,846 | ) | (118,893 | ) | - | (128,739 | ) | |||||||||
Preferred stock, Series B
|
- | (184,503 | ) | - | (184,503 | ) | ||||||||||
Preferred stock, Series D
|
- | (105,683 | ) | - | (105,683 | ) | ||||||||||
Preferred stock, Series E
|
- | 8,600 | - | 8,600 | ||||||||||||
$ | (86,093 | ) | $ | (5,988,388 | ) | $ | (154,413 | ) | $ | (6,228,894 | ) |
Three Months ended September 30, 2011
|
||||||||||||||||
Derivative income (expense):
|
Inception
|
Fair Value
Adjustments
|
Redemptions
|
Total
|
||||||||||||
$2,825,000 Yorkville financing
|
$ | - | $ | (550,989 | ) | $ | - | $ | (550,989 | ) | ||||||
$ 600,000 Yorkville financing
|
- | (797,107 | ) | - | (797,107 | ) | ||||||||||
$ 300,000 Yorkville financing
|
- | - | - | - | ||||||||||||
$ 75,000 Collins financing
|
- | (40,046 | ) | - | (40,046 | ) | ||||||||||
$ 27,500 Asher financing
|
- | (20,294 | ) | (2,976 | ) | (23,270 | ) | |||||||||
$ 10,750 Barclay financing
|
- | (2,829 | ) | - | (2,829 | ) | ||||||||||
$ 9,750 Mackie financing
|
- | (900 | ) | - | (900 | ) | ||||||||||
$ 170,562 Ratzker financing
|
- | (97,539 | ) | - | (97,539 | ) | ||||||||||
$ 67,042 Harvey financing
|
- | (11,839 | ) | - | (11,839 | ) | ||||||||||
$ 89,383 Cariou financing
|
- | (7,299 | ) | - | (7,299 | ) | ||||||||||
$ 10,000 Tangiers financing
|
- | (3,009 | ) | - | (3,009 | ) | ||||||||||
$ 15,000 Tangiers financing
|
- | (8,292 | ) | - | (8,292 | ) | ||||||||||
$ 25,000 Tangiers financing
|
- | - | - | - | ||||||||||||
$ 65,000 Panache financing
|
- | (86,638 | ) | - | (86,638 | ) | ||||||||||
$ 15,000 Panache financing
|
- | (11,395 | ) | - | (11,395 | ) | ||||||||||
$ 567,200 Westmount financing
|
- | (561,796 | ) | - | (561,796 | ) | ||||||||||
$ 170,561 Redwood financing
|
- | (60,934 | ) | - | (60,934 | ) | ||||||||||
Preferred stock, Series B
|
- | (298,043 | ) | - | (298,043 | ) | ||||||||||
$ | - | $ | (2,558,949 | ) | $ | (2,976 | ) | $ | (2,561,925 | ) |
Nine Months ended September 30, 2012
|
||||||||||||||||
Derivative income (expense):
|
Inception
|
Fair Value
Adjustments
|
Redemptions
|
Total
|
||||||||||||
$2,825,000 Yorkville financing
|
$ | - | $ | (1,665,967 | ) | $ | (6,029 | ) | $ | (1,671,996 | ) | |||||
$ 600,000 Yorkville financing
|
- | (812,222 | ) | - | (812,222 | ) | ||||||||||
$ 300,000 Yorkville financing
|
- | - | - | |||||||||||||
$ 75,000 Collins financing
|
- | (96,596 | ) | - | (96,596 | ) | ||||||||||
$ 17,500 Asher financing
|
- | (59,471 | ) | - | (59,471 | ) | ||||||||||
$ 20,000 Asher financing
|
(62,980 | ) | (32,754 | ) | (971 | ) | (96,705 | ) | ||||||||
$ 27,500 Asher financing
|
- | (65,169 | ) | (108,311 | ) | (173,480 | ) | |||||||||
$ 10,750 Barclay financing
|
- | (23,290 | ) | - | (23,290 | ) | ||||||||||
$ 9,750 Tangiers financing
|
- | (38,554 | ) | (10,462 | ) | (49,016 | ) | |||||||||
$ 170,562 Ratzker financing
|
- | (369,735 | ) | (2,429 | ) | (372,164 | ) | |||||||||
$ 67,042 Harvey financing
|
- | (71,337 | ) | - | (71,337 | ) | ||||||||||
$ 89,383 Cariou financing
|
- | (35,572 | ) | - | (35,572 | ) | ||||||||||
$ 10,000 Tangiers financing
|
- | 18,941 | (7,213 | ) | 11,728 | |||||||||||
$ 15,000 Tangiers financing
|
- | 15,820 | (12,450 | ) | 3,370 | |||||||||||
$ 65,000 Panache financing
|
- | (161,362 | ) | (27,693 | ) | (189,055 | ) | |||||||||
$ 15,000 Panache financing
|
- | (28,305 | ) | - | (28,305 | ) | ||||||||||
$ 567,200 Westmount financing
|
- | (1,669,240 | ) | - | (1,669,240 | ) | ||||||||||
$ 170,561 Redwood financing
|
- | (437,001 | ) | (81,057 | ) | (518,058 | ) | |||||||||
$ 21,962 Premier financing
|
- | (19,771 | ) | - | (19,771 | ) | ||||||||||
$ 21,000 Tangiers financing
|
(18,480 | ) | (66,550 | ) | - | (85,030 | ) | |||||||||
$ 5,000 Tangiers financing
|
(9,417 | ) | (5,060 | ) | (4,708 | ) | (19,185 | ) | ||||||||
$ 10,000 Magna financing
|
(13,267 | ) | (21,210 | ) | - | (34,477 | ) | |||||||||
$ 54,060 Ridge Point financing
|
(9,846 | ) | (118,893 | ) | - | (128,739 | ) | |||||||||
Preferred stock, Series B
|
- | (290,947 | ) | - | (290,947 | ) | ||||||||||
Preferred stock, Series D
|
- | (147,429 | ) | - | (147,429 | ) | ||||||||||
Preferred stock, Series E
|
8,600 | - | 8,600 | |||||||||||||
$ | (113,990 | ) | $ | (6,193,074 | ) | $ | (261,323 | ) | $ | (6,568,387 | ) |
Nine Months ended September 30, 2011
|
||||||||||||||||
Derivative income (expense):
|
Inception
|
Fair Value
Adjustments
|
Redemptions
|
Total
|
||||||||||||
$2,825,000 Yorkville financing
|
$ | - | $ | (244,386 | ) | $ | (23,917 | ) | $ | (268,303 | ) | |||||
$ 600,000 Yorkville financing
|
- | (599,854 | ) | - | (599,854 | ) | ||||||||||
$ 300,000 Yorkville financing
|
- | 26 | - | 26 | ||||||||||||
$ 75,000 Collins financing
|
- | (35,461 | ) | (22,742 | ) | (58,203 | ) | |||||||||
$ 27,500 Asher financing
|
(9,229 | ) | (24,483 | ) | (2,976 | ) | (36,688 | ) | ||||||||
$ 10,750 Barclay financing
|
(1,619 | ) | (1,844 | ) | - | (3,463 | ) | |||||||||
$ 9,750 Mackie financing
|
- | (2,288 | ) | - | (2,288 | ) | ||||||||||
$ 170,562 Ratzker financing
|
- | (138,784 | ) | - | (138,784 | ) | ||||||||||
$ 67,042 Harvey financing
|
- | (12,330 | ) | - | (12,330 | ) | ||||||||||
$ 89,383 Cariou financing
|
- | (3,420 | ) | - | (3,420 | ) | ||||||||||
$ 10,000 Tangiers financing
|
- | (12,624 | ) | - | (12,624 | ) | ||||||||||
$ 15,000 Tangiers financing
|
- | (20,579 | ) | - | (20,579 | ) | ||||||||||
$ 25,000 Tangiers financing
|
(1,662 | ) | 22,462 | - | 20,800 | |||||||||||
$ 65,000 Panache financing
|
(35,880 | ) | (63,178 | ) | (11,342 | ) | (110,410 | ) | ||||||||
$ 15,000 Panache financing
|
- | (7,559 | ) | - | (7,559 | ) | ||||||||||
$ 567,200 Westmount financing
|
- | (1,091,001 | ) | (42,054 | ) | (1,133,055 | ) | |||||||||
$ 170,561 Redwood financing
|
- | (402,840 | ) | (67,492 | ) | (470,332 | ) | |||||||||
Preferred stock, Series B
|
- | (164,817 | ) | - | (164,817 | ) | ||||||||||
$ | (48,390 | ) | $ | (2,802,960 | ) | $ | (170,533 | ) | $ | (3,021,883 | ) |
As of September 30, 2012
|
||||||||||||
Compound
Derivative
|
Warrant
Liability
|
Total
|
||||||||||
$2,825,000 Yorkville financing
|
$ | 2,273,980 | $ | - | $ | 2,273,980 | ||||||
$ 600,000 Yorkville financing
|
1,392,332 | 12,023 | 1,404,355 | |||||||||
$ 300,000 Yorkville financing
|
- | - | - | |||||||||
$ 75,000 Collins financing
|
137,268 | - | 137,268 | |||||||||
$ 17,500 Asher financing
|
74,923 | - | 74,923 | |||||||||
$ 20,000 Asher financing
|
95,734 | - | 95,734 | |||||||||
$ 27,500 Asher financing
|
98,497 | - | 98,497 | |||||||||
$ 10,750 Barclay financing
|
31,232 | - | 31,232 | |||||||||
$ 9,750 Tangiers financing
|
43,816 | - | 43,816 | |||||||||
$ 170,562 Ratzker financing
|
573,469 | - | 573,469 | |||||||||
$ 67,042 Harvey financing
|
110,134 | - | 110,134 | |||||||||
$ 89,383 Cariou financing
|
87,521 | - | 87,521 | |||||||||
$ 65,000 Panache financing
|
247,512 | - | 247,512 | |||||||||
$ 15,000 Panache financing
|
41,148 | - | 41,148 | |||||||||
$ 567,200 Westmount financing
|
2,455,140 | - | 2,455,140 | |||||||||
$ 170,561 Redwood financing
|
724,328 | - | 724,328 | |||||||||
$ 21,962 Premier financing
|
29,325 | - | 29,325 | |||||||||
$ 21,000 Tangiers financing
|
106,030 | - | 106,030 | |||||||||
$ 5,474 Tangiers financing
|
14,476 | - | 14,476 | |||||||||
$ 10,000 Magna financing
|
34,477 | - | 34,477 | |||||||||
$ 54,060 Ridge Point financing
|
182,799 | - | 182,799 | |||||||||
$ | 8,754,141 | $ | 12,023 | $ | 8,766,164 |
Financing or other contractual arrangement:
|
Conversion
Features
|
Warrants
|
Total
|
|||||||||
$2,825,000 Yorkville financing
|
1,120,213,254 | - | 1,120,213,254 | |||||||||
$ 600,000 Yorkville financing
|
736,294,371 | 5,250,000 | 741,544,371 | |||||||||
$ 300,000 Yorkville financing
|
406 | 33,333 | 33,739 | |||||||||
$ 75,000 Collins financing
|
67,321,440 | - | 67,321,440 | |||||||||
$ 17,500 Asher financing
|
35,391,233 | - | 35,391,233 | |||||||||
$ 20,000 Asher financing
|
47,700,137 | - | 47,700,137 | |||||||||
$ 27,500 Asher financing
|
46,548,973 | - | 46,548,973 | |||||||||
$ 10,750 Barclay financing
|
15,569,370 | - | 15,569,370 | |||||||||
$ 9,750 Tangiers financing
|
13,370,706 | - | 13,370,706 | |||||||||
$ 170,562 Ratzker financing
|
293,334,441 | - | 293,334,441 | |||||||||
$ 67,042 Harvey financing
|
62,293,012 | - | 62,293,012 | |||||||||
$ 89,383 Cariou financing
|
46,529,127 | - | 46,529,127 | |||||||||
$ 65,000 Panache financing
|
116,971,485 | - | 116,971,485 | |||||||||
$ 15,000 Panache financing
|
19,391,459 | - | 19,391,459 | |||||||||
$ 567,200 Westmount financing
|
1,156,993,485 | - | 1,156,993,485 | |||||||||
$ 170,561 Redwood financing
|
325,883,788 | - | 325,883,788 | |||||||||
$ 21,962 Premier financing
|
15,590,426 | - | 15,590,426 | |||||||||
$ 21,000 Tangiers financing
|
43,651,628 | - | 43,651,628 | |||||||||
$ 5,474 Tangiers financing
|
5,959,912 | - | 5,959,912 | |||||||||
$ 10,000 Magna financing
|
14,899,275 | - | 14,899,275 | |||||||||
$ 54,060 Ridge Point financing
|
83,852,813 | - | 83,852,813 | |||||||||
Preferred Stock, Series B
|
141,925,333 | - | 141,925,333 | |||||||||
Preferred Stock, Series D
|
79,760,718 | - | 79,760,718 | |||||||||
Preferred Stock, Series E
|
500,000 | - | 500,000 | |||||||||
4,489,896,792 | 5,283,333 | 4,495,180,125 |
Financing or other contractual arrangement:
|
Principal
converted
|
Shares
Issued
|
Gain (Loss)
Recorded
|
|||||||||
$2,825,000 Yorkville convertible note financing
|
$ | 6,715 | 395,000 | $ | 4,844 | |||||||
$ 65,000 Panache convertible note financing
|
8,980 | 3,675,000 | 7,536 | |||||||||
$ 170,562 Ratzker convertible note financing
|
3,900 | 300,000 | (2,531 | ) | ||||||||
$ 10,000 Tangiers convertible note financing
|
10,000 | 500,000 | 2,033 | |||||||||
$ 15,000 Tangiers convertible note financing
|
15,000 | 750,000 | 7,715 | |||||||||
$ 170,561 Redwood convertible note financing
|
44,485 | 6,208,390 | (19,547 | ) | ||||||||
$ 5,474 Tangiers convertible note financing
|
2,500 | 500,000 | (13,267 | ) | ||||||||
$ 20,000 Asher convertible note financing
|
1,225 | 3,208,333 | (4,140 | ) | ||||||||
$ 27,500 Asher convertible note financing
|
3,600 | 8,780,488 | 87,320 | |||||||||
$ 9,750 Tangiers convertible note financing
|
5,245 | 13,221,424 | 1,106 | |||||||||
|
$ | 101,650 | 37,538,635 | $ | 71,070 |
a)
|
Stock Options:
|
Total
Options
|
Weighted
Average Price
|
|||||||
Outstanding, December 31, 2011
|
38,164 | $ | 2.97 | |||||
Granted
|
- | - | ||||||
Cancelled
|
- | - | ||||||
Forfeited
|
- | - | ||||||
Exercised
|
- | - | ||||||
Outstanding, September 30, 2012
|
38,164 | $ | 2.97 | |||||
Exercisable at September 30, 2012
|
38,164 | $ | 2.97 |
b)
|
Outstanding warrants:
|
Grant Date
|
Expiration Date
|
Warrants Granted
|
Exercise Price
|
|||||||
$ 300,000 financing
|
03/19/08
|
03/19/13
|
167 | $ | 1,200 |
c)
|
Issuance of common stock:
|
2012
|
2011
|
|||||||||||||||
Shares
|
Value
|
Shares
|
Value
|
|||||||||||||
Employee compensation
|
- | $ | - | 5,000 | $ | 3,300 | ||||||||||
Investor relations
|
14,258,949 | 18,281 | ||||||||||||||
Legal services
|
400,000 | 6,800 | - | - | ||||||||||||
14,658,949 | $ | 25,081 | 5,000 | $ | 3,300 |
2012
|
2011
|
|||||||||||||||
Shares
|
Value
|
Shares
|
Value
|
|||||||||||||
Satisfaction of payables
|
7,634,882 | $ | 34,540 | 983,946 | $ | 280,851 | ||||||||||
Redemption of convertible debentures
|
37,539,530 | 278,705 | 2,548,690 | 330,669 | ||||||||||||
Contribution into joint venture
|
38,000,000 | 49,400 | - | - | ||||||||||||
83,174,412 | $ | 362,645 | 3,532,636 | $ | 611,520 |
d)
|
Dividends on preferred stock:
|
e)
|
Preferred Stock, Series E:
|
f)
|
Increase in Authorized Shares and Change in Par Value:
|
g)
|
Reverse split:
|
Years Ending December 31,
|
||||
2012
|
37,101 | |||
2013
|
52,041 | |||
2014
|
55,029 | |||
2015
|
33,117 | |||
$ | 177,288 |
|
·
|
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 for university, government and corporate researchers..
|
|
·
|
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
|
$ | 2,292,410 | $ | 2,292,410 | $ | - | $ | - | $ | - | ||||||||||
Notes payable
|
263,133 | 263,133 | - | - | - | |||||||||||||||
Notes payable, related parties
|
292,812 | 292,812 | - | - | - | |||||||||||||||
Operating leases
|
235,305 | 46,065 | 101,094 | 88,146 | - | |||||||||||||||
Long –term debt
|
982,450 | 982,450 | - | - | - | |||||||||||||||
Total
|
$ | 4,066,110 | $ | 3,876,870 | $ | 101,094 | $ | 88,146 | $ | - |
(a)
|
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.
|
(b) |
At September 30, 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 tranche 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.
|
(c)
|
As of September 30, 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.
|
(d)
|
As of September 30, 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.
|
(e)
|
As of September 30, 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.
|
(f)
|
As of September 30, 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.
|
(g)
|
As of September 30, 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.
|
(h)
|
As of September 30, 2012, we are in default on our Unsecured Convertible Debenture presently held by Premier IT Solutions in the face amount of $21,962. The debenture accrues interest at 10% through the maturity date of March 5, 2012 and accrues default interest at 15% thereafter. The note is convertible at the option of the holder into shares of CoroWare, Inc. common stock
|
(i)
|
As of September 30, 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
|
/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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