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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 | 0.000001 | 50,597,200 | 12:01:44 |
For the quarterly period ended
|
June 30, 2013
|
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
|
|||
Item 1.
|
Consolidated Financial Statements
|
2
|
|
Consolidated Balance Sheets at June 30, 2013 (Unaudited) and December 31, 2012
|
2
|
||
Unaudited Consolidated Statements of Operations for the three and six months
ended June 30, 2013 and 2012 (Unaudited)
|
3
|
||
Unaudited Consolidated Statements of Cash Flows for the six months ended
June 30, 2013 and 2012 (Unaudited)
|
4
|
||
Notes to Unaudited Consolidated Financial Statements
|
6
|
||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
13
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
16
|
|
Item 4.
|
Controls and Procedures
|
17
|
|
PART II – OTHER INFORMATION
|
|||
Item 1.
|
Legal Proceedings
|
18
|
|
Item 1A.
|
Risk Factors
|
18
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Funds
|
18
|
|
Item 3.
|
Defaults Upon Senior Securities
|
18
|
|
Item 4.
|
Mine Safety Disclosures
|
19
|
|
Item 5.
|
Other Information
|
19
|
|
Item 6.
|
Exhibits
|
19
|
|
SIGNATURES
|
20
|
COROWARE, INC.
|
||||||||||||||||
Consolidated Statements of Operations
|
||||||||||||||||
(unaudited)
|
||||||||||||||||
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
REVENUES
|
$ | 239,596 | $ | 321,745 | $ | 558,184 | $ | 675,121 | ||||||||
COST OF SALES
|
178,192 | 199,530 | 376,820 | 412,019 | ||||||||||||
GROSS PROFIT
|
61,404 | 122,215 | 181,364 | 263,102 | ||||||||||||
OPERATNG EXPENSES
|
||||||||||||||||
Depreciation and amortization
|
4,231 | 3,000 | 8,462 | 6,000 | ||||||||||||
General and administrative
|
209,334 | 293,063 | 554,713 | 519,173 | ||||||||||||
Total Operating Expenses
|
213,565 | 296,063 | 563,175 | 525,173 | ||||||||||||
LOSS FROM OPERATIONS
|
(152,161 | ) | (173,848 | ) | (381,811 | ) | (262,071 | ) | ||||||||
OTHER INCOME (EXPENSE)
|
||||||||||||||||
Gain (loss) on derivative valuation
|
57,011,047 | (150,136 | ) | 57,752,615 | (339,493 | ) | ||||||||||
Gain (loss) on convertible debt redemptions
|
- | - | - | (35,630 | ) | |||||||||||
Interest expense
|
(354,049 | ) | (172,097 | ) | (408,555 | ) | (379,389 | ) | ||||||||
Loss on settlement of debt
|
- | 2,100 | - | 2,100 | ||||||||||||
TOTAL OTHER INCOME (EXPENSE)
|
56,656,998 | (320,133 | ) | 57,344,060 | (752,412 | ) | ||||||||||
LOSS BEFORE NON CONTROLLING INTEREST
|
56,504,837 | (493,981 | ) | 56,962,249 | (1,014,483 | ) | ||||||||||
Net loss attributable to non controlling interest
|
10,193 | - | 22,826 | - | ||||||||||||
LOSS BEFORE INCOME TAXES
|
56,515,030 | (493,981 | ) | 56,985,075 | (1,014,483 | ) | ||||||||||
INCOME TAX EXPENSE
|
- | - | - | - | ||||||||||||
NET LOSS
|
$ | 56,515,030 | $ | (493,981 | ) | $ | 56,985,075 | $ | (1,014,483 | ) | ||||||
BASIC AND DILUTED LOSS PER SHARE
|
$ | 0.02 | $ | (0.04 | ) | $ | 0.02 | $ | (0.11 | ) | ||||||
WEIGHTED AVERAGE NUMBER OF COMMON
|
||||||||||||||||
SHARES OUTSTANDING - BASIC AND DILUTED
|
2,935,326,681 | 11,382,014 | 2,401,827,198 | 9,186,530 |
COROWARE, INC.
|
||||||||
Consolidated Statements of Cash Flows
|
||||||||
(unaudited)
|
||||||||
For the Six Months Ended
|
||||||||
June 30,
|
||||||||
2013
|
2012
|
|||||||
OPERATING ACTIVITIES
|
||||||||
Net loss
|
$ | 57,007,950 | $ | (1,014,483 | ) | |||
Adjustments to reconcile net loss to net cash
|
||||||||
used in operating activities:
|
||||||||
(Gain) loss on derivative valuation
|
(57,752,615 | ) | 339,493 | |||||
Loss on settlement of debt
|
- | (2,100 | ) | |||||
Amortization of deferred financing costs
|
- | 3,370 | ||||||
(Gain) loss on convertible debt redemptions
|
- | 35,630 | ||||||
Stock issued for services
|
30,478 | 8,000 | ||||||
Depreciation and amortization
|
9,693 | 6,000 | ||||||
Amortization of debt discount
|
5,042 | 131,064 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(39,594 | ) | (24,703 | ) | ||||
Other current assets
|
20,000 | (2,258 | ) | |||||
Inventory
|
(19,053 | ) | - | |||||
Accrued expenses-related parties
|
- | 36,643 | ||||||
Accounts payable and accrued expenses
|
313,184 | 468,122 | ||||||
Net Cash Used in Operating Activities
|
(424,915 | ) | (15,222 | ) | ||||
INVESTING ACTIVITIES
|
||||||||
Purchase of property and equipment
|
- | (1,371 | ) | |||||
Net Cash Used in Investing Activities
|
- | (1,371 | ) | |||||
FINANCING ACTIVITIES
|
||||||||
Obligations collateralized by receivables
|
62,802 | (11,382 | ) | |||||
Proceeds from related party loans
|
18,757 | - | ||||||
Proceeds from convertible debentures
|
261,477 | 12,990 | ||||||
Proceeds from line of credit
|
10,912 | 1,425 | ||||||
Proceeds from non controlling interest
|
10,000 | - | ||||||
Proceeds from sale of preferred stock, Series E
|
- | 10,000 | ||||||
Proceeds from notes payable
|
62,250 | - | ||||||
Repayment of notes payable
|
- | 9,000 | ||||||
Repayment of related party loans
|
- | (5,468 | ) | |||||
Net Cash Provided by Financing Activities
|
426,198 | 16,565 | ||||||
NET INCREASE (DECREASE) IN CASH
|
1,283 | (28 | ) | |||||
CASH AT BEGINNING OF PERIOD
|
2,754 | 522 | ||||||
CASH AT END OF PERIOD
|
$ | 4,037 | $ | 494 |
COROWARE, INC.
|
||||||||
Consolidated Statements of Cash Flows (Continued)
|
||||||||
(unaudited)
|
||||||||
For the Six Months Ended
|
||||||||
June 30,
|
||||||||
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
|
$ | 249,656 | $ | 207,859 | ||||
Common stock issued for accrued liabilities
|
- | 17,985 |
Financing
|
June 30, 2013
|
December 31,
2012
|
||||||
$2,825,000 Yorkville financing (a)
|
$
|
44,805
|
$
|
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
|
||||||
$ 17,500 Asher financing (k)
|
18,750
|
3,547
|
||||||
$20,000 Asher financing (k)
|
37,500
|
18,775
|
||||||
$ 27,500 Asher financing (k)
|
33,750
|
18,900
|
||||||
$10,750 Barclay financing
|
10,750
|
10,750
|
||||||
$ 9,750 Tangiers (formerly Mackie) financing (i)
|
-
|
3,059
|
||||||
$170,562 Ratzker financing (b)
|
17,734
|
152,007
|
||||||
$ 67,042 Harvey financing
|
67,042
|
67,042
|
||||||
$ 89,383 Cariou financing (c)
|
22,465
|
54,838
|
||||||
$ 65,000 Panache financing (d)
|
24,253
|
41,860
|
||||||
$ 15,000 Panache financing
|
15,000
|
15,000
|
||||||
$567,200 Westmount financing (l)
|
534,055
|
537,318
|
||||||
$170,561 Redwood financing (e)
|
54,127
|
89,377
|
||||||
$21,962 Premier financing
|
21,962
|
21,962
|
||||||
$21,000 Tangiers financing (i)
|
-
|
11,424
|
||||||
$5,474 Tangiers financing (i)
|
-
|
2,500
|
||||||
$ 10,000 Magna financing (m)
|
-
|
10,000
|
||||||
$13,000 Kellburgh financing (n)
|
13,000
|
-
|
||||||
$54,060 Ridge Point financing (f)
|
17,805
|
9,117
|
||||||
$42,200 AGS financing (s)
|
5,238
|
-
|
||||||
$131,377 AGS financing (g)
|
122,036
|
-
|
||||||
$25,000 Yorkville financing (r)
|
25,000
|
-
|
||||||
$12,372.60 Tangiers financing (h)
|
-
|
-
|
||||||
$14,000 Tangiers financing (o)
|
14,000
|
-
|
||||||
$24,893.17 Tangiers financing (p)
|
24,879
|
-
|
||||||
$ 20,000 Tangiers financing (q)
|
20,000
|
-
|
||||||
$36,250 Ridge Point financing (j)
|
36,250
|
-
|
||||||
2,551,979
|
2,480,635
|
|||||||
Less: Current portion of convertible debt
|
(2,270,651
|
)
|
(2,258,830
|
)
|
||||
Long-term portion of convertible debt
|
$
|
221,805
|
$
|
221,805
|
a)
|
Stock Options:
|
Total
Options
|
Weighted
Average Price
|
|||||||
Outstanding, December 31, 2012
|
38,164
|
$
|
2.97
|
|||||
Granted
|
-
|
-
|
||||||
Cancelled
|
-
|
-
|
||||||
Forfeited
|
-
|
-
|
||||||
Exercised
|
-
|
-
|
||||||
Outstanding, June 30, 2013
|
38,164-
|
$
|
2.97
|
|||||
Exercisable at June 30, 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, June 30, 2013
|
-
|
$
|
2.97
|
|||||
Exercisable at June 30, 2013
|
-
|
$
|
2.97
|
c)
|
Issuance of common stock:
|
c)
|
Issuance of common stock:
|
2013
|
2012
|
|||||||||||||||
Shares
|
Value
|
Shares
|
Value
|
|||||||||||||
Stock issued for services
|
119,429,987
|
$
|
30,478
|
468,000,000
|
$
|
46,000
|
||||||||||
Legal services
|
400,000
|
8,000
|
||||||||||||||
119,429,987
|
$
|
28,659
|
400,000
|
$
|
8,000
|
2013
|
2012
|
|||||||||||||||
Shares
|
Value
|
Shares
|
Value
|
|||||||||||||
Satisfaction of payables
|
300,000
|
$
|
6,000
|
|||||||||||||
Redemption of convertible debenture
|
3,430,305,547
|
280,134
|
||||||||||||||
Notes payable
|
||||||||||||||||
300,000
|
$
|
6,000
|
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
|
Payments due by Period
|
||||||||||||||||||||
Contractual Obligations
|
Total
|
Less than 1
year
|
1-3 years
|
3-5 years
|
More than 5
years
|
|||||||||||||||
Convertible debt, net
|
$
|
2,551,979
|
$
|
2,2,70,651
|
$
|
221,805
|
$
|
-
|
$
|
-
|
||||||||||
Notes payable
|
294,582
|
294,582
|
-
|
-
|
-
|
|||||||||||||||
Notes payable, related parties
|
221,369
|
221,369
|
-
|
-
|
-
|
|||||||||||||||
Small Business Administration loan
|
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 June 30, 2013, 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 June 30, 2013, 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 June 30, 2013, 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 June 30, 2013, 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 June 30, 2013, 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 June 30, 2013, 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.
|
|
(i)
|
As of June 30, 2013, 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.
|
|
(j)
|
As of June 30, 2013, we are in default on our Unsecured Convertible Debentures presently held by Asher Enterprises in the agregate face amount of $90,000. The debenture accrues interest at 22% (the default rate) and is 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.
|
|||
/s/
|
|||
Dated: August 19, 2013
|
Lloyd T. Spencer,
Chief Executive Officer and
|
||
Interim Chief Financial Officer
(Principal Executive Officer and Principal
Accounting and Financial Officer)
|
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