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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CrowdGather Inc (PK) | USOTC:CRWG | 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% | 0.006 | 0.004 | 0.006 | 0.00 | 01:00:00 |
[X]
|
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended January 31, 2014
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Nevada
|
20-2706319
|
(State or other jurisdiction
of incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
20300 Ventura Blvd. Suite 330, Woodland Hills, California 91364
|
(Address of principal executive offices) (Zip Code)
|
(818) 435-2472
|
(Registrant’s telephone number, including area code)
|
Large accelerated filer
|
o
|
Accelerated filer
|
o
|
|
Non-accelerated filer
|
o
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
x
|
PART I
|
||
PART II
|
||
JANUARY 31, 2014
(UNAUDITED)
|
APRIL 30, 2013
|
|||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash
|
$
|
202,211
|
$
|
375,512
|
||||
Accounts receivable
|
228,558
|
214,931
|
||||||
Investments
|
28,570
|
28,570
|
||||||
Inventory
|
31,982
|
33,168
|
||||||
Prepaid expenses and deposits
|
44,984
|
50,561
|
||||||
Total current assets
|
536,305
|
702,742
|
||||||
Property and equipment, net of accumulated
depreciation of $462,745 and $363,746, respectively
|
149,948
|
225,980
|
||||||
Intangible and other assets, net of accumulated amortization
of $0 and $45,224, respectively
|
9,223,327
|
9,368,103
|
||||||
Goodwill
|
4,360,176
|
4,360,176
|
||||||
Total assets
|
$
|
14,269,756
|
$
|
14,657,001
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
8,000
|
$
|
8,000
|
||||
Accrued vacation
|
54,922
|
63,838
|
||||||
Other accrued liabilities
|
80,097
|
69,138
|
||||||
Capital lease obligation, current portion
|
27,629
|
115,921
|
||||||
Total current liabilities
|
170,648
|
256,897
|
||||||
Capital lease obligation, net of current portion
|
-
|
9,267
|
||||||
Stockholders’ equity
|
||||||||
Preferred Series B stock, $0.001 par value, 1,000,000
shares authorized, 1,000,000 and 300,000 shares issued and
outstanding, respectively
|
1,000,000
|
300,000
|
||||||
Common stock, $0.001 par value, 975,000,000 shares
authorized, 61,382,708 and 58,372,708 issued and
outstanding, respectively
|
61,513
|
58,503
|
||||||
Additional paid-in capital
|
29,630,306
|
29,070,716
|
||||||
Accumulated deficit
|
(16,571,281
|
)
|
(15,016,952
|
)
|
||||
Accumulated other comprehensive loss
|
(21,430)
|
(21,430)
|
||||||
Total stockholders’ equity
|
14,099,108
|
14,390,837
|
||||||
Total liabilities and stockholders’ equity
|
$
|
14,269,756
|
$
|
14,657,001
|
Three Months Ended
January 31,
|
Nine Months Ended
January 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Revenue
|
$ | 446,201 | $ | 508,689 | $ | 1,283,240 | $ | 1,523,623 | ||||||||
Cost of revenue
|
703 | 25,752 | 3,325 | 44,968 | ||||||||||||
Gross profit
|
445,498 | 482,937 | 1,279,915 | 1,478,655 | ||||||||||||
Operating expenses
|
||||||||||||||||
Payroll and related expenses
|
269,118 | 482,172 | 940,282 | 1,399,369 | ||||||||||||
Stock based compensation
|
132,000 | 140,000 | 562,600 | 456,000 | ||||||||||||
General and administrative
|
382,134 | 540,075 | 1,185,668 | 1,767,381 | ||||||||||||
Impairment of intangible assets
|
- | - | 140,026 | - | ||||||||||||
Total operating expenses
|
783,252 | 1,162,247 | 2,828,576 | 3,622,750 | ||||||||||||
Loss from operations
|
(337,754 | ) | (679,310 | ) | (1,548,661 | ) | (2,144,095 | ) | ||||||||
Other income (expense), net
|
(843 | ) | (2,883 | ) | (4,868 | ) | (7,724 | ) | ||||||||
Net loss before provision for income taxes
|
(338,597 | ) | (682,193 | ) | (1,553,529 | ) | (2,151,819 | ) | ||||||||
Provision for income taxes
|
0 | 0 | 800 | 800 | ||||||||||||
Net loss
|
$ | (338,597 | ) | $ | (682,193 | ) | $ | (1,554,329 | ) | $ | (2,152,619 | ) | ||||
Weighted average shares outstanding- basic and diluted
|
61,101,632 | 58,343,360 | 59,621,777 | 58,308,544 | ||||||||||||
Net loss per share – basic and diluted
|
$ | (0.01 | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.04 | ) |
2014
|
2013
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(1,554,329
|
)
|
$
|
(2,152,619
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Impairment of intangible asset
|
140,026
|
-
|
||||||
Depreciation and amortization
|
103,750
|
109,937
|
||||||
Stock-based compensation
|
562,600
|
456,000
|
||||||
Stock issued for services
|
-
|
26,341
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(13,627)
|
(243,255)
|
||||||
Inventory
|
1,186
|
1,851
|
||||||
Prepaid expenses and deposits
|
5,577
|
22,956
|
||||||
Accounts payable and accrued liabilities
|
2,043
|
79,255
|
||||||
Net cash used in operating activities
|
(752,774
|
)
|
(1,699,534
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Purchase of property and equipment
|
(22,968)
|
(7,597
|
)
|
|||||
Purchase of intangible assets
|
-
|
(64,175
|
)
|
|||||
Net cash used in investing activities
|
(22,968)
|
(71,772
|
)
|
|||||
Cash flows from financing activities:
|
||||||||
Issuance of preferred stock
|
700,000
|
-
|
||||||
Payments on capital lease obligations
|
(97,559
|
)
|
(68,113)
|
|||||
Net cash from (used in) financing activities
|
602,441
|
(68,113)
|
||||||
Net (decrease) in cash
|
(173,301)
|
(1,839,419
|
)
|
|||||
Cash, beginning of period
|
375,512
|
2,328,492
|
||||||
Cash, end of period
|
$
|
202,211
|
$
|
489,073
|
||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$
|
5,027
|
$
|
-
|
||||
Income taxes
|
$
|
800
|
$
|
800
|
||||
Non-cash transactions:
|
||||||||
Purchase of property and equipment
|
$
|
-
|
$
|
209,384
|
||||
Stock-based compensation
|
$
|
562,600
|
$
|
456,000
|
||||
Stock issued for services
|
$
|
-
|
$
|
26,341
|
January 31,
2014
|
April 30,
2013
|
||||||||
Furniture, fixtures and office equipment
|
$
|
30,919
|
$
|
30,919
|
|||||
Computers, servers and equipment
|
581,774
|
558,807
|
|||||||
612,693
|
589,726
|
||||||||
Less: accumulated depreciation
|
(462,745
|
)
|
(363,746
|
)
|
|||||
$
|
149,948
|
$
|
225,980
|
January 31,
|
April 30,
|
|||||||||
Est. Life
|
2014
|
2013
|
||||||||
Online forums and related websites
|
Indefinite
|
$
|
6,973,327
|
$
|
6,973,327
|
|||||
Target advertising technology
|
Indefinite
|
2,250,000
|
2,250,000
|
|||||||
Trademarks and trade names
|
10 years
|
-
|
190,000
|
|||||||
9,223,327
|
9,413,327
|
|||||||||
Less: accumulated amortization
|
-
|
(45,224)
|
||||||||
$
|
9,223,327
|
$
|
9,368,103
|
|
CROWDGATHER, INC.
|
January 31,
|
Amount
|
|||||
2015
|
$
|
27,629
|
-current
|
|||
Total
|
$
|
27,629
|
Number of Options
|
Weighted-Average Exercise Price
|
Weighted-Average Remaining Contract Term (Years)
|
Aggregate Intrinsic Value
|
||||||||
Outstanding, May 1, 2013
|
6,098,750
|
$
|
0.75
|
8.25
|
$
|
3,355,810
|
|||||
Granted
|
2,100,000
|
0.04
|
9.33
|
69,300
|
|||||||
Forfeited/Expired
|
(1,965,000)
|
0.64
|
7.70
|
(871,766)
|
|||||||
Exercised
|
-
|
-
|
-
|
-
|
|||||||
Outstanding, January 31, 2014
|
6,233,750
|
$
|
0.55
|
8.01
|
$
|
2,553,344
|
|||||
Exercisable, January 31, 2014
|
3,060,000
|
$
|
0.91
|
6.53
|
$
|
2,792,738
|
|||||
Number
of Shares
|
Weighted-Average Grant-Date Fair Value
|
||||||||
Non-vested balance, May 1, 2013
|
3,161,000
|
$
|
0.36
|
||||||
Granted
|
2,100,000
|
0.04
|
|||||||
Vested
|
(974,688)
|
0.37
|
|||||||
Forfeited/Expired
|
(1,112,562)
|
0.63
|
|||||||
Non-vested balance, January 31, 2014
|
3,173,750
|
$
|
0.15
|
2014
|
|||||
Federal net operating loss (at 34%)
|
$
|
5,400,000
|
|||
State net operating loss (at 8.84%)
|
1,425,000
|
||||
6,825,000
|
|||||
Less: valuation allowance
|
(6,825,000
|
)
|
|||
Net deferred tax assets
|
$
|
-
|
·
|
changes in our business;
|
·
|
general economic, industry and market sector conditions;
|
·
|
the ability to generate increased revenues from our forums;
|
·
|
the ability to obtain additional financing to implement our growth strategy;
|
·
|
the ability to manage our growth;
|
·
|
our ability to develop and market new technologies to respond to rapid technological changes;
|
·
|
competitive factors in the market(s) in which we operate; and
|
·
|
and other events, factors and risks disclosed from time to time in our filings with the Securities and Exchange Commission
|
10.1 | Web Site Purchase Agreement dated March 16, 2014 |
10.2 | Executive Employment Agreement dated March 17, 2014 |
99.1 | Press Release, dated March 17, 2014 |
Instance Document
|
|
101.sch
|
XBRL Taxonomy Schema Document
|
101.cal
|
XBRL Taxonomy Calculation Linkbase Document
|
101.def
|
XBRL Taxonomy Definition Linkbase Document
|
101.lab
|
XBRL Taxonomy Label Linkbase Document
|
101.pre
|
XBRL Taxonomy Presentation Linkbase Document
|
CrowdGather, Inc.,
a Nevada corporation
|
|||
March 17, 2014
|
By:
|
/s/ Sanjay Sabnani
|
|
Its:
|
Sanjay Sabnani
President, Secretary, Director
(Principal Executive Officer)
|
March 17, 2014
|
By:
|
/s/ Jonathan Weiss
|
|
Its:
|
Jonathan Weiss
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
1 Year CrowdGather (PK) Chart |
1 Month CrowdGather (PK) Chart |
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