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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Immediatek Inc (GM) | USOTC:IMKI | 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 | 0.000001 | 0.00 | 01:00:00 |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT |
IMMEDIATEK, INC
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(Exact name of registrant as specified in its charter)
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Nevada
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86-0881193
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(State or other jurisdiction of incorporation or
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(IRS Employer Identification No.)
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organization)
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3301 Airport Freeway, Suite 200
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Bedford, Texas
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76021
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(Address of principal executive offices)
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(Zip code)
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(888) 661-6565
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(Registrant’s telephone number, including area code)
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(Former name, former address and former fiscal year, if changed since last report)
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
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14
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15
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15
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15
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S-1
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·
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our inability to continue as a going concern;
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our history of losses, which may continue;
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our inability to utilize the funds received in a manner that is accretive;
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our inability to generate sufficient funds from operating activities to fund operations;
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difficulties in developing and marketing new products;
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our inability to prevent or minimize interruptions in our service and interruptions to customer data access, and any related impact on our reputation;
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our inability to retain existing recurring customers and attract new recurring customers;
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our inability to execute our growth and acquisition strategy;
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our dependence on third-party contractors, platforms, software, websites, and technologies used in the creation and maintenance of the FilesAnywhere service; and
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general economic conditions, including among others, continuing unemployment.
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Immediatek, Inc.
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||||||||
March 31,
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December 31,
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|||||||
2013
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2012
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|||||||
Current assets:
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||||||||
Cash
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$ | 498,165 | $ | 712,458 | ||||
Accounts receivable, net
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264,502 | 187,056 | ||||||
Prepaid expenses and other current assets
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65,660 | 76,745 | ||||||
Total current assets
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828,327 | 976,259 | ||||||
Fixed assets, net
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741,428 | 674,241 | ||||||
Intangible assets, net
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946,609 | 1,010,258 | ||||||
Goodwill
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766,532 | 766,532 | ||||||
Other assets
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22,196 | 20,648 | ||||||
Total assets
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$ | 3,305,092 | $ | 3,447,938 | ||||
Current liabilities:
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||||||||
Accounts payable
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$ | 227,048 | $ | 167,432 | ||||
Accrued liabilities
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135,095 | 111,503 | ||||||
Deferred revenue
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812,403 | 745,051 | ||||||
Total current liabilities
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1,174,546 | 1,023,986 | ||||||
Total liabilities
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1,174,546 | 1,023,986 | ||||||
Commitments and contingencies
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||||||||
Series A convertible preferred stock (conditionally redeemable); $0.001 par value
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||||||||
4,392,286 authorized, issued and outstanding; redemption/liquidation
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||||||||
preference of $3,000,000
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3,000,000 | 3,000,000 | ||||||
Series B convertible preferred stock (conditionally redeemable); $0.001 par value
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||||||||
69,726 authorized, issued and outstanding; redemption/liquidation
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||||||||
preference of $500,000
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500,000 | 500,000 | ||||||
Stockholder’s deficit:
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||||||||
Common stock, $0.001 par value, 500,000,000 shares authorized, 15,865,641 shares
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||||||||
issued and outstanding
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15,865 | 15,865 | ||||||
Additional paid in capital
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5,324,272 | 5,313,772 | ||||||
Accumulated deficit
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(6,709,591 | ) | (6,405,685 | ) | ||||
Total stockholders’ deficit
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(1,369,454 | ) | (1,076,048 | ) | ||||
Total liabilities, preferred stock and stockholders’ deficit
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$ | 3,305,092 | $ | 3,447,938 |
Immediatek, Inc.
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For the Quarter Ended March 31,
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||||||||
2013
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2012
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|||||||
Revenues
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$ | 816,962 | $ | 772,341 | ||||
Cost of revenues
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(367,710 | ) | (275,329 | ) | ||||
Gross margin
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449,252 | 497,012 | ||||||
Expenses:
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||||||||
Research and development
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216,460 | 255,246 | ||||||
Sales and marketing
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232,920 | 144,020 | ||||||
General and administrative
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212,071 | 251,442 | ||||||
Non-cash consulting expense-related party
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10,500 | 50,500 | ||||||
Depreciation and amortization
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81,488 | 83,602 | ||||||
Total expenses
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753,439 | 784,810 | ||||||
Net operating loss
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(304,187 | ) | (287,798 | ) | ||||
Other income (expense):
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||||||||
Interest income
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281 | 731 | ||||||
Interest expense
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- | (296 | ) | |||||
Total other income
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281 | 435 | ||||||
Income tax expense
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- | 4,500 | ||||||
Net loss
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$ | (303,906 | ) | $ | (291,863 | ) | ||
Weighted average number of common
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||||||||
shares outstanding - basic and fully diluted
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15,865,641 | 15,865,641 | ||||||
Basic and diluted loss per common share
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||||||||
attributable to common stockholders
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$ | (.02 | ) | $ | (.02 | ) |
For the Quarter Ended March 31,
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||||||||
2013
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2012
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|||||||
Cash flows from operating activities
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Net loss
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$ | (303,906 | ) | $ | (291,863 | ) | ||
Adjustments to reconcile net loss to net cash provided
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by (used in) operating activities:
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||||||||
Depreciation and amortization
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117,146 | 114,489 | ||||||
Non-cash consulting fees - related party
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10,500 | 50,500 | ||||||
Changes in operating assets and liabilities:
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Accounts receivable
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(77,446 | ) | 72,621 | |||||
Prepaid expenses and other assets
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9,537 | (14,814 | ) | |||||
Accounts payable
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59,616 | 148,654 | ||||||
Accrued liabilities
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23,592 | (6,622 | ) | |||||
Deferred revenue
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67,352 | 30,820 | ||||||
Net cash provided by (used in) operating activities
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(93,609 | ) | 103,785 | |||||
Cash flows from investing activities
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||||||||
Purchase of fixed assets
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(120,684 | ) | (103,949 | ) | ||||
Net cash used in investing activities
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(120,684 | ) | (103,949 | ) | ||||
Cash flows from financing activities
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||||||||
Payments on capital leases
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- | (4,791 | ) | |||||
Net cash used in financing activities
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- | (4,791 | ) | |||||
Net decrease in cash
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(214,293 | ) | (4,955 | ) | ||||
Cash at the beginning of the period
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712,458 | 1,212,742 | ||||||
Cash at the end of the period
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$ | 498,165 | $ | 1,207,787 | ||||
Supplemental disclosures:
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Interest paid
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$ | - | $ | 296 |
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·
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Our Business – a general description of our business, our objectives, our areas of focus and the challenges and risks of our business.
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Critical Accounting Policies and Estimates – a discussion of accounting policies that require critical judgments and estimates.
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Operations Review – an analysis of our consolidated results of operations for the periods presented in this Quarterly Report on Form 10-Q.
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Liquidity, Capital Resources and Financial Position – an analysis of our cash flows and debt and contractual obligations; and an overview of our financial condition.
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For the Three Months Ended March 31,
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2013
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2012
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|||||||
(unaudited)
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(unaudited)
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|||||||
Net loss
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$ | (303,906 | ) | $ | (291,863 | ) | ||
Net cash provided by (used in) operating activities
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$ | (93,609 | ) | $ | 103,785 |
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·
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Convertible Securities
. From time to time, we have issued, and in the future may issue, convertible securities with beneficial conversion features. We account for these convertible securities in accordance with
ASC Topic 470,
Beneficial Conversion Feature
.
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·
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Revenue Recognition
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Officeware generates revenue primarily from monthly fees for the services and products that it offers. While revenues for Officeware’s FilesAnywhere.com product are often received in advance of providing the applicable service, the Company defers recognizing such revenues until the service has been performed. Revenues for Officeware’s custom products for large enterprises are often received after such services are provided. The Company recognizes such revenues when service has been provided and collection is reasonably assured.
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For the Three Months Ended March 31,
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2013 vs. 2012
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2013
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2012
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Fav/(Unfav)
Variance
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% Variance
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Revenues
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$ | 816,962 | $ | 772,341 | $ | 44,621 | 5.78 | % | ||||||||
Cost of revenues
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(367,710 | ) | (275,329 | ) | (92,381 | ) | (33.55 | %) | ||||||||
Gross margin
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449,252 | 497,012 | (47,760 | ) | (9.61 | %) | ||||||||||
Expenses:
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Research and development
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216,460 | 255,246 | 38,786 | 15.20 | % | |||||||||||
Sales and marketing
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232,920 | 144,020 | (88,900 | ) | (61.73 | %) | ||||||||||
General and administrative
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212,071 | 251,442 | 39,371 | 15.66 | % | |||||||||||
Non-cash consulting expense-related party
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10,500 | 50,500 | 40,000 | 79.21 | % | |||||||||||
Depreciation and amortization
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81,488 | 83,602 | 2,114 | 2.53 | % | |||||||||||
Total expenses | 753,439 | 784,810 | 31,371 | 4.00 | % | |||||||||||
Net operating loss
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(304,187 | ) | (287,798 | ) | (16,389 | ) | (5.69 | %) | ||||||||
Other income (expense):
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||||||||||||||||
Interest income
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281 | 731 | (450 | ) | (61.56 | %) | ||||||||||
Interest expense
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- | (296 | ) | 296 | 100.00 | % | ||||||||||
Total other income
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281 | 435 | (154 | ) | (35.40 | %) | ||||||||||
Income tax expense
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- | 4,500 | 4,500 | 100.00 | % | |||||||||||
Net loss
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$ | (303,906 | ) | $ | (291,863 | ) | $ | (12,043 | ) | (4.13 | %) | |||||
Weighted average number of common shares
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||||||||||||||||
outstanding - basic and fully diluted
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15,865,641 | 15,865,641 | - | - | ||||||||||||
Basic and diluted loss per common share
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attributable to common stockholders
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$ | (0.02 | ) | $ | (0.02 | ) | - | - |
Exhibit
Number
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Description of Exhibit
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3.1
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Amended and Restated Articles of Incorporation of the Registrant, dated as of June 2, 2006 and filed with the Secretary of State of the State of Nevada on June 5, 2006 (filed as Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-QSB for quarter ended March 31, 2006 (filed on June 26, 2006) and incorporated herein by reference).
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3.2
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Bylaws of the Registrant (filed as Exhibit 3.2 to the Registrant’s Annual Report on Form 10-KSB for year ended December 31, 2005 (filed on May 11, 2006) and incorporated herein by reference).
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4.1
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Form of common stock certificate of the Registrant (filed as Exhibit 4.1 to the Registrant’s Annual Report on Form 10-KSB for year ended December 31, 2005 (filed on May 11, 2006) and incorporated herein by reference).
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4.2
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Amended and Restated Certificate of Designation, Rights and Preferences of Series A Convertible Preferred Stock of the Registrant, dated as of October 13, 2009 and filed with the Secretary of State of the State of Nevada on October 15, 2009 (filed as Exhibit 4.1 to the Registrant’s Form 8-K (filed on October 19, 2009) and incorporated herein by reference).
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4.3
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Form of stock certificate for Series A Convertible Preferred Stock (filed as Exhibit 4.8 to the Registrant’s Quarterly Report on Form 10-QSB for quarter ended March 31, 2006 (filed on June 26, 2006) and incorporated herein by reference).
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4.4
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Amended and Restated Certificate of Designation, Rights and Preferences of Series B Convertible Preferred Stock of the Registrant, dated as of October 13, 2009 and filed with the Secretary of State of the State of Nevada on October 15, 2009 (filed as Exhibit 4.2 to the Registrant’s Form 8-K (filed on October 19, 2009) and incorporated herein by reference).
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4.5
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Form of stock certificate for Series B Convertible Preferred Stock (filed as Exhibit 4.5 to the Registrant’s Annual Report on Form 10-K for year ended December 31, 2008 (filed on March 31, 2009) and incorporated herein by reference).
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31.1*
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Certification of Principal Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act.
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31.2*
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Certification of Principal Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act.
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32.1*
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Certification Required by 18 U.S.C. Section 1350 (as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002).
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32.2*
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Certification Required by 18 U.S.C. Section 1350 (as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002).
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101**
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XBRL data files of Financial Statements and Notes contained in this Quarterly Report on Form 10-Q.
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*
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Indicates document filed herewith.
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**
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Indicates document furnished herewith. In accordance with Regulation S-T, the XBRL-formatted interactive data files that comprise Exhibit 101 to this Quarterly Report on Form 10-Q shall be deemed “furnished” and not “filed.”
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Date: May 15, 2013
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IMMEDIATEK, INC. , | ||
a Nevada corporation | |||
By:
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/s/ Timothy M. Rice | ||
Name: | Timothy M. Rice | ||
Title: | Chief Executive Officer | ||
(On behalf of the Registrant and as Principal
Executive Officer)
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Date: May 15, 2013
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|||
By:
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/s/ Timothy McCrory | ||
Name: | Timothy McCrory | ||
Title: | Chief Financial Officer | ||
(On behalf of the Registrant and as Principal
Financial Officer)
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Exhibit
Number
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Description of Exhibit
|
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3.1
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Amended and Restated Articles of Incorporation of the Registrant, dated as of June 2, 2006 and filed with the Secretary of State of the State of Nevada on June 5, 2006 (filed as Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-QSB for quarter ended March 31, 2006 (filed on June 26, 2006) and incorporated herein by reference).
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3.2
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Bylaws of the Registrant (filed as Exhibit 3.2 to the Registrant’s Annual Report on Form 10-KSB for year ended December 31, 2005 (filed on May 11, 2006) and incorporated herein by reference).
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4.1
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Form of common stock certificate of the Registrant (filed as Exhibit 4.1 to the Registrant’s Annual Report on Form 10-KSB for year ended December 31, 2005 (filed on May 11, 2006) and incorporated herein by reference).
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4.2
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Amended and Restated Certificate of Designation, Rights and Preferences of Series A Convertible Preferred Stock of the Registrant, dated as of October 13, 2009 and filed with the Secretary of State of the State of Nevada on October 15, 2009 (filed as Exhibit 4.1 to the Registrant’s Form 8-K (filed on October 19, 2009) and incorporated herein by reference).
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4.3
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Form of stock certificate for Series A Convertible Preferred Stock (filed as Exhibit 4.8 to the Registrant’s Quarterly Report on Form 10-QSB for quarter ended March 31, 2006 (filed on June 26, 2006) and incorporated herein by reference).
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4.4
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Amended and Restated Certificate of Designation, Rights and Preferences of Series B Convertible Preferred Stock of the Registrant, dated as of October 13, 2009 and filed with the Secretary of State of the State of Nevada on October 15, 2009 (filed as Exhibit 4.2 to the Registrant’s Form 8-K (filed on October 19, 2009) and incorporated herein by reference).
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4.5
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Form of stock certificate for Series B Convertible Preferred Stock (filed as Exhibit 4.5 to the Registrant’s Annual Report on Form 10-K for year ended December 31, 2008 (filed on March 31, 2009) and incorporated herein by reference).
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31.1*
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Certification of Principal Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act.
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31.2*
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Certification of Principal Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act.
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32.1*
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Certification Required by 18 U.S.C. Section 1350 (as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002).
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32.2*
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Certification Required by 18 U.S.C. Section 1350 (as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002).
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101**
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XBRL data files of Financial Statements and Notes contained in this Quarterly Report on Form 10-Q.
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*
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Indicates document filed herewith.
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**
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Indicates document furnished herewith. In accordance with Regulation S-T, the XBRL-formatted interactive data files that comprise Exhibit 101 to this Quarterly Report on Form 10-Q shall be deemed “furnished” and not “filed.”
|
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