Narrowstep (CE) (USOTC:NRWS)
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Narrowstep(TM) Inc. (OTC Bulletin Board: NRWS), the TV on the Internet
Company, announced its financial results for the fiscal year ended
February 28, 2008. Narrowcasting revenue for fiscal year ended February
29, 2008 increased $1,190,000 or 25% over the prior year, however, total
revenue for the year declined by 3% compared to $6,008,835 fiscal year
ended February 28, 2007. The decrease in revenue was primarily driven by
the reduction in production services, a business segment which the
company exited during the fiscal year.
The increase in narrowcasting revenue resulted primarily from the
addition of new customers as well as additional contracts with existing
customers. Comprehensive loss for year ended February 28, 2008 was
$14,654,656, or $0.16 per share, versus a comprehensive loss of
$6,987,339, or $0.15 per share, for the prior year. Contributing to the
loss was the substantial investment made in the technology platform and
upgrades to Narrowstep’s CDN.
Louis Holder, Chief Technology Officer of Narrowstep commented on the
earnings release, stating, “As we told you
over the past year, we were making significant investment in our
platform to provide more tools and functionality. Our technology now
offers content owners a comprehensive set of tools to move, manage and
monetize their online video. Additionally, the sales effort was
re-focused on broadcasters, telcos and enterprise customers. As a
result, our sales team has executed agreements for a number of exciting
projects, (some which have already launched, some which will launch in
the coming weeks), including Fox International’s
Baby TV, Agnes Nixon’s All My Children (one of
America’s longest running and most popular
soap operas), Georgetown University, and La Liga de Futbol Profesional,
the top professional football league in Spain, and ICEX, the Spanish
Institute for Foreign Trade.”
In the latter half of the 2008 fiscal year, the company released its
Player 2.7, which integrated Microsoft Silverlight technology. The
player, which takes advantage of the benefits of Windows Media
technology, and is cross-browser and cross-platform compatible, can also
be integrated with Atlas Ad Solutions, an enterprise ad-serving platform
for customers who wish to automate their ad campaigns, or leverage
third-party advertising networks.
Narrowstep has previously announced that it entered into a definitive
Merger Agreement with Onstream Media Corp, an online service provider of
live and on-demand internet video, based in Pompano Beach, Florida. The
combination of Narrowstep’s automated IPTV
platform, Telvos™, and Onstream’s
Digital Media Services Platform (DMSP) is expected to result in a single
comprehensive platform with a unique ability to acquire, store, manage,
process, protect, monetize and deliver, digital broadcast quality video
to TV’s, computers, iPods, mobile phones, and
other devices.
Narrowstep expects to host an investor call in the coming weeks as the
company works through the integration plan with Onstream Media. An
announcement will be made accordingly.
NARROWSTEP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
Year ended
February 29, 2008
February 28, 2007
$
$
Revenue
Narrowcasting and other
5,559,042
4,369,117
Production services
286,691
1,639,718
Total revenue
5,845,733
6,008,835
Costs and Expenses
Operating
5,679,898
2,655,395
Selling, general and administrative
10,486,333
8,206,223
Research & development
2,738,259
1,088,723
Impairment charge on long-lived assets
861,858
1,228,437
Total operating expenses
19,766,348
13,178,778
Operating Loss
(13,920,615
)
(7,169,943
)
Interest income
185,646
132,042
Interest expense
(883,031
)
(13,228
)
Currency exchange income (loss)
(22,942
)
(10,345
)
Net Loss
(14,640,942
)
(7,061,474
)
Foreign currency translation adjustment
(13,714
)
74,135
Comprehensive Loss
(14,654,656
)
(6,987,339
)
Net Loss per Common Share - Basic and Diluted
(0.16
)
(0.16
)
Weighted-Average Number of Common Shares Outstanding, Basic and
Diluted
92,399,098
45,240,652
See Notes to Consolidated Financial Statements in the 10KSB filing
NARROWSTEP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
February 29, 2008
$
Assets
Current assets:
Cash and cash equivalents
4,170,850
Accounts receivable, net of allowance for doubtful accounts of
$767,470
923,850
Prepaid expenses and other current assets
411,110
Total current assets
5,505,810
Property and equipment, net
1,995,504
Software development costs, net of accumulated amortization of
$559,119
682,060
Other assets
281,790
Total Assets
8,465,164
Liabilities and Stockholders' Equity
Liabilities
Current liabilities:
Unearned revenue
31,536
Accounts payable
735,776
Net obligations under capital leases, current
153,322
Accrued expenses and other current liabilities
814,214
Total current liabilities
1,734,848
Net obligations under capital leases, long-term
143,408
Total Liabilities
1,878,256
Commitments and Contingencies
Stockholders' Equity
Common stock, $0.000001 par value 450,000,000 shares authorized,
137,561,227 issued and outstanding
137
Additional paid-in capital
40,745,085
Accumulated deficit
(34,196,475
)
Accumulated other comprehensive income
38,161
Total Stockholders' Equity
6,586,908
Total Liabilities and Stockholders' Equity
8,465,164
See Notes to Consolidated Financial Statements in the 10KSB filing.
About Narrowstep(TM) Inc.
Narrowstep(TM) Inc. (OTC Bulletin Board: NRWS), the TV on the Internet
Company, is a leading global provider of broadband television services.
Narrowstep's proprietary technologies and customer-focused services
enable TV channels to be delivered over the Internet. 60+ companies
worldwide have chosen Narrowstep because it offers the most
television-like and true community building broadband experience. The
Company's telvOS(TM) (Television Operating System(TM)) and nBed(TM)
technologies enable the most comprehensive delivery of video to mobile,
wireless, Internet, broadband, video-over-IP and entirely new
IP-delivered broadcast services. For more information, visit www.narrowstep.com
or call 609-945-1760.
Forward-looking Statement
Certain statements in this news release constitute 'forward-looking
statements' within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known or
unknown risks, including those detailed in the Company's filings with
the Securities and Exchange Commission, uncertainties and other factors
which may cause the actual results, performance or achievements of the
Company, or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date hereof.