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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Verecloud Inc (CE) | USOTC:VCLD | 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 | 0.00 | 01:00:00 |
Q1 Fiscal Year 2012 Business Highlights:
"While the financial results of this first fiscal quarter 2012 report do not reflect the momentum we have achieved and are experiencing currently, we are anticipating good customer growth to be reported in the second quarter of 2012 based on the fact that we have already transitioned thousands of business users to Cloudwrangler™. Since August 2011, we have launched numerous successful promotions, and we have contracted partnerships with exciting new sales channels. Today, we are totally focused on growing our customer base and adding best of breed services into our Marketplace," said John McCawley, Verecloud CEO.
Operational results from the first quarter 2012 are as follow:
"In this challenging economic environment, the fact that we were able to finance this dramatic transition is in itself a major achievement. Our cloud Marketplace offers SMBs huge savings on the business services they need and use every day; customers are already realizing the savings and the ease of doing business in the Cloud with Cloudwrangler™. We have paved the way for SMBs to capitalize on the promise of the Cloud," said Verecloud CEO John McCawley.
About Verecloud, Inc. Like most new technology innovations, the cloud has become the Wild West of the Web. Verecloud's® mission is to provide SMBs with a single place to discover, buy, manage and monitor their cloud services. After originally building a cloud integration and marketplace platform for the telecommunications industry, Verecloud® shifted focus and launched the platform as Cloudwrangler™ on August 2, 2011. Cloudwrangler™ is a Marketplace of best of breed cloud services integrated into a single experience, for easy use and management with one monthly invoice and one technical support contact. Acting as a cloud service brokerage, Cloudwrangler™ gives businesses total access and control of all their cloud applications from one portal. For more information about Verecloud® please visit: http://www.verecloud.com
Forward-Looking Statements This release may contain projections and other forward-looking statements that involve risks and uncertainties. Forward-looking statements are projections reflecting management's judgment and assumptions based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Future performance cannot be assured. Readers are referred to the documents filed by Verecloud with the Securities and Exchange Commission (SEC), specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Recent documents filed with the SEC can be found in the Investor Relations section of our website (www.verecloud.com). Verecloud believes the forward-looking statements in this release are reasonable; however, you should not place undue reliance on forward-looking statements, which are based on current expectations and speak only as of the date of this release. Verecloud is not obligated to publicly release any revisions to forward-looking statements to reflect events after the date of this release.
Verecloud, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended September 30, ------------------------ 2011 2010 ----------- ----------- Revenue $ 140,862 $ 1,510,542 Cost of goods sold 295,046 677,431 ----------- ----------- Gross profit (154,184) 833,111 Operating expenses Employee related (1) 328,303 392,927 Marketing expense 163,298 250,656 Legal and accounting 41,509 127,421 Consulting expense (1) 180,415 64,427 Research and development 249,324 28,579 Rent 22,500 22,435 Travel and entertainment 9,866 23,396 Information technology 5,340 13,534 Depreciation 6,824 10,614 Other 41,661 20,338 ----------- ----------- Total operating expenses 1,049,039 954,327 ----------- ----------- Operating income (loss) (1,203,223) (121,216) Other income (expense) Interest income - 133 Interest (expense) (71,501) (26,768) Sale of Assets 8,230 - ----------- ----------- Total other income (expense) (63,271) (26,634) ----------- ----------- Pretax income (loss) (1,266,494) (147,851) Income tax expense (benefit) - - ----------- ----------- Net income (loss) $(1,266,494) $ (147,851) =========== =========== Basic net income (loss) per common share $ (0.02) $ (0.00) Basic weighted average common shares 71,998,534 70,098,000 (1) Includes stock-based compensation as follows: Salary and wages $ 41,932 $ 51,656 Consulting expenses $ 78,560 $ - Verecloud, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30, June 30, 2011 2011 ------------- ------------- ASSETS Current assets Cash $ 74,259 $ 202,256 Accounts receivable 122,550 128,050 Other current assets 72,347 62,537 ------------- ------------- Total current assets 269,156 392,843 Property and equipment (Note 3) Computer related 91,139 89,307 Equipment and machinery 40,372 40,372 Other property and equipment 16,444 36,330 ------------- ------------- Subtotal 147,955 166,009 Accumulated depreciation (127,934) (136,026) ------------- ------------- Net property and equipment 20,022 29,983 Other assets Capitalized software, net (Note 2) 518,962 614,837 ------------- ------------- Total assets $ 808,140 $ 1,037,663 ============= ============= LIABILITIES AND STOCKHOLDERS' (DEFICIT) Current liabilities Accounts payable $ 171,432 $ 271,126 Current portion of long term debt (Note 6) 3,324,000 2,414,000 Accrued liabilities 584,383 485,380 ------------- ------------- Total current liabilities 4,079,816 3,170,505 Long term debt (Note 6) - - ------------- ------------- Total liabilities 4,079,816 3,170,505 Commitments and contingencies (Notes 2,4,5,6,7,9,10,11,12) Stockholders' (deficit) Preferred stock - $0.001 par value, 5,000,000 shares authorized: No shares issued or outstanding - - Common stock - $0.001 par value, 200,000,000 shares authorized: 72,372,198 and 71,791,068 shares issued and outstanding, respectively 72,372 71,791 Additional paid-in capital 5,319,150 5,192,072 Accumulated (deficit) (8,663,197) (7,396,705) ------------- ------------- Total stockholders' (deficit) (3,271,676) (2,132,842) ------------- ------------- Total liabilities and stockholders' (deficit) $ 808,140 $ 1,037,663 ============= ============= Verecloud, Inc. Selected Operating Statistics We periodically review certain key business metrics, within the context of our articulated performance goals, in order to evaluate the effectiveness of our operational strategies, allocate resources and maximize the financial performance of our business. The selected operating statistics include the following: Selected Operating Statistics ------------- ------------- September 30, June 30, 2011 2011 ------------- ------------- Net business users (1) 32 0 Business user churn (2) 0.0% 0.0% Total business users (3) 32 0 Average monthly revenue per business user $ 13.00 $ 0.00 Overall gross margin N/A* 0.0% Business user acquisition cost N/A* $ 0.00 Average number of services per business user 1.46 0 Total business customers (4) 14 0 Average number of business users per business customer 2.29 0 (1) Business user is business employee, subscriber or seat. Business users that are in the one free year Microsoft Exchange promotion (or any other special promotion) are considered net business users. (2) Business user churn is calculated by dividing the number of net business users that terminated during that period by the simple average number of net business users during the period and dividing the result by the number of months in the period. The simple average number of net business users during the period is the number of net business users on the first day of the period plus the number of net business users on the last day of the period divided by two. (3) Total business users is net businesses users less churn. (4) Business customer is an entity which is comprised of business users with an established billing relationship with Verecloud. (*) Not enough information is available to the company to report on this operating statistic this quarter.
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