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Share Name | Share Symbol | Market | Type |
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Voiceserve Inc (CE) | USOTC:VSRV | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.0001 | 0.00 | 01:00:00 |
The Company generated revenues of $1.4 million during its fiscal third quarter ended December 31, 2011, an increase of 9% compared to the previous fiscal year third quarter and an increase of 37% over the current fiscal year second quarter. The Company generated operating earnings during its fiscal third quarter of $20,264 which includes non-cash amortization and depreciation of $173,216. Net earnings for the current fiscal year third quarter was $179,599, which included a stock warrant revaluation credit of $167,989. This compares to a net loss of $(45,407), inclusive of a stock warrant revaluation credit of $116,196 in the previous fiscal year third quarter and a net loss of $(36,167) in the second quarter of the current fiscal year, which included a stock warrant revaluation credit of $243,143.
Revenues for the first nine months of fiscal 2012 was $3.6 million, a 6 percent increase over the same period of the previous fiscal year. The Company reported a net loss for the current fiscal nine month period of $(990,148) or $(0.02) per basic share, which includes stock based compensation of $589,380 and warrant revaluation charges of $(39,822). This compares to a net loss of $(510,321) or $(0.01) per basic share for the same period of the previous fiscal year, which includes stock based compensation of $319,628 and a warrant revaluation credit of $271,170. The Company's net cash used in operating activities was $323,127 for the current nine month period and $409,311 for the comparable period of the previous fiscal year.
Michael Bibelman, Voiceserve's CEO, said, "Our Voipswitch software sales into the wholesale/retail markets continue to be steady, despite the global economic slowdown. In addition recurring revenue generated from our traditional one-time, software sales to VoIP operators purchasing our turnkey software is growing. Just six months ago, our hosted solution, which offers operators an option to pay for our software on a monthly basis rather than an upfront one-time fee, stood at approximately $12,000 per month. Today, that revenue source has grown to approximately $55,000 per month and is expected to continue its growth pace in the foreseeable future. Our enterprise commercial initiative, while taking longer than originally anticipated, appears to be close. During the quarter, we witnessed early revenue contribution of this initiative." Mr. Bibelman continued, "We are seeing solid evidence that the wireless age has arrived and is embracing VoIP, with all its services offerings, at a feverish pace. Now that we have launched - for the first time - a direct to consumer mobile VoIP initiative complete with video conferencing and Video on Demand capabilities in one turnkey, most cost effective, simple to deploy solution, telecom industry leaders are seeking us out. While third quarter produced a positive move forward in our revenues, I expect the final fiscal quarter will witness material sequential growth."
About Voiceserve, Inc.
For a demonstration of the capabilities of Voiceserve's VoipSwitch technology, please visit http://www.youtube.com/user/VoipSwitchToday.
Voiceserve is a software platform provider focusing primarily on delivering affordable, complete, next generation services to Internet Telephony Providers (ITSPs). Products include VoipSwitch, a custom modular all-in-one Voice over Internet Protocol (VoIP) management platform licensing solution for resellers; VoIP airtime minutes bundled with optional convenient features, including virtual numbers, direct dial, web callback, and call forwarding; IP-PBX; and mobile soft phone, and video technologies. For further information please visit http://www.voipswitch.com.
Certain statements in this news release may constitute "forward-looking" statements within the meaning of section 21E of the Securities and Exchange Act of 1934. The Company believes that its expectations, as expressed in these statements are based on reasonable assumptions regarding the risks and uncertainties inherent in achieving those expectations. These statements are not, however, guarantees of future performance and actual results may differ materially. Risks and uncertainties which may cause actual results to be different than expressed or implied in our forward-looking statements include, but are not limited to, the risk factors listed in the most recent Annual Report on Form 10-K and described under the heading "Risk Factors" our Form S-1 filed December 20, 2010. The Company expressly disclaims any current intention to update any forward-looking statements as a result of new information or future events or developments.
Financial Statements Follow
VOICESERVE, INC. AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited) Three Months Nine Months Ended December 31, Ended December 31, ------------------------ ------------------------ 2011 2010 2011 2010 ----------- ----------- ----------- ----------- Operating revenues: Software license fees $ 1,380,418 $ 1,166,175 $ 3,561,386 $ 3,123,386 Revenues from communications air time (11) 97,420 535 248,894 ----------- ----------- ----------- ----------- Total operating revenues 1,380,407 1,263,595 3,561,921 3,372,280 ----------- ----------- ----------- ----------- Cost of operating revenues: Software license fees 710,717 573,494 1,955,267 1,445,912 Communications air time (3,370) 109,616 (3,370) 244,049 ----------- ----------- ----------- ----------- Total cost of operating revenues 707,347 683,110 1,951,897 1,689,961 ----------- ----------- ----------- ----------- Gross profit 673,060 580,485 1,610,024 1,682,319 ----------- ----------- ----------- ----------- Operating expenses: Selling, general and administrative expenses (including stock-based compensation of $10,569, $11,166, $589,380, and $319,628, respectively) 652,796 739,065 2,551,701 2,463,181 ----------- ----------- ----------- ----------- Total operating expenses 652,796 739,065 2,551,701 2,463,181 ----------- ----------- ----------- ----------- Income (loss) from operations 20,264 (158,580) (941,677) (780,862) Income from revaluation of liability for common stock purchase warrants 167,989 116,196 (39,822) 271,170 Interest income 23 19 48 23 Interest expense (31) (42) (51) (652) ----------- ----------- ----------- ----------- Income (loss) before income taxes 188,245 (42,407) (990,148) (510,321) Income taxes 8,646 - - - ----------- ----------- ----------- ----------- Net income (loss) $ 179,599 $ (42,407) $ (990,148) $ (510,321) =========== =========== =========== =========== Net income (loss) per share - basic and diluted $ 0.00 $ (0.00) $ (0.02) $ (0.01) =========== =========== =========== =========== Weighted average number of shares outstanding - basic 44,585,198 37,914,212 43,153,274 35,551,646 ----------- ----------- ----------- ----------- - diluted 45,209,775 37,914,212 43,153,274 35,551,646 ----------- ----------- ----------- ----------- VOICESERVE, INC. AND SUBSIDIARIES Consolidated Balance Sheets December March 31, 2011 31, 2011 ------------ ----------- (Unaudited) Assets Current assets: Cash and cash equivalents $ 344,486 $ 141,739 Accounts receivable, net of allowance for doubtful accounts of $25,004 and $6,735, respectively 210,424 48,769 Prepaid expenses and other current assets 81,101 82,823 ------------ ----------- Total current assets 636,011 273,331 Property and equipment, net of accumulated depreciation of $66,490 and $66,878, respectively 7,905 10,045 Intangible assets, net of accumulated amortization of $910,417 and $737,917, respectively 1,952,624 2,125,124 ------------ ----------- Total assets $ 2,596,540 $ 2,408,500 ============ =========== Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 370,471 $ 348,493 Accrued expenses payable 10,655 11,464 Deferred software license fees and support 189,180 188,197 Loans payable to related parties 37,484 38,236 ------------ ----------- Total current liabilities 607,790 586,390 Liability for common stock purchase warrants 406,158 152,214 ------------ ----------- Total liabilities 1,013,948 738,604 Stockholders' equity: Preferred stock, $.001 par value; authorized 10,000,000 shares, none issued and outstanding - - Common stock, $.001 par value; authorized 100,000,000 shares, issued and outstanding 44,585,198 and 38,354,429 shares, respectively 44,585 38,354 Additional paid-in capital 6,307,378 5,482,281 Deficit (4,756,360) (3,766,212) Accumulated other comprehensive income (loss) (13,011) (84,527) ------------ ----------- Total stockholders' equity 1,582,592 1,669,896 ------------ ----------- Total liabilities and stockholders' equity $ 2,596,540 $ 2,408,500 ============ ===========
Contacts: Investor Contact: Grannus Financial Advisors, Inc. Yvonne L. Zappulla Managing Director (212) 681-4108yvonne@grannusfinancial.com Voiceserve, Inc. Alexander Ellinson President & Chairman 011 44 208 136 6000alex@voiceserve.com
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