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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 |
During the second quarter ended September 30, 2011, the Company generated revenues of $1,008,858 compared to $1,034,725 for the previous fiscal year second quarter and $1,172,656 for the current fiscal year first quarter. The period between June 30 and September 30 is historically the Company's slowest period due to vacations and religious holidays throughout its currently dominant markets (Europe and the Middle East). The Company reported a net loss for the current second quarter of $(36,167), which included a stock warrant revaluation credit of $243,143. This compares to a net loss of $(592,203) or $(0.02) per basic share in the previous fiscal year second quarter and a net loss of $(1,133,580) in the first quarter of the current fiscal year, which included stock warrant revaluation charges of $450,954.
The Company reported revenues of $2,181,514 for the first six months of fiscal year 2011, a 3 percent increase over the same period of the previous fiscal year. The Company reported a net loss for the current six month period of $(1,169,747) or $(0.03) per basic share, which includes stock based compensation of $578,811 and warrant revaluation charges of $207,811. This compares to a net loss of $(466,694) or $(0.01) per basic share for the same period of the previous fiscal year, which includes stock based compensation of $308,462. The Company's net cash used in operating activities was $351,728 for the current six month period and $197,881 in the comparable period of the previous fiscal year.
Sales, general and administrative (SG&A) costs during the first six months of fiscal 2011 were $1,898,905, compared $1,724,116 for the six month period of the previous fiscal year. The Company's gross margin increased to 50 percent during the current fiscal year second quarter from 37 percent in the previous quarter and 46 percent in the previous fiscal year second quarter. The Company expects to improve gross margin back to its traditional average of approximately 65 percent as its commercial business and recurring revenues develops further.
Cash and cash equivalents as of September 30, 2011 were $266,262 and the Company has no long term debt.
Michael Bibelman, Voiceserve's CEO, said, "Our Voipswitch software sales into the wholesale/retail markets continue to be steady, despite the global economic slowdown. This revenue level has been consistent for many quarters. The breakthrough in revenues anticipated this second quarter was expected to come from the expansion of our business into the commercial market. While we are receiving much interest among the larger international entities, the complexities associated with testing, assimilating and tailoring systems to accommodate the specific needs of large service providers is time consuming. As such, our expectations of the sales cycle necessary to achieve commercial engagements is longer than we originally anticipated, and can extend up to nine to twelve months." Mr. Bibelman continued, "We are nearing final testing phase with several commercial service providers and are in contract negotiations with a couple marquee entities, which we hope to deliver by year end."
"Our product offering has evolved and expanded dramatically over the last three months. Voiceserve's typical clients have always been small to medium size VOIP operators. Over the past few months the company has enhanced its scope of products and is now winning some higher quality contracts globally. These contracts include personalization and customization of certain features. All of us at Voiceserve are doing our utmost to achieve the anticipated projections, even in the light of the stressed economic conditions worldwide which have led to elongated sales cycle. With the newest release of our latest software and features, we maintain our optimistic stand that the demand for our products will continue to grow." commented Alexander Ellinson, Voiceserve's Chairman.
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 softphone, 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. Risk factors are listed in the most recent Annual Report on Form 10-KB and Quarterly Report on Form 10-QB filed with the Securities and Exchange Commission.
Financial Statements Follow
VOICESERVE, INC. AND SUBSIDIARIES Consolidated Balance Sheets September 30, March 31, 2011 2010 ------------------ -------------- (unaudited) Assets Current assets: Cash and cash equivalents $ 266,262 $ 141,739 Accounts receivable, net of allowance for doubtful accounts of $292 and $6,735, respectively 153,327 48,769 Prepaid expenses and other current assets 68,946 82,823 ---------------- ------------ Total current assets 488,535 273,331 Property and equipment, net of accumulated depreciation of $66,305 and $66,878 respectively 8,858 10,045 Intangible assets, net of accumulated amortization of $852,917 and $737,917, respectively 2,010,124 2,125,124 ---------------- ------------ Total assets $ 2,507,517 $ 2,408,500 ================ ============ Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 366,623 $ 348,493 Accrued expenses payable - 11,464 Deferred software license fees and support 187,342 188,197 Loans payable to related parties 37,209 38,236 ---------------- ------------ Total current liabilities 591,174 586,390 Liability for common stock purchase warrants 574,147 152,214 ---------------- ------------ Total liabilities 1,165,321 738,604 ---------------- ------------ 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 6,296,809 5,482,281 Deficit (4,935,961) (3,766,212) Accumulated other comprehensive loss (63,237) (84,527) ---------------- ------------ Total stockholders' equity 1,342,196 1,669,896 ---------------- ------------ Total liabilities and stockholders' equity $ 2,507,517 $ 2,408,500 ================ ============ See notes to consolidated financial statements. VOICESERVE, INC. AND SUBSIDIARIES Consolidated Statement of Operations (unaudited) Three Months Ended Six Months Ended September 30, September 30, ------------------------ ------------------------ 2011 2010 2011 2010 ----------- ----------- ----------- ----------- Operating revenues: Software license fees $ 1,008,314 $ 953,114 $ 2,180,968 $ 1,957,211 Revenues from communications airtime and devices 544 81,611 546 151,474 ----------- ----------- ----------- ----------- Total operating revenues 1,008,858 1,034,725 2,181,514 2,108,685 ----------- ----------- ----------- ----------- Cost of operating revenues: Software license fees 507,784 457,197 1,244,550 872,418 Communications air time - 96,732 - 134,433 ----------- ----------- ----------- ----------- Total cost of operating revenues 507,784 553,929 1,244,550 1,006,851 ----------- ----------- ----------- ----------- Gross profit 501,074 480,796 936,964 1,101,834 ----------- ----------- ----------- ----------- Operating expenses: Selling, general and administrative expenses (including stock based compensation of $11,166; $287,398; $578,811; and $308,462, respectively) 780,379 1,107,232 1,898,905 1,724,116 ----------- ----------- ----------- ----------- Total operating expenses 780,379 1,107,232 1,898,905 1,724,116 ----------- ----------- ----------- ----------- Loss from operations (279,305) (626,436) (961,941) (622,282) Income/(expense) from revaluation of liability for common stock purchase warrants 243,143 33,120 (207,811) 154,974 Interest income 5 614 25 614 Interest expense (10) 499 (20) - ----------- ----------- ----------- ----------- Loss before income taxes (36,167) (592,203) (1,169,747) (466,694) Income taxes (benefit) - - - - ----------- ----------- ----------- ----------- Net loss $ (36,167) $ (592,203) $(1,169,747) $ (466,694) =========== =========== =========== =========== Net loss per share - basic and diluted $ (0.00) $ (0.02) $ (0.03) $ (0.01) =========== =========== =========== =========== Weighted average number of shares outstanding - basic and diluted 44,585,198 35,204,429 42,437,312 34,370,363 ----------- ----------- ----------- -----------
Contacts: Grannus Financial Advisors, Inc. Yvonne L. Zappulla Managing Director (212) 681-4108yvonne@grannusfinancial.com Voiceserve, Inc. Alexander Ellinson President & Chairman +44 208 136 6000alex@voiceserve.com
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