Voiceserve, Inc. (OTCBB:VSRV), a low-cost, next-generation Internet
Telephony software and service provider, today reported financial
results for its second quarter and six month period ended September
30, 2011. During the second quarter of its 2012 fiscal year,
Voiceserve released an advanced version of its mobile dialers
enabling HD quality video calls and in mid-September entered into a
private-label initiative with Dialogic Inc. as well as a strategic
partnership with Grandstream Networks Inc. Subsequent to quarter
end, Voiceserve perfected its VoIP video-on-demand capability and
won the Internet Telephony 2011 IPTV Excellence Award for its VOD
platform.
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
Voiceserve (CE) (USOTC:VSRV)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Voiceserve (CE) (USOTC:VSRV)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
