Delaware
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13-4122844
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(State or other jurisdiction of incorporation or organization)
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(IRS Employer Identification No.)
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o
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Large accelerated filer
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o
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Accelerated filer
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o
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Non-accelerated filer
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x
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Smaller reporting company
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Page
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Number
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SINGLE TOUCH SYSTEMS, INC
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|||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|||||||||
March 31,
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September 30,
|
||||||||
2012
|
2011
|
||||||||
(Unaudited)
|
|||||||||
Assets
|
|||||||||
Current assets
|
|||||||||
Cash and cash equivalents
|
$ | 1,053,158 | $ | 523,801 | |||||
Accounts receivable - trade, net of allowance
|
1,067,659 | 907,275 | |||||||
Prepaid expenses
|
86,860 | 93,872 | |||||||
Other current asset
|
155,000 | 155,000 | |||||||
Total current assets
|
2,362,677 | 1,679,948 | |||||||
Property and equipment, net
|
279,068 | 303,214 | |||||||
Other assets
|
|||||||||
Capitalized software development costs, net of amortization
|
401,002 | 395,188 | |||||||
Intangible assets:
|
|||||||||
Patents
|
673,257 | 714,623 | |||||||
Patent applications cost
|
592,113 | 544,240 | |||||||
Software license
|
76,000 | - | |||||||
Deposits and other assets
|
104,280 | 99,481 | |||||||
Total other assets
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1,846,652 | 1,753,532 | |||||||
Total assets
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$ | 4,488,397 | $ | 3,736,694 |
SINGLE TOUCH SYSTEMS, INC
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS - continued
|
||||||||
March 31,
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September 30,
|
|||||||
2012
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2011
|
|||||||
(Unaudited)
|
||||||||
Liabilities and Stockholders' Equity
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$ | 928,242 | $ | 1,178,057 | ||||
Accrued expenses
|
139,417 | 176,232 | ||||||
Accrued compensation - related party
|
74,986 | 36,410 | ||||||
License fee payable
|
30,000 | - | ||||||
Current obligation on patent acquisitions
|
84,934 | 163,680 | ||||||
Convertible debentures- unrelated parties, including accrued interest,
|
||||||||
net of discounts of $273,091
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1,270,224 | - | ||||||
Convertible debentures - related party, including accrued interest,
|
||||||||
net of discounts of $62,970
|
455,934 | - | ||||||
Total current liabilities
|
2,983,737 | 1,554,379 | ||||||
Long-term liabilities
|
- | - | ||||||
Total liabilities
|
2,983,737 | 1,554,379 | ||||||
Stockholders' Equity
|
||||||||
Preferred stock, $.0001 par value, 5,000,000 shares authorized;
|
||||||||
none outstanding
|
||||||||
Common stock, $.001 par value; 200,000,000 shares authorized,
|
||||||||
130,882,392 shares issued and outstanding as of December 31, 2011
|
||||||||
and as of September 30, 2011
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130,882 | 130,182 | ||||||
Additional paid-in capital
|
124,062,576 | 123,446,398 | ||||||
Accumulated deficit
|
(122,688,798 | ) | (121,394,265 | ) | ||||
Common stock subscriptions receivable
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- | - | ||||||
Total stockholders' equity
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1,504,660 | 2,182,315 | ||||||
Total liabilities and stockholders' equity
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$ | 4,488,397 | $ | 3,736,694 |
SINGLE TOUCH SYSTEMS, INC
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
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||||||||||||||||
For the Three Months Ended
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For the Six Months Ended
|
|||||||||||||||
March 31,
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March 31,
|
|||||||||||||||
2012
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2011
|
2012
|
2011
|
|||||||||||||
Revenue
|
||||||||||||||||
Wireless applications
|
$ | 1,554,823 | $ | 1,031,585 | $ | 3,144,496 | $ | 2,045,433 | ||||||||
Operating Expenses
|
||||||||||||||||
Royalties and application costs
|
654,310 | 450,790 | 1,417,631 | 959,355 | ||||||||||||
Research and development
|
16,050 | 9,533 | 53,250 | 32,872 | ||||||||||||
Compensation expense (including stock based
|
||||||||||||||||
compensation of $0, $0, $9,960, and $3,182,508 *) | 679,961 | 326,839 | 1,373,784 | 4,321,237 | ||||||||||||
Depreciation and amortization
|
163,604 | 157,294 | 319,075 | 294,580 | ||||||||||||
General and administrative (including stock based
|
||||||||||||||||
compensation of $68,606, $0, $89,753, and $421,200 *) | 577,778 | 506,497 | 1,108,448 | 1,090,343 | ||||||||||||
2,091,703 | 1,450,953 | 4,272,188 | 6,698,387 | |||||||||||||
Loss from operations
|
(536,880 | ) | (419,368 | ) | (1,127,692 | ) | (4,652,954 | ) | ||||||||
Other Income (Expenses)
|
||||||||||||||||
Net (loss) on settlement of indebtedness
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- | - | - | (651,315 | ) | |||||||||||
Interest income
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11 | - | 36 | - | ||||||||||||
Interest expense
|
(128,468 | ) | (12,420 | ) | (166,077 | ) | (26,042 | ) | ||||||||
Net (loss) before income taxes
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(665,337 | ) | (431,788 | ) | (1,293,733 | ) | (5,330,311 | ) | ||||||||
Provision for income taxes
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- | - | (800 | ) | (800 | ) | ||||||||||
Net income (loss)
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$ | (665,337 | ) | $ | (431,788 | ) | $ | (1,294,533 | ) | $ | (5,331,111 | ) | ||||
Basic and diluted loss per share
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$ | (0.01 | ) | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.04 | ) | ||||
Weighted average shares outstanding
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130,182,392 | 128,071,629 | 130,316,818 | 126,388,312 | ||||||||||||
* For the quarters ended March 31, 2012 and 2011 and for the six months ended March 31, 2012 and 2011, respectively.
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SINGLE TOUCH SYSTEMS, INC
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
||||||||
For the Six Months Ended
|
||||||||
March 31,
|
||||||||
2012
|
2011
|
|||||||
Cash Flows from Operating Activities
|
||||||||
Net loss
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$ | (1,294,533 | ) | $ | (5,331,111 | ) | ||
Adjustments to reconcile net loss to net cash
|
||||||||
used in operating activities:
|
||||||||
Depreciation expense
|
53,515 | 46,537 | ||||||
Amortization expense - software development costs
|
201,254 | 185,327 | ||||||
Amortization expense - patents
|
64,306 | 62,716 | ||||||
Amortization expense - discount of convertible debt
|
95,103 | - | ||||||
Stock based compensation
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99,713 | 3,603,708 | ||||||
Loss on settlement of debt
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- | 651,315 | ||||||
(Increase) decrease in assets
|
||||||||
(Increase) decrease in accounts receivable
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(160,384 | ) | (181,442 | ) | ||||
(Increase) decrease in prepaid expenses
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7,011 | 69,143 | ||||||
(Increase) decrease in deposits and other assets
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(4,799 | ) | (1,204 | ) | ||||
Increase (decrease) in liabilities
|
||||||||
Increase (decrease) in accounts payable
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(249,816 | ) | (3,810 | ) | ||||
Increase (decrease) in accrued expenses
|
1,763 | 31,425 | ||||||
Increase (decrease) in accrued interest
|
70,974 | 14,184 | ||||||
Net cash used in operating activities
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(1,115,893 | ) | (853,212 | ) | ||||
Cash Flows from Investing Activities
|
||||||||
Patents and patent applications costs
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(70,812 | ) | (23,005 | ) | ||||
Purchase of property and equipment
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(29,370 | ) | (91,850 | ) | ||||
Capitalized software development costs
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(207,068 | ) | (292,219 | ) | ||||
Net cash used in investing activities
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$ | (307,250 | ) | $ | (407,074 | ) |
SINGLE TOUCH SYSTEMS, INC
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - Continued
|
||||||||
For the Six Months Ended
|
||||||||
March 31,
|
||||||||
2012
|
2011
|
|||||||
Cash Flows from Financing Activities
|
||||||||
Proceeds from issuance of common stock
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40,000 | 1,000 | ||||||
Proceeds from issuance of convertible debt - unrelated parties
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1,500,000 | (175,000 | ) | |||||
Proceeds from issuance of convertible debt - related parties
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500,000 | - | ||||||
Loan advances received from related parties
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- | 17,685 | ||||||
Fees paid pursuant to warrant settlement
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- | (30,000 | ) | |||||
Repayments on related party loans
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- | (320,000 | ) | |||||
Principal reduction in obligation on patent purchases
|
(87,500 | ) | ||||||
Net cash provided by financing activities
|
1,952,500 | (506,315 | ) | |||||
Net increase (decrease) in cash
|
529,357 | (1,766,601 | ) | |||||
Beginning balance - cash
|
523,801 | 4,040,169 | ||||||
Ending balance - cash
|
$ | 1,053,158 | $ | 2,273,568 | ||||
Supplemental Information:
|
||||||||
Interest expense paid
|
$ | - | $ | - | ||||
Income taxes paid
|
$ | 800 | $ | 800 |
Non-cash investing and financing activities:
|
|
For the six-months ended March 31, 2012
|
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During the six months ended March 31, 2012, the Company received $2,000,000 through the issuance of
|
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convertible debt including common stock warrants to purchase 4,000,000 shares of the Company's common
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stock at $0.25 per share. The Company recognized discounts against the principal amounts due totaling $464,252
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with an offsetting amount charged to equity. The discount is being amortized over the one year term of the
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respective debt instrument. The discounts consist of the relative fair value of the warrants totaling $412,736
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and the relative fair value of beneficial conversion features totaling $51,516.
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During the six-months ended March 31 2012, the Company agreed to modify the terms of warrants granted
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to a consultant under a new agreement replacing a prior agreement in June 2011 to purchase 1,000,000 shares
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of the Company's common stock. Under the modified terms, the exercise price was reduced from $0.80 per share
|
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to $0.40 per share and the expiration date of the warrants was extended from June 14, 2014 to December 14, 2014.
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The Company recognized compensation expense during the period of $53,600 on the modification.
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During the six-months ended March 31, 2012, the Company was granted a perpetual license to utilize the
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Anywhere software. In consideration for the license, the Company agreed to pay $30,000 and issue 200,000
|
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shares of its common stock. The license was valued at $76,000 (See Note 6). The $30,000 was paid in April 2012.
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During the six-months ended March 31, 2012, the Company recognized stock based compensation of
|
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$46,113 on the vesting of 1,000,000 options.
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SINGLE TOUCH SYSTEMS, INC
|
||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - Continued
|
||||||
For the six-months ended March 31, 2011
|
|
During the six months ended March 31, 2011, the Company issued 722,094 shares of its common
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stock through the cashless exercise of 800,000 warrants.
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During the six months ended March 31, 2011, the Company issued 723,684 shares of its common stock
|
|
through a settlement with a former Note holder as to the number of shares he was entitled to in the original
|
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conversion of his note. The Company recognized a loss of $651,315 on the issuance of the 723,684 shares.
|
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During the six months ended March 31, 2011, the Company issued 3,000,000 shares of its common stock
|
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to its President as compensation. The shares were valued at $2,700,000 and charged to operations as
|
|
compensation expense.
|
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During the six months ended March 31, 2011, the Company charged $465,214 to equity relating to
|
|
the amortization of discounts on related party convertible debt.
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Software development
|
2- 3 years
|
Equipment
|
5 years
|
Computer hardware
|
5 years
|
Office furniture
|
7 years
|
March 31,
|
September 30,
|
|||||||
2012
|
2011
|
|||||||
Due from customers
|
$ | 1,148,103 | $ | 987,719 | ||||
Less allowance for bad debts
|
(80,444 | ) | (80,444 | ) | ||||
Net Carrying Value
|
$ | 1,067,659 | $ | 907,275 |
March 31,
|
September 30,
|
|||||||
2012
|
2011
|
|||||||
Computer hardware
|
$ | 706,001 | $ | 709,891 | ||||
Equipment
|
46,731 | 46,731 | ||||||
Office furniture
|
127,669 | 94,410 | ||||||
Total Cost
|
880,401 | 851,032 | ||||||
Less accumulated depreciation
|
(601,333 | ) | (547,818 | ) | ||||
Net Book Value
|
$ | 279,068 | $ | 303,214 |
March 31,
|
September 30,
|
|||||||
2012
|
2011
|
|||||||
Beginning Balance
|
$ | 395,188 | $ | 305,710 | ||||
Additions
|
207,068 | 502,110 | ||||||
Amortization
|
(201,254 | ) | (412,632 | ) | ||||
Ending Balance
|
$ | 401,002 | $ | 395,188 |
Period Ending March 31,
|
||||
2013
|
$ | 245,757 | ||
2014
|
155,245 | |||
$ | 401,002 |
March 31,
|
September 30,
|
|||||||
2012
|
2011
|
|||||||
Beginning Balance
|
$ | 939,534 | $ | 916,594 | ||||
Less: amortization
|
(266,277 | ) | (201,971 | ) | ||||
Ending Balance
|
$ | 673,257 | $ | 714,623 |
Period Ending March 31,
|
||||
2013
|
$ | 132,392 | ||
2014
|
132,392 | |||
2015
|
132,392 | |||
2016
|
132,392 | |||
2017
|
121,500 | |||
Thereafter
|
22,189 | |||
$ | 673,257 |
2012
|
2011
|
|||||||
Current
|
||||||||
Federal
|
$ | - | $ | - | ||||
State
|
800 | 800 | ||||||
Total income tax expense
|
$ | 800 | $ | 800 |
Due September 15, 2012
|
$ | 87,500 | ||
Less imputed interest
|
(2,566 | ) | ||
Net Carrying Value
|
$ | 84,934 |
March 31,
|
||||
2012
|
||||
Principal balance
|
$ | 2,000,000 | ||
Accrued interest
|
62,219 | |||
Gross Amount Due
|
2,062,219 | |||
Less:
|
||||
Debt discounts
|
(336,061 | ) | ||
Net Carrying Value
|
$ | 1,726,158 |
Level 1
|
Level 2
|
Level 3
|
Fair Value
|
|||||||||||||
March 31, 2012
|
||||||||||||||||
Liabilities:
|
||||||||||||||||
Obligation on patent acquisitions
|
$ | - | $ | 84,934 | $ | - | $ | 84,934 | ||||||||
Convertible debentures
|
- | 2,062,219 | - | 2,062,619 | ||||||||||||
$ | - | $ | 2,147,153 | $ | - | $ | 2,147,153 |
Weighted
|
||||||||
Number of
|
Average
|
|||||||
Shares
|
Exercise Price
|
|||||||
Outstanding - October 1, 2011
|
49,810,986 | $ | 0.81 | |||||
Granted
|
4,200,000 | 0.25 | ||||||
Exercised
|
(500,000 | ) | 0.08 | |||||
Forfeited
|
(510,811 | ) | (0.08 | ) | ||||
Outstanding – March 31, 2012
|
53,000,175 | $ | 0.77 | |||||
Exercisable – March 31, 2012
|
37,350,175 | $ | 0.77 |
Year Ending March 31,
|
||||
2013
|
$ | 152,190 | ||
2014
|
154,209 | |||
2015
|
156,889 | |||
2016
|
159,591 | |||
2017
|
63,398 | |||
$ | 686,277 |
(1)
|
Source: Portio Research Mobile Factbook 2011
|
(2)
|
Source: GSM Associates
|
For the Three Months March 31,
|
||||||||||||||||||||||||||||||||||||||||
2012
|
2011
|
GAAP
|
Adjusted EBITDA
|
|||||||||||||||||||||||||||||||||||||
Adjust-
|
Adjusted
|
Adjust-
|
Adjusted
|
Change
|
Change
|
|||||||||||||||||||||||||||||||||||
GAAP
|
ments
|
EBITDA
|
GAAP
|
ments
|
EBITDA
|
$ | % | $ | % | |||||||||||||||||||||||||||||||
Revenue
|
||||||||||||||||||||||||||||||||||||||||
Wireless Applications
|
$ | 1,554,823 | $ | 1,554,823 | $ | 1,031,585 | $ | 1,031,585 | $ | 523,238 | 51 | % | $ | 523,238 | 51 | % | ||||||||||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||||||||||||||||||
Royalties and Application Costs
|
$ | 654,310 | $ | 654,310 | $ | 450,790 | $ | 450,790 | $ | 203,520 | 45 | % | $ | 203,520 | 45 | % | ||||||||||||||||||||||||
Research and Development
|
$ | 16,050 | $ | 16,050 | $ | 9,533 | $ | 9,533 | $ | 6,517 | 68 | % | $ | 6,517 | 68 | % | ||||||||||||||||||||||||
Compensation expense (including
|
||||||||||||||||||||||||||||||||||||||||
stock-based compensation)
|
$ | 679,961 | $ | 679,961 | $ | 326,839 | $ | 326,839 | $ | 353,122 | 108 | % | $ | 353,122 | 108 | % | ||||||||||||||||||||||||
Depreciation and amortization
|
$ | 163,604 | $ | (163,604 | ) | $ | - | $ | 157,294 | $ | (157,294 | ) | $ | - | $ | 6,310 | 4 | % | ||||||||||||||||||||||
General and administrative (including
|
||||||||||||||||||||||||||||||||||||||||
stock-based compensation)
|
$ | 577,778 | $ | (68,606 | ) | $ | 509,172 | $ | 506,497 | $ | 506,497 | $ | 71,281 | 14 | % | $ | 2,675 | 1 | % | |||||||||||||||||||||
$ | 2,091,703 | $ | (232,210 | ) | $ | 1,859,493 | $ | 1,450,953 | $ | (157,294 | ) | $ | 1,293,659 | $ | 640,750 | 44 | % | $ | 565,834 | 44 | % | |||||||||||||||||||
Loss from Operations/Adjusted EBITDA
|
$ | (536,880 | ) | $ | 232,210 | $ | (304,670 | ) | $ | (419,368 | ) | $ | 157,294 | $ | (262,074 | ) | $ | (117,512 | ) | 28 | % | $ | (42,596 | ) | 16 | % |
For the Three Months Ended March 31,
|
|||||||||||||||||||||||||||||||||||||
2012
|
2011
|
GAAP
|
Adjusted EBITDA
|
||||||||||||||||||||||||||||||||||
Adjust-
|
Adjusted
|
Adjust-
|
Adjusted
|
Change
|
Change
|
||||||||||||||||||||||||||||||||
GAAP
|
ments
|
EBITDA
|
GAAP
|
ments
|
EBITDA
|
$ | % | $ | % | ||||||||||||||||||||||||||||
Professional Fees
|
$ | 181,818 | $ | (15,006 | ) | $ | 166,812 | $ | 171,197 | $ | 171,197 | $ | 10,621 | 6 | % | $ | (4,385 | ) | -3 | % | |||||||||||||||||
Travel
|
$ | 80,386 | $ | 80,386 | $ | 89,155 | $ | 89,155 | $ | (8,769 | ) | -10 | % | $ | (8,769 | ) | -10 | % | |||||||||||||||||||
Consulting expense
|
$ | 166,895 | $ | (53,600 | ) | $ | 113,295 | $ | 154,595 | $ | 154,595 | $ | 12,300 | 8 | % | $ | (41,300 | ) | -27 | % | |||||||||||||||||
Office rent
|
$ | 53,145 | $ | 53,145 | $ | 28,286 | $ | 28,286 | $ | 24,859 | 88 | % | $ | 24,859 | 88 | % | |||||||||||||||||||||
Insurance expense
|
$ | 31,894 | $ | 31,894 | $ | 19,854 | $ | 19,854 | $ | 12,040 | 61 | % | $ | 12,040 | 61 | % | |||||||||||||||||||||
Equipment lease
|
$ | - | $ | 22,500 | $ | 22,500 | $ | (22,500 | ) | -100 | % | $ | (22,500 | ) | -100 | % | |||||||||||||||||||||
Trade shows
|
$ | 3,995 | $ | 3,995 | $ | - | $ | 3,995 | $ | 3,995 | |||||||||||||||||||||||||||
Telephone
|
$ | 19,419 | $ | 19,419 | $ | 9,444 | $ | 9,444 | $ | 9,975 | 106 | % | $ | 9,975 | 106 | % | |||||||||||||||||||||
Office expense
|
$ | 9,862 | $ | 9,862 | $ | 846 | $ | 846 | $ | 9,016 | 1066 | % | $ | 9,016 | 1066 | % | |||||||||||||||||||||
Other
|
$ | 30,364 | $ | 30,364 | $ | 10,620 | $ | 10,620 | $ | 19,744 | 186 | % | $ | 19,744 | 186 | % | |||||||||||||||||||||
Total General and Administrative Expenses
|
$ | 577,778 | $ | (68,606 | ) | $ | 509,172 | $ | 506,497 |
$ -
|
$ | 506,497 | $ | 71,281 | 14 | % | $ | 2,675 | 1 | % |
For the Six Months Ended March 31,
|
||||||||||||||||||||||||||||||||||||||||
2012
|
2011
|
GAAP
|
Adjusted EBITDA
|
|||||||||||||||||||||||||||||||||||||
Adjust-
|
Adjusted
|
Adjust-
|
Adjusted
|
Change
|
Change
|
|||||||||||||||||||||||||||||||||||
GAAP
|
ments
|
EBITDA
|
GAAP
|
ments
|
EBITDA
|
$ | % | $ | % | |||||||||||||||||||||||||||||||
Revenue
|
||||||||||||||||||||||||||||||||||||||||
Wireless Applications
|
$ | 3,144,496 | $ | - | $ | 3,144,496 | $ | 2,045,433 | $ | - | $ | 2,045,433 | $ | 1,099,063 | 54 | % | $ | 1,099,063 | 54 | % | ||||||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||||||||||||||||||
Royalties and Application Costs
|
$ | 1,417,631 | $ | - | $ | 1,417,631 | $ | 959,355 | $ | - | $ | 959,355 | $ | 458,276 | 48 | % | $ | 458,276 | 48 | % | ||||||||||||||||||||
Research and Development
|
$ | 53,250 | $ | - | $ | 53,250 | $ | 32,872 | $ | - | $ | 32,872 | $ | 20,378 | 62 | % | $ | 20,378 | 62 | % | ||||||||||||||||||||
Compensation expense (including
|
||||||||||||||||||||||||||||||||||||||||
stock-based compensation)
|
$ | 1,373,784 | $ | (9,690 | ) | $ | 1,364,094 | $ | 3,900,037 | $ | (3,182,508 | ) | $ | 717,529 | $ | (2,526,253 | ) | -65 | % | $ | 646,565 | 90 | % | |||||||||||||||||
Depreciation and amortization
|
$ | 319,075 | $ | (319,075 | ) | $ | - | $ | 294,581 | $ | (294,581 | ) | $ | - | $ | 24,494 | 8 | % | ||||||||||||||||||||||
General and administrative (including
|
||||||||||||||||||||||||||||||||||||||||
stock-based compensation)
|
$ | 1,108,448 | $ | (90,022 | ) | $ | 1,018,426 | $ | 1,511,542 | $ | (421,200 | ) | $ | 1,090,342 | $ | (403,094 | ) | -27 | % | $ | (71,916 | ) | -7 | % | ||||||||||||||||
$ | 4,272,188 | $ | (418,787 | ) | $ | 3,853,401 | $ | 6,698,387 | $ | (3,898,289 | ) | $ | 2,800,098 | $ | (2,426,199 | ) | -36 | % | $ | 1,053,303 | 38 | % | ||||||||||||||||||
Loss from Operations/Adjusted EBITDA
|
$ | (1,127,692 | ) | $ | 418,787 | $ | (708,905 | ) | $ | (4,652,954 | ) | $ | 3,898,289 | $ | (754,665 | ) | $ | 3,525,262 | -76 | % | $ | 45,760 | -6 | % |
For the Six Months Ended March 31,
|
||||||||||||||||||||||||||||||||||||||||
2012
|
2011
|
GAAP
|
Adjusted EBITDA
|
|||||||||||||||||||||||||||||||||||||
Adjust-
|
Adjusted
|
Adjust-
|
Adjusted
|
Change
|
Change
|
|||||||||||||||||||||||||||||||||||
GAAP
|
ments
|
EBITDA
|
GAAP
|
ments
|
EBITDA
|
$ | % | $ | % | |||||||||||||||||||||||||||||||
Professional Fees
|
$ | 348,778 | $ | (30,012 | ) | $ | 318,766 | $ | 425,018 | $ | - | $ | 425,018 | $ | (76,240 | ) | -18 | % | $ | (106,252 | ) | -25 | % | |||||||||||||||||
Travel
|
$ | 219,227 | $ | - | $ | 219,227 | $ | 144,204 | $ | - | $ | 144,204 | $ | 75,023 | 52 | % | $ | 75,023 | 52 | % | ||||||||||||||||||||
Consulting expense
|
$ | 273,820 | $ | (60,010 | ) | $ | 213,810 | $ | 759,790 | $ | (421,200 | ) | $ | 338,590 | $ | (485,970 | ) | -64 | % | $ | (124,780 | ) | -37 | % | ||||||||||||||||
Office rent
|
$ | 98,436 | $ | - | $ | 98,436 | $ | 57,990 | $ | - | $ | 57,990 | $ | 40,446 | 70 | % | $ | 40,446 | 70 | % | ||||||||||||||||||||
Insurance expense
|
$ | 60,050 | $ | - | $ | 60,050 | $ | 37,440 | $ | - | $ | 37,440 | $ | 22,610 | 60 | % | $ | 22,610 | 60 | % | ||||||||||||||||||||
Equipment lease
|
$ | - | $ | - | $ | - | $ | 45,000 | $ | - | $ | 45,000 | $ | (45,000 | ) | -100 | % | $ | (45,000 | ) | -100 | % | ||||||||||||||||||
Trade shows
|
$ | 15,995 | $ | - | $ | 15,995 | $ | - | $ | - | $ | - | $ | 15,995 | $ | 15,995 | ||||||||||||||||||||||||
Telephone
|
$ | 31,029 | $ | - | $ | 31,029 | $ | 17,280 | $ | - | $ | 17,280 | $ | 13,749 | 80 | % | $ | 13,749 | 80 | % | ||||||||||||||||||||
Office expense
|
$ | 17,918 | $ | - | $ | 17,918 | $ | 3,591 | $ | - | $ | 3,591 | $ | 14,327 | 399 | % | $ | 14,327 | 399 | % | ||||||||||||||||||||
Other
|
$ | 43,195 | $ | - | $ | 43,195 | $ | 21,229 | $ | - | $ | 21,229 | $ | 21,966 | 103 | % | $ | 21,966 | 103 | % | ||||||||||||||||||||
Total General and Administrative Expenses
|
$ | 1,108,448 | $ | (90,022 | ) | $ | 1,018,426 | $ | 1,511,542 | $ | (421,200 | ) | $ | 1,090,342 | $ | (403,094 | ) | -27 | % | $ | (71,916 | ) | -7 | % |
Exhibit
No.
|
Description
|
|
*
|
Filed herewith
|
+
|
Each of these Exhibits constitutes a management contract, compensatory plan, or arrangement.
|
Single Touch Systems Inc.
|
|||
Date: May 18, 2012
|
By:
|
/s/ James Orsini
|
|
James Orsini, CEO and President
|
|||
Principal Executive Officer
|
|||
Date: May 18, 2012
|
By:
|
/s/ John Quinn
|
|
John Quinn, Chief Financial Officer
|
|||
Principal Financial Officer
|