Science & Technology
Science and Technology
Science and Technology
Mon, May 10, 2010 
AVENTURA, FL--(Marketwire - May 10, 2010) - Sanswire Corp. (
For the quarter ended March 31, 2010, the Company reported a net loss of $729,090, or $0.00 per share, with no revenue, compared to a net loss of $449,756, or $0.00 per share, with no revenue for the quarter ended March 31, 2009.
The net loss for Q1 2010 is attributed to an operating loss during the quarter of $1.16 million compared to an operating loss of $332,000 for Q1 2009. Contributing to the enlarged net loss were higher consulting fees, non-cash compensation and amortization partially offset by lower payroll and G&A costs.
The net loss was also related to interest-related expenses of $244,000 compared to interest-related expenses of $188,000 for Q1 2009; and to $675,000 related to derivative financial instruments gain compared to derivative financial instruments gain of $700,000 for Q1 2009.
"We continue to make progress in developing our corporate infrastructure while advancing our business plan," said Chief Financial Officer Thomas Seifert.
Sanswire's Quarterly Report on Form 10-Q is available via its web site, [ www.sanswire.com ]. For more news and information on Sanswire please visit [ http://irgnews.com/coi/SNSR ] where you can find a fact sheet on the company, investor presentations, and more.
About Sanswire Corp.
Sanswire Corp. (
Forward-Looking Statements
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, any of which could cause the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.
Sanswire Corporation Income Statement THREE MONTHS ENDED MARCH 31, -------------------------- 2010 2009 (Restated) ------------ ------------ REVENUES $ -- $ -- COST OF REVENUES -- -- ------------ ------------ GROSS MARGIN -- -- ------------ ------------ EXPENSES Payroll and related taxes 97,293 117,434 Consulting fees 433,256 93,159 Noncash officers' and directors' compensation 324,546 -- Amortization 242,175 -- General and administrative 63,140 121,491 ------------ ------------ TOTAL EXPENSES 1,160,410 332,084 ------------ ------------ LOSS FROM OPERATIONS (1,160,410) (332,084) ------------ ------------ OTHER INCOME (EXPENSE) Interest expense, net (243,898) (188,091) Change in fair value of derivative liabilities 675,218 70,419 ------------ ------------ NET OTHER INCOME (EXPENSE) 431,320 (117,672) ------------ ------------ LOSS FROM CONTINUING OPERATIONS (729,090) (449,756) LOSS FROM DISCONTINUED OPERATIONS -- -- ------------ ------------ NET LOSS $ (729,090) $ (449,756) ============ ============ WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING BASIC and DILUTED 264,907,253 185,472,412 ============ ============ LOSS PER SHARE FROM CONTINUING OPERATIONS BASIC and DILUTED $ (0.00) $ (0.00) LOSS PER SHARE FROM DISCONTINUED OPERATIONS BASIC and DILUTED $ (0.00) $ (0.00) ------------ ------------ NET LOSS PER SHARE BASIC and DILUTED $ (0.00) $ (0.00) ============ ============ Sanswire Corporation Balance Sheet MARCH 31, DECEMBER 31, 2010 2009 ------------- ------------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 12,945 $ 12 Inventories 1,545,490 1,545,490 Current assets from discontinued operations 6,406 6,406 ------------- ------------- TOTAL CURRENT ASSETS 1,564,841 1,551,908 ------------- ------------- Deposits 11,150 11,150 Intangible assets, net of accumulated amortization of $1,291,600 1,937,400 2,179,574 Investment in joint venture -- -- ------------- ------------- TOTAL NONCURRENT ASSETS 1,948,550 2,190,724 ------------- ------------- TOTAL ASSETS $ 3,513,391 $ 3,742,632 ============= ============= LIABILITIES AND STOCKHOLDERS' DEFICIT LIABILITIES CURRENT LIABILITIES Accounts payable (including $352,588 and $396,625 due to joint venture partner at March 31, 2010 and December 31, 2009) $ 4,287,132 $ 4,220,167 Notes payable 7,496,666 7,391,718 Accrued expenses and other liabilities (including $2,185,000 due to joint venture partner at March 31, 2010 and December 31, 2009) 3,401,359 3,311,025 Customer Deposit 50,000 -- Derivative liabilities 731,447 1,406,665 Current liabilities from discontinued operations 1,387,406 1,387,406 ------------- ------------- TOTAL LIABILITIES 17,354,010 17,716,981 ============= ============= COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' DEFICIT Common stock, $.00001 par value, 500,000,000 shares authorized; 274,874,889 and 263,040,586 shares issued and outstanding 2,750 2,631 Additional paid-in capital 120,976,816 120,114,115 Series E Preferred stock, $.001 par value, 100,000 shares authorized; 100,000 shares issued and outstanding: 100 100 Additional paid-in capital - Series E Preferred stock 625,894 625,894 Accumulated deficit (135,446,179) (134,717,089) ------------- ------------- TOTAL STOCKHOLDERS' DEFICIT (13,840,619) (13,974,349) ------------- ------------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 3,513,391 $ 3,742,632 ============= ============= See accompanying notes to condensed consolidated financial statements
