Oklahoma
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333-150332
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75-1518725
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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99.1
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Press Release, dated November 10, 2011, issued by MacroSolve, Inc.
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MACROSOLVE, INC.
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Date: November 10, 2011
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By:
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/s/ KENDALL CARPENTER | |
Kendall Carpenter
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Chief Financial Officer
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MACROSOLVE, INC.
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BALANCE SHEETS
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(unaudited)
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(audited)
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|||||||
9/30/2011
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12/31/2010
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ASSETS
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CURRENT ASSETS:
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Cash
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$ | 395,961 | $ | 187,025 | ||||
Accounts receivable - trade
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118,361 | 31,535 | ||||||
Prepaid expenses and other
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271,231 | 50,324 | ||||||
Total current assets
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785,553 | 268,884 | ||||||
PROPERTY AND EQUIPMENT, at cost:
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277,844 | 254,088 | ||||||
Less - accumulated depreciation and amortization
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(178,881 | ) | (162,194 | ) | ||||
Net property and equipment
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98,963 | 91,894 | ||||||
OTHER ASSETS:
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Note receivable
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135,577 | 135,577 | ||||||
Software development costs, net of accumulated amortization
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||||||||
of $566,622 and $398,715 as of September 30, 2011 and
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December 31, 2010, respectively
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1,208,854 | 938,942 | ||||||
Other assets
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73,926 | 43,999 | ||||||
Total other assets
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1,418,357 | 1,118,518 | ||||||
TOTAL ASSETS
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$ | 2,302,873 | $ | 1,479,296 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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CURRENT LIABILITIES:
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Current maturities of long-term debt
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$ | - | $ | 34,176 | ||||
Revolving Line of Credit
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200,000 | - | ||||||
Note Payable - Shareholder
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105,178 | - | ||||||
Accounts payable - trade and accrued liabilities
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449,124 | 123,022 | ||||||
Unearned income
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34,808 | 8,523 | ||||||
Total current liabilities
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789,110 | 165,721 | ||||||
LONG-TERM DEBT, less current maturities
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||||||||
Oklahoma Technology Commercialization Center
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237,500 | 237,500 | ||||||
Convertible secured debentures
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2,175,000 | 925,000 | ||||||
Total long-term debt, less current maturities
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2,412,500 | 1,162,500 | ||||||
COMMITMENTS AND CONTINGENCIES
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STOCKHOLDERS' EQUITY:
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Common stock, $.01 par value; authorized 200,000,000 shares;
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issued and outstanding 112,518,423 and 98,690,490 shares, at
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September 30, 2011 and December 31, 2010, respectively
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1,125,184 | 986,905 | ||||||
Additional paid-in capital
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9,960,642 | 9,303,920 | ||||||
Accumulated deficit
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(11,984,563 | ) | (10,139,750 | ) | ||||
Total stockholders' (deficit) equity
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(898,737 | ) | 151,075 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 2,302,873 | $ | 1,479,296 |
MACROSOLVE, INC.
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STATEMENTS OF OPERATIONS (unaudited)
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Unaudited
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Unaudited
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For the Quarters Ended
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For the Nine Months Ended
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For the Periods Ended September 30,
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9/30/2011
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9/30/2010
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9/30/2011
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9/30/2010
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SALES:
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Software products and licensing
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$ | 446,707 | $ | 11,519 | $ | 519,267 | $ | 51,593 | ||||||||
Solution services
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146,536 | 114,445 | 409,407 | 403,594 | ||||||||||||
Hardware sales
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- | - | - | 78,036 | ||||||||||||
Net sales
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593,243 | 125,964 | 928,674 | 533,223 | ||||||||||||
COST OF SALES:
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Software products and licensing
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175,358 | - | 175,358 | - | ||||||||||||
Solution services
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138,276 | 50,447 | 283,690 | 219,279 | ||||||||||||
Hardware sales
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- | - | - | 65,062 | ||||||||||||
Total cost of sales
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313,634 | 50,447 | 459,048 | 284,341 | ||||||||||||
Gross profit
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279,609 | 75,517 | 469,626 | 248,882 | ||||||||||||
OPERATING EXPENSES:
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Solution services
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88,499 | 43,077 | 266,948 | 100,786 | ||||||||||||
Depreciation and amortization
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62,519 | 82,964 | 186,246 | 189,454 | ||||||||||||
Marketing and sales
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207,983 | 136,142 | 420,518 | 391,866 | ||||||||||||
General and administrative
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455,909 | 229,455 | 1,271,701 | 752,634 | ||||||||||||
Total operating expenses
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814,910 | 491,638 | 2,145,413 | 1,434,740 | ||||||||||||
Loss from operations
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(535,301 | ) | (416,121 | ) | (1,675,787 | ) | (1,185,858 | ) | ||||||||
OTHER INCOME (EXPENSE):
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Interest income
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18 | 7 | 104 | 494 | ||||||||||||
Interest expense
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(57,664 | ) | (53,861 | ) | (94,609 | ) | (133,299 | ) | ||||||||
Loss on sale of asset
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- | - | (235 | ) | (17,944 | ) | ||||||||||
Stock based compensation
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(21,747 | ) | (45,711 | ) | (74,285 | ) | (87,326 | ) | ||||||||
Total other expense
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(79,393 | ) | (99,565 | ) | (169,025 | ) | (238,075 | ) | ||||||||
LOSS BEFORE INCOME TAXES
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(614,694 | ) | (515,686 | ) | (1,844,812 | ) | (1,423,933 | ) | ||||||||
INCOME TAXES
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- | - | - | - | ||||||||||||
NET LOSS
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$ | (614,694 | ) | $ | (515,686 | ) | $ | (1,844,812 | ) | $ | (1,423,933 | ) | ||||
LOSS ALLOCABLE TO COMMON STOCKHOLDERS:
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Net loss
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$ | (614,694 | ) | $ | (515,686 | ) | $ | (1,844,812 | ) | $ | (1,423,933 | ) | ||||
Loss allocable to common stockholders
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$ | (614,694 | ) | $ | (515,686 | ) | $ | (1,844,812 | ) | $ | (1,423,933 | ) | ||||
Basic and diluted loss per share
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$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.02 | ) |