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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99.01 | Press Release, dated August 13, 2012, issued by MacroSolve, Inc. | |
MACROSOLVE, INC.
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Date: August 13, 2012
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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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·
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Revenues increased 161% to $572,000 from $219,000 in the same period of FY 2011;
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·
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Marks sixth consecutive quarter of revenue growth;
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·
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Licensing revenues increased 356% from $52,000 in the same period of FY 2011;
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·
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$312,000 backlog for custom mobile app solution services;
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·
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Gross profit increased 172% to $329,000 from $121,000 in Q2 of FY 2011; and
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·
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The Company’s distribution network supported growth in new sales of software products and solution services.
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·
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Company Contact
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info@macrosolve.com
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MACROSOLVE, INC.
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BALANCE SHEETS
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6/30/2012
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12/31/2011
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ASSETS
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CURRENT ASSETS:
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Cash
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$ | 99,196 | $ | 273,132 | ||||
Accounts receivable - trade
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367,266 | 288,201 | ||||||
Prepaid expenses and other
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135,355 | 240,388 | ||||||
Total current assets
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601,817 | 801,721 | ||||||
PROPERTY AND EQUIPMENT, at cost:
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263,836 | 285,976 | ||||||
Less - accumulated depreciation
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(171,906 | ) | (188,016 | ) | ||||
Total cost of revenues
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Net property and equipment
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91,930 | 97,960 | ||||||
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 $169,564 and $36,316 as of June 30, 2012 and
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December 31, 2011, respectively
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1,315,044 | 1,280,903 | ||||||
Other assets
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61,066 | 83,329 | ||||||
Total other assets
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1,511,687 | 1,499,809 | ||||||
TOTAL ASSETS
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$ | 2,205,434 | $ | 2,399,490 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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CURRENT LIABILITIES:
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Current maturities of long-term debt
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$ | - | $ | - | ||||
Revolving Line of Credit
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100,000 | 100,000 | ||||||
Note Payable - Shareholder
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459,842 | 169,306 | ||||||
Accounts payable - trade and accrued liabilities
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370,554 | 631,419 | ||||||
Unearned income
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53,614 | 31,400 | ||||||
Total current liabilities
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984,010 | 932,125 | ||||||
LONG-TERM DEBT, less current maturities
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Oklahoma Technology Commercialization Center
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237,500 | 237,500 | ||||||
Convertible debentures
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150,000 | 2,621,161 | ||||||
Total long-term debt, less current maturities
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387,500 | 2,858,661 | ||||||
COMMITMENTS AND CONTINGENCIES
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STOCKHOLDERS' EQUITY:
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Common stock, $.01 par value; authorized 500,000,000 shares;
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issued and outstanding 174,952,780 and 122,386,894 shares, at
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June 30, 2012 and December 31, 2011, respectively
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1,749,527 | 1,223,869 | ||||||
Additional paid-in capital
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13,242,622 | 10,059,029 | ||||||
Accumulated deficit
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(14,158,225 | ) | (12,674,194 | ) | ||||
Total stockholders' (deficit) equity
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833,924 | (1,391,296 | ) | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 2,205,434 | $ | 2,399,490 | ||||
The accompanying notes are an integral part of these statements.
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MACROSOLVE, INC.
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STATEMENTS OF OPERATIONS
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For the Quarters Ended
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Year to Date
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For the Periods Ended June 30,
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6/30/2012
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6/30/2011
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2012
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2011
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REVENUES:
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Software products and licensing
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$ | 237,309 | $ | 52,244 | $ | 1,009,435 | $ | 72,560 | ||||||||
Solution services
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335,127 | 167,187 | 416,082 | 262,871 | ||||||||||||
Net revenues
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572,436 | 219,431 | 1,425,517 | 335,431 | ||||||||||||
COST OF REVENUES:
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Software products and licensing
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74,512 | - | 367,948 | - | ||||||||||||
Solution services
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169,096 | 98,629 | 230,295 | 145,413 | ||||||||||||
Total cost of revenues
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243,608 | 98,629 | 598,243 | 145,413 | ||||||||||||
Gross profit
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328,828 | 120,802 | 827,274 | 190,018 | ||||||||||||
OPERATING EXPENSES:
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Solution services
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156,069 | 49,339 | 322,804 | 174,797 | ||||||||||||
Depreciation and amortization
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94,550 | 62,047 | 196,619 | 123,727 | ||||||||||||
Marketing and sales
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357,981 | 132,668 | 750,698 | 162,586 | ||||||||||||
General and administrative
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445,868 | 540,134 | 868,301 | 869,421 | ||||||||||||
Total operating expenses
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1,054,468 | 784,188 | 2,138,422 | 1,330,531 | ||||||||||||
Loss from operations
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(725,640 | ) | (663,386 | ) | (1,311,148 | ) | (1,140,513 | ) | ||||||||
OTHER INCOME (EXPENSE):
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Interest income
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20 | 61 | 28 | 86 | ||||||||||||
Interest expense
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(32,012 | ) | (30,607 | ) | (116,156 | ) | (36,919 | ) | ||||||||
Loss on sale of asset
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- | (235 | ) | (761 | ) | (235 | ) | |||||||||
Stock based compensation
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(21,802 | ) | (28,550 | ) | (56,427 | ) | (52,538 | ) | ||||||||
Total other expense
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(53,794 | ) | (59,331 | ) | (173,316 | ) | (89,606 | ) | ||||||||
LOSS BEFORE INCOME TAXES
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(779,434 | ) | (722,717 | ) | (1,484,464 | ) | (1,230,119 | ) | ||||||||
INCOME TAXES
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- | - | - | - | ||||||||||||
NET LOSS
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$ | (779,434 | ) | $ | (722,717 | ) | $ | (1,484,464 | ) | $ | (1,230,119 | ) | ||||
LOSS ALLOCABLE TO COMMON STOCKHOLDERS:
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Net loss
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$ | (779,434 | ) | $ | (722,717 | ) | $ | (1,484,464 | ) | $ | (1,230,119 | ) | ||||
Loss allocable to common stockholders
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$ | (779,434 | ) | $ | (722,717 | ) | $ | (1,484,464 | ) | $ | (1,230,119 | ) | ||||
Basic and diluted loss per share
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$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | ||||
The accompanying notes are an integral part of these statements.
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