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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MACROSOLVE, INC.
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Date: March 5, 2013
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By:
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/s/ /s/ KENDALL CARPENTER | |
Kendall Carpenter
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Chief Financial Officer
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·
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Revenues increased 113% to $2,988,000 in FY 2012 from $1,404,000 in FY 2011;
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·
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Gross profit increased 104% to $1,683,000 in FY 2012 from $858,000 in FY 2011;
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·
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4th quarter revenues grew by 154% to $982,000 in Q4 of 2012 from $637,000 in Q4 of 2011
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·
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Gross profit in Q4 of 2012 was $561,000, a 148% increase over Q4 2011 gross profit of $379,000; and
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·
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Revenues grew by 76% on a quarter-over-quarter basis from $559,000 in Q3 of 2012 to $982,000 in Q4 of 2011.
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MACROSOLVE, INC.
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BALANCE SHEETS
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12/31/2012
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12/31/2011
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ASSETS
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CURRENT ASSETS:
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Cash
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$ | 659,204 | $ | 273,132 | ||||
Accounts receivable - trade
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74,056 | 288,201 | ||||||
Prepaid expenses and other
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519,330 | 240,388 | ||||||
Total current assets
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1,252,590 | 801,721 | ||||||
PROPERTY AND EQUIPMENT, at cost:
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21,651 | 285,976 | ||||||
Less - accumulated depreciation and amortization
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(19,462 | ) | (188,016 | ) | ||||
Net property and equipment
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2,189 | 97,960 | ||||||
OTHER ASSETS:
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Investment in DecisionPoint Systems, Inc.
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579,875 | - | ||||||
Note receivable
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- | 135,577 | ||||||
Software development costs, net of accumulated amortization
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of $398,715 as of December 31, 2011
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- | 1,280,903 | ||||||
Other assets
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64,227 | 83,329 | ||||||
Total other assets
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644,102 | 1,499,809 | ||||||
TOTAL ASSETS
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$ | 1,898,881 | $ | 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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$ | 90,000 | $ | - | ||||
Revolving Line of Credit
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- | 100,000 | ||||||
Note Payable - Shareholders
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- | 169,306 | ||||||
Accounts payable - trade and accrued liabilities
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84,062 | 631,419 | ||||||
Unearned income
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500,000 | 31,400 | ||||||
Total current liabilities
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674,062 | 932,125 | ||||||
LONG-TERM DEBT, less current maturities
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Note Payable - Shareholders
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541,752 | - | ||||||
Oklahoma Technology Commercialization Center
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125,000 | 237,500 | ||||||
Convertible debentures
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150,000 | 2,621,161 | ||||||
Total long-term debt, less current maturities
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816,752 | 2,858,661 | ||||||
COMMITMENTS AND CONTINGENCIES
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- | - | ||||||
STOCKHOLDERS' EQUITY:
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Common stock, $.01 par value; authorized 500,000,000 shares;
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issued and outstanding 179,831,987 and122,386,894 shares, at
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December 31, 2012 and 2011, respectively
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1,798,320 | 1,223,869 | ||||||
Additional paid-in capital
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13,230,111 | 10,059,029 | ||||||
Accumulated other comprehensive income
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(170,125 | ) | - | |||||
Accumulated deficit
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(14,450,239 | ) | (12,674,194 | ) | ||||
Total stockholders' equity (deficit)
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408,067 | (1,391,296 | ) | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 1,898,881 | $ | 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 INCOME AND COMPREHENSIVE INCOME
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For the Quarters Ended
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For the Years Ended December 31,
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12/31/2012
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12/31/2011
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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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$ | 969,501 | $ | 636,677 | $ | 2,529,663 | $ | 1,141,332 | ||||||||
Solution services
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12,875 | - | 458,730 | 262,871 | ||||||||||||
Net revenues
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982,376 | 636,677 | 2,988,393 | 1,404,203 | ||||||||||||
COST OF REVENUES:
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Software products and licensing
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411,513 | 258,156 | 1,031,005 | 433,515 | ||||||||||||
Solution services
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9,624 | - | 274,848 | 145,413 | ||||||||||||
Total cost of revenues
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421,137 | 258,156 | 1,305,853 | 578,928 | ||||||||||||
Gross profit
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561,238 | 378,521 | 1,682,540 | 825,275 | ||||||||||||
OPERATING EXPENSES:
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Solution services
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- | - | 323,167 | 144,542 | ||||||||||||
Depreciation and amortization
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815 | 815 | 491,176 | 125,285 | ||||||||||||
Marketing and sales
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- | - | 816,273 | 348,969 | ||||||||||||
General and administrative
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133,815 | 251,667 | 1,394,455 | 1,519,779 | ||||||||||||
Total operating expenses
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134,629 | 252,481 | 3,025,071 | 2,138,575 | ||||||||||||
Income from operations
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426,609 | 126,040 | (1,342,531 | ) | (1,313,300 | ) | ||||||||||
OTHER INCOME (EXPENSE):
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Interest income
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111 | 30 | 164 | 134 | ||||||||||||
Interest expense
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(12,846 | ) | (76,550 | ) | (150,951 | ) | (170,675 | ) | ||||||||
Loss on sale of asset
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- | - | (4,247 | ) | (235 | ) | ||||||||||
Stock based compensation
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(9,909 | ) | (23,221 | ) | (83,872 | ) | (97,506 | ) | ||||||||
Total other expense
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(22,644 | ) | (99,741 | ) | (238,906 | ) | (268,282 | ) | ||||||||
LOSS FROM CONTINUNIG OPERATIONS BEFORE INCOME TAXES
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403,965 | 26,299 | (1,581,437 | ) | (1,581,582 | ) | ||||||||||
INCOME TAXES
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- | - | - | - | ||||||||||||
NET LOSS FROM CONTINUING OPERATIONS
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$ | 403,965 | $ | 26,299 | $ | (1,581,437 | ) | $ | (1,581,582 | ) | ||||||
DISCONTINUED OPERATIONS (NOTE 16)
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Loss from operations of discontinued Illume Mobile operations
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(including loss on disposal of $54,538)
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(14,670 | ) | (715,940 | ) | (194,608 | ) | (952,832 | ) | ||||||||
NET LOSS
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389,295 | (689,641 | ) | (1,776,045 | ) | (2,534,414 | ) | |||||||||
OTHER COMPREHENSIVE INCOME, net of tax
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Unrealized holding loss arising during the period
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(63,053 | ) | - | (170,125 | ) | - | ||||||||||
COMPREHENSIVE INCOME
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326,242 | (689,641 | ) | (1,946,170 | ) | (2,534,414 | ) | |||||||||
LOSS ALLOCABLE TO COMMON STOCKHOLDERS:
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Net Income (L.oss)
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$ | 389,295 | $ | (689,641 | ) | $ | (1,776,045 | ) | $ | (2,534,414 | ) | |||||
Income (Loss) allocable to common stockholders
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$ | 389,295 | $ | (689,641 | ) | $ | (1,776,045 | ) | $ | (2,534,414 | ) | |||||
Basic and diluted income (loss) per share
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$ | 0.00 | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | |||||
The accompanying notes are an integral part of these statements.
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