Juma Technology Corp. (OTCBB: JUMT), a leading IP Convergence firm
specializing in managed services, today reported financial results
for the first quarter ended March 31, 2010.
Operating Results:
Revenues for the three months ended March 31, 2010 decreased
$2,336,647 or 50% to $2,312,905, compared with revenues of
$4,649,552 for the three months ended March 31, 2009. Research and
development expenses decreased by $86,002 or 64% to $47,356 for the
three months ended March 31, 2010, compared to $133,358 for the
three months ended March 31, 2009. The Company incurred a net loss
of $3,611,510 for the three months ended March 31, 2010 compared to
a net loss of $7,003,527 for the three months ended March 31, 2009.
Nectar generated a net loss of approximately $633,000 for the three
months ended March 31, 2010.
"Our business has been affected by weak economic conditions and
the vestiges of economic crisis, especially in the core markets
that we focus on. We remain confident in our company and its
people, and are witnessing improvements as both our company and our
clients emerge from this down economy. We fully anticipate stronger
growth in the months ahead," said Anthony M. Servidio, Chief
Executive Officer for Juma.
Anthony Fernandez, Chief Financial Officer for Juma said, "Our
conservative management approach has helped us maintain our margins
and control costs, but the economy continues to be a burden on our
business."
About Juma (www.jumacorp.com)
Juma Technology Corp. provides advanced IP Convergence solutions
that integrate voice, data and video applications. Juma's IP
Convergence solutions enable companies to increase productivity,
enhance mobility and create significant cost savings. Juma has been
recognized as an industry leader in providing integrated business
communications and services, helping customers leverage network
convergence to achieve their business goals. Nectar Services Corp.
(www.nectarcorp.com), an IP communications and management services
provider, is a wholly owned subsidiary of Juma and represents the
company's services division. The Nectar suite of services delivers
real business solutions to help companies mitigate risk, centralize
systems management and dramatically reduce telecom expenses. Follow
us on Twitter: www.twitter.com/jumatech.
Forward-Looking Statements
Historical results and trends should not be taken as indicative
of future operations. Management's statements contained in this
report that are not historical facts may be forward-looking
statements under the Private Securities Litigation Act of 1995.
Actual results may differ materially from those included in the
forward-looking statements. Forward-looking statements, which are
based on certain assumptions and describe future plans, strategies
and expectations of the Company, are generally identifiable by use
of the words "believe," "expect," "intend," "anticipate,"
"estimate," "project," "prospects," or similar expressions. The
Company's ability to predict results or the actual effect of future
plans or strategies is inherently uncertain. Factors which could
have a material adverse affect on the operations and future
prospects of the Company on a consolidated basis include, but are
not limited to: changes in economic conditions,
legislative/regulatory changes, availability of capital, interest
rates, competition, significant restructuring and acquisition
activities, and generally accepted accounting principles. These
risks and uncertainties should be considered in evaluating
forward-looking statements and undue reliance should not be placed
on such statements. Further information concerning the Company and
its business, including additional factors that could materially
affect the Company's financial results, is included herein and in
the Company's other filings with the SEC.
Juma Technology Corp. and Subsidiaries
Condensed Consolidated Balance Sheets
March 31, December 31,
2010 2009
(Unaudited) (Audited)
----------- -----------
ASSETS
Current assets:
Cash $ 2,314,930 $ 961,001
Accounts receivable, (net of allowance of
$206,653 and $213,471, respectively) 1,927,931 2,175,034
Inventory 157,288 161,770
Prepaid expenses 32,353 26,837
Other current assets 133,889 133,889
----------- -----------
Total current assets 4,566,391 3,458,531
----------- -----------
Fixed assets, (net of accumulated depreciation of
$928,147 and $827,839, respectively) 1,134,697 1,224,120
Other assets 221,554 248,509
----------- -----------
Total assets $ 5,922,642 $ 4,931,160
=========== ===========
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current liabilities:
Notes payable $ 297,951 $ 297,486
Convertible notes payable, (net of discount of
$806,280 and $604,435, respectively) 14,723,079 12,099,346
Current portion of capital leases payable 139,998 174,115
Accounts payable 2,115,520 2,022,532
Accrued expenses and taxes payable 1,825,010 1,685,810
Deferred revenue 15,564 76,174
----------- -----------
Total current liabilities 19,117,122 16,355,463
Capital leases payable, net of current maturities 13,878 25,466
Notes payable - -
Convertible notes payable, (net of discount of
$14,725 and $0, respectively) 636,506 700,000
----------- -----------
Total liabilities 19,767,506 17,080,929
----------- -----------
Commitments and contingencies
Stockholders' deficiency
Series A Preferred stock, $0.0001 par value,
8,333,333 shares authorized, 8,333,333 shares
issued and outstanding, respectively 833 833
Series B Preferred stock, $0.0001 par value,
1,666,667 shares authorized, 1,666,500 and
1,666,500 shares issued and outstanding,
respectively 167 167
Series C Preferred Stock, $0.0001 par value,
10,000,000 shares authorized, no shares issued - -
Common stock, $0.0001 par value, 900,000,000 shares
authorized, 46,468,945 and 46,468,945 shares
issued and outstanding, respectively 4,646 4,646
Additional paid in capital 33,921,009 32,901,105
Warrants 4,051,656 3,155,145
Retained deficit (51,823,175) (48,211,665)
----------- -----------
Total stockholders' deficiency (13,844,864) (12,149,769)
----------- -----------
Total liabilities and stockholders'
deficiency $ 5,922,642 $ 4,931,160
=========== ===========
Juma Technology Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
For the three months ended March 31,
March 31, March 31,
2010 2009
----------- -----------
Sales $ 2,312,905 $ 4,649,552
Cost of goods sold 1,708,112 3,324,460
----------- -----------
Gross margin 604,793 1,325,092
----------- -----------
Operating expenses
Selling 505,900 375,816
Research and development 47,356 133,358
General and administrative 1,681,701 1,478,679
----------- -----------
Total operating expenses 2,234,957 1,987,853
----------- -----------
(Loss) from operations (1,630,164) (662,761)
Amortization of discount on notes (1,558,754) (430,545)
Interest (expense), net (417,514) (307,866)
----------- -----------
(Loss) before income taxes (3,606,432) (1,401,172)
(Benefit)/Provision for income taxes 5,078 2,915
----------- -----------
Net (loss) $(3,611,510) $(1,404,087)
Deemed preferred stock dividend - 5,599,440
----------- -----------
Net (loss) attributable to common shareholders $(3,611,510) $(7,003,527)
=========== ===========
Basic and diluted net (loss) per share $ (0.08) $ (0.15)
=========== ===========
Weighted average common shares outstanding 46,468,945 46,343,945
=========== ===========
CONTACT: Melissa J. Nacerino 646-291-8264 Email Contact
Juma Technology (CE) (USOTC:JUMT)
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