Juma Technology Corp. (OTCBB: JUMT), a leading IP Convergence firm
specializing in managed services for voice and data networks, today
reported financial results for the second quarter ended June 30,
2010.
Second Quarter 2010 Highlights
- Q2 revenue increases to $3,434,279
- Research and development expenses decreased 42% over Q2
2009
- General and administrative expenses decreased 54% over Q2
2009
Operating Results:
Revenues for the three months ended June 30, 2010 increased
$43,149 or 1% to $3,434,279, compared with revenues of $3,391,130
for the three months ended June 30, 2009. Research and development
expenses decreased by $51,769 or 42% to $71,472 for the three
months ended June 30, 2010, compared to $123,241 for the three
months ended June 30, 2009. General and administrative expenses
decreased by $1,487,901 or 54% to $1,277,043 for the three months
ended June 30, 2010, compared to $2,764,944 for the three months
ended June 30, 2009. The Company incurred a net loss of $2,235,936
for the three months ended June 30, 2010 compared to a net loss of
$5,123,684 for the three months ended June 30, 2009.
"Each Quarter, we set out to outpace our performance from the
previous year. This Quarter, we met our goals. While the
marketplace remains tentative, we believe a positive turning point
is eminent. We fully intend to continue executing on our business
plan, which will enable us to grow our top line revenue while
driving efficiencies throughout our company," said Anthony M.
Servidio, Chief Executive Officer.
Anthony Fernandez, Chief Financial Officer for Juma, said, "Our
second quarter earnings reflect a more accurate picture of our run
rate than the first quarter of 2010, which was significantly
lower."
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
December 31,
June 30, 2010 2009
(Unaudited) (Audited)
------------- -------------
ASSETS
Current assets:
Cash $ 272,870 $ 961,001
Accounts receivable, (net of allowance of
$292,772 and $231,471, respectively) 3,307,950 2,175,034
Inventory 164,296 161,770
Prepaid expenses 63,789 26,837
Other current assets 133,889 133,889
------------- -------------
Total current assets 3,942,794 3,458,531
------------- -------------
Fixed assets, (net of accumulated depreciation
of $1,030,179 and $827,839, respectively) 1,061,594 1,224,120
Other assets 197,099 248,509
------------- -------------
Total assets $ 5,201,487 $ 4,931,160
============= =============
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current liabilities:
Notes payable, (net of discount of $37,507 and
$0, respectively) $ 790,519 $ 297,486
Convertible notes payable, (plus premium of
$169,129 and net of discount of $604,435,
respectively) 15,511,296 12,099,346
Current portion of capital leases payable 104,961 174,115
Accounts payable 1,838,017 2,022,532
Accrued expenses and taxes payable 2,215,745 1,685,810
Deferred revenue 69,185 76,174
------------- -------------
Total current liabilities 20,529,723 16,355,463
Capital leases payable, net of current
maturities 1,901 25,466
Convertible notes payable, (net of discount of
$2,084 and $0, respectively) 641,448 700,000
------------- -------------
Total liabilities 21,173,072 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, 1,970,756 and 0
shares issued and outstanding, respectively 197 -
Common stock, $0.0001 par value, 900,000,000
shares authorized, 46,648,945 and 46,648,945
shares issued and outstanding, respectively 4,646 4,646
Additional paid in capital 37,915,968 32,901,105
Warrants 756,942 3,155,145
Retained deficit (54,650,338) (48,211,665)
------------- -------------
Total stockholders' deficiency (15,971,585) (12,149,769)
------------- -------------
Total liabilities and stockholders'
deficiency $ 5,201,487 $ 4,931,160
============= =============
Juma Technology Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
For the three and six months ended June 30,
Three months Three months
ended ended Six months Six months
June 30, June 30, ended June ended June
2010 2009 30, 2010 30, 2009
------------ ------------ ------------ ------------
Sales $ 3,434,279 $ 3,391,130 $ 5,747,184 $ 8,040,682
Cost of goods sold 2,453,460 2,308,627 4,161,572 5,633,087
------------ ------------ ------------ ------------
Gross margin 980,819 1,082,503 1,585,612 2,407,595
------------ ------------ ------------ ------------
Operating expenses
Selling 404,891 397,172 910,791 772,988
Research and
development 71,472 123,241 118,828 256,599
General and
administrative 1,277,043 2,764,944 2,958,744 4,243,623
------------ ------------ ------------ ------------
Total operating
expenses 1,753,406 3,285,357 3,988,363 5,273,210
------------ ------------ ------------ ------------
(Loss) from
operations (772,587) (2,202,854) (2,402,751) (2,865,615)
Amortization of
discount on notes (989,284) (2,611,036) (2,548,038) (3,041,580)
Interest (expense),
net (474,065) (305,260) (891,579) (613,127)
------------ ------------ ------------ ------------
(Loss) before income
taxes (2,235,936) (5,119,150) (5,842,368) (6,520,322)
Provision for income
taxes - 4,534 5,078 7,449
------------ ------------ ------------ ------------
Net (loss) $ (2,235,936) $ (5,123,684) $ (5,847,446) $ (6,527,771)
Deemed preferred
stock dividend 591,227 1,666,667 591,227 7,266,107
------------ ------------ ------------ ------------
Net (loss)
attributable to
common shareholders $ (2,827,163) $ (6,790,351) $ (6,438,673) $(13,793,878)
============ ============ ============ ============
Basic and diluted
net (loss) per
share $ (0.06) $ (0.15) $ (0.14) $ (0.30)
============ ============ ============ ============
Weighted average
common shares
outstanding 46,468,945 46,343,945 46,468,945 46,343,945
============ ============ ============ ============
Juma Technology Corp. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
For the six months ended June 30,
2010 2009
------------- -------------
Operating Activities
Net (loss) $ (5,847,446) $ (6,527,771)
Adjustments to reconcile net (loss) to net
cash (used) by operating activities:
Depreciation expense 202,340 189,974
Stock option compensation expense 169,531 457,844
Amortization of discount on notes payable 2,548,037 3,041,580
Bad debt expense 101,901 (130,164)
Amortization of loan costs 51,410 48,910
Non-current interest expense - 300,000
Early extinguishment of debt - 1,116,192
Warrants issued for services 42,500 -
Changes in operating assets and liabilities:
Accounts receivable (1,234,817) 493,904
Inventory (2,526) 175,967
Prepaid expenses (36,952) (18,920)
Other current assets - 71,922
Accounts payable and accrued expenses 345,420 (517,465)
Deferred revenue (6,989) (909,030)
------------- -------------
Net cash flows (used) by operating activities (3,667,591) (2,207,057)
------------- -------------
Investing Activities
Acquisition of fixed assets (39,814) (39,371)
Increase in other assets - (42,072)
------------- -------------
Net cash flows (used) by investing activities (39,814) (81,443)
------------- -------------
Financing Activities
Proceeds from issuance of convertible notes
payable 3,000,000 4,475,000
Proceeds from issuance of nonconvertible
notes payable 500,000 -
Repayment of convertible promissory notes (388,007) -
Repayment of capital leases payable (92,719) (120,119)
------------- -------------
Net cash flows provided by financing
activities 3,019,274 4,354,881
------------- -------------
Net change in cash (688,131) 2,066,381
Cash, beginning of period 961,001 364,046
------------- -------------
Cash, end of period $ 272,870 $ 2,430,427
============= =============
Supplemental Cash Flow Information:
Interest paid $ 118,265 $ 146,604
Income taxes paid 5,078 7,449
CONTACT: Melissa J. Nacerino 646-291-8264 Email
Contact
Juma Technology (CE) (USOTC:JUMT)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Juma Technology (CE) (USOTC:JUMT)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024
