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Thu, April 9, 2009 Sanswire: Sanswire Files Fiscal 2008 Results on Form 10-K
FORT LAUDERDALE, FL--(Marketwire - April 9, 2009) - Sanswire Corp. (
For the year ended December 31, 2008, the Company reported a net loss of ($5,438,612), or ($0.04) per share, with no revenue, compared to a net loss of ($11,605,478), or ($0.10) per share, on revenues of $53,754, for the year ended December 31, 2007. The Company's weighted shares outstanding at year end 2008, basic and diluted, rose by almost 25% to 151,534,774 over year end 2007.
The net loss for fiscal 2008 is attributed to an operating loss of ($3,214,345), and net other expenses totaling ($2,224,070); primarily a loss from extinguishing debt ($1,096,650) and interest expenses ($1,127,420).
The Company also filed periodic reports that had been outstanding for the first, second and third quarters of 2008. These 10-Q filings also contained comparative data for 2007.
"Our primary goals are to build and run an airship business where we can provide full transparency and accountability for our customers, partners, and shareholders. With the completion of our financial statements for 2008 we accomplished a major step in moving closer to achieving our overall goals and throughout this year we look forward to advancing the corporation and executing our business plan to build the company and shareholder value," said Jonathan Leinwand, CEO Sanswire Corp.
Sanswire has made its Annual Report on Form 10-K available via its web site, [ www.sanswire.com ].
About Sanswire Corp.
Sanswire Corp. is focused on the design, construction and marketing of various aerial vehicles most of which would be capable of carrying payloads that provide persistent surveillance and security solutions at various altitudes. The airships and auxiliary products are intended for end users that include military, defense and government-related entities.
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, including a lawsuit filed by the U.S. Securities & Exchange Commission and delayed filings of quarterly results, any of which could cause the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.
-Financial Tables Follow-
SANSWIRE CORP. (FORMERLY GLOBETEL COMMUNICATIONS CORP.) AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2008 2007 REVENUES $ -- $ 53,754 COST OF REVENUES -- 15,529 GROSS MARGIN -- 38,225 EXPENSES Payroll and related taxes 887,283 3,611,596 Consulting fees 1,415,235 1,635,303 Noncash officers' and directors' compensation 435,000 696,790 Research and development -- (14,856) General and administrative 476,827 1,567,968 TOTAL EXPENSES 3,214,345 7,496,801 LOSS FROM OPERATIONS (3,214,345) (7,458,576) OTHER INCOME (EXPENSE) Loss/Gain on extinguishment of debt (1,096,650) 254,200 Interest expense, net (1,127,420) (2,482,296) NET OTHER EXPENSE (2,224,070) (2,228,096) LOSS FROM CONTINUING OPERATIONS (5,438,415) (9,686,672) LOSS FROM DISCONTINUED OPERATIONS (197) (1,918,806) NET LOSS $ (5,438,612) $ (11,605,478) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING BASIC and DILUTED 151,534,774 121,171,392 LOSS PER SHARE FROM CONTINUING OPERATIONS BASIC and DILUTED ($ 0.04) ($ 0.08) LOSS PER SHARE FROM DISCONTINUED OPERATIONS BASIC and DILUTED ($ 0.00) ($ 0.02) NET LOSS PER SHARE BASIC and DILUTED ($ 0.04) ($ 0.10) SANSWIRE CORP. (FORMERLY GLOBETEL COMMUNICATIONS CORP.) AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, DECEMBER 31, 2008 2007 ASSETS CURRENT ASSETS Cash and cash equivalents $ 4,809 $ 32,278 Current assets from discontinued operations 6,406 18,678 TOTAL CURRENT ASSETS 11,215 50,956 Deposits -- 391,000 Investment in joint venture 3,229,000 -- TOTAL NONCURRENT ASSETS 3,229,000 391,000 TOTAL ASSETS $ 3,240,215 $ 441,956 LIABILITIES AND STOCKHOLDERS' DEFICIT LIABILITIES CURRENT LIABILITIES Accounts payable $ 3,802,777 $ 3,155,722 Notes and convertible notes payable, net of discount of $134,423 and $1,257,364 9,264,732 8,056,220 Accrued expenses and other liabilities 3,489,210 1,067,355 Current liabilities from discontinued operations 1,387,406 1,387,381 TOTAL LIABILITIES 17,944,125 13,666,678 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' DEFICIT Series A Preferred stock, $.001 par value, 250,000 shares authorized; no shares issued and outstanding: -- -- Series B Preferred stock, $.001 par value, 500,000 shares authorized; no shares issued and outstanding: -- -- Series C Preferred stock, $.001 par value, 5,000 shares authorized; no shares issued and outstanding: -- -- Series D Preferred stock, $.001 par value, 5,000 shares authorized; no shares issued and outstanding: -- -- Common stock, $.00001 par value, 250,000,000 shares authorized; 184,704,015 and 129,756,897 shares issued and outstanding 1,848 1,299 Additional paid-in capital 111,128,580 107,169,705 Accumulated deficit (125,834,338) (120,395,726) TOTAL STOCKHOLDERS' DEFICIT (14,703,910) (13,224,722) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 3,240,215 $ 441,956
