Stocks & Investing
Stocks and Investing
Stocks and Investing
Wed, November 18, 2009
Tue, November 17, 2009 
FORT LAUDERDALE, FL--(Marketwire - November 17, 2009) - Sanswire Corp. (
For the quarter ended September 30, 2009, the Company reported a net loss of $1.5 million, or $0.01 per share, with no revenue, compared to a net loss of $433,000, or $0.00 per share, with no revenue for the quarter ended September 30, 2008.
The net loss for Q3 2009 is attributed to an operating loss during the quarter of $1.5 million, compared to an operating loss $767,000 for Q3 2008, to interest-related expenses of $197,000, compared to interest-related expenses of $419,000 for Q3 2008, and to $379,000 related to derivative financial instruments, compared to a gain from derivative financial instruments of $600,000 for Q3 2008.
David A. Christian, Chief Executive Officer of Sanswire, said, "We are continuing with our business plan to bring a range of lighter-than-air Unmanned Aerial Vehicles to market for defense and border security purposes. We have focused on furthering the development of our newest airship, the STS-111, for delivery after a series of successful tests. In addition, we have established a relationship with a major defense contractor that will serve as the systems integrator and operator of the STS-111, and we are committed to growing this relationship and together pursuing business opportunities."
He concluded, "I remain as firmly convinced as ever that extended-duration UAVs have a significant role to play in keeping our country safe and secure. I am determined to bring the STS-111 to America where we can take the next steps necessary to grow our business and serve the needs of our servicemen and women."
Sanswire's Quarterly Report on Form 10-Q is available via its web site, [ www.sanswire.com ]. For more news and information on Sanswire please visit [ http://irgnews.com/coi/SNSR ] where you can find a fact sheet on the company, investor presentations, and more.
About Sanswire Corp.
Sanswire Corp. (
Forward-Looking Statements
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, 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.
Sanswire Corporation Income Statement THREE MONTHS ENDED SEPTEMBER 30, 2008 2009 (Restated) -------------- --------------- REVENUES $ -- $ -- EXPENSES Payroll and related taxes 153,687 135,496 Consulting fees 719,488 422,768 Officers' and directors' stock based compensation 335,750 97,500 Amortization 242,175 -- General and administrative 95,460 111,055 -------------- --------------- TOTAL EXPENSES 1,546,560 766,819 -------------- --------------- LOSS FROM OPERATIONS (1,546,560) (766,819) -------------- --------------- OTHER INCOME (EXPENSE) Loss on extinguishment of debt -- -- Extinguishment of derivative liabilities 629,563 150,995 Change in fair value of derivative liabilities (378,532) 600,838 Interest expense, net (197,145) (418,697) -------------- --------------- NET OTHER INCOME (EXPENSE) 53,886 333,136 -------------- --------------- LOSS FROM CONTINUING OPERATIONS (1,492,674) (433,683) LOSS FROM DISCONTINUED OPERATIONS -- -- -------------- --------------- NET LOSS $ (1,492,674) $ (433,683) ============== =============== WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING BASIC and DILUTED 226,806,725 155,459,034 ============== =============== LOSS PER SHARE FROM CONTINUING OPERATIONS BASIC and DILUTED $ (0.01) $ (0.00) LOSS PER SHARE FROM DISCONTINUED OPERATIONS BASIC and DILUTED -- -- -------------- --------------- NET LOSS PER SHARE BASIC and DILUTED $ (0.01) $ (0.00) ============== =============== Sanswire Corporation Income Statement NINE MONTHS ENDED SEPTEMBER 30, 2008 2009 (Restated) -------------- ------------- REVENUES $ -- $ -- EXPENSES Payroll and related taxes 404,023 666,531 Consulting fees 1,474,117 1,138,796 Officers' and directors' stock based compensation 3,246,280 435,000 Amortization 807,250 -- General and administrative 341,119 275,059 -------------- ------------- TOTAL EXPENSES 6,272,789 2,515,386 -------------- ------------- LOSS FROM OPERATIONS (6,272,789) (2,515,386) -------------- ------------- OTHER INCOME (EXPENSE) Loss on extinguishment of debt -- (1,096,650) Extinguishment of derivative liabilities 629,563 442,529 Change in fair value of derivative liabilities (2,514,686) 266,179 Interest expense, net (1,083,941) (856,218) -------------- ------------- NET OTHER INCOME (EXPENSE) (2,969,064) (1,244,160) -------------- ------------- LOSS FROM CONTINUING OPERATIONS (9,241,853) (3,759,546) LOSS FROM DISCONTINUED OPERATIONS -- (196) -------------- ------------- NET LOSS $ (9,241,853) $ (3,759,742) ============== ============= WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING BASIC and DILUTED 206,213,560 133,121,067 ============== ============= LOSS PER SHARE FROM CONTINUING OPERATIONS BASIC and DILUTED $ (0.04) $ (0.03) LOSS PER SHARE FROM DISCONTINUED OPERATIONS BASIC and DILUTED -- $ (0.00) -------------- ------------- NET LOSS PER SHARE BASIC and DILUTED $ (0.04) $ (0.03) ============== ============= Sanswire Corporation Balance Sheet SEPTEMBER 30, DECEMBER 31, 2009 2008 ------------ ------------ ASSETS (Unaudited) (Restated) CURRENT ASSETS Cash and cash equivalents $ 7,692 $ 4,809 Inventories 1,110,700 -- Current assets from discontinued operations 6,406 6,406 ------------ ------------ TOTAL CURRENT ASSETS 1,124,798 11,215 ------------ ------------ NONCURRENT ASSETS Intangible assets, net of accumulated amortization of $807,250 2,421,750 -- Investment in joint venture -- 3,229,000 Deposits 11,150 -- ------------ ------------ TOTAL NONCURRENT ASSETS 2,432,900 3,229,000 ------------ ------------ TOTAL ASSETS $ 3,557,698 $ 3,240,215 ============ ============ LIABILITIES AND STOCKHOLDERS' DEFICIT LIABILITIES CURRENT LIABILITIES Accounts payable (including $385,357 due to joint venture partner at September 30, 2009) $ 4,874,995 $ 3,802,777 Notes and convertible notes payable, net of discount of $0 and $134,423 7,290,280 9,264,732 Accrued expenses and other liabilities (including $2,185,000 due to joint venture partner at September 30, 2009 and December 31, 2008) 3,180,589 3,489,210 Fair value of derivative liabilities 2,633,367 748,244 Current liabilities from discontinued operations 1,387,406 1,387,406 ------------ ------------ TOTAL LIABILITIES 19,366,637 18,692,369 ------------ ------------ COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' DEFICIT Series E Preferred stock, $.001 par value, 100,000 shares authorized; 100,000 shares issued and outstanding 100 -- Additional paid-in capital - Series E Preferred stock 625,894 -- Common stock, $.00001 par value, 250,000,000 shares authorized; 248,990,902 and 184,704,015 shares issued and outstanding 2,491 1,848 Additional paid-in capital 118,107,011 109,848,580 Accumulated deficit (134,544,435) (125,302,582) ------------ ------------ TOTAL STOCKHOLDERS' DEFICIT (15,808,939) (15,452,154) ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 3,557,698 $ 3,240,215 ============ ============
