0001065949-13-000028.txt : 20130212 0001065949-13-000028.hdr.sgml : 20130212 20130212163828 ACCESSION NUMBER: 0001065949-13-000028 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130212 DATE AS OF CHANGE: 20130212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WARP 9, INC. CENTRAL INDEX KEY: 0000743758 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-MISCELLANEOUS RETAIL [5900] IRS NUMBER: 300050402 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-13215 FILM NUMBER: 13597726 BUSINESS ADDRESS: STREET 1: 6500 HOLLISTER AVENUE, SUITE 120 CITY: SANTA BARBARA STATE: CA ZIP: 93117 BUSINESS PHONE: 805-964-3313 MAIL ADDRESS: STREET 1: 6500 HOLLISTER AVENUE, SUITE 120 CITY: SANTA BARBARA STATE: CA ZIP: 93117 FORMER COMPANY: FORMER CONFORMED NAME: ROAMING MESSENGER INC DATE OF NAME CHANGE: 20020522 FORMER COMPANY: FORMER CONFORMED NAME: JNS MARKETING INC DATE OF NAME CHANGE: 19940610 10-Q 1 w9dec2012form10q.txt FORM 10Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For quarterly period ended December 31, 2012 or [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition period from _______________ to ______________ Commission File Number: 0-13215 WARP 9, INC. ------------------------------------------------------------- (Exact name of registrant as specified in its charter) NEVADA 30-0050402 ------------------------------- ------------------------------------ (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 6500 HOLLISTER AVENUE, SUITE 120, SANTA BARBARA, CA 93117 ----------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (805) 964-3313 -------------------------------------------------- Registrant's telephone number, including area code -------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the proceeding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. -------------------------------------------------------------------------------- Yes[_X_] No[___] -------------------------------------------------------------------------------- Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). -------------------------------------------------------------------------------- Yes[_X_] No[___] -------------------------------------------------------------------------------- Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check One). -------------------------------------------------------------------------------- Large accelerated filer [___] Accelerated filer [___] -------------------------------------------------------------------------------- Non-accelerated filer [___] Smaller reporting company [_X_] (Do not check if a smaller reporting company) -------------------------------------------------------------------------------- Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). -------------------------------------------------------------------------------- Yes[___] No[_X_] -------------------------------------------------------------------------------- Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date. As of February 12, 2013, the number of shares outstanding of the registrant's class of common stock was 96,135,126.
TABLE OF CONTENTS PART I - FINANCIAL INFORMATION PAGE ------ Item 1. Consolidated Financial Statements 3 Consolidated Balance Sheets as of December 31, 2012 (unaudited) and June 30, 2012 3 Consolidated Statements of Operations for the Three Months and Six Months ended December 31, 2012 and December 31, 2011 (unaudited) 4 Consolidated Statement of Shareholders' Equity/(Deficit) for the Six Months ended December 31, 2012 (unaudited) 5 Consolidated Statements of Cash Flows for the Six Months ended December 31, 2012 and December 31, 2011 (unaudited) 6 Notes to Consolidated Financial Statements (unaudited) 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 3. Quantitative and Qualitative Disclosures About Market Risk 14 Item 4. Controls and Procedures 14 PART II - OTHER INFORMATION Item 1. Legal Proceedings 15 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15 Item 3. Defaults Upon Senior Securities 15 Item 4. Mine Safety Disclosures 15 Item 5. Other Information 15 Item 6. Exhibits 15 Signatures 16
PART I. - FINANCIAL INFORMATION ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS -----------------------------------------
WARP 9, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS December 31, 2012 June 30, 2012 ----------------------- ----------------- (unaudited) ASSETS CURRENT ASSETS Cash $ 34,096 $ 63,104 Accounts Receivable, net 73,271 93,340 Prepaid and Other Current Assets 8,819 11,792 ----------------------- ----------------- TOTAL CURRENT ASSETS 116,186 168,236 ----------------------- ----------------- PROPERTY & EQUIPMENT, at cost Furniture, Fixtures & Equipment 83,288 83,288 Computer Equipment 264,381 260,179 Computer Software 14,840 14,025 Leasehold Improvements 18,696 18,696 ----------------------- ----------------- 381,205 376,188 Less accumulated depreciation (321,935) (310,992) ----------------------- ----------------- NET PROPERTY AND EQUIPMENT 59,270 65,196 ----------------------- ----------------- OTHER ASSETS Lease Deposit 8,244 8,244 Internet Domain, net 1,152 1,273 Licensing fees 11,000 17,000 ----------------------- ----------------- TOTAL OTHER ASSETS 20,396 26,517 ----------------------- ----------------- TOTAL ASSETS $ 195,852 $ 259,949 ======================= ================= LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) CURRENT LIABILITIES Accounts Payable $ 111,542 $ 91,144 Accrued Expenses 92,840 86,383 Accrued Interest 5,957 3,964 Deferred Income 7,300 32,853 Deferred Operating Lease Liability 5,655 5,636 Note Payable, Other 37,867 37,867 Customer Deposit 9,461 21,361 ----------------------- ----------------- TOTAL CURRENT LIABILITIES 270,622 279,208 ----------------------- ----------------- TOTAL LIABILITIES 270,622 279,208 ----------------------- ----------------- SHAREHOLDERS' EQUITY/(DEFICIT) Preferred Stock, $0.001 Par Value; 5,000,000 Authorized Shares; no shares issued and outstanding - - Common Stock, $0.001 Par Value; 495,000,000 Authorized Shares; 96,135,126 and 96,135,126 Shares Issued and Outstanding, respectively 96,135 96,135 Additional Paid In Capital 7,356,134 7,334,613 Accumulated Deficit (7,527,039) (7,450,007) ----------------------- ----------------- TOTAL SHAREHOLDERS' EQUITY/(DEFICIT) (74,770) (19,259) ----------------------- ----------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) $ 195,852 $ 259,949 ======================= =================
The accompanying notes are an integral part of these consolidated financial statements. -3-
WARP 9, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Six Months Ended --------------------------------------- --------------------------------------- December 31, 2012 December 31, 2011 December 31, 2012 December 31, 2011 ------------------- ------------------- ------------------- ------------------- REVENUE $ 260,706 $ 214,054 $ 611,437 $ 408,493 COST OF SERVICES 49,002 49,053 102,329 101,053 ------------------- ------------------- ------------------- ------------------- GROSS PROFIT 211,704 165,001 509,108 307,440 ------------------- ------------------- ------------------- ------------------- OPERATING EXPENSES Selling, general and administrative expenses 259,834 303,011 572,449 554,894 Research and development - 28,974 13,307 68,011 Stock option expense 5,840 873 9,521 921 Depreciation and amortization 5,411 5,482 11,063 11,661 ------------------- ------------------- ------------------- ------------------- TOTAL OPERATING EXPENSES 271,085 338,340 606,340 635,487 ------------------- ------------------- ------------------- ------------------- LOSS FROM OPERATIONS BEFORE OTHER INCOME/(EXPENSES) (59,381) (173,339) (97,232) (328,047) ------------------- ------------------- ------------------- ------------------- OTHER INCOME/(EXPENSES) Other income 7,500 7,500 15,000 15,240 Gain on extinguishment of debt - - 8,808 - Interest expense (996) (1,055) (1,992) (8,400) ------------------- ------------------- ------------------- ------------------- TOTAL OTHER INCOME/(EXPENSES) 6,504 6,445 21,816 6,840 ------------------- ------------------- ------------------- ------------------- LOSS FROM OPERATIONS BEFORE PROVISION FOR TAXES (52,877) (166,894) (75,416) (321,207) ------------------- ------------------- ------------------- ------------------- PROVISION FOR INCOME (TAXES)/BENEFIT Income taxes paid - - (1,616) (1,662) Income tax (provision)/benefit - - - - ------------------- ------------------- ------------------- ------------------- PROVISION FOR INCOME (TAXES)/BENEFIT - - (1,616) (1,662) ------------------- ------------------- ------------------- ------------------- NET LOSS $ (52,877) $ (166,894) $ (77,032) $ (322,869) =================== =================== =================== =================== EARNINGS PER SHARE BASIC AND DILUTED $ (0.00) $ (0.00) $ (0.00) $ (0.00) =================== =================== =================== =================== WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING BASIC AND DILUTED 96,135,126 96,135,126 96,135,126 96,135,126 =================== =================== =================== ===================
The accompanying notes are an integral part of these consolidated financial statements. -4-
WARP 9, INC. AND SUBSIDIARY CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY/(DEFICIT) FOR THE SIX MONTHS ENDED DECEMBER 31, 2012 Preferred Stock Common Stock Additional ---------------- ------------------------ Paid-in Accumulated Shares Value Shares Value Capital Deficit Total -------- ------- ------------ ----------- ---------------- ----------------- ------------- Balance, June 30, 2012 - $ - 96,135,126 $ 96,135 $ 7,334,613 $ (7,450,007) $ (19,259) Stock compensation expense (unaudited) - - - - 9,521 - 9,521 Contributed services (unaudited) - - - - 12,000 - 12,000 Net loss (unaudited) - - - - - (77,032) (77,032) -------- ------- ------------ ----------- ---------------- ----------------- ------------- Balance, December 31, 2012 (unaudited) - $ - 96,135,126 $ 96,135 $ 7,356,134 $ (7,527,039) $ (74,770) ======== ======= ============ =========== ================ ================= =============
The accompanying notes are an integral part of these consolidated financial statements. -5-
WARP 9, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended December 31, 2012 December 31, 2011 ----------------------- ----------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (77,032) $ (322,869) Adjustment to reconcile net loss to net cash provided/(used) by operating activities Depreciation and amortization 11,063 11,661 Bad debt expense (10,000) 11,256 Cost of stock compensation recognized 9,521 921 Contributed services 12,000 - Change in assets and liabilities: (Increase) Decrease in: Accounts receivable 30,068 (63,156) Prepaid and other assets 2,973 4,404 Other assets 6,000 6,000 Increase/(Decrease) in: Accounts payable 20,398 (38,847) Accrued expenses (5,442) (18,467) Deferred income (25,553) 2,593 Other liabilities 2,013 (5,562) ----------------------- ----------------------- NET CASH PROVIDED/(USED) IN OPERATING ACTIVITIES (23,991) (412,066) ----------------------- ----------------------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (5,017) (7,893) ----------------------- ----------------------- NET CASH PROVIDED/(USED) IN INVESTING ACTIVITIES (5,017) (7,893) ----------------------- ----------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Payment on notes payable - - ----------------------- ----------------------- NET CASH PROVIDED/(USED) IN FINANCING ACTIVITIES - - ----------------------- ----------------------- NET DECREASE IN CASH (29,008) (419,959) CASH, BEGINNING OF YEAR 63,104 575,398 ----------------------- ----------------------- CASH, END OF PERIOD $ 34,096 $ 155,439 ======================= ======================= SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Interest paid $ - $ - ======================= ======================= Taxes paid $ 475 $ 1,662 ======================= =======================
The accompanying notes are an integral part of these consolidated financial statements. -6- WARP 9, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED DECEMBER 31, 2012 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the six months ended December 31, 2012 are not necessarily indicative of the results that may be expected for the year ending June 30, 2013. For further information refer to the financial statements and footnotes thereto included in the Company's Form 10K for the year ended June 30, 2012. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This summary of significant accounting policies of Warp 9, Inc. is presented to assist in understanding the Company's financial statements. The financial statements and notes are representations of the Company's management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements. ACCOUNTS RECEIVABLE The Company extends credit to its customers, who are located primarily in California. Accounts receivable are customer obligations due under normal trade terms. The Company performs continuing credit evaluations of its customers' financial condition. Management reviews accounts receivable on a regular basis, based on contracted terms and how recently payments have been received to determine if any such amounts will potentially be uncollected. The Company includes any balances that are determined to be uncollectible in its allowance for doubtful accounts. After all attempts to collect a receivable have failed, the receivable is written off. The balance of the allowance account at December 31, 2012 and June 30, 2012 are $42,408 and $52,408, respectively. REVENUE RECOGNITION The Company recognizes income when the service is provided or when product is delivered. We present revenue, net of customer incentives. Most of the income is generated from monthly fees from clients who subscribe to the Company's fully hosted web based e-commerce products on terms averaging twelve months. Unless terminated accordingly with prior written notice, the agreements automatically renew for another term. We provide online marketing services that we purchase from third parties. The gross revenue presented in our statement of operations is in accordance with ASC 605-45. We also offer professional services such as development services. The fees for development services with multiple deliverables constitute a separate unit of accounting in accordance with ASC 605-25, which are recognized as the work is performed. Upfront fees for development services or other customer services are deferred until certain implementation or contractual milestones have been achieved. The deferred revenue as of December 31, 2012 and June 30, 2012 was $7,300 and $32,853, respectively. For the quarter ended, December 31, 2012, monthly recurring fees for TCP, ICS and mobile services account for 22% of the Company's total revenues, professional services account for 73% and the remaining 5% of total revenues are from resale of third party products and services. For the quarter ended, December 31, 2011, monthly recurring fees for TCP, ICS and mobile services account for 71% of the Company's total revenues, professional services account for 11% and the remaining 18% of total revenues are from resale of third party products and services. STOCK-BASED COMPENSATION The Company addressed the accounting for share-based payment transactions in which an enterprise receives employee services in exchange for either equity instruments of the enterprise or liabilities that are based on the fair value of the enterprise's equity instruments or that may be settled by the issuance of such equity instruments. The transactions are accounted for using a fair-value-based method and recognized as expenses in our statement of income. There was no material impact on the Company's financial statement of operations. -7- WARP 9, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED December 31, 2012 Stock-based compensation expense recognized during the period is based on the value of the portion of stock-based payment awards that is ultimately expected to vest. Stock-based compensation expense recognized in the consolidated statement of operations during the six months ended December 31, 2012, included compensation expense for the stock-based payment awards granted prior to, but not yet vested, as of December 31, 2012 based on the grant date fair value estimated. Stock-based compensation expense recognized in the statement of income for the six months ended December 31, 2012 is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. The stock-based compensation expense recognized in the consolidated statements of operations during the six months ended December 31, 2012 and 2011 are $9,521 and $921 respectively. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Management reviewed accounting pronouncements issued during the six months ended December 31, 2012, and no pronouncements were adopted during the period. RECLASSIFICATION Certain statement of operations amounts for the six months ended December 31, 2011 were reclassified to conform to the presentation of the period ended December 31, 2012. 3. LIQUIDITY AND OPERATIONS The Company had net losses of ($77,032) and ($322,869) for the six months periods ended December 31, 2012 and 2011, respectively, and net cash used in operating activities of ($23,991) and ($412,066) for the same periods, respectively. While we expect that our capital needs in the foreseeable future will be met by cash-on-hand and existing cash flow, there is no assurance that the Company will generate any or sufficient positive cash flows, or have sufficient capital, to finance its growth and business operations, or that such capital will be available on terms that are favorable to the Company or at all. The Company has recently been incurring operating losses and experiencing negative cash flow. In the current financial environment, it could become difficult for the Company to obtain business leases and other equipment financing. There is no assurance that we would be able to obtain additional working capital through the private placement of common stock or from any other source. GOING CONCERN The accompanying financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets and liabilities and commitments in the normal course of business. The accompanying financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern. The Company does not generate significant revenue, and has negative cash flows from operations, which raise substantial doubt about the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern and appropriateness of using the going concern basis is dependent upon, among other things, an additional cash infusion. Management believes the existing shareholders and potential prospective new investors will provide the additional cash needed to meet the Company's obligations as they become due, and will allow the development of its core of business. 4. CAPITAL STOCK At December 31, 2012 and 2011, the Company's authorized stock consists of 495,000,000 shares of common stock, par value $0.001 per share. The Company is also authorized to issue 5,000,000 shares of preferred stock with a par value of $0.001. The rights, preferences and privileges of the holders of the preferred stock will be determined by the Board of Directors prior to issuance of such shares. 5. STOCK OPTIONS AND WARRANTS On July 10, 2003, the Company adopted the Warp 9, Inc. Stock Option Plan for Directors, Executive Officers, and Employees of and Key Consultants to the Company. This Plan permits the Company to issue up to 25,000,000 shares of common stock upon exercise of stock options granted under the plan. Options granted under the Plan could be either Incentive Options or Nonqualified Options, and are administered by the Company's Board of Directors. Each option may be exercisable in full or in installment and at such time as designated by the Board. Notwithstanding any other provision of the Plan or of any Option Agreement, each option are to expire on the date specified in the Option Agreement, which date are to be no later than the tenth anniversary of the date on which the option was granted (fifth anniversary in the case of an Incentive Option granted to -8- WARP 9, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED DECEMBER 31, 2012 a greater-than-10% stockholder). The purchase price per share of the Common Stock under each Incentive Option is to be no less than the Fair Market Value of the Common Stock on the date the option was granted (110% of the Fair Market Value in the case of a greater-than-10% stockholder). The purchase price per share of the Common Stock under each Nonqualified Option were to be specified by the Board at the time the Option was granted, and could be less than, equal to or greater than the Fair Market Value of the shares of Common Stock on the date such Nonqualified Option was granted, but were to be no less than 85% of the Fair Market Value of the Common Stock on the date of grant. The Plan provides specific language as to the termination of options granted. On October 12, 2011, the Company granted 3,000,000 employee qualified (incentive) stock options, and 500,000 non-qualified stock options at an exercise price of $0.004. The options vest 1/48th monthly and expire on October 12, 2021. During the six months ended December 31, 2012, 2,500,000 of these incentive stock options were forfeited due to terminations. On August 13, 2012, the Company granted 12,500,000 non-qualified stock options at an exercise price of $0.0053. The options vest 1/36th monthly and expire on August 13, 2019. A summary of the Company's stock option activity for the three months ending December 31, 2012, and related information follows: December 31, 2012 ----------------------------- Options Weighted average exercise price -------------- -------------- Outstanding -beginning of period 15,578,000 $ 0.006 Granted - - Exercised - - Forfeited (2,070,000) 0.009 -------------- -------------- Outstanding - end of period 13,508,000 $ 0.005 ============== ============== Exercisable at the end of period 1,910,009 $ 0.005 ============== ============== Weighted average fair value of options granted during the year $ 66,250 ============== The Black Scholes option valuation model was developed for use in estimating the fair value of traded options, which do not have vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions, including the expected stock price volatility. Because the Company's employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options. The weighted average remaining contractual life of options outstanding issued under the plan as of December 31, 2012 was as follows: Weighted Average Number of remaining Exercise options contractual prices outstanding life (years) ----------------- ------------------ ------------ $ 0.050 8,000 5.58 $ 0.005 12,500,000 6.62 $ 0.004 1,000,000 8.79 ------------------ 13,508,000 ================== 6. SUBSEQUENT EVENTS Management has evaluated subsequent events according to the requirements of ASC TOPIC 855, and has determined that no such events require disclosure. -9- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS -------------------------------------------------------------------------------- CAUTIONARY STATEMENTS This Form 10-Q may contain "forward-looking statements," as that term is used in federal securities laws, about Warp 9, Inc.'s financial condition, results of operations and business. These statements include, among others: o statements concerning the potential benefits that Warp 9, Inc. ("W9," "we," "us," "our," or the "Company") may experience from its business activities and certain transactions it contemplates or has completed; and o statements of W9's expectations, beliefs, future plans and strategies, anticipated developments and other matters that are not historical facts. These statements may be made expressly in this Form 10-Q. You can find many of these statements by looking for words such as "believes," "expects," "anticipates," "estimates," "opines," or similar expressions used in this Form 10-Q. These forward-looking statements are subject to numerous assumptions, risks and uncertainties that may cause W9's actual results to be materially different from any future results expressed or implied by W9 in those statements. The most important facts that could prevent W9 from achieving its stated goals include, but are not limited to, the following: (a) volatility or decline of the Company's stock price; (b) potential fluctuation in quarterly results; (c) failure of the Company to earn revenues or profits; (d) inadequate capital to continue or expand its business, and inability to raise additional capital or financing to implement its business plans; (e) failure to further commercialize its technology or to make sales; (f) loss of customers and reduction in demand for the Company's products and services; (g) rapid and significant changes in markets; (h) litigation with or legal claims and allegations by outside parties, reducing revenue and increasing costs; (i) insufficient revenues to cover operating costs; (j) failure of the re-licensing or other commercialization of the Roaming Messenger technology to produce revenues or profits; (k) aspects of the Company's business are not proprietary and in general the Company is subject to inherent competition; (l) further dilution of existing shareholders' ownership in Company; (m) uncollectible accounts and the need to incur expenses to collect amounts owed to the Company; (n) the Company does not have an Audit Committee nor sufficient independent directors. There is no assurance that the Company will be profitable, the Company may not be able to successfully develop, manage or market its products and services, the Company may not be able to attract or retain qualified executives and technology personnel, the Company may not be able to obtain customers for its products or services or successfully compete,, the Company's products and services may become obsolete, government regulation may hinder the Company's business, additional dilution in outstanding stock ownership may be incurred due to the issuance of more shares, warrants and stock options, the exercise of outstanding warrants and stock options, or other risks inherent in the Company's businesses. Because the statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements. W9 cautions you not to place undue reliance on the statements, which speak only as of the date of this Form 10-Q. The cautionary statements contained or referred to in this section should be considered in connection with any subsequent written or oral forward-looking statements that W9 or persons acting on its behalf may issue. The Company does not undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of this Form 10-Q, or to reflect the occurrence of unanticipated events. -10- CURRENT OVERVIEW W9 is a provider of e-commerce software platforms and services for the catalog and retail industry. Our suite of software platforms are designed to help multi-channel retailers maximize the Internet channel by applying our technologies for online catalogs, e-mail marketing campaigns, and interactive visual merchandising. Offered as an outsourced and fully managed Software-as-a-Service ("SaaS") model, our products allow customers to focus on their core business, rather than technical implementations and software and hardware architecture, design, and maintenance. We also offer professional services to our clients which include online catalog design, merchandizing and optimization, order management, e-mail marketing campaign development, integration to third party payment processing and fulfillment systems, analytics, custom reporting and strategic consultation. Our products and services allow our clients to lower costs and focus on promoting and marketing their brand, product line and website while leveraging the investments we have made in technology and infrastructure to operate a dynamic online Internet presence. We charge our customers a monthly fee for using our e-commerce software based on a SaaS model. These fees include fixed monthly charges, and variable fees based on the sales volume of our clients' e-commerce websites. Unlike traditional software companies that sell software on a perpetual license where quarterly and annual revenues are quite difficult to predict, our SaaS model spreads the collection of contract revenue over several quarters or years and makes our revenues more predictable for a longer period of time. While the Warp 9 Internet Commerce System ("ICS") is our flagship and highest revenue product, we have developed and deployed new products based on a proprietary virtual publishing technology. These new products allow for the creation of interactive web versions of paper catalogs and magazines where users can flip through pages with a mouse and click on products or advertisements. These magazines or catalogs have built-in integration for e-commerce transactions through our ICS product and other transaction based activities. Accordingly, when shoppers click on a product, they are taken to the e-commerce product page where they can add that product to their shopping cart for purchasing. Clients utilizing this technology have discovered when exposing consumers to the virtual catalogs, a higher average order size and significant increase in rate of conversion result. We have sold this solution on a limited basis while we continue to refine the product and technology. We believe there could be many markets for our virtual catalog and magazine technology and we expect to test market these new products in the future. Research and development efforts have been focused both on updating our flagship ICS e-commerce platform as well as developing new products and on updating our current products with new features. In the planning phase of our development efforts, we look to direct client feedback and feature requests. We study the e-commerce landscape to determine features that will provide our clients with a competitive advantage in producing greater and more effective selling. We also examine features that will create a competitive advantage during our sales process to clients. Emerging and declining trends also play a role in how clients perceive what features should be provided by which vendors. We are sometimes able to capitalize on these opportunities by bundling features for greater value and/or increased fees and revenue. Management believes that in order to compete successfully, it must dedicate a greater allocation of resources to research and development. Updating our platform, creating new products and revamping the current products must be part of the ongoing operational practice in order to compete successfully. There can be no assurance that management will be able to successfully devote the resources needed for this research and development and that it will be able to compete successfully. CRITICAL ACCOUNTING POLICIES Our discussion and analysis of our financial condition and results of operations, including the discussion on liquidity and capital resources, are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, management re-evaluates its estimates and judgments, particularly those related to the determination of the estimated recoverable amounts of trade accounts receivable, impairment of long-lived assets, revenue recognition and deferred tax assets. We believe the following critical accounting policies require more significant judgment and estimates used in the preparation of the financial statements. We maintain an allowance for doubtful accounts for estimated losses that may arise if any of our customers are unable to make required payments. Management specifically analyzes the age of customer balances, historical bad debt experience, customer credit-worthiness, and changes in customer payment terms when making estimates of the uncollectability of our trade accounts receivable balances. If we determine that the financial conditions of any of our customers deteriorated, whether due to customer specific or general economic issues, increases in the allowance may be made. Accounts receivable are written off when all collection attempts have failed. -11- We follow the provisions of Staff Accounting Bulletin ("SAB") 101, "Revenue Recognition in Financial Statements" for revenue recognition and SAB 104. Under Staff Accounting Bulletin 101, four conditions must be met before revenue can be recognized: (i) there is persuasive evidence that an arrangement exists, (ii) delivery has occurred or service has been rendered, (iii) the price is fixed or determinable and (iv) collection is reasonably assured. Income taxes are accounted for under the asset and liability method. Under this method, to the extent that we believe that the deferred tax asset is not likely to be recovered, a valuation allowance is provided. In making this determination, we consider estimated future taxable income and taxable timing differences expected in the future. Actual results may differ from those estimates. -12- RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED DECEMBER 31, 2012, cOMPARED TO THE SIX MONTHS ENDED DECEMBER 31, 2011 REVENUE Total revenue for the six months ended December 31, 2012 increased by $202,944 to $611,437 compared to $408,493 for the same prior period. The overall increase in revenue was primarily the result of an increase in upfront fees for mobile e-commerce website development. COST OF REVENUE The cost of revenue for the six months ended December 31, 2012 increased by $1,276 to $102,329 compared to $101,053 for the same prior period. The overall increase was primarily due to costs incurred to produce e-commerce websites. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES Selling, general and administrative (SG&A) expenses for the six months ended December 31, 2012 increased $17,555 to $572,449 compared to $554,894 for the same prior period. The overall increase in SG&A expenses was primarily due to an increase in salary expense. RESEARCH AND DEVELOPMENT Research and development expenses for the six months ended December 31, 2012 decreased $54,704 to $13,307 as compared to $68,011 for the same prior period. The decrease was due to a reduction in time devoted to the new TCP platform and instead devoting those resources to operations and current project production. NET INCOME/(LOSS) The consolidated net loss for the six months ended December 31, 2012 was ($77,032) compared to the consolidated net loss of ($322,869) for the same prior period. The decrease in net loss for the period was primarily due to an increase in mobile e-commerce website upfront revenue. LIQUIDITY AND CAPITAL RESOURCES The Company had net working capital deficit (i.e. the difference between current assets and current liabilities) of ($154,436) at December 31, 2012 as compared to a net working capital deficit of ($110,972) at June 30, 2012. The decrease in net working capital at December 31, 2012 was caused by an increase in operating expenses. Cash flow used in operating activities was ($23,991) for the six months ended December 31, 2012 as compared to cash flow used in operating activities of ($412,066) for the same prior period. The decrease in cash flow used in operating activities of $388,075 was primarily due to a decrease in net loss and accounts receivable, and an increase in accounts payable. Cash flow used in investing activities was ($5,017) for the six months ended December 31, 2012 as compared to cash flow used in investment activities of ($7,893) for the same prior period. The decrease in cash flow used in investing activities of $2,876 was primarily due to the decrease of equipment purchases during the current period. Cash flow used in financing activities was $0 for the six months ended December 31, 2012 as compared to $0 for the same prior period. While we expect that our capital needs in the foreseeable future will be met by cash-on-hand and existing cash flow, there is no assurance that the Company will generate any or sufficient positive cash flows, or have sufficient capital, to finance its growth and business operations, or that such capital will be available on terms that are favorable to the Company or at all. The Company has recently been incurring operating losses and experiencing negative cash flow. In the current financial environment, it could become difficult for the Company to obtain business leases and other equipment financing. There is no assurance that we would be able to obtain additional working capital through the private placement of common stock or from any other source. OFF-BALANCE SHEET ARRANGEMENTS None. -13- ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ------------------------------------------------------------------ Not Applicable. ITEM 4. CONTROLS AND PROCEDURES ------------------------------- EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed by W9 in the reports that it files under the Securities Exchange Act of 1934, as amended (the "Exchange Act") is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer that it files under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer and principal financial officers, or persons performing similar functions as appropriate to allow timely decisions regarding required disclosure. The Company's Chairman, Chief Executive Officer, and Chief Financial Officer are responsible for establishing and maintaining disclosure controls and procedures for the Company. Management has evaluated the effectiveness of the Company's disclosure controls and procedures as of December 31, 2012 (under the supervision and with the participation of the Company's Chairman, Chief Executive Officer and Chief Financial Officer) pursuant to Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended. As part of such evaluation, management considered the matters discussed below relating to internal control over financial reporting. Based on this evaluation, the Company's Chairman, Chief Executive Officer, and Chief Financial Officer have concluded that the Company's disclosure controls and procedures are effective as of December 31, 2012. INTERNAL CONTROL OVER FINANCIAL REPORTING The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting, (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934). The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes of accounting principles generally accepted in the United States. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives. Furthermore, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate due to change in conditions, or the degree of compliance with the policies or procedures may deteriorate. After evaluating the Company's internal controls over financial reporting, the Company's Chairman, Chief Executive Officer, and Chief Financial Officer have concluded that the internal controls over financial reporting are effective as of December 31, 2012. NO ATTESTATION REPORT BY INDEPENDENT REGISTERED ACCOUNTANT The effectiveness of our internal control over financial reporting as of December 31, 2012 has not been audited by our independent registered public accounting firm by virtue of our exemption from such requirement as a smaller reporting company. CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING There have been no changes in the Company's internal control over financial reporting that occurred during the Company's six month period ended December 31, 2012 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting. -14- PART II. - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS ------------------------- There are no current legal proceedings at this time. The Company may file collection actions and be involved in other litigation in the future. ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS ------------------------------------------------------------------- None. ITEM 3. DEFAULTS UPON SENIOR SECURITIES --------------------------------------- None. ITEM 4. MINE SAFETY DISCLOSURES ------------------------------- Not applicable. ITEM 5. OTHER INFORMATION ------------------------- None ITEM 6. EXHIBITS ---------------- (a) Exhibits EXHIBIT NO. DESCRIPTION --------------- ---------------------------------------------------- 31.1 Section 302 Certification 31.2 Section 302 Certification 32.1 Section 906 Certification 32.2 Section 906 Certification EX-101.INS XBRL INSTANCE DOCUMENT EX-101.SCH XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT EX-101.CAL XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB XBRL TAXONOMY EXTENSION LABELS LINKBASE EX-101.PRE XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE -15- SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. WARP 9, INC. ---------------------------- (Registrant) Dated: February 12, 2013 By: /s/ Andrew Van Noy -------------------------------- Andrew Van Noy, Chief Executive Officer and President Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Andrew Van Noy Dated: February 12, 2013 ----------------------------------------------------- Andrew Van Noy, Chief Executive Officer and President (Principal Executive Officer) By: /s/ Gregory S. Boden ----------------------------------------------------- Gregory S. Boden, Chief Financial Officer (Principal Financial/Accounting Officer) -16- EX-31 2 ex311.txt EXHIBIT 31.1 EXHIBIT 31.1 CERTIFICATION EXHIBIT 31.1 CERTIFICATION I, Andrew Van Noy, certify that: 1. I have reviewed this Quarterly Report on Form 10-Q of Warp 9, Inc. 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report. 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report. 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. 5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (of persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Dated: February 12, 2013 By: /s/ Andrew Van Noy --------------------------------------------------------- Andrew Van Noy, Chief Executive Officer and President (Principal Executive Officer) EX-31 3 ex312.txt EXHIBIT 31.2 EXHIBIT 31.2 CERTIFICATION EXHIBIT 31.2 CERTIFICATION I, Gregory S. Boden, certify that: 1. I have reviewed this Quarterly Report on Form 10-Q of Warp 9, Inc. 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report. 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report. 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation. d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (of persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Dated: February 12, 2013 By: /s/ Gregory S. Boden ---------------------------------------------------------- Gregory S. Boden, Chief Financial Officer (Principal Financial/Accounting Officer) EX-32 4 ex321.txt EXHIBIT 32.1 EXHIBIT 32.1 CERTIFICATION Exhibit 32.1 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Warp 9, Inc. (the "Company") on Form 10-Q for the period ending December 31, 2012 (the "Report") I, Andrew Van Noy, Chief Executive Officer and President of the Company, certify, pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief: (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Date: February 12, 2013 By: /s/ Andrew Van Noy ------------------------------------------------------ Andrew Van Noy, Chief Executive Officer and President (Principal Executive Officer) This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. EX-32 5 ex322.txt EXHIBIT 32.2 EXHIBIT 32.2 CERTIFICATION Exhibit 32.2 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Warp 9, Inc. (the "Company") on Form 10-Q for the period ending December 31, 2012 (the "Report") I, Gregory S. Boden, Chief Financial Officer of the Company, certify, pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief: (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Date: February 12, 2013 By: /s/ Gregory S. Boden ------------------------------------------ Gregory S. Boden, Chief Financial Officer (Principal Financial/Accounting Officer) This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. 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Options Vest Options Purchase Price Description ExercisePriceRange2Member Assets, Current Property, Plant and Equipment, Gross Property, Plant and Equipment, Other, Accumulated Depreciation Property, Plant and Equipment, Net Other Assets Assets Deferred Costs, Leasing, Net Liabilities, Current Liabilities Retained Earnings (Accumulated Deficit) Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Expenses Interest Expense Other Nonoperating Income (Expense) Income Tax Expense (Benefit) Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities Repayments of Notes Payable Net Cash Provided by (Used in) Financing Activities Cash, Period Increase (Decrease) Business Description and Basis of Presentation [Text Block] Stockholders' Equity Note Disclosure [Text Block] Subsequent Events [Text Block] Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price Sales Revenue, Goods, Net, Percentage EX-101.PRE 11 wnynd-20121231_pre.xml XML 12 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; 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Liquidity and Operations
 6 Months Ended
Dec. 31, 2012
Liquidity And Operations  
Liquidity and Operations

3.     LIQUIDITY AND OPERATIONS

 

The Company had net losses of ($77,032) and ($322,869) for the six months periods ended December 31, 2012 and 2011, respectively, and net cash used in operating activities of ($23,991) and ($412,066) for the same periods, respectively.

 

While we expect that our capital needs in the foreseeable future will be met by cash-on-hand and existing cash flow, there is no assurance that the Company will generate any or sufficient positive cash flows, or have sufficient capital, to finance its growth and business operations, or that such capital will be available on terms that are favorable to the Company or at all. The Company has recently been incurring operating losses and experiencing negative cash flow.  In the current financial environment, it could become difficult for the Company to obtain business leases and other equipment financing. There is no assurance that we would be able to obtain additional working capital through the private placement of common stock or from any other source.

 

Going Concern

The accompanying financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets and liabilities and commitments in the normal course of business.  The accompanying financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern.  The Company does not generate significant revenue, and has negative cash flows from operations, which raise substantial doubt about the Company’s ability to continue as a going concern.  The ability of the Company to continue as a going concern and appropriateness of using the going concern basis is dependent upon, among other things, an additional cash infusion. Management believes the existing shareholders and potential prospective new investors will provide the additional cash needed to meet the Company’s obligations as they become due, and will allow the development of its core of business.
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Summary of Significant Accounting Policies
 6 Months Ended
Dec. 31, 2012
Summary Of Significant Accounting Policies  
Summary of Significant Accounting Policies

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

This summary of significant accounting policies of Warp 9, Inc. is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.

 

Accounts Receivable

The Company extends credit to its customers, who are located primarily in California. Accounts receivable are customer obligations due under normal trade terms. The Company performs continuing credit evaluations of its customers' financial condition. Management reviews accounts receivable on a regular  basis,  based on contracted  terms and how recently  payments have been  received  to  determine  if any  such  amounts  will  potentially  be uncollected.  The Company includes any balances that are determined to be uncollectible in its allowance for doubtful accounts. After all attempts to collect a receivable have failed, the receivable is written off. The balance of the allowance account at December 31, 2012 and June 30, 2012 are $42,408 and $52,408, respectively.

 

Revenue Recognition

The Company recognizes income when the service is provided or when product is delivered. We present revenue, net of customer incentives.  Most of the income is generated from monthly fees from clients who subscribe to the Company's fully hosted web based e-commerce products on terms averaging twelve months. Unless terminated accordingly with prior written notice, the agreements automatically renew for another term.

 

We provide online marketing services that we purchase from third parties.  The gross revenue presented in our statement of operations is in accordance with ASC 605-45.

 

We also offer professional services such as development services.  The fees for development services with multiple deliverables constitute a separate unit of accounting in accordance with ASC 605-25, which are recognized as the work is performed.

 

Upfront fees for development services or other customer services are deferred until certain implementation or contractual milestones have been achieved.   The deferred revenue as of December 31, 2012 and June 30, 2012 was $7,300 and $32,853, respectively.

 

For the quarter ended, December 31, 2012, monthly recurring fees for TCP, ICS and mobile services account for 22% of the Company’s total revenues, professional services account for 73% and the remaining 5% of total revenues are from resale of third party products and services.

 

For the quarter ended, December 31, 2011, monthly recurring fees for TCP, ICS and mobile services account for 71% of the Company’s total revenues, professional services account for 11% and the remaining 18% of total revenues are from resale of third party products and services.

 

Stock-Based Compensation

The Company addressed the accounting for share-based payment transactions in which an enterprise receives employee services in exchange for either equity instruments of the enterprise or liabilities that are based on the fair value of the enterprise’s equity instruments or that may be settled by the issuance of such equity instruments. The transactions are accounted for using a fair-value-based method and recognized as expenses in our statement of income. There was no material impact on the Company’s financial statement of operations.

 

Stock-based compensation expense recognized during the period is based on the value of the portion of stock-based payment awards that is ultimately expected to vest. Stock-based compensation expense recognized in the consolidated statement of operations during the six months ended December 31, 2012, included compensation expense for the stock-based payment awards granted prior to, but not yet vested, as of December 31, 2012 based on the grant date fair value estimated.   Stock-based compensation expense recognized in the statement of income for the six months ended December 31, 2012 is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. The stock-based compensation expense recognized in the consolidated statements of operations during the six months ended December 31, 2012 and 2011 are $9,521 and $921 respectively.

  

Recently Issued Accounting Pronouncements

 Management reviewed accounting pronouncements issued during the six months ended December 31, 2012, and no pronouncements were adopted during the period.

 

Reclassification
Certain statement of operations amounts for the six months ended December 31, 2011 were reclassified to conform to the presentation of the period ended December 31, 2012.
XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (USD $)
Dec. 31, 2012
Jun. 30, 2012
CURRENT ASSETS    
Cash $ 34,096 $ 63,104
Accounts Receivable, net 73,271 93,340
Prepaid and Other Current Assets 8,819 11,792
TOTAL CURRENT ASSETS 116,186 168,236
PROPERTY & EQUIPMENT, at cost    
Furniture, Fixtures & Equipment 83,288 83,288
Computer Equipment 264,381 260,179
Computer Software 14,840 14,025
Leasehold Improvements 18,696 18,696
Total Property and Equipment, at cost 381,205 376,188
Less accumulated depreciation (321,935) (310,992)
NET PROPERTY AND EQUIPMENT 59,270 65,196
OTHER ASSETS    
Lease Deposit 8,244 8,244
Internet Domain, net 1,152 1,273
Licensing fees 11,000 17,000
TOTAL OTHER ASSETS 20,396 26,517
TOTAL ASSETS 195,852 259,949
CURRENT LIABILITIES    
Accounts Payable 111,542 91,144
Accrued Expenses 92,840 86,383
Accrued Interest 5,957 3,964
Deferred Income 7,300 32,853
Deferred Operating Lease Liability 5,655 5,636
Note Payable, Other 37,867 37,867
Customer Deposit 9,461 21,361
TOTAL CURRENT LIABILITIES 270,622 279,208
TOTAL LIABILITIES 270,622 279,208
SHAREHOLDERS' EQUITY    
Preferred Stock, $0.001 Par Value; 5,000,000 Authorized Shares; no shares issued and outstanding      
Common Stock, $0.001 Par Value; 495,000,000 Authorized Shares;96,135,126 and 96,135,126 Shares Issued and Outstanding , respectively 96,135 96,135
Additional Paid In Capital 7,356,134 7,334,613
Accumulated Deficit (7,527,039) (7,450,007)
TOTAL SHAREHOLDERS' EQUITY (74,770) (19,259)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 195,852 $ 259,949
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Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Statement of Cash Flows [Abstract]    
Net loss $ (77,032) $ (322,869)
Adjustment to reconcile net loss to net cash provided/(used) by operating activities    
Depreciation and amortization 11,063 11,661
Bad debt expense (10,000) 11,256
Cost of stock compensation recognized 9,521 921
Contributed services 12,000   
Accounts receivable 30,068 (63,156)
Prepaid and other assets 2,973 4,404
Other assets 6,000 6,000
Accounts payable 20,398 (38,847)
Accrued expenses (5,442) (18,467)
Deferred income (25,553) 2,593
Other liabilities 2,013 (5,562)
NET CASH PROVIDED/(USED) IN OPERATING ACTIVITIES (23,991) (412,066)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (5,017) (7,893)
NET CASH USED IN INVESTING ACTIVITIES (5,017) (7,893)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment on notes payable      
NET CASH PROVIDED/(USED) IN FINANCING ACTIVITIES      
NET DECREASE IN CASH (29,008) (419,959)
CASH, BEGINNING OF YEAR 63,104 575,398
CASH, END OF YEAR 34,096 155,439
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest paid      
Taxes paid $ 475 $ 1,662
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Basis Of Presentation
 6 Months Ended
Dec. 31, 2012
Basis Of Presentation  
Basis Of Presentation

1.  BASIS OF PRESENTATION

 

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included.  Operating results for the six months ended December 31, 2012 are not necessarily indicative of the results that may be expected for the year ending June 30, 2013.  For further information refer to the financial statements and footnotes thereto included in the Company's Form 10K for the year ended June 30, 2012.
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Consolidated Balance Sheets (Parenthetical) (USD $)
Dec. 31, 2012
Jun. 30, 2012
Statement of Financial Position [Abstract]    
Preferred Stock, par value $ 0.001 $ 0.001
Preferred Stock authorized shares 5,000,000 5,000,000
Preferred Stock shares issued 0 0
Preferred Stock shares outstanding 0 0
Common Stock, par value $ 0.001 $ 0.001
Common Stock authorized shares 495,000,000 495,000,000
Common Stock shares issued 96,135,126 96,135,126
Common Stock shares outstanding 96,135,126 96,135,126
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Summary of Significant Accounting Policies (Details) (Narrative) (USD $)
Dec. 31, 2012
Jun. 30, 2012
Dec. 31, 2012
TCP, ICS and Mobile Service Revenue
Dec. 31, 2011
TCP, ICS and Mobile Service Revenue
Dec. 31, 2012
Professional Services Revenue
Dec. 31, 2011
Professional Services Revenue
Dec. 31, 2012
Third Party Products and Services Revenue
Dec. 31, 2011
Third Party Products and Services Revenue
Product Information [Line Items]                
Percentage of Product Revenue to Total Revenue     22.00% 71.00% 73.00% 11.00% 5.00% 18.00%
Allowance for doubtful accounts $ 42,408 $ 52,408            
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Document and Entity Information
 6 Months Ended
Dec. 31, 2012
Feb. 12, 2013
Document And Entity Information    
Entity Registrant Name WARP 9, INC.  
Entity Central Index Key 0000743758  
Document Type 10-Q  
Document Period End Date Dec. 31, 2012  
Amendment Flag false  
Current Fiscal Year End Date --06-30  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   96,135,126
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2013  
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Stock Options and Warrants (Narrative) (Details) (USD $)
 0 Months Ended 6 Months Ended 0 Months Ended
Jul. 10, 2003
Stock Option Plan
Oct. 12, 2011
Incentive Options
Dec. 31, 2012
Incentive Options
Aug. 13, 2012
NonQualified Stock
Oct. 12, 2011
NonQualified Stock
Option Indexed to Issuer's Equity [Line Items]          
Total common stock shares for option plan 25,000,000        
Options Granted   3,000,000   12,500,000 500,000
Options Forfeited     2,500,000    
Options Strike Price   $ 0.004   $ 0.0053 $ 0.004
Options Expiry Date   Oct. 12, 2021   Aug. 13, 2019 Oct. 12, 2021
Options Vest   1/48th monthly   1/36th monthly 1/48th monthly
Options Purchase Price Description The purchase price per share of the Common Stock under each Incentive Option is to be no less than the Fair Market Value of the Common Stock on the date the option was granted (110% of the Fair Market Value in the case of a greater-than-10% stockholder). The purchase price per share of the Common Stock under each Nonqualified Option were to be specified by the Board at the time the Option was granted, and could be less than, equal to or greater than the Fair Market Value of the shares of Common Stock on the date such Nonqualified Option was granted, but were to be no less than 85% of the Fair Market Value of the Common Stock on the date of grant.        
XML 24 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Operations and Deficit (USD $)
 3 Months Ended 6 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Income Statement [Abstract]        
REVENUE $ 260,706 $ 214,054 $ 611,437 $ 408,493
COST OF SERVICES 49,002 49,053 102,329 101,053
GROSS PROFIT 211,704 165,001 509,108 307,440
OPERATING EXPENSES        
Selling, general and administrative expenses 259,834 303,011 572,449 554,894
Research and development    28,974 13,307 68,011
Stock option expense 5,840 873 9,521 921
Depreciation and amortization 5,411 5,482 11,063 11,661
TOTAL OPERATING EXPENSES 271,085 338,340 606,340 635,487
LOSS FROM OPERATIONS BEFORE OTHER INCOME/(EXPENSES) (59,381) (173,339) (97,232) (328,047)
OTHER INCOME/(EXPENSE)        
Other income 7,500 7,500 15,000 15,240
Gain on Extinguishment of Debt       8,808   
Interest expense (996) (1,055) (1,992) (8,400)
TOTAL OTHER INCOME/(EXPENSE) 6,504 6,445 21,816 6,840
LOSS FROM OPERATIONS BEFORE PROVISION FOR TAXES (52,877) (166,894) (75,416) (321,207)
PROVISION FOR INCOME (TAXES)/BENEFIT        
Income taxes paid       (1,616) (1,662)
Income tax (provision)/benefit            
PROVISION FOR INCOME (TAXES)/BENEFIT       (1,616) (1,662)
NET LOSS $ (52,877) $ (166,894) $ (77,032) $ (322,869)
EARNINGS PER SHARE BASIC AND DILUTED $ 0.00 $ 0.00 $ 0.00 $ 0.00
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING BASIC AND DILUTED 96,135,126 96,135,126 96,135,126 96,135,126
XML 25 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
 6 Months Ended
Dec. 31, 2012
Subsequent Events  
Subsequent Events

6.     SUBSEQUENT EVENTS

 

 Management has evaluated subsequent events according to the requirements of ASC TOPIC 855, and has determined that no such events require disclosure.
XML 26 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock Options and Warrants
 6 Months Ended
Dec. 31, 2012
Stock Options And Warrants  
Stock Options and Warrants

5.      STOCK OPTIONS AND WARRANTS

 

On July 10, 2003, the Company adopted the Warp 9, Inc. Stock Option Plan for Directors, Executive Officers, and Employees of and Key Consultants to the Company.  This Plan permits the Company to issue up to 25,000,000 shares of common stock upon exercise of stock options granted under the plan.  Options granted under the Plan could be either Incentive Options or Nonqualified Options, and are administered by the Company’s Board of Directors.  Each option may be exercisable in full or in installment and at such time as designated by the Board.  Notwithstanding any other provision of the Plan or of any Option Agreement, each option are to expire on the date specified in the Option Agreement, which date are to be no later than the tenth anniversary of the date on which the option was granted (fifth anniversary in the case of an Incentive Option granted to a greater-than-10% stockholder).  The purchase price per share of the Common Stock under each Incentive Option is to be no less than the Fair Market Value of the Common Stock on the date the option was granted (110% of the Fair Market Value in the case of a greater-than-10% stockholder). The purchase price per share of the Common Stock under each Nonqualified Option were to be specified by the Board at the time the Option was granted, and could be less than, equal to or greater than the Fair Market Value of the shares of Common Stock on the date such Nonqualified Option was granted, but were to be no less than 85% of the Fair Market Value of the Common Stock on the date of grant.  The Plan provides specific language as to the termination of options granted.

 

On October 12, 2011, the Company granted 3,000,000 employee qualified (incentive) stock options, and 500,000 non-qualified stock options at an exercise price of $0.004. The options vest 1/48th monthly and expire on October 12, 2021. During the six months ended December 31, 2012, 2,500,000 of these incentive stock options were forfeited due to terminations.

 

On August 13, 2012, the Company granted 12,500,000 non-qualified stock options at an exercise price of $0.0053. The options vest 1/36th monthly and expire on August 13, 2019.

 

A summary of the Company’s stock option activity for the three months ending December 31, 2012, and related information follows:

 

    December 31, 2012  
    Options    

Weighted

average

exercise

price

  
Outstanding -beginning of period     15,578,000     $ 0.006  
Granted     -       -  
Exercised     -       -  
Forfeited     (2,070,000 )     0.009  
Outstanding - end of period     13,508,000     $ 0.005  
Exercisable at the end of period     1,910,009     $ 0.005  
Weighted average fair value of                
 options granted during the year           $ 66,250  

 

The Black Scholes option valuation model was developed for use in estimating the fair value of traded options, which do not have vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions, including the expected stock price volatility. Because the Company’s employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options.

 

The weighted average remaining contractual life of options outstanding issued under the plan as of

December 31, 2012 was as follows:

Exercise Prices  Number of Options Outstanding  Weighted Average remaining contractual life (years)
$0.050    8,000    5.58 
$0.005    12,500,000    6.62 
$0.004    1,000,000    8.79 
      13,508,000      
             
XML 27 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock Options and Warrants (Summary of stock option activity) (Details) (USD $)
 3 Months Ended
Dec. 31, 2012
Stock Options And Warrants Summary Of Stock Option Activity Details  
Options, Outstanding -beginning of period 15,578,000
Options, Granted   
Options, Exercised   
Options, Forfeited (2,070,000)
Options, Outstanding - end of period 13,508,000
Options, Exercisable at the end of period 1,910,009
Weighted average exercise price, Outstanding -begining of period $ 0.006
Weighted average exercise price, Granted   
Weighted average exercise price, Exercised   
Weighted average exercise price, Forfeited $ 0.009
Weighted average exercise price, Outstanding - end of period $ 0.005
Weighted average exercise price, Excercisable at the end of period $ 0.005
Weighted average fair value of options granted during the year $ 66,250
XML 28 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Dec. 31, 2012
Summary Of Significant Accounting Policies Policies  
Accounts Receivable

Accounts Receivable

The Company extends credit to its customers, who are located primarily in California. Accounts receivable are customer obligations due under normal trade terms. The Company performs continuing credit evaluations of its customers' financial condition. Management reviews accounts receivable on a regular  basis,  based on contracted  terms and how recently  payments have been  received  to  determine  if any  such  amounts  will  potentially  be uncollected.  The Company includes any balances that are determined to be uncollectible in its allowance for doubtful accounts. After all attempts to collect a receivable have failed, the receivable is written off. The balance of the allowance account at December 31, 2012 and June 30, 2012 are $42,408 and $52,408, respectively.
Revenue Recognition

Revenue Recognition

The Company recognizes income when the service is provided or when product is delivered. We present revenue, net of customer incentives.  Most of the income is generated from monthly fees from clients who subscribe to the Company's fully hosted web based e-commerce products on terms averaging twelve months. Unless terminated accordingly with prior written notice, the agreements automatically renew for another term.

 

We provide online marketing services that we purchase from third parties.  The gross revenue presented in our statement of operations is in accordance with ASC 605-45.

 

We also offer professional services such as development services.  The fees for development services with multiple deliverables constitute a separate unit of accounting in accordance with ASC 605-25, which are recognized as the work is performed.

 

Upfront fees for development services or other customer services are deferred until certain implementation or contractual milestones have been achieved.   The deferred revenue as of December 31, 2012 and June 30, 2012 was $7,300 and $32,853, respectively.

 

For the quarter ended, December 31, 2012, monthly recurring fees for TCP, ICS and mobile services account for 22% of the Company’s total revenues, professional services account for 73% and the remaining 5% of total revenues are from resale of third party products and services.

 

For the quarter ended, December 31, 2011, monthly recurring fees for TCP, ICS and mobile services account for 71% of the Company’s total revenues, professional services account for 11% and the remaining 18% of total revenues are from resale of third party products and services.
Stock Based Compensation

Stock-Based Compensation

The Company addressed the accounting for share-based payment transactions in which an enterprise receives employee services in exchange for either equity instruments of the enterprise or liabilities that are based on the fair value of the enterprise’s equity instruments or that may be settled by the issuance of such equity instruments. The transactions are accounted for using a fair-value-based method and recognized as expenses in our statement of income. There was no material impact on the Company’s financial statement of operations.

 

Stock-based compensation expense recognized during the period is based on the value of the portion of stock-based payment awards that is ultimately expected to vest. Stock-based compensation expense recognized in the consolidated statement of operations during the six months ended December 31, 2012, included compensation expense for the stock-based payment awards granted prior to, but not yet vested, as of December 31, 2012 based on the grant date fair value estimated.   Stock-based compensation expense recognized in the statement of income for the six months ended December 31, 2012 is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. The stock-based compensation expense recognized in the consolidated statements of operations during the six months ended December 31, 2012 and 2011 are $9,521 and $921 respectively.
Recently Issued Accounting Pronouncement

Recently Issued Accounting Pronouncements

 Management reviewed accounting pronouncements issued during the six months ended December 31, 2012, and no pronouncements were adopted during the period.
Reclassification
Reclassification
Certain statement of operations amounts for the six months ended December 31, 2011 were reclassified to conform to the presentation of the period ended December 31, 2012.
XML 29 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock Options and Warrants (Tables)
 6 Months Ended
Dec. 31, 2012
Stock Options And Warrants Tables  
Summary of stock option activity

A summary of the Company’s stock option activity for the three months ending December 31, 2012, and related information follows:

 

    December 31, 2012  
    Options    

Weighted

average

exercise

price

  
Outstanding -beginning of period     15,578,000     $ 0.006  
Granted     -       -  
Exercised     -       -  
Forfeited     (2,070,000 )     0.009  
Outstanding - end of period     13,508,000     $ 0.005  
Exercisable at the end of period     1,910,009     $ 0.005  
Weighted average fair value of                
 options granted during the year           $ 66,250  
Summary of Weighted Average Remaining Contractual Life of Options Outstanding

The weighted average remaining contractual life of options outstanding issued under the plan as of

December 31, 2012 was as follows:

Exercise Prices  Number of Options Outstanding  Weighted Average remaining contractual life (years)
$0.050    8,000    5.58 
$0.005    12,500,000    6.62 
$0.004    1,000,000    8.79 
      13,508,000      
             
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Stock Options and Warrants (Summary of weighted average remainining contractual life of options) (Details) (USD $)
 6 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Dec. 31, 2012
Exercise Price 0.050
Dec. 31, 2012
Exercise Price 0.005
Dec. 31, 2012
Exercise Price 0.004
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Excerise Prices     $ 0.050 $ 0.005 $ 0.004
Number of options outstanding 13,508,000 15,578,000 8,000 12,500,000 1,000,000
Weighted Average remaining contractual life (years)     5 years 6 months 29 days 6 years 7 months 13 days 8 years 9 months 14 days

XML 32 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statement of Shareholders Equity (USD $)
Preferred Stock
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Total
Balance, Amount at Jun. 30, 2012    $ 96,135 $ 7,334,613 $ (7,450,007) $ (19,259)
Balance, Shares at Jun. 30, 2012    96,135,126     96,135,126
Stock compensation expense     9,521   9,521
Contributed services     12,000   12,000
Net Loss       (77,032) (77,032)
Balance, Amount at Dec. 31, 2012    $ 96,135 $ 7,356,134 $ (7,527,039) $ (74,770)
Balance, Shares at Dec. 31, 2012    96,135,126     96,135,126
XML 33 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Capital Stock
 6 Months Ended
Dec. 31, 2012
Capital Stock  
Capital Stock

4.    CAPITAL STOCK

 

At December 31, 2012 and 2011, the Company’s authorized stock consists of 495,000,000 shares of common stock, par value $0.001 per share. The Company is also authorized to issue 5,000,000 shares of preferred stock with a par value of $0.001.  The rights, preferences and privileges of the holders of the preferred stock will be determined by the Board of Directors prior to issuance of such shares.
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