Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - WIRELESS AGE COMMUNICATIONS INC | v303983_8k.htm |
| EX-99.1 - EXHIBIT 99.1 - WIRELESS AGE COMMUNICATIONS INC | v303983_ex99-1.htm |
WIRELESS AGE COMMUNICATIONS, INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)
(Stated in US Dollars)
| ASSETS | September 30, 2011 | December 31, 2010 | ||||||
| Current | ||||||||
| Marketable securities | $ | 139,226 | $ | 831,520 | ||||
| Receivables, less allowance of $76,320 for September 30, 2011 | 3,003,645 | - | ||||||
| Inventory | 340,683 | - | ||||||
| Prepaid expenses | 82,450 | 37,789 | ||||||
| Investment -deposit | - | 49,760 | ||||||
| Total current assets | 3,566,004 | 919,069 | ||||||
| Property and equipment | 76,261 | 43,031 | ||||||
| Due from related parties | 183,082 | 2,472,751 | ||||||
| Investments | 1,365,648 | - | ||||||
| Goodwill | 25,048 | - | ||||||
| $ | 5,216,043 | $ | 3,434,851 | |||||
| LIABILITIES | ||||||||
| Current | ||||||||
| Bank indebtedness | $ | 295,185 | $ | 52,321 | ||||
| Accounts payable and accrued liabilities | 3,205,733 | 837,768 | ||||||
| Taxes payable | 26,174 | 54,990 | ||||||
| Accrued special provision | - | 6,714,880 | ||||||
| Due to related parties | 437,811 | 797,034 | ||||||
| Short-term debt | 123,483 | - | ||||||
| Unissued share liability | 270,447 | - | ||||||
| 4,358,833 | 8,456,993 | |||||||
| Provision for income tax | 476,800 | - | ||||||
| Long-term debt | 1,310,606 | - | ||||||
| 6,146,239 | 8,456,993 | |||||||
| STOCKHOLDERS' EQUITY (DEFICIENCY) | ||||||||
| June 30, 2011: nil issued and outstanding | - | - | ||||||
| Common stock, $0.001 par value: 100,000,000 shares authorized | ||||||||
| June 30, 2011: 91,016,592 shares issued and outstanding | 91,017 | 65,767 | ||||||
| Additional paid-in capital | 17,686,997 | 16,245,349 | ||||||
| Treasury stock | - | 24,352 | ||||||
| Accumulated deficit | (18,955,566 | ) | (21,568,608 | ) | ||||
| Accumulated other comprehensive income | 247,356 | 210,998 | ||||||
| (930,196 | ) | (5,022,142 | ) | |||||
| $ | 5,216,043 | $ | 3,434,851 | |||||
WIRELESS AGE COMMUNICATIONS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
For the three and nine months ended September 30, 2011
(Unaudited)
(Stated in US Dollars)
| Three months ended September 30, 2011 | Nine months ended September 30, 2011 | |||||||
| Revenue | $ | 3,522,669 | $ | 4,913,233 | ||||
| Cost of goods | 2,896,880 | 3,886,825 | ||||||
| Gross profit | 625,789 | 1,026,408 | ||||||
| Operating expenses | ||||||||
| Selling and administrative | 965,837 | 2,439,594 | ||||||
| Amortization | 11,246 | 27,595 | ||||||
| Total operating expense | 977,083 | 2,467,189 | ||||||
| Loss from operations | (351,294 | ) | (1,440,781 | ) | ||||
| Other expenses (income) | ||||||||
| Interest expense | 113,018 | 148,749 | ||||||
| Foreign exchange loss (gain) | 264,761 | (27,818 | ) | |||||
| Loss on disposal of shares | 118,510 | 118,510 | ||||||
| Gain on settlement | (5,708,694 | ) | (5,708,694 | ) | ||||
| Total other expense (income) | (5,212,405 | ) | (5,469,253 | ) | ||||
| Gain before income taxes | 4,861,111 | 4,028,472 | ||||||
| Income taxes - deffered and current | - | - | ||||||
| Net gain | $ | 4,861,111 | $ | 4,028,472 | ||||
| Earnings per share: | ||||||||
| Earnings per share - basic and diluted | $ | 0.057 | $ | 0.054 | ||||
| Weighted average number of of common shares outstanding: | ||||||||
| Basic and diluted | 85,233,983 | 74,424,776 | ||||||