Welcome!

News Feed Item

Revolutionary Concepts Announces First Quarter 2014 Financial and Operating Results and Reports a Net Income of $774,106

CHARLOTTE, NC -- (Marketwired) -- 05/30/14 -- Revolutionary Concepts Inc., (OTCQB: REVO), a publicly traded company that develops mobile video software and remote security communication systems, announced that it has filed its Quarterly Report on Form 10-Q for its first quarter ended March 31, 2014 with the Securities and Exchange Commission. The Report contains the Company's financial statements, management's discussion and analysis (MD&A), its plans and future outlook and other disclosures. The Results of Operations was excerpted from the Form 10-Q Report.

First Quarter Financial Results

Results of Operations

Results of Operations for the Three Months Ended March 31, 2014, compared to the Three Months Ended March 31, 2013.

Revenues
The Company has generated limited revenue since its inception, due to it being a development stage company, and in its efforts in developing its patented technologies for sale or licensing. With the recent signing of a global licensing Agreement to commercialize REVO's patented wireless security alarm services system, we received an up-front fee of $900,000 in consideration.

Operating Costs and Expenses
Our total operating expenses for the three-month period ended March 31, 2014 increased to $172,835 from $149,858 over the prior year period. This increase is primarily attributable to increases in marketing expenses and professional fees.

Our net income for the three-month period ended March 31, 2014 was a total of $774,106, compared to a net loss of ($237,757) for the same period ended March 31, 2013. This represents a total increase of $1,011,863, or 325.99% for the period ended March 31, 2014, as compared to the same period ended March 31, 2013. This gain is primarily attributable to decreases in loss on derivatives, interest expenses and the consideration received by the Company as part of the global licensing agreement the Company entered into, and was also offset by increases in operating expenses.

Assets
Our Assets decreased by $6,873 to $141,210 for the period ended March 31, 2014, from $148,083 for the period ended December 31, 2013, and by $153,686 as of March 31, 2013. This decrease is primarily due to a decrease in security deposit patent costs and prepaid expenses offset by an increase in depreciation and amortization.

Liabilities
Our total liabilities decreased by $382,482 to $4,329,517 for the period ended of March 31 2014 from $4,711,999 as of December 31, 2013. The decrease is attributable to the decrease in current liabilities primarily related to our notes that were canceled as part of the license agreement with the licensee, offset by an increase in other accrued expenses.

Stockholder's Equity (Deficit)
Our Stockholders' deficit decreased by $375,589 to ($4,188,327) for the period ended March 31, 2014, down from ($4,563,916) as of December 31, 2013. The first quarter decrease was due primarily to the net gain of $774,106 offset by an increase in dividends accumulated.

Cash Flows
Overall, we had no significant change in cash expenditures for the three month period ended March 31, 2014, compared to the same prior year period.

Cash Flows from Operating Activities

Our net cash used in operating activities of ($45,736) for the three-month period ended March 31, 2014 is attributable to a net operating gain of $774,106, an increase in accrued expenses and other liabilities of $523,894, accounts payable and accrued expense of $64,334, offset by increases in accumulated dividend adjustment of ($450,000), reduction of Notes and interest payable of ($992,124) included as consideration for the global exclusive license agreement

Cash Flows from Investing Activities

Our cash used in investing activities for the three-month period ended March 31, 2014 was ($607).

Cash Flows from Financing Activities

The net cash provided by financing activities of $46,342 for the three-month period ended March 31, 2014 is attributable to the increase in unpaid capital contributions of $805, and a decrease in Notes Payable and debt of $47,147.

REVO's Senior Vice President Solomon Ali says, "We are very excited about the continuous improvement in the financial performance of the Company for this quarter. With the signing of our global licensing Agreement to commercialize REVO's patented wireless security alarm services system, we received an up-front fee of $900,000 in consideration. This generated a net income of $774,106 for this period, the first in the Company's operating history. This is very significant for us, as it demonstrates our future growth prospects to generate additional profits. Our plans are to continue to increase our revenues, reduce our debt, improve our overall financial performance and create more value for our shareholders."

The full Form 10-Q Quarterly Report is available for viewing on the SEC's website and it is also available at our website at www.revolutionaryconceptsinc.com. Investor Relations, SEC Filings section.

About Revolutionary Concepts Inc.
REVO is primary business is the design and development of the "EyeTalk" Communicator technology, a mobile video, remote smart camera security technology. The system is designed to provide nationwide protection and monitoring of homes and businesses against multiple threats including robbery, fire, theft, burglary and other intrusions through mobile phones, wireless video and remote smart camera security technology. REVO holds patented and patent pending applications that utilize the technology in medical/healthcare, sporting events, child monitoring and several other key areas. For more information visit www.revolutionaryconceptsinc.com.

Safe Harbor Statement - There are matters discussed in this media information that are forward looking statements within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. Such statements are only forecasts and actual events or results may differ materially from those discussed. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to Revolutionary Concepts Inc.'s most recent annual report and accounts and other SEC filings. The company undertakes no obligation to update publicly, or revise, forward looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.

For inquiries contact:
Media Relations:
Solomon Ali
704-837-5705

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...