|By Marketwired .||
|May 30, 2014 01:55 PM EDT||
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.
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.
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.
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.
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:
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jan. 18, 2017 01:00 AM EST Reads: 6,040
"Splunk basically takes machine data and we make it usable, valuable and accessible for everyone. The way that plays in DevOps is - we need to make data-driven decisions to delivering applications," explained Andi Mann, Chief Technology Advocate at Splunk and @DevOpsSummit Conference Chair, in this SYS-CON.tv interview at @DevOpsSummit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 18, 2017 01:00 AM EST Reads: 1,994
"Logz.io is a log analytics platform. We offer the ELK stack, which is the most common log analytics platform in the world. We offer it as a cloud service," explained Tomer Levy, co-founder and CEO of Logz.io, in this SYS-CON.tv interview at DevOps Summit, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 18, 2017 12:45 AM EST Reads: 6,236
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Jan. 18, 2017 12:45 AM EST Reads: 5,935
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captur...
Jan. 18, 2017 12:30 AM EST Reads: 2,773
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 18, 2017 12:00 AM EST Reads: 2,252
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackIQ...
Jan. 18, 2017 12:00 AM EST Reads: 7,727
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Jan. 17, 2017 11:30 PM EST Reads: 4,298
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of D...
Jan. 17, 2017 11:15 PM EST Reads: 4,880
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, John Jelinek IV, a web developer at Linux Academy, will discuss why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers...
Jan. 17, 2017 11:00 PM EST Reads: 518
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal ...
Jan. 17, 2017 10:30 PM EST Reads: 2,338
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
Jan. 17, 2017 10:30 PM EST Reads: 684
DevOps and microservices are permeating software engineering teams broadly, whether these teams are in pure software shops but happen to run a business, such Uber and Airbnb, or in companies that rely heavily on software to run more traditional business, such as financial firms or high-end manufacturers. Microservices and DevOps have created software development and therefore business speed and agility benefits, but they have also created problems; specifically, they have created software securi...
Jan. 17, 2017 09:30 PM EST Reads: 1,769
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Jan. 17, 2017 09:15 PM EST Reads: 7,536
"There is a huge interest in Kubernetes. People are now starting to use Kubernetes and implement it," stated Sebastian Scheele, co-founder of Loodse, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 17, 2017 08:45 PM EST Reads: 1,936