Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
TMSG final liquidation distribution. FINRA deleted symbol.
http://otce.finra.org/DailyList
Never seen that b4.....They're not even reporting....et z
It means that the company is liquidating and will be giving shareholders of record .005323 on December 19,2014. Then FINRA will delete the symbol.
How exactly is that going to work...........et z
TMSG: ALERT: Final liquidating distribution of .005323 on December 19,2014.
Symbol will be deleted.
http://otce.finra.org/DailyList
iSecureTrac Corp., ISEC changed to Technology Monitoring Solutions Inc., TMSG:
http://www.otcbb.com/asp/dailylist_detail.asp?d=04/08/2014&mkt_ctg=NON-OTCBB
I think ISEC is a great company with awesome potential but I have yet to figure out the EPS (Earnings Per Share) potential for the company. They constantly have a loss and with the recent decline in sales I am worried that all the debt they have with all the interest they pay will mean the company will never reach profitability.
No profitability means no EPS which means no multiple in the share price which means we will stay in this range forever and a day.
I would love some opinions.
ISEC.. $0.90,, financial results
iSECUREtrac Reports 59% Improvement in Operating Loss Despite 7% Decline in Equipment & Services Revenue
Market Wire - May 05 at 08:00
Company Symbols: NASDAQ-OTCBB:ISEC
OMAHA, NE -- (MARKET WIRE) -- 05/05/10 -- iSECUREtrac Corp (OTCBB: ISEC), an industry leader in electronic monitoring solutions, today released its financial results for the three months ended March 31, 2010.
Revenue from equipment leasing and services for the quarter ended March 31, 2010 were $2.6 million, down 7% from the $2.8 million reported for the same quarter in 2009. Royalty revenue declined 64%, or $222,000, from $347,000 reported for the quarter ended March 31, 2009 to $125,000 for the same quarter in 2010. Total revenue which includes both royalty revenue and the equipment and services revenue declined 13%.
The Company's operating loss for the quarter ended March 31, 2010 was $122,000, an improvement of $139,000, over the $297,000 operating loss reported for the same period.
"While the overall revenue figures for equipment and services are down 7%, the volume of revenue producing units is actually up compared to the same quarter a year ago," pointed out Lincoln Zehr, Chief Financial Officer of iSECUREtrac. Zehr went on to note that, "the deflationary pressure exerted by the extended economic cycle is somewhat the new reality -- to address that we have been focused, and will continue to focus, on becoming more efficient in everything we do, as evidenced by the 20% decrease in Selling General & Administrative expenses."
President and Chief Executive Officer, Peter Michel, commented that "There was little movement in the development of new electronic monitoring programs or the expansion of existing programs during the past six months as government agencies deal with a lag in tax revenue collections. Community supervision agencies are now realizing they will have small budgets and will need to do more with less. We believe that spending is poised to begin flowing again as agencies end their current fiscal year on June 30th and begin a new budget on July 1."
Michel continued by noting that, "the improvements made by the Company this past year in our proprietary infrastructure as well as the Salesforce.com service delivery platform have significantly improved the responsiveness and capacity of our systems and positioned the Company to profit from that expected increase in spending."
Conference Call Information:
As a reminder, the Company's 1st Quarter 2010 earnings call will be held this afternoon as follows:
Time: 3:30 PM Central (4:30 PM Eastern)
Dial-in number: 1-877-941-4774
International: 1-480-629-9760
Please dial in 5-10 minutes prior to the start. An operator will request your name and organization and ask you to wait until the call begins. If you have any difficulty connecting, please call iSECUREtrac at (866) 537-0022.
A taped replay of the conference call will be available from May 5, 2010 at 6:30 PM Central until May 12, 2010 at 10:59 PM Central.
Dial-in number: 1-800-406-7325
International: 1-303-560-3030
Replay Pin Number 4293293
About iSECUREtrac
iSECUREtrac Corp provides electronic monitoring systems, client management software and supplemental services for use in community supervision. The company's rich stream of reliable data concerning a client's location, movement and status better enables effective compliance management and positive behavior modification. Visit www.isecuretrac.com for more information.
Safe Harbor
This press release contains forward-looking statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to iSECUREtrac Corp. and its business. The predictions embodied in these statements will involve risks and uncertainties and accordingly, iSECUREtrac's actual results may differ significantly from the results discussed or implied in such forward-looking statements.
Company Contact
Doug Zbylut
Email Contact
(866) 537-0022
ISEC..$0.81
iSECUREtrac Announces Major Contract Extensions and New Customers
Market Wire - Apr 06 at 08:00
Company Symbols: NASDAQ-OTCBB:ISEC
OMAHA, NE -- (MARKET WIRE) -- 04/06/10 -- iSECUREtrac Corporation (OTCBB: ISEC), a leading provider in electronic monitoring systems and services to assist community corrections agencies, today announced the signing of contracts with new customers and extensions of contracts with their largest customers.
iSECUREtrac Contract Renewals and Extensions
iSECUREtrac announced that it has negotiated new multiyear contracts and the extension of an existing contract for multiple years with its top three customers, based on 2009 revenue. The new contracts provide both parties with committed arrangements on improved terms. Lincoln Zehr, CFO, said, "We value the confidence our largest customers have shown in extending existing relationships with iSECUREtrac, reflecting our excellent relationships in providing support for their electronic monitoring programs." These renewed and extended contracts, together with numerous other contracts which have no expiration, account for 53% of FY2009's equipment leasing and services revenue.
New Contracts
In addition, iSECUREtrac stated that it has signed five new customers in the past few weeks, several that have the potential to expand the Company's footprint in states where it has not previously had a significant presence.
"While it is difficult to predict the eventual revenue from the new contracts signed, these new contracts indicate that the corrections market appears to be responding to the reality that electronic monitoring, and specifically Active GPS tracking, represent a way to increase public safety and at the same time reduce costs," said Peter Michel, CEO. "The costs of incarceration are overwhelming to the public agencies; our systems and services provide a cost-effective supervision option for reintegrating offenders back into their communities."
About iSECUREtrac
iSECUREtrac Corp. provides electronic monitoring systems, client management software and supplemental services for use in community supervision. The company's rich stream of reliable data concerning a client's location, movement and status better enables effective compliance management and positive behavior modification. Visit www.isecuretrac.com for more information.
Safe Harbor
This press release contains forward-looking statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to iSECUREtrac Corp. and its business. The predictions embodied in these statements will involve risks and uncertainties and accordingly, iSECUREtrac's actual results may differ significantly from the results discussed or implied in such forward-looking statements.
Company Contact:
Doug Zbylut
Email Contact
(866) 537-0022
ISEC.. $0.57
iSECUREtrac Reports Cash Flow Positive Operations, 27% Growth in Revenue and 80% Improvement in Operating Loss.........
OMAHA, NE -- (MARKET WIRE) -- 03/16/10 -- iSECUREtrac Corp (OTCBB: ISEC), an industry leader in electronic monitoring solutions, reported today that the Company was cash flow positive in 2009.
This is the first time in the Company's history that it has had cash flow positive operations. The magnitude of this improvement is highlighted in the Company's cash flow statement which shows Net Cash Generated by Operating Activities of $2,239,000, an improvement of $4,875,000 over the $2,636,000 of Net Cash Used In Operating Activities in 2008.
In addition, the Company reported total revenue of $12.3 million for the year ended December 31, 2009, up $2.6 million -- or 27% from $9.7 million reported in 2008.
Further, for the year ended December 31, 2009 the Company reported a net operating loss of $711,000, an improvement of $2,812,000 -- or 80% over the operating loss of $3,523,000 reported in 2008.
"2009 was a year of unprecedented success for the Company," noted Peter Michel, the Company's President and Chief Executive Officer. "Not only did the Company report cash flow positive operations for the first time ever, but the operating loss was trimmed substantially from previous years. While the decline in revenue in the latter half of the year is disappointing it is very important to understand that the decline was not attributable to the loss of any customers. Rather the decline was the result of satisfied customers exercising the renewal options with discounted pricing, thereby extending their contracts with the Company, in one instance out to January of 2012."
Michel went on to note that, "...the impact of lower state and local budgets continues to be felt across the industry. We believe that the on-going evaluation of costs by corrections agencies will reinforce the value proposition that the Company provides to agencies at all levels of community supervision programs. Management is committed to doing what is necessary to successfully position the Company to benefit from agency recognition of the lower costs and improved public safety provided by our solutions."
Conference Call Information:
As a reminder, the Company's year-end 2009 earnings call will be held this afternoon, Tuesday, March 16, 2010 as follows:
Time: 3:30 PM Central (4:30 PM Eastern)
Dial-in number: 1-877-941-4776
International: 1-480-629-9762
Please dial in 5-10 minutes prior to the start. An operator will request your name and organization and ask you to wait until the call begins. If you have any difficulty connecting, please call iSECUREtrac at (866) 537-0022.
About iSECUREtrac
iSECUREtrac Corp provides electronic monitoring systems, client management software and supplemental services for use in community supervision. The company's rich stream of reliable data concerning a client's location, movement and status better enables effective compliance management and positive behavior modification. Visit www.isecuretrac.com for more information.
Safe Harbor
This press release contains forward-looking statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to iSECUREtrac Corp. and its business. The predictions embodied in these statements will involve risks and uncertainties and accordingly, iSECUREtrac's actual results may differ significantly from the results discussed or implied in such forward-looking statements.
Company Contact
Doug Zbylut
Email Contact
(866) 537-0022
ISEC.. $0.45
Earning will be released in the next 2 weeks.. The IR has been let go.. hank
ISEC $0.40
Form 8-K for ISECURETRAC CORP
--------------------------------------------------------------------------------
31-Dec-2009
Change in Directors or Principal Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Robert Bierman, Vice President Sales and Marketing, has elected to leave the company, effective January 28, 2010, to pursue other opportunities.
ISEC.. $0.41 Earnings..
OMAHA, NE -- (Marketwire) -- 11/05/09 -- iSECUREtrac Corp (OTCBB: ISEC), an industry leader in electronic monitoring solutions, reported 47% revenue growth and cash flow positive operations for the quarter ended September 30, 2009.
Total revenue for the quarter ended September 30, 2009 was $3.2 million, up 47% from the $2.2 million reported for the same quarter in 2008. Revenue from equipment leasing and services was up 40% over the same quarter the previous year. Year-to-date, for the nine months ended September 30, 2009 total revenues were up 35% from the prior year.
The Company's operating loss for the quarter was $73,000, an improvement of 90%, or $685,000, over the same period from the prior year. Year-to-date the operating loss for 2009 is $464,000 -- an improvement of just over $2,400,000 (84%) over 2008.
Lincoln Zehr, Chief Financial Officer of iSECUREtrac, pointed out that "While the financial turnaround of the Company continues to occur in nearly every aspect, at this time, the area of cash flow is the most dramatic." Zehr pointed out that since the beginning of the year the Company has generated net cash from operating activities of $1,980,000. In comparison, through the same period in 2008, the net cash used in operating activities was $2,037,000 -- an improvement of more than $4,000,000.
President and Chief Executive Officer, Peter Michel, pointed out that "While achieving cash flow positive was very important for the Company, it is one of many objectives the Company is intent on achieving. We remain committed to delivering profitable operations and at the same time offer our customers the very best in equipment, services and technology coupled with customer service that is second to none."
Michel went on to say that "I am also very pleased that the holder of the majority of the Company's long-term debt, Crestpark LP, Inc., has agreed to extend the maturity date of the Company's long-term debt to January 2012 on essentially the same terms as the original issue. Given the current circumstances in the capital and credit markets today, this extension is a clear indication of the commitment our debt holders have towards ensuring the long-term success of the Company."
Conference Call Information:
As a reminder, the Company's 3rd Quarter 2009 earnings call will be held this afternoon, Thursday, November 5th, as follows:
Time: 3:30 PM Central (4:30 PM Eastern)
Dial-in number: 1-877-941-2068
International: 1-480-629-9712
Please dial in 5-10 minutes prior to the start. An operator will request your name and organization and ask you to wait until the call begins. If you have any difficulty connecting, please call iSECUREtrac at (866) 537-0022.
About iSECUREtrac
iSECUREtrac Corp provides electronic monitoring systems, client management software and supplemental services for use in community supervision. The company's rich stream of reliable data concerning a client's location, movement and status better enables effective compliance management and positive behavior modification. Visit www.isecuretrac.com for more information.
Safe Harbor
This press release contains forward-looking statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to iSECUREtrac Corp. and its business. The predictions embodied in these statements will involve risks and uncertainties and accordingly, iSECUREtrac's actual results may differ significantly from the results discussed or implied in such forward-looking statements.
Company Contact
Doug Zbylut
Email Contact
(402) 537-0022
Investor Relations
Barwicki Investor Relations
Andrew J. Barwicki
ISEC.. $0.462 Added..
10/08/09 12:04 PM EDT Buy 7500 ISEC Executed @ $0.462 Details | Edit
Two weeks and we will hear all the good news..?? Contracts with several states have added to the backlog.. Interesting company with stimulus money resily avilable for it's products and services..
I believe that a turn to profitabily will occur in the next reportin Qtr.. hank
ISEC,, $0.462..
iSECUREtrac Partners With ShadowTrack
Friday, September 11, 2009
iSECUREtrac Partners With ShadowTrack® Voice Verification Systems
Omaha, NE –September 10, 2009 – iSECUREtrac Corp. (OTCBB: ISEC) an industry leader in electronic monitoring and community correction services is partnering with Louisiana-based voice verification company, ShadowTrack Technologies, Inc.
Peter Michel, CEO and President of iSECUREtrac, noted,“More and more, the agencies we serve are looking for a broader scope of equipment and services, from a single vendor, that enable them effectively monitor their caseloads. In partnering with our customers to build successful programs, iSECUREtrac is continually looking to expand our offerings to include additional high-quality technologies and services that the agencies are looking for. We believe that the introduction of ShadowTrack into iSECUREtrac’s already substantial suite of equipment and service offerings enhances our ability to serve the needs of community corrections.”
The ShadowTrack system automatically tracks offenders or defendants with random or scheduled inbound or outbound calls from a landline telephone located at home, work or any other authorized location. The call validates the offender’s identify by comparing their voice to a voiceprint taken during the enrollment process. During the call the participant will be asked a series of questions which will further authenticate their identity.
According to Robert Magaletta, CEO and President of ShadowTrack, “Each person has a unique voice print specific to them that is virtually impossible to imposter. Voice verification is an innovative and accurate way to aid in the monitoring of caseloads.”
About iSECUREtrac
iSECUREtrac Corp. provides electronic monitoring systems, client management software and supplemental services for use in community supervision. The company’s rich stream of reliable data concerning a client’s location, movement and status better enables effective compliance management and positive behavior modification. Visit www.isecuretrac.com for more information.
About Shadowtrack
ShadowTrack is a highly engineered Interactive Voice Response System, coupled with Voice Verification Technology, designed to handle the special needs of the corrections industry.
Visit www.shadowtrack.com for more information.
Investor Relations:
Barwicki Investor Relations
Andrew J. Barwicki
andrew@barwicki.com
(516) 662-9461
ISEC.. $0.6628
iSECUREtrac Partners With ShadowTrack(R) Voice Verification Systems
OMAHA, NE, Sep 10, 2009 (MARKETWIRE via COMTEX) -- iSECUREtrac Corp. (ISEC) an
industry leader in electronic monitoring and community correction services is
partnering with Louisiana-based voice verification company, ShadowTrack
Technologies, Inc.
Peter Michel, CEO and President of iSECUREtrac, noted, "More and more, the
agencies we serve are looking for a broader scope of equipment and services, from
a single vendor, that enable them effectively monitor their caseloads. In
partnering with our customers to build successful programs, iSECUREtrac is
continually looking to expand our offerings to include additional high-quality
technologies and services that the agencies are looking for. We believe that the
introduction of ShadowTrack into iSECUREtrac's already substantial suite of
equipment and service offerings enhances our ability to serve the needs of
community corrections."
The ShadowTrack system automatically tracks offenders or defendants with random
or scheduled inbound or outbound calls from a landline telephone located at home,
work or any other authorized location. The call validates the offender's identify
by comparing their voice to a voiceprint taken during the enrollment process.
During the call the participant will be asked a series of questions which will
further authenticate their identity.
According to Robert Magaletta, CEO and President of ShadowTrack, "Each person has
a unique voice print specific to them that is virtually impossible to imposter.
Voice verification is an innovative and accurate way to aid in the monitoring of
caseloads."
About iSECUREtrac
iSECUREtrac Corp. provides electronic monitoring systems, client management
software and supplemental services for use in community supervision. The
company's rich stream of reliable data concerning a client's location, movement
and status better enables effective compliance management and positive behavior
modification. Visit http://www.isecuretrac.com for more information.
About Shadowtrack
ShadowTrack is a highly engineered Interactive Voice Response System, coupled
with Voice Verification Technology, designed to handle the special needs of the
corrections industry. Visit http://www.shadowtrack.com for more information.
iSECUREtrac Contact:
Meg Wanek
Email Contact
(402) 537-0022
Investor Relations:
Barwicki Investor Relations
Andrew J. Barwicki
Email Contact
(516) 662-9461
ISEC..$0.70.. Turning the corner..
iSECUREtrac Reports 35% Growth In Revenue -
Cash Flow Positive
Omaha, NE – August 11, 2009 - iSECUREtrac Corp (OTCBB: ISEC), an industry leader in electronic monitoring solutions, reported 35% revenue growth and cash flow positive operations for the quarter ended June 30, 2009.
Total revenue for the quarter ended June 30, 2009 was $3.2 million, up 35% from the $2.4 million reported for the same quarter in 2008. Recurring revenue from the leasing of monitoring systems and related services for the quarter ended June 30, 2009 was $3.1 million - up 32% over the prior year.
The operating loss for the quarter was $94,000, an improvement of 90%, or $874,000, over the same period from the prior year. Year-to-date the operating loss for 2009 is $391,000 – an improvement of $1,754,000 over 2008.
According to Lincoln Zehr, the Company’s CFO, “The Company continues to improve in almost every financial performance measure – revenue, gross margin, operating loss, net loss, days sales outstanding and cash flow. The results for the quarter ended June 30, 2009 mark the 6th consecutive quarter of reduced operating loss – dating back to the 1st quarter of 2008.”
“In addition, June 30, 2009 is the second consecutive quarter where cash flow from operating activities has been in excess of the Company’s debt service requirements.”
Peter Michel, the Company’s CEO, noted that “We are pleased that our efforts to become profitable are yielding the results we had hoped for and we remain committed to continuing those trends. What is especially important here is that we have achieved those results while continuing to invest in the technology and infrastructure that will ensure that iSECUREtrac maintains its strong leadership position within the industry.”
Conference Call Information:
As a reminder, the Company’s 2nd Quarter 2009 earnings call will be held tomorrow afternoon, Wednesday, August 12, 2009. Dial-in information is as follows:
Time: 3:30 PM Central (4:30 PM Eastern)
Dial-in number: 1-877-941-8633
International: 1-480-629-9822
Please dial in 5-10 minutes prior to the start. An operator will request your name and organization and ask you to wait until the call begins. If you have any difficulty connecting, please call iSECUREtrac at (866) 537-0022.
About iSECUREtrac
iSECUREtrac Corp. provides electronic monitoring systems, client management software and supplemental services for use in community supervision. The company’s rich stream of reliable data concerning a client’s location, movement and status better enables effective compliance management and positive behavior modification. Visit www.isecuretrac.com for more information.
Safe Harbor
This press release contains forward-looking statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to iSECUREtrac Corp. and its business. The predictions embodied in these statements will involve risks and uncertainties and accordingly, iSECUREtrac's actual results may differ significantly from the results discussed or implied in such forward-looking statements.
###
Investor Relations
Andrew Barwicki
Barwicki Investor Relations
andrew@barwicki.com
(516) 662-9461
Company Contact
Traci Mallgrave
tmallgrave@isecuretrac.com
(866) 537-0022
ISEC.. Elecrronic Monitoring..
Why Electronic Monitoring?
There are a variety of studies regarding the efficacy of electronic monitoring as a supplement to community supervision. Many claim that electronic monitoring increases compliance, reduces recidivism and speeds community re-entry. Others maintain that results are inclusive. What is undeniable, however, is that electronic monitoring provides a supervising officer with more reliable and independent information regarding an individual's compliance than traditional supervision alone.
And, sometimes a little more information is all you need to make a big difference.
Officers using electronic monitoring do not have to rely upon the word of their clients regarding their attendance at counseling sessions and job training or their avoidance of alcohol, a spouse's residence, an elementary school or playground.
There's also the economic argument: electronic monitoring and community supervision is much less costly than incarceration. For low risk offenders and juveniles, in particular, electronic supervision within the community is certainly less expensive and likely to be more effective than incarceration with its attendant exposure to more hardened criminals and predators.
But, the savings go far beyond the cost of incarceration: there's lost child support and family income, increased welfare and public assistance support. And, few would argue that many individuals leave jails with a greater criminal tendency than when they went in.
The first champion of electronic monitoring was Judge Jack Love of Albuquerque, New Mexico who was inspired by an episode in a Spiderman comic book.
Spiderman had been tagged with a device that allowed a villain to track his every move. The judge persuaded a computer salesman to develop a similar device. In 1983, Judge Love sentenced the first offender to house arrest with electronic monitoring.
Today, electronic monitoring is used in virtually every state. But despite advances in technology and the type of systems available, it's important to remember that electronic monitoring is just a tool. It's not a program. As a tool, it can be used to independently verify dysfunctional or non-compliant behavior. In those instances, it can also be used as a sanction. For example, moving from less intensive to more intensive monitoring in response to repeated non-compliance may discourage that behavior. Electronic monitoring can also be used to reinforce positive actions like regularly attending counseling sessions, school or work. Moving from more intensive to less intensive surveillance can be used to reinforce repeated compliance, build self-esteem and self-confidence eventually leading to long term behavior modification and full community reentry.
But, like any tool, its ultimate effectiveness
ISEC.. The Story:
And why it works as a stock.. This is not a quick fix but an economic one.. The use/cost of a GPS monitor and the persons needed to view the patterns of the users is about 15% of jail time.. It has been proven especally in youth cases that jail time breeds harden criminals more often than it becomes a deterant to future crime.. This especally true in urban areas...
Jail Overcrowding
As of June 30, 2006, there were well over 2 million prisoners held in Federal or State prisons or local jails, an increase of 4% from the previous year. According to the Urban Institute, some US counties have as much as 30% of its population confined to prison.
Many prison facilities have been operating at or over 100% capacity for years. Additionally, citizens have largely rejected new taxes required to upgrade the system, but have simultaneously pushed for longer sentencing terms for offenders. This has left criminal justice professionals scrambling to make ends meet. The following are some of the consequences:
Soaring costs and gaps in funding.
Decreased supervision.
Felons transferred to county jails, mixing in with non-violent inmates.
Early release of tens of thousands of offenders.
When probation, parole and early release are added to the number of current inmates, the number of individuals under correctional supervision soars to over 7 million. This figure equates to over 2% of the total US adult population or 1 in every 40 adults.
The iSECUREtrac Solution
iSECUREtrac monitoring systems offer an effective alternative to incarceration. Rather than limiting the choice to incarceration or freedom, correction officials now have a viable alternative, community supervision supplemented with electronic monitoring.
Individuals enrolled in an electronic monitoring program can be "supervised" 24/7/365 by an automated system that notifies officers when a compliance violation occurs. Depending on the type of monitoring (active or passive GPS, or house arrest), violation notifications can be sent to agency personnel in real time or on a delayed basis.
Community supervision with electronic monitoring can free up prison beds for those offenders truly requiring incarceration, allowing officers to prioritize use of labor and supervision. Electronic monitoring can also be used as an incentive tool by moving from more intensive supervision (active GPS) to less intensive supervision (house arrest) in response to positive and compliant behavior. Outside of prison walls, monitored participants can support their families by earning wages, regularly attend rehabilitation sessions away from the corruptive influences of other inmates, and learn good habits by complying with curfews, daily schedules, and routines.
In summary, implementation of an iSECUREtrac electronic monitoring program can help:
Free up prison beds which can then be "leased" to other governmental agencies (e.g., Immigration and Customs Enforcement) or other jurisdictions.
Provide 24/7/365 supervision of individuals under community supervision.
Reduce money spent on incarceration (i.e., the costs that vary depending upon the number on inmates like food and health insurance).
Improve chances of long-term individual rehabilitation.
For more information or to request an on-site demo of iSECUREtrac systems, services and software, email or call toll-free at 866.537.
iSECUREtrac
Announces Web-Based Training Solutions
Source: iSECUREtrac
On Thursday August 20, 2009, 8:00 am EDT
OMAHA, NE--(Marketwire - 08/20/09) - iSECUREtrac Corp. (OTC.BB:ISEC - News), an industry leader in electronic monitoring solutions, is announcing the launch of live training sessions and web-based training modules for iSECUREtrac customers.
"Training is a key component to an electronic monitoring program's success. Community correction professionals are extremely busy people. iSECUREtrac wanted to offer them a flexible solution in order to achieve their goals. Since the web-based program's inception we have had tremendous results with attendance and positive feedback from our customers," said Peter Michel, President and CEO of iSECUREtrac Corp.
In addition in many agencies the officers are required to meet a certain amount of training hours every year. In some instances iSECUREtrac's on-line training can count towards those training requirements thereby saving agencies additional expenses.
The step-by-step online training tutorials can be viewed at the customer's convenience on tracNET24, a web-based platform used by iSECUREtrac customers. These tutorials are approximately 10-15 minutes in length and are divided into easy-to-view modules that cover hardware, software, and troubleshooting. The training modules are available as Microsoft� Windows Media video files or Microsoft� PowerPoint presentations.
iSECUREtrac is also offering weekly live interactive training sessions that walk the customer through iSECUREtrac's technology and software. The online training takes approximately 15 to 30 minutes with a question and answer session that follows. The flexibility of the training allows for multiple agency interaction or agency specific training sessions. Each week the topics change to cover various training segments. The Microsoft� Live Meeting sessions require an internet connection. The Live Meeting utility is easily installed on your PC via an internet download. Access to a phone to call in on the assigned conference call number completes your connection to the session.
About iSECUREtrac
iSECUREtrac Corp. provides electronic monitoring systems, client management software and supplemental services for use in community supervision. The Company's rich stream of reliable data concerning a client's location, movement and status better enables effective compliance management and positive behavior modification. Visit www.isecuretrac.com for more information.
Contact:
Company Contact
Meg Wanek
(402) 537-0022
Investor Relations
Andrew J. Barwicki
(516) 662-9461
ISEC... Corporate description..
ISEC (OTC)
$0.7028 (+0.10)
Day High 0.7328
Day Low 0.68
Volume 14101
Day Range 0.68 - 0.7328
Company Overview:
Founded in 1983 as Advanced Business Sciences, the company changed its name to iSECUREtrac in 2001 to more accurately reflect its focus on public safety, individual monitoring and web-based reporting. Today, iSECUREtrac delivers the most advanced systems, software and services available for community supervision. The company works with agents and officers within the law enforcement, corrections and social service sectors.
Electronic monitoring systems from iSECUREtrac provide a supervising officer a rich stream of reliable information regarding an individual’s location, movement and status. This information helps officers to better monitor and shape the behavior of those individuals under their supervision. Officers access system status and monitoring reports through the company’s web-based electronic monitoring software. Because it’s web-based, there is no software to download or purchase and officers have access 24/7 from any Internet-ready device, anywhere in the world.
Currently the company holds 4 US patents with 5 pending. At the close of 2007, iSECUREtrac had electronic monitoring systems operating in 41 states and Canada. iSECUREtrac is a publically held company trading under the ticker symbol ISEC.OB. The corporate office is located in Omaha, Nebraska. Sales and account service offices are located
ISEC..Press releases:
http://www.isecuretrac.com/InvestorRelations.aspx?p=NewsPress
ISEC.. SEC Filings:
http://www.isecuretrac.com/InvestorRelations.aspx?p=SEC
ISEC.. Annual Reports:
http://www.isecuretrac.com/InvestorRelations.aspx?p=Annual
ISEC.. $0.7023
iSECUREtrac Announces New Contract With Craven County, North Carolina;
Aug 19, 2009 17:35:42 (ET)
OMAHA, NE, Aug 19, 2009 (MARKETWIRE via COMTEX) -- iSECUREtrac Corp. (ISEC, Trade ), an industry leader in electronic monitoring solutions, announced today that Craven County, NC signed a contract for active GPS.
The Craven County Board of Commissioners agreed to use the systems as a way to cut budget expenditures and ease prison overcrowding. The Craven program is targeting non-violent offenders with the possibility of expanding to non-child support cases and work release programs.
"The program is intended to ease taxpayer burden and continue to provide safety to our community. To monitor an offender in Craven County Jail for one year it costs $16,425. To monitor that same offender with GPS monitoring systems it costs $4,380," said Lt. Lee Thomas of the Craven County Sheriff's Office.
iSECUREtrac's active GPS notifies officers if the offender is not complying with the terms of his or her release. iSECUREtrac's web-based software plots out where the offender has been in the community. Officers are able to set up parameters where offenders are allowed to go such as work and treatment areas that the offender should not be near such as schools or known gang hang outs. The officer is notified in near real-time if the offender ventures into an exclusion zone or tries to cut off the monitoring system.
"GPS monitoring systems provide a wealth of information that can help Craven County manage program compliance and reinforce those positive behaviors necessary for a successful transition from incarceration to community re-entry," said Peter Michel, President and CEO of iSECUREtrac Corp.
About iSECUREtrac
iSECUREtrac Corp. provides electronic monitoring systems, client management software and supplemental services for use in community supervision. The Company's rich stream of reliable data concerning a client's location, movement and status better enables effective compliance management and positive behavior modification. Visit www.isecuretrac.com for more information.
Safe Harbor
This press release contains forward-looking statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to iSECUREtrac Corp. and its business. The predictions embodied in these statements will involve risks and uncertainties and, accordingly, iSECUREtrac's actual results may differ significantly from the results discussed or implied in such forward-looking statements.
Company Contact
Meg Wanek
(402) 537-0022
Investor Relations
Barwicki Investor Relations
Andrew J. Barwicki
(516) 662-9461
SOURCE: iSECUREtrac
ISEC..$0.07028
iSECUREtrac Corp. and SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, 2009 December 31, 2008
ASSETS
Current Assets
Cash and cash equivalents $ 1,018,743 $ 423,361
Accounts receivable, net of allowance for doubtful accounts of $623,334
in 2009 and $462,553 in 2008 2,028,417 2,445,505
Inventories 256,619 193,820
Prepaid expenses and other 131,431 84,224
Total current assets 3,435,210 3,146,910
Leasehold improvements and equipment, net of accumulated depreciation of $10,212,734 in 2009 and $9,125,376 in 2008 4,883,640 4,229,319
Intangibles, net of accumulated amortization of $901,728
in 2009 and $892,128 in 2008 9,794 19,394
Goodwill 2,302,179 2,302,179
Other assets 77,691 83,386
Total assets $ 10,708,514 $ 9,781,188
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
Current Liabilities
Accounts payable $ 339,575 $ 403,399
Accrued expenses 1,138,064 524,339
Revolving Line of Credit 750,000 500,000
Current maturities of long-term debt 1,594,112 1,272,508
Deferred revenues & gain on sale-leaseback transactions 142,244 299,548
Accrued interest payable 1,086,640 776,011
Total current liabilities 5,050,635 3,775,805
Long-term debt, less current maturities 13,709,078 13,280,368
Redeemable convertible Series C preferred stock 13,752,411 13,106,407
At June 30, 2009, the Company had 2,654,986 outstanding stock options, 6,287,045 shares issuable upon exercise of warrants to be issued upon exchange of Preferred Stock, and 2,460,770 shares issuable upon the exercise of outstanding warrants that were not included in the computation of diluted EPS because to do so would have been anti-dilutive for the period presented.
Commitments and contingency
Stockholders' (deficit)
Common stock 10,808 10,799
Additional paid-in capital 55,482,443 55,369,880
Accumulated deficit (77,296,861 ) (75,762,071 )
Total stockholders' (deficit) (21,803,610 ) (20,381,392 )
Total liabilities and stockholders' (deficit) $ 10,708,514 $ 9,781,188
See Notes to Consolidated Financial Statements (unaudited).
iSECUREtrac Corp. and SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
2009 2008 2009 2008
Revenues:
Equipment leasing $ 2,947,849 $ 2,239,019 $ 5,518,732 $ 4,418,596
Administrative, field & support service revenues 116,065 86,700 247,866 161,153
Equipment sales 25,807 23,958 79,918 59,390
Other revenues 101,834 6,004 448,755 218,852
Total revenues 3,191,555 2,355,681 6,295,271 4,857,992
Operating expenses:
Cost of revenues 1,172,618 948,121 2,338,748 2,036,015
Research and development 250,963 328,747 569,438 668,558
Sales, general and administrative 1,861,908 2,046,532 3,777,952 4,298,335
Total operating expenses 3,285,489 3,323,400 6,686,138 7,002,908
Operating loss (93,934 ) (967,719 ) (390,867 ) (2,144,916 )
Other income (expense):
Interest income 314 4,843 600 24,067
Interest expense (306,155 ) (268,388 ) (594,356 ) (533,372 )
Total other income (expense) (305,841 ) (263,545 ) (593,756 ) (509,305 )
Loss before provision for income taxes (399,775 ) (1,231,264 ) (984,624 ) (2,654,220 )
Provision for income taxes 0 0 0 0
Net loss $ (399,776 ) $ (1,231,264 ) $ (984,624 ) $ (2,654,220 )
Preferred stock dividends and accretion (324,641 ) (305,190 ) (646,006 ) (610,380 )
Net loss available to common stockholders $ (724,417 ) $ (1,536,454 ) $ (1,630,630 ) $ (3,264,601 )
Basic and diluted loss per common share $ (0.07 ) $ (0.14 ) $ (0.15 ) $ (0.30 )
Weighted average shares of common stock outstanding 10,806,399 10,785,534 10,803,963 10,783,583
See Notes to Consolidated Financial Statements (unaudited).
iSECUREtrac Corp. AND SUBSIDIARY
STATEMENT OF STOCKHOLDERS' (DEFICIT)
For the Six Months Ended June 30, 2009
Additional
Common Stock Paid -in Accumulated
Shares Amount Capital Deficit Total
Balance, December 31, 2008 10,799,090 $ 10,799 $ 55,369,880 $ (75,762,071 ) $ (20,381,392 )
Shares issued for director's fees 8,612 9 3,991 - 4,000
Stock issued upon exercise of options - - 162 - 162
Stock based compensation - - 204,251 - 204,251
Series C preferred stock dividends - - - (550,166 ) (550,166 )
Accretion to redemption value of preferred stock - - (95,842 ) - (95,842 )
Net loss - - - (984,624 ) (984,624 )
Balance, June 30, 2009 10,807,702 $ 10,808 $ 55,482,443 $ (77,296,861 ) $ (21,803,610 )
See Notes to Consolidated Financial Statements (unaudited).
iSECUREtrac CORP. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 2009 and 2008
2009 2008
Cash Flows From Operating Activities
Net loss $ (984,624 ) $ (2,654,220 )
Depreciation and amortization 1,096,958 1,143,794
Stock based compensation 208,251 214,347
Increase in Allowance for Doubtful Accounts 160,781 33,112
(Increase) Decrease in accounts receivable 256,307 (254,606 )
(Increase) in inventories (62,799 ) (57,681 )
(Increase) Decrease in prepaid expenses (47,207 ) 29,129
(Decrease) in accounts payable (146,514 ) (708,771 )
Increase (Decrease) in accrued expenses 613,725 (23,625 )
(Decrease) in deferred revenues and gain on sale - leaseback transactions (157,304 ) (22,845 )
Increase in accrued interest payable 310,629 383,580
Net cash provided by (used in) operating activities 1,248,203 (1,917,786 )
Cash Flows From Investing Activities
Purchases of leasehold improvements and equipment (1,658,992 ) (1,960,112 )
Decrease in other assets 5,695 14,537
Net cash (used in) investing activities (1,653,297 ) (1,945,575 )
Cash Flows From Financing Activities
Principal proceeds from long-term debt 1,700,000 1,600,000
Proceeds from revolving line of credit 250,000 -
Principal payments on long-term debt (949,686 ) (473,109 )
Proceeds from the exercise of options and warrants 162 -
Net cash provided by financing activities 1,000,476 1,126,891
Increase (Decrease) in cash 595,382 (2,736,470 )
Cash at beginning of period 423,361 3,442,712
Cash at end of period $ 1,018,743 $ 706,242
Supplemental Disclosure of Cash Payments for
Interest 283,727 149,792
Supplemental Disclosure of Noncash Transactions
Purchase of leasehold improvements and equipment included in accounts payable 82,686 97,535
See Notes to Consolidated Financial Statements (unaudited).
iSECUREtrac CORP. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. General
The unaudited interim condensed consolidated financial statements as of June 30, 2009 and for the three and six month periods ended June 30, 2009 and 2008, included herein, have been prepared in accordance with accounting principals generally accepted in the United States of America for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X.
The consolidated balance sheet of iSECUREtrac Corp. (“iSECUREtrac”, or the “Company”) and its wholly-owned subsidiary, iSt Services, Inc., at December 31, 2008, has been taken from the audited consolidated financial statements at that date. The condensed consolidated financial statements for the three and six months ended June 30, 2009 and June 30, 2008 are unaudited and reflect all normal and recurring accruals and adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, operating results and cash flows for the interim periods presented in this quarterly report. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, together with management’s discussion and analysis of financial condition and results of operations, contained in our Annual Report on Form 10-K for the year ended December 31, 2008. The results of operations and cash flows for the three and six months ended June 30, 2009 are not necessarily indicative of the results for the entire fiscal year ending December 31, 2009. Where appropriate, items of an insignificant nature within the condensed consolidated financial statements have been reclassified from the previous periods’ presentation.
The Company believes that its current working capital, combined with the expected amounts available through lease financing for its monitoring equipment described in note 5, and positive cash flow expected to be generated from operating activities will be sufficient to meet the Company’s liquidity needs through 2009.
Note 2. Common Stock Options and Warrants
The Company may issue stock options and other types of equity-based compensation under its 2006 Omnibus Equity Incentive Plan (the “2006 Plan”) which was implemented on May 31, 2006. This is the only plan under which the Company may now issue additional equity-based compensation. The Company also has outstanding stock options that were issued under its 2001 Omnibus Equity Incentive Plan (the “2001 Plan”) or which were issued under employment agreements with executive officers.
During the three and six months ended June 30, 2009, the Company granted options to purchase a total of 38,000 and 41,500 shares of common stock to nine and thirteen employees, respectively, pursuant to the 2006 Plan. During the three and six months ended June 30, 2009, 22,646 and 55,073 options issued under the 2006 Plan were forfeited, 2,500 and 9,275 options issued under the 2001 Plan were forfeited and 0 and 56,250 options issued under employment agreements outside the 2006 Plan and the 2001 Plan, respectively, were forfeited. During the three and six months ended June 30, 2009, 292 and 292 options were exercised. The following table shows stock option activity during the six month period ended June 30, 2009:
Options Number of
Shares Weighted
Average
Exercise Price
Per Share Weighted
Average
Remaining
Contractual Life
(Years) Aggregate
Intrinsic
Value
Outstanding at December 31, 2008 2,734,376 $ 1.59 $ -
Granted 41,500 0.64
Exercised (292 ) 0.56
Forfeited (120,598 ) 0.71
Outstanding at June 30, 2009 2,654,986 $ 1.56 6.26 $ 151,996
Exercisable at June 30, 2009 2,045,053 $ 1.88 5.38 $ 45,629
As of June 30, 2009, the aggregate intrinsic value of outstanding and exercisable options, which is the actual value of the options if exercised, was $151,996 and $45,629, respectively.
During the three and six months ended June 30, 2009, warrants to purchase up to 459,028 and 1,083,765 shares of common stock expired and no warrants were granted or exercised by warrant holders.
At June 30, 2009, the Company had 2,654,986 outstanding stock options, 6,287,045 shares issuable upon exercise of warrants to be issued upon exchange of Preferred Stock, and 2,460,770 shares issuable upon the exercise of outstanding warrants that were not included in the computation of diluted EPS because to do so would have been anti-dilutive for the period presented.
The Company accounts for its share-based compensation awards under Financial Accounting Standards Board (“FASB”) Statement No. 123 (revised 2004), “ Share-Based Payment ” (“FAS No. 123(R)” or the “Statement”) which requires that the compensation cost relating to share-based compensation awards, including grants of employee stock options, be recognized in financial statements as these awards become vested, based on the grant date fair value of the equity instruments issued.
For purposes of FAS No. 123(R), the Company estimated the grant date fair value of each option granted during the periods set forth below using the Black-Scholes option pricing model with the following weighted average assumptions:
ISEC..$0.07028
iSECUREtrac Corp. and SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, 2009 December 31, 2008
ASSETS
Current Assets
Cash and cash equivalents $ 1,018,743 $ 423,361
Accounts receivable, net of allowance for doubtful accounts of $623,334
in 2009 and $462,553 in 2008 2,028,417 2,445,505
Inventories 256,619 193,820
Prepaid expenses and other 131,431 84,224
Total current assets 3,435,210 3,146,910
Leasehold improvements and equipment, net of accumulated depreciation of $10,212,734 in 2009 and $9,125,376 in 2008 4,883,640 4,229,319
Intangibles, net of accumulated amortization of $901,728
in 2009 and $892,128 in 2008 9,794 19,394
Goodwill 2,302,179 2,302,179
Other assets 77,691 83,386
Total assets $ 10,708,514 $ 9,781,188
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
Current Liabilities
Accounts payable $ 339,575 $ 403,399
Accrued expenses 1,138,064 524,339
Revolving Line of Credit 750,000 500,000
Current maturities of long-term debt 1,594,112 1,272,508
Deferred revenues & gain on sale-leaseback transactions 142,244 299,548
Accrued interest payable 1,086,640 776,011
Total current liabilities 5,050,635 3,775,805
Long-term debt, less current maturities 13,709,078 13,280,368
Redeemable convertible Series C preferred stock 13,752,411 13,106,407
Commitments and contingency
Stockholders' (deficit)
Common stock 10,808 10,799
Additional paid-in capital 55,482,443 55,369,880
Accumulated deficit (77,296,861 ) (75,762,071 )
Total stockholders' (deficit) (21,803,610 ) (20,381,392 )
Total liabilities and stockholders' (deficit) $ 10,708,514 $ 9,781,188
See Notes to Consolidated Financial Statements (unaudited).
iSECUREtrac Corp. and SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
2009 2008 2009 2008
Revenues:
Equipment leasing $ 2,947,849 $ 2,239,019 $ 5,518,732 $ 4,418,596
Administrative, field & support service revenues 116,065 86,700 247,866 161,153
Equipment sales 25,807 23,958 79,918 59,390
Other revenues 101,834 6,004 448,755 218,852
Total revenues 3,191,555 2,355,681 6,295,271 4,857,992
Operating expenses:
Cost of revenues 1,172,618 948,121 2,338,748 2,036,015
Research and development 250,963 328,747 569,438 668,558
Sales, general and administrative 1,861,908 2,046,532 3,777,952 4,298,335
Total operating expenses 3,285,489 3,323,400 6,686,138 7,002,908
Operating loss (93,934 ) (967,719 ) (390,867 ) (2,144,916 )
Other income (expense):
Interest income 314 4,843 600 24,067
Interest expense (306,155 ) (268,388 ) (594,356 ) (533,372 )
Total other income (expense) (305,841 ) (263,545 ) (593,756 ) (509,305 )
Loss before provision for income taxes (399,775 ) (1,231,264 ) (984,624 ) (2,654,220 )
Provision for income taxes 0 0 0 0
Net loss $ (399,776 ) $ (1,231,264 ) $ (984,624 ) $ (2,654,220 )
Preferred stock dividends and accretion (324,641 ) (305,190 ) (646,006 ) (610,380 )
Net loss available to common stockholders $ (724,417 ) $ (1,536,454 ) $ (1,630,630 ) $ (3,264,601 )
Basic and diluted loss per common share $ (0.07 ) $ (0.14 ) $ (0.15 ) $ (0.30 )
Weighted average shares of common stock outstanding 10,806,399 10,785,534 10,803,963 10,783,583
At June 30, 2009, the Company had 2,654,986 outstanding stock options, 6,287,045 shares issuable upon exercise of warrants to be issued upon exchange of Preferred Stock, and 2,460,770 shares issuable upon the exercise of outstanding warrants that were not included in the computation of diluted EPS because to do so would have been anti-dilutive for the period presented.
See Notes to Consolidated Financial Statements (unaudited).
iSECUREtrac Corp. AND SUBSIDIARY
STATEMENT OF STOCKHOLDERS' (DEFICIT)
For the Six Months Ended June 30, 2009
Additional
Common Stock Paid -in Accumulated
Shares Amount Capital Deficit Total
Balance, December 31, 2008 10,799,090 $ 10,799 $ 55,369,880 $ (75,762,071 ) $ (20,381,392 )
Shares issued for director's fees 8,612 9 3,991 - 4,000
Stock issued upon exercise of options - - 162 - 162
Stock based compensation - - 204,251 - 204,251
Series C preferred stock dividends - - - (550,166 ) (550,166 )
Accretion to redemption value of preferred stock - - (95,842 ) - (95,842 )
Net loss - - - (984,624 ) (984,624 )
Balance, June 30, 2009 10,807,702 $ 10,808 $ 55,482,443 $ (77,296,861 ) $ (21,803,610 )
See Notes to Consolidated Financial Statements (unaudited).
iSECUREtrac CORP. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 2009 and 2008
2009 2008
Cash Flows From Operating Activities
Net loss $ (984,624 ) $ (2,654,220 )
Depreciation and amortization 1,096,958 1,143,794
Stock based compensation 208,251 214,347
Increase in Allowance for Doubtful Accounts 160,781 33,112
(Increase) Decrease in accounts receivable 256,307 (254,606 )
(Increase) in inventories (62,799 ) (57,681 )
(Increase) Decrease in prepaid expenses (47,207 ) 29,129
(Decrease) in accounts payable (146,514 ) (708,771 )
Increase (Decrease) in accrued expenses 613,725 (23,625 )
(Decrease) in deferred revenues and gain on sale - leaseback transactions (157,304 ) (22,845 )
Increase in accrued interest payable 310,629 383,580
Net cash provided by (used in) operating activities 1,248,203 (1,917,786 )
Cash Flows From Investing Activities
Purchases of leasehold improvements and equipment (1,658,992 ) (1,960,112 )
Decrease in other assets 5,695 14,537
Net cash (used in) investing activities (1,653,297 ) (1,945,575 )
Cash Flows From Financing Activities
Principal proceeds from long-term debt 1,700,000 1,600,000
Proceeds from revolving line of credit 250,000 -
Principal payments on long-term debt (949,686 ) (473,109 )
Proceeds from the exercise of options and warrants 162 -
Net cash provided by financing activities 1,000,476 1,126,891
Increase (Decrease) in cash 595,382 (2,736,470 )
Cash at beginning of period 423,361 3,442,712
Cash at end of period $ 1,018,743 $ 706,242
Supplemental Disclosure of Cash Payments for
Interest 283,727 149,792
Supplemental Disclosure of Noncash Transactions
Purchase of leasehold improvements and equipment included in accounts payable 82,686 97,535
See Notes to Consolidated Financial Statements (unaudited).
iSECUREtrac CORP. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. General
The unaudited interim condensed consolidated financial statements as of June 30, 2009 and for the three and six month periods ended June 30, 2009 and 2008, included herein, have been prepared in accordance with accounting principals generally accepted in the United States of America for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X.
The consolidated balance sheet of iSECUREtrac Corp. (“iSECUREtrac”, or the “Company”) and its wholly-owned subsidiary, iSt Services, Inc., at December 31, 2008, has been taken from the audited consolidated financial statements at that date. The condensed consolidated financial statements for the three and six months ended June 30, 2009 and June 30, 2008 are unaudited and reflect all normal and recurring accruals and adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, operating results and cash flows for the interim periods presented in this quarterly report. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, together with management’s discussion and analysis of financial condition and results of operations, contained in our Annual Report on Form 10-K for the year ended December 31, 2008. The results of operations and cash flows for the three and six months ended June 30, 2009 are not necessarily indicative of the results for the entire fiscal year ending December 31, 2009. Where appropriate, items of an insignificant nature within the condensed consolidated financial statements have been reclassified from the previous periods’ presentation.
The Company believes that its current working capital, combined with the expected amounts available through lease financing for its monitoring equipment described in note 5, and positive cash flow expected to be generated from operating activities will be sufficient to meet the Company’s liquidity needs through 2009.
Note 2. Common Stock Options and Warrants
The Company may issue stock options and other types of equity-based compensation under its 2006 Omnibus Equity Incentive Plan (the “2006 Plan”) which was implemented on May 31, 2006. This is the only plan under which the Company may now issue additional equity-based compensation. The Company also has outstanding stock options that were issued under its 2001 Omnibus Equity Incentive Plan (the “2001 Plan”) or which were issued under employment agreements with executive officers.
During the three and six months ended June 30, 2009, the Company granted options to purchase a total of 38,000 and 41,500 shares of common stock to nine and thirteen employees, respectively, pursuant to the 2006 Plan. During the three and six months ended June 30, 2009, 22,646 and 55,073 options issued under the 2006 Plan were forfeited, 2,500 and 9,275 options issued under the 2001 Plan were forfeited and 0 and 56,250 options issued under employment agreements outside the 2006 Plan and the 2001 Plan, respectively, were forfeited. During the three and six months ended June 30, 2009, 292 and 292 options were exercised. The following table shows stock option activity during the six month period ended June 30, 2009:
Options Number of
Shares Weighted
Average
Exercise Price
Per Share Weighted
Average
Remaining
Contractual Life
(Years) Aggregate
Intrinsic
Value
Outstanding at December 31, 2008 2,734,376 $ 1.59 $ -
Granted 41,500 0.64
Exercised (292 ) 0.56
Forfeited (120,598 ) 0.71
Outstanding at June 30, 2009 2,654,986 $ 1.56 6.26 $ 151,996
Exercisable at June 30, 2009 2,045,053 $ 1.88 5.38 $ 45,629
As of June 30, 2009, the aggregate intrinsic value of outstanding and exercisable options, which is the actual value of the options if exercised, was $151,996 and $45,629, respectively.
During the three and six months ended June 30, 2009, warrants to purchase up to 459,028 and 1,083,765 shares of common stock expired and no warrants were granted or exercised by warrant holders.
At June 30, 2009, the Company had 2,654,986 outstanding stock options, 6,287,045 shares issuable upon exercise of warrants to be issued upon exchange of Preferred Stock, and 2,460,770 shares issuable upon the exercise of outstanding warrants that were not included in the computation of diluted EPS because to do so would have been anti-dilutive for the period presented.
The Company accounts for its share-based compensation awards under Financial Accounting Standards Board (“FASB”) Statement No. 123 (revised 2004), “ Share-Based Payment ” (“FAS No. 123(R)” or the “Statement”) which requires that the compensation cost relating to share-based compensation awards, including grants of employee stock options, be recognized in financial statements as these awards become vested, based on the grant date fair value of the equity instruments issued.
For purposes of FAS No. 123(R), the Company estimated the grant date fair value of each option granted during the periods set forth below using the Black-Scholes option pricing model with the following weighted average assumptions:
OMAHA, Neb., March 5 /PRNewswire-FirstCall/ -- iSECUREtrac Corp. (OTC
Bulletin Board: ISEC), an industry leader in electronic monitoring
solutions, announced today the date and time for its fourth quarter results
teleconference.
Please join CEO Peter Michel and CFO David Vana on Monday, March 12,
2007. The company will discuss fourth quarter and year-end 2006 results and
provide a company update. The details for the call are as follows:
Date: Monday, March 12, 2007
Time: 3:30 PM Central (4:30 PM Eastern)
Dial-in number: 1-800-418-6860
International: 1-973-935-8756
Dial in 5-10 minutes prior to the start time. An operator will request
your name and organization and ask you to wait until the call begins. If
you have any difficulty connecting, please call the Liolios Group at (949)
574-3860.
A replay of the conference call will be available until March 19, 2007.
Replay number: 1-877-519-4471
International Replay number: 1-973-341-3080
Replay Pin Number: 8520936
About iSECUREtrac
iSECUREtrac Corp. provides state-of-the-art electronic monitoring
technology and administrative services which offer correctional agencies
effective solutions for community supervision and offender management. The
company's full-service solutions include electronic monitoring systems and
monitoring center services, as well as outsourced pretrial, probation and
parole. Electronic monitoring systems from iSECUREtrac provide a
supervising officer a rich stream of reliable data concerning an offender's
location, movement or status. Visit http://www.isecuretrac.com for more
information.
Company Contact:
Peter Michel pmichel@isecuretrac.com
David Vana dvana@isecuretrac.com
(402) 537-0022
Investor Relations:
Liolios Group Inc
Ron Both ron@liolios.com
949-574-3860
Nice move here on Friday............doing some DD now
Big news today! February 14, 2007 - 8:35 AM EST
iSECUREtrac Awarded New Jersey Statewide Sex Offender Monitoring Contract
OMAHA, Neb., Feb. 14 /PRNewswire-FirstCall/ -- iSECUREtrac Corp. (OTC Bulletin Board: ISEC), an industry leader in electronic monitoring solutions, announced today it has been awarded a statewide sex offender monitoring contract by the State of New Jersey.
iSECUREtrac will deploy its Global Positioning Satellite (GPS) monitoring systems in a pilot program conducted by the New Jersey State Parole Board to monitor sex offenders pursuant to recently passed legislation (S-1889; Public Law 2005, c.189). The State Parole Board has approximately 14,000 offenders under supervision, 2,600 of which are subject to lifetime supervision.
'We look forward to providing GPS solutions that meet the needs of the State of New Jersey,' said Peter Michel, president and CEO of iSECUREtrac Corp. 'Our systems provide a rich source of data and advanced functionality to assist the state in better monitoring the location and movements of these high risk offenders.'
The three-year, $12 million pilot program (reference http://www.state.nj.us/cgi-bin/treas/purchase/awards.pl) is scheduled to include 210 'Tier 3' sex offenders in its initial phase of operation, with plans to expand the program to include additional sex offenders and other high risk individuals under community supervision.
The New Jersey State Parole Board will be using both active and passive monitoring. Active GPS monitoring provides location data in real time, while passive tracking provides daily location reports of the offender's movements.
iSECUREtrac's monitoring center will provide movement and location information to the State Parole Board, where
thank you ,but i have this one for over 2 years and never sold .
I own 100 thousands shares and more so i think i should be ready for the next run, hopefully i will be able to sell this time thank you for the info ,keep in touch ,spinner.
O/T spinner heres another one.....EGLF....Yes I know its real quiet right now but news is expected shortly and then the run to Thanksgiving will begin....as before I would say its an easy double......but I dont load up on a stock unless I feel its has 5-10 bagger potential......ps I loaded up so now I will start to spead the word...good luck! ...burRRPP!
o/t Hi spinner...how abour CFRI i Posted this to you at .26...now .89......hope you got in! buRRPPP!
hi burp,wow what a fridge you have is that all the beer you have?what a ride i will have to wait for retracement because it s to hi for now for me but thank you for the call hope you find the butto to sale tomorrow some of it ,not your beer ...bye.
o/t Hi spinner, time to check out CFRI...i've been adding since april with an average of .16... but only now am I comfortable telling folks is time for a double this week......last price was .26 friday....should bust through .30 early and perhaps a little retrace...but then she will relly move! Good luck here's a link to the messege board I moderate.....http://www.investorshub.com/boards/board.asp?board_id=4414
geeze IGAI up 90% today! LOL!
Risk / Reward ..at the end of the day ...bottom line..thats what it's all about.....way WAY! too many people playing with funds they need next week.....bbuUuRRPP!
i think with that one we need a good pillow and not to fill it in ...
yup...015...only grabbed 100k last fry-day!....$1500 worth...market has been in a consolidation mode...Not throwing more than $2k at anything..... ISEC has been a great safe haven ...just got a "blip" about "POKG" ...........btw..I have a ton of stale $$$$ out there...but I just don't need it today! good luck! .......btw if you have an xtra $500 or @50...you may want to grab a little of that POKG.....its an old gaming shell.....ultra -ultra low float....may not pop for a month .....but ..........BbuUrrPP!PP!!
is that what you paid ?because it already went up .still time to buy?what do you expect for this one? what s your target?thanks .questions questions what can i say...
ADNL is my new play...015!
OT look at QTTM over the next month it should double watch the volume going up... good luck .
CHDT was a good shot ,but i was to scary over that one also to late to get in at .11 thanks burp.
Followers
|
1
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
77
|
Created
|
03/31/06
|
Type
|
Free
|
Moderators |
As of June 30, 2006, there were well over 2 million prisoners held in Federal or State prisons or local jails, an increase of 4% from the previous year. According to the Urban Institute, some US counties have as much as 30% of its population confined to prison.
Many prison facilities have been operating at or over 100% capacity for years. Additionally, citizens have largely rejected new taxes required to upgrade the system, but have simultaneously pushed for longer sentencing terms for offenders. This has left criminal justice professionals scrambling to make ends meet. The following are some of the consequences:
When probation, parole and early release are added to the number of current inmates, the number of individuals under correctional supervision soars to over 7 million. This figure equates to over 2% of the total US adult population or 1 in every 40 adults.
iSECUREtrac monitoring systems offer an effective alternative to incarceration. Rather than limiting the choice to incarceration or freedom, correction officials now have a viable alternative, community supervision supplemented with electronic monitoring.
Individuals enrolled in an electronic monitoring program can be "supervised" 24/7/365 by an automated system that notifies officers when a compliance violation occurs. Depending on the type of monitoring (active or passive GPS, or house arrest), violation notifications can be sent to agency personnel in real time or on a delayed basis.
Community supervision with electronic monitoring can free up prison beds for those offenders truly requiring incarceration, allowing officers to prioritize use of labor and supervision. Electronic monitoring can also be used as an incentive tool by moving from more intensive supervision (active GPS) to less intensive supervision (house arrest) in response to positive and compliant behavior. Outside of prison walls, monitored participants can support their families by earning wages, regularly attend rehabilitation sessions away from the corruptive influences of other inmates, and learn good habits by complying with curfews, daily schedules, and routines.
In summary, implementation of an iSECUREtrac electronic monitoring program can help:
For more information or to request an on-site demo of iSECUREtrac systems, services and software, email or call toll-free at 866.537.0022.
There are a variety of studies regarding the efficacy of electronic monitoring as a supplement to community supervision. Many claim that electronic monitoring increases compliance, reduces recidivism and speeds community re-entry. Others maintain that results are inclusive. What is undeniable, however, is that electronic monitoring provides a supervising officer with more reliable and independent information regarding an individual's compliance than traditional supervision alone.
And, sometimes a little more information is all you need to make a big difference.
Officers using electronic monitoring do not have to rely upon the word of their clients regarding their attendance at counseling sessions and job training or their avoidance of alcohol, a spouse's residence, an elementary school or playground.
There's also the economic argument: electronic monitoring and community supervision is much less costly than incarceration. For low risk offenders and juveniles, in particular, electronic supervision within the community is certainly less expensive and likely to be more effective than incarceration with its attendant exposure to more hardened criminals and predators.
But, the savings go far beyond the cost of incarceration: there's lost child support and family income, increased welfare and public assistance support. And, few would argue that many individuals leave jails with a greater criminal tendency than when they went in.
The first champion of electronic monitoring was Judge Jack Love of Albuquerque, New Mexico who was inspired by an episode in a Spiderman comic book.
Spiderman had been tagged with a device that allowed a villain to track his every move. The judge persuaded a computer salesman to develop a similar device. In 1983, Judge Love sentenced the first offender to house arrest with electronic monitoring.
Today, electronic monitoring is used in virtually every state. But despite advances in technology and the type of systems available, it's important to remember that electronic monitoring is just a tool. It's not a program. As a tool, it can be used to independently verify dysfunctional or non-compliant behavior. In those instances, it can also be used as a sanction. For example, moving from less intensive to more intensive monitoring in response to repeated non-compliance may discourage that behavior. Electronic monitoring can also be used to reinforce positive actions like regularly attending counseling sessions, school or work. Moving from more intensive to less intensive surveillance can be used to reinforce repeated compliance, build self-esteem and self-confidence eventually leading to long term behavior modification and full community reentry.
But, like any tool, its ultimate effectiveness depends upon how you use it.
Solutions: http://www.isecuretrac.com/Services.aspx
About iSECUREtrac Corp.. http://www.isecuretrac.com/About.aspx
(Unaudited) | ||||||||
| September 30, 2009 | December 31, 2008 | ||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 1,090,341 | $ | 423,361 | ||||
Accounts receivable, net of allowance for doubtful accounts of $656,630 in 2009 and $462,553 in 2008 | 1,924,761 | 2,445,505 | ||||||
Inventories | 288,300 | 193,820 | ||||||
Prepaid expenses and other | 117,802 | 84,224 | ||||||
Total current assets | 3,421,204 | 3,146,910 | ||||||
Leasehold improvements and equipment, net of accumulated depreciation of $10,764,157 in 2009 and $9,125,376 in 2008 | 4,427,515 | 4,229,319 | ||||||
Intangibles, net of accumulated amortization of $906,530 in 2009 and $892,128 in 2008 | 4,993 | 19,394 | ||||||
Goodwill | 2,302,179 | 2,302,179 | ||||||
Other assets | 77,690 | 83,386 | ||||||
Total assets | $ | 10,233,581 | $ | 9,781,188 | ||||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 475,866 | $ | 403,399 | ||||
Accrued expenses | 1,185,447 | 524,339 | ||||||
Revolving Line of Credit | 550,000 | 500,000 | ||||||
Equipment Term Loan | 82,407 | 50,000 | ||||||
Current maturities of long-term debt | 1,589,745 | 1,222,508 | ||||||
Deferred revenues & gain on sale-leaseback transactions | 131,578 | 299,548 | ||||||
Accrued interest payable | 1,247,466 | 776,011 | ||||||
Total current liabilities | 5,262,509 | 3,775,805 | ||||||
Long-term debt, less current maturities | 13,319,296 | 13,280,368 | ||||||
Redeemable convertible Series C preferred stock | 14,102,700 | 13,106,407 | ||||||
Commitments and contingency | ||||||||
Stockholders' (deficit) | ||||||||
Common stock | 10,811 | 10,799 | ||||||
Additional paid-in capital | 55,515,208 | 55,369,880 | ||||||
Accumulated deficit | (77,976,943 | ) | (75,762,071 | ) | ||||
Total stockholders' (deficit) | (22,450,924 | ) | (20,381,392 | ) | ||||
Total liabilities and stockholders' (deficit) | $ | 10,233,581 | $ | 9,781,188 |
Three Months Ended | Nine Months Ended | |||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
Revenues: | ||||||||||||||||
Equipment revenue | $ | 2,924,535 | $ | 2,098,798 | $ | 8,522,876 | $ | 6,563,284 | ||||||||
Services revenue | 106,786 | 71,183 | 354,652 | 232,336 | ||||||||||||
Royalty revenue | 179,869 | 8,163 | 628,933 | 240,515 | ||||||||||||
Total revenues | 3,211,190 | 2,178,144 | 9,506,461 | 7,036,135 | ||||||||||||
Operating expenses: | ||||||||||||||||
Cost of revenues | 1,172,145 | 843,715 | 3,510,893 | 2,879,730 | ||||||||||||
Research and development | 315,801 | 275,513 | 885,239 | 944,071 | ||||||||||||
Sales, general and administrative | 1,796,365 | 1,817,153 | 5,574,317 | 6,115,488 | ||||||||||||
Total operating expenses | 3,284,311 | 2,936,381 | 9,970,449 | 9,939,289 | ||||||||||||
Operating loss | (73,121 | ) | (758,237 | ) | (463,988 | ) | (2,903,154 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Interest income | 36 | 2,148 | 636 | 26,215 | ||||||||||||
Interest expense | (304,987 | ) | (289,824 | ) | (899,343 | ) | (823,196 | ) | ||||||||
Total other income (expense) | (304,951 | ) | (287,676 | ) | (898,707 | ) | (796,981 | ) | ||||||||
Loss before provision for income taxes | (378,072 | ) | (1,045,913 | ) | (1,362,695 | ) | (3,700,135 | ) | ||||||||
Provision for income taxes | 0 | 0 | 0 | 0 | ||||||||||||
Net loss | $ | (378,072 | ) | $ | (1,045,913 | ) | $ | (1,362,695 | ) | $ | (3,700,135 | ) | ||||
Preferred stock dividends and accretion | (350,289 | ) | (328,771 | ) | (996,295 | ) | (939,151 | ) | ||||||||
Net loss available to common stockholders | $ | (728,361 | ) | $ | (1,374,684 | ) | $ | (2,358,990 | ) | $ | (4,639,286 | ) | ||||
Basic and diluted loss per common share | $ | (0.07 | ) | $ | (0.13 | ) | $ | (0.22 | ) | $ | (0.43 | ) | ||||
Weighted average shares of common stock outstanding | 10,809,812 | 10,789,701 | 10,806,114 | 10,783,169 |
Additional | ||||||||||||||||||||
Common Stock | Paid -in | Accumulated | ||||||||||||||||||
| Shares | Amount | Capital | Deficit | Total | |||||||||||||||
Balance, December 31, 2008 | 10,799,090 | $ | 10,799 | $ | 55,369,880 | $ | (75,762,071 | ) | $ | (20,381,392 | ) | |||||||||
Shares issued for director's fees | 12,248 | 12 | 5,988 | - | 6,000 | |||||||||||||||
Stock issued upon exercise of options | - | - | 162 | - | 162 | |||||||||||||||
Stock based compensation | - | - | 283,296 | - | 283,296 | |||||||||||||||
Series C preferred stock dividends | - | - | - | (852,177 | ) | (852,177 | ) | |||||||||||||
Accretion to redemption value of preferred stock | - | - | (144,118 | ) | - | (144,118 | ) | |||||||||||||
Net loss | - | - | - | (1,362,695 | ) | (1,362,695 | ) | |||||||||||||
Balance, September 30, 2009 | 10,811,338 | $ | 10,811 | $ | 55,515,208 | $ | (77,976,943 | ) | $ | (22,450,924 | ) |
| 2009 | 2008 | ||||||
Cash Flows From Operating Activities | ||||||||
Net loss | $ | (1,362,695 | ) | $ | (3,700,135 | ) | ||
Depreciation and amortization | 1,653,182 | 1,657,553 | ||||||
Stock based compensation | 289,296 | 314,350 | ||||||
Increase in Allowance for Doubtful Accounts | 194,077 | 54,219 | ||||||
(Increase) Decrease in accounts receivable | 326,667 | (29,513 | ) | |||||
(Increase) in inventories | (94,480 | ) | (68,180 | ) | ||||
(Increase) in prepaid expenses | (33,578 | ) | (20,256 | ) | ||||
Increase (Decrease) in accounts payable | 42,988 | (660,256 | ) | |||||
Increase (Decrease) in accrued expenses | 661,108 | (113,885 | ) | |||||
(Decrease) in deferred revenues and gain on sale - leaseback transactions | (167,970 | ) | (38,852 | ) | ||||
Increase in accrued interest payable | 471,455 | 568,342 | ||||||
Net cash provided by (used in) operating activities | 1,980,050 | (2,036,613 | ) | |||||
Cash Flows From Investing Activities | ||||||||
Purchases of leasehold improvements and equipment | (1,807,499 | ) | (2,138,839 | ) | ||||
Decrease in other assets | 5,695 | 16,537 | ||||||
Net cash (used in) investing activities | (1,801,804 | ) | (2,122,302 | ) | ||||
Cash Flows From Financing Activities | ||||||||
Principal proceeds from long-term debt | 1,700,000 | 2,050,000 | ||||||
Proceeds from revolving line of credit | 50,000 | - | ||||||
Proceeds from equipment term loan | 32,407 | 50,000 | ||||||
Principal payments on long-term debt | (1,293,835 | ) | (792,956 | ) | ||||
Proceeds from the exercise of options and warrants | 162 | - | ||||||
Net cash provided by financing activities | 488,734 | 1,307,044 | ||||||
Increase (Decrease) in cash | 666,980 | (2,851,873 | ) | |||||
Cash at beginning of period | 423,361 | 3,442,712 | ||||||
Cash at end of period | $ | 1,090,341 | $ | 590,839 | ||||
Supplemental Disclosure of Cash Payments for | ||||||||
Interest | 427,888 | 254,856 | ||||||
Supplemental Disclosure of Noncash Transactions | ||||||||
Purchase of leasehold improvements and equipment included in accounts payable | 29,478 | 27,667 |
| |||||||||||||||||||||||||||||||
|
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |