-Latest PVSP News- a/o April 23, 2013 April 23, 2013
Pervasip Corp. Reports First Quarter Results
WHITE PLAINS, N.Y., April 23, 2013 /PRNewswire/ -- Pervasip Corp. (OTCQB:PVSP)
Summary of Recent Accomplishments:
Quarterly net income of $2.3 million
Gross margin of 54%
$4.6 million improvement in working capital deficiency over the past three months
Significant reductions in short-term debt, interest expense and SG&A expense
Pervasip Corp. (the "Company"), a cloud-based voice and video communications solutions, apps and services provider, today reported earnings for the quarter ended February 28, 2013.
Net income for the quarter ended February 29, 2012 was $2,312,699, or $0.01 per basic share and $0.00 per diluted share, compared to $3,206,757, or $0.03 per basic share and $0.02 per diluted share, in the first quarter of 2012.
The gross margin for the quarters ended February 28, 2013 and February 29, 2012, was approximately the same for both periods at 54% and 55%, respectively. The slight decrease in the gross profit percentage is attributable to the increased number of free subscribers utilizing the VoX mobile VoIP app. To attract retail customers, the Company offers calling rates that are steeply discounted in comparison to wireless carriers and several calling plans with free minutes or a free month of service.
The Company's working capital deficiency decreased from $11,816,538 at November 30, 2012 to $7,162,293 at February 28, 2013, an improvement of $4,654,245. Short-term debt decreased from $7,444,490 at November 30, 2012 to $2,765,299 atFebruary 28, 2013, an improvement of $4,679,191.
Interest expense decreased by $914,896, to $163,570 for the three months ended February 28, 2013, as compared to$1,079,466 for the three months ended February 29, 2012, due to lower debt levels and interest rates.
Selling, general and administrative expenses decreased by $353,442, or approximately 48%, to approximately $380,549 for the three-month period ended February 28, 2013 from approximately $733,691 reported in the same prior-year fiscal period.
"We are pleased that we have experienced considerable improvement in our balance sheet and income statement," said Paul Riss , Pervasip's CEO. "The decreased interest expense is noteworthy and we continue to successfully reduce our debt."
"We consistently see growth in downloads, installs and purchases of our mobile VoIP app," continued Riss. "Like many of the elite app companies, we see hundreds of downloads and installs each day. Unlike many other app companies, we also have a revenue-generating app, for which we are collecting approximately 20 payments each day, in the month of April. We anticipate the imminent release of our iPhone app will double our number of paid subscribers."
For additional disclosure regarding operating results, refer to the Quarterly Report on Form 10-Q for the period ended February 28, 2013, which has been filed with the Securities and Exchange Commission. March 18, 2013 Pervasip Corp. Reports Full Year 2012 Results March 4, 2013 Pervasip Reduces Debt by More Than $5 Million "This financing is a significant milestone for Pervasip," said Paul Riss, the Company's chief executive officer. "We believe we have a strong technology platform, an exceptional team of technologists and innovators, and a sizeable head start with our current generation of mobile VoIP and video apps and our existing subscriber base. We believe our debt was holding us back."
Feb. 25, 2013
-Latest SEC Filings-
a/o April 23, 2013
10-Q April 23, 2013
NT 10-Q April 15, 2013
Extension for Quarterly Report
10-K March 15,2013
Annual Report, Fiscal Year End November 30, 2012
8-K March 6, 2013
Item 1.01 Entry into a Material Definitive Agreement.
"On February 8, 2013, LV Administrative Services, Ltd., as agent acting on behalf of certain holders of debt, entered into an assignment and assumption agreement (the "Assignment Agreement"), as assignor, with NetCapital.com LLC ("NCC"), as assignee, which was filed on Form 8-K with the United States Securities and Exchange Commission on February 19, 2013.
Effective February 8, 2013, NCC assigned 100% of its right, title and interest in, to and under the Assignment Agreement to 112359 Factor Fund, LLC (the "Fund") in exchange for the Fund's agreement to satisfy the payment obligations due under the Assignment Agreement.
Effective February 15, 2013, Pervasip Corp. (the "Company") entered into a securities purchase agreement with the Fund pursuant to which the Company issued to the Fund (i) an amended convertible debenture in the principal amount of $6,043,850, which was immediately canceled ("Amended Note 1"), (ii) an amended and restated convertible debenture with an issuance date of November 30, 2005 and an amended principal balance of $1,000,000 ("Amended Note 2"), and (iii) an amended and restated convertible debenture with an issuance date of May 31, 2006 and an amended and restated principal balance of $1,000,000 ("Amended Note 3" and together with Amended Note 1 and Amended Note 2, the "Amended Notes").
The Amended Notes were sold to the Fund, which is an "accredited investor" (as such term is defined in the rules promulgated under the Securities Act of 1933, as amended (the "Act")), in exchange for the assignment to the Company of 100% of the Fund's right, title and interest in, to and under the Amended Note 1, the assignment to the Company of 100% of Buyer's right, title and interest in, to and under that certain convertible debenture dated December 26, 2012, and issued by the Company to Asher Enterprises, Inc., $150,000 in cash paid to the Company, and approximately $65,000 in transaction costs..." (see more)
NT 10-K Feb 28, 2013
Extension for Annual Report
8-K Feb. 19, 2013
Item 1.01 Entry into a Material Definitive Agreement.
"On February 8, 2013, LV Administrative Services, Ltd. ("LV"), as agent acting on behalf of certain holders of debt (the "Holders"), entered into an assignment and assumption agreement (the "Assignment Agreement"), as assignor, with NetCapital.com LLC ("NCC"), as assignee, pursuant to which LV assigned the Notes (as hereinafter defined), and all rights owing thereunder, to NCC for a total purchase price of $350,000, payable over eight weeks beginning on February 15, 2013. The "Notes" as defined herein means those certain outstanding promissory notes previously issued by Pervasip Corp. (the "Company") to the Holders, in the approximate principal aggregate amount of $7,044,000.
Effective February 6, 2013, the Company entered into a securities settlement agreement (the "Settlement Agreement") with NCC, pursuant to which the Company shall pay $450,000 to NCC and, upon such payment in full, the outstanding aggregate principal amount shall be satisfied in full and the Notes shall be cancelled. Alternatively, NCC may convert the $450,000 due under the Settlement Agreement into shares of the Company's common stock, par value $0.001 (the "Common Stock"), at a conversion price equal to $0.02 per share..." (see more)
8-K Jan. 18, 2013
14-C Dec. 26, 2012
(See All Filings)