From 10-Q:
Actual shares issued and outstanding at March 31, 2009 9,927,329
Stock subscriptions payable - note holders 2,750,000
Stock subscriptions payable - investment banker 813,688
Series B convertible preferred stock issued to P2i, Inc. (see Note 4) 19,383,531
============
32,874,548
http://pinksheets.com/edgar/GetFilingHtml?FilingID=6606961
Nature of operations - ProtoSource Corporation, formerly SHR
Corporation doing business as Software Solutions Company (the Company),
was incorporated on July 1, 1988, under the laws of the state of
California. Until May 1, 2002, the Company was an Internet service
provider (ISP). The Company provided dial-up Internet access, web
hosting services and web development services. On May 1, 2002, the
Company entered into an agreement to sell substantially all of the
assets pertaining to the ISP to Brand X Networks, Inc. On August 16,
2007, the Company exercised its security interests and entered into a
foreclosure acquisition agreement with Brand X Networks, Inc., taking
possession of its business assets as collateral due to its inability to
pay its debt to the Company. These assets were transferred to
ProtoSource Acquisition II, Inc., a Nevada corporation (incorporated
August 15, 2007) and a wholly owned subsidiary of the Company, on
September 1, 2007. Effective September 1, 2007, the Company provides
bilingual technical support services, web-hosting, and Internet
connectivity (see Note 3).
Effective January 1, 2004, the Company acquired P2i Newspaper, LLC (see
Note 4). P2i Newspaper is principally engaged in the conversion of text
and graphics from print to interactive Web content. Its clients include
newspaper groups located in the United States and the United Kingdom.
P2i Newspaper is headquartered in Bethlehem, Pennsylvania and has a
data conversion center located in Kuala Lumpur, Malaysia. Interim
Financial Statements - The accompanying financial statements
for the three months ended March 31, 2009 and 2008 are unaudited, and
have been prepared pursuant to the rules and regulations of the
Securities and Exchange Commission ("SEC"). Certain information and
note disclosures normally included in annual financial statements
prepared in accordance with generally accepted accounting principles of
the United States of America have been condensed or omitted pursuant to
those rules and regulations. Accordingly, these interim financial
statements should be read in conjunction with the audited financial
statements and notes thereto contained in ProtoSource Corporation (the
"Company") Annual Report on Form 10-K for the year ended December 31,
2008, filed with the SEC on April 15, 2009. The results of operations
for the interim periods shown in this report are not necessarily
indicative of results to be expected for other interim periods or for
the full fiscal year. In the opinion of management, the information
contained herein reflects all adjustments necessary for a fair
statement of the interim results of operations. All such adjustments
are of a normal, recurring nature. Certain reclassifications have been
made to the prior year amounts to conform to the current year
presentation.
The year-end condensed balance sheet data was derived from audited
financial statements in accordance with the rules and regulations of
the SEC, but does not include all disclosures required for financial
statements prepared in accordance with generally accepted accounting
principles of the United States of America. The accompanying consolidated financial statements include the accounts
of the Company and its subsidiaries. All of the Company's subsidiaries
are wholly owned for the periods presented. All intercompany
transactions have been eliminated.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [ X ]
There were 9,927,329 shares of the registrant's common stock, no par value, outstanding as of March 31, 2009.