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ProtoSource Corporation (PSCO)

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Last Post: 5/17/2017 1:54:42 PM - Followers: 7 - Board type: Free - Posts Today: 0

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


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

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.


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PlusOneCoin Top Posts
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#481   I notice this company is not answering the Lazarus 05/17/17 01:54:41 PM
#480   $PSCO .01 new website with new comments from creator MONSTAMONEYMOVA 02/14/17 12:49:05 PM
#479   PSCO new website? first post yesterday: www.psnw.com dblock110 02/14/17 12:48:03 PM
#478   Of all that shit things one could say Lazarus 04/15/16 03:25:24 PM
#477   Not so. I paid 005 today rosesarefree 07/01/14 04:21:30 PM
#476   PSCO is the reverse split king and scam MazelTov 06/07/13 01:51:47 PM
#475   Pink No information 60k 3mo. avg vol. SUPERNATURAL 09/23/12 05:32:48 PM
#474   My mistake, thanks. sarshee 10/19/10 12:26:35 PM
#473   wrong ticker, you want PCSO dmerc 10/19/10 10:47:18 AM
#472   Did this company take over the shell for sarshee 09/23/10 12:28:40 PM
#471   dayneyus 04/28/10 11:49:30 AM
#470   Didn't take much of anything to knock out Claypool Reservoir 02/16/10 01:45:09 PM
#468   Would like to see some volume come back Claypool Reservoir 02/10/10 10:33:51 PM
#467   PSCO used to have Mcclatchy as on of Lazarus 02/10/10 09:25:48 PM
#464   Looking good Go PSCO Claypool Reservoir 01/06/10 10:27:02 AM
#463   WoW. Look at that volume! MetalHead 01/06/10 10:18:55 AM
#462   MORE VOLUME, YES!! MetalHead 01/04/10 02:06:27 PM
#461   No, once again, it is an opinion, not MetalHead 01/04/10 01:45:54 PM
#459   alot of people have alot of opinions on TM43 01/04/10 01:42:17 PM
#458   and then your previous statement was the same. MetalHead 01/04/10 01:41:38 PM
#457   Orrrr... others were in their eyes PROMISING much MetalHead 01/04/10 01:41:11 PM
#456   instead they prefer to blame others because 75% TM43 01/04/10 01:40:21 PM
#455   I bought at .04 could've bought your .025 Claypool Reservoir 01/04/10 01:39:32 PM
#454   in your opinion.... TM43 01/04/10 01:39:27 PM
#453   Yes, another fact is that a group came MetalHead 01/04/10 01:37:36 PM
#452   Maybe you don't recall the spreads that this MetalHead 01/04/10 01:36:16 PM
#450   Well considering you are in at .025 and Claypool Reservoir 01/04/10 01:35:25 PM
#448   I sure hope so. All hot air through MetalHead 01/04/10 01:34:30 PM
#446   Wont be long before that happens hopefully sooner Claypool Reservoir 01/04/10 01:33:48 PM
#445   Good, just take me out at .025 and MetalHead 01/04/10 01:33:15 PM
#443   Nice volume! Great bid smack! MetalHead 01/04/10 01:30:44 PM
#442   another excellent day here. Great job gang! MetalHead 01/04/10 11:03:38 AM
#441   Nice ask slap yesterday... something to be TM43 12/31/09 09:34:43 AM
#435   .017 close , Carlito 12/23/09 04:02:15 PM
#434   Picked up some more here today Claypool Reservoir 12/23/09 03:54:11 PM
#432   Wow, this stock is so awesome. .015x.017 MetalHead 12/22/09 10:55:20 AM
#431   How come they are only trading like 2 hijeri 12/22/09 10:01:06 AM
#430   Have i little patience and faith !!!! Carlito 12/22/09 05:32:16 AM
#429   I'M glad you are green. I'm sure not. MetalHead 12/21/09 02:33:09 PM
#428   Just need more Vol... If we can Carlito 12/21/09 02:24:36 PM
#427   we're in the green! spread the word Kiwi99 12/21/09 02:20:05 PM
#426   PSCO gonna get some volume today? That Kiwi99 12/21/09 09:29:53 AM
#425   Was not real concerned with the way this Claypool Reservoir 12/18/09 04:36:40 PM
#424   .017, bottom ! Carlito 12/18/09 03:12:59 PM
#423   I leave for a day and this is Texas Twister 12/18/09 12:16:40 PM
#421   Any chance this will go back up, or hijeri 12/18/09 11:24:05 AM
#419   No free trading shares. The company has MetalHead 12/18/09 10:43:00 AM
#418   yes it was... TM43 12/18/09 10:41:07 AM
#415   and how exactly do you know I had MetalHead 12/18/09 10:36:59 AM
#414   People love buying based on others hard work... TM43 12/18/09 10:34:15 AM