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Sosa Im not sure these guys have the stones to sue anyone.....
"My next prediction is; if Calypso ever actually comes close to having a commercially viable product, they will file for chapter 11 and wipe out the shareholders, then reorganize in favor of all the scam artists that stole your money. Since the scam is pretty much over except for the occasional drivel on the MBs, they probably won't even bother to dissolve the company."
My understanding was that they DID in fact have a commercially viable product with stated orders from some companies...
These orders were never filled. Or for that matter even attempted to be filled.
Is there any type of mechanism whereby we could find out if this company actually shows up each day,has a business plan, speaks with potential customers ETC.....
Does anyone know when the last PR was?
"Clyw has both"
but they don't do anything with it.
right on stockwatcher....
again...
5th or 6th grade level english...
you wrote:
"I could careless what your opinion"
care and less are 2 separate words with separate meanings...
"careless" the word is often interchanged with thoughtless,
which has a totally different meaning...
Geez I was kidding ...but it looks like you really DON'T know what it means....
This is 4th grade level english...
you wrote,
"Calypso could careless about you"
now take a look at what you just posted and see if "care less " works.......
as in: I could care less if you have a 4th grade education....
I think "careless" is actually two words...
I'm guessing your education wasn't quite what it could have been.
Hey Calypso If you have any of the TECH that you claim to have...
why not do the right thing here and sell the company to someone that can and will do something with it?
Since either your total ineptness or criminal intensions
make you unable to...
At least I don't stay here day in and out following a nothing company...
My investment here was over a year ago and I rarely post here...
One might want to question what else you have going for you if all you do is babble here...
seriously, there seems to be ZERO oversight for this company.
I would think the fact that they are not on an exchange should not be a nexcuse...
There have been SEVERAL crooks associated with this company...according to articles written....mostly from the beginning...
But how that could have not triggered an investigation is beyond me...
It is concieveable that technology in hand or not , this could have been a vehicle simply for rotating crooks to
issue themselves stock and then liquidate it...
Many disturbingly false (seemingly) PRs have been written ...beginnig with a phone deal with 1 man (Pandoon)
in England that went nowhere...
to PRs stating that demonstartions had happened early on (false or misleading)
To deals that had names of companies that never could be found with google searches....
and on and on....
NO OVERSIGHT....NO accountability....
ANd now seemingly they will just skate away into the darkness, having raped the company for what dollars they could get out of it....
Truely unbelieveable.
CLYW employees still showing up to work?
anyone know if they still attempt to "work" on a daily basis?
I ask again Calypso HOW DO YOU NOT FILL YOUR OWN ORDERS
for deals that you have secured?
How do you not fill your own orders that yopu have recieved?
Sounds like the deals never existed and when no pump action of announcing the deals they say "let's go another direction"
translation , lets try to pump the stock another way...
I would love to hear ANYONE from CLYW try to account for either where they are now or what their original plan was and why it failed....and what they hope to do, or are even trying to do.
They actually didn't fail by many barometers...
They (belatedly) came out with asnap...
They merged with a software company for extra help
They aquired a production facility/company/design place
They signed by their own admission 3-5 deals.....
THEN THEY DECIDED TO DO NOTHING.....
Explain this Calypso.
Pump and dump scam?
pump and dump scam?
pump and dump scam?
anyone know if ther ewill be any word out of this company ever again?
pretty quiet in Calypsoland........
Redmond Tests Calypso Fixed-Mobile Convergence
News Publication Date: 20 March 2006
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By Rhonda Ascierto
A large software company in Redmond, Washington is trialing promising new fixed-mobile convergence technology from a tiny public US company, ComputerWire has learned.
Calypso Wireless Inc has developed a potentially breakthrough technology that enables seamless voice, video and data connectivity between different devices, including desktop VoIP phones and mobile handsets.
“The goal is to use your mobile handset as a remote control of sorts for all your devices, like your PDA, notebook and desktop,” said Akshay Sharma, chief technical officer of Miami Lakes, Florida-based Calypso.
Calypso’s patented Automatic Switching of Network Access Points, or ASNAP, server and client package provides seamless roaming between GSM-based cellular networks and 802-11-based WiFi networks.
While Calypso is not alone in developing seamless roaming, the company claims the most comprehensive and cheapest package, and last year won Frost & Sullivan’s WiFi Technology of the Year Award.
ASNAP is designed to integrate all wireless communication components without the big investment layout and costs.
The technology also boasts an intrinsic authentication system that permits roaming only between service providers with an existing agreement. And Calypso has developed a system for revenue settlements between s numerous carriers while the end user would receive just one bill.
But getting carriers on board will be a stumbling block, Sharma admits.
That’s a large part of why the first applications of ASNAP will likely be on enterprise campuses, Sharma said.
Since Calypso launched its ASNAP client software and server last month, the 50-person company has received “a ton” of enquiries from interested companies, Sharma said. Notably, a large software company in Redmond -- the Washington city that’s home to Microsoft Corp.
While Sharma was bound not to name names, he said “Redmond” was trialing a working prototype WiFi mobile phone with Calypso’s ASNAP client. The device is the result of Calypso’s 18% ownership stake in handset manufacturer RV Technology Ltd.
Last November, the phone’s chipmaker Intel Corp showed off the device at the 3G World Congress in Hong Kong. Last week, the device also was on show at Intel’s booth at the VON show in San Jose, California.
Now “Redmond” is trialing the device for its own on-campus use, as well as to explore potential offshoot applications, Sharma said. A trial of this type would take at least three months, he reckoned.
Enterprises could pre-set employees’ mobile phones or PDAs to automatically switch to either the lowest-cost or best available quality network during a call. On an enterprise campus, that likely would be between a cellular network and proprietary WiFi hotspots on site.
The Calypso server determines the mean opinion score of the call’s quality or expense, based on GPS coordinates when available or the location of a WiFi hotspot. This means enterprises could cut down on workers’ cell phone minutes, many of which are clocked on large company campuses.
No carrier deals with Calypso’s RV Tech phone have been announced, but Calypso has trial deployments with about half a dozen carriers in Europe, Asia and Latin America, he said.
For the device to actually be deployed, Calypso would need regulatory approval. In the US, it takes on average between six to nine months to get the regulatory green flag, Sharma said, but it varies from country to country.
Back in 2003, Calypso inked a $500m deal with China Telecom to roll out a similar device, from a now-defunct handset maker, this year. Calypso hopes to revise the deal now that it has the RV Tech device, Sharma said. Then again, China Telecom may end up going with one the country’s local dual-mode phone makers instead, he added.
So far, Calypso has successfully tested its client on about 15 different dual-mode Windows phones.
Because ASNAP runs on standard Windows mobile OS, the software could be ported on any Windows-based dual mode or quad-band device.
Calypso is currently in talks with UTStarcom Inc of Alameda, California to license ASNAP on one of its dual-mode, WiFI phones. Calypso also is negotiating with other OEMs that Sharma declined to name. But to date no deals have been inked.
This in large part is due to potential legal issues surrounding ASNAP technology, Sharma said. Calypso owns a patent for its cellular-handoff technology, and has another patent pending for satellite-handoff.
But other emerging wireless technologies, notably UMA, or unlicensed mobile access, and IMS, or IP multimedia subsystem, also promise seamless roaming – the basis of Calypso’s patent, Sharma said.
“Large carriers would rather out company just go away so they can just launch their UMA or IMS solutions without potential legal burden,” he said. “Our stance is, we’d rather partner with them than fight them legally.”
Of course, IMS and UMA trials already are underway. T-Mobile USA Inc, for example, is trialing GMS-over-WiFi roaming using a wireless UMA gateway from Kineto Wireless, Sharma points out.
Sharma’s ex-colleagues from his previous employer Siemens have actually asked why Calypso hasn’t “gone after Kineto on this market trial,” he said. “We are engaged to see how we can partner first, but then if we feel like our rights are violated, we will have to enforce them.”
While there have been no lawsuits filed by Calypso, Sharma said some large carriers are wary of licensing the company’s technology because it is patented and, therefore, presents a potential legal challenge, Sharma said. This is especially true in light of BlackBerry maker Research in Motion Ltd’s recent $612m settlement with patent house NTP Inc, he said.
“We’re the only company with an end-to-end seamless roaming solution from handset to server that is also backed by a patent,” Sharma said.
Of course, carriers also may not be too eager to use seamless roaming that will direct calls away from their own cellular networks, which they have invested in heavily, to WiFi networks, Sharma said.
“It’s not in Cingular or Verizon or Sprint’s best interest that you go with WiFi, which is next to free or free and bypasses their 3G spectrum and equipment,” he said.
Calypso’s ASNAP server costs about $10,000, while the stand-alone client software has a one-off cost of $40 per phone. The company’s RV Tech-Intel WiFi phone, the C1250i, retails for about $400.
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Computergram - 20 March 2006
Wireless Weekly Review - 27 March 2006
and in the following industry sectors:
Hardware > Devices and Peripherals > Mobiles, Hand-Helds, PDAs, Smartphones
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anyone seeing this stock go to .25-.50 in the next 6 months?
CLYW moving up...anyone know why???
You are full of more BS than any other individual I have ever witnessed on a stock board...
And the sad part is that you believe your own BS.
These jerks are still drawing paychecks?
this chart this year has gone from .40 down to .05 and last year from 1.00 down to .40............
and all the while management led us to believe that everything was ok....
asnap was solved....
CLYW merged with a succesful competitor (suposedly)
phones were shown...
orders were taken....
and then that deafening silent sound that only Calypso can do so well....
THIS COMPANY IS WORTH NOTHING.
are you still pumping this piece of crap?
look at the chart...and ask what the hell have they done for you?
ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATION Back to Table of Contents
Introduction
The following discussion of our financial condition and results of our operations should be read in conjunction with the Financial Statements and Notes thereto. Our fiscal year ends December 31. This document contains certain forward-looking statements including, among others, anticipated trends in our financial condition and results of operations and our business strategy. (See "Factors Which May Affect Future Results"). These forward-looking statements are based largely on our current expectations and are subject to a number of risks and uncertainties. Actual results could differ materially from these forward-looking statements. Important factors to consider in evaluating such forward-looking statements include (i) changes in external factors or in our internal budgeting process which might impact trends in our results of operations; (ii) unanticipated working capital or other cash requirements; (iii) changes in our business strategy or an inability to execute our strategy due to unanticipated changes in the industries in which we operate; and (iv) various competitive market factors that may prevent us from competing successfully in the marketplace.
Plan of Operation
As noted above, the Company has spent millions researching and developing a now patented technology. Calypso Wireless' technology allows you to switch and connect from either a cellular network or a Wireless Local Area Network Access Point (WLAN), seamlessly without the user noticing the change. This means uninterrupted connectivity as you travel in and out of the range of WLAN access points. The use of ASNAP™ (Automatic Switching of Network Access Points) also increases the amount of available wireless bandwidth from the current state of technology of 9.6 kbps to 11 Mbps.
A part of its original business model was to manufacture and become a supplier of cellular devices. To that end, it expended funds to purchase equipment to be used in the manufacturing of the phones and entered into the beginnings of the design phase with RV Technology. During 2006, the Management of Calypso, began an in-depth review of the business model and decided to redirect our focus from becoming a supplier of cellular broadband real time video phones, and other wireless devices because we faced substantial competition in the wireless device market from a variety of companies and technologies, some of which are larger, have longer operating histories, have substantially greater financial, technical and marketing resources, larger customer bases, greater name recognition and more established relationships in the industry than we have. Consequently, these competitors can devote greater resources to the development, promotion, sale and support of their products. The cost to achieve the quality of this type of product desired would have been a continuing drain on company resources and probably too late for the advantage we would have had with the market.
The Company has revised its business model such that it will sell licensing agreements with OEMs and businesses that cater to enterprise companies to license the technology based on our patented ASNAP™ technology (U.S. Patent Number: 6,680,923) and or license the patent rather than become a supplier of cellular and other devices. Calypso Wireless' mission is to conduct research and develop products which can be licensed to manufacturers, carriers and enterprise companies in the global wireless communications industry. We believe our commercial success depends on identifying broad-based technology solutions for our customers, and ultimately the end user.
Our technology was further advanced through the acquisition of Sleipner S. A. Sleipner builds advanced IP-based communications systems and software platforms enabling comprehensive network-telephony solutions and innovative data converged services for enterprise and consumer customers. Sleipner's VoIP and IP solutions and applications are designed on CoMEDIA, the first complete family of SIP-based solutions offered to the market. Service providers and enterprises can build their own SIP applications using Sleipner technology to fit their unique voice needs and compared with circuit-based deployments, VoIP implementations are completed faster with fewer difficulties. Sleipner's COMOB software enables smart phones and wireless PDA/Pocket PCs to switch between GSM or CDMA cellular towers and Wi-Fi access points known as hotspots. The European mobile market has a base of over 342 million subscribers and is continuing to grow rapidly. The Company believes that with its patented ASNAP™ technology, European mobile carriers should be able to expand their customer base, reduce costs of additional frequency spectrum and infrastructure, and increase revenues by offloading capacity to the Wireless Local Area Networks and IP Networks with new services featuring our WiFi-GSM-GPRS VoIP cellular phone.
Our company is distinctive in its focus on creating products which minimize the technological barriers to change and accelerate the communication industry's operating efficiency. Calypso's products and services include the Calypso Wireless ASNAP™ PATENT. The ASNAP™ system implements the Calypso patented ASNAP™ technology that allows the seamless switching between PSTN and VoIP, through the ASNAP™ seamless session control. In addition, the Calypso-Sleipner ASNAP™ MediaGateway/Media Server which is a comprehensive and flexible development environment for business and carrier-grade critical Next Generation Network( NGN) solutions. It is a script driven telephony and VoIP application server. As such, it has its own scripting language built by class extensions from the ASNAP™ Script Interpreter. While the server scripting language can support the creation of complete telephony and VoIP applications, it was designed to be a specific programming language made for the NGN. Further, the IDE/Script Editor an easy to use Integrated Development Environment for Windows. This Editor is specifically designed for ASNAP™ Script and has features for beginners and professional developers.
Our current products and services are more fully described above under Products and Services.
Calypso Wireless will continue research and development for future growth. 3GPP IMS IP Multimedia Subsystem Service Convergence is a new way to communicate and access communications and content. It is presence based, location and visual communications with push-to-talk, -view, -share, and -access relevant media. This provides enriched communication between users and applications- take your office with you, mobilizing the enterprise, have your media at hand, be always best connected and have broadband everywhere. 3GPP IMS is based on SIP (session initiation protocol). The SIP protocol was originally defined by the IETF and then adopted for mobile networks by 3GPP and 3GPP2. SIP is typically used for VoIP (Voice over Internet Protocol) Session control and would be the basis for VoIP networks; however 3GPP IMS-based architectures suffer from requiring a carrier network to upgrade to newer equipment. Calypso Wireless ASNAP™ technology allows for seamless integration to the existing core networks, the existing cellular/landline devices, without requiring a carrier forklift to an elusive unified core network.
Examples of future converged applications that can arise from the Calypso Wireless ASNAP™ patented technologies, using technologies from Calypso wireless and potential OEMs include:
- Presence and Location-based Applications
- Seamless video Session Continuity
- Seamless Music Session continuity
- Seamless Video Gaming Session Continuity
- Federated Identity Management
MVNE/MVNO Revenue Settlements and Convergence with Seamless Session Continuity
In conjunction with its direction towards licensing its technology, the Company has reduced its operating costs by reducing the number of employees to approximately 10 employees. We have not experienced any work stoppages and consider our relations with our employees to be good.
Liquidity and Capital Resources
At December 31, 2005, we had a working capital deficit of $716, 527 compared to a working capital deficit of $2,505,166 at December 31, 2004. The Company's negative working capital is partially due the cash used to purchase RV Technology. In 2004, the working capital deficit was greater due to the restatement related to accruing liabilities for the issuance of stock to non-employees for non-cash compensation. The Company issued stock as compensation to preserve its cash. During 2005, the Company raised $3,920,000 in private placement offerings.
The Company requires approximately $5 million to fund its annual operating budget for 2006. These funds will be used for development of additional products, marketing the products, obtaining additional patents and normal business operations.
We have historically sustained our operations and funded our capital requirements with the funds received from the sale of our common stock. To date, the Company's has received over $15.5 million from its financing activities and has issued shares valued at approximately $11.5 million for services provided to the Company.
The Company is currently negotiating a Private Placement Memorandum to raise additional funds. Further, the Board of Directors has given its consent to a group of investors that are planning to acquire a majority interest in Calypso shares through private transactions. These private transactions, if consummated, would result in a change in control with a new Board of Directors and new management. These investors are planning to invest additional working capital resources in the Company. However, there can be no assurance that these individual purchase transactions will be finalized. In such an event, this may have a materially adverse effect on our business, operating results and financial condition.
We have not included continued operational funding for Sleipner in our cash requirements. The share Purchase Agreement makes reference to a Collaboration Agreement which was signed with Drs. Massimo Plateo, Alessandro Valenti, Francesco Cafiero, Bruno Motta (the Collaborators). Pursuant to the Collaboration Agreement, the Collaborators were required to devote their time, attention, energy and skills to the faithful and diligent performance of their duties, including, without limitation, traveling as reasonably requested by Calypso and consistent with past practice. Except as otherwise agreed between Calypso and Collaborators, from time to time Collaborators agreed to devote all of their business time, attention, skill, and efforts to the performance of their services and responsibilities on behalf of Calypso. Under the Collaboration Agreement, Calypso agreed to fund the operations of the Company for the duration of the two year initial term in an amount of US$77,000,00 (seventy-seven thousand) per month to cover costs relating to ordinary administration of Sleipner S.A. in a manner consistent with past practice with certain other requirements and reductions for commission. Calypso, funded the operations fund for two months. Because appropriate accounting records for the expenditures from this fund were not provided to Calypso's Chief Financial Officer and funding was discontinued. Calypso is continuing to review whether the Collaborators met the terms of the service description in the Collaboration Agreement. During 2006, Calypso Wireless has merged most of the operations of Sleipner into Calypso and Mr. Alessandro Valenti has joined Calypso as the Vice President of Research and Development.
We have not included funding for future purchases of RV Technology stock to increase our equity interest in our capital requirements. Our Board has decided against further investment in RV Technology at this time and we are not pursuing further design and production activities.
Results of Operations - Year Ended December 31, 2005 compared to Year Ended December 31, 2004
Revenues
The Company did not generate any revenue related to the sale of its products during the years 2005 and 2004. The Company received two purchase orders for the C1250i dual mode cellular phone, from Inversion CCS and Serinova during 2005. Delivery against these purchase orders will not be made in light of the Company's change in business model which does not include production or deliver of phones. In addition, these purchase orders required lines of credit which neither company was able to obtain.
Operating Expenses
During 2005, the Company incurred operating expenses of $10,715,246 compared to $10,950,630, as restated, during 2004. Our operating expenses decreased by $467,271. This decrease is the result of a net reduction of impairment expense, an increase in expense for research and development, a deduction in expense for stock-based compensation and an increase in salaries. The 2004 impairment expense of $3,446,411 was due to the write-down of equipment. In 2005, the impairment expense of $1,949,999 was due to the write-down of the value of the RV Technology investment. RV Technology's unaudited financial statements have substantial negative retained earnings which has increased due to losses in the first quarter of 2006. The Company has not obtained audited information from RV Technology and has recorded an impairment charge.
Net Loss and Loss Per Share
The Company had a net loss of $10,715,246 for the year ended December 31, 2005, compared to a restated net loss of $10,950,630 in 2004. The net loss decreased by $235,384. the decrease was due to the reasons set forth under Operating Expenses above. The Company's net loss per share for 2005 and 2004, as restated, were $0.09 and $0.10, respectively.
Off-Balance Sheet Arrangements
The Company had no off-balance sheet arrangements for the fiscal year ending December 31, 2005.
ITEM 7. FINANCIAL STATEMENTS Back to Table of Contents
The preparation of financial statements in conformity with generally accepted accounting principles require the appropriate application of certain accounting policies, many of which require us to make estimates and assumptions about future events and their impact on amounts reported in the financial statements, and related notes. Since future events and their impact cannot be determined with certainty, the actual results will inevitably differ from our estimates. Such differences could be material to the financial statements.
We believe application of accounting policies, and the estimates inherently required by the policies, are reasonable. These accounting policies and estimates are periodically reevaluated, and adjustments are made when the facts and circumstances dictate a change.
Our accounting policies are more fully described in note 1 to the notes to consolidated financial statements, contained in this Form 10-KSB. We have identified certain critical accounting policies that are described below.
Software development costs represent capitalized costs incurred in the development of the cellular phones and telecommunications infrastructure software. The Company began capitalizing these costs once technological feasibility had been established during the first quarter of 1999. All costs incurred prior to establishment of technological feasibility were expensed as research and development expenses. The Company established a policy to amortize the capitalized software and development costs over a three-year period beginning January 2004 and filed restated financial statements to reflect this change. The 2004 amortization amounted to $1,552,698. Effective January 1, 2005, all costs associated with the development of the phones, which were completed in early 2005, were expensed as incurred. Management concluded that the Company's annual report for the year ended December 31, 2004 and the quarterly report for the period ended March 31, 2005 should be restated. Such restatements were subsequently made and amended reports were filed.
Certain stock had been issued in 2005, which related to consulting agreements previously entered into by the Company. The Company entered into various consulting agreements with individuals for services to be provided and with consideration to be paid in shares of common stock of the Company. Pursuant to EITF 96-18, "Accounting for Equity Instruments that Are Issued to Other than Employees for Acquiring, or in Conjunction with Selling Goods or Services", the value of the share consideration should have been recorded as of the date the service agreements were entered into because the shares were fully vested and nonforfeitable. Management of the Company concluded on April 17, 2005 that the Company's consolidated financial statements contained in the Company's Form 10-KSB's for the years ended 2004 and 2003 would require restatement. On September 7, 2005, management was able to determine the proper treatment for recording these particular transactions as costs at the date at which a commitment for performance by the counterparty to earn the equity instruments was reached and the valuation of the liability would be based on the stock price on dates of said contracts. The cost has been amortized over the life of the contracts. All other stock-based transactions were fully expensed for all prior financial reporting periods. Management concluded that the Company's annual reports on Form 10-KSB for the years ended December 31, 2004 and 2003, and the Company's quarterly report for the period ended March 31, 2005 should be restated and the financial statements and the amended consolidated financial statements for the aforementioned periods were subsequently filed. The Company has been notified of an SEC investigation relating to the consulting agreements. We are providing the requested information and will continue to fully comply with all future requests. The Company believes the failure to initially report these consulting agreements and the resulting restatement was caused by a misunderstanding and misinterpretation of the accounting requirements and as a result of deficiencies in disclosure controls. In an attempt to correct this deficiency, the Company has hired a new CFO and has retained an accounting consultants, both of whom are certified public accountants.
New Accounting Pronouncements
In May 2005, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standard ("SFAS") No. 154, Accounting Changes and Error Corrections. SFAS No. 154 replaces Accounting Principles Board Opinion No. 20, Accounting Changes, and SFAS No. 3, Reporting Accounting Changes in Internal Financial Statements, and changes the requirements for the accounting for and reporting of a change in accounting principle. SFAS No. 154 requires retrospective application of changes in accounting principle to prior periods' financial statements, unless it is impracticable to determine either the period-specific effects or the cumulative effect of the change. SFAS No. 154 is effective for accounting changes and corrections of errors made in fiscal years beginning after December 15, 2005. We will adopt SFAS No. 154 on January 1, 2006. Any impact on the Company's consolidated results of operations and earnings (loss) per share will be dependent on the amount of any accounting changes or corrections of errors whenever recognized.
In December 2004, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 153. This statement addresses the measurement of exchanges of nonmonetary assets. The guidance in APB Opinion No. 29, "Accounting for Nonmonetary Transactions," is based on the principle that exchanges of nonmonetary assets should be measured based on the fair value of the assets exchanged.
The guidance in that opinion; however, included certain exceptions to that principle. This statement amends Opinion 29 to eliminate the exception for nonmonetary exchanges of similar productive assets and replaces it with a general exception for exchanges of nonmonetary assets that do not have commercial substance. A nonmonetary exchange has commercial substance if the future cash flows of the entity are expected to change significantly as a result of the exchange. This statement is effective for financial statements for fiscal years beginning after June 15, 2005. Earlier application is permitted for nonmonetary asset exchanges incurred during fiscal years beginning after the date of this statement is issued. Management believes the adoption of this statement will have no impact on the financial statements of the Company.
In December 2004, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 152, which amends FASB statement No. 66, "Accounting for Sales of Real Estate," to reference the financial accounting and reporting guidance for real estate time-sharing transactions that is provided in AICPA Statement of Position (SOP) 04-2, "Accounting for Real Estate Time-Sharing Transactions." This statement also amends FASB Statement No. 67, "Accounting for Costs and Initial Rental Operations of Real Estate Projects," to state that the guidance for (a) incidental operations and (b) costs incurred to sell real estate projects does not apply to real estate time-sharing transactions. The accounting for those operations and costs is subject to the guidance in SOP 04-2. This statement is effective for financial statements for fiscal years beginning after June 15, 2005. Management believes the adoption of this statement will have no impact on the financial statements of the Company.
In November 2004, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 151, "Inventory Costs-- an amendment of ARB No. 43, Chapter 4." This statement amends the guidance in ARB No. 43, Chapter 4, "Inventory Pricing," to clarify the accounting for abnormal amounts of idle facility expense, freight, handling costs, and wasted material (spoilage). Paragraph 5 of ARB 43, Chapter 4, previously stated that "under some circumstances, items such as idle facility expense, excessive spoilage, double freight, and rehandling costs may be so abnormal as to require treatment as current period charges." This statement requires that those items be recognized as current-period charges regardless of whether they meet the criterion of "so abnormal." In addition, this statement requires that allocation of fixed production overheads to the costs of conversion be based on the normal capacity of the production facilities. This statement is effective for inventory costs incurred during fiscal years beginning after June 15, 2005. Management does not believe the adoption of this statement will have any immediate material impact on the Company.
Purchase Business Combinations
The Company acquired the 16.8% interest in RV Tech by paying $1,000,000 in cash ($666,666 in working capital to RV Tech and $333,334 to the shareholders of RV Tech) and issuing 1,000,000 shares of the Company's restricted common stock. This acquisition is being accounted for under the cost method. Calypso Wireless acquired the outstanding shares of Sleipner S. A. for 1,500,000 shares of restricted common stock. The shares were issued to the Sleipner shareholders in December, 2005. Its financial information is included in the consolidated financial statements for Calypso Wireless, Inc.
The Registrant's audited financial statements for the fiscal years ended December 31, 2005 and 2004 are attached to this annual report on Form 10-KSB.
Consolidated Financial Statements for the Fiscal Year ended December 31, 2005 and 2004
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Lets recap:
The elusive Asnap was the waiting factor that kept us waiting over a year beyond target date....
First came bait and switch technology of the "2 way phone"
no asnap
Then the PRs of the merger of the software company that finally yielded Asnap product...
Then the mysterious guy from England that single handedly was to distribute phones who vanished...
Then the 3-5 deals to buy the new phones several months ago...
all the while changing management like musical chairs first in then out then back etc.....
now they have abanddened without producing even one phone for an order and are "supposedly" persuing Licensing....
and I guess we just heard that the 10th or so management change is on the way....
BAIT AND SWITCH?
NOOOOOOOOOOOOOOO Way.....
LOL.
Asnap, my guess is that you are fully involved in what APPEARS to be a planned out scam.
I hope for your sake that is not correct.
I agree. They have deals signed and not yet one phone delivered. Then they do the old razzle dazzle and change management and "start over" with new idea of licensing.
Last I heard they are talkingabout bringing back (actually recycling) people who quit the company.
Many deals signed . Nothing ever accomplished.
On the face of it , it looks like pure fraud.
Question is has any officer of this joke actually profited through stock sales of their own, either from issuing themselve free stock or whatever.
SEC should take a look.
I agree, this company seems to be completely fraudulent
hey Calypso...Anyone Home?
Calypso could be 1$ stock.......
If these guys simply had their act together.
how many times can you go down a road and fail or turn back?
"NEWS FLASH SHAREHOLDERS !! Management Change's Coming this week or early next week "
Gee Asnap, Great news..Thanks Bud.
Only you could call this good news.
Hey Asnap. Show me a picture of (the non existant) production line.
JUNK GRADE STOCK.... Lots of talk. No Action. No Orders filled
No phones produced. No revenues .
Where are the phones for all those million dollar plus orders?
Is this stock EVER going to do anything? SALES? PRODUCT?
Who said these people were great.
They have sales on the books....
Who knows if even one phone has been produced...
We should not have to use a crystal ball to know what is going on with this company....
when you get an order you fill it.
Unless you are incredibly inept or corrupt or something else.
Where are the phones for all those million dollar orders?
The Mr Magoo that was on TV was blind and it is appropriate that you should choose the same name....Your "vision" on this board speaks for itself...
LOL.
10,000 share trade @ 9:05....never saw that before
hey Zfritz, I guess now we will have to ask them ever time they post if thy are "being compensated" to bash ....
LOL.
you ought to change your name here to "goofbag"
you obviously have little respect for yourself or you simply
just don't know how stupid you look here.
"buy more Calypso and be happy?"
OK Captain goofbag...I sure will do so....
LOL.
don't worry Sadee...this guy walks up to people on the street and asks them the same question....
He is socially inhibited and this is all his intellect can muster.