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weeeeeeeeeeeeeeeeeeeeee!!! you got some?
OCLS, MAPP, FTCH today! Supppppppppp with ya GTP??
nice picks, green round the house over here!!
MAPP exponential growth!!!
All signs show it's set for continued stellar orbit
weeeeeeeeeeee
this is the coolest thing ever!! I have to start a savings for this:
http://www.iconaircraft.com/
Added SMKG already!!, will look at EXPU
Yoo Pizza, cooking that ex lg mushroom and pep. MAPP, VG, EMKR, and back in BAC
KTM race car for the street; http://www.ktm-x-bow.com/
SprintPCS Now Network very cool http://now.sprint.com/nownetwork/?id9=SEM_Google_P_Sprint_Sprint
MAPP, BofA, Alcoa, Caterpillar, Home Depot, IBM going good
24-7, add day every day, and twice on Sundays
Yoo Goldman! MAPP on fire.. EMKR, CEGE, BAC, GM coyn gonna have big weeks too!
MAPP +5.56 now
weeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee
MAPP + 4.933333!!!!!
Market gonna break +200 today imo
counting my am slices yo!! how you doing>
ADPN, GM, COYN, VSMR are the radars imo
Hell yeah
!! weeeeee
CNB, MAPP, EMKR
LOL< Auto Industry heading that way
Good Morning Traders of The Caribbean!!!!! Hope everyone had a good weekend.
COYN on radar PIZZABUSTER is DA MAN!
love the movie. love the soundtrack. good one bro!!
Dow gonna go past -200 today imo
Please forward all thanks to Obama imo
Form 10-Q for COPSYNC, INC.
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20-May-2009
Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
This report contains "forward-looking statements". All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including: any projections of earnings, revenues or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new products, services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words "may," "will," "estimate," "intend," "continue," "believe," "expect," "plan" or "anticipate" and other similar words.
Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, such as those disclosed in this report. We do not intend, and undertake no obligation, to update any forward-looking statement.
You should read the following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements, including the notes to those financial statements, included elsewhere in this report.
The information contained below is subject to the "Risk Factors" and other risks detailed in our Annual Report on Form 10-K for our fiscal year ending December 31, 2008 and our other reports filed with the Securities and Exchange Commission.
Overview
Since January 2005, when our predecessor, PostInk Technology, LP, a Texas limited partnership, was formed, we have primarily been a provider of software designed to enhance productivity and quality of work of the public safety community. Effective April 25, 2008, we completed a share exchange with our predecessor. In the share exchange, the owners of our predecessor acquired beneficial ownership of approximately 87 percent of our outstanding common stock. In addition, in connection with the share exchange, we changed our name from Global Advance Corporation to COPsync, Inc. As a result of the share exchange, for financial accounting purposes, we treated the share exchange as a purchase of our company by our predecessor. Therefore, we have presented the historical financial statements of our predecessor, for comparison purposes, for all of our reporting periods prior to the share exchange presented in this prospectus.
We were incorporated in Delaware on October 23, 2006. Prior to the share exchange, our business plan was to develop a commercial application of a prototype utilizing the design in a patent pending "two-foot operated mouse," which is a device intended to provide alternate access to all computer-related mouse functionality through the use of one's feet, rather than one's hands. We discontinued this business plan as of September 30, 2008. We began to focus on the business of our predecessor to develop software that would not only enhance productivity and quality of work, but creates a safer work environment, for the public safety community by developing the first real-time, nationwide public safety information sharing network.
We believe that we have developed the first integrated software product, COPsync, which provides a real-time, nationwide information sharing network for all law enforcement officers. We also believe that we are the only law enforcement software provider to have full information sharing networking available to all subscribing agencies at the point of incident via a laptop computer or handheld devices. It is our mission that, in the future, all law enforcement officers will have access to, in real time, the critical information necessary to protect the public and themselves. We currently have over 3600 police officers committed to utilizing our product. Beta testing is complete and our product is available for general release. We began generating license fee revenue from our product in the third quarter of 2008.
As of December 31, 2008, our product had successfully submitted, processed and relayed over 28,100 officer initiated information requests. On average, our product is returning results to mobile users in less than five seconds, well within the 32 second average set forth by the NCIC 2000 standards for mobile clients. We continue to garner support from law enforcement agencies. In 2008, 119 agencies expressed interest and indicated that they would utilize our product in their respective agencies. However, we must obtain additional funding to establish the cash resources necessary to implement our business plan.
Law enforcement agencies and associations at the federal, state and local levels are pushing information sharing initiatives. Global Justice XML standards were developed and have been published by the United States federal government since 1997. To date, interoperability between law enforcement agencies in the United States does not appear to exist. We believe that this failure is directly related to software vendors that have remained focused on their existing methods of doing business, including proprietary development, which does not focus on global information sharing. We strive to fulfill the interoperability role through the deployment of our product, which is an overlay product to existing technologies that can be deployed without jeopardizing existing vendor relationships. Our method of data integration will bring existing vendors into compliance with federal mandates established after 9/11.
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Basis of Presentation, Critical Accounting Policies and Estimates
We prepare our financial statements in conformity with accounting principles generally accepted in the United States. The preparation of our financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. We base our estimates on historical experience and on various assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. These estimates and assumptions are routinely evaluated. Actual results may differ from these estimates.
Our management believes that there has been no significant changes during the quarter ended March 31, 2009 to the items we disclosed as our critical accounting policies and estimates in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on From 10-K for the year ended December 31, 2008.
Results of Operations
For the three month periods ended March 31, 2009 and 2008
Revenue. For the three month period ended March 31, 2009, our revenues were $1,050, compared to $0 for the three month period ended March 31, 2008. This increase was due to license fee revenues realized on our product, which we released for licensing in the third quarter of 2008.
Operating Expenses. For the three month periods ended March 31, 2009 and 2008, our total operating expenses were $231,416 and $215,830, respectively. This increase was due to an increase in depreciation and amortization, primarily because of an increase in capitalized software development costs, professional fees, as a result of becoming a publicly reporting company in April of 2008, which was partially offset by a decrease in salaries and wages.
Other Income (Expense). For the three month periods ended March 31, 2009 and 2008, other income(expense) totaled $10,157 and $2,780, respectively. Other income(expense) consists of interest income on cash and cash equivalents of $467 and $0, respectively; offset by interest expense on notes payable of $10,157 and $2,780, respectively.
Liquidity and Capital Resources
As of March 31, 2009, we had $186,987 in cash and cash equivalents, compared to $209,378 as of December 31, 2008. The decrease was due primarily to $28,648 in cash used in operating activities and $111,880 in investing activities, which was partially offset by $120,000 in proceeds received for the issuance of a convertible note. On March 31, 2009, we had a working capital deficiency of $585,508, compared to a deficit of $295,708 on December 31, 2008. The increase in the deficiency was due primarily to an increase of $100,387 in convertible notes payable, and an increase of $257,719 in deferred revenues, which was offset by the increase in deferred costs and a decrease in cash.
Plan of Operation for the Next Twelve Months.
Our primary business activities includes the development and sale of software that would not only enhance productivity and quality of work, but creates a safer work environment, for the public safety community by developing the first real-time, nationwide public safety information sharing network. In the three months ending March 31, 2009, we received $261,888 from licensing our software product, versus $110,246 in software and hardware costs related to those receipts. We believe that we will be able generate sufficient cash flow from our core business activities to meet operating and capital needs for the next twelve months. However, we may need to seek additional financings if the timing of sales and cash requirements necessitates such financings.
Form 10-Q for COPSYNC, INC.
http://biz.yahoo.com/e/090520/coyn.ob10-q.htm
playing hard, profitting harder!!
weeeee...cmon $2
GTP Yoooooooooooo!!
TRXX, LEA , COYN, EQUR, AHR
hey glassy! LEA1.73 x 1.74....was 1.74 x 1.75 a second ago...
imo if it breaks through the 1.76 it can keep going
Tks Doc, it's time to make that paper all!!!!!
OH Damn. Wildman in the house! Thanks Suergeon....
LEA + .28 today!! COYN going there and then some soon imo
GLASSY yessssss!!!! + .27 today and still going!!!! go baby go
Yooo Suergeon!! Nice picks...adding LEA, ZPIN, AHR
OK MB, no prob. Was thinking it`s about time for Patron shooters
Nice pick GTP!!!!!!! Weeeeeeeeee
LMAO
I love resting through profits......
right there, but imo could go +++ just as easily
hoping lea and coyn run this week
gaaaaaaaaaaah......last trade 1.38
has the potential to run to $2 easy imo
SFIO +.025 already!!