Without going into too much detail, the 10-Q looks pretty damn good. Revenues and sales are up and expenses are down...
Interest Expense
We recorded interest expense of $6,060 for the three months ended September 30, 2010, compared to $225,272 in the three months ended September 30, 2009, a decrease of $219,212. The reduction was due to the significant decrease in our notes payable, which have largely converted to common stock. Our interest expense is comprised of interest incurred on outstanding debts and the, accretion of the debt discounts related to zero coupon notes and, in the 2009 period, amortization of debt issuance costs.
Net Loss
As a result of the above factors, we reported a net loss of $33,056 for the three months ended September 30, 2010, compared to a net loss of $889,852 for the three months ended September 30, 2009. In addition, our accumulated deficit at September 30, 2010 totaled $52,499,808.
Revenues
We recorded net revenues of $222,872 for the six months ended September 30, 2010 compared to $42,396 in the six months ended September 30, 2009. This represented an increase in our revenues of $180,476, or 426%. During the six month period ended September 30, 2010, one reseller accounted for approximately 80% of our revenue. That reseller paid us in cash for the games it purchased and they have no right of return. During the six month period ended September 30, 2009, we had no customers accounting for greater than 5% of our revenues.
Cost of Sales - Product Costs
We recorded cost of sales - product costs of $135,188 for the six months ended September 30, 2010 compared to $26,907 in the six months ended September 30, 2009. This represented an increase in our cost of sales – product costs of $108,281, or 402%. The increase in cost of sales – product costs was due to the increase in revenues noted above. Cost of sales - product costs consists of product costs and inventory-related operational expenses.
Net Loss
As a result of the above factors, we reported a net loss of $661,172 for the six months ended September 30, 2010, compared to a net loss of $1,722,532 for the six months ended September 30, 2009. In addition, our accumulated deficit at September 30, 2010 totaled $52,499,808
It's prudent to mention that these numbers don't include any of the Walmart sales.. Record revenues not factoring in the arguably most important contract this company has ever landed..
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