prepare the report within the prescribed time period. Accordingly, the
registrant is unable to file such report within the prescribed time period
without unreasonable effort or expense. The registrant anticipates that the
subject annual report will be filed on or before April 16, 2007.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
FRANK GALUPPO, CEO (732) 440-1992
(2) Have all other periodic reports required under Section 13 or 15(d) or
the Securities Exchange Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months or for such shorter
period that the registrant was required to file such report(s) been
filed? If the answer is no, identify report(s). Yes |X| No |_|
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected
by the earnings statements to be included in the subject report or
portion thereof? Yes |X| No |_|
If so: attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reason why a reasonable estimate
of the results cannot be made.
For the year ended December 31, 2005, the registrant had revenues of $5,548 and
a net loss of $12,941,282. For the year ended December 31, 2006, the registrant
currently estimates that it had revenues of approximately $32,723 and a net loss
of approximately $20,731,901. Results for the 2006 fiscal year remain subject to
further adjustment.
This increase in net loss of approximately $7,790,619 (or 60%) is primarily
attributable to increased research and development, general and administrative
expenses, inventory and impairment charges, and interest expenses and penalties
accrued during 2006 as compared to 2005. Research and development expenses
increased primarily due to the increase in amounts incurred for personnel,
contracted labor and certain materials and supplies used in product development
and enhancement during 2006. Sales and marketing expenses decreased however
primarily due to reduced staff costs and other reduced marketing expenditures
during 2006. General and administrative expenses increased primarily due to
increased investor relations activities, stock based compensation and other
deferred compensation and office related charges. Inventory and impairment
charges increased to reflect the lower of cost or market and recoverability of
previously capitalized costs.
This Notification of Late Filing on Form 12b-25 contains forward-looking
statements, including forward-looking statements relating to the Registrant's
financial results for the fiscal year ended December 31, 2006. These statements
are based on management's current expectations and involve a number of risks and
uncertainties, including risks described in our filings with the Securities and
Exchange Commission. The Registrant's actual results may differ materially from
the Registrant's anticipated or expected results and the results in the
forward-looking statements.
--------------------------------------------------------------------------------
AMEDIA NETWORKS, INC.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: April 2, 2007 By: /s/ Frank Galuppo
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Frank Galuppo
Chief Executive Officer
