TLPH $0.0362 First Qtr. results..
Most of the profit came from forgivness of debt.. Still interesting as now TLPH now has critical mass that could be ripe for a take out..(I hope) hank
TELIPHONE CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2009 (UNAUDITED) AND SEPTEMBER 30, 2009
ASSETS
US $
DECEMBER 31, SEPTEMBER 30,
2009 2009
(unaudited)
Current Assets:
Cash and cash equivalents $ - $ -
Accounts receivable, net 566,112 514,988
Inventory 11,204 11,819
Prepaid expenses and other current assets 191,117 88,240
Total Current Assets 768,433 615,047
Fixed assets, net of depreciation 16,543 15,250
Goodwill 867,443 851,489
TOTAL ASSETS $ 1,652,419 $ 1,481,786
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
LIABILITIES
Current Liabilities:
Bank overdraft $ 361,579 $ 93,714
Deferred revenue 4,329 2,690
Promissory note payable 18,079 26,152
Current portion of related party convertible debentures 57,088 56,038
Current portion of related party loans 42,500 42,500
Accounts payable and accrued expenses 758,000 998,494
Total Current Liabilities 1,241,575 1,219,588
Long Term Liabilities:
Related party convertible debentures, net of current portion - -
Related party loans, net of current portion 70,828 70,828
TOTAL LIABILITIES 1,312,403 1,290,416
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, $.001 Par Value; 125,000,000 shares authorized
and 37,376,657 and 37,376,657 shares issued and outstanding, respectively 37,377 37,377
Additional paid-in capital 1,847,871 1,847,871
Accumulated deficit (1,506,902 ) (1,650,709 )
Accumulated other comprehensive income (loss) (121,589 ) (119,562 )
Total Teliphone Corp. Stockholders' Equity (Deficit) 256,757 114,977
Noncontrolling interest 83,259 76,393
Total Stockholders' Equity (Deficit) 340,016 191,370
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 1,652,419 $ 1,481,786
The accompanying notes are an integral part of the condensed consolidated financial statements.
4
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TELIPHONE CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2009 AND 2008
US$
THREE MONTHS ENDED
DECEMBER 31,
2009 2008
OPERATING REVENUES
Revenues $ 1,394,535 $ 319,690
COST OF REVENUES
Inventory, beginning of period 11,819 8,964
Purchases and cost of VoIP services 848,979 178,603
Inventory, end of period (11,204 ) (6,593 )
Total Cost of Revenues 849,594 180,974
GROSS PROFIT 544,941 138,716
OPERATING EXPENSES
Selling and promotion 9,133 3,300
Administrative wages 216,798 40,440
Professional and consulting fees 225,813 24,054
Other general and administrative expenses 52,201 16,997
Depreciation 2,789 1,810
Total Operating Expenses 506,734 86,601
NET INCOME BEFORE OTHER
INCOME (EXPENSE) 38,207 52,115
OTHER INCOME (EXPENSE)
Forgiveness of debt 114,805 -
Interest expense (2,339 ) (31,363 )
Total Other Income (Expense) 112,466 (31,363 )
NET INCOME BEFORE PROVISION FOR
INCOME TAXES 150,673 20,752
Provision for Income Taxes - -
NET INCOME 150,673 20,752
Less: Net earnings attributable to noncontrolling interest (6,866 ) (6,510 )
NET INCOME APPLICABLE TO COMMON SHARES $ 143,807 $ 14,242
NET INCOME PER BASIC AND DILUTED SHARES $ 0.00 $ 0.00
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING 37,376,657 33,554,024
COMPREHENSIVE INCOME
Net Income $ 143,807 $ 14,242
Other comprehensive income (loss)
Currency translation adjustments (2,027 ) 45,306
Comprehensive income $ 141,780 $ 59,548
The accompanying notes are an integral part of the condensed consolidated financial statements.
5
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TELIPHONE CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2009 AND 2008
US$
THREE MONTHS ENDED
DECEMBER 31,
2009 2008
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 143,807 $ 14,242
Adjustments to reconcile net income to net cash
used in operating activities:
Depreciation 2,789 1,810
Noncontrolling interest 6,866 6,510
Forgiveness of debt (114,809 ) -
Changes in assets and liabilities
(Increase) in accounts receivable (41,475 ) (25,972 )
Decrease in inventory 836 1,239
(Increase) decrease in prepaid expenses and other current assets (101,655 ) 4,459
Increase in deferred revenues 1,589 2,477
(Decrease) in accounts payable and
and accrued expenses (142,185 ) (497 )
Total adjustments (388,044 ) (9,974 )
Net cash provided by (used in) operating activities (244,237 ) 4,268
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of capital assets (3,810 ) -
Net cash (used in) investing activities (3,810 ) -
CASH FLOWS FROM FINANCING ACTIVITES
Increase in bank overdraft 266,106 55,340
Repayment of promissory note (8,563 ) -
Proceeds from loan payable - related parties, net - (70,493 )
Net cash provided by (used in) financing activities 257,543 (15,153 )
Effect of foreign currencies (9,496 ) 10,885
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS - -
CASH AND CASH EQUIVALENTS -
BEGINNING OF PERIOD - -
CASH AND CASH EQUIVALENTS - END OF PERIOD $ - $ -
CASH PAID DURING THE PERIOD FOR:
Interest expense $ 2,339 $ 32,107
SUPPLEMENTAL NONCASH INFORMATION:
Common stock issued for liability for stock to be issued $ - $ 953,159
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