iVoice IVIO Results of Operations
Nine months ended September 30, 2010 compared to nine months ended September 30, 2009
Total sales for the nine months ended September 30, 2010 and 2009 were $142,996 and $73,969, respectively. The increase in sales of $69,027 is primarily due to the increase in product sales of green products offset by a small decrease in IVR maintenance revenues. Declines in the IVR maintenance revenues are due to the general decline in the economies of our customers. Sales of the new “green” products are through distributors and by direct sales to the B Green customers.
Total cost of sales for the nine months ended September 30, 2010 and 2009 were $68,958 and $34,473, respectively. The cost of sales represents the direct material and labor costs for the anti-vibration products produced by B Green Innovations’ out-sourced manufacturer. The increase in cost of sales of $34,485 is attributed to the increase in sales of “green” products.
Total operating expenses for the nine months ended September 30, 2010 and 2009, were $976,453 and $960,351, respectively, for an increase of $16,102. The increase is primarily attributable to the expenses of B Green for the staffing and roll-out of the new “green” products offset by small decreases in insurance and other overhead and office expenses.
Total other income (expense) for the nine months ended September 30, 2010 was an income of $182,670 as compared to an expense of $242,089 for the nine months ended September 30, 2010. This change was primarily the result of an increase in other income, which was comprised mostly of a $232,491 gain on sale of tax losses in the NJEDA program, an increase in the gain on revaluation of derivatives and lower amortization of debt discount.
The net losses for the nine months ending September 30, 2010 and 2009 were $719,745 and $1,162,944, respectively. The changes were the result of the factors discussed above.
The net loss attributable to non-controlling interest for the nine months ended September 30, 2010 and 2009 were $135,396 and $319,930, respectively reflect the non-controlling interest’s portion of the operating losses recorded by B Green Innovations, after effect of elimination of intra-company transactions, which is included in our consolidation for the nine months ended September 30, 2010 and 2009, respectively.
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Three months ended September 30, 2010 compared to three months ended September 30, 2009
Total sales for the three months ended September 30, 2010 and 2009 were $43,357 and $28,721, respectively. The increase in sales of $14,636 is primarily due to the increase in product sales of green products and a small increase in IVR maintenance revenues for the period. Normally the IVR maintenance revenues have been declining due to the general decline in the economies of our customers. But, increases this period are only temporary due to receipts that were previously thought to be uncollectible. Sales of the new “green” products are through distributors and by direct sales to the B Green customers.
Total cost of sales for the three months ended September 30, 2010 and 2009 were $22,288 and $13,934, respectively. The cost or sales represent the direct material and labor costs for the anti-vibration products produced by B Green Innovations’ out-sourced manufacturer. The increase in cost of sales of $8.354 is attributed to the increase in sales of “green” products.
Total operating expenses for the three months ended September 30, 2010 and 2009, were $311,747 and $303,248, respectively, for an increase of $8,499. The increase is primarily attributable to the expenses of B Green for the staffing and roll-out of the new “green” products offset by small decreases in insurance and other overhead and office expenses.
Total other income (expense) for the three months ended September 30, 2010 was an expense of $37,859 as compared to an expense of $169,960 for the three months ended September 30, 2009. This decrease is primarily attributed to lower interest expense.
The net losses for the three months ending September 30, 2010 and 2009 were $328,537 and $458,421, respectively. The changes were the result of the factors discussed above.
The net loss attributable to non-controlling interest for the three months ended September 30, 2010 and 2009 were $120,169 and $146,590, respectively reflect the non-controlling interest’s portion of the operating losses recorded by B Green Innovations, after effect of elimination of intra-company transactions, which is included in our consolidation for the three months ended September 30, 2010 and 2009, respectively.
