IDO Security, Inc. (fka IDOI)

[MagShoe]

For the three months ended March 31, 2011, the registrant had revenues of $19,161 and a net loss of $2,171,898. For the three months ended March 31, 2012, the registrant currently estimates that it had revenues of approximately $204,564 (more than 1000% increase) and net income of approximately $1,537,000. Results for the three months ended March 31, 2012 remain subject to further adjustment.

http://ih.advfn.com/p.php?pid=nmona&article=52447219


The increase in revenues for the three months ended March 31, 2012 as compared to the 2011 period is primarily attributable to the substantial increase in the number of MagShoe™ devices delivered to customers in Africa, Europe and the Far East. The net income for the three months ended March 31, 2012 is primarily attributable to the gain on the extinguishment of debt in the amount of $2.9 million.