CANM's reason for the need for extension...but not for late on extension...hog
Explanation of Change in Results from Prior Quarter
Caneum acquired TierOne Consulting, Inc. (United States), in March 2006, which tripled the size of the Company, and also subsequently acquired Continuum Systems Pvt. Ltd. (India), in December 2006. Year ending December 31, 2006, is the first year in which the combined results of the consolidated company are being reported. Accounting for many details of the combined entity, and the fact that we had changes to both our accounting and audit personnel responsible for completing the filing, delayed our ability to file in a timely manner. We expect to file within the extension period available to the Company.
Below is a summary of the anticipated changes in the results of operations from fiscal year 2005 to fiscal year, 2006.
The year ended
December 31
2005 2006
(estimated)
Revenue $ 2,173,403 $ 7,018,481
Cost of Revenue $ 1,676,112 $ 5,263,937
Gross Profit $ 497,291 $ 1,754,545
Operating Expenses $ 1,774,241 $ 3,560,114
Net (Loss) ($1,276,950 ) ($1,805,570 )
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