The company got hit hard by the economy and back then they had one subsiidary that sold only GPS with no RFID. 2010 was a copmplete rebuilding year...New product development.... 2011 saw the purchase of 2 subsidiaries...Wetwinds( formerly known as anotefor) and Rogue Paper. Wetwinds has yet to launch but is a social media site and Rogue paper makes APP platforms for 2nd screen media (interaction with the show while watching)with current clients MTV and VH1. Revenues were substantially lower in 2010 then jumped in 2011 and now have skyrocketed in Q1 2012.
In addition to Leighcr response to your query, below is ECDC's plan of operation from their recent 10-Q filing when EarthSearch was the only subsidiary the company had back then.(thought you'll find it useful):
Plan of Operation
EarthSearch International Communications, Inc., ("EarthSearch") based in Atlanta, Georgia, has created an integration of RFID and GPS technology. EarthSearch is an international provider of supply chain management solutions offering real-time visibility in the supply chain with integrated RFID/GPS and other telemetry products. These solutions help businesses worldwide to increase asset management, provide safety and security, increase productivity, and deliver real-time visibility of the supply chain through automation.
We experienced a sudden reversal of our revenue growth in the 4th quarter of 2008 as the real estate market and global economy came to a halt. A significant number of our customers declared bankruptcy or defaulted on their account. New business opportunities ceased and our sales plummeted. These events forced us to take dramatic steps and business decisions that resulted in substantial reductions of revenue for the years 2009 and 2010.
Based on our internal research, the board and management made the decision to change the business focus and product portfolio. We concluded that simply offering GPS devices, which we believed would become a commodity, exposed the company and its shareholders to potential failure. We accelerated Research and Development operations and began the development of wireless communication between GPS and RFID devices. We shut down most of our commercial operations due to the economic conditions and expanded Research and Development.
Our internal research showed GPS solutions will become inadequate for business needs and the market would demand or require more sophisticated solutions for asset management, workforce optimization and security. RFID technology was growing at a significant rate and a combination of both technologies was inevitable. Management seized the opportunity of the slow economy to develop a solution for continuous visibility of assets in offering such an integrated solution. We are also continuing to utilize the technology to provide other applications such as oil pipeline monitoring
We completed our product development in the first quarter of 2010, and began commercial beta tests in the summer of 2010. We officially launched our new business and product portfolio in fourth quarter of 2010. We immediately saw revenue growth as 60% of our 2010 revenue came in the fourth quarter of 2010. We outperformed our entire 2010 revenue levels in the first quarter of 2011 and we expect to continue to see significant increases in revenue throughout 2011. We are currently engaged in numerous pilot projects with several organizations. We have also expanded our product offering into military logistics
As part of our growth strategy, we launched an aggressive sales network development program in the summer of 2010. As of the end of the second quarter 2011 we have more than 15 distribution partners in 5 geographic regions (Southeast, Asia, Africa, South and North America). We launched a new web site reflecting our new business, products and solutions. We launched our first commercial ecommerce site (www.shop.earthsearch.us) in the second quarter of 2011. http://www.sec.gov/Archives/edgar/data/1256540/000101968711003679/ecdc_10q-093011.htm (Page 22)
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