Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - WIRELESS AGE COMMUNICATIONS INC | v308993_8k.htm |
| EX-99.1 - EXHIBIT 99.1 - WIRELESS AGE COMMUNICATIONS INC | v308993_ex99-1.htm |
WIRELESS AGE COMMUNICATIONS, INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)
(Stated in US Dollars)
| December 31, 2011 | December 31, 2010 | |||||||
| ASSETS | ||||||||
| Current | ||||||||
| Marketable securities | $ | 140,770 | $ | 831,520 | ||||
| Receivables, less allowance of $78,664 for December 31, 2011 | 3,094,431 | - | ||||||
| Inventory | 332,301 | - | ||||||
| Prepaid expenses | 21,071 | 37,789 | ||||||
| Investment -deposit | 31,200 | 49,760 | ||||||
| Total current assets | 3,619,773 | 919,069 | ||||||
| Property and equipment | 67,396 | 43,031 | ||||||
| Due from related parties | 87,308 | 2,472,751 | ||||||
| Investments | 1,415,971 | - | ||||||
| Goodwill | 25,048 | - | ||||||
| $ | 5,215,496 | $ | 3,434,851 | |||||
| LIABILITIES | ||||||||
| Current | ||||||||
| Bank indebtedness | $ | 108,880 | $ | 52,321 | ||||
| Accounts payable and accrued liabilities | 3,962,545 | 837,768 | ||||||
| Taxes payable | - | 54,990 | ||||||
| Accrued special provision | - | 6,714,880 | ||||||
| Due to related parties | 435,074 | 797,034 | ||||||
| Unissued share liability | 240,000 | - | ||||||
| 4,746,499 | 8,456,993 | |||||||
| Provision for income tax | 476,800 | - | ||||||
| Long-term debt | 1,207,760 | - | ||||||
| 6,431,059 | 8,456,993 | |||||||
| STOCKHOLDERS' EQUITY (DEFICIENCY) | ||||||||
| Preferred stock, $0.001 par value, 10,000,000 shares authorized, December 31, 2011: nil issued and outstanding | - | - | ||||||
| Common stock, $0.001 par value: 100,000,000 shares authorized | ||||||||
| December 31, 2011: 91,016,592 shares issued and outstanding | 91,017 | 65,767 | ||||||
| Additional paid-in capital | 17,686,997 | 16,245,349 | ||||||
| Treasury stock | - | 24,352 | ||||||
| Accumulated deficit | (19,229,742 | ) | (21,568,608 | ) | ||||
| Accumulated other comprehensive income | 236,165 | 210,998 | ||||||
| (1,215,563 | ) | (5,022,142 | ) | |||||
| $ | 5,215,496 | $ | 3,434,851 | |||||
WIRELESS AGE COMMUNICATIONS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(Stated in US Dollars)
| Year Ended | ||||
| December 31, 2011 | ||||
| Revenue | $ | 5,499,221 | ||
| Cost of goods | 4,360,677 | |||
| Gross profit | 1,138,544 | |||
| Operating expenses | ||||
| Selling and administrative | 2,948,997 | |||
| Amortization | 35,730 | |||
| Total operating expense | 2,984,727 | |||
| Loss from operations | (1,846,183 | ) | ||
| Other expenses (income) | ||||
| Interest expense | 49,530 | |||
| Foreign exchange loss (gain) | (32,430 | ) | ||
| Loss on disposal of shares | 118,510 | |||
| Gain on settlement | (4,320,659 | ) | ||
| Total other expense (income) | (4,185,049 | ) | ||
| Gain before income taxes | 2,338,866 | |||
| Income taxes - deffered and current | - | |||
| Net gain | $ | 2,338,866 | ||
| Earnings per share: | ||||
| Earnings per share - basic and diluted | $ | 0.030 | ||
| Weighted average number of of common shares outstanding: | ||||
| Basic and diluted | 78,130,976 | |||