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TheStreet Open House

Energy Telecom Reports 1st Quarter 2013 Results

Stocks in this article: ENRG

About Energy Telecom:

Energy Telecom is a pioneer and innovator in the field of communication eyewear, and holds U.S. and foreign patents allowing for the manufacture, marketing and distribution of the world's first hands-free, wireless communication eyewear providing quality sound and noise attenuation. Various models of the eyewear will be worn by police, fire, rescue, military and security personnel, and by those working in bio-hazardous, mining, construction and heavy manufacturing. The eyewear will also be worn by those using cellular and smart phones for voice communication, and for listening to high-fidelity streaming stereo.

The Energy Telecom, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11022 Statements contained in this news release, other than those identifying historical facts, constitute 'forward-looking statements' within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.

ENERGY TELECOM, INC.
CONDENSED BALANCE SHEETS
     
  March 31, December 31,
  2013 2012
ASSETS (unaudited)  
     
CURRENT ASSETS    
Cash $306,177 $216,479
Accounts receivable, net 61,500 20,882
Inventory 18,420 18,420
Advances to suppliers  --  33,300
Total current assets 386,097 289,081
     
Property and equipment, net 3,106 3,507
     
Total assets $389,203 $292,588
     
LIABILITIES AND STOCKHOLDERS' DEFICIT    
     
CURRENT LIABILITIES    
Accounts payable and accrued liabilities $88,037 $62,570
Stockholder notes payable 12,486 13,486
Total current liabilities 100,523 76,056
     
Derivative liability 369,111 345,875
     
STOCKHOLDERS' DEFICIT     
Preferred stock, $0.001 par value; 10,000,000 shares authorized    
Series A Convertible preferred stock, $0.001 par value, 5,790 shares designated, 3,947 and 2,150 shares issued and outstanding as of March 31, 2013 and December 31, 2012, respectively 4 2
Class A common stock, $0.0001 par value, 200,000,000 shares authorized, 8,834,541 and 8,884,415 shares issued and outstanding as of March 31, 2013 and December 31, 2012, respectively 883 888
Class B common stock, no par value, 10,000,000 shares authorized, 600,000 shares issued and outstanding as of March 31, 2013 and December 31, 2012 300,000 300,000
Additional paid in capital 5,574,354 5,532,549
Accumulated deficit (5,955,672) (5,962,782)
Total stockholders' deficit  (80,431) (129,343)
     
Total liabilities and stockholders' deficit  $389,203 $292,588
 
ENERGY TELECOM, INC.
CONDENSED STATEMENTS OF OPERATIONS
(unaudited)
  Three months ended March 31,
  2013 2012
REVENUE:    
Sales $61,500 $13,719
Royalties  --  3,032
Total revenue 61,500 16,751
     
COST OF GOODS SOLD 50,703 11,217
     
Gross profit 10,797 5,534
     
OPERATING EXPENSES:
Selling, general and administrative expenses 160,714 171,431
Depreciation 401 310
Total operating expenses: 161,115 171,741
     
Loss from operations (150,318) (166,207)
     
OTHER INCOME (EXPENSE):
Interest income 78 70
Gain on change in fair value of derivative liabilities 158,628  -- 
Interest expense (1,278) (1,295)
     
Total other income (expense): 157,428 (1,225)
     
Net income (loss) before provision for income taxes 7,110 (167,432)
     
PROVISION FOR INCOME TAXES
Income tax (benefit)  --   -- 
     
NET INCOME (LOSS)  $ 7,110  $ (167,432)
     
Net income (loss) per common share, basic  $ --   $ (0.02)
     
Net loss per common share, diluted  $ (0.02)  $ (0.02)
     
Weighted average number of common shares outstanding, basic 8,855,982 7,645,825
     
Weighted average number of common shares outstanding, diluted 9,994,102 7,645,825
CONTACT: Tom Rickards
         Energy Telecom, Inc.
         trickards@energytele.com

Energy Telecom, Inc. Logo

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