From the 12/9/99 SEC filing. Not sure what to make of it.
Pursuant to this Registration Statement, as amended, Access Power, Inc.
(the "Registrant") registered 10,000,000 of the Registrant's common stock, par
value $0.001 (the "Common Stock") with the Securities and Exchange Commission
under the Securities Act of 1933, as amended, for resale by selling
stockholders.
The Registration Statement was declared effective on February 16, 1999.
Registrant suspended use of the Registration Statement on December 6, 1999. The
Registrant is filing this Post-Effective Amendment to the Registration Statement
to withdraw from registration certain Common Stock covered by the Registration
Statement which remained unsold pursuant to this Registration Statement on
December 6, 1999.
Of the registered Common Stock, 9,932,153 shares were sold by selling
stockholders pursuant to this Registration Statement, and 67,847 shares of the
registered Common Stock have not been resold under this Registration Statement.
The Registrant hereby amends the Registration Statement to withdraw from
registration such 67,847 unsold shares of the Common Stock.
Kind of written so that they will not sell more (64,847)shares?
From the S2 filed on 12/7/99.
YEAR ENDED NINE MONTHS ENDED SEPTEMBER 30,
DECEMBER 31,
1998 1998 1999
------------- -------------------------------
<S> <C> <C> <C>
STATEMENT OF OPERATIONS DATA
Revenues
Product Sales 214,431 212,092 9,450
Services 53,519 42,089 69,999
------------ ------------ -------------
Total revenues 267,950 254,181 79,449
Cost of revenues
Product Sales 161,650 152,920 2,955
Services -- -- --
------------ ------------ -------------
Total cost of revenues 161,650 152,920 2,955
Gross margin 106,300 101,261 76,544
Total operating expenses 2,047,272 1,578,707 1,789,179
------------ ------------ -------------
Income (loss) from operations (1,940,972) (1,477,446) (1,712,635)
Other expense, net (123,968) (117,302) (14,531)
------------ ------------ -------------
Income (loss) before income taxes (2,064,940) (1,594,748) (1,727,216)
Income tax expense -- -- --
------------ ------------ -------------
Net income (loss) $ (2,064,940 $ (1,594,748) $ (1,727,216)
============ ============ ============
Income (loss) per share $ (0.18) $ (0.14) $ (0.07)
============ ============ ============
Weighted average shares outstanding 11,776,511 11,619,463 24,126,030
The prices do not necessarily reflect actual transactions. As of
September 1, 1999, there were approximately 294 stockholders of record of the
common stock.
Bid
---
Low High
--- ----
1998
- ----
First Quarter $0.81 $1.38
Second Quarter $1.38 $4.06
Third Quarter $0.53 $2.19
Fourth Quarter $0.22 $0.75
1999
- ----
First Quarter $0.08 $0.33
Second Quarter $0.12 $1.56
Third Quarter $0.30 $0.79
Employees
- ---------
As of September 30, 1999, we engaged ten full time employees.
On October 20, 1999, NetSpeak Corporation filed suit against Access
Power, Inc. and Glenn Smith, its President, in the Circuit Court of Palm Beach
County, Florida, seeking damages in excess of $15,000 in connection with an
alleged breach by the Company of its payment obligations under a Purchase and
Sale Agreement between the Company and NetSpeak Corporation for the provision of
goods and services by NetSpeak Corporation to the Company. Mr. Smith is joined
as a defendant under a Guaranty Agreement in connection with this transaction.
NetSpeak Corporation is seeking payment of approximately $1,086,000 plus
interest from August 17, 1998. The Company and Mr. Smith intend to vigorously
defend against these claims.
Raising Capital
We have recently sold 6% convertible debentures in the face amount of
$1,000,000 to an investor. In addition, the investor purchased a warrant to
purchase an additional $1,000,000 of debentures on the same terms. We are of the
opinion that if the warrant is exercised then the aggregate proceeds would be
sufficient to fund us for the next twelve months while we deploy our domestic
and international networks.
We generated negative cash flow from operating activities for the
period from inception (October 10, 1996) through September 30, 1999. We realized
negative cash from operating activities for the nine months ended September 30,
1999, of ($1,035,308) compared to negative cash from operating activities of
($45,292) primarily due to faster payment being required by vendors than
previously. Investing activities for the period from inception through September
30, 1999, consisted primarily of equipment purchases to build out the initial
network. Investing activities in the nine months ended September 30, 1999, were
$466,221 compared to $1,104,890 during the nine months ended September 30, 1998.
Wish I had seen this at .30 cents. A little too risky for my taste at present price. Give them credit for filing. 95% of the BB never did.
Jack |
