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BOCA RATON, Fla., May 16, 2008 (BUSINESS WIRE) -- Bonds.com Group, Inc. (OTCBB: BDCG), operating through its subsidiary Bonds.com, Inc., provider of an innovative comprehensive online trading platform providing execution, liquidity and competitive pricing to the fragmented fixed income marketplace, announced operating results for the quarter ended March 31, 2008.
For the quarter ended March 31, 2008, the Company reported revenue of $27,559, loss from operations of $1,582,741 and a net loss of $1,593,401. The Company also reported a basic and diluted loss per share of $0.03 for the quarter ended March 31, 2008.
"The delay in launching our private label platform, coupled with the longer sales cycle given current market conditions, has significantly impacted our first quarter earnings," stated President and CEO John Barry. "However, the private label platform is now fully operational and with the addition of key national sales executives, our platform is experiencing increased volume and traction within the marketplace."
About Bonds.com Group, Inc.
Bonds.com Group, Inc. (OTCBB: BDCG), through its subsidiary Bonds.com Inc., serves institutional and self-directed individual fixed income investors by providing a comprehensive zero subscription fee online trading platform. The Company designed the BondStation platform to provide liquidity and competitive pricing to the fragmented Over-The-Counter (OTC) fixed income marketplace.
The Company differentiates itself by offering, through its broker-dealer subsidiary Bonds.com, Inc., an inventory of over 25,000 fixed income products from a multitude of competing sources, as well as market research, investor tools, bond education and an interactive website experience. Asset classes currently offered on the BondStation fixed income trading platform include municipal bonds, corporate bonds, agency bonds, certificates of deposit (CDs) and U.S. Treasuries. With strong marketability of the domain name www.bonds.com, commitment to key advertising initiatives, an experienced management team and seasoned account managers, Bonds.com, Inc. is determined to redefine the $29 trillion fixed income marketplace.
Investor Relations website:
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
BONDS.COM GROUP, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
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ASSETS
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March 31, December 31,
2008 2007
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Current assets:
Cash and cash equivalents $647,512 $1,046,150
Investment in certificate of deposit 47,570 119,570
Accrued interest receivable 2,570 2,950
Prepaid expenses 40,000 84,260
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Total current assets 737,652 1,252,930
Property and equipment, net 417,172 450,238
Intangible assets, net 1,287,535 1,292,315
Other assets 177,785 201,106
Restricted cash 72,000 72,000
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Total assets $2,692,144 $3,268,589
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LIABILITIES AND STOCKHOLDERS' EQUITY
---------------------------------------------
Current liabilities:
Accounts payable and accrued expenses $759,276 $459,939
Obligations under capital leases, current
portion 104,054 107,912
Notes payable, related parties 500,000 -
Notes payable, other 272,764 272,343
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Total current liabilities 1,636,094 840,194
Long-term liabilities:
Obligations under capital leases, net of
current portion 23,961 28,612
Deferred rent 21,381 16,277
Notes payable, other, net of current portion 44,158 50,010
----------- ------------
Total liabilities 1,725,594 935,093
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Commitments and contingencies
Stockholders' equity
Preferred stock $0.0001 par value; 1,000,000
authorized; none issued no shares issued
and outstanding - -
Common stock $0.0001 par value; 150,000,000
authorized; 61,216,590 and 60,932,551
issued and outstanding, respectively 6,121 6,093
Additional paid in capital 8,914,960 8,727,522
Deferred compensation (427,439) (466,428)
Deficit accumulated during the development
stage (7,527,092) (5,933,691)
----------- ------------
Total stockholders' equity 966,550 2,333,496
----------- ------------
Total liabilities and stockholders' equity $2,692,144 $3,268,589
=========== ============
BONDS.COM GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
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For the Three For the Period From
Months Ended October 18, 2005
March 31, (Inception) to
2008 March 31, 2008
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Revenues: $27,559 $65,243
Cost of sales 8,249 14,745
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Gross Margin 19,310 50,498
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Operating expenses:
Payroll and related costs 462,976 1,819,463
Software 37,366 767,200
Legal and accounting fees 293,593 1,121,002
Royalties - 200,000
Dues and subscriptions 77,643 337,929
Rent 93,397 352,840
Computer connection 81,336 338,727
Licenses and permits 70,083 317,326
Consulting 49,204 232,254
Investment banking advisory fees - 500,000
Advertising 177,272 271,542
Travel 22,813 141,328
Website development costs 3,087 77,857
Depreciation 38,203 144,700
Amortization 41,441 146,526
Other 153,637 733,085
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Total operating expenses 1,602,051 7,501,779
Loss from operations (1,582,741) (7,451,281)
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Other income (expense):
Interest income 6,445 12,941
Interest expense (17,105) (88,752)
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Total other income (expense) (10,660) (75,811)
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Net loss before taxes (1,593,401) (7,527,092)
Income taxes - -
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Net loss applicable to common
stockholders $(1,593,401) $(7,527,092)
============= ===================
Loss per share - basic and diluted $(0.03)
=============
Weighted average shares outstanding
basic and diluted $61,163,528
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SOURCE: Bonds.com Group, Inc.
After Market Support, LLC for Bonds.com Group, Inc. Elizabeth S. Sklaroff, 877-880-BDCG (2324) elizabeth.sklaroff@aftermarketsupport.com
Copyright Business Wire 2008
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