ANTs software.com Reports First Quarter Fiscal Year 2001 Results.Business Editors/High-Tech Writers BURLINGAME Burlingame, city (1990 pop. 26,801), San Mateo co., W Calif., on San Francisco Bay; founded 1868, inc. 1908. Burlingame is mainly residential, with light manufacturing (plastic and metal products, furniture, and computers). The city is named for U.S. diplomat Anson Burlingame. , Calif.--(BUSINESS WIRE)--Sept. 14, 2000 ANTs software.com, (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:ANTS), a developer of advanced technologies to speed up computer processing, today reported financial results for the first quarter of fiscal year 2001. For the fiscal quarter ended July July: see month. 31, 2000, the Company reported a net loss of approximately $1.3 million, or $0.11 per share. This compares to a net loss for the fiscal quarter ended July 31, 1999 of approximately $110,000, or $0.01 per share. Frederick Frederick, city, United States Frederick, city (1990 pop. 40,148), seat of Frederick co., NW Md.; settled 1745, inc. 1817. The processing center of a fertile farm and dairying area, it makes beer, household items, optical and glass products, leather goods, D. Pettit, President and Chief Executive Officer of ANTs software.com, stated, "Our objectives for the remainder of this year center around advancing our technology. Before the end of this year, we intend to place our technology on a strategically sound footing and to demonstrate test results that provide credible evidence of the substantial promise of our strategy. We also plan to fully explore all the potential paths to market for our products and secure a beta customer by the second quarter of next calendar year. We have already made some incredible additions to our management team and our board of directors. We intend to continue creating a culture of excellence." For the fiscal quarter ended July 31, 2000 operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were approximately $1.4 million compared to approximately $110,000 in the first fiscal quarter of the prior year. Operating expenses during that quarter consisted primarily of personnel costs and legal and other professional fees. The majority of the Company's operating expenses and costs over the next six to nine months are expected to be driven by existing and planned increases in personnel. The Company currently has 15 fulltime employees and is actively recruiting additional personnel domestically and overseas. Cash and cash equivalents at the end of the first fiscal quarter of 2001 were approximately $2.0 million. The Company is currently in active discussions to raise additional funds. The Company anticipates that its present cash resources and this financing will sustain operations into the fourth quarter of this calendar year. The Company plans to seek further debt and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. to bring the first phase of its software to market. ABOUT ANTS SOFTWARE.COM ANTs software.com is an emerging Application Service Provider for Performance. The Company's vision is to become the leader in performance enhancement services for enterprise computing Refers to information technology in the larger company. See enterprise data and enterprise networking. . The basis for the Company's business is its patented software technology, ANTs (an acronym acronym: see abbreviation. A word typically made up of the first letters of two or more words; for example, BASIC stands for "Beginners All purpose Symbolic Instruction Code. for "Asynchronous Refers to events that are not synchronized, or coordinated, in time. The following are considered asynchronous operations. The interval between transmitting A and B is not the same as between B and C. The ability to initiate a transmission at either end. , Non-preemptive Tasks"). ANTs is an enabling middleware Software that functions as a conversion or translation layer. It is also a consolidator and integrator. Custom-programmed middleware solutions have been developed for decades to enable one application to communicate with another that either runs on a different platform or comes from a technology that can interact with many applications such as ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. , e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. , B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business and other related areas to improve application and database performance. The Company's corporate offices are located at 801 Mahler Road, Burlingame, Calif. For more information visit our Web site at http://www.antssoftware.com or call us at 650/259-9105 This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as that phrase is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected. Such risks include but are not limited to the following: there can be no assurance that ANTs software will produce the expected results or that it will result in a commercially viable product; that the test results will be available by the end of September September: see month. ; that the Company will secure the necessary current and additional financing, intellectual property and staff to support current and future operations. Further risks are detailed in the Company's filings with the Securities and Exchange Commission, including the Company's most recent Form 10-KSB for the fiscal year ended April 30, 2000.
ANTs software.com
BALANCE SHEET
July 31, 2000
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash & cash equivalents $ 2,037,658
Interest receivable 25,734
Pre-paid insurance 248,364
Total current assets 2,311,756
PROPERTY AND EQUIPMENT:
Computers and software 277,281
Office furniture and fixtures 24,459
Leasehold improvements 54,297
Less accumulated depreciation (17,354)
Property and equipment, net 338,683
OTHER ASSETS - Security deposits 211,798
TOTAL ASSETS $ 2,862,237
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 252,550
Accrued vacation 69,422
Payable to employees 723
Notes payable 176,470
Total current liabilities 499,165
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value;
20,000,000 authorized; 12,756,197
shares issued and outstanding 12,756
Common stock subscribed, 70,000 shares 119,500
Notes receivable from officers for
stock purchases (337,500)
Additional paid-in capital 13,049,452
Accumulated deficit (10,481,136)
Total stockholders' equity 2,363,072
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,862,237
ANTs software.com
STATEMENTS OF OPERATIONS
(Unaudited)
For the three months ended
July 31,
2000 1999
General and administrative expenses $ 1,196,624 $ 109,881
Research and development expenses 193,137 0
LOSS FROM OPERATIONS (1,389,761) (109,881)
OTHER INCOME:
Interest income 50,920 0
Interest expense (5,368) 0
Other income, net 45,552 0
LOSS BEFORE INCOME TAXES (1,344,209) (109,881)
INCOME TAXES 800 0
NET LOSS ($ 1,345,009) ($ 109,881)
BASIC LOSS PER COMMON SHARE ($ 0.11) ($ 0.01)
WEIGHTED AVERAGE
COMMON SHARES OUTSTANDING 12,689,030 10,767,165
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