Niklas Bjorkman wrote: Firstly I agree with your conclusion. NewSQL takes the best of the traditional databases and NoSQL databases to combine the benefits of both worlds. I do not agree that NewSQL vendors focus on giving scale-out features to transactional data. The NewSQL market is focusing on giving true ACID support combined with extreme performance, stepping away from the traditional relational structures in databases. A lot of developers appreciate the ease of accessing data using SQL and I think we will see more and more databases supporting standard SQL.
As you said - NewSQL databases often maintain the...
SUGAR LAND, Texas, Nov. 14, 2012 /PRNewswire/ -- US Dataworks, Inc. (OTC Bulletin Board: UDWK), a leader in payment processing solutions, today announced its financial results for its fiscal 2013 second quarter ended September 30, 2012.
Revenue for the second quarter of fiscal 2013 was $1.7 million compared to revenue of $1.7 million for the second quarter of fiscal 2012. Net loss for the second quarter of fiscal 2013 was $44,000, or $0.00 loss per share, compared to a net loss of $257,000, or $0.01 loss per share, for the second quarter of fiscal 2012.
Conference Call Information
US Dataworks' management has scheduled a conference call to review its fiscal 2013 second quarter results on Thursday, November 15, 2012 at 11:00 a.m. Eastern time, 10:00 a.m. Central time. To listen to the call, dial (480) 629-9771 at least 10 minutes before the call begins and ask for US Dataworks' conference call. A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible until November 22, 2012. To access the replay, dial (303) 590-3030 using a pass code of 4575648#.
Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by visiting www.usdataworks.com. To listen to the live call on the web, please visit the Company's web site at least fifteen minutes before the call begins to register, download and install any necessary audio software. For those who cannot listen to the live webcast, an archive will be available shortly after the call.
Additional information about Clearingworks as well as US Dataworks can be found on the company's website at www.clearingworks.com.
About US Dataworks
US Dataworks offers cloud computing on-demand payment processing services with proven enterprise-class payment, deposit, returns processing and powerful payment analytic tools. US Dataworks is a trusted payments provider to financial institutions, telecommunications providers, content providers, corporate billers and government agencies.
Unrealized loss on fair value of derivative instruments
(11,760)
--
(11,760)
--
Total other expense
(174,994)
(147,981)
(345,788)
(292,662)
Net income (loss)
$
(43,635)
$
(256,852)
$
(578,333)
$
(529,045)
Basic earnings (loss) per share
$
(0.00)
$
(0.01)
$
(0.02)
$
(0.02)
Diluted earnings (loss) per share
$
(0.00)
$
(0.01)
$
(0.02)
$
(0.02)
Basic weighted-average shares outstanding
33,551,398
33,401,485
33,534,183
33,382,931
Diluted weighted-average shares outstanding
33,551,398
33,401,485
33,534,183
33,382,931
US DATAWORKS, INC.
UNAUDITED CONDENSED BALANCE SHEETS
ASSETS
September 30, 2012
March 31, 2012
(Unaudited)
Current assets:
Cash and cash equivalents
$
71,966
$
81,985
Accounts receivable, trade, net of allowance for doubtful accounts at September 30, 2012 and March 31, 2012 of $10,500 and $0, respectively
914,637
437,662
Prepaid expenses and other current assets
223,451
200,636
Total current assets
1,210,054
720,283
Property and equipment, net
161,765
184,387
Goodwill
4,020,698
4,020,698
Other assets
32,111
42,354
Total assets
$
5,424,628
$
4,967,722
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long term debt, net of unamortized discount at September 30, 2012 and March 31, 2012 of $4,610 and $0, respectively
$
718,207
$
244,667
Current portion of long term debt – related party, net of unamortized discount at September 30, 2012 and March 31, 2012 of $1,152 and $0, respectively
23,848
--
Accounts payable
538,867
426,895
Accrued expenses
303,067
138,033
Accrued interest – related parties
490,508
383,592
Deferred revenue
436,824
424,191
Derivative instruments
25,160
--
Total current liabilities
2,536,481
1,617,378
Long term liabilities:
Notes payable, net of unamortized discount at September 30, 2012 and March 31, 2012 of $3,810 and $2,557, respectively
103,617
109,078
Notes payable – related parties, net of unamortized discount at September 30, 2012 and March 31, 2012 of $194,819 and $267,689, respectively
2,922,426
2,849,556
Total long term liabilities
3,026,043
2,958,634
Total liabilities
5,562,524
4,576,012
Commitments and contingencies
Stockholders' equity (deficit):
Convertible Series B preferred stock, $0.0001 par value, 700,000 shares authorized, 109,933 shares issued and outstanding, $3.75 liquidation preference, dividends of $479,481 and $458,802 in arrears as of September 30, 2012 and March 31, 2012, respectively
11
11
Common stock, $0.0001 par value, 90,000,000 shares authorized, 33,551,773 and 33,485,835 shares issued and outstanding as of September 30, 2012 and March 31, 2012, respectively
3,355
3,348
Additional paid-in-capital
66,641,880
66,593,160
Accumulated deficit
(66,783,142)
(66,204,809)
Total stockholders' equity (deficit)
(137,896)
391,710
Total liabilities and stockholders' equity
$
5,424,628
$
4,967,722
US DATAWORKS, INC.
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
For the Six Months Ended September 30,
2012
2011
Cash flows from operating activities:
Net loss from operating activities
$
(578,333)
$
(529,045)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization of property and equipment
33,735
47,478
Bad debt expense
15,581
--
Amortization of discount on notes payable
3,618
--
Amortization of discount on notes payable – related parties
73,823
70,075
Amortization of deferred financing costs – related parties
10,243
7,269
Stock based compensation
50,539
19,886
Unrealized loss on fair value of derivative instruments
11,760
--
Changes in operating assets and liabilities:
Accounts receivable
(492,556)
183,010
Prepaid expenses and other current assets
(22,815)
161,940
Accounts payable
111,972
50,231
Accrued expenses
165,034
194,460
Accrued interest – related parties
106,916
149,153
Deferred revenue
12,633
(223,875)
Net cash (used in) provided by operating activities
(497,850)
130,582
Cash flows from investing activities:
Purchase of property and equipment
(11,113)
(20,758)
Net cash used in investing activities
(11,113)
(20,758)
Cash flows from financing activities:
Payments on note payable to bank
--
(174,294)
Payments on secured line of credit
(1,751,383)
(312,690)
Proceeds from secured line of credit
1,507,331
209,714
Payments on factoring facility
(475,214)
--
Proceeds from factoring facility
1,094,860
--
Proceeds from issuance of notes payables and detachable stock warrants
125,000
125,000
Payments on equipment loan payable
(1,650)
(1,650)
Net cash provided by (used in) financing activities
498,944
(153,920)
Net decrease in cash and cash equivalents
(10,019)
(44,096)
Cash and cash equivalents, beginning of period
81,985
44,096
Cash and cash equivalents, end of period
$
71,966
$
--
Supplemental disclosures of cash flow information:
Interest paid
$
151,138
$
28,110
Income taxes paid
--
--
Supplemental disclosures of non-cash financing activities:
In conjunction with the extension of certain existing notes payable and the issuance of new notes payable, the Company issued additional common stock warrants and modified the existing notes to add a common stock conversion feature. As a result, the following balance sheet accounts were affected as follows:
Increased derivative warrant instruments
$
13,400
$
--
Increased note discount on notes payable
11,588
--
Decreased additional paid-in-capital
(1,812)
--
US DATAWORKS, INC.
INCOME STATEMENT DATA
UNAUDITED Non GAAP Reconciliations
For the Three Months ended September 30,
For the Six Months ended September 30,
2012
2011
2012
2011
Reconciliation of adjusted EBITDA (See Note 1)
Net income (loss)
$ (43,635)
$ (256,852)
$ (578,333)
$ (529,045)
Depreciation and amortization
15,106
22,849
33,735
47,478
Stock based compensation expense
49,012
8,349
50,539
19,886
Interest
163,234
147,981
334,028
292,662
Adjusted EBITDA (See Note 1)
$ 183,717
$ (77,673)
$ (160,031)
$ (169,019)
Reconciliation of EBITDA margin
Revenue
$ 1,709,659
$ 1,686,611
$ 2,921,334
$ 3,259,534
Adjusted EBITDA
$ 183,717
$ (77,673)
$ (160,031)
$ (169,019)
Margin %
11%
-5%
-5%
-5%
Note 1:
Adjusted EBITDA is a non-GAAP measure we define as earnings before interest, taxes, depreciation and amortization, and equity compensation expense. We use Adjusted EBITDA as a supplemental financial measure to assess (i) our operating and financial performance without regard to the structure of our financing or the historical cost basis in our assets and (ii) our ability to generate cash flow to cover our interest payments. Adjusted EBITDA has limitations as an analytical tool and should not be used as a substitute for financial measures presented in accordance with GAAP, including net income, operating income and cash flow from operating activities. Such limitations include the fact that Adjusted EBITDA does not reflect (i) cash requirements to service interest and principal payments on our debt, (ii) capital expenditure requirements or (iii) income tax payment requirements and income tax accruals. In addition, companies in our industry may define Adjusted EBITDA differently than we do, thereby limiting its usefulness as a comparative measure.
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Cloud computing is more than a buzz-phrase it’s a transformative IT paradigm shift. The emphasis in the cloud is on elasticity, scalability, agility and open. Not just open standards but open APIs and open source. The delivery of software is also going through a paradigm shift. Open so...
In an ideal developer/systems administrator’s world, most applications would deploy seamlessly to multiple platforms and scale elastically with minimal effort bringing the unprecedented agility of the cloud within immediate reach of developer teams and IT organizations.
OpenStack, a ...
The cloud-enabled data center sits at the center of IT transformation. It facilitates the interconnection and communities that come together, propelling growth for both buyers and sellers.
In his session at the 12th International Cloud Expo, Gerry Fassig, CoreSite’s Vice President of...
Our more interconnected planet is accelerating the adoption and convergence of next-generation architectures, in the form of cloud, mobile and instrumented physical assets. Organizations that can effectively balance optimization and innovation, will be in a position to leverage new sys...
Here at AppNeta, we get to see a lot about how people build their web applications. From simple PHP scripts to heavily service-oriented Java clouds to monolithic Django apps, everybody’s product is architected a little differently. We’re still out to trace everything, and today I want ...
In the old world of IT, if you didn't have hardware capacity or the budget to buy more, your project was dead in the water. Budget constraints can leave some of the best, most creative and most ingenious innovations on the cutting room floor. It’s a true dilemma for developers and inno...
