Click here to close now.

SYS-CON MEDIA Authors: Liz McMillan, Carmen Gonzalez, Pat Romanski, AppDynamics Blog, Roger Strukhoff

News Feed Item

GlobalWise Investments Announces Results for First Quarter 2014

COLUMBUS, OH -- (Marketwired) -- 05/15/14 -- GlobalWise Investments, Inc. (OTCQB: GWIV) (the "Company") (www.GlobalWiseInvestments.com) and its wholly owned subsidiary Intellinetics, Inc., a leading-edge technology company focused on the design, implementation and management of cloud-based Enterprise Content Management ("ECM") systems in both the public and private sectors, announce financial results for the fiscal quarter ended March 31, 2014.

The Company's total revenues for the three months ended March 31, 2014 were $299,183 as compared to $354,871 for the same period in 2013, a decrease of $55,688, or 16%, primarily attributable to decreases in revenues from professional services and software maintenance services.

Overall gross margins were 79% and 44% for the three months ended March 31, 2014 and 2013, respectively, an increase of 30%.

Total operating expenses were $591,573 for the three months ended March 31, 2014 as compared to $801,275 for the three months ended March 31, 2013, representing a decrease of 26%, or $209,702. The decrease in operating expenses is primarily due to a reduction in sales and marketing expense.

GlobalWise reported a net operating loss of $403,822 and $671,797 for the three months ended March 31, 2014 and 2013, respectively, representing a decrease in net loss of $267,975, or 40%.

Matthew Chretien, President and CEO of GlobalWise, stated, "In Q1 of 2014, Intellinetics continued to implement MarketCommand™, which we will refer to as IntelliCloud™ going forward, our reseller program for print/imaging and IT solutions providers. In Q1 of 2014, we added five (5) partners who are actively selling IntelliCloud™ based solutions. We also entered into an alliance with Muratec, a hardware OEM, to present the IntelliCloud™ program to its 600 dealer network."

"Our first quarter results continue to reflect our shift in focus from premise-based, one-time sales to the new low-cost, cloud-based IntelliCloud™ model, which has been challenging from a short-term revenue perspective. However, as the number of active IntelliCloud™ increases, we will generate growing recurring revenue. The video link below captures the simplicity of IntelliCloud™ in action. Its power is in the simplicity of messaging and its delivery as a feature of the multi-function devices most businesses already own."

IntelliCloud™ Overview Video: http://www.intellinetics.com/video

About GlobalWise Investments, Inc.

GlobalWise Investments, Inc., via its wholly owned subsidiary Intellinetics, Inc., is a Columbus, Ohio based Enterprise Content Management (ECM) pioneer with industry-leading software that delivers cloud ECM based solutions on-demand. The Company's flagship platform, Intellivue™, represents a new industry benchmark and game-changing solution by enabling clients to access and manage the content of every scanned document, file, spreadsheet, email, photo, audio file or video tape -- virtually anything that can be digitized -- in their enterprise from any PC, laptop, tablet or smartphone from anywhere in the world.

For additional information, please visit: www.Intellinetics.com


                GLOBALWISE INVESTMENTS, INC. and SUBSIDIARY
                   Condensed Consolidated Balance Sheets



                                   ASSETS
                                                (Unaudited)
                                                 March 31,     December 31,
                                                    2014           2013
                                               -------------  -------------

Current assets:
  Cash                                         $      19,332  $     260,560
  Accounts receivable, net                           183,586        144,071
  Prepaid expenses and other current assets           53,443         39,242
                                               -------------  -------------
    Total current assets                             256,361        443,873

Property and equipment, net                           48,380         53,226
Other assets                                          26,846         28,925
                                               -------------  -------------

    Total assets                               $     331,587  $     526,024
                                               =============  =============

                   LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities:
  Accounts payable and accrued expenses        $     579,809  $     502,646
  Deferred compensation                              215,012              -
  Deferred revenues                                  477,548        482,428
  Notes payable - current                            949,765        711,266
  Accrued interest - related party                    38,971
  Notes payable - related party - current            217,915              -
                                               -------------  -------------
    Total current liabilities                      2,479,020      1,696,340

Long-term liabilities:
  Deferred compensation                                    -        215,012
  Notes payable - net of current portion           1,016,254      1,114,394
  Notes payable - related party - net of
   current portion                                         -        222,915
  Deferred interest expense                           81,328         83,942
  Other long-term liabilities - related
   parties                                                 -         34,614
                                               -------------  -------------
    Total long-term liabilities                    1,097,582      1,670,877
                                               -------------  -------------

    Total liabilities                              3,576,602      3,367,217

Stockholders' deficit:
Common stock, $0.001 par value, 50,000,000
 shares authorized; 47,362,047 shares issued
 and outstanding at March 31, 2014 and
 December 31, 2013                                    54,363         54,363
  Additional paid-in capital                       4,912,814      4,912,814
  Accumulated deficit                             (8,212,192)    (7,808,370)
                                               -------------  -------------
    Total stockholders' deficit                   (3,245,015)    (2,841,193)
                                               -------------  -------------
    Total liabilities and stockholders'
     deficit                                   $     331,587  $     526,024
                                               =============  =============




                GLOBALWISE INVESTMENTS, INC. and SUBSIDIARY
              Condensed Consolidated Statements of Operations
                                (Unaudited)

                                       For the Three Months Ended March 31,
                                       ------------------------------------
                                              2014               2013
                                       -----------------  -----------------
Revenues:
  Sale of software                     $           8,000  $           8,660
  Software as a service                           39,442             34,790
  Software maintenance services                  210,522            223,464
  Professional services                           29,424             72,772
  Third party services                            11,795             15,185
                                       -----------------  -----------------
    Total revenues                               299,183            354,871
                                       -----------------  -----------------

Cost of revenues:
  Sale of software                                 6,444            121,305
  Software as a service                            6,930              6,909
  Software maintenance services                   31,747             27,950
  Professional services                            9,710              1,318
  Third party services                             8,597             22,002
                                       -----------------  -----------------
    Total cost of revenues                        63,428            179,484
                                       -----------------  -----------------

Gross profit                                     235,755            175,387
                                       -----------------  -----------------

Operating expenses:
  General and administrative                     468,469            568,148
  Sales and marketing                            116,174            227,783
  Depreciation                                     6,930              5,344
                                       -----------------  -----------------
    Total operating expenses                     591,573            801,275
                                       -----------------  -----------------

Loss from operations                            (355,818)          (625,888)

Other income (expenses)
  Derivative gain                                      -             15,470
  Interest expense, net                          (48,004)           (61,379)
                                       -----------------  -----------------
    Total operating expenses                     (48,004)           (45,909)
                                       -----------------  -----------------

Net loss                               $        (403,822) $        (671,797)
                                       =================  =================

Basic and diluted net loss per share   $           (0.01) $           (0.02)
                                       =================  =================

Weighted average number of common
 shares outstanding - basic and
 diluted                                      47,362,047         39,620,613
                                       =================  =================


More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
T-Mobile has been transforming the wireless industry with its “Uncarrier” initiatives. Today as T-Mobile’s IT organization works to transform itself in a like manner, technical foundations built over the last couple of years are now key to their drive for more Agile delivery practices. In his session at DevOps Summit, Martin Krienke, Sr Development Manager at T-Mobile, will discuss where they started their Continuous Delivery journey, where they are today, and where they are going in an effort ...
Gartner predicts that the bulk of new IT spending by 2016 will be for cloud platforms and applications and that nearly half of large enterprises will have cloud deployments by the end of 2017. The benefits of the cloud may be clear for applications that can tolerate brief periods of downtime, but for critical applications like SQL Server, Oracle and SAP, companies need a strategy for HA and DR protection. While traditional SAN-based clusters are not possible in these environments, SANless cluste...
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Disruptive macro trends in technology are impacting and dramatically changing the "art of the possible" relative to supply chain management practices through the innovative use of IoT, cloud, machine learning and Big Data to enable connected ecosystems of engagement. Enterprise informatics can now move beyond point solutions that merely monitor the past and implement integrated enterprise fabrics that enable end-to-end supply chain visibility to improve customer service delivery and optimize sup...
The OpenStack cloud operating system includes Trove, a database abstraction layer. Rather than applications connecting directly to a specific type of database, they connect to Trove, which in turn connects to one or more specific databases. One target database is Postgres Plus Cloud Database, which includes its own RESTful API. Trove was originally developed around MySQL, whose interfaces are significantly less complicated than those of the Postgres cloud database. In his session at 16th Cloud...
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what th...
To manage complex web services with lots of calls to the cloud, many businesses have invested in Application Performance Management (APM) and Network Performance Management (NPM) tools. Together APM and NPM tools are essential aids in improving a business's infrastructure required to support an effective web experience... but they are missing a critical component - Internet visibility. Internet connectivity has always played a role in customer access to web presence, but in the past few years u...
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big D...
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud en...
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immed...
Enterprises are fast realizing the importance of integrating SaaS/Cloud applications, API and on-premises data and processes, to unleash hidden value. This webinar explores how managers can use a Microservice-centric approach to aggressively tackle the unexpected new integration challenges posed by proliferation of cloud, mobile, social and big data projects. Industry analyst and SOA expert Jason Bloomberg will strip away the hype from microservices, and clearly identify their advantages and d...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
SYS-CON Media named Andi Mann editor of DevOps Journal. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Andi Mann, Vice President, Strategic Solutions, at CA Technologies, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, communicator, and thought lea...