CHARLOTTE, N.C., Sept. 19, 2014 (GLOBE NEWSWIRE) -- Revolutionary Concepts Inc., (OTCPINK:REVO), a publicly traded company that develops mobile video software and remote security communication systems, filed its Quarterly Report on Form 10-Q for its second quarter ended June 30, 2014 with the Securities and Exchange Commission. The Results of Operations was excerpted from the Form 10-Q Report. The Company reported another good quarter, and that its net income jumped by 211.34%, for the period ended June 30, 2014.
Second Quarter Financial Results
Results of Operations
Revenues
The Company has generated limited revenue since its inception due to it being a development stage company and its efforts in developing its patented technologies for sale or licensing.
Operating Expenses
Our total operating expenses decreased by a total of 17.64% to $149,287, for the three months ended June 30, 2014, from $181,257 for the three months ended June 30, 2013. Our total operating expenses decreased by a total of 4.53% to $322,122 for the six month period ended June 30, 2014, from $337,413 for the six months ended June 30, 2013. The decrease for the three and six month periods is primarily attributable to lower compensation and related expenses for our subsidiary Greenwood Finance Group.
Our net income for the six month period ended June 3, 2014, was a total of $578,476, compared to a net loss of $519,535 for the same period ended June 30, 2013. This represents a total increase of $1,098,011, or 211.34% for the period ended June 30, 2014, as compared to the same period ended June 30, 2013. This gain is primarily attributable to decreases in loss on derivatives, interest expenses, and the consideration received by the Company as part of the global licensing agreement the Company entered into, and was also offset by increases in operating expenses.
Our net loss decreased by a total of 29.07% to $195,630 for the three months ended June 30, 2014, from $275,796, for the three months ended June 30, 2013. The decrease for the three month ended is primarily attributable to less compensation expense and related expenses for Greenwood Finance Group personnel.
Assets
Our Assets decreased by $8,281 to $139,862 for the period ended June 30, 2014, from $148,083 for the period ended December 31, 2013. This decrease was primarily due to decreases in patent and security deposits.
Liabilities
Our total liabilities increased by $166,422 to $4,878,421 for the period ended June 30, 2014, from $4,711,999 as of December 31, 2013. The increase is attributable to the decrease in related party Notes offset by an increase in current liabilities primarily related to our preferred dividend payable.
Stockholders' Equity (Deficit)
Our Stockholders' deficit increased by $174,703 to $(4,738,619) as of June 30, 2014, from $(4,563,916) as of December 31, 2013.
Liquidity and Capital Resources
Cash Flows
Overall, we had no significant change in cash expenditures for the three month period ended March 31, 2014, compared to the same prior year period.
Cash Flows from Operating Activities
Net cash used in operating activities was $103,443 for the six months ended June 30, 2014, primarily attributable to forgiveness of Notes payables, accrued interest, increase in dividend accumulated adjustment, offset by $578,476 of net income and increase in accrued expense and other liability. Net cash used in operating activities was $181,556 for the six months ended June 30, 2013, primarily attributable to $519,535 of net loss and increase in dividend accumulated adjustment, offset by increase in accrued expenses and other liabilities.
Cash Flows from Investing Activities
Our cash used in investing activities was $607 for the six month period ended June 30, 2014, compared to $3,095 in cash used by investing activities for the ended period ended June 30, 2013.
Cash Flows from Financing Activities
The net cash provided by financing activities was $104,049 for the period ended June 30, 2014, compared to $185,845 in cash provided by financing activities for the period ended June 30, 2014.
REVO's Senior Vice President Solomon Ali says, "We are very excited about our accelerating financial results for our second quarter. With the signing of our global licensing agreement earlier this year, we have a greater focus on operations, marketing and industry alliances. With our net income up 211.34%, this is another major milestone in our history, as it demonstrates we are on the right track for more growth. We see strong and positive growth for our future. Our plans are to continue to improve our financial performance and create more value for our shareholders."
The full Form 10-Q Quarterly Report is available for viewing on the SEC's website and it is also available at our website at www.revolutionaryconceptsinc.com, Investor Relations, SEC Filings section.
About Revolutionary Concepts Inc.
REVO is primary business is the design and development of the "EyeTalk" Communicator technology, a mobile video, remote smart camera security technology. The system is designed to provide nationwide protection and monitoring of homes and businesses against multiple threats including robbery, fire, theft, burglary and other intrusions through mobile phones, wireless video and remote smart camera security technology. REVO holds patented and patent pending applications that utilize the technology in medical/healthcare, sporting events, child monitoring and several other key areas. For more information visit www.revolutionaryconceptsinc.com.
Safe Harbor Statement - There are matters discussed in this media information that are forward looking statements within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. Such statements are only forecasts and actual events or results may differ materially from those discussed. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to Revolutionary Concepts Inc.'s most recent annual report and accounts and other SEC filings. The company undertakes no obligation to update publicly, or revise, forward looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.