DENVER, CO, Feb. 19, 2019 (GLOBE NEWSWIRE) -- Advantego Corporation (OTCQB: ADGO) today announced the release of its Convertible Note Disclosure Report (CNDR), available now to all publicly-held companies, their auditors and third-party consultants.
The niche Business Process as a Service (BPaaS) is a cloud-based solution that addresses the reporting requirements of ASC-480 “Distinguishing Liabilities from Equity” which are often very time-consuming and costly endeavors for public reporting companies to complete.
This product is the first in a series of Financial Reporting Services that Advantego is offering to help companies expedite the filings of their required quarterly and annual disclosures to the Securities and Exchange Commission (SEC) under GAAP.
“We are extremely pleased to provide this economical and convenient business service to our fellow public companies,” Advantego CEO Robert W. (Rob) Ferguson said. “Our research, and our own experience, reveals that firms are spending upwards of $1,000 per note and as much as $14,000 for multiple notes each quarter,” he pointed out. “This makes our product a very valuable service by eliminating the many accounting hours to produce, or validate, the needed calculations,” he added.
“This product should produce a high gross margin of profitability based on the new revenues it produces in 2019 and beyond,” Ferguson added.
Ferguson also said: “With our solution, users simply submit key information to us online about their convertible note(s). We then generate a report that provides the pertinent stock trading information, the initial journal entries, amortization schedules and other required calculations that can be shared with a company’s auditors and used for filing purposes. The report also contains pertinent text that can be copied right into the footnote section of the company’s disclosures.”
The CNDR Report produces the following required calculations:
- Total Debt Premium
- Total Debt Discount
- Net Note Balance
- Proceeds at Close
- Net Proceeds
- Put Price
- Price on Issue Date
- Conversion Date After Discount
- Number of Shares if Converted
- Number of Shares Allocated to Principal
- Number of Shares Allocated for Premium
- Principal Booked to Common Stock
- Principal Booked to Paid-In Capital
- Note Premium Booked to Common Stock
- Note Premium Book to Paid-In Capital
The CNDR Report produces the following amortization information:
- Outstanding Percent
- Interest Expense
- Interest Accrued
- Debt Premium
- Principal Balance
- Outstanding Note Balance
The CNDR Report provides the following journal entries and footnotes:
- Cash (Net Proceeds)
- Loan Payable (Loan Amount)
- Debt Discount
- Debt Premium
- Additional Paid-in Capital
- Pertinent Footnote Text
“It is hard enough to just run a public company but having to stay up on all of the reporting requirements just compounds the work load. It is our goal to develop a suite of financial reporting tools to help all of us increase our operational efficiencies, save time and money…and help eliminate one of those late reporting excuses that seems to come up each quarter,” Ferguson concluded.
Interested companies can visit www.Advantego.com/CNDR for more information or to access the Convertible Note Disclosure Report (CNDR) software.
About Advantego Corporation
Advantego Corporation (OTCQB: ADGO) designs, develops and implements digital technology and enterprise software as a specialized Business Process as a Service (BPaaS). The Company’s products and services are developed and delivered through two wholly-owned operating subsidiary’s that leverages its proprietary “Intelligent Solution Platform”. This platform combines existing data and systems and integrates “best in class”, third-party technologies to provide a comprehensive, managed solution that significantly enhances internal operations and marketing efficiency. These elite, custom business solutions are available to large enterprises, affiliate networks and franchise operators as all-inclusive, managed bundled services in addition to a variety of stand-alone products specific to targeted industries.
Company website: www.advantego.com. Follow the company on Twitter: @Advantego
Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of the Securities Act. As a general matter, forward-looking statements may reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be identified using forward-looking terminology such as "may", "will", "expects", "plans", "estimates", "anticipates", "projects", "intnds", "believes", "outlook and similar expressions. The forward-looking statements contained in this news release are based upon our historical performance, current plans, estimates, expectations and other factors we believe are appropriate under the circumstances. The inclusion of this forward-looking information is inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: our business and investment strategy; our projected operating results; estimates relating to our ability to make distributions to our stockholders in the future and economic trends.
XXX
CONTACT:
GREG McANDREWS & ASSOCIATES
Gregory A. McAndrews
(310) 804-7037
mcandrews_pr@hotmail.com