We presently intend to retain earnings to finance the operation and expansion of our business and do not anticipate declaring cash dividends in the foreseeable future. To the extent one or more of our competitors introduce products that more fully address customer requirements, our business could be materially adversely affected. There can be no assurance that we will be successful in customizing contracted enhancements to our existing products incorporating new technology on a timely basis, or that our products will adequately address the changing needs of the marketplace. If we are unable to customize existing products in a timely manner in response to changing market conditions or customer requirements, our business, prospects, financial condition, and results of operations may be materially adversely affected. This list may not be complete and may change and substantially increase over time. Some of our existing and potential competitors have longer operating histories, greater name recognition, larger customer bases, and significantly greater financial, technical, and marketing resources than us.
This receivable has been discounted using a 3.5% discount rate to reflect the interest component of the transaction, which is to be amortized using the effective interest method over the period in which payments are made and the balance is outstanding. The discount rate is reset periodically, if necessary, considering prevailing interest eur rates. Fee is fixed or determinable – The Company assesses whether a fee is fixed or determinable at the outset of the arrangement, primarily based on the payment terms associated with the transaction. If the fee is not deemed to be fixed or determinable, the Company will defer and recognize revenue as payments become due and payable .
Management estimates that the carrying amounts of other non-related party financial instruments approximate their fair values due to their short-term nature and the fair value of the related party notes http://etflorex.com/users/ payable is not practicable to estimate due to the related party nature of the underlying transactions. From time to time, legal proceedings or disputes arise in the normal course of business.
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It increases the efficiency and productivity of the real estate agent and raises the profile of the real estate agent in the marketplace by providing a real time reporting and analysis module. Since the launch of the iPhone, iPod Touch and iPad by Apple, Inc., we have focused on developing games for these powerful wireless devices. As of June 30, 2011, we had produced and released 37 applications for the iPhone/iPad and iPod touch., and had generated over 28 million downloads for these devices. The top title was downloaded over 7.45 million times, the second most over 3.63 million times and the third most close to 3.61 million times.
As of December 31, 2010, we had a 19.9% ownership interest in M-Health Middle East, Ltd. (“M-Health”), a Cayman Islands joint venture formed by and among the Company and two non-affiliated entities, each with substantial experience and know how relating to doing business in the Middle East. The venture will focus on mobile telemedicine technology sales and distribution in the Middle East. M-Health and its other shareholders accepted certain accounts receivables from the Company in lieu of cash payment obligations at arms-length. Certain reclassifications of 2009 amounts have been made to conform to the 2010 presentation.
As of July 31, 2011, we had outstanding 66,457,282 shares of common stock, held by approximately 73 stockholders of record. This does not include persons whose stock is held in “street name” accounts through brokers, which amounts to approximately 2,300. In 2008, we signed a two-year exclusive license agreement with the famous German soccer club FC Bayern Munich to develop and launch at least two interactive 3D soccer games based on the players of the club for the 2008/09 and 2009/10 seasons.
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By becoming a member of InvestoCopy, the trader has access to the list of the best traders and can copy investments directly. This 3% is deducted directly from the profit pocketed by the copier, as a thank you. Ichimoku Bot carries out transactions independently and regularly notifies traders eur of changes in its bets. The software is free for the first 60 days and up to €5,000 profit, but to use it unlimitedly, you need to subscribe for €350 per month. Designed by two French and Swiss developers, Ichimoku Bot works with regulated brokers and ensures the complete security of traders.
From January 1998 to January 2000, Dr. Hensel was the founder and a shareholder of Weiss-Grundstuecksverwaltungs-und Entwicklungsgesellschaft GmbH Erkner, a real estate management company. Since January 1995, Dr. Hensel has been a corporate fiduciary for BIT GmbH, Berlin and a manager of DABU Accounting services. Dr. Hensel was selected to be a director for the some of driveway paving companies in California and he perfectly gives you the answer if you wonder how can I make my backyard cozy. Revenues from entertainment products, games, and technologies used in mobile phones are recognized net in accordance with ASC “Revenue Recognition – Principal Agent Consideration”. Recognition is net as the Company is not the primary obligor in the arrangements, the amount the Company earns is fixed , and the telecommunications carrier and the Company both have credit risk. In May 2010, we established a new subsidiary, named Green Cortex, Inc., a company based in Hong Kong, to develop sustainability products and to venture into the booming green IT business.
The audit committee is responsible for the appointment, determination of the compensation for, retention and oversight of the work of the independent accountant employed to conduct our audits or other audit, review or attest services. The audit committee must pre-approve all audit services and permissible non-audit services by the independent accountants, as set forth in Section 10A of the Exchange Act and the rules and regulations promulgated thereunder by the SEC. http://www.burnsideroofing.co.uk/the-value-of-crm-phone-integration/ All of the services described below were approved by our audit committee prior to performance. The audit committee has determined that the payments made to its independent registered public accounting firm for these services are compatible with maintaining such auditors’ independence. Under an executive employment Agreement dated July 1, 2006, we agreed to employ Eberhard Schoneburg as President, chief executive officer and chairman of the board of directors.
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Due to the rapid expansion of the Company and the constant release of new products, the composition and source of revenues is continuously changing. The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets is measured by comparison of their carrying amounts to future net cash flows expected to be generated from the operation and sale of the long-lived assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount in which the carrying amount of the long-lived assets exceeds their fair values . Depreciation and amortization is provided on the straight-line basis over the estimated useful lives of the respective assets .
Mr. Namyslik was the Company’s global financial controller from 2000 to 2002 and since 2007 when he rejoined the Company. Mr. Namyslik holds a Masters of Science degree in Mathematics from Freie University in Berlin, Germany. Our chief executive officer and chief financial officer evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by forex back office software this report. Based on their evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective as of December 31, 2010. The Company extends credit to its customers in the normal course of business when considered appropriate. The Company performs ongoing credit evaluations and generally does not require collateral.
Nonetheless, continuation or further worsening of these difficult financial and macroeconomic conditions could have a significant adverse effect on our sales, collectability of our trade receivables, profitability, and results of operations. Net cash used in investing activities was $11,746,179 trader for the year ended December 31, 2010, which was an increase of $6,722,023 compared to the year ended December 31, 2009. This increase was primarily due to increased cash expenditures for the purchase of license rights and fixed assets and capital contribution in new investment.
There have been no changes in our internal control over financial reporting that occurred during the year ended December 31, 2010 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Our management team will continue to evaluate our internal control over financial reporting in 2011. Historically, the majority of our software agreements have not included multiple elements nor has the Company had any continuing obligations or involvement under the agreements. If the fee is not deemed to be fixed or determinable, the Company will defer revenue and recognize revenue as payments become due and payable . During the year ended December 31, 2010, receivables of approximately $12.5 million were collected in cash from our customers in settlement of the trade accounts and installment receivables. Between December 31, 2010 and July 31, 2011, an additional approximately $1.4 million of the 2010 receivables have been collected. In total, the Company has reduced its total receivables stemming from fiscal years 2007 through 2010 by approximately $65 million, which includes cash, non-cash offsetting and other settlement of approximately $33 million, $20 million and $12 million, respectively.
- With the re-location of our headquarters to Hong Kong, we plan to continue to expand business in these areas but also expect more business in Africa and the Middle East in 2011.
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- In January 2010, we launched the Red Bull Racing Challenge, the official game for the prominent Formula One team Red Bull Racing on the iPhone and iPod Touch platform.
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Additionally, cloud-based chatbots are helping the companies to increase maximum customer interaction and overall productivity. Increasing adoption of such advanced software applications by the companies is expected to drive the global chatbot market growth in the forthcoming years. For instance, according to a report by the Oracle Corporation, about 80% of large and SMEs are presently using or planning to adopt advanced services by the end of 2020.
On April 20, 2011, the Company declared to repay the full bonus amount for the year 2010 owed to its chief executive officer through the issuance of shares of common stock at a purchase price of $0.35 per share . The number of shares is determined by dividing the 2010 bonus amount based on the audited financial results of fiscal year ended December 31, 2010 by the agreed price of $0.35. On February 2, 2011, the Company repaid $780,000 of the outstanding loan balance of $2,144,167 owed to its chief executive officer through the issuance of 1,000,000 shares of common stock at a purchase price of $0.78 per share .