Exhibit 99.2
Numerex Corp. Contact:
Alan Catherall
770 485-2527
Investor Relations Contact:
Seth Potter
646 277-1230
Press Release
For Immediate Release
Numerex Reports Third Quarter 2009 Financial Results
Reaffirms 30%-40% Subscription Growth Guidance
ATLANTA, Ga. – November 5, 2009—Numerex Corp (NASDAQ:NMRX), a leading single source provider of secure machine-to-machine (M2M) products and services, today announced financial results for its third quarter ended September 30, 2009.
“Our strategy of streamlining the M2M deployment process for our customers is gaining traction evidenced by the strong growth in subscriptions and recurring service revenues,” said Stratton Nicolaides, chairman and chief executive officer. As a result of recent customer wins, forged carrier alliances, and the positive trends in our business, we provide the following fourth quarter and full year outlook:
· | We are re-affirming our guidance of achieving between 30% and 40% growth in our year-over-year digital subscription base, which translates to adding at least 69,000 subscriptions during the fourth quarter of 2009. |
· | We anticipate total revenue for the fourth quarter of 2009 will range from $13.0 million to $13.5 million which includes service revenues of $8.2 million to $8.5 million. |
· | We expect to achieve positive net income during the fourth quarter of 2009 excluding any unexpected extraordinary or non-recurring items. |
Key financial metrics for the third quarter of 2009 include:
· | Subscriptions (recurring M2M network and application service connections) to our network and application platforms continue to increase at a robust pace with total subscriptions, excluding analog, reaching 843,000 at the end of the third quarter. This compares with 652,000 recorded at the end of the third quarter last year, reflecting a 29% growth rate. We added 44,000 net incremental subscriptions during the quarter. |
· | Total consolidated revenues during the third quarter of 2009 were $11.6 million compared to $19.0 million during the same period last year. The decrease was due to lower hardware revenues as the Company continues to de-emphasize hardware only sales. Numerex’s total consolidated service revenues increased to $7.6 million in the third quarter of 2009 from $7.3 million in the same period last year. |
· | Gross margin during the third quarter of 2009 was 44.2% compared to 35.2% during the same period last year. The improvement was primarily due to the growth of higher margin service revenues. |
· | During the third quarter of 2009, adjusted EBITDA, excluding stock-based compensation expense and litigation related legal fees, was $0.8 million compared to $1.9 million during the same period last year. The decrease was primarily due to the decline in lower margin hardware revenues. A reconciliation of GAAP to non-GAAP results has been provided in the financial tables included in the press release. |
· | Numerex ended the quarter with $5.9 million in cash equivalents and $3.9 million in debt. Subsequent to the end of the quarter, the Company has retired all but $500,000 of its’ remaining structured debt by paying $1.5 million in cash and converting $2.047 million into 440,350 shares of Class A Common Stock. As a result, the Company’s net cash position and debt to equity ratio have improved. |
-continued-
Specific accomplishments since our last results press release in early August this year include:
· | AT&T agreement extension to provide turnkey services for M2M enterprise markets. The expanded agreement gives Numerex the possibility to offer its M2M solutions to AT&T’s business customers as the carrier looks to drive its wireless capabilities into a wide variety of devices beyond traditional handsets for businesses, |
· | Program expansion with the Federal Emergency Management Agency (FEMA) in partnership with QinetiQ, one of the world’s leading defense and security technology companies; which includes the following three revenue components: a technology refresh which replaces all of the existing devices in the field with new hardware; a managed service component which will add to monthly recurring revenue; and a messaging component, |
· | Wholesale data agreement with Sprint will allow Numerex to offer additional CDMA-based network capabilities to its customer base. The agreement will build on Sprint’s recent formation of the Emerging Solutions business unit with a singular focus on accelerating the delivery of M2M and mobile computing solutions to businesses and consumers. |
For the quarter ended September 30, 2009, Numerex reported consolidated revenue of $11.6 million compared to $19.0 million in the third quarter of 2008. During the quarter, the Company reported service revenues of $7.6 million and hardware revenues of $4.0 million compared to $7.3 million in service revenues and $11.6 million in hardware revenues, respectively, during the same period last year. The year-over-year decrease in hardware revenues was due primarily to the completion of the analog to digital transition and strategy to de-emphasize hardware only sales.
Gross margin for the three months ended September 30, 2009 was 44.2% compared to 35.2% during the same period last year. The continuing increase in wireless service revenues drives an overall margin improvement since service revenues have a significantly higher gross margin than those achieved through the sale of hardware.
Total operating expenses were $5.5 million during the quarter ended September 30, 2009 compared to $6.2 million during the third quarter of 2008. Excluding litigation related legal fees and non-cash stock option compensation charges, selling, general and administrative expenses were 11% lower during the quarter compared to the same period last year, reflecting reductions in administrative headcount as well as related costs.
GAAP loss from operations and pre-tax net loss were $367,000 and $862,000, respectively, which included $290,000 as a result of the early extinguishment of debt compared to a GAAP income from operations of $528,000 and a pre-tax net income of $202,000 in the third quarter of 2008. GAAP pre-tax basic/diluted loss per share was ($0.06) for the quarter ended September 30, 2009, compared with earnings per share of $0.01 in the same period last year.
For the quarter ended September 30, 2009, adjusted EBITDA, which excludes stock-based compensation expense and legal fees associated with litigation, was $0.8 million compared to $1.9 million in the same period last year. Non-GAAP basic/diluted loss per share was ($0.02) for the quarter ended September 30, 2009 compared to net income per share of $0.05 in the same period last year. A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release.
Numerex ended the third quarter of 2009 with cash and equivalents balance of $5.9 million compared to $10.0 million in the second quarter of 2009. The decrease in the cash balance was due primarily to debt repayment and an increase in inventory during the quarter. Days sales outstanding (DSO) improved to 36 days from 40 days during the third quarter of 2009.
Mr. Nicolaides concluded, “The execution of our strategy is on track. We are in a sound financial and technical position to take advantage of the growing and diverse M2M market needs. We have built a robust sales pipeline, which we anticipate will lead to increased subscriptions and subsequent growth in recurring service revenues”.
Quarterly Conference Call
Numerex will discuss its quarterly results via teleconference today at 9:00 a.m. Eastern Time. Please dial (866) 792-1873 or if outside the U.S., (904) 520-5760, to access the conference call at least five minutes prior to the 9:00 a.m. ET start time. A live webcast and replay of the call will also be available at http://www.numerex.com under the Investor Relations section. An audio replay will be available via the Numerex web site beginning two hours after the call end.
About Numerex
Numerex Corp. (NASDAQ: NMRX) is the single source machine-to-machine (M2M) product and service provider to some of the world’s largest organizations delivering the foundational components of device, network, and application, used by its customers in the development of their M2M solutions. Customers typically subscribe to Numerex network and application services that are delivered through its hosted platforms. The Company’s offerings and expertise enable its customers to efficiently build reliable and secure solutions that are used to monitor and manage assets remotely whenever and wherever needed, while simplifying and speeding up development and deployment. Numerex DNA™ offerings include hardware Devices, Network services, and software Applications that are delivered through its Numerex FAST™ (Foundation Application Software Technology) platform. Numerex is the first M2M service provider in North America to carry the ISO 27001 information security certification. “Machines Trust Us™” represents the Company’s focus on M2M data security, service reliability, and round-the-clock support of its customers’ M2M solutions. For additional information, please visit www.numerex.com.
This press release contains, and other statements may contain, forward-looking statements with respect to Numerex future financial or business performance, conditions or strategies and other financial and business matters, including expectations regarding growth trends and activities in the wireless data business. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "intend," "estimate," "assume," "strategy," "plan," "outlook," "outcome," "continue," "remain," "trend," and variations of such words and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may," or similar expressions. Numerex cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. These forward-looking statements speak only as of the date of this press release, and Numerex assumes no duty to update forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements and future results could differ materially from historical performance.
The following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: our inability to reposition our platform to capture greater recurring service revenues; the risks that a substantial portion of Orbit One's revenues are derived from government contracts that may be terminated by the government at any time; variations in quarterly operating results; delays in the development, introduction, integration and marketing of new wireless services; customer acceptance of services; economic conditions resulting in decreased demand for our products and services; the risk that our strategic alliances and partnerships will not yield substantial revenues; changes in financial and capital markets; the inability to attain revenue and earnings growth in our wireless data business; changes in interest rates; inflation; the introduction, withdrawal, success and timing of business initiatives and strategies; competitive conditions; the inability to realize revenue enhancements; and extent and timing of technological changes. Numerex SEC reports identify additional factors that can affect forward-looking statements.
Condensed Consolidated Statement of Operations | ||||||||||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||
2009 | 2008 | Change | % Change | 2009 | 2008 | Change | % Change | |||||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||||||||
Hardware | $ | 3,977 | $ | 11,632 | $ | (7,655 | ) | -66 | % | $ | 14,557 | $ | 35,745 | $ | (21,188 | ) | -59 | % | ||||||||||||||
Service | 7,572 | 7,345 | 227 | 3 | % | 22,259 | 21,112 | 1,147 | 5 | % | ||||||||||||||||||||||
Total net sales | 11,549 | 18,977 | (7,428 | ) | -39 | % | 36,816 | 56,857 | (20,041 | ) | -35 | % | ||||||||||||||||||||
Cost of hardware sales | 3,449 | 9,663 | (6,214 | ) | -64 | % | 12,611 | 30,838 | (18,227 | ) | -59 | % | ||||||||||||||||||||
Cost of services | 2,995 | 2,634 | 361 | 14 | % | 8,117 | 6,755 | 1,362 | 20 | % | ||||||||||||||||||||||
Gross Profit | 5,105 | 6,680 | (1,575 | ) | -24 | % | 16,088 | 19,264 | (3,176 | ) | -16 | % | ||||||||||||||||||||
Selling, general, and administrative expenses | 3,907 | 4,697 | (790 | ) | -17 | % | 13,565 | 14,672 | (1,107 | ) | -8 | % | ||||||||||||||||||||
Research and development expenses | 584 | 473 | 111 | 23 | % | 1,743 | 1,488 | 255 | 17 | % | ||||||||||||||||||||||
Bad Debt Expense | 102 | 209 | (107 | ) | -51 | % | 393 | 420 | (27 | ) | -6 | % | ||||||||||||||||||||
Depreciation and amortization | 879 | 773 | 106 | 14 | % | 2,516 | 2,289 | 227 | 10 | % | ||||||||||||||||||||||
Operating earnings (loss) | (367 | ) | 528 | (895 | ) | -170 | % | (2,129 | ) | 395 | (2,524 | ) | -639 | % | ||||||||||||||||||
Interest expense | (495 | ) | (331 | ) | (164 | ) | 50 | % | (1,184 | ) | (1,141 | ) | (43 | ) | 4 | % | ||||||||||||||||
Other income | - | 5 | (5 | ) | -100 | % | 1 | 2 | (1 | ) | -50 | % | ||||||||||||||||||||
Earnings (loss) before tax | (862 | ) | 202 | (1,064 | ) | -527 | % | (3,312 | ) | (744 | ) | (2,568 | ) | 345 | % | |||||||||||||||||
Provision (benefit) for income tax | 31 | 125 | (94 | ) | -75 | % | 96 | (421 | ) | 517 | -123 | % | ||||||||||||||||||||
Net earnings (loss) | $ | (893 | ) | $ | 77 | $ | (970 | ) | -1260 | % | $ | (3,408 | ) | $ | (323 | ) | $ | (3,085 | ) | 955 | % | |||||||||||
Basic earnings (loss) per common share | $ | (0.06 | ) | $ | 0.01 | $ | (0.24 | ) | $ | (0.02 | ) | |||||||||||||||||||||
Diluted earnings (loss) per common share | $ | (0.06 | ) | $ | 0.01 | $ | (0.24 | ) | $ | (0.02 | ) | |||||||||||||||||||||
Number of shares used in per share calculation | ||||||||||||||||||||||||||||||||
Basic | 14,360 | 13,742 | 14,228 | 13,735 | ||||||||||||||||||||||||||||
Diluted | 14,360 | 13,986 | 14,228 | 13,735 |
Exhibit 99.2
Numerex Corp. | ||||||||||||||||||||||||
Supplemental Sales Information | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
Net Sales: | 2009 | 2008 | Change | 2009 | 2008 | Change | ||||||||||||||||||
Wireless Data Communications | ||||||||||||||||||||||||
Hardware | $ | 3,793 | $ | 10,235 | $ | (6,442 | ) | $ | 14,075 | $ | 33,098 | $ | (19,023 | ) | ||||||||||
Service | 7,002 | 6,486 | 516 | 20,144 | 18,831 | 1,313 | ||||||||||||||||||
Sub-total | 10,795 | 16,721 | (5,926 | ) | 34,219 | 51,929 | (17,710 | ) | ||||||||||||||||
Digital Multimedia, Networking and Wireline Security | ||||||||||||||||||||||||
Hardware | 184 | 1,397 | (1,213 | ) | 482 | 2,647 | (2,165 | ) | ||||||||||||||||
Service | 570 | 859 | (289 | ) | 2,115 | 2,281 | (166 | ) | ||||||||||||||||
Sub-total | 754 | 2,256 | (1,502 | ) | 2,597 | 4,928 | (2,331 | ) | ||||||||||||||||
Total | ||||||||||||||||||||||||
Hardware | 3,977 | 11,632 | (7,655 | ) | 14,557 | 35,745 | (21,188 | ) | ||||||||||||||||
Service | 7,572 | 7,345 | 227 | 22,259 | 21,112 | 1,147 | ||||||||||||||||||
Total net sales | 11,549 | 18,977 | (7,428 | ) | 36,816 | 56,857 | (20,041 | ) |
Exhibit 99.2
Numerex Corp. | ||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | ||||||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
September 30, 2009 | September 30, 2009 | |||||||||||||||||||||||||||
GAAP | Non-GAAP | GAAP | Non-GAAP | |||||||||||||||||||||||||
Results | Adjustments | Results | Results | Adjustments | Results | |||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||||
Hardware | $ | 3,977 | $ | 3,977 | $ | 14,557 | $ | 14,557 | ||||||||||||||||||||
Service | 7,572 | 7,572 | 22,259 | 22,259 | ||||||||||||||||||||||||
Total net sales | 11,549 | 11,549 | 36,816 | 36,816 | ||||||||||||||||||||||||
Cost of hardware sales | 3,449 | 3,449 | 12,611 | 12,611 | ||||||||||||||||||||||||
Cost of services | 2,995 | 2,995 | 8,117 | 8,117 | ||||||||||||||||||||||||
Gross Profit | 5,105 | - | 5,105 | 16,088 | - | 16,088 | ||||||||||||||||||||||
44.2 | % | 44.2 | % | 43.7 | % | 43.7 | % | |||||||||||||||||||||
Selling, general, and administrative expenses | 3,907 | (278 | ) | 3,629 | 13,565 | (2,411 | ) | 11,154 | ||||||||||||||||||||
Research and development expenses | 584 | 584 | 1,743 | 1,743 | ||||||||||||||||||||||||
Bad debt expense | 102 | 102 | 393 | 393 | ||||||||||||||||||||||||
Earnings (loss) before interest, depreciation and amortization | 512 | 278 | 790 | 387 | 2,411 | 2,798 | ||||||||||||||||||||||
Depreciation and amortization | 879 | - | 879 | 2,516 | - | 2,516 | ||||||||||||||||||||||
Operating earnings (loss) | (367 | ) | 278 | (89 | ) | (2,129 | ) | 2,411 | 282 | |||||||||||||||||||
Interest expense | (495 | ) | 290 | (205 | ) | (1,184 | ) | 290 | (894 | ) | ||||||||||||||||||
Other income | - | - | 1 | 1 | ||||||||||||||||||||||||
Earnings (loss) before tax | (862 | ) | 568 | (294 | ) | (3,312 | ) | 2,701 | (611 | ) | ||||||||||||||||||
Provision for income tax | 31 | - | 31 | 96 | - | 96 | ||||||||||||||||||||||
Net earnings (loss) | $ | (893 | ) | $ | 568 | $ | (325 | ) | $ | (3,408 | ) | $ | 2,701 | $ | (707 | ) | ||||||||||||
Basic earnings (loss) per common share | $ | (0.06 | ) | $ | (0.02 | ) | $ | (0.24 | ) | $ | (0.05 | ) | ||||||||||||||||
Diluted earnings (loss) per common share | $ | (0.06 | ) | $ | (0.02 | ) | $ | (0.24 | ) | $ | (0.05 | ) | ||||||||||||||||
Number of shares used in per share calculation | ||||||||||||||||||||||||||||
Basic | 14,360 | 14,360 | 14,228 | 14,228 | ||||||||||||||||||||||||
Diluted | 14,360 | 14,360 | 14,228 | 14,228 |
(a) These Unaudited non-GAAP Consolidated Statements of Operations are for informational purposes only and are not presented in |
accordance with GAAP. The adjustments necessary to provide a direct reconciliation of the non-GAAP to the GAAP basis consolidated Statement of Operations exclude stock option expense, legal fees associated with litigation and non-cash costs associated with debt extinguishment. |
Exhibit 99.2
Numerex Corp. | ||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | ||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, 2008 | September 30, 2008 | |||||||||||||||||||||||
GAAP | Non-GAAP | GAAP | Non-GAAP | |||||||||||||||||||||
Results | Adjustments | Results | Results | Adjustments | Results | |||||||||||||||||||
Net sales: | ||||||||||||||||||||||||
Hardware | $ | 11,632 | $ | 11,632 | $ | 35,745 | $ | 35,745 | ||||||||||||||||
Service | 7,345 | 7,345 | 21,112 | 21,112 | ||||||||||||||||||||
Total net sales | 18,977 | 18,977 | 56,857 | 56,857 | ||||||||||||||||||||
Cost of hardware sales | 9,663 | 9,663 | 30,838 | 30,838 | ||||||||||||||||||||
Cost of services | 2,634 | 2,634 | 6,755 | 6,755 | ||||||||||||||||||||
Gross Profit | 6,680 | - | 6,680 | 19,264 | - | 19,264 | ||||||||||||||||||
35.2 | % | 35.2 | % | 33.9 | % | 33.9 | % | |||||||||||||||||
Selling, general, and administrative expenses | 4,697 | (600 | ) | 4,097 | 14,672 | (1,715 | ) | 12,957 | ||||||||||||||||
Research and development expenses | 473 | 473 | 1,488 | 1,488 | ||||||||||||||||||||
Bad debt expense | 209 | 209 | 420 | 420 | ||||||||||||||||||||
Earnings before interest, depreciation and amortization | 1,301 | 600 | 1,901 | 2,684 | 1,715 | 4,399 | ||||||||||||||||||
Depreciation and amortization | 773 | 773 | 2,289 | 2,289 | ||||||||||||||||||||
Operating earnings (loss) | 528 | 600 | 1,128 | 395 | 1,715 | 2,110 | ||||||||||||||||||
Interest expense | (331 | ) | (331 | ) | (1,141 | ) | (1,141 | ) | ||||||||||||||||
Other income | 5 | 5 | 2 | 2 | ||||||||||||||||||||
Earnings (loss) before tax | 202 | 600 | 802 | (744 | ) | 1,715 | 971 | |||||||||||||||||
Provision (benefit) for income tax | 125 | 125 | (421 | ) | 546 | 125 | ||||||||||||||||||
Net earnings (loss) | $ | 77 | $ | 600 | $ | 677 | $ | (323 | ) | $ | 1,169 | $ | 846 | |||||||||||
Basic earnings (loss) per common share | $ | 0.01 | $ | 0.05 | $ | (0.02 | ) | $ | 0.06 | |||||||||||||||
Diluted earnings (loss) per common share | $ | 0.01 | $ | 0.05 | $ | (0.02 | ) | $ | 0.06 | |||||||||||||||
Number of shares used in per share calculation | ||||||||||||||||||||||||
Basic | 13,742 | 13,742 | 13,735 | 13,735 | ||||||||||||||||||||
Diluted | 13,742 | 13,742 | �� | 13,735 | 13,735 |
(a) These Unaudited non-GAAP Consolidated Statements of Operations are for informational purposes only and are not presented in | |||
accordance with GAAP. The adjustments necessary to provide a direct reconciliation of the non-GAAP to the GAAP basis consolidated | |||
Statement of Operations exclude stock option expense and legal fees associated with litigation. |
CONDENSED CONSOLIDATED BALANCE SHEET | ||||||||
(In thousands, except share information) | ||||||||
September 30, | December 31, | |||||||
2009 | 2008 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 5,876 | $ | 8,917 | ||||
Short term investments | - | - | ||||||
Accounts receivable, less allowance for doubtful accounts of $393 at September 30, 2009 and $1,010 at December 31, 2008: | 5,280 | 9,159 | ||||||
Inventory | 7,034 | 8,506 | ||||||
Prepaid expenses and other current assets | 1,683 | 1,508 | ||||||
Deferred tax asset current | - | - | ||||||
TOTAL CURRENT ASSETS | 19,873 | 28,090 | ||||||
Property and equipment, net | 1,749 | 1,765 | ||||||
Goodwill, net | 23,787 | 23,771 | ||||||
Other intangibles, net | 5,161 | 5,796 | ||||||
Software, net | 2,813 | 2,796 | ||||||
Other assets | 189 | 288 | ||||||
Deferred tax asset long term | - | - | ||||||
TOTAL ASSETS | $ | 53,572 | $ | 62,506 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 5,653 | $ | 7,289 | ||||
Other current liabilities | 2,097 | 2,943 | ||||||
Note payable, current | 3,072 | 2,568 | ||||||
Deferred revenues | 1,765 | 1,134 | ||||||
Obligations under capital leases, current portion | 23 | 29 | ||||||
TOTAL CURRENT LIABILITIES | 12,610 | 13,963 | ||||||
LONG TERM LIABILITIES | ||||||||
Note payable | 834 | 7,629 | ||||||
Obligations under capital leases and other long term liabilities | 420 | 520 | ||||||
TOTAL LONG TERM LIABILITIES | 1,254 | 8,149 | ||||||
COMMITMENTS AND CONTINGENCIES | - | - | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Preferred stock - no par value; authorized 3,000,000; none issued | - | - | ||||||
Class A common stock – no par value; authorized 30,000,000; issued 15,856,090 shares at September 30, 2009 and 15,349,327 shares at December 31, 2008, outstanding 14,630,281 shares at September 30, 2009 and 14,163,518 shares at December 31, 2008 | 52,901 | 50,801 | ||||||
Additional paid-in-capital | 5,361 | 4,587 | ||||||
Treasury stock, at cost, 1,225,809 shares on September 30, 2009 and 1,185,809 on December 31, 2008 | (5,213 | ) | (5,053 | ) | ||||
Class B common stock – no par value; authorized 5,000,000; none issued | - | - | ||||||
Accumulated other comprehensive loss | - | (8 | ) | |||||
Retained deficit | (13,341 | ) | (9,933 | ) | ||||
TOTAL SHAREHOLDERS' EQUITY | 39,708 | 40,394 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 53,572 | $ | 62,506 |
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