Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. NUMOBILE, INC. (1092448) 10-Q published on Aug 11, 2011 at 3:19 pm
Reporting Period: Jun 29, 2011
The fair value of the conversion option feature associated with the Company’s outstanding convertible debentures at June 30, 2011 and December 31, 2010 was $1,736,541 and $1,860,481, respectively. The Company recorded a change of $170,107 and $372,569 in its accompanying statements of operations for the three and six months ended June 30, 2011, respectively as change in accrued derivative liability, and $100,926 and $265,239 for the three and six months ended June 30, 2010, respectively. The assumptions used in the Black-Scholes option pricing model at June 30, 2011 in connection with the Company’s outstanding convertible debentures are as follows: (1) dividend yield of 0%; (2) expected volatility of 0%, (3) risk-free interest rate of 0.00% - 1.76%, and (4) expected life of 0.00 - 5 years. Interest expense on the Company’s debt for the three and six months ended June 30, 2011 was $85,503 and $176,180, respectively. Interest expense on the Company’s debt for the three and six months ended June 30, 2010 was $57,283 and $119,369, respectively. Interest expense arising from amortization of debt discounts amounted to $ 124,663 and $159,344 during the three and six months ended June 30, 2011, respectively. Interest expense arising from amortization of debt discounts amounted to $ 128,802 and $404,070 during the three and six months ended June 30, 2010, respectively.
The rent expense recorded for the three months ended June 30, 2011 and 2010 was $3,362 and $20,287, respectively. The rent expense recorded for the six months ended June 30, 2011 and 2010 was $19,644 and $23,175, respectively.
The Company has evaluated all subsequent events that occurred up to the time of the Company’s issuance of financial statements and has indentified no items of significance.