Neomedia - Der neue highflyer ?
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interessant
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witzig
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gut analysiert
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informativ
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"Technologien NeoMedia zum Entwickeln von With/Invest in IPoint-Mitteln Ltd., videozugangssoftware-Anbieter zu Deutsche Telekom und SONY Europa"
*gg*
oder einfach eine Anspielung (Weiterentwicklung), auf die Videosoftware von T-Mobile, z.b. für den Nokia7650 oder 3650. Dieses Tool habe ich auch, videoclips als MMS versenden.
greetz
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Tuesday October 19, 12:24 pm ET
FORT MYERS, Fla.--(BUSINESS WIRE)--Oct. 19, 2004--PaperClick for Camera Cell Phones(TM) for the Nokia® 3650 and 3660 from NeoMedia Technologies, Inc. (OTC BB: NEOM - News), one of the hottest new products at CeBIT and CTIA Atlanta earlier this year, will make its West Coast debut at CTIA Wireless IT and Entertainment 2004 in the Intel PCA (Internet Personal Client Architecture) booth and NeoMedia booths (#421 and 567). CTIA will be held October 25-27 at Moscone West in San Francisco.
"NeoMedia is delighted to bring PaperClick to the West Coast as a participant in the Intel PCA booth as well as in our own independent booth," said Chas Fritz, the company's chairman.
What Nokia Camera Cell Phones Do with PaperClick
"With the power of PaperClick for Cell Phones, information retrieval is truly wireless," said Fritz. "By taking a picture of an EAN or UPC bar code, you can display data on the screens of the Nokia 3650 or 3660 camera phones anywhere, anytime.
"For CTIA," said Fritz, "we've activated UPC (and EAN in Europe) product codes for demo purposes, making it possible to take a picture of the code on a product, such as a can or bottle, and then link directly to the targeted Web site. For example," he said, "you can take a picture of the ISBN (for International Standard Book Numbers) code on virtually any book to link automatically via the Internet to a Web site which displays an image of the book and its price elsewhere!"
Patented PaperClick Technology
PaperClick(TM) allows bar codes and other machine-readable identifiers link directly to Web pages and other information sources, and runs on Windows®-based PCs and the Palm Pilot® PDA. Developed and patented by NeoMedia as an extension of its PaperClick platform, PaperClick for Camera Phones employs a standard browser, client software, and a network of online service and applications servers transparent to users, who simply take a picture with the phone for an automatic link to tailored on-line Web information.
A limited quantity is available to IT and wireless industry research analysts, consumer products brand managers, and potential partners. Information is available at (630) 435-9200, X122, or by e-mailing info1@paperclick.com. Along with free PaperClick for Cell Phones software, the system requires a Nokia 3650 or 3660 camera cell phone with a Nokia CC-49 macro lens and Internet/Web-enablement.
About NeoMedia Technologies, Inc.
NeoMedia Technologies, Inc. (www.neom.com), is a developer and international marketer of software and patented technologies which link products, print, and physical objects directly to targeted online data, with expertise in homeland security and e-authentication applications. NeoMedia markets PaperClick and PaperClick for Camera Cell Phones(TM), which link physical information and objects to the Internet, and its Systems Integration Group specializes in providing expert-based IT consulting, hardware, and software solutions.
This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement.
PaperClick is a registered trademark and PaperClick For Cell/Mobile Phones is a trademark of NeoMedia Technologies, Inc. Other trademarks are properties of their respective owners.
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Contact:
NeoMedia Technologies, Inc.
Charles T. Jensen, 239-337-3434
cjensen@neom.com
or
The Kaminer Group
David A. Kaminer, 914-684-1934
dkaminer@kamgrp.com
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http://www.thefeature.com/article?articleid=101141&ref=3688118
Text war doch zu viel des Guten *g*
greetz
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Entsprechend ihrem Pressekommuniqué haben NeoMedia eine Gewinnentechnologie kombiniert: Teilnehmerprogramm Amazons (das Geschäftszugang die Katalogdatenbank Amazon läßt) und man verließen Technologie: das CueCat (wo Strichkodes in den Reklameanzeigen Leute zu den websites führen würden), in eine interessante Mhandelanwendung.
Der Käufer arbeitet, indem er Ihr cameraphone verwendet, um ein Photo der ISBNZAHL eines Buches zu machen (durch das Verwenden des Strichkodes). Dann mit einer eigenen Anwendung, NeoMedia wird die Abbildung geschickt, das den Strichkode verwendet, um die ISBNZAHL festzustellen und Ihnen Preis Amazons für dieses Buch zu schicken. Keine Erwähnung wird von gebildet, ob Sie in der LageSIND, das Buch von Ihrem Hörer zu kaufen. Die Anwendung, die auf Reihe 60 Telefone laufen läßt, stößt auf die 3650 ersten aus und folgt auf andere Modelle. Es gibt kein Freigabedatum dennoch für die 3650 Version, geschweige denn die irgendwie zusätzliche.
Dieses System ist C-Modus vage ähnlich, den wir ungefähr vor kurzem auf beweglichem Brand lesen . In Japan können Sie einen Koks kaufen, indem Sie eine Textanzeige zu einer Zahl schicken, die die Kosten von Ihrem beweglichen Konto abzieht und ein MMS mit einem 3D Strichkode zurückbringt. Halten Sie daß Strichkode bis zu einem Scanner auf der Koksmaschine und kommt heraus Ihr kaltes Soda.
Mit der Einbeziehung der hoher Auflösungsschirme und -kameras an den neuen beweglichen Telefonen, mögen Technologien Paperclick NeoMedias (das barcode zur Internet-Technologie, die das CueCat antrieb), konnten vom Alter schließlich kommen. Besonders seit dem Machen eines Photos eines Strichkodes, viel einfacher als, ein URL oder sogar ein Produkt ist das Verwenden Namenst9 betretend. Wenn diese neue Software es vermarkten läßt, kann es eine nützliche Mhandelanwendung sein, gleichwohl wir nicht dem Gebrauch von Strichkodes in den Reklameanzeigen verzeihen können? überhaupt wieder.
mit Google übersetzt
Orig: http://www.thefeature.com/article?articleid=100111&ref=3688118
Ich denke nächstes Jahr, wenn weit bessere Handys kommen, wird es sehr spannend für Neom. Bald braucht man die grauen Zellen garnicht mehr anstrengen *g*
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Monday October 25, 8:30 am ET
FORT MYERS, Fla.--(BUSINESS WIRE)--Oct. 25, 2004--The popular PaperClick® platform from NeoMedia Technologies, Inc. (OTCBB:NEOM - News), which links cell phones, personal digital assistants (PDA's) and PC's directly to Web pages and online data through bar codes and other identifiers, is now available in Australasia through a new reseller agreement with a leading provider of mobile marketing and m-commerce solutions.
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Charles T. Jensen, president, CEO and COO of NeoMedia, said a contract has been signed with AURA Digital Communications of Sydney, Australia, to offer patented PaperClick technology to wireless carriers and manufacturers "wishing to enhance or expand their product and service offerings. Along with targeting the wireless industry, NeoMedia is growing its distribution network worldwide," he said, "making PaperClick technology immediately available to product marketers who wish to directly, effectively, efficiently and interactively reach their mobile target audiences.
"Australasia, like Europe, is a leader consumer of wireless technologies, particularly cell phones and PDA's," said Jensen. "Much as PaperClick received a strong reception when it was introduced in Europe earlier this year, we believe that, marketed by AURA, it will also be embraced by the wireless communications and technology industries in Australasia."
PaperClick an 'Ideal Fit' with AURA'
NeoMedia's Jensen called PaperClick "an ideal fit for the solutions-oriented approach of AURA. PaperClick makes information retrieval truly wireless," he said. "PaperClick for Camera Cell Phones lets users take pictures of a bar codes and display data on the screens of their Nokia® 3650 or 3660s. Or they can use PaperClick Mobile Go-Window(TM), our new wireless product that creates a text-entry window on a phone or PDA screen where the numeric value of a code can be entered for automatic linking to specific online information."
Adam Dunne, sales and marketing director for AURA, shared Jensen's excitement.
"Cell phones have become an essential part of our modern lifestyle and culture as now far more people have them than have PC's," he said. "The natural evolution is for consumers to want their mobile devices to offer much more than just simple voice, text and data services. We see PaperClick technology providing consumers and business with a range of m-commerce solutions, such as simple and secure bill payment and product purchasing, as well as instant access to valuable and relevant information."
AURA, Dunne said, was established by a team of executives who previously all held senior positions in the Australian marketing and IT industries, and specializes in developing online/wireless marketing and enterprise applications which utilize mobile bar code technology and premium rate and reverse billed SMS. AURA, he said, delivers a wide range of online and wireless applications, from Web sites to complete e-commerce solutions, to suit clients across a range of industries.
In the U.S., information on PaperClick is available at (630) 435-9200, x122, or by e-mailing info1@paperclick.com. Throughout Australasia, PaperClick information is available at +612 9434 0590 or by e-mailing adam@aur
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LAS VEGAS, NV, Nov. 2, 2004 -- NeoMedia Micro Paint Repair, which revolutionized the profit picture for small paint repairs, will make its trade show debut at NACE 2004, the collision repair industry's main event, during Automotive Aftermarket Industry Week starting today in Las Vegas. A business unit of NeoMedia Technologies, Inc. (OTC BB: NEOM), NeoMedia Micro Paint will be in NACE Booth #5214 at the Mandalay Bay Convention Center.
Repairs in Less Than an Hour
The proprietary NeoMedia Micro Paint Repair System uses a chemical adhesion rather than old fashioned mechanical adhesion, and completes undetectable repairs of scratches, scrapes and blemishes on vehicles in a fraction of the traditional time . . . usually less than an hour.
With the NeoMedia System, the area to be repaired is isolated, without extensive and time consuming masking or costly removal of panels or parts, much like arthroscopic surgery, which allows repair of injuries to humans in a far less invasive manner. Scratches down to bare metal, oxidized paint - even high metallic, pearl and tri coat finishes - can all be corrected with NeoMedia's products and process, which employs proprietary technology and safe materials, totally free from harmful isocyanates.
"This incredibly quick turnaround lets shops work on many more cars a day," said Art Gilfus, vice present of global sales of NeoMedia Micro Paint. "Car dealers and repair businesses who use the NeoMedia Micro Paint System have realized dramatic increases in margins and profits while their satisfied customers have been able to drive away in their perfectly repaired cars in hours rather than lose use of them for one, two or even three days."
'Targeting the Worldwide Auto Aftermarket'
"NeoMedia Micro Paint is targeting the worldwide auto aftermarket," said Gilfus, citing recent agreements which brought his company's products to Australasia and Canada.
"In June, we took a major step toward global expansion by signing a distribution agreement with Micro Paint Systems (Australasia) Limited of New Zealand," he said. The agreement gave exclusive distribution rights to NeoMedia's micro paint repair products in Australia and New Zealand, contingent on a minimum purchase of 500 systems over five years, which would generate approximately $23 million in revenue to NeoMedia.
"Then," said Gilfus, "in August, NeoMedia signed a distribution agreement with MDA Co Auto Ltd., the largest buying consortium for new car franchised dealers in Western Canada." Running through 2006, that agreement, said Gilfus, "gave exclusive rights to MDA (Motor Dealer's Association) Co Auto, and would generate a minimum of $2 million to NeoMedia if the minimum sales target is achieved."
MDA Co Auto has more than 1,050 members throughout Western Canada are franchised dealers for virtually all cars, including Ford®, General Motors®, Chrysler®, Honda®, Toyota®, BMW®, Volkswagen® and Audi®. MDA will, said Gilfus, private label the NeoMedia Micro Paint Repair products and system for sale to its member dealers, who should then be able to quickly and efficiently repair paint on new cars damaged in transport, trade in or leased vehicles and cars brought in by customers.
Marketing to Stand-Alone Businesses
"NeoMedia is also actively marketing to stand alone body and repair shops, auto glass specialists, and entrepreneurially driven businesses which want to add to or create a new profit center," Gilfus said. "There is plenty of business for all," he said. "Dealers, stand-alone body shops and even start-ups can show immediate and on-going profit through the NeoMedia Micro Paint Repair System."
A new six-minute video detailing the NeoMedia Micro Paint Repair System for stand-alone businesses is available online at http://www.micropaint.net/mprVideo.wmv "This is an exciting video which provides a wealth of information to businesses about joining the NeoMedia team," Gilfus said. Information is available by calling Gilfus at (239) 337-3434, X 119, e-mailing him at agilfus@neom.com, or visiting http://www.micropaint.net.
About NeoMedia Micro Paint Repair, Inc.
NeoMedia Micro Paint Repair, Inc., is a business unit of NeoMedia Technologies, Inc. Formerly known as CSI International Inc., the company specializes in products and services for the worldwide micro paint repair industry, including a system and processes utilizing proprietary technology.
About NeoMedia Technologies, Inc.
NeoMedia Technologies, Inc. (www.neom.com), is a developer and international marketer of software and patented technologies, including PaperClick www.PaperClick.com), PaperClick for Camera Cell Phones? and the PaperClick Mobile Go-Window, which link products, print, and physical objects directly to targeted online data. NeoMedia also offers expertise in homeland security and e-authentication applications, and its Systems Integration Group specializes in providing expert-based IT consulting, hardware, and software solutions.
This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement.
PaperClick is a registered trademark, and NeoMedia Micro Paint Repair Expert and PaperClick For Cell Phones are trademarks of NeoMedia Technologies, Inc.
Other trademarks are properties of their respective owners.
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5-Nov-2004
Quarterly Report
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
NISS (PHYSICAL-WORLD-TO-INTERNET OFFERINGS) BUSINESS UNIT DEVELOPMENTS.
Over the past several years, NeoMedia's focus has been aimed toward the commercialization of its Internet Switching Systems (NISS) business unit. NISS consists of the patented PaperClickTM technology that enables users to link directly from the physical to the digital world, as well as the patents surrounding certain physical-world-to-web linking processes. NeoMedia's mission is to invent, develop, and commercialize technologies and products that effectively leverage the integration of the physical and electronic to provide clear functional value for its end-users, competitive advantage for their business partners and return-on-investment for their investors.
On September 8, 2003, NeoMedia announced its PaperClick for Camera Cell PhonesTM product, which reads and decodes UPC/EAN or other bar codes to link users to the Internet, providing information and enabling e-commerce on a compatible camera cell phone, such as the Nokia 3650 model. During the second quarter of 2004, NeoMedia introduced its PaperClick Mobile Go-WindowTM, a horizontal bar on the screen of a wireless device where users can enter numeric strings from UPC or other bar codes to link directly to targeted online information via patented PaperClick technology and software. The PaperClick Mobile Go-WindowTM currently works with Palm(TM) Tungsten C PDA, the Handspring(TM) Treo 270 and 600 Smartphones, Pocket PC(R), Java MIDP 2.0 (Mobile Independent Device Profile) standard, and Microsoft Windows Mobile(TM)-based Smartphones.
On October 30, 2003, NeoMedia unveiled the go-to-market strategy for its PaperClick suite of products. Over the past several months, NeoMedia has signed contracts with several key partners outlined in the strategy, including agents Big Gig Strategies and SRP Consulting, resellers AURA Digital Communications and Relyco, systems integrator Science Applications International Corporation (SAIC), and European advertising agency 12Snap. In June 2004, NeoMedia entered into a collaborative agreement with Intel Corporation for NeoMedia's PaperClick mobile connectivity platform to operate on the recently introduced Intel PXA27x processor family-based cellular phones.
On June 3, 2004, NeoMedia announced that it signed a teaming agreement with IPSO, an integrator of proprietary solutions developed by its provider companies for financial institution members and a leader in meeting Check 21 standards. Enacted by Congress and signed into law last year, Check 21 requires banks to begin accepting substitute checks (called IRDs for image replacement documents) in lieu of original checks as of October 29, 2004. NeoMedia and IPSO could partner on proposals and presentations surrounding Check 21.
During October 2004, NeoMedia and SAIC entered into a marketing alliance to jointly establish, launch, promote and manage the new worldwide mobile "PaperClick WordRegistry," a linking and switching platform for use on Web-enabled cell phones and PDA's. When used with PaperClick Mobile Go-Window, NeoMedia's new wireless product which creates a text-entry window on a phone or PDA screen, registered words (or registered phrases) are entered to bring up an automatic link to specific targeted products and promotions. No date has been set for the launch of the WordRegistry.
NMPR (MICRO PAINT REPAIR) BUSINESS UNIT DEVELOPMENTS.
On February 6, 2004, NeoMedia acquired 100% ownership of CSI International, Inc., of Calgary, Alberta, Canada, a private technology products company in the micro paint repair industry. NeoMedia currently has approximately 50 active paint repair end-user system agreements.
On June 1, 2004, NeoMedia announced that it had entered into a distribution agreement with Micro Paint Systems (Australasia) Limited of New Zealand for exclusive distribution rights to NeoMedia's micro paint repair products in Australia and New Zealand. The agreement is contingent upon a minimum purchase of 500 systems over five years in that territory. NeoMedia received an initial payment on signing of the contract, which included the fee for four initial systems.
On June 22, 2004, NeoMedia announced its new product called "Silver Solutions," a process created specifically to mend the popular high metallic and pearl paint finishes on new cars.
On July 7, 2004, NeoMedia announced the appointment of Arthur W. Gilfus to the newly-created position of global vice president of sales for the Micro Paint Repair Business Unit.
On July 16, 2004, NeoMedia announced that its NeoMedia Micro Paint Repair business unit added five more licensees as part of a private label contract with Crackmaster Distributors Ltd., a Canadian auto aftermarket company.
On August 2, 2004, NeoMedia announced that it signed a distribution agreement with Motor Dealer's Association (MDA) Co-Auto Ltd., the largest buying consortium for new car franchised dealers in Western Canada. The agreement provides exclusive rights for MDA Co-Auto to market NeoMedia's micro paint repair system to its member dealers. MDA Co-Auto has 1,050 member dealers in British Columbia, Alberta, Saskatchewan, Manitoba and the Yukon.
NCIS (SYTEMS INTEGRATION) BUSINESS UNIT DEVELOPMENTS.
NCIS (systems integration service offerings) is the original business line upon which the Company was organized. This unit resells client-server equipment and related software, and general and specialized consulting services. Systems integration services also identifies prospects for custom applications based on NeoMedia's products and services. These operations are based in Lisle, Illinois.
SEC INQUIRY
During 2003, NeoMedia received requests from the SEC's Southeast Regional Office for certain documents including those concerning negotiations and arrangements with certain strategic partners and consultants, patents, recent issuances of securities, investor relations, and the stock ownership by NeoMedia's officers and directors. NeoMedia responded promptly and fully and will cooperate with any further requests. The SEC's letter states that the staff's inquiry is informal and should not be construed as an indication of any violation of law or as a reflection on any person, entity, or security.
ACQUISITIONS
CSI INTERNATIONAL, INC. On February 6, 2004, NeoMedia acquired 100% ownership of CSI International, Inc., of Calgary, Alberta, Canada, a private company in the micro paint repair industry. NeoMedia paid 7,000,000 shares of its common stock, plus $2.5 million cash in exchange for all outstanding shares of CSI. NeoMedia has centralized the administrative functions in its Ft. Myers, Florida headquarters, and maintains a sales office in Calgary, Alberta, Canada.
BSD SOFTWARE, INC. On December 9, 2003, NeoMedia signed a non-binding letter of intent ("LOI") to acquire Triton Global Business Services Inc. and its parent company, BSD Software Inc. (Pink Sheets: BSDS), both of Calgary, Alberta, Canada. The LOI outlined terms, including an exchange of one share of NeoMedia common stock for each share of BSD Software, not to exceed 40 million shares. The transaction is dependent on due diligence by both companies, approval by NeoMedia's Board of Directors, BSD Software's Board of Directors and shareholders, and any required regulatory approvals. Triton, formed in 1998 and acquired by BSD in 2002, is an Internet Protocol-enabled provider of live and automated operator calling services, e-business support, billing and clearinghouse functions and information management services to telecommunications, Internet and e-business service providers. The companies are currently completing their due diligence.
NeoMedia's operating results have been subject to variation and will continue to be subject to variation, depending upon factors, such as the mix of business among services and products, the cost of material, labor and technology, particularly in connection with the delivery of business services, the costs associated with initiating new contracts, the economic condition of NeoMedia's target markets, and the cost of acquiring and integrating new businesses.
CRITICAL ACCOUNTING POLICIES
The U.S. Securities and Exchange Commission ("SEC") issued Financial Reporting Release No. 60, "Cautionary Advice Regarding Disclosure About Critical Accounting Policies" ("FRR 60"), suggesting companies provide additional disclosure and commentary on their most critical accounting policies. In FRR 60, the SEC defined the most critical accounting policies as the ones that are most important to the portrayal of a company's financial condition and operating results, and require management to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Based on this definition, NeoMedia's most critical accounting policies include: inventory valuation, which affects cost of sales and gross margin; and the valuation of intangibles, which affects amortization and write-offs of goodwill and other intangibles. NeoMedia also has other key accounting policies, such as policies for revenue recognition, including the deferral of a portion of revenues on sales to distributors, allowance for bad debt, and stock-based compensation. The methods, estimates and judgments NeoMedia uses in applying these most critical accounting policies have a significant impact on the results it reports in its consolidated financial statements..
Intangible Asset Valuation. The determination of the fair value of certain acquired assets and liabilities is subjective in nature and often involves the use of significant estimates and assumptions. Determining the fair values and useful lives of intangible assets especially requires the exercise of judgment. While there are a number of different generally accepted valuation methods to estimate the value of intangible assets acquired, NeoMedia primarily uses the weighted-average probability method outlined in SFAS 144. This method requires significant management judgment to forecast the future operating results used in the analysis. In addition, other significant estimates are required such as residual growth rates and discount factors. The estimates NeoMedia has used are consistent with the plans and estimates that NeoMedia uses to manage its business, based on available historical information and industry averages. The
judgments made in determining the estimated useful lives assigned to each class of assets acquired can also significantly affect NeoMedia's net operating results.
Allowance for Bad Debt. NeoMedia maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. Allowance for doubtful accounts is based on NeoMedia's assessment of the collectibility of specific customer accounts, the aging of accounts receivable, NeoMedia's history of bad debts, and the general condition of the industry. If a major customer's credit worthiness deteriorates, or NeoMedia's customers' actual defaults exceed historical experience, NeoMedia's estimates could change and impact its reported results.
Stock-based Compensation. NeoMedia records stock-based compensation to outside consultants at fair market value in general and administrative expense. NeoMedia does not record expense relating to stock options granted to employees with an exercise price greater than or equal to market price at the time of grant. NeoMedia reports pro-forma net loss and loss per share in accordance with the requirements of SFAS 123 and 148. This disclosure shows net loss and loss per share as if NeoMedia had accounted for its employee stock options under the fair value method of those statements. Pro-forma information is calculated using the Black-Scholes pricing method at the date of grant. This option valuation model requires input of highly subjective assumptions. Because NeoMedia's employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing model does not necessarily provide a reliable single measure of fair value of its employee stock options.
Estimate of Litigation-based Liability. NeoMedia is defendant in certain litigation in the ordinary course of business (see "Legal Proceedings"). NeoMedia accrues liabilities relating to these lawsuits on a case-by-case basis. NeoMedia generally accrues attorney fees and interest in addition to the liability being sought. Liabilities are adjusted on a regular basis as new information becomes available. NeoMedia consults with its attorneys to determine the viability of an expected outcome. The actual amount paid to settle a case could differ materially from the amount accrued.
Revenue Recognition. NeoMedia derives revenues from three primary sources:
(1) license revenues and (2) resale of software and technology equipment and service fee revenues, and (3) sale of its proprietary micro paint repair solution.
(1) License fees, including Intellectual Property licenses, represent revenue from the licensing of NeoMedia's proprietary software tools and applications products. NeoMedia licenses its development tools and application products pursuant to non-exclusive and non-transferable license agreements. Resales of software and technology equipment represent revenue from the resale of purchased third party hardware and software products and from consulting, education, maintenance and post contract customer support services.
The basis for license fee revenue recognition is substantially governed by American Institute of Certified Public Accountants ("AICPA") Statement of Position 97-2 "Software Revenue Recognition" ("SOP 97-2"), as amended. License revenue is recognized if persuasive evidence of an agreement exists, delivery has occurred, pricing is fixed and determinable, and collectibility is probable.
(2) Revenue for resale of software and technology equipment and service fee is recognized based on guidance provided in Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 104, "Revenue Recognition in Financial Statements," as amended (SAB 104). Software and technology equipment resale revenue is recognized when all of the components necessary to run software or
hardware have been shipped. Service revenues including maintenance fees for providing system updates for software products, user documentation and technical support are recognized over the life of the contract. Software license revenue from long-term contracts has been recognized on a percentage of completion basis, along with the associated services being provided. Other service revenues, including training and consulting, are recognized as the services are performed. NeoMedia uses stand-alone pricing to determine an element's vendor specific objective evidence (VSOE) in order to allocate an arrangement fee amongst various pieces of a multi-element contract. NeoMedia records an allowance for uncollectible accounts on a customer-by-customer basis as appropriate.
In December 2003, the Securities and Exchange Commission ("SEC") issued Staff Accounting Bulletin ("SAB") No. 104, "Revenue Recognition." SAB 104 supersedes SAB 101, "Revenue Recognition in Financial Statements." SAB 104's primary purpose is to rescind accounting guidance contained in SAB 101 related to multiple element revenue arrangements, superseded as a result of the issuance of EITF 00-21, "Accounting for Revenue Arrangements with Multiple Deliverables." Additionally, SAB 104 rescinds the SEC's Revenue Recognition in Financial Statements Frequently Asked Questions and Answers ("the FAQ") issued with SAB 101 that had been codified in SEC Topic 13, Revenue Recognition. Selected portions of the FAQ have been incorporated into SAB 104. While the wording of SAB 104 has changed to reflect the issuance of EITF 00-21, the revenue recognition principles of SAB 101 remain largely unchanged by the issuance of SAB 104, which was effective upon issuance. The adoption of SAB 104 did not impact the consolidated financial statements.
(3) Revenue for training and certification on NeoMedia's Micro Paint Repair systems is recognized equally over the term of the contract, which is currently one year. A portion of the initial fee paid by the customer is allocated to training costs and initial products sold with the system, and is recognized upon completion of training and shipment of the products. Ongoing product and service revenue is recognized as products are shipped and services performed.
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2004 AS COMPARED TO THE THREE MONTHS ENDED SEPTEMBER 30, 2003
Net sales. Total net sales for the three months ended September 30, 2004 were $471,000, which represented an increase of $10,000, or 2%, from $461,000 for the three months ended September 30, 2003. This increase resulted from revenue generated by the Company's micro paint repair business unit acquired in February 2004. This increase in micro paint revenue was offset by reduced resales of Sun Microsystems equipment due to increased competition and general economic conditions. NeoMedia could realize an increase in license fees over the next 12 months if the Company is successful in implementing its PaperClick go-to-market strategy, or if pending court cases involving its intellectual property are resolved in NeoMedia's favor. NeoMedia could also realize a material increase in micro paint repair revenue if the Company is successful in implementing its business plan for that business unit.
License fees. License fees were $96,000 for the three months ended September 30, 2004, compared with $69,000 for the three months ended September 30, 2003, an increase of $27,000, or 39%. The increase was due to higher sales of internally developed software licenses in 2004. NeoMedia could realize an increase in license fees over the next 12 months if the Company is successful in implementing its PaperClick go-to-market strategy, or if pending court cases involving its intellectual property are resolved in NeoMedia's favor.
Resales of software and technology equipment and service fees. Resales of software and technology equipment and service fees decreased by $254,000, or 65%, to $138,000 for the three months ended September 30, 2004, as compared to $392,000 for the three months ended September 30, 2003. This decrease primarily resulted from reduced resales of Sun Microsystems equipment due to increased competition and general economic conditions. NeoMedia intends to continue to pursue additional resales of equipment, software and services. NeoMedia expects resales to more closely resemble the results for the three months ended September 30, 2004, rather than the three months ended September 30, 2003.
Micro paint repair products and services. Sales of micro paint repair products and services were $237,000 for the three months ended September 30, 2004. NeoMedia acquired this business on February 6, 2004, and as a result there were no sales of micro paint repair products and services during the three months ended September 30, 2003. NeoMedia could realize a material increase in micro paint repair revenue if the Company is successful in implementing its business plan for that business unit.
Cost of license fees. Cost of license fees was $79,000 for the three months ended September 30, 2004, an increase of $3,000, or 4%, compared with $76,000 for the three months ended September 30, 2003. The increase resulted from increased amortization of capitalized patent costs during 2004.
Cost of resales of software and technology equipment and service fees. Cost of resales of software and technology equipment and service fees was $147,000 for the three months ended September 30, 2004, a decrease of $231,000, or 61%, compared with $378,000 for the three months ended September 30, 2003. The decrease resulted from decreased resales in 2004 compared with 2003. Cost of resales as a percentage of related resales was 107% in 2004, compared to 96% in 2003. This increase is due to revenue declining more rapidly than the fixed portion of costs of resales. NeoMedia expects costs of resales to fluctuate with the mix of sales of equipment, software, and services over the next 12 months.
Cost of micro paint repair products and services. Cost of micro paint repair products and services was $151,000 for the three months ended September 30, 2004. NeoMedia acquired this business on February 6, 2004, and as a result there were no cost of sales of micro paint repair products and services during the three months ended September 30, 2003. Cost of micro paint repair products and services as a percentage of related sales was 64%. NeoMedia expects cost of micro paint repair products and services to increase over the next 12 months as revenue continues to increase with the roll-out.
Gross Profit. Gross profit was $94,000 for the three months ended September 30, 2004, an increase of $87,000, or 1,243%, compared with gross profit of $7,000 for the three months ended September 30, 2003. This increase was primarily the result of increased sales of higher-margin micro paint repair products and internally developed software licenses during 2004.
Sales and marketing. Sales and marketing expenses were $514,000 for the three months ended September 30, 2004, compared to $146,000 for the three months ended September 30, 2003, an increase of $368,000 or 252%. The increase is a result of the addition of the micro paint business sales force in February 2004, and cost associated with marketing and promotion of the Company's PaperClick and micro paint repair products. NeoMedia expects sales and marketing expense to increase over the next 12 months with the continued development and anticipated rollout of the PaperClick and Micro Paint Repair product suites.
General and administrative. General and administrative expenses decreased by $1,424,000, or 73%, to $516,000 for the three months ended September 30, 2004, compared to $1,940,000 for the three months ended September 30, 2003. The decrease resulted primarily from non-cash expenses relating to the Company's option repricing program, expense for stock options issued with exercise prices below market price, and higher stock-based professional service expense in 2003
as compared with 2004. NeoMedia expects general and administrative expense to increase over the next 12 months with the recent acquisition of CSI International and the potential acquisition of BSD Software.
Research and development. During the three months ended September 30, 2004, NeoMedia charged to expense $114,000 of research and development costs, an increase of $36,000 or 46% compared to $78,000 for the three months ended September 30, 2003. The increase is primarily due to the addition of one developer and development computer systems during 2004. NeoMedia expects research and development costs to increase over the next 12 months with the continued development efforts, and the anticipated rollout of NeoMedia's PaperClick product suite.
Gain on extinguishment of debt. During the six months ended June 30, 2004, NeoMedia recognized a gain on extinguishment of debt of $6,000, an increase of $30,000 or 125% compared to a loss of $24,000 during the three months ended September 30, 2003. These gains resulted from a difference between the cash or market value of stock issued to settle the debt and the carrying value of the debt at the time of settlement.
Amortization of debt discount. During the three months ended September 30, 2004, NeoMedia recognized an amortization of debt issuance cost of $334,000 relating to the amortization of the fair value of warrants granted to Cornell Capital Partners in connection with promissory notes issued to Cornell by NeoMedia during January 2004. NeoMedia did not recognize any such expense during the three months ended September 30, 2003. During the nine months ended September 30, 2004, NeoMedia amortized the full $2.5 million discount value relating to the Cornell warrants, and as a result does not expect to recognize such expense in the next 12 months.
Interest expense. Interest expense consists primarily of interest accrued for creditors as part of financed purchases, past due balances, notes payable and interest earned on cash equivalent investments. Interest expense increased by $38,000, or 158%, to $62,000 for the three months ended September 30, 2004 from $24,000 for the three months ended September 30, 2003, due to higher expense associated with notes payable in 2004 compared with 2003.
Net Loss. The net loss for the three months ended September 30, 2004 was $1,440,000, which represented a decrease of $765,000, or 35% from a loss of $2,205,000 for the three months ended September 30, 2003. The decrease resulted primarily from expenses relating to the Company's option repricing program and expense for stock options issued with exercise prices below market price in 2003, combined with increased gross profit from the company's micro paint repair business. These items were offset by increased sales and marketing expenses relating to the rollout of the Company's micro paint repair and PaperClick business units.
RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED JUNE 30, 2004 AS COMPARED TO THE NINE MONTHS ENDED JUNE 30, 2003
Net sales. Total net sales for the nine months ended September 30, 2004 were $1,269,000, which represented a decrease of $740,000, or 37%, from $2,009,000 for the nine months ended September 30, 2003. This decrease primarily resulted from reduced resales of Sun Microsystems equipment due to increased competition and general economic conditions, offset by new sales from the Company's micro paint repair business acquired during February 2004. NeoMedia could realize an increase in license fees over the next 12 months if the Company is successful in implementing its PaperClick go-to-market strategy, or if pending court cases involving its intellectual property are resolved in NeoMedia's favor. NeoMedia could also realize a material increase in micro paint repair revenue if the Company is successful in implementing its business plan for that business unit.
License fees. License fees were $256,000 for the nine months ended September 30, 2004, compared with $338,000 for the nine months ended September 30, 2003, a decrease of $82,000, or 24%. The decrease was due to lower sales of internally developed software licenses in 2004. NeoMedia could realize an increase in license fees over the next 12 months if the Company is successful in implementing its PaperClick go-to-market strategy, or if pending court cases involving its intellectual property are resolved in NeoMedia's favor.
Resales of software and technology equipment and service fees. Resales of software and technology equipment and service fees decreased by $1,170,000, or 70%, to $501,000 for the nine months ended September 30, 2004, as compared to $1,671,000 for the nine months ended September 30, 2003. This decrease primarily resulted from reduced resales of Sun Microsystems equipment due to increased competition and general economic conditions. NeoMedia intends to continue to pursue additional resales of equipment, software and services. NeoMedia expects . . .
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