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EnterConnect Inc.
Symbol:  ECNI


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Business Summary: EnterConnect, Inc. develops and provides enterprise portal solutions. It develops EnterConnect, an enterprise-level intranet/extranet solution that includes document management, content management, collaboration, search, and security.
 
Address
  100 Century Center Court, Suite 650
  San Jose , CA 95112
  Phone: 408-441-9500
  Website: http://www.enterconnect.com
Auditor
  Li & Company, PC
  Skillman , NJ
Transfer Agent
  Interwest Transfer Co. Inc.
Employees:  13
ShareHolders:  133
Founded:  2006
Domicile:  Nevada
 
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EnterConnect Inc.
Symbol:  ECNI


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EnterConnect, Inc. develops and provides enterprise portal solutions. It develops EnterConnect, an enterprise-level intranet/extranet solution that includes document management, content management, collaboration, search, and security. The company's EnterConnect is an intranet/extranet tool that enable companies to deploy internal employee, division, department, team and external customer, partner, and investor portals. The company's products include EnterConnect AppSuite and EnterConnect AppExchange, which provide collaborative online environments. It also offers consulting, implementation, and training services. The company primarily focuses on manufacturing, healthcare, business services, publishing and media, consumer packaged goods, federal contractors, financial services, energy, utilities, telecommunications, transportation, and state and local government industries. EnterConnect, Inc., formerly known as Priority Software, Inc., was founded in 2006 and is headquartered in San Jose, California.
History:  INCORPORATED in Nevada Nov. 13, 2006 as Priority Software, Inc. Name changed to EnterConnect Inc. Jan. 4, 2007. December 21, 2006, acquired the EnterConnect platform and certain related assets and personnel for $1.066 million in the aggregate.
 
 
 
 
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EnterConnect Inc.
Symbol:  ECNI


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Management
OfficersPosition
 Sam  JankovichChairman, President & Chief Executive Officer
 Dean  GallandExec VP & Chief Operating Officer
 Carolyn  ZelnioChief Accounting Officer
 Michael  WainsteinTreasurer

Directors
 Sam  Jankovich
 Michael  Wainstein
 
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EnterConnect Inc.
Symbol:  ECNI


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Capitalization as of 06/30/2008:
 
 Authorized SharesOutstanding Shares
Preferred $0.001 par10,000,000None
Common $0.001 par100,000,00027,205,261
 
LONG TERM DEBT: None.
 
Common $0.001 par
 
UNITS SOLD PRIVATELY: In November 2006, the company commenced a Regulation D Offering of Units priced at $100,000 per Unit, comprised of 10% Series A Convertible Debentures and Class A Warrants to purchase 60,000 shares of the company's Common stock exercisable at $2.00, $3.00 and $4.00 per share. The offering closed on Feb. 28, 2007, following the sale of 211,273.2 10% Series A Convertible Debentures and 1,267,641 Class A Warrants. A total of $2,112,732 was raised in the offering. The Debentures were subsequently converted into 2,112,732 Common shares, which were issued to certain shareholders.
 
Stockholders:  03/31/2008, 133.
Transfer Agent:  Interwest Transfer Co. Inc.   Salt Lake City , UT
 
OTC Bulletin Board( Primary): ECNI
 
ExchangeYearHighLow
OTC Bulletin Board20090.00000.0000
Over The Counter20081.20000.0500
Over The Counter20071.20000.7500
 
DIVIDENDS: Common $0.001 par: None.
 
 
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EnterConnect Inc.
Symbol:  ECNI


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Annual Report
 
Income Statement
  20082007
Revenues:
Subscription and support $60,000$-
Professional services56,000-
Total revenues116,000-
Cost of revenues78,120-
Gross profit37,880-
Operating Expenses:
Selling, general and administrative1,055,867403,834
Sales and marketing428,733172,118
Research and development1,604,838231,642
Total operating expenses3,089,438807,594
Loss from operations(3,051,558)(807,594)
Other expenses:
Interest expense1,641,937532,346
Total other expenses1,641,937532,346
Loss from operations before income taxes(4,693,495)(1,339,940)
Income taxes800-
Net loss $(4,694,295)$(1,339,940)
Net loss per common share - basic and diluted $(0.19)$(0.07)
Weighted average number of common shares outstanding - basic and diluted24,972,20818,016,303
See accompanying notes to the financial statements.
Operating Income As Calculated
Depr. and Amort.
Fixed Charges Coverage:
Available for Fixed Charges
Gross Fixed Charges
Fixed Charges Times Earnings
Fixed Charges Coverages and Preferred Dividends Times Earnings
Capital Expenditures
Research & Development Expenditures
 
Balance Sheet
  20082007
ASSETS
Current Assets:
Cash$2,131,711$114,246
Restricted cash200,569-
Prepaid expenses and other current assets204,61441,203
Total current assets2,536,894155,449
Property and equipment, less accumulated depreciation of $22,511 and $4,045, respectively36,95551,219
Intangible assets, net of accumulated amortization of $250,001 and $50,001, respectively749,999949,999
Deposits15,5008,678
TOTAL ASSETS$3,339,348$1,165,345
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable$306,525$78,353
Accrued expenses114,40140,222
Convertible notes payable, net of discount of $4,548,464342,536-
Total current liabilities763,462118,575
Stockholders' Equity:
Preferred stock: $0.001 par value; 10,000,000 shares authorized; no shares issued or
outstanding--
Common stock: $0.001 par value; 100,000,000 shares authorized; 27,205,261and 20,266,112 shares
issued and outstanding, respectively27,20520,266
Additional paid-in capital10,514,2612,366,444
Deferred compensation(1,931,345)-
Accumulated deficit(6,034,235)(1,339,940)
Total stockholders' equity2,575,8861,046,770
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$3,339,348$1,165,345
Net Working Capital
Equity per Share
Depr. and Amort. Reserve
Preferred Shares Issued
Common Shares Issued
Treasury Shares - Preferred
Treasury Shares - Common
 
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EnterConnect Inc.
Symbol:  ECNI


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Interim Report   
 
Data Not Available
 
 
 
 
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EnterConnect Inc.
Symbol:  ECNI


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Pro Forma Report   
 
Data Not Available
 
 
 
 
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EnterConnect Inc.
Symbol:  ECNI


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Quarterly Report Information   
 
Quarterly Revenue, US$
YearQuarterRevenue
  2009   190,000
  2009   230,000
  2009   3110,000
  2008   130,000
  2008   240,000
  2008   350,000
  2008   Full Year 120,000
  2007   130,000
 
 
Quarterly Net Income, US$
YearQuarterRevenue
  2008   1(1,470,000)
  2008   2(1,930,000)
  2008   3(960,000)
  2008   Full Year (4,690,000)
  2007   1(620,000)
  2007   3(1,730,000)
  2007   4(1,580,000)
  2007   Full Year (2,440,000)
 
 
Quarterly EPS, US$
YearQuarterRevenue
  2009   1(.05)
  2009   2(.07)
  2009   3(.03)
  2008   1(.03)
  2008   2(.03)
  2008   3(.07)
  2008   4(.05)
  2008   Full Year (.19)
  2007   1(.03)
  2007   Full Year (.13)
 
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