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Etelos, Inc.
Symbol:  ETLO


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Business Summary: Etelos, Inc. operates a Web application distribution platform that delivers Web applications for businesses. The company provides a software-as-a-service (SaaS) ecosystem for building, distributing, and using Web Applications, including a marketplace to deploy and support them.
 
Address
  26828 Maple Valley Hwy Ste 297
  Maple Valley , WA 98038-8309
  Phone: 425-458-4510
  Website: http://www.etelos.com
Transfer Agent
  BNY Mellon Shareowner Services
Employees:  13
ShareHolders:  62
Founded:  1995
Domicile:  Delaware
 
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Etelos, Inc.
Symbol:  ETLO


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Etelos, Inc. operates a Web application distribution platform that delivers Web applications for businesses. The company provides a software-as-a-service (SaaS) ecosystem for building, distributing, and using Web Applications, including a marketplace to deploy and support them. It enables software manufacturers to migrate existing applications or create new applications, as well as package, distribute, host, bill, market, and support the SaaS enabled applications through private label applications marketplaces. The company also develops products for Web applications, which include open standards-based tools, such as the Etelos Application Server and the Etelos Development Environment that support various common programming languages; the English Application Scripting Engine, an open standards-based scripting language for Web developers, businesses, and individual users; and Etelos App Sync, which integrates Web Applications built on its platform with other Web applications. In addition, the company offers Etelos Platform Suite, which allows third parties to use its software platforms and services to develop and operate a private label application and marketplace; and Etelos Web Application Hosting. Further, it provides professional services, including consulting and implementation services; and customer support and management. The company serves independent software vendors and marketplace partners, including non-technology businesses in North America, South America, Europe, and the Asia-Pacific region. Etelos, Inc. is headquartered in Maple Valley, Washington.
History:  INCORPORATED in Delaware July 12, 2000, as Tripath Technology Inc.; and on July 21, 2000, merged a California corporation of the same name (incorporated July 18, 1995). Name changed to Etelos, Inc. Apr. 22, 2008. February 8, 2007, the company filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code with the United States Bankruptcy Court for the Northern District of California. April 22, 2008, Etelos, Incorporated, a Washington corporation (Etelos-Washington), merged into company. Prior to the merger, the company had been a debtor-in-possession in a Chapter 11 bankruptcy proceeding. In connection with the bankruptcy proceeding, all assets of the company were transferred to a trustee for liquidation and all liabilities of the company were discharged. Accordingly, at the time of the merger, the company had no assets or liabilities. In connection with the merger, the company issued 17,690,634 Common shares in the aggregate to the holders of Etelos-Washington's capital stock. In addition, pursuant to the order issued by the bankruptcy court in connection with the approval of the Plan of Reorganization, the company issued 5,000,000 shares in the aggregate of its Common stock to its secured creditors and 10,000 shares in the aggregate to its unsecured creditors. Etelos, Incorporated was incorporated in Washington May 6, 1999.
 
 
Capital Expenditures, thousand. US Dollars
  Year  Amount
  2009  0
  2008  64
 
Research and Development Expenditures, thousand. US Dollars
  Year  Amount
  2009  1,315
  2008  2,646
 
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Etelos, Inc.
Symbol:  ETLO


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Management
OfficersPosition
 Daniel J. A. KolkeChairman, Chief Financial Officer & Chief Executive Officer
 Kennedy A. BrooksChief Operating Officer & General Counsel

Directors
 Daniel J. A. Kolke
 Andrew I. Liu
 Kevin  Pritchard
 Ronald A. Rudy
 Robert L. Thordarson
 
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Etelos, Inc.
Symbol:  ETLO


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Capitalization as of 03/31/2010:
 
 Authorized SharesOutstanding Shares
Preferred $0.01 par50,000,000666,666so1
Common $0.01 par250,000,00024,116,477
 
LONG TERM DEBT: $7,769,000.
 
Common $0.01 par
 
Stockholders:  03/16/2010, 62.
PRINCIPAL STOCKHOLDERS: March 16, 2010, Don Morissette owned or controlled 43.3% of the Common, Daniel J. A. Kolke 20.6%, Enable Capital Management LLC 15.5% and Salzwedel Financial Communications, Inc. 11.6%.
 
Transfer Agent:  BNY Mellon Shareowner Services   Pittsburgh , PA
 
OTC Bulletin Board( Primary): ETLO
 
ExchangeYearHighLow
OTC Bulletin Board20092.75000.1000
OTC Bulletin Board200814.00000.1000
 
DIVIDENDS: Common $0.01 par: No cash.
 
 
  so1Consists of Series A Preferred with a stated value of $0.75 per share. Holders are entitled to a liquidation preference of 120% of the stated value. Each Series A share is convertible, at the option of the holder, into the number of Common shares determined by dividing the stated value by the then applicable conversion price.
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Etelos, Inc.
Symbol:  ETLO


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Annual Report
 
Income Statement
  20092008
REVENUES
Revenues150123
EXPENSES
Cost of Revenues(268)(542)
Sales and Marketing(826)(1,657)
General and Administrative(3,062)(3,164)
Research and Development(1,315)(2,640)
Restructuring Costs(92)(632)
Interest Expense, Net(561)(479)
Beneficial Conversion of Interest Conversion-(991)
Amortization of Notes Discount and Debt Issuance Costs and Accretion of Notes Premium, Net(386)(2,872)
Change in Valuation of Liability Relating to Embedded Derivatives and Warrants(119)6,965
Loss on Extinguishments of Debt(587)-
Change in Valuation of Liability Related to Warrants from Settlement, Financing, and Consulting Services299-
Other Income/expense15(14)
Merger Costs-(13,444)
Earnings before Taxes(6,752)(19,347)
TAXES AND OTHER EXPENSES
Net Income (Loss)(6,752)(19,347)
CHARGES ON NET INCOME
Preferred Stock Adjustments-(22)
Net Income Available to Common Shareholders(6,752)(19,369)
SUPPLEMENTARY INFO
Gross Profit/loss(118.00)(419.00)
Operating Income (Loss)(5,114.00)(8,512.00)
Basic EPS - Continuing Operations(0.29)(1.07)
 
Balance Sheet
  20092008
CURRENT ASSETS
Cash and Cash Equivalents4457
Accounts Receivables1060
Accretion of Interest on Convertible Notes Payable250-
Prepaid Expenses and Other Current Assets1646
Total Current Assets721113
NON CURRENT ASSETS
Property and Equipment, net4682
Debt Issuance Costs30-
Other Assets210
Total Assets799205
CURRENT LIABILITIES
Accounts Payable1,120983
Accounts Payable-related Parties2742
Other Accrued Expenses1,2291,381
Accrued Payroll and Related Expenses1,029399
Current Portion Notes Payable11089
Current Portion Notes Payable to Related Parties108132
Current Portion Convertible Notes Payable, Net of Discounts1,7647,264
Current Portion-capital Leases-9
Deferred Revenue864
Warrant Derivative Liability315108
Total Current Liabilities5,71010,471
NON CURRENT LIABILITIES
Long-term Convertible Notes Payable, Net of Premiums and Discounts, Less Current Portion7,214-
Long-term Notes Payable to Related Parties286552
Long-term Capital Leases-24
Preferred Stock Convertible78
SHAREHOLDERS' EQUITY
Common Stock - Par Value234231
Additional Paid in Capital23,90318,722
Accumulated Deficit(36,555)(29,803)
Total Shareholders Equity(12,411)(10,842)
Total Liabilities & Shareholders Equity799205
 
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Etelos, Inc.
Symbol:  ETLO


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Interim Report   
 
Data Not Available
 
 
 
 
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Etelos, Inc.
Symbol:  ETLO


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Pro Forma Report   
 
Data Not Available
 
 
 
 
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Etelos, Inc.
Symbol:  ETLO


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Quarterly Report Information   
 
Quarterly Revenue, US$
YearQuarterRevenue
  2010   1Nil
  2009   160,000
  2009   270,000
  2009   310,000
  2009   420,000
  2009   Full Year 150,000
  2008   120,000
  2008   220,000
  2008   310,000
  2008   470,000
  2008   Full Year 120,000
  2007   1100,000
  2007   2110,000
  2007   380,000
  2007   410,000
  2007   Full Year 300,000
  2006   Full Year 320,000
 
 
Quarterly Net Income, US$
YearQuarterRevenue
  2010   1(1,220,000)
  2009   1(6,430,000)
  2009   22,910,000
  2009   3(1,200,000)
  2009   4(2,030,000)
  2009   Full Year (6,750,000)
  2008   2(21,570,000)
  2008   31,650,000
  2008   42,810,000
  2008   Full Year (19,350,000)
  2007   Full Year (3,960,000)
  2006   Full Year (1,510,000)
 
 
Quarterly EPS, US$
YearQuarterRevenue
  2010   1(.05)
  2009   1(.27)
  2009   2.08
  2009   3(.05)
  2009   4(.10)
  2009   Full Year (.29)
  2008   1(.30)
  2008   2(1.13)
  2008   3.04
  2008   4.06
  2008   Full Year (.81)
  2007   1(.10)
  2007   2(.16)
  2007   3(.36)
  2007   4(.13)
  2007   Full Year (.29)
  2006   Full Year (.14)
 
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