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| ITNF.OB > SEC Filings for ITNF.OB > Form 10-Q on 23-Nov-2009 | All Recent SEC Filings |
23-Nov-2009
Quarterly Report
The following discussion and analysis should be read in conjunction with the
financial statements and the accompanying notes thereto for the six-month period
ended September 30, 2009 and is qualified in its entirety by the foregoing and
by more detailed financial information appearing elsewhere. See "Item
1. Financial Statements." The discussion includes management's expectations for
the future.
Results of Operations - Second Quarter ("Q2") of Fiscal 2010 Compared to Second Quarter ("Q2") of Fiscal 2009
Operating Revenue
Operating revenue for Q2 2010 increased to $9,000 from $0 for Q2 2009. This increase in operating revenue is primarily due to providing continuing Internet and social network marketing services to clients.
Operating Expenses
Operating expenses for Q2 2010 increased to $27,855 from $19,613 for Q2 2009. This increase in operating expenses is primarily due to overhead associated with revenue generation.
Net Income (Loss)
The company had a net loss of $33,828 in Q2 2010, as compared with a net loss of $30,390 in Q2 2009. This increase was due to primarily to a $7,724 increase in professional legal and accounting fees for business development.
Balance Sheet Items
Our cash position decreased to $50 at September 30, 2009 (Q2 2010) by $12 from $62 at September 30, 2008 (Q2 2009).
Results of Operations - First Half of Fiscal Year 2010 Compared to First Half of Fiscal Year 2009
Internet Infinity revenues for the first half of FY 2010 were $9,000, an increase in revenues from $0 in the first half of FY 2009. The lack of sales was attributable to the change in our Company's business eCommerce model and the lack of sales opportunities. The Company is now providing some Internet and social marketing services to a startup company "More American Jobs" ("MAJ") in which our CEO George Morris has a minority interest through Morris Business Development Company and Patrick Howell is President and holds the single largest ownership interest of More American Jobs.
Our cost of sales was $1,800 for the first half of FY 2010, an increase of $1,800 from the first half of FY 2009 amount of $0.
Operating Expenses
Operating expenses for the first half of FY 2010 increased to $36,029 from $32,658 for the first half of FY 2009, or a $3,371 increase. This increase in operating expenses is primarily due to an increase of $9,905 in professional fees, a decrease in consulting fees to related party of $8,199 offset by a $180 decrease in salaries and a $1,845 increase in other expenses.
Net Income (Loss)
We had net loss of $55,790 in the first half of FY 2010, as compared with a net loss of $54,590 in the first half of FY 2009. The net loss for the first half of 2010 is attributable to new business development costs for the Company.
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