MEMPHIS, Tenn., May 24, 2012 (GLOBE NEWSWIRE) -- Dynamic Energy Alliance Corporation (OTCQB:DEAC) today announced fiscal year 2012 first quarter financial results. Full financial statements and corresponding commentary can be found in the Company's Form 10-Q, which was filed with the Securities and Exchange Commission on May 18, 2012.
Financial Results for the Three Months ended March 31, 2012
Total revenue for the Company's first quarter ended March 31, 2012 was $301,704, compared to no revenue reported during the first quarter ended March 31, 2011. The Company's revenue is attributable to fees generated from the Company's Transformation Consulting (TC) unit, which receives commission revenues through a management services agreement.
Operating expenses for the first quarter 2012 totaled $523,465 and were comprised of $149,391 in project development costs, $255,500 in consulting services and $118,574 in general and administrative expenses. The project development and consulting costs were related to the engagement of various engineering and technical resources necessary to conduct and finish due diligence, as well as to develop the infrastructure that would support the Company's implementation of its pyrolysis operations. Other expenses during the first quarter included $16,953 in interest expenses. The Company's net loss for its first quarter ended March 31, 2012 was $(238,714), or $(0.00) per share, basic and fully diluted, based on the weighted average number of 81,304,504 Common shares outstanding. This loss reflects a reduction by 49% of the Company's net loss of $(468,972) reported during the first quarter of 2011.
Charles R. Cronin, Jr., Chairman of Dynamic Energy Alliance Corporation, stated, "Our first quarter of 2012 can best be characterized as steady and purposeful, building on the gains we made throughout 2011. An important development has been the identification of, and efforts to secure, a Pyrolytic process that improves the products while preserving the qualities of the produced oil that allow it to be used as fuel. We also announced an agreement related to our first Energy Campus in Texas, and we look forward to concluding that transaction in the short term."
About Dynamic Energy Alliance Corporation
Dynamic Energy Alliance Corporation (DEAC), www.dynamicenergyalliance.com, is a development stage energy and recycling company focused on identifying, combining and enhancing existing technologies with proprietary recoverable production and finishing processes to produce synthetic oil, carbon black, gas, and carbon steel from waste feedstock. This process is expected to be accomplished with limited residual waste product and significant reductions in greenhouse gases compared to traditional processing. To maximize this opportunity, the Company has developed a scalable, commercial development strategy to build "Energy Campuses" with low operational costs and long-term, recurring revenues.
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Forward-Looking Safe Harbor Statement:
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. Forward-looking statements speak only as of the date they are made, are based on various underlying assumptions and current expectations about the future. We caution readers that any forward-looking statements are not guarantees of future performance and that actual results could differ materially from those contained or implied in the forward-looking statements. Such forward-looking statements include, but are not limited to, statements about the transactions described herein, future financial and operating results, the combined company's plans, objectives, expectations and intentions and other statements that are not historical facts. In some cases, you may identify forward-looking statements by words such as "may," "should," "plan," "intend," "potential," "continue," "believe," "expect," "predict," "anticipate" and "estimate," the negative of these words or other comparable words. These statements are only predictions. One should not place undue reliance on these forward-looking statements. The forward-looking statements are qualified by their terms and/or important factors, many of which are outside the Company's control, involve a number of risks, uncertainties and other factors that could cause actual results and events to differ materially from the statements made. The forward-looking statements are based on the Management's beliefs, assumptions and expectations about the Company's future performance and the future performance of its subsidiaries, taking into account information currently available to the Company. These beliefs, assumptions and expectations can change as a result of many possible events or factors not all of which are known to the Company. The Company will update this forward-looking information only to the extent required under applicable securities laws. Neither the Company nor any other person assumes responsibility for the accuracy or completeness of these forward-looking statements.
For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the Commission are available from commercial document retrieval services and at the website maintained by the Commission at www.sec.gov.
| DYNAMIC ENERGY ALLIANCE CORPORATION | ||
| (Formerly MAMMATECH CORPORATION) | ||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| FOR THE THREE MONTHS ENDED MARCH 31, 2012 and 2011 | ||
| 2012 | 2011 | |
| Revenue | $ 301,704 | $ -- |
| Cost of revenue | -- | -- |
| Gross profit | 301,704 | -- |
| Expenses | ||
| Project development costs | 149,391 | -- |
| Consulting services | 255,500 | 378,000 |
| General and administrative expenses | 118,574 | 75,762 |
| 523,465 | 453,762 | |
| Net operating loss | (221,761) | (453,762) |
| Other Expenses | ||
| Interest expense | 16,953 | 15,210 |
| Loss before provision for income tax | (238,714) | (468,972) |
| Provision for income tax | -- | -- |
| Net Loss | $ (238,714) | $ (468,972) |
| Basic and fully diluted loss per share | $ (0.00) | $ (0.01) |
| Weighted average number of common shares outstanding – basic and diluted (Note 1 below) | 81,304,504 | 75,739,176 |
| (1) The capital accounts of the Company have been retroactively restated to reflect the equivalent number of common shares based on the exchange ratio of the merger transaction in determining the basic and diluted weighted average shares. | ||
| DYNAMIC ENERGY ALLIANCE CORPORATION | ||
| (Formerly MAMMATECH CORPORATION) | ||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||
|
As of March 31, 2012 |
As of December 31, 2011 |
|
| (Unaudited) | ||
| ASSETS | ||
| Current | ||
| Cash | $ 6,502 | $ 7,652 |
| Total Assets | $ 6,502 | $ 7,652 |
| LIABILITIES | ||
| Current | ||
| Accounts payable and accrued expenses | $ 269,372 | $ 206,155 |
| Income taxes payable | 3,500 | 15,500 |
| Loans payable to a related party | 106,537 | 89,584 |
| Contingent consideration payable | 1,025,768 | 996,414 |
| Total Liabilities | 1,405,177 | 1,307,613 |
| STOCKHOLDERS' DEFICIT | ||
| Common stock | ||
| Authorized: | ||
| Preferred stock, Series A convertible : 50,000,000 shares authorized, par value: $0.0001 (Note 1 below) | ||
| Common stock: 300,000,000 shares authorized, par value: $0.0001 (Note 1 below.) | ||
| Issued and Outstanding: | 773 | 773 |
| Preferred stock: 7,732,824 shares | ||
| Common stock: 81,304,504 shares | 8,130 | 8,130 |
| Additional paid-in capital (Note 2 below) | 3,776,745 | 3,636,745 |
| Accumulated deficit | (5,184,323) | (4,945,609) |
| Total Stockholders' Deficit | (1,398,675) | (1,299,961) |
| Total Liabilities and Stockholders' Deficit | $ 6,502 | $ 7,652 |
| (1) The capital accounts of the Company have been retroactively restated to reflect the equivalent number of common shares based on the exchange ratio of the merger transaction in determining the basic and diluted weighted average shares. | ||
| (2) The March 9, 2011 capital accounts of the Company have been retroactively restated to reflect the equivalent number of common shares based on the exchange ratio of the merger transaction. | ||