The heads of 5G Wireless Communications Inc. (FGWI)
must be having the worst times as the company, like a Titanic sinks down.
The company’s biggest headache is an outstanding $8 million debt, also the revenue keeps declining along with the stock. Since last year, July the stock plunged to the lowest levels, being traded now at a pathetic price of $0.028 per stock.The Data Sheet
Revenue from the equipment sales and service and WISP operations was $97,734 for the three months ended March 31, 2007 compared to $209,100 for the three months ended March 31, 2006, a decrease of $111,366 or approximately 53%.
Total cost of revenues was $95,923 for the three months ended March 31, 2007 compared to $112,474 for the three months ended March 31, 2006, a decrease of $16,551 or approximately 15%.
Total operating expenses were $995,425 for the three months ended March 31, 2007 compared to $933,802, an increase of $61,623 or approximately 7%.
Interest expense was $596,816 for the three months ended March 31, 2007 compared to $578,074 for the three months ended March 31, 2006, an increase of $18,742 or approximately 3%.
Net loss was $1,330,061 for the three months ended March 31, 2007 compared to $2,118,970 for the three months ended March 31, 2006, a decrease of $788,909 or approximately 37%.
The company's current liabilities totaled $8,283,505 at March 31, 2007, and current assets totaled $276,729, resulting in a working capital deficit of $8,006,776 at March 31, 2007.
At March 31, 2007, the company's current assets consisted primarily of net accounts receivable totaling $15,622, net inventory of $106,587, deferred financing costs of $128,507, other assets $17,760 and cash of $8,253.
5G Wireless Communications incurred a net loss of $1,330,061 for the three months ended March 31, 2007.
Accordingly, the company's implementation of its business plan will depend upon its ability to raise additional funds through equity or debt financing. The company estimates that it will need to raise up to $2,500,000 over the next twelve months for such purposes.
The accompanying financial statements have been prepared assuming that the company continues as a going concern that contemplates the realization of assets and the satisfaction of liabilities in the normal course of business assuming the company will continue as a going concern.
The company’s stock has been going down since July last year when the stock floated the $0.5 barrier. Since then the stock has been gradually its way to the bottom giving to the stock loser’s brand.
At the time of polishing up this article the stock was traded at a range of $0.028 and was the third on the leaders’s OTC Bulletin Board.
Presumably, the stock will hardly get back to the $0.5. Given the fact, that the company is struggling to grow and gain a place in the share market.The Product
Headquartered in Marina Del Rey, California, 5G Wireless Communications, Inc., through its wholly owned subsidiary, 5G Wireless Solutions, Inc., engages in the design, development, and manufacture of wireless broadband communications equipment.
It offers indoor and outdoor wireless base stations. The company's products are used to transmit and receive wireless signals to and from other wireless devices, such as laptop computers or personal digital assistants.
It markets its products to colleges, universities, governmental entities, commercial enterprises, and systems integrators through direct sales, distributors, and value added resellers in the United States, Canada, Europe, Middle East, Asia, and Africa.
In addition, the company offers a suite of services, including RF consulting and network design, implementation, and back office support.
The company was incorporated as Tesmark, Inc. in 1979 and changed its name to 5G Wireless Communications, Inc. in 2001.Key executives of Wireless Communications Inc. (FGWI)
A few References
|Andrew D. McCormac||43|| Chief Financial Officer and Principal Accounting Officer|
|Boudewyn|| 42|| Principal Financial Officer, Exec. VP, Treasurer, Corp. Sec., Director and Member of Governance Committee|
|Carl J. Weisman|| || VP of Engineering|
|Frank Simonelli|| || VP of Marketing|
|Jerry Dix|| 60||Chairman, Chief Exec. Officer, Pres and Member of Governance Committee|