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| | Business Summary: KeyOn Communications Holdings Inc., together with its subsidiaries, provides wireless broadband, satellite video, and voice over Internet Protocol (VoIP) services primarily to small and rural markets in the western and the midwestern United States. | | | Address
11742 Stonegate Circle
Omaha
, NE 68164
Phone: 402-998-4000
Fax: 402-998-4111
Website: http://www.keyon.com
| | Auditor |
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L.L. Bradford & Company, LLC
Las Vegas | | Transfer Agent |
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Empire Stock Transfer Inc.
| Employees: 125
ShareHolders: 125 | Founded: 2004
Domicile: Delaware | | | |
| | KeyOn Communications Holdings Inc., together with its subsidiaries, provides wireless broadband, satellite video, and voice over Internet Protocol (VoIP) services primarily to small and rural markets in the western and the midwestern United States. It offers broadband services to homes and businesses; sells and installs DISH Network video packages directly to its subscribers as a reseller; and provides wireless broadband services. KeyOn Communications Holdings serves approximately 15,500 subscribers in Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Nebraska, Nevada, Ohio, South Dakota, Minnesota, and Texas. The company was founded 2002 and is headquartered in Omaha, Nebraska. | | History: INCORPORATED in Delaware Sept. 9, 2004 as Grant Enterprises, Inc. Name changed to KeyOn Communications Holdings, Inc. Aug. 10, 2007.
August 9, 2007, a wholly owned subsidiary of the company merged into KeyOn Communications Inc. (KOCI), with KOCI as the survivor to the merger, continuing as a wholly owned subsidiary of the company. In connection with the merger, KOCI stockholders received 6,650,069 shares of the company's Common stock.
KOCI was incorporated in Nevada Dec. 16, 2004. Business began in 2002.
January 31, 2007, KOCI, through a wholly owned subsidiary, purchased the assets of SpeedNet Services, Inc., including subscriber contracts, accounts, and fixed assets, and assumed certain operating liabilities for $3,458,255 in cash, with certain adjustments to the purchase price for working capital, deferred revenue and the assumption of certain capital lease obligations. | | | | Subsidiaries: |
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KeyOn Communications Inc.
KeyOn Communications, LLC
KeyOn Grand Junction, LLC
KeyOn Idaho Falls, LLC
KeyOn Pahrump, LLC
KeyOn Pocatello, LLC
KeyOn Siris, LLC
KeyOn Spectrum Holdings, LLC
KeyOn SpeedNet, LLC
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Management
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| Officers | Position |
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| Jonathan Snyder | Chairman, President & Chief Executive Officer | | Annette Eggert | Chief Financial Officer & Chief Accounting Officer | | A. Robert Handell | Secretary, Exec VP & Chief Operating Officer | | Jason Lazar | General Counsel | | John Liviakis | Investor Relations Contact |
| | Directors |
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| A. Robert Handell | | Jonathan Snyder | | | |
| | | | Capitalization as of 03/31/2010: | | | | | Authorized Shares | Outstanding Shares |
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| Series A Preferred $0.001 par | 5,000,000 | None | | Common $0.001 par | 115,000,000 | 21,181,439 |
| | | | LONG TERM DEBT: $15,377,090. | | | | Common $0.001 par | | | |
Stockholders:
04/12/2010,
125.
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Transfer Agent: Empire Stock Transfer Inc.
Henderson
, NV | | | | OTC Bulletin Board( Primary): KEYO | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2009 | 2.6000 | 0.0400 | | OTC Bulletin Board | 2008 | 6.0000 | 0.0500 | | OTC Bulletin Board | 2007 | 16.0000 | 4.0000 |
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| | | | DIVIDENDS: Common $0.001 par: No cash.
Common reverse split 1-for-2, Nov. 2, 2007. | | | | | |
| | Annual Report |
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| | | Income Statement | |
| 2009 | 2008 |
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| REVENUES |
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| | Service and Installation Revenue | 6,724,710 | 7,646,536 | | Support and Other Revenue | 173,522 | 147,204 | | Total Revenues | 6,898,232 | 7,793,740 | | EXPENSES |
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| | Payroll, Bonuses and Taxes | (3,505,812) | (6,937,932) | | Network Operating Costs | (2,804,905) | (2,751,534) | | Cost of Dish Inventory | - | (32,541) | | Installation Expenses | (168,761) | (419,277) | | Marketing and Advertising | (86,209) | (320,812) | | Professional Fees | (1,022,631) | (393,432) | | Other General and Administrative Expenses | (1,256,053) | (1,258,826) | | Depreciation and Amortization | (2,423,657) | (2,744,705) | | Gain on Acquisition | 21,686 | - | | Goodwill and Asset Impairment | (299,322) | (97,635) | | Interest Expense | (2,256,071) | (898,872) | | Interest Income | 2 | 686 | | Other Income other | 307,887 | - | | Gain/loss on Disposal of Equipment | (88) | 10,782 | | Earnings before Taxes | (6,595,702) | (8,050,358) | | TAXES AND OTHER EXPENSES |
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| | Net Income (Loss) | (6,595,702) | (8,050,358) | | SUPPLEMENTARY INFO |
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| | Operating Income (Loss) | (4,669,118) | (7,162,954) | | Basic EPS - Continuing Operations | (0.49) | (0.96) | | Diluted EPS - Continuing Operations | (0.49) | (0.96) |
| | | | Balance Sheet | |
| 2009 | 2008 |
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| CURRENT ASSETS |
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| | Cash | 125,083 | 28,032 | | Accounts Receivable, Net of Allowance for Doubtful Accounts | 155,228 | 129,592 | | Inventories | 114,150 | 172,434 | | Prepaid Expenses and Other Current Assets | 114,296 | 74,198 | | Total Current Assets | 508,757 | 404,256 | | NON CURRENT ASSETS |
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| | Property and Equipment, net | 1,614,454 | 3,292,245 | | Goodwill | 1,341,816 | 1,641,138 | | Subscriber Bases, Net | 182,669 | 562,743 | | Trademarks | 16,667 | 16,667 | | Debt Issuance Costs | 117,548 | 189,638 | | Refundable Deposits | 70,416 | 66,827 | | Total Assets | 3,852,327 | 6,173,514 | | CURRENT LIABILITIES |
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| | Accounts Payable and Accrued Expenses | 1,782,559 | 2,522,884 | | Accounts Payable and Accrued Expenses-related Parties | - | 43,139 | | Current Portion of Note Payable-related Parties | - | 567,011 | | Cash-overdraft | 50,961 | 120,553 | | Revolving Line of Credit-related Party | 100,000 | 100,000 | | Term Loan Payable-related Party | 147,016 | 4,500,000 | | Current Portion of Notes Payable | 150,450 | 648,610 | | Current Portion of Capital Lease Obligations | 643,039 | 596,411 | | Deferred Revenue | 213,674 | 310,689 | | Current Portion of Deferred Rent Liability | 63,665 | 58,945 | | Total Current Liabilities | 3,151,364 | 9,468,242 | | NON CURRENT LIABILITIES |
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| | Term Loan Payable-related Party | 3,902,984 | - | | Note Payable, Less Current Maturities | 7,842 | 36,867 | | Capital Lease Obligations-less Current Maturities | 503,477 | 854,390 | | Deferred Rent Liability, Less Current Maturities | 80,094 | 141,463 | | SHAREHOLDERS' EQUITY |
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| | Common Stock - Par Value | 20,686 | 8,771 | | Additional Paid in Capital | 24,428,920 | 17,358,430 | | Accumulated Deficit | (28,304,720) | (21,709,020) | | Common Stock Payable | 101,433 | 14,372 | | Deferred Compensation | (39,751) | - | | Total Shareholders Equity | (3,793,434) | (4,327,448) | | Total Liabilities & Shareholders Equity | 3,852,327 | 6,173,514 |
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| | Interim Report
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| | | Data Not Available | | | | | | | | | |
| | Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2010 |
1 | 1,590,000 | | 2009 |
1 | 1,870,000 | | 2009 |
2 | 1,780,000 | | 2009 |
3 | 1,670,000 | | 2009 |
4 | 1,570,000 | | 2009 |
Full Year
| 6,900,000 | | 2008 |
1 | 2,050,000 | | 2008 |
2 | 1,990,000 | | 2008 |
3 | 1,880,000 | | 2008 |
4 | 1,880,000 | | 2008 |
Full Year
| 7,790,000 | | 2007 |
1 | 1,500,000 | | 2007 |
2 | 1,860,000 | | 2007 |
3 | 1,860,000 | | 2007 |
4 | 1,970,000 | | 2007 |
Full Year
| 7,200,000 | | 2006 |
1 | 560,000 | | 2006 |
2 | 610,000 | | 2006 |
3 | 600,000 | | 2006 |
4 | 660,000 | | 2006 |
Full Year
| 2,430,000 | | 2005 |
Full Year
| 1,660,000 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2010 |
1 | (1,960,000) | | 2009 |
1 | (370,000) | | 2009 |
2 | (1,130,000) | | 2009 |
3 | (2,900,000) | | 2009 |
4 | (1,630,000) | | 2009 |
Full Year
| (6,600,000) | | 2008 |
1 | (2,570,000) | | 2008 |
Full Year
| (8,050,000) | | 2007 |
Full Year
| (7,610,000) | | 2006 |
Full Year
| (2,210,000) | | 2005 |
Full Year
| (3,730,000) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2010 |
1 | (.09) | | 2009 |
1 | (.04) | | 2009 |
2 | (.11) | | 2009 |
3 | (.20) | | 2009 |
4 | (.08) | | 2009 |
Full Year
| (.49) | | 2008 |
1 | (.31) | | 2008 |
2 | (.33) | | 2008 |
3 | (.18) | | 2008 |
4 | (.14) | | 2008 |
Full Year
| (.96) | | 2007 |
1 | (15.58) | | 2007 |
2 | (20.55) | | 2007 |
3 | (.40) | | 2007 |
4 | (.35) | | 2007 |
Full Year
| (1.18) | | 2006 |
3 | (.30) | | 2006 |
4 | (.26) | | 2006 |
Full Year
| N/A | | 2005 |
Full Year
| (79.39) |
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