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| | Business Summary: Spare Backup, Inc. develops and markets a line of software products for consumers as well as small business and home business users, including its flagship product, Spare Backup, an automated remote backup solution designed and developed for the small office or home environment. | | | Address
72757 Fred Waring Drive
Palm Desert
, CA 92260
Phone: 760-779-0251
Fax: 760-779-0291
Website: http://www.sparebackup.com
| | Auditor |
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Sherb & Co.
| | Transfer Agent |
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Holladay Stock Transfer, Inc.
| Employees: 40
ShareHolders: 313 | Founded: 1999
Domicile: Delaware | | | |
| | Spare Backup, Inc. develops and markets a line of software products for consumers as well as small business and home business users. Products include the company's Spare Backup service, Spare Backup software and its Spare Switch PC data migration software.
The company's flagship product is Spare Backup, an automated remote backup solution designed and developed for the small office or home environment which backs up all data on selected laptop or desktop computers. The company launched its Spare Backup service and software product version 1.0 in March 2005 and is now offering version 5.0 of the product. The company's Spare Switch software enables users to complete the transfer of personal files from one PC to another via a high-speed Internet connection.
In addition, Spare Backup has developed new products and integrated new feature functionality into its Spare Backup software. The new offerings in its Spare line of software products include Spare Room, Spare Mobile and Spare Sync.
The company sells its products directly to the customer via its Web site for online distribution. It has also entered into agreements with computer manufacturers, retailers and others.
Spare Backup, Inc. is headquartered in Palm Desert, California. | | History: INCORPORATED in Delaware Dec. 27, 1999 as First Philadelphia Capital Corp. Name changed to Conservation Anglers Mfg., Inc. Nov. 21, 2000 in connection with the merger of Conservation Anglers Manufacturing, Inc., a Florida corporation, into the company; to Newport International Group Inc. Jan. 31, 2001; and to Spare Backup, Inc. Aug. 16, 2006.
February 10, 2004, issued 12,304,353 Common shares to merge GrassRoots Communications, Inc. into a wholly owned subsidiary of the company. | | | | Subsidiaries: |
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GrassRoots Communications, Inc.
| | | | | | Capital Expenditures, thousand. US Dollars |
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| Year | Amount | | 2006 | 201 |
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Management
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| Officers | Position |
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| Cery B. Perle | Chairman, President, Chief Financial Officer, Chief Executive Officer & Chief Accounting Officer | | Edward L. Hagan | Secretary | | Robert Schatz | Investor Relations Contact |
| | Directors |
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| Robert Binkelle | | Edward L. Hagan | | Cery B. Perle | | | |
| | | | Capitalization as of 12/31/2008: | | | | | Authorized Shares | Outstanding Shares |
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| Preferred $0.001 par | 5,000,000 | 50,000so1 | | Common $0.001 par | 300,000,000 | 105,193,730 |
| | | | LONG TERM DEBT: $190,321. | | | | Common $0.001 par | | | |
Stockholders:
04/06/2009,
313.
| | PRINCIPAL STOCKHOLDERS: April 6, 2009, Cery B. Perle owned or controlled 24.7% of the voting power, and Gimmel Partners, LP 13.5%. | | | |
Transfer Agent: Holladay Stock Transfer, Inc.
Scottsdale
, AZ | | | | OTC Bulletin Board( Primary): SPBU | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2008 | 0.5700 | 0.0700 | | OTC Bulletin Board | 2007 | 1.1400 | 0.4000 | | OTC Bulletin Board | 2006 | 0.9000 | 0.2100 | | OTC Bulletin Board | 2005 | 1.9500 | 0.3000 | | OTC Bulletin Board | 2004 | 2.2000 | 1.7500 | | OTC Bulletin Board | 2003 | 9.0000 | 0.3000 | | OTC Bulletin Board | 2002 | 40.0000 | 0.6000 |
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| | | | DIVIDENDS: Common $0.001 par: No cash.
Common split 1-for-20 reverse, Dec. 10, 2003. | | | | | |
so1Closely held. Consists of Series A Preferred. | |
| | Annual Report |
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| | | Income Statement | |
| 2008 | 2007 |
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| REVENUES |
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| | Net Revenues | 1,381,443 | 260,350 | | EXPENSES |
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| | Sales and General and Administrative | (10,735,899) | (16,712,894) | | Research and Development | (1,270,776) | (2,312,573) | | Interest Expense | (4,563,241) | (1,871,975) | | Interest Income | - | 167 | | Currency Translation Gain(Loss) | 20,202 | 17,625 | | Change in Fair Value of Derivative Liabilities | - | (5,275,067) | | Other Expense-derivative Liabilities | - | (334,030) | | Gain from Litigation Settlement | 35,713 | 280,000 | | Other Expenses-employee Settlement | - | (136,500) | | Net Income (Loss) | (15,132,558) | (26,084,896) | | SUPPLEMENTARY INFO |
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| | Operating Income (Loss) | (10,625,232) | (18,765,116) | | Basic and diluted net loss per common share | (0.17) | (0.38) |
| | | | Balance Sheet | |
| 2008 | 2007 |
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| ASSETS |
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| | Cash and Cash Equivalents | 18,946 | 527,402 | | Accounts Receivables | 132,389 | - | | Prepaid Marketing Expense | 97,630 | 181,238 | | Total Current Assets | 248,965 | 708,640 | | NON CURRENT ASSETS |
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| | Property and Equipment | 1,093,732 | 1,652,077 | | Other Assets | 56,985 | - | | Total Assets | 1,399,682 | 2,360,717 | | LIABILITIES |
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| | Accounts Payable and Accrued Expenses | 3,499,152 | 2,878,014 | | Accrued Interest on Convertible Promissory Note | 78,338 | 33,310 | | Convertible Promissory Notes | 2,500,000 | 416,376 | | Convertible Promissory Notes | 776,008 | - | | Deferred Revenue | 240,436 | - | | Due to Stockholders | 15,000 | 15,000 | | Total Current Liabilities | 7,108,934 | 3,342,700 | | NON CURRENT LIABILITIES |
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| | Convertible Promissory Notes | 190,321 | - | | Preferred Stock Non Redeemable | 50 | - | | SHAREHOLDERS' EQUITY |
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| | Common Stock-par Value | 105,194 | 77,221 | | Additional Paid in Capital | 82,772,424 | 72,585,480 | | Accumulated Deficit | (88,777,248) | (73,644,688) | | Total Shareholders Equity | (5,899,573) | (981,983) | | Total Liabilities & Shareholders Equity | 1,399,682 | 2,360,717 |
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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 | | 2009 |
1 | 460,000 | | 2008 |
1 | 200,000 | | 2008 |
2 | 250,000 | | 2008 |
3 | 300,000 | | 2008 |
4 | 630,000 | | 2008 |
Full Year
| 1,380,000 | | 2007 |
1 | 20,000 | | 2007 |
2 | 20,000 | | 2007 |
3 | 80,000 | | 2007 |
4 | 140,000 | | 2007 |
Full Year
| 260,000 | | 2006 |
1 | 20,000 | | 2006 |
2 | 20,000 | | 2006 |
3 | 10,000 | | 2006 |
4 | 30,000 | | 2006 |
Full Year
| 70,000 | | 2005 |
1 | Nil | | 2005 |
2 | 10,000 | | 2005 |
3 | Nil | | 2005 |
4 | 10,000 | | 2005 |
Full Year
| 20,000 | | 2004 |
3 | 10,000 | | 2004 |
Full Year
| 10,000 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2009 |
1 | (2,650,000) | | 2008 |
1 | (3,400,000) | | 2008 |
2 | (4,660,000) | | 2008 |
3 | (4,430,000) | | 2008 |
4 | (2,640,000) | | 2008 |
Full Year
| (15,130,000) | | 2007 |
1 | (19,050,000) | | 2007 |
2 | 2,930,000 | | 2007 |
3 | (4,670,000) | | 2007 |
4 | (5,280,000) | | 2007 |
Full Year
| (26,080,000) | | 2006 |
1 | (5,240,000) | | 2006 |
2 | (1,890,000) | | 2006 |
3 | (8,010,000) | | 2006 |
Full Year
| (14,478,400) | | 2005 |
1 | (1,770,000) | | 2005 |
2 | (13,110,000) | | 2005 |
3 | (3,010,000) | | 2005 |
Full Year
| (1,867,200) | | 2004 |
3 | (3,860,000) | | 2004 |
Full Year
| (14,258,400) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2009 |
1 | (.02) | | 2008 |
1 | (.04) | | 2008 |
2 | (.06) | | 2008 |
3 | (.05) | | 2008 |
4 | (.03) | | 2008 |
Full Year
| (.17) | | 2007 |
1 | (.33) | | 2007 |
2 | .05 | | 2007 |
3 | (.06) | | 2007 |
4 | (.07) | | 2007 |
Full Year
| (.38) | | 2006 |
1 | (.13) | | 2006 |
2 | (.04) | | 2006 |
3 | (.20) | | 2006 |
4 | .01 | | 2006 |
Full Year
| (.32) | | 2005 |
1 | (.07) | | 2005 |
2 | (.48) | | 2005 |
3 | (.10) | | 2005 |
4 | .27 | | 2005 |
Full Year
| (.26) | | 2004 |
1 | (.64) | | 2004 |
2 | (.10) | | 2004 |
3 | (.20) | | 2004 |
4 | (.15) | | 2004 |
Full Year
| (.81) |
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