Losses continue at Mangosoft
Large increases in general and administrative costs have prolonged a history of operating losses for Mangosoft Inc., the company reported yesterday in second-quarter results.
General and administrative expenses, including professional fees and travel-related expenses and legal fees associated with the ongoing pursuit and defense of patents, increased 211 percent, to $314,81, for the three-month period ended June 30, compared to the $101,110 reported for the same period in 2006.
Loss from operations increased $226,002 to $319,825 during the second quarter marking a 241 percent increase over the $93,823 reported in loss from operations reported during second quarter 2006.
The Nashua-based software company reported a 154 percent increase in income for the second quarter, to $7,428 compared to $2,922 for the same period in 2006. The increase is credited to an increase in cash balances available for investment.
Revenues for the first six months of 2207 decreased 15 percent to $122,175 compared to $143,074 reported for the first half of 2006.
In January 2007 the company sold 2.4 million shares of common stock to private placement, resulting in $1.2 million in aggregate gross proceeds, the net of which will be used to pay past due expenses and fund patent litigations.
The company currently has one employee and continues to outsource the management of internal information systems, billable service infrastructure, software code base, customer support and reseller channel management to a company made up mainly of former Mangosoft employees. – TRACIE STONE