For the fiscal year ended December 31, 2010, each of our major lines of business (i.e., payday lending, check-cashing services, sale of Cricket phone products, Cricket payment processing and other phone-related services) generated associated fees. In 2010, we generated approximately:
$10.61 million in payday lending fees representing approximately 59.0% of our total revenues,
$4.09 million in phone and accessory sales representing approximately 22.8% of our total revenues,
$1.42 million in payment processing fees representing approximately 7.9% of our total revenues,
$.74 million in check-cashing fees representing approximately 4.1% of our total revenues, and
$1.12 million in other income and fees representing approximately 6.2% of our total revenues.
Revenues totaled $17.98 million in 2010 compared to $18.31 million in 2009, a decrease of $.33 million or 1.80%.
Posts: 3026 | From: Chicago | Registered: Oct 2005
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would be a good stock at this price.but at the ask of.60c?or is my lv2s wrong?
-------------------- WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT? Posts: 2048 | From: THE LAND OF CAPS LOCK. | Registered: Oct 2004
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Thanks !sure does seem that way.HOw much and at what price are you in for?im always looking for good stock so when i see someone reputable post something i go and do my homework on it.
-------------------- WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT? Posts: 2048 | From: THE LAND OF CAPS LOCK. | Registered: Oct 2004
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quote:Originally posted by CAPTNEMOS: Thanks !sure does seem that way.HOw much and at what price are you in for?im always looking for good stock so when i see someone reputable post something i go and do my homework on it.
I got some at 03 and 025. Been following this one for awhile since their last Q came out a cpl months ago.
No dilution for years now.
Posts: 3026 | From: Chicago | Registered: Oct 2005
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WOW.BOOKS ARE GOOD.PICKING UP ABOUT 500,000-600,000 IN CASH EVERY YEAR.20MIL ASSETS/8 MIL LIABILITES.AND NET INCOME OF 1.349 MIL.I ALSO NOTICED THERE SHARECOUNT DROPPED FROM THE YEAR PRIOR.WOW YOU DID NICE ON THIS ONE HOMERS.I WONT BUY ANY AT THIS PRICE BUT AT .03C I WOULD.
ASSETS
CURRENT ASSETS
Cash $ 2,092,386 $ 1,526,562 Loans receivable (less allowance for losses of $1,165,000 and $1,237,000) 4,743,906 4,875,870 Inventory 502,415 373,858 Prepaid expenses and other 152,736 288,145 Deferred income taxes 467,000 486,000 TOTAL CURRENT ASSETS 7,958,443 7,550,435
PROPERTY AND EQUIPMENT 824,102 1,075,715
GOODWILL 11,458,744 11,458,744
INTANGIBLE ASSETS 434,413 902,069
OTHER 95,180 107,715
TOTAL ASSETS $ 20,770,882 $ 21,094,678
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 1,477,607 $ 1,352,989 Income tax payable 435,670 145,773 Note payable – short-term 2,000,000 1,794,372 Current portion long-term debt 769,330 165,431 Preferred dividend payable 1,450,000 1,000,000 Deferred revenue 320,021 345,826 TOTAL CURRENT LIABILITIES 6,452,628 4,804,391
LONG-TERM LIABILITIES
Note payable – long-term 905,188 2,138,162 Deferred income taxes 350,000 250,000 TOTAL LONG-TERM LIABILITIES 1,255,188 2,388,162
TOTAL LIABILITIES 7,707,816 7,192,553
SHAREHOLDERS’ EQUITY
Series A convertible preferred stock 10% cumulative dividends, $0.01 par value, $2.10 stated value. 10,000,000 shares authorized, issued and outstanding 100,000 100,000 Common stock, no par value, 240,000,000 shares authorized, 7,446,007 and 7,996,007 shares issued and outstanding. - - Additional paid-in capital 18,221,777 18,478,337 Accumulated deficit (5,258,711 ) (4,676,212 ) TOTAL SHAREHOLDERS’ EQUITY 13,063,066 13,902,125
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 20,770,882 $ 21,094,678
See notes to consolidated financial statements.
F-2
WESTERN CAPITAL RESOURCES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
Year ended December 31,
2010
2009
REVENUES
Payday loan fees $ 10,607,136 $ 10,700,842 Phones and accessories 4,094,049 5,289,537 Payment processing fees 1,418,377 494,074 Check cashing fees 739,733 813,174 Other income and fees 1,119,152 1,011,974 17,978,447 18,309,601
STORE EXPENSES
Salaries and benefits 4,573,346 5,584,568 Provisions for loan losses 1,279,547 1,552,031 Phone and accessories cost of sales 1,706,160 2,159,661 Occupancy 1,852,279 1,675,951 Advertising 363,171 451,838 Depreciation 280,250 270,338 Amortization of intangible assets 517,656 687,780 Other 2,327,611 2,383,329 12,900,020 14,765,496
INCOME FROM STORES 5,078,427 3,544,105
GENERAL & ADMINISTRATIVE EXPENSES
Salaries and benefits 1,527,797 842,149 Depreciation 17,677 17,338 Interest expense 405,249 348,388 Other 1,026,763 1,094,548 2,977,486 2,302,423
INCOME BEFORE INCOME TAXES 2,100,941 1,241,682
INCOME TAX EXPENSE 752,000 470,000
NET INCOME 1,348,941 771,682
SERIES A CONVERTIBLE PREFERRED STOCK DIVIDENDS (assumes all paid) (2,100,000 ) (2,100,000 )
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS $ (751,059 ) $ (1,328,318 )
NET LOSS PER COMMON SHARE -
Basic and diluted $ (0.10 ) $ (0.17 )
WEIGHTED AVERAGE COMMON SHARE OUTSTANDING -
Basic and diluted 7,584,637 7,942,623
See notes to consolidated financial statements.
F-3
-------------------- WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT? Posts: 2048 | From: THE LAND OF CAPS LOCK. | Registered: Oct 2004
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O/S SHARES IN 09-7.9MIL,BUT IN 2010 IT WENT DOWN TO 7.5 SO DEF NO NEED FOR DILUTION.I THINK THEY ALSO HAD 2 MIL CASH ON HAND.
-------------------- WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT? Posts: 2048 | From: THE LAND OF CAPS LOCK. | Registered: Oct 2004
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quote:Originally posted by CAPTNEMOS: O/S SHARES IN 09-7.9MIL,BUT IN 2010 IT WENT DOWN TO 7.5 SO DEF NO NEED FOR DILUTION.I THINK THEY ALSO HAD 2 MIL CASH ON HAND.
Yeah, I did notice that too that they lowered the O/S. Company just has problems putting out PRs which is why I believe the stock is still so low.
Those numbers are just too damn hard to pass up especially with such a tiny O/S
Posts: 3026 | From: Chicago | Registered: Oct 2005
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yes they are.but with tiny float comes high volatility.means price movement can be so sudden in either direction.very smart on company behalfs cause they are legit and have no need to dilute.theres not enough on the street to move in and out real easy.thats why you have these stupid bid/ask.def not a pump and dump.stock can go up to .60c and you might not have a buyer to get out of it with.but for what you bought in for your looking set up very nicely.I also noticed they had warrants for the preferred stock to the ceo thats the way u do it baby,this guy is very wise and smart.
-------------------- WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT? Posts: 2048 | From: THE LAND OF CAPS LOCK. | Registered: Oct 2004
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When a ceo puts alot of his own money at stake with how the stock performs and does a great job at it.These are the same guys id put my money on too.!.will see if any fills for me.I got to say again.you have a good eye for this.You do this for a living if u dont mind me asking?you know i guess im wrong about the warrants i dont see any sec filings?must of been another stock i was looking at.hmmm
-------------------- WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT? Posts: 2048 | From: THE LAND OF CAPS LOCK. | Registered: Oct 2004
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quote:Originally posted by CAPTNEMOS: When a ceo puts alot of his own money at stake with how the stock performs and does a great job at it.These are the same guys id put my money on too.!.will see if any fills for me.I got to say again.you have a good eye for this.You do this for a living if u dont mind me asking?you know i guess im wrong about the warrants i dont see any sec filings?must of been another stock i was looking at.hmmm
Always good when a company doesn't dilute and you're right, with a tiny O/S, it'll move fast in both directions.
I got a full-time job, but it allows me to be on the computer all day, so I get to play these stocks usually everyday for the past 6 yrs now! After experiencing the extreme highs and the extreme lows with these pennies, I've learned what to look for in a play.
Posts: 3026 | From: Chicago | Registered: Oct 2005
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-------------------- WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT? Posts: 2048 | From: THE LAND OF CAPS LOCK. | Registered: Oct 2004
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Bought this at .04 about a week or two ago. Not much volume from day to day.
Posts: 6 | From: Destin, Florida | Registered: May 2011
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Do you really feel it will get to $.20-.25? I bought in at $.04 sorry to hear about your father homersbud. My prayers go out to you and your family.
Posts: 6 | From: Destin, Florida | Registered: May 2011
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damn,someone sold 5000 shares and the bottom falls out.why i hate low floaters.i havent seen the ask drop from .06C lately.if u got in at .04c gonna be ghard to get out unless someone else buys a block or two.
-------------------- WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT? Posts: 2048 | From: THE LAND OF CAPS LOCK. | Registered: Oct 2004
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Yeah I hear ya capt. I m willing to be patient for the right exit point but I m not sure what that would be.
Posts: 6 | From: Destin, Florida | Registered: May 2011
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Thanks Play2win...but I see no reason why this can't hit the $.20 range with the current share structure. It just needs vol.
When I get some time next week, I'll try getting a hold of the company and see if we can get any PRs out of them.
Posts: 3026 | From: Chicago | Registered: Oct 2005
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was looking for some info for you guys.there dividend there paying out is killing their books.would be very profitable if it wasnt for that.the mdivi is only on preferred stock,not the common.2.1 million dollars a year its costing them.
Year ended December 31,
2010
2009
REVENUES
Payday loan fees $ 10,607,136 $ 10,700,842 Phones and accessories 4,094,049 5,289,537 Payment processing fees 1,418,377 494,074 Check cashing fees 739,733 813,174 Other income and fees 1,119,152 1,011,974 17,978,447 18,309,601
STORE EXPENSES
Salaries and benefits 4,573,346 5,584,568 Provisions for loan losses 1,279,547 1,552,031 Phone and accessories cost of sales 1,706,160 2,159,661 Occupancy 1,852,279 1,675,951 Advertising 363,171 451,838 Depreciation 280,250 270,338 Amortization of intangible assets 517,656 687,780 Other 2,327,611 2,383,329 12,900,020 14,765,496
INCOME FROM STORES 5,078,427 3,544,105
GENERAL & ADMINISTRATIVE EXPENSES
Salaries and benefits 1,527,797 842,149 Depreciation 17,677 17,338 Interest expense 405,249 348,388 Other 1,026,763 1,094,548 2,977,486 2,302,423
INCOME BEFORE INCOME TAXES 2,100,941 1,241,682
INCOME TAX EXPENSE 752,000 470,000
NET INCOME 1,348,941 771,682
SERIES A CONVERTIBLE PREFERRED STOCK DIVIDENDS (assumes all paid) (2,100,000 ) (2,100,000 )
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS $ (751,059 ) $ (1,328,318 )
NET LOSS PER COMMON SHARE -
Basic and diluted $ (0.10 ) $ (0.17 )
WEIGHTED AVERAGE COMMON SHARE OUTSTANDING -
Basic and diluted 7,584,637 7,942,623
-------------------- WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT? Posts: 2048 | From: THE LAND OF CAPS LOCK. | Registered: Oct 2004
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Because we became public by means of a reverse merger, we may not be able to attract the attention of major brokerage firms.
Additional risks to our investors may exist since we became public through a “reverse merger.” Security analysts of major brokerage firms may not provide coverage of the Company since, because we became public through a reverse merger, there is no incentive to brokerage firms to recommend the purchase of our common stock. In addition, because of past abuses and fraud concerns stemming primarily from a lack of public information about newly public businesses, there are many people in the securities industry and business in general who view reverse merger/public shell transactions with suspicion. Without brokerage firm and analyst coverage, there may be fewer people aware of us and our business, resulting in fewer potential buyers of our securities, less liquidity, and depressed stock prices for our investors.
Our common stock trades only in an illiquid trading market.
Trading of our common stock is conducted on the OTC Markets (OTCQB: WCRS). This has an adverse effect on the liquidity of our common stock, not only in terms of the number of shares that can be bought and sold at a given price, but also through delays in the timing of transactions and reduction in security analysts’ and the media’s coverage of us and our common stock. This may result in lower prices for our common stock than might otherwise be obtained and could also result in a larger spread between the bid and asked prices for our common stock.
In addition, there has typically been very little trading activity in our common stock. During 2010, the average daily trading volume (as reported by Yahoo Finance) was approximately 12,000 shares with the 52-week trading prices ranging from $0.02 to $0.30 per share. The trade volume was as low as 3,000 shares for the entire month of September 2010. The small trading volume will likely make it difficult for our shareholders to sell their shares as and when they choose. Furthermore, small trading volumes generally depress market prices. As a result, you may not always be able to resell shares of our common stock publicly at the time and prices that you feel are fair or appropriate.
There is not now and there may not ever be an active market for shares of our common stock.
In general, there has been minimal trading volume in our common stock. The small trading volume will likely make it difficult for our shareholders to sell their shares as and when they choose. Furthermore, small trading volumes are generally understood to depress market prices. As a result, you may not always be able to resell shares of our common stock publicly at the time and prices that you feel are fair or appropriate.
We do not intend to pay dividends on our common stock for the foreseeable future. We will, however, pay dividends on our convertible preferred stock.
We pay dividends to the holders of our Series A Convertible Preferred Stock, each share of which carries a $2.10 stated value. There are 10 million shares of Series A Convertible Preferred Stock outstanding. Our Series A Convertible Preferred Stock entitles its holders to (i) a cumulative 10% dividend, compounded and payable on a quarterly basis; (ii) in the event of a liquidation or dissolution of the Company, a preference in the amount of all accrued but unpaid dividends plus the stated value of such shares, before any payment shall be made or any assets distributed to the holders of any junior securities; (iii) convert their preferred shares into our common stock on a share-for-share basis, subject to adjustment; and (iv) vote their preferred shares on an as-if-converted basis.
We have the right to redeem some or all such preferred shares, at any time upon 60 days’ advance notice, at a per-share price of $3.50 plus accrued but unpaid dividends. Holders of Series A Convertible Preferred Stock have no preemptive or cumulative-voting rights.
We do not anticipate that we will pay any dividends for the foreseeable future on our common stock. Accordingly, any return on an investment in us will be realized only when you sell shares of our common stock. When legally permitted, we expect to pay dividends to our preferred stockholders.
20
-------------------- WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT? Posts: 2048 | From: THE LAND OF CAPS LOCK. | Registered: Oct 2004
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-------------------- WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT? Posts: 2048 | From: THE LAND OF CAPS LOCK. | Registered: Oct 2004
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-------------------- WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT? Posts: 2048 | From: THE LAND OF CAPS LOCK. | Registered: Oct 2004
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gotta suck to be in this stock.i warned ya.The bid has been at .033 so as i said it can go to what it wants too but you cant get out of it.need buying.ask of .05-.06 and bid of .033.stay away from low floaters.
-------------------- WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT? Posts: 2048 | From: THE LAND OF CAPS LOCK. | Registered: Oct 2004
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quote:Originally posted by CAPTNEMOS: gotta suck to be in this stock.i warned ya.The bid has been at .033 so as i said it can go to what it wants too but you cant get out of it.need buying.ask of .05-.06 and bid of .033.stay away from low floaters.
Why does it suck? I'm up over 100% already...I took some profits and riding freebies.
Low floaters are the stocks that run up 1000-10000% in a single day....don't stay away from them, just don't go all in. Buy/Hold and sell when it runs. While it does sh!t, trade other stocks until it moves...
Posts: 3026 | From: Chicago | Registered: Oct 2005
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btw sorry about your dad.yep u got in early.looks like you did great.Ask is up.nice job.
-------------------- WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT? Posts: 2048 | From: THE LAND OF CAPS LOCK. | Registered: Oct 2004
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I hope the company puts out some news could really give the stock a lift based on filings this looks WAY undervalued to me.
Posts: 28 | Registered: Jun 2009
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Damn company needs to do something. I don't understand how you can run a public company and don't put out any PRs? Why the fawk even be public then?
Posts: 3026 | From: Chicago | Registered: Oct 2005
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