Forward-Looking Statements
This release contains certain forward-looking statements of expected future developments, as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect management's expectations regarding continued operating improvement and other matters and are based on currently available data; however, actual results are subject to future risks and uncertainties, which could materially affect actual performance. Risks and uncertainties that could affect such performance include, but are not limited to, the following: the adequacy of funds for future operations; estimates of future expenses, revenue and profitability; the pace at which the company completes installations and recognizes revenue; trends affecting financial condition and results of operations; ability to convert proposals into customer orders; the ability of customers to pay for products and services; the revenue recognition impact of changing customer requirements; customer cancellations; the availability and terms of additional capital; ability to develop new products; dependence on key suppliers, manufacturers and strategic partners; industry trends and the competitive environment; and the impact of losing one or more senior executives or failing to attract additional key personnel. These and other risk factors are discussed in detail in the cautionary statement set forth in the company's current report on Form 8-K filed with the Securities and Exchange Commission on January 4, 2013.
WIRELESS RONIN TECHNOLOGIES, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share information) December 31, December 31, 2012 2011 ------------- ------------- ASSETSCURRENT ASSETS Cash and cash equivalents $ 2,252 $ 5,478 Accounts receivable, net of allowance of $49 and $50 1,358 1,347 Inventories 158 170 Prepaid expenses and other current assets 111 193 ------------- ------------- Total current assets 3,879 7,188Property and equipment, net 415 651Restricted cash 50 50Other assets 20 40 ------------- ------------- TOTAL ASSETS $ 4,364 $ 7,929 ============= ============= LIABILITIES AND SHAREHOLDERS' EQUITYCURRENT LIABILITIES Current maturities of capital lease obligations $ - $ 41 Line of credit - bank 400 - Accounts payable 584 870 Deferred revenue 596 687 Accrued liabilities 527 569 ------------- ------------- Total current liabilities 2,107 2,167 ------------- -------------COMMITMENTS AND CONTINGENCIESSHAREHOLDERS' EQUITY Capital stock, $0.01 par value, 26,667 shares authorized Preferred stock, 16,667 shares authorized, no shares issued and outstanding as of December 31, 2012 and December 31, 2011 - - Common stock, 10,000 shares authorized; 5,004 and 4,594 shares issued and outstanding at December 31, 2012 and December 31, 2011, respectively 50 46 Additional paid-in capital 97,128 95,231 Accumulated deficit (94,422) (89,016) Accumulated other comprehensive loss (499) (499) ------------- ------------- Total shareholders' equity 2,257 5,762 ------------- ------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 4,364 $ 7,929 ============= =============
