Tuxis Corporation Announces 2009 Financial Results
May 19, 2010 – Tuxis Corporation (Ticker Symbol: TUXS) today reported its financial results for the year ended December 31, 2009.
Tuxis recorded a net loss of $358,291 or $0.36 per share for the year ended December 31, 2009 compared to a net loss of $434,373 or $0.44 per share for the year ended December 31, 2008.
The Company’s unaudited consolidated balance sheets, statements of income, and statements of cash flows as of and for the years ended December 31, 2009 and 2008 are appended to the copy of this press release on www.tuxis.com.
Tuxis Corporation is engaged through subsidiaries in real estate development and self storage. Tuxis Self Storage at Heritage Park, Clinton, Connecticut, is a 185 unit self storage facility which offers a mix of standard and climate control units. Tuxis Self Storage at Millbrook Commons, Millbrook, New York, is a mixed use facility consisting of 118 climate control self storage units complemented by office/retail space. To learn more about our self storage facilities please visit www.tuxisselfstorage.com. To learn more about Tuxis Corporation, including Rule 15c2-11 information, please visit www.tuxis.com.
This release contains certain “forward looking statements” made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Tuxis Corporation, which may cause the Company’s actual results to be materially different from those expressed or implied by such statements. The forward looking statements made herein are only made as of the date of this release, and the Company undertakes no obligation to publicly update such forward looking statements to reflect subsequent events or circumstances.
TUXIS CORPORATION
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2009 AND 2008
(Unaudited)
| ASSETS |
|
2009 |
|
2008 |
| Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ 314,061 |
|
$ 849,771 |
|
Accounts receivable |
|
29,335 |
|
13,529 |
|
Refundable income taxes |
|
12,201 |
|
39,714 |
|
Prepaid expenses |
|
19,539 |
|
27,578 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
375,136 |
|
930,592 |
|
|
|
|
|
|
|
|
| Properties and equipment, net |
6,906,841 |
|
6,408,656 |
| Other assets |
|
4,291 |
|
4,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
6,911,132 |
|
6,412,980 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ 7,286,268 |
|
$ 7,343,572 |
|
|
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
| Current liabilities: |
|
|
|
|
|
Accounts payable and accrued expenses |
$ 448,626 |
|
$ 156,659 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
448,626 |
|
156,659 |
|
|
|
|
|
|
|
|
| Commitments and contingencies |
- |
|
- |
|
|
|
|
|
|
|
|
| Shareholders' equity |
|
|
|
|
|
Common stock, $0.01 par value, 999,900,000 shares authorized; |
|
|
|
|
983,776 shares issued and outstanding |
9,838 |
|
9,838 |
|
Series A participating preferred stock, $0.01 par value, 100,000 |
|
|
|
|
shares authorized, -0- shares issued and outstanding |
- |
|
- |
|
Additional paid in capital |
10,235,634 |
|
10,226,614 |
|
Accumulated deficit |
|
(3,407,830) |
|
(3,049,539) |
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
6,837,642 |
|
7,186,913 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ 7,286,268 |
|
$ 7,343,572 |
|
|
|
|
|
|
|
|
TUXIS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
YEARS ENDED DECEMBER 31, 2009 AND 2008
(Unaudited)
|
|
|
|
|
2009 |
|
2008 |
| Revenue |
|
|
|
|
|
Rental income |
|
$ 236,019 |
|
$ 219,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
236,019 |
|
219,846 |
|
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
Employee compensation and benefits |
|
214,335 |
|
438,609 |
|
General and administrative |
|
351,205 |
|
250,717 |
|
Professional |
|
29,026 |
|
60,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
594,566 |
|
749,954 |
|
|
|
|
|
|
|
|
| Operating loss |
|
(358,547) |
|
(530,108) |
|
|
|
|
|
|
|
|
| Non-operating revenue |
|
|
|
|
|
Dividends, interest, and other |
|
17,260 |
|
106,442 |
|
|
|
|
|
|
|
|
| Loss before income taxes |
|
(341,287) |
|
(423,666) |
| Income taxes |
|
17,004 |
|
10,707 |
|
|
|
|
|
|
|
|
| Net loss |
|
$ (358,291) |
|
$ (434,373) |
|
|
|
|
|
|
|
|
| Basic and diluted per share net loss |
|
$ (0.36) |
|
$ (0.44) |
|
|
|
|
|
|
|
|
| Basic and diluted weighted average common shares outstanding |
983,776 |
|
983,776 |
TUXIS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2009 AND 2008
(Unaudited)
|
|
|
|
|
2009 |
|
2008 |
| Cash flows from operating activities |
|
|
|
|
|
Net loss |
|
$ (358,291) |
|
$ (434,372) |
|
Adjustments to reconcile net loss to net cash provided by |
|
|
|
|
|
|
(used in) operating activities |
|
|
|
|
|
|
Share-based compensation expense |
|
9,019 |
|
99,625 |
|
|
Depreciation |
|
123,590 |
|
72,641 |
|
Increase in accounts receivable |
|
(15,806) |
|
(13,164) |
|
Decrease (increase) in refundable income taxes |
|
27,513 |
|
(13,543) |
|
Decrease (increase) in prepaid expenses |
|
8,040 |
|
(5,466) |
|
Increase in accounts payable and accrued expenses |
|
291,968 |
|
67,530 |
|
Decrease in other assets |
|
33 |
|
2,743 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
86,066 |
|
(224,006) |
|
|
|
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
| Real estate development |
|
(596,990) |
|
(978,244) |
| Fixed asset acquisitions |
|
(24,786) |
|
(38,491) |
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
(621,776) |
|
(1,016,735) |
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents |
|
(535,710) |
|
(1,240,741) |
| Cash and cash equivalents |
|
|
|
|
|
Beginning of year |
|
849,771 |
|
2,090,512 |
|
|
|
|
|
|
|
|
|
End of year |
|
$ 314,061 |
|
$ 849,771 |
|
|
|
|
|
|
|
|
| Supplemental disclosure: |
|
|
|
|
|
Income taxes paid |
|
$ 20,000 |
|
$ 24,250 |
|
