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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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58-2342021
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(State or other jurisdiction of incorporation or organization)
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(IRS Employer Identification No.)
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420 Lexington Avenue, Suite 1718, New York, New York | 10170 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer
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o
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Accelerated filer
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o
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Non-accelerated filer
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o
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Smaller reporting company
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þ
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( Do not check if smaller reporting company) |
Title Of Each Class
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Number of Shares Outstanding
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Common Stock, $0.01 par value
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166,432,351
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Part 1 Financial Information. | 3 | ||||
Item 1. |
Financial Statements.
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3 | |||
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
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16 | |||
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk.
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25 | |||
Item 4. |
Controls and Procedures.
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25 | |||
Part II Other Information. | 26 | ||||
Item 1. |
Legal Proceedings.
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26 | |||
Item 1A. |
Risk Factors.
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26 | |||
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds.
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34 | |||
Item 3. |
Defaults Upon Senior Securities.
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34 | |||
Item 4. |
Mine Safety Disclosures.
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34 | |||
Item 5. |
Other Information.
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34 | |||
Item 6. |
Exhibits.
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35 | |||
Signatures. | 36 | ||||
Index to Exhibits. | 37 |
ITEM 1.
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FINANCIAL STATEMENTS.
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Three Months Ended June 30,
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Six Months Ended June 30,
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|||||||||||||||
2012
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2011
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2012
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2011
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|||||||||||||
Revenues
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$ | 10,219,436 | $ | 10,643,036 | $ | 21,754,140 | $ | 20,847,316 | ||||||||
Cost of revenues, exclusive of depreciation and amortization,
shown separately below
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8,963,789 | 9,655,765 | 19,008,549 | 18,801,395 | ||||||||||||
Gross profit
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1,255,647 | 987,271 | 2,745,591 | 2,045,921 | ||||||||||||
Depreciation and amortization
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93,954 | 148,530 | 192,177 | 317,068 | ||||||||||||
Selling general and administrative expenses (including
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||||||||||||||||
$54,486 and $9,705 of stock-based compensation for
the three months ended June 30, 2012 and 2011, respectively
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||||||||||||||||
and $61,482 and $33,387 of stock-based compensation for
the six months ended June 30, 2012 and 2011, respectively
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2,256,676 | 2,005,991 | 4,301,493 | 4,166,744 | ||||||||||||
Advertising and marketing
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1,709 | 819 | 8,033 | 5,382 | ||||||||||||
Total operating expenses
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2,352,339 | 2,155,340 | 4,501,703 | 4,489,194 | ||||||||||||
Operating loss
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(1,096,692 | ) | (1,168,069 | ) | (1,756,112 | ) | (2,443,273 | ) | ||||||||
Other (expenses) income:
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||||||||||||||||
Interest expense, net of interest income
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(46,534 | ) | (55,725 | ) | (103,616 | ) | (104,012 | ) | ||||||||
Other
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(91,394 | ) | 21,134 | (160,843 | ) | 109,829 | ||||||||||
Total other (expenses) income
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(137,928 | ) | (34,591 | ) | (264,459 | ) | 5,817 | |||||||||
Loss from continuing operations
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(1,234,620 | ) | (1,202,660 | ) | (2,020,571 | ) | (2,437,456 | ) | ||||||||
Discontinued operations:
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||||||||||||||||
Income from discontinued operations
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- | 152 | - | 8,364 | ||||||||||||
Net loss
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$ | (1,234,620 | ) | $ | (1,202,508 | ) | $ | (2,020,571 | ) | $ | (2,429,092 | ) | ||||
Loss applicable to common stockholders:
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||||||||||||||||
Loss from continuing operations
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$ | (1,234,620 | ) | $ | (1,202,660 | ) | $ | (2,020,571 | ) | $ | (2,437,456 | ) | ||||
Preferred stock dividends in arrears
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(100,349 | ) | (122,816 | ) | (200,698 | ) | (266,717 | ) | ||||||||
Net loss from continuing operations applicable
to common stockholders:
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(1,334,969 | ) | (1,325,476 | ) | (2,221,269 | ) | (2,704,173 | ) | ||||||||
Income from discontinued operations
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- | 152 | - | 8,364 | ||||||||||||
Net loss applicable to common stockholders:
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$ | (1,334,969 | ) | $ | (1,325,324 | ) | $ | (2,221,269 | ) | $ | (2,695,809 | ) | ||||
Basic and diluted loss per common share:
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||||||||||||||||
Loss from continuing operations
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$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | ||||
Loss from discontinued operations
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- | 0.00 | - | 0.00 | ||||||||||||
Loss per common share
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$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | ||||
Weighted average common shares outstanding:
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||||||||||||||||
Basic and diluted
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165,875,657 | 139,666,939 | 162,932,029 | 136,151,459 |
Six Months Ended June 30,
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||||||||
2012
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2011
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|||||||
Cash flows from operating activities:
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||||||||
Net loss
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$ | (2,020,571 | ) | $ | (2,429,092 | ) | ||
Income from discontinued operations
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- | (8,364 | ) | |||||
Adjustments to reconcile net loss to net cash used in operating activities:
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||||||||
Depreciation and amortization
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192,177 | 317,068 | ||||||
Loss on sale of accounts receivable
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168,814 | - | ||||||
Bad debt expense
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63,273 | 95,783 | ||||||
Stock-based compensation
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61,482 | 33,387 | ||||||
Settlement of vendor liabilities
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- | (75,000 | ) | |||||
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
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||||||||
Accounts receivable
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528,647 | (147,983 | ) | |||||
Prepaid expenses and other current assets
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(1,247 | ) | (22,834 | ) | ||||
Other assets
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(1,408 | ) | 2,671 | |||||
Payments of security deposits
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- | (1,250 | ) | |||||
Accounts payable and accrued expenses
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(257,245 | ) | 144,338 | |||||
Other long-term liabilities
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(52,511 | ) | (8,746 | ) | ||||
Net cash used in operating activities
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(1,318,589 | ) | (2,100,022 | ) | ||||
Cash flows from investing activities:
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Purchase of property and equipment
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(77,303 | ) | (35,746 | ) | ||||
Increase in restricted cash
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(3,145 | ) | - | |||||
Net cash used in investing activities
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(80,448 | ) | (35,746 | ) | ||||
Cash flows from financing activities:
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||||||||
Proceeds from the sale of common stock and warrants, net
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1,142,720 | 484,080 | ||||||
Proceeds from notes payable - related parties
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161,000 | 1,975,740 | ||||||
Proceeds from notes payable - non-related parties
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300,000 | - | ||||||
Payments on capital lease/equipment financing obligations
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- | (2,587 | ) | |||||
Proceeds from the sale of equity securities not yet issued
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775,000 | - | ||||||
Repayments of notes payable - related parties
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(60,000 | ) | (95,000 | ) | ||||
Repayments of notes payable - non-related parties
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(123,073 | ) | (182,893 | ) | ||||
Net cash provided by financing activities
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2,195,647 | 2,179,340 | ||||||
Net increase in cash and cash equivalents from continuing operations
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796,610 | 43,572 | ||||||
Cash flows from discontinued operations:
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||||||||
Net cash used in operating activities of discontinued operations
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(1,490 | ) | (38,390 | ) | ||||
Net change in cash and cash equivalents:
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795,120 | 5,182 | ||||||
Cash and cash equivalents, beginning of period
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3,047 | 20,370 | ||||||
Cash and cash equivalents, end of period
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$ | 798,167 | $ | 25,552 | ||||
Supplemental disclosure of cash flow information:
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||||||||
Cash paid for interest
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$ | 17,011 | $ | 19,421 | ||||
Supplemental schedule of non-cash financing activities:
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Conversion of notes payable - related parties to common stock
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$ | 125,000 | $ | 195,000 | ||||
Conversion of accounts payable - related parties to common stock
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$ | 35,000 | $ | - | ||||
Conversion of notes and interest payable - nonrelated parties to common stock
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$ | - | $ | 253,311 | ||||
Preferred stock converted into common stock
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$ | - | $ | 2,500,000 |
2012
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2011
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Warrants
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51,372,711 | 43,668,191 | ||||||
Stock options
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6,548,261 | 5,286,174 | ||||||
Convertible preferred stock
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7,206,168 | 6,834,314 | ||||||
65,127,140 | 55,788,679 |
Activity
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(unaudited)
Number of Options
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Weighted Average Exercise
Price
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||||||
Outstanding at December 31, 2011
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6,634,261 | $ | 0.75 | |||||
Granted
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49,500 | $ | 0.10 | |||||
Cancelled or expired
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(135,500 | ) | $ | 0.16 | ||||
Outstanding at June 30, 2012
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6,548,261 | $ | 0.75 | |||||
Exercisable at June 30, 2012
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4,533,430 | $ | 1.04 |
(unaudited)
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||||||||
Six Months Ended June 30,
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2012
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2011
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|||||||
Dividend yield
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0.00 | % | 0.00 | % | ||||
Stock volatility
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111.2-148.7 | % | 138.1-179.7 | % | ||||
Average Risk-free interest rate
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0.28 | % | 1.93-2.46 | % | ||||
Average option term (years)
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4 | 4 |
June 30, 2012
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December 31, 2011
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|||||||
(unaudited)
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||||||||
Prepaid insurance
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$ | 80,031 | $ | 47,562 | ||||
Due from purchaser of accounts receivable
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401,817 | 261,437 | ||||||
Other prepaid expenses
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48,122 | 79,344 | ||||||
Total
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$ | 529,970 | $ | 388,343 |
June 30, 2012 (unaudited)
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December 31, 2011
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|||||||||||||||||||||||
Gross Carrying
Amount
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Accumulated Amortization
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Total
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Gross Carrying
Amount
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Accumulated Amortization
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Total
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|||||||||||||||||||
Trademarks
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$ | 315,745 | $ | (263,812 | ) | $ | 51,933 | $ | 315,745 | $ | (211,879 | ) | $ | 103,866 | ||||||||||
Intellectual Property
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86,397 | (30,856 | ) | $ | 55,541 | 86,397 | (24,685 | ) | $ | 61,712 | ||||||||||||||
Total
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$ | 402,142 | $ | (294,668 | ) | $ | 107,474 | $ | 402,142 | $ | (236,564 | ) | $ | 165,578 |
June 30,
2012
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December 31,
2011
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|||||||
(unaudited)
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Trade accounts payable
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$ | 7,536,975 | $ | 8,061,024 | ||||
Accrued expenses
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471,899 | 468,214 | ||||||
Accrued payroll and vacation
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95,425 | 110,829 | ||||||
Cost accrual
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203,039 | 2,815 | ||||||
Interest payable
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463,842 | 376,506 | ||||||
Deferred revenue
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19,357 | 10,044 | ||||||
Other
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373,494 | 419,549 | ||||||
$ | 9,164,031 | $ | 9,448,981 |
June 30,
2012
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December 31,
2011
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|||||||
(unaudited)
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||||||||
Promissory notes payable - related parties
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$ | 4,898,364 | $ | 4,922,364 | ||||
Promissory notes payable - non-related parties
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468,966 | 292,039 | ||||||
Total promissory notes payable
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5,367,330 | 5,214,403 | ||||||
Less:
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||||||||
Current portion of notes payable - related parties
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(4,898,364 | ) | (4,922,364 | ) | ||||
Current portion of notes payable - non-related parties
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(468,966 | ) | (292,039 | ) | ||||
Non-current portion of promissory notes payable
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$ | - | $ | - |
Carrier
Services
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Corporate Services
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Corporate and Unallocated
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Consolidated
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|||||||||||||
Revenues
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$ | 9,621,378 | $ | 598,058 | $ | - | $ | 10,219,436 | ||||||||
Cost of revenues (exclusive of
depreciation and amortization)
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8,576,046 | 387,743 | - | 8,963,789 | ||||||||||||
Gross profit
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1,045,332 | 210,315 | - | 1,255,647 | ||||||||||||
Depreciation and amortization
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82,275 | 11,679 | - | 93,954 | ||||||||||||
Selling, general and administrative expenses
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1,278,767 | 977,909 | - | 2,256,676 | ||||||||||||
Advertising and marketing
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543 | 1,166 | - | 1,709 | ||||||||||||
Other expenses
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116,928 | 21,000 | - | 137,928 | ||||||||||||
Loss from continuing operations
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$ | (433,181 | ) | $ | (801,439 | ) | $ | - | $ | (1,234,620 | ) | |||||
Total assets
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$ | 1,868,527 | $ | 1,381,748 | $ | 1,239,299 | $ | 4,489,574 |
Carrier
Services
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Corporate Services
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Corporate and Unallocated
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Consolidated
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|||||||||||||
Revenues
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$ | 10,076,009 | $ | 567,027 | $ | - | $ | 10,643,036 | ||||||||
Cost of revenues (exclusive of
depreciation and amortization)
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9,286,892 | 368,873 | - | 9,655,765 | ||||||||||||
Gross profit
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789,117 | 198,154 | - | 987,271 | ||||||||||||
Depreciation and amortization
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145,296 | 3,234 | - | 148,530 | ||||||||||||
Selling, general and administrative expenses
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1,100,303 | 905,688 | - | 2,005,991 | ||||||||||||
Advertising and marketing
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- | 819 | - | 819 | ||||||||||||
Other expenses
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20,088 | 14,503 | - | 34,591 | ||||||||||||
Loss from continuing operations
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$ | (476,570 | ) | $ | (726,090 | ) | $ | - | $ | (1,202,660 | ) | |||||
Total assets
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$ | 3,001,350 | $ | 1,772,399 | $ | 34,448 | $ | 4,808,197 |
Carrier
Services
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Corporate Services
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Corporate and Unallocated
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Consolidated
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|||||||||||||
Revenues
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$ | 20,581,093 | $ | 1,173,047 | $ | - | $ | 21,754,140 | ||||||||
Cost of revenues (exclusive of
depreciation and amortization)
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18,262,516 | 746,033 | - | 19,008,549 | ||||||||||||
Gross profit
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2,318,577 | 427,014 | - | 2,745,591 | ||||||||||||
Depreciation and amortization
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170,059 | 22,118 | - | 192,177 | ||||||||||||
Selling, general and administrative expenses
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2,481,036 | 1,820,457 | - | 4,301,493 | ||||||||||||
Advertising and marketing
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543 | 7,490 | - | 8,033 | ||||||||||||
Other expenses
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220,521 | 43,938 | - | 264,459 | ||||||||||||
Loss from continuing operations
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$ | (553,582 | ) | $ | (1,466,989 | ) | $ | - | $ | (2,020,571 | ) | |||||
Capital expenditures
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$ | 70,958 | $ | 4,272 | $ | 2,073 | $ | 77,303 |
Carrier Services
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Corporate Services
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Corporate and Unallocated
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Consolidated
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|||||||||||||
Revenues
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$ | 19,760,202 | $ | 1,087,114 | $ | - | $ | 20,847,316 | ||||||||
Cost of revenues (exclusive of
depreciation and amortization)
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18,104,966 | 696,429 | - | 18,801,395 | ||||||||||||
Gross profit
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1,655,236 | 390,685 | - | 2,045,921 | ||||||||||||
Depreciation and amortization
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313,820 | 3,248 | - | 317,068 | ||||||||||||
Selling, general and administrative expenses
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2,295,909 | 1,870,835 | - | 4,166,744 | ||||||||||||
Advertising and marketing
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58 | 5,324 | - | 5,382 | ||||||||||||
Other expenses (income)
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6,209 | (12,026 | ) | - | (5,817 | ) | ||||||||||
Loss from continuing operations
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$ | (960,760 | ) | $ | (1,476,696 | ) | $ | - | $ | (2,437,456 | ) | |||||
Capital expenditures
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$ | 27,604 | $ | 826 | $ | 7,316 | $ | 35,746 |
Three months ended June 30,
|
Six months ended June 30,
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|||||||||||||||
2012
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2011
|
2012
|
2011
|
|||||||||||||
Extinguishment of vendor liabilities
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$ | - | $ | - | $ | - | $ | (75,000 | ) | |||||||
Loss on sale of accounts receivable
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93,661 | - | 168,814 | - | ||||||||||||
Other
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(2,267 | ) | (21,134 | ) | (7,971 | ) | (34,829 | ) | ||||||||
Total operating expenses
|
91,394 | (21,134 | ) | 160,843 | (109,829 | ) |
ITEM 2.
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MANAGEMENT
’
S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||||||||||
2012
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2011
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2012
|
2011
|
|||||||||||||||||||||||||||||
Revenues
|
$ | 10,219,436 | 100.0 | % | $ | 10,643,036 | 100.0 | % | $ | 21,754,140 | 100.0 | % | $ | 20,847,316 | 100.0 | % | ||||||||||||||||
Cost of revenues, exclusive of
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||||||||||||||||||||||||||||||||
deprecation and amortization
|
8,963,789 | 87.7 | % | 9,655,765 | 90.7 | % | 19,008,549 | 87.4 | % | 18,801,395 | 90.2 | % | ||||||||||||||||||||
Gross profit
|
1,255,647 | 987,271 | 2,745,591 | 2,045,921 | ||||||||||||||||||||||||||||
Operating expenses:
|
||||||||||||||||||||||||||||||||
Depreciation and amortization
|
93,954 | 0.9 | % | 148,530 | 1.4 | % | 192,177 | 0.9 | % | 317,068 | 1.5 | % | ||||||||||||||||||||
Selling general and administrative
|
2,256,676 | 22.1 | % | 2,005,991 | 18.8 | % | 4,301,493 | 19.8 | % | 4,166,744 | 20.0 | % | ||||||||||||||||||||
Advertising and marketing
|
1,709 | 0.0 | % | 819 | 0.0 | % | 8,033 | 0.0 | % | 5,382 | 0.0 | % | ||||||||||||||||||||
Total operating expenses
|
2,352,339 | 23.0 | % | 2,155,340 | 20.3 | % | 4,501,703 | 20.7 | % | 4,489,194 | 21.5 | % | ||||||||||||||||||||
Operating loss
|
(1,096,692 | ) | -10.7 | % | (1,168,069 | ) | -11.0 | % | (1,756,112 | ) | -8.1 | % | (2,443,273 | ) | -11.7 | % | ||||||||||||||||
Interest expense, net
|
(46,534 | ) | -0.5 | % | (55,725 | ) | -0.5 | % | (103,616 | ) | -0.5 | % | (104,012 | ) | -0.5 | % | ||||||||||||||||
Other (expenses) income
|
(91,394 | ) | -0.9 | % | 21,134 | 0.2 | % | (160,843 | ) | -0.7 | % | 109,829 | 0.5 | % | ||||||||||||||||||
Total other (expenses) income
|
(137,928 | ) | -1.3 | % | (34,591 | ) | -0.3 | % | (264,459 | ) | -1.2 | % | 5,817 | 0.0 | % | |||||||||||||||||
Loss from continuing operations
|
$ | (1,234,620 | ) | -12.1 | % | $ | (1,202,660 | ) | -11.3 | % | $ | (2,020,571 | ) | -9.3 | % | $ | (2,437,456 | ) | -11.7 | % |
Six Months Ended June 30,
|
||||||||
2012
|
2011
|
|||||||
Cash from continuing operations:
|
||||||||
Cash used in operating activities
|
$ | (1,318,589 | ) | $ | (2,100,022 | ) | ||
Cash used in investing activities
|
(80,448 | ) | (35,746 | ) | ||||
Cash provided by financing activities
|
2,195,647 | 2,179,340 | ||||||
Increase (decrease) in cash and cash equivalents from continuing operations
|
796,610 | 43,572 | ||||||
Cash from discontinued operations
|
(1,490 | ) | (38,390 | ) | ||||
Net increase (decrease) in cash and cash equivalents
|
795,120 | 5,182 | ||||||
Cash and cash equivalents, beginning of period
|
3,047 | 20,370 | ||||||
Cash and cash equivalents, end of period
|
$ | 798,167 | $ | 25,552 |
|
●
|
Any obligation under certain guarantee contracts
|
|
●
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Any retained or contingent interest in assets transferred to an unconsolidated entity or similar arrangement that serves as credit, liquidity or market risk support to that entity for such assets
|
|
●
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Any obligation under a contract that would be accounted for as a derivative instrument, except that it is both indexed to the Company’s stock and classified in stockholder’s equity in the Company’s statement of financial position
|
|
●
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Any obligation arising out of a material variable interest held by us in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to us, or engages in leasing, hedging or research and development services with us
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
|
ITEM 4.
|
CONTROLS AND PROCEDURES.
|
ITEM 1.
|
LEGAL PROCEEDINGS.
|
ITEM 1A.
|
RISK FACTORS.
|
|
●
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Ability to obtain securities analyst coverage
|
|
●
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Changes in securities analysts’ recommendations or estimates of our financial performance
|
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●
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Changes in the market valuations of companies similar to us
|
|
●
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Announcements by us or our competitors of significant contracts, new offerings, acquisitions, commercial relationships, joint ventures, or capital commitments
|
|
●
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Failure to meet analysts’ expectations regarding financial performance
|
|
●
|
Dividend and liquidation preferences
|
|
●
|
Voting rights
|
|
●
|
Conversion privileges
|
|
●
|
Redemption terms
|
|
●
|
Other privileges and rights of the shares of each authorized series
|
●
|
Diversion of management time and attention from daily operations;
|
●
|
Difficulties integrating the acquired business, technologies and personnel into our business;
|
●
|
Potential loss of key employees, key contractual relationships or key customers of the acquired business; and
|
●
|
Assumption of the liabilities and exposure to unforeseen liabilities of the acquired business
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES.
|
ITEM 4.
|
MINE SAFETY DISCLOSURES.
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ITEM 5.
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OTHER INFORMATION.
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FUSION TELECOMMUNICATIONS INTERNATIONAL, INC . | |||
By: |
/s/
MATTHEW D. ROSEN
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Matthew D. Rosen
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August 14, 2012
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Chief Executive Officer
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By: |
/s/ GORDON HUTCHINS, JR.
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Gordon Hutchins, Jr.
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August 14, 2012
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President, Chief Operating Officer and Acting Chief Financial Officer
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INTERCONNECT SERVICES GROUP II, LLC (“ISG”)
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JONATHAN KAUFMAN
(“KAUFMAN”)
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By: __________________________
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By: __________________________
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Title: _________________________
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Title: _________________________
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THE LKII TRUST
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THE JK TRUST
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By: __________________________
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By: __________________________
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Title: _________________________
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Title: _________________________
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NETWORK BILLING SYSTEMS, LLC (“NBS”)
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JONATHAN KAUFMAN
(“KAUFMAN”)
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By: __________________________
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By: __________________________
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Title: _________________________
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Title: _________________________
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THE LK TRUST
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By: __________________________
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Title: _________________________
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FUSION TELECOMMUNICATIONS INTERNATIONAL, INC.
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||
August 14, 2012 | ||
By:
|
/s/ MATTHEW D. ROSEN | |
Matthew D. Rosen | ||
Chief Executive Officer |
FUSION TELECOMMUNICATIONS INTERNATIONAL, INC.
|
||
August 14, 2012 | ||
By:
|
/s/ GORDON HUTCHINS, JR. | |
Gordon Hutchins, Jr. | ||
President, Chief Operating Officer and Acting Chief Financial Officer |
FUSION TELECOMMUNICATIONS INTERNATIONAL, INC.
|
|||
August 14, 2012 |
By:
|
/s/ MATTHEW D. ROSEN | |
Matthew D. Rosen | |||
Chief Executive Officer |
FUSION TELECOMMUNICATIONS INTERNATIONAL, INC.
|
|||
August 14, 2012 |
By:
|
/s/ GORDON HUTCHINS, JR. | |
Gordon Hutchins, Jr. | |||
President, Chief Operating Officer and Acting Chief Financial Officer |