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ELECTRONIC CONTROL SECURITY INC

SEC Form 10-Q filed 2010-02-05 for the period ending 2009-12-31

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Selected tables from the SEC filing

Table 0

Financial table in standard format

INDEX PAGE

PART I FINANCIAL INFORMATION

Forward Looking Statements	6

Item 1 - Financial Statements*
Consolidated Balance Sheets December 31, 2009 (Unaudited) and June 30, 2009	F-2
Unaudited Consolidated Statements of Operations for thesix and three months ended December 31, 2009 and 2008	F-3
Unaudited Consolidated Statements of Cash Flows for the six months ended December 31, 2009 and 2008	F-4
Notes to Consolidated Financial Statements	4

Item 2 - Management's Discussion and Analysis ofFinancial Condition or Results of Operations	6

Item 4A(T) - Controls and Procedures	10

PART II OTHER INFORMATION

Item 3 - Defaults upon Senior Securities	10

Item 4 - Submission of Matters to a Vote of Security Holders	10

Item 6 Exhibits	11

Signatures	12

ELECTRONIC CONTROL SECURITY INC CIK:803044

Notes to Consolidated Financial Statements	4
Item 2 - Management's Discussion and Analysis ofFinancial Condition or Results of Operations	6
Item 4A(T) - Controls and Procedures	10
PART II OTHER INFORMATION
Item 3 - Defaults upon Senior Securities	10
Item 4 - Submission of Matters to a Vote of Security Holders	10
Item 6 Exhibits	11
Signatures	12

Data column 1: Unable to interpret date in column header

Table 1

Financial table in standard format

Electronic Control Security Inc.
Consolidated Balance Sheets

	December31,			June30,
	2009			2009
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	185,080		$	15,735
Accounts receivable, current portion, net of allowanceof $100,000		1,414,990			1,252,255
Inventories		2,155,817			2,145,133
Other current assets		117,719			121,579

Total current assets		3,873,606			3,534,702

Property, equipment and software development costs - net		179,312			212,115
Intangible assets- net		1,073,500			1,115,123
Goodwill		196,962			196,962
Deferred income taxes		442,450			442,450
Other assets		8,786			8,786
	$	5,774,616		$	5,510,138
LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
Accounts payable and accrued expenses	$	1,910,539		$	1,900,297
Current maturities of long-term debt		61,151			65,017
8% Convertible debentures		365,000			452,500
Customer deposits		150,000			-

Total current liabilities		2,486,690			2,417,814

Noncurrent liabilities
Due to officers and shareholders		408,115			405,760
Deferred income taxes		48,650			48,650

Total liabilities		2,943,455			2,872,224

Shareholders' equity
$2.00 liquidation preference; 5,000,000 shares authorized,300,000 and 300,000 shares issued and outstanding, respectively		3,000			3,000
Series B 10% Convertible Preferred stock, cumulative, $.001 par value; $1,723 and $1,639 per share liquidation preference; 2,000 shares authorized, 791 shares issued and outstanding, respectively		1			1
Common Stock, $.001 par value; 30,000,000 shares authorized;10,249,259 and 10,249,259 shares issued; 10,149,259 and 10,149,259 shares outstanding		10,249			10,249
Additional paid-in capital		12,999,709			12,921,154
Accumulated deficit		(10,176,588	)		(10,291,280	)
Accumulated other comprehensive income		4,790			4,790
Treasury stock, at cost, 100,000 shares		(10,000	)		(10,000	)

Total shareholders' equity		2,831,161			2,637,914

	$	5,774,616		$	5,510,138

ELECTRONIC CONTROL SECURITY INC CIK:803044

(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$185,080	$15,735
Accounts receivable, current portion, net of allowanceof $100,000	1,414,990	1,252,255
Inventories	2,155,817	2,145,133
Other current assets	117,719	121,579
Total current assets	3,873,606	3,534,702
Property, equipment and software development costs - net	179,312	212,115
Intangible assets- net	1,073,500	1,115,123
Goodwill	196,962	196,962
Deferred income taxes	442,450	442,450
Other assets	8,786	8,786
	$5,774,616	$5,510,138
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued expenses	$1,910,539	$1,900,297
Current maturities of long-term debt	61,151	65,017
8% Convertible debentures	365,000	452,500
Customer deposits	150,000
Total current liabilities	2,486,690	2,417,814
Noncurrent liabilities
Due to officers and shareholders	408,115	405,760
Deferred income taxes	48,650	48,650
Total liabilities	2,943,455	2,872,224
Shareholders' equity
$2.00 liquidation preference; 5,000,000 shares authorized,300,000 and 300,000 shares issued and outstanding, respectively	3,000	3,000
Series B 10% Convertible Preferred stock, cumulative, $.001 par value; $1,723 and $1,639 per share liquidation preference; 2,000 shares authorized, 791 shares issued and outstanding, respectively	1	1
Common Stock, $.001 par value; 30,000,000 shares authorized;10,249,259 and 10,249,259 shares issued; 10,149,259 and 10,149,259 shares outstanding	10,249	10,249
Additional paid-in capital	12,999,709	12,921,154
Accumulated deficit	(10,176,588)	(10,291,280)
Accumulated other comprehensive income	4,790	4,790
Treasury stock, at cost, 100,000 shares	(10,000)	(10,000)
Total shareholders' equity	2,831,161	2,637,914
	$5,774,616	$5,510,138

Data column 1: Unable to interpret date in column header
Data column 2: Unable to interpret date in column header

Table 2

Financial table in standard format

Electronic Control Security Inc.
Consolidated Statements of Operations

	Six Months					Three Months
	Ended					Ended
	December 31,					December 31,
	2009		2008			2009		2008
	(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)

Revenues	$	1,635,704	$	2,438,190		$	1,245,047	$	1,612,674
Cost of revenues		562,332		1,819,127			456,418		1,112,074

Gross profit		1,073,372		619,063			788,629		500,600

Research and development		80,668		80,668			40,334		40,334
Selling, generaland administrative expenses		745,753		543,355			518,437		324,745
Stock based compensation		12,374		53,798			7,721		10,504

Income (loss) from operations		234,577		(58,758	)		222,137		125,017

Other expenses
Interest expense		53,704		87,889			26,493		40,467
Legal settlement		-		55,304			-		55,304
Amortization of beneficial conversion feature on convertible debt		-		9,224			-		4,612

Total other expenses		53,704		152,417			26,493		100,383

Income (loss) before income taxes		180,873		(211,175	)		195,644		24,634

Income taxes		-		-			-		-

Income (loss) before dividends		180,873		(211,175	)		195,644		24,634

Dividends related to convertible preferred stock		66,181		59,956			33,502		30,351

Net income (loss) attributable to common shareholders	$	114,692	$	(271,131	)	$	162,142	$	(5,717	)


Net income per share:
Basic	$	0.01	$	(0.03	)	$	0.02	$	(0.00	)
Diluted	$		$	(0.03	)	$		$	(0.00	)

Weighted average number of
common shares and equivalents:
Basic		10,149,259		10,149,259			10,149,259		10,149,259
Diluted				10,149,259					10,149,259

ELECTRONIC CONTROL SECURITY INC CIK:803044
	2009-06-30 to 2009-12-31 (6-months)	2008-06-30 to 2008-12-31 (6-months)	2009-09-30 to 2009-12-31 (3-months)	2008-09-30 to 2008-12-31 (3-months)
(Unaudited)
Revenues	$1,635,704	$2,438,190	$1,245,047	$1,612,674
Cost of revenues	562,332	1,819,127	456,418	1,112,074
Gross profit	1,073,372	619,063	788,629	500,600
Research and development	80,668	80,668	40,334	40,334
Selling, generaland administrative expenses	745,753	543,355	518,437	324,745
Stock based compensation	12,374	53,798	7,721	10,504
Income (loss) from operations	234,577	(58,758)	222,137	125,017
Other expenses
Interest expense	53,704	87,889	26,493	40,467
Legal settlement		55,304		55,304
Amortization of beneficial conversion feature on convertible debt		9,224		4,612
Total other expenses	53,704	152,417	26,493	100,383
Income (loss) before income taxes	180,873	(211,175)	195,644	24,634
Income taxes
Income (loss) before dividends	180,873	(211,175)	195,644	24,634
Dividends related to convertible preferred stock	66,181	59,956	33,502	30,351
Net income (loss) attributable to common shareholders	$114,692	$(271,131)	$162,142	$(5,717)
Net income per share:
Basic	$0.01	$(0.03)	$0.02	$(0.00)
Diluted		$(0.03)		$(0.00)
Weighted average number of
common shares and equivalents:
Basic	10,149,259	10,149,259	10,149,259	10,149,259
Diluted		10,149,259		10,149,259

Original filing from SEC EDGAR system.