Delaware
|
20-8259086
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
55
Hammarlund Way
|
02842
|
Middletown,
Rhode Island
|
(Zip
Code)
|
(Address
of principal executive offices)
|
Large
accelerated filer ¨
|
Accelerated
filer ¨
|
Non-accelerated
filer ¨ (Do
not check if a smaller reporting company)
|
Smaller reporting
company x
|
Pages
|
||
Part
I
|
FINANCIAL
INFORMATION
|
|
Item
1.
|
Financial
Statements.
|
1
|
Condensed
Consolidated Balance Sheets as of June 30, 2010 (unaudited) and December
31, 2009
|
1
|
|
Condensed
Consolidated Statements of Operations for the Three and Six Months Ended
June 30, 2010 and 2009 (unaudited)
|
2
|
|
Condensed
Consolidated Statements of Cash Flows for the Six Months Ended June 30,
2010 and 2009 (unaudited)
|
3
|
|
Condensed
Consolidated Statement of Stockholders’ Equity for the Six Months Ended
June 30, 2010 (unaudited)
|
4
|
|
Notes
to Unaudited Condensed Consolidated Financial Statements
|
5-12
|
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations.
|
13-20
|
Item
3.
|
Quantitative
and Qualitative Disclosures about Market Risk.
|
20
|
Item
4.
|
Controls
and Procedures.
|
20
|
Part
II
|
OTHER
INFORMATION
|
|
Item
6.
|
Exhibits.
|
21
|
(Unaudited)
June 30, 2010
|
December 31, 2009
|
|||||||
Assets
|
||||||||
Current
Assets
|
||||||||
Cash
and cash equivalents
|
$ | 9,665,626 | $ | 14,040,839 | ||||
Accounts
receivable, net
|
492,125 | 403,073 | ||||||
Prepaid
expenses and other
|
315,978 | 258,307 | ||||||
Total
Current Assets
|
10,473,729 | 14,702,219 | ||||||
Property
and equipment, net
|
15,055,226 | 13,634,685 | ||||||
Intangible
assets, net
|
2,193,179 | 975,000 | ||||||
Other
assets
|
197,203 | 190,803 | ||||||
Total
Assets
|
$ | 27,919,337 | $ | 29,502,707 | ||||
Liabilities and Stockholders’
Equity
|
||||||||
Current
Liabilities
|
||||||||
Accounts
payable
|
$ | 871,390 | $ | 1,055,804 | ||||
Accrued
expenses
|
1,491,580 | 1,086,258 | ||||||
Deferred
revenues
|
1,212,249 | 1,028,952 | ||||||
Deferred
rent
|
84,157 | 78,889 | ||||||
Total
Current Liabilities
|
3,659,376 | 3,249,903 | ||||||
Long-Term
Liabilities
|
||||||||
Derivative
liabilities
|
- | 566,451 | ||||||
Deferred
rent
|
233,103 | 275,182 | ||||||
Total
Long-Term Liabilities
|
233,103 | 841,633 | ||||||
Total
Liabilities
|
3,892,479 | 4,091,536 | ||||||
Commitments
(Note 13)
|
||||||||
Stockholders'
Equity
|
||||||||
Preferred
stock, par value $0.001; 5,000,000 shares authorized; none
issued
|
- | - | ||||||
Common
stock, par value $0.001; 70,000,000 shares
authorized; 34,976,085 and 34,662,229 shares issued and outstanding,
respectively
|
34,976 | 34,662 | ||||||
Additional
paid-in-capital
|
56,581,388 | 55,127,710 | ||||||
Accumulated
deficit
|
(32,589,506 | ) | (29,751,201 | ) | ||||
Total
Stockholders' Equity
|
24,026,858 | 25,411,171 | ||||||
Total
Liabilities and Stockholders' Equity
|
$ | 27,919,337 | $ | 29,502,707 |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Revenues
|
$ | 4,868,539 | $ | 3,673,581 | $ | 9,112,756 | $ | 7,090,647 | ||||||||
Operating
Expenses
|
||||||||||||||||
Cost
of revenues (exclusive of depreciation)
|
1,207,100 | 914,938 | 2,281,887 | 1,740,852 | ||||||||||||
Depreciation
and amortization
|
1,454,239 | 982,323 | 2,555,410 | 1,929,944 | ||||||||||||
Customer
support services
|
672,205 | 484,189 | 1,250,461 | 1,034,013 | ||||||||||||
Sales
and marketing
|
1,313,704 | 1,385,624 | 2,546,502 | 2,961,339 | ||||||||||||
General
and administrative
|
1,906,726 | 1,795,813 | 3,715,533 | 3,518,155 | ||||||||||||
Total
Operating Expenses
|
6,553,974 | 5,562,887 | 12,349,793 | 11,184,303 | ||||||||||||
Operating
Loss
|
(1,685,435 | ) | (1,889,306 | ) | (3,237,037 | ) | (4,093,656 | ) | ||||||||
Other
Income (Expense)
|
||||||||||||||||
Interest
income
|
631 | 9,024 | 805 | 22,213 | ||||||||||||
Interest
expense
|
- | (185,570 | ) | - | (368,926 | ) | ||||||||||
Gain
on business acquisition
|
355,876 | - | 355,876 | - | ||||||||||||
Loss
on derivative financial instruments
|
- | (34,088 | ) | - | (75,237 | ) | ||||||||||
Other,
net
|
22,396 | (73 | ) | 42,051 | (73 | ) | ||||||||||
Total
Other Income (Expense)
|
378,903 | (210,707 | ) | 398,732 | (422,023 | ) | ||||||||||
Net
Loss
|
$ | (1,306,532 | ) | $ | (2,100,013 | ) | $ | (2,838,305 | ) | $ | (4,515,679 | ) | ||||
Net
loss per common share – basic and diluted
|
$ | (0.04 | ) | $ | (0.06 | ) | $ | (0.08 | ) | $ | (0.13 | ) | ||||
Weighted
average common shares outstanding – basic and diluted
|
34,914,818 | 34,594,752 | 34,792,171 | 34,591,322 |
Six Months Ended June 30,
|
||||||||
2010
|
2009
|
|||||||
Cash Flows From Operating
Activities
|
||||||||
Net
loss
|
$ | (2,838,305 | ) | $ | (4,515,679 | ) | ||
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
||||||||
Provision
for doubtful accounts
|
73,491 | 25,509 | ||||||
Depreciation
and amortization
|
2,555,410 | 1,929,944 | ||||||
Stock-based
compensation
|
457,541 | 386,322 | ||||||
Gain
on business acquisition
|
(355,876 | ) | - | |||||
Accretion
of debt discount
|
- | 227,627 | ||||||
Amortization
of financing costs
|
- | 29,125 | ||||||
Loss
on sale and disposition of property and equipment
|
35,615 | 33,806 | ||||||
Deferred
rent
|
(36,811 | ) | (26,277 | ) | ||||
Loss
on derivative financial instruments
|
- | 75,237 | ||||||
Changes
in operating assets and liabilities:
|
||||||||
Accounts
receivable
|
(77,156 | ) | (86,579 | ) | ||||
Prepaid
expenses and other current assets
|
(60,207 | ) | (14,920 | ) | ||||
Accounts
payable
|
(208,317 | ) | (512,312 | ) | ||||
Accrued
expenses
|
405,322 | (41,649 | ) | |||||
Deferred
revenues
|
(1,145 | ) | (6,097 | ) | ||||
Total
Adjustments
|
2,787,867 | 2,019,736 | ||||||
Net
Cash Used In Operating Activities
|
(50,438 | ) | (2,495,943 | ) | ||||
Cash Flows From Investing
Activities
|
||||||||
Acquisitions
of property and equipment
|
(3,151,775 | ) | (2,026,540 | ) | ||||
Acquisition
of a business
|
(1,170,000 | ) | - | |||||
Proceeds
from sale of property and equipment
|
- | 1,000 | ||||||
Change
in security deposits
|
(3,000 | ) | (4,000 | ) | ||||
Net
Cash Used In Investing Activities
|
(4,324,775 | ) | (2,029,540 | ) | ||||
Cash Flows From Financing
Activities
|
||||||||
Repayment
of capital leases
|
- | (19,324 | ) | |||||
Repayment
of short-term debt
|
- | (7,500 | ) | |||||
Net
Cash Used In Financing Activities
|
- | (26,824 | ) | |||||
Net
Decrease In Cash and Cash Equivalents
|
(4,375,213 | ) | (4,552,307 | ) | ||||
Cash
and Cash Equivalents - Beginning
|
14,040,839 | 24,740,268 | ||||||
Cash
and Cash Equivalents - Ending
|
$ | 9,665,626 | $ | 20,187,961 | ||||
Supplemental Disclosures of Cash Flow
Information
|
||||||||
Cash
paid during the periods for:
|
||||||||
Interest
|
$ | - | $ | 111,116 | ||||
Taxes
|
$ | 10,607 | $ | 9,860 | ||||
Acquisition
of FCC license through short term debt
|
$ | - | $ | 100,000 | ||||
Fair
value of common stock issued in connection with an
acquisition
|
$ | 430,000 | $ | - |
Common Stock
|
||||||||||||||||||||
Shares
|
Amount
|
Additional Paid-In-
Capital
|
Accumulated Deficit
|
Total
|
||||||||||||||||
Balance
at January 1, 2010
|
34,662,229 | $ | 34,662 | $ | 55,127,710 | $ | (29,751,201 | ) | $ | 25,411,171 | ||||||||||
Issuance
of common stock for bonuses
|
9,225 | 9 | 17,241 | 17,250 | ||||||||||||||||
Issuance
of common stock for a business acquisition
|
275,700 | 276 | 429,724 | 430,000 | ||||||||||||||||
Cashless
exercise of options
|
28,931 | 29 | (29 | ) | - | |||||||||||||||
Stock-based
compensation
|
440,291 | 440,291 | ||||||||||||||||||
Reclassification
of derivative liabilities to equity linked financial
instruments
|
566,451 | 566,451 | ||||||||||||||||||
Net
loss
|
(2,838,305 | ) | (2,838,305 | ) | ||||||||||||||||
Balance
at June 30, 2010
|
34,976,085 | $ | 34,976 | $ | 56,581,388 | $ | (32,589,506 | ) | $ | 24,026,858 |
Fair
value of consideration transferred:
|
||||
Cash
|
$ | 1,170,000 | ||
Stock
issuance
|
430,000 | |||
1,600,000 | ||||
Recognized
amounts of identifiable assets acquired and liabilities
assumed:
|
||||
Customer
contracts
|
1,483,000 | |||
Property
and equipment
|
591,590 | |||
Accounts
receivable
|
85,388 | |||
Security
deposits
|
3,400 | |||
Prepaid
expenses
|
844 | |||
Accounts
payable
|
(23,903 | ) | ||
Deferred
revenue
|
(184,442 | ) | ||
Total
identifiable net assets
|
1,955,877 | |||
Gain
on business acquisition
|
$ | 355,877 |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Revenues
|
$ | 4,938,058 | $ | 4,073,322 | $ | 9,582,016 | $ | 7,890,129 | ||||||||
Amortization
expense
|
317,786 | 317,786 | 635,571 | 635,571 | ||||||||||||
Total
operating expenses
|
6,637,301 | 6,055,612 | 12,925,845 | 12,169,753 | ||||||||||||
Net
loss
|
(1,320,340 | ) | (2,192,997 | ) | (2,945,097 | ) | (4,701,647 | ) | ||||||||
Basic
net loss per share
|
$ | (0.04 | ) | $ | (0.06 | ) | $ | (0.08 | ) | $ | (0.14 | ) |
|
June 30, 2010
|
December 31, 2009
|
||||||
Network
and base station equipment
|
$ | 14,947,822 | $ | 13,282,567 | ||||
Customer
premise equipment
|
11,215,837 | 9,324,444 | ||||||
Furniture,
fixtures and equipment
|
1,525,980 | 1,525,980 | ||||||
Computer
equipment
|
647,328 | 610,847 | ||||||
System
software
|
829,878 | 819,305 | ||||||
Leasehold
improvements
|
775,420 | 775,420 | ||||||
29,942,265 | 26,338,563 | |||||||
Less:
accumulated depreciation
|
14,887,039 | 12,703,878 | ||||||
$ | 15,055,226 | $ | 13,634,685 |
June 30, 2010
|
December 31, 2009
|
|||||||
Customer
contracts
|
$ | 1,483,000 | $ | - | ||||
FCC
licenses
|
975,000 | 975,000 | ||||||
2,458,000 | 975,000 | |||||||
Less:
accumulated amortization
|
264,821 | - | ||||||
$ | 2,193,179 | $ | 975,000 |
June 30, 2010
|
December 31, 2009
|
|||||||
Payroll
and related
|
$ | 435,172 | $ | 430,360 | ||||
Professional
services
|
369,241 | 157,151 | ||||||
Property
and equipment
|
361,383 | 140,566 | ||||||
Core
and customer network expenses
|
115,570 | 57,688 | ||||||
Marketing
|
76,163 | 79,026 | ||||||
Penalties
|
47,796 | 95,726 | ||||||
Other
|
86,255 | 125,741 | ||||||
Total
|
$ | 1,491,580 | $ | 1,086,258 |
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Risk-free
interest rate
|
1.0% -3.3 | % | 1.3% - 2.7 | % | 1.0%-3.3 | % | 1.3% - 2.7 | % | ||||||||
Expected
volatility
|
73 | % | 86% -87 | % | 73 | % | 81% - 87 | % | ||||||||
Expected
life (in years)
|
2.5 – 6.1 | 2.5 – 6.8 | 2.5 – 6.1 | 2.5 – 6.8 | ||||||||||||
Expected
dividend yield
|
- | - | - | – | ||||||||||||
Weighted
average per share grant date fair value
|
$ | 0.99 | $ | 0.51 | $ | 0.99 | $ | 0.51 |
Number
of
|
Weighted
Average
|
|||||||
Options
|
Exercise Price
|
|||||||
Options
outstanding as of January 1, 2010
|
3,738,638 | $ | 1.69 | |||||
Granted
|
375,000 | 1.80 | ||||||
Exercised
|
(132,824 | ) | 1.41 | |||||
Cancelled
|
(43,470 | ) | 0.95 | |||||
Options
outstanding as of June 30, 2010
|
3,937,344 | 1.72 | ||||||
Options
exercisable as of June 30, 2010
|
3,148,668 | $ | 1.83 |
Fair Value Measurements at June 30, 2010
|
||||||||||||||||
Total Carrying
Value at June
30, 2010
|
Quoted prices
in active
markets
(Level 1)
|
Significant
other
observable
inputs (Level 2)
|
Significant
unobservable
inputs (Level 3)
|
|||||||||||||
Cash
equivalents
|
$ | 9,313,787 | $ | 9,313,787 | $ | – | $ | – |
Fair Value Measurements at December 31, 2009
|
||||||||||||||||
Total Carrying
Value at
December 31,
2009
|
Quoted prices
in active
markets
(Level 1)
|
Significant
other
observable
inputs (Level 2)
|
Significant
unobservable
inputs (Level 3)
|
|||||||||||||
Cash
equivalents
|
$ | 13,513,047 | $ | 13,513,047 | $ | – | $ | – | ||||||||
Derivative
liabilities
|
$ | 566,451 | $ | – | $ | – | $ | 566,451 |
Three Months
Ended June 30,
|
Six Months
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Fair
value, beginning of period
|
$ | - | $ | 129,056 | $ | 566,451 | $ | 87,907 | ||||||||
Reclassification
of derivative liability to equity
|
- | - | (566,451 | ) | - | |||||||||||
Net
unrealized loss on derivative financial instruments
|
- | 34,088 | - | 75,237 | ||||||||||||
Fair
value, end of period
|
$ | - | $ | 163,144 | $ | - | $ | 163,144 |
Stock
options
|
3,937,344 | |||
Warrants
|
4,332,310 | |||
Total
|
8,269,654 |
$
|
1,618,060
|
|||
2011
|
2,826,188
|
|||
2012
|
2,638,084
|
|||
2013
|
1,765,984
|
|||
2014
|
832,851
|
|||
Thereafter
|
1,204,687
|
|||
$
|
10,885,854
|
Market
|
Revenues
|
Cost of
Revenues
|
Gross
Margin
|
Operating
Costs
|
Market
EBITDA
|
|||||||||||||||
New
York
|
$ | 1,459,129 | $ | 284,684 | $ | 1,174,445 | $ | 352,896 | $ | 821,549 | ||||||||||
Boston
|
1,083,557 | 171,082 | 912,475 | 164,142 | 748,333 | |||||||||||||||
Los
Angeles
|
754,489 | 136,727 | 617,762 | 258,665 | 359,097 | |||||||||||||||
Chicago
|
649,520 | 203,044 | 446,476 | 154,797 | 291,679 | |||||||||||||||
San
Francisco
|
275,606 | 60,644 | 214,962 | 81,088 | 133,874 | |||||||||||||||
Miami
|
255,347 | 84,738 | 170,609 | 89,096 | 81,513 | |||||||||||||||
Providence/Newport
|
124,876 | 38,803 | 86,073 | 27,623 | 58,450 | |||||||||||||||
Seattle
|
130,566 | 57,475 | 73,091 | 31,461 | 41,630 | |||||||||||||||
Nashville
|
21,371 | 14,319 | 7,052 | 7,192 | (140 | ) | ||||||||||||||
Dallas-Fort
Worth
|
113,181 | 82,466 | 30,715 | 62,010 | (31,295 | ) | ||||||||||||||
Philadelphia
|
897 | 12,750 | (11,853 | ) | 54,082 | (65,935 | ) | |||||||||||||
Total
|
$ | 4,868,539 | $ | 1,146,732 | $ | 3,721,807 | $ | 1,283,052 | $ | 2,438,755 |
Reconciliation of Non-GAAP Financial Measure to
GAAP Financial Measure
|
||||
Market
EBITDA
|
$ | 2,438,755 | ||
Centralized
costs
|
(763,225 | ) | ||
Corporate
expenses
|
(1,642,606 | ) | ||
Depreciation
and amortization
|
(1,454,239 | ) | ||
Stock-based
compensation
|
(264,120 | ) | ||
Other
income (expense)
|
378,903 | |||
Net
loss
|
$ | (1,306,532 | ) |
Market
|
Revenues
|
Cost of
Revenues
|
Gross
Margin
|
Operating
Costs
|
Market
EBITDA
|
|||||||||||||||
New
York
|
$ | 1,321,731 | $ | 227,771 | $ | 1,093,960 | $ | 278,655 | $ | 815,305 | ||||||||||
Boston
|
1,007,857 | 165,424 | 842,433 | 195,771 | 646,662 | |||||||||||||||
Los
Angeles
|
442,394 | 82,049 | 360,345 | 238,028 | 122,317 | |||||||||||||||
San
Francisco
|
235,374 | 56,271 | 179,103 | 98,699 | 80,404 | |||||||||||||||
Providence/Newport
|
126,062 | 36,636 | 89,426 | 61,745 | 27,681 | |||||||||||||||
Chicago
|
220,491 | 87,298 | 133,193 | 116,263 | 16,930 | |||||||||||||||
Miami
|
150,331 | 66,698 | 83,633 | 109,607 | (25,974 | ) | ||||||||||||||
Seattle
|
106,639 | 58,673 | 47,966 | 87,413 | (39,447 | ) | ||||||||||||||
Dallas-Fort
Worth
|
62,702 | 60,306 | 2,396 | 117,832 | (115,436 | ) | ||||||||||||||
Total
|
$ | 3,673,581 | $ | 841,126 | $ | 2,832,455 | $ | 1,304,013 | $ | 1,528,442 |
Reconciliation of Non-GAAP Financial Measure to
GAAP Financial Measure
|
||||
Market
EBITDA
|
$ | 1,528,442 | ||
Centralized
operating costs
|
(639,612 | ) | ||
Corporate
expenses
|
(1,566,561 | ) | ||
Depreciation
|
(982,323 | ) | ||
Stock-based
compensation
|
(229,252 | ) | ||
Other
income (expense)
|
(210,707 | ) | ||
Net
loss
|
$ | (2,100,013 | ) |
Market
|
Revenues
|
Cost of
Revenues
|
Gross
Margin
|
Operating
Costs
|
Market
EBITDA
|
|||||||||||||||
New
York
|
$ | 2,852,921 | $ | 557,363 | $ | 2,295,558 | $ | 643,206 | $ | 1,652,352 | ||||||||||
Boston
|
2,136,090 | 345,762 | 1,790,328 | 338,060 | 1,452,268 | |||||||||||||||
Los
Angeles
|
1,429,093 | 270,160 | 1,158,933 | 547,036 | 611,897 | |||||||||||||||
Chicago
|
941,629 | 314,625 | 627,004 | 249,875 | 377,129 | |||||||||||||||
San
Francisco
|
544,460 | 117,471 | 426,989 | 146,196 | 280,793 | |||||||||||||||
Miami
|
454,740 | 155,039 | 299,701 | 176,204 | 123,497 | |||||||||||||||
Providence/Newport
|
253,422 | 82,807 | 170,615 | 62,288 | 108,327 | |||||||||||||||
Seattle
|
253,084 | 109,072 | 144,012 | 62,845 | 81,167 | |||||||||||||||
Nashville
|
21,371 | 14,319 | 7,052 | 7,192 | (140 | ) | ||||||||||||||
Dallas-Fort
Worth
|
224,491 | 164,429 | 60,062 | 115,575 | (55,513 | ) | ||||||||||||||
Philadelphia
|
1,455 | 28,052 | (26,597 | ) | 105,102 | (131,699 | ) | |||||||||||||
Total
|
$ | 9,112,756 | $ | 2,159,099 | $ | 6,953,657 | $ | 2,453,579 | $ | 4,500,078 |
Reconciliation of Non-GAAP Financial Measure to
GAAP Financial Measure
|
||||
Market
EBITDA
|
$ | 4,500,078 | ||
Centralized
costs
|
(1,466,172 | ) | ||
Corporate
expenses
|
(3,257,992 | ) | ||
Depreciation
and amortization
|
(2,555,410 | ) | ||
Stock-based
compensation
|
(457,541 | ) | ||
Other
income (expense)
|
398,732 | |||
Net
loss
|
$ | (2,838,305 | ) |
Market
|
Revenues
|
Cost of
Revenues
|
Gross
Margin
|
Operating
Costs
|
Market
EBITDA
|
|||||||||||||||
New
York
|
$ | 2,559,016 | $ | 425,667 | $ | 2,133,349 | $ | 625,720 | $ | 1,507,629 | ||||||||||
Boston
|
1,969,396 | 335,831 | 1,633,565 | 397,943 | 1,235,622 | |||||||||||||||
Los
Angeles
|
848,314 | 148,826 | 699,488 | 509,840 | 189,648 | |||||||||||||||
San
Francisco
|
458,715 | 99,692 | 359,023 | 227,927 | 131,096 | |||||||||||||||
Providence/Newport
|
267,080 | 73,972 | 193,108 | 114,050 | 79,058 | |||||||||||||||
Chicago
|
422,400 | 168,488 | 253,912 | 243,271 | 10,641 | |||||||||||||||
Miami
|
259,659 | 125,813 | 133,846 | 217,142 | (83,296 | ) | ||||||||||||||
Seattle
|
203,631 | 125,767 | 77,864 | 186,474 | (108,610 | ) | ||||||||||||||
Dallas-Fort
Worth
|
102,436 | 114,616 | (12,180 | ) | 243,336 | (255,516 | ) | |||||||||||||
Total
|
$ | 7,090,647 | $ | 1,618,672 | $ | 5,471,975 | $ | 2,765,703 | $ | 2,706,272 |
Reconciliation of Non-GAAP Financial Measure to
GAAP Financial Measure
|
||||
Market
EBITDA
|
$ | 2,706,272 | ||
Centralized
operating costs
|
(1,351,829 | ) | ||
Corporate
expenses
|
(3,131,833 | ) | ||
Depreciation
|
(1,929,944 | ) | ||
Stock-based
compensation
|
(386,322 | ) | ||
Other
income (expense)
|
(422,023 | ) | ||
Net
loss
|
$ | (4,515,679 | ) |
Exhibit No.
|
Description
|
|
31.1
|
Section
302 Certification of Principal Executive Officer
|
|
31.2
|
Section
302 Certification of Principal Financial Officer
|
|
32.1
|
Section
906 Certification of Principal Executive Officer
|
|
32.2
|
Section
906 Certification of Principal Financial
Officer
|
TOWERSTREAM
CORPORATION
|
||
Date: August
4, 2010
|
By:
|
/s/ Jeffrey M. Thompson
|
Jeffrey
M. Thompson
|
||
President
and Chief Executive Officer
|
||
(Principal
Executive Officer)
|
||
Date: August
4, 2010
|
By:
|
/s/ Joseph P. Hernon
|
Joseph
P. Hernon
|
||
Chief
Financial Officer
|
||
(Principal
Financial Officer and Principal Accounting
Officer)
|
Exhibit No.
|
Description
|
|
31.1
|
Section
302 Certification of Principal Executive Officer
|
|
31.2
|
Section
302 Certification of Principal Financial Officer
|
|
32.1
|
Section
906 Certification of Principal Executive Officer
|
|
32.2
|
Section
906 Certification of Principal Financial
Officer
|