SMART-TEK SOLUTIONS INC Financials

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SMART-TEK SOLUTIONS INC Files SEC form 10-K, Annual Report

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include those discussed below and elsewhere in this annual report. Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles. -10- Revenue As at June 30, 2009, we generated $3,274,139 in revenue. The decrease in revenues for the year ended June 30, 2009 is primarily attributable to a decrease in our subsidiaries' security and technology business. For the year ended June 30, 2009, two significant customers accounted for 26% of revenue and the customers individually accounted for more than 10% of revenue, also 100% of the Company's sales and accounts receivable arose from sales to Canadian customers during the year. For the year ended June 30, 2009, two significant suppliers accounted for 29% of purchases. General and Administrative Expenses The decrease in our general and administrative expenses for the year ended June 30, 2009 from the comparative period in 2008 was primarily due to: (i) decreased software development expenses and associated consulting costs relating to the development of RFID software; (ii) decreased professional fees associated with preparing and filing our periodic reports under the Securities Exchange Act of 1934 and litigation costs; and (iii) decreased consulting expenses associated with the development of our business. Line of Credit At June 30, 2009, b...
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Smart-Tek Appoints New Director and Issuance of Shares Under Marketing Partner Agreement

RENO, NEVADA--(Marketwire - 09/29/09) - Smart-Tek Solutions Inc. (the "Company") (OTC.BB:STTN - News) announced today the appointment of a new director, Owen Naccarato effective today. Mr. Naccarato has for the last twelve plus years been a practicing attorney specializing in corporate and securities law. Prior to practicing law, Mr. Naccarato held various high level financial and operating positions with fortune 500 firms. Mr. Naccarato is a member of the California State Bar Association, the Orange County and the Los Angeles County Bar Associations and their respective corporate law sections. Mr. Naccarato has a J.D. from Western State University, an MBA from DePaul University and an undergraduate degree in accounting from Northern Illinois University. The Company also announced today the issuance of 45 million restricted shares of the Company's common stock to Brina Bonar, a director of the Company. Mr. Bonar was issued the shares based on Mr. Bonar achieving certain milestone targets for annualized sales as set out in the Marketing Partner Agreement dated June 17, 2009 between the Company and Mr. Bonar.About Smart-Tek Automated Services, Inc.:Smart-Tek Solutions Inc.'s wholly owned subsidiary Smart-Tek Automated Services, Inc. was formed in February 2009, provides financial services to small and medium-size businesses, relieving its clients from many of the day-to-day tasks that impact their core business operations, such as payroll processing, human resources support, workers' compensation insurance, safety prog...
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Smart-Tek Signs Initial Strategic Marketing Partner Agreement; Appoints new President

RENO, Nev., Sept. 17 /PRNewswire-FirstCall/ -- (OTC Bulletin Board: STTN - News) Smart-Tek Solutions Inc. is pleased to announce that it has entered into a strategic marketing partner agreement with a private, U.S.-based company through its wholly owned subsidiary, Smart-Tek Automated Services Inc. Under the agreement, the company has agreed to provide certain human resource and staffing services to this strategic partner. The partner will in turn market Smart-Tek Automated's services. The agreement is expected to generate an estimated $25 million in annualized revenues and $5 million in net revenue to the Company. The agreement was entered into in connection with the company's new line of business providing integrated and cost-effective management solutions in the area of human resources for public and private companies as announced in the company's news release on June 23, 2009. Under the direction of Brian Bonar, a staffing industry veteran, Smart-Tek Automated Services Inc. provides all human resource and financial services to client employees. The services feature advising in coaching in recruitment, training and discipline and payment of employee wages, payroll taxes, state and federal unemployment insurance, claims, and workers compensation premiums. Smart-Tek can also provide recruitment, reference checks, initial interviews, pre-employment and random drug testing, and criminal background investigations.Also in connection with the Company's change in business focus, the Company has appointed Brian Bonar as ...
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Smart-Tek Solutions Inc. Enters Into New Line of Business and Signs Marketing Partner Agreement

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SMART-TEK SOLUTIONS INC Files SEC form 8-K, Entry into a Material Definitive Agreement, Financial Statements and Exhi

Show all filings for SMART-TEK SOLUTIONS INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for SMART-TEK SOLUTIONS INC 24-Jun-2009Entry into a Material Definitive Agreement, Financial Statements and Exhi Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information p...
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Smart-Tek Solutions Inc. Appoints New Director

RICHMOND, BRITISH COLUMBIA--(Marketwire - June 9, 2009) - Smart-Tek Solutions Inc. (OTCBB:STTN - News) today announced that it has appointed Brian Bonar to its board of directors. Mr. Bonar has over 18 years of experience with IBM in Europe, Asia and the USA and an additional 20 years in high growth companies both private and public in various locations in the USA and the United Kingdom. From 2003 until 2006, Mr. Bonar was the Chairman and CEO of The Solvis Group, which provides staffing, PEO and ASO services to mainly the medical and call centre market segments. From 2004 until 2009, Mr. Bonar was the Chairman and CEO of Dalrada Financial Corporation, a California based financial service corporation providing workers compensation, health insurance and various other insurance products directly to the end consumer and marketed via various PEO and staffing companies.From September 2007 until 2009, Mr. Bonar was the President and a member of the board of directors of Allegiant Professional, a publicly traded company. Also from September 2007 until 2009, Mr. Bonar founded AMS Outsourcing, a PEO focusing mainly in the transport market place and also established an international presence in the Czech Republic and Mexico. From 2004 to 2009, he was a member of the board of directors of the following companies and organizations: The Solvis Group, Warning Management Corporation, Dalrada Financial Corporation, American Marine LLC, Alliance National Insurance Company and The Boys and Girls Club of Greater San Diego.Mr. Bonar...
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SMART-TEK SOLUTIONS INC Files SEC form 8-K, Change in Directors or Principal Officers

Show all filings for SMART-TEK SOLUTIONS INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for SMART-TEK SOLUTIONS INC 5-Jun-2009Change in Directors or Principal Officers Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purp...
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SMART-TEK SOLUTIONS INC Files SEC form 10-Q, Quarterly Report

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Forward Looking Statements This quarterly report contains forward-looking statements. Forward-looking statements are projections in respect of future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled "Risks and Uncertainties" and the risks set out below, any of which may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These risks include: º risks related to the potential of delays in customer orders or the failure to retain customers; º the uncertainty of profitability based upon our history of losses; º risks related to failure to obtain adequate financing on a timely basis and on acceptable terms for our planned exploration and development projects; º risks related to competition; º risks related to tax attributes; and º other risks and uncertainties related to our business strategy. This list is not an exhaustive list of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements. Forward looking statements are made based on management's beliefs, estimates and opinions on the date the st...
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SMART-TEK SOLUTIONS INC Financials

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