WESTSPHERE ASSET CORPORATION, INC Files SEC form 10-Q, Quarterly Report

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION Current Corporate Structure - September 30, 2009 [[Image Removed]] Plan of Operations Results of Operations - Three Month Period During the three (3) month period of operations ending September 30, 2009, Westsphere and its subsidiaries generated a net loss of $75,371, while a net loss of $121,757 was realized for the same period from the previous year. The decrease in net loss of $46,386 over the same period from the previous year was caused by the loss on the disposal of POS component, net of tax of $11,895, a decrease in consulting fees of $20,752, a decrease in salaries and benefits of $27,306, a decrease in travel, delivery and vehicle expenses of $10,254, a decrease in other expenses of $31,685, and a decrease in interest expense of $5,836. The decrease in net loss was partially offset against a decrease in gross profit of $40,682 and an increase in depreciation and amortization of $11,675 over the same period from the previous year. On May 4, 2009 Westsphere's majority controlled subsidiary TRAC was served with a Notice of Intention to Enforce a Security Form 86 (Rule 124) which is basically a notice to place TRAC into receivership by the trustees of the estate of June Barr of $165,155 has an interest rate of 18% per annum. The outstanding claim being initiated by the Barr trustees which represents compounded interest on principal of $93,572 ($116,923 CDN). In addition Westsphere Asset Corporation, Inc. will also be filing a Notice of Intention to Enforce a Security Form 86 (Rule 124) for $158,716 reflecting simple interest on its loans to TRAC of $102,235 ($127,748 CDN). The assets of TRAC are with the court appointed receiver and control of TRAC by Westsphere ended on May 5, 2009. No financial reporting for the 2nd and 3rd quarter. Westsphere has been notified of the first meeting of the creditors scheduled for August 27, 2009 at w...
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WESTSPHERE ASSET CORPORATION, INC Financials

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WESTSPHERE ASSET CORPORATION, INC Files SEC form 10-Q/A, Quarterly Report

MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION Vencash POS Services Inc. (Formerly Westsphere POS Services Ltd.) 100% "Active" Kan-Can Resorts Ltd. 99% "Inactive" Westsphere Capital Group Ltd. 100% "Active" Active = with business activity Inactive = no business activity Plan of Operations Results of Operations - Three Month Period During the three (3) month period of operations ending June 30, 2009, Westsphere and its subsidiaries generated a net loss of $616,991, while a net loss of $121,201 was realized for the same period from the previous year. The increase in net loss of $495,790 over the same period from the previous year was caused by the loss on the disposal of POS component, net of tax of $443,549, a decrease in residual and interchanges income of $175,912, and an increase in other cost of sales of $112,063. The increase in net loss are partially offset against an increase in other revenue of $26,994, a decrease in residual and interchanges cost of sales of $113,152, a decrease in salaries and benefits of $67,943, and a decrease in interest expense of $16,848 over the same period from the previous year. On May 4, 2009 Westsphere's majority controlled subsidiary TRAC was served with a Notice of Intention to Enforce a Security Form 86 (Rule 124) which is basically a notice to place TRAC into receivership by the trustees of the estate of June Barr of $165,155 has an interest rate of 18% per annum. The outstanding claim being initiated by the Barr trustees which represents compounded interest on principal of $93,572 ($116,923 CDN). In addition Westsphere Asset Corporation, Inc. will also be filing a Notice of Intention to Enforce a Security Form 86 (Rule 124) for $158,716 reflecting simple interest on its loans to TRAC of $102,235 ($127,748 CDN). At this time the assets of TRAC are with the court appointed receiver an...
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WESTSPHERE ASSET CORPORATION, INC Files SEC form 10-Q, Quarterly Report

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION Current Corporate Structure - March 31, 2009 [[Image Removed: MESSAGE]] Vencash POS Services Inc. (Formerly Westsphere POS Services Ltd.) 100% "Active" Westsphere Capital Group Ltd. 100% "Active" Active = with business activity Inactive = no business activity Plan of Operations During the three (3) month period of operations ending March 31, 2009, Westsphere and its subsidiaries generated a net loss from operations of $153,190, while a net loss from operations of $117,674 was realized for the same period from the previous year. The increase in net loss of $35,516 over the same period from the previous year was caused by a decrease in net of residual and interchanges income of $247,112, an increase in legal and accounting fees of $11,020, and an increase in travel, delivery and vehicle expenses of $5,874. The increase in net loss is partially offset against a decrease in residual and interchange costs of $108,156, a decrease in salaries and benefits of $81,365, a decrease in other expenses of $29,707, and a decrease in interest expense of $5,344 over the same period from the previous year. The decrease in net of residual and interchange income was mainly caused by a decrease in the number of placements of ATMs in the latter part of year 2007 to present. The decrease in the number of placements was due to Westsphere's subsidiary Vencash no longer having the finance/lease program available offered by an ATM supplier to place more ATMs in the market place at a lower cost. This is due to changes within the organization of a major Vencash ATM supplier, equipment and supply agreements along with related transaction processing agreements signed in the latter part of year 2006 that are presently in dispute. The increase in legal and accounting fees was mainly due to the SEC filing services of $3,820, switch audit...
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WESTSPHERE ASSET CORPORATION, INC Files SEC form 10-Q, Quarterly Report

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION Current Corporate Structure - March 31, 2009 [[Image Removed: MESSAGE]] Vencash POS Services Inc. (Formerly Westsphere POS Services Ltd.) 100% "Active" Westsphere Capital Group Ltd. 100% "Active" Active = with business activity Inactive = no business activity Plan of Operations During the three (3) month period of operations ending March 31, 2009, Westsphere and its subsidiaries generated a net loss from operations of $153,190, while a net loss from operations of $117,674 was realized for the same period from the previous year. The increase in net loss of $35,516 over the same period from the previous year was caused by a decrease in net of residual and interchanges income of $247,112, an increase in legal and accounting fees of $11,020, and an increase in travel, delivery and vehicle expenses of $5,874. The increase in net loss is partially offset against a decrease in residual and interchange costs of $108,156, a decrease in salaries and benefits of $81,365, a decrease in other expenses of $29,707, and a decrease in interest expense of $5,344 over the same period from the previous year. The decrease in net of residual and interchange income was mainly caused by a decrease in the number of placements of ATMs in the latter part of year 2007 to present. The decrease in the number of placements was due to Westsphere's subsidiary Vencash no longer having the finance/lease program available offered by an ATM supplier to place more ATMs in the market place at a lower cost. This is due to changes within the organization of a major Vencash ATM supplier, equipment and supply agreements along with related transaction processing agreements signed in the latter part of year 2006 that are presently in dispute. The increase in legal and accounting fees was mainly due to the SEC filing services of $3,820, switch audit...
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WESTSPHERE ASSET CORPORATION, INC Files SEC form 10-K, Annual Report

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND CHANGES IN FINANCIAL CONDITION AND RESULTS OF OPERATIONS Westsphere and its subsidiaries generated a net loss of $650,868 from operations for the twelve month period ending December 31, 2008. During the period of operations ending December 31, 2007, Westsphere and its subsidiaries generated a net loss of $314,427. The increase in year 2008's net loss of $336,441 over the previous year was primarily due to a significant decrease in gross profit of $320,841 or 19.68%, a decrease in interest income of $8,544, an increase in interest expense of $42,970, increase in other expenses of $86,109, and a decrease in provision for income taxes of $89,652 was due to valuation allowance. The increase in net loss is partially offset against a significant decrease in legal and accounting fees of $116,800, a decrease in travel, delivery and vehicle expenses of $65,770, and a decrease in salaries and benefits of $19,855 over the same period from the previous year. The decrease in gross profit was primarily caused by a decrease in residual and interchange income and a decrease in equipment and supplies sales. The decrease in residual and interchange income was caused by a decrease in the number of placements of ATMs in the latter part of year 2007 to present. The decrease in the number of placements was due to Westsphere's subsidiary Vencash no longer having the finance/lease program available offered by an ATM supplier to place more ATMs in the market place at a lower cost. This is due to changes within the organization of a major Vencash ATM supplier, equipment and supply agreements along with related transaction processing agreements signed in the latter part of year 2006 that are presently in dispute. In addition, according to Canadian Interac data, the number of transactions using an ATM other than the cardholder's institution has dropped from 375 million in 2001 to 285 million in 2006 and the number of shared ATMs in...
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WESTSPHERE ASSET CORPORATION, INC Financials

Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback Quotes delayed, except where indicated otherwise.Delay times are 15 mins for NASDAQ, 20 mins for NYSE and Amex. See also delay times for other exchanges.Fundamental company data provided by Capital IQ. Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes. Real-...
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WESTSPHERE ASSET CORPORATION, INC Files SEC form 10-Q, Quarterly Report

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION Plan of Operations Results of Operations - Three Month Period During the three (3) month period of operations ending September 30, 2008, Westsphere and its subsidiaries generated a net loss from operations of $121,757, while a net loss from operations of $23,743 was realized for the same period from the previous year. The increase in net loss of $98,014 over the same period from the previous year was caused by a decrease in net of residual and interchanges income of $95,407 and a decrease in net equipment and supplies revenue of $29,176. The increase in net loss is partially offset against a decrease in salaries and benefits of $27,882 over the same period from the previous year. The decrease in net of residual and interchange income was mainly caused by a decrease in the number of placements of ATMs in the latter part of year 2007 to present. The decrease in the number of placements was due to Westsphere's subsidiary Vencash no longer having the finance/lease program available offered by an ATM supplier to place more ATMs in the market place at a lower cost. This is due to changes within the organization of a major Vencash ATM supplier, equipment and supply agreements along with related transaction processing agreements signed in the latter part of year 2006 that are presently in dispute. The decrease in net of equipment and supplies sales was due to Westsphere's subsidiary Vencash Capital Corporation mainly focusing on the placement, and finance/lease program offered by an ATM supplier in year 2006. The finance/lease program provides Vencash Capital an opportunity to place more ATMs in the marketplace at a lower cost. However, as mentioned above, the finance/lease program offered by an ATM supplier is currently under dispute. The dispute with the ATM supplier is an ongoing matter with no further agreement in place. This has resulted in a requirement to find additiona...
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WESTSPHERE ASSET CORPORATION, INC Files SEC form 10-Q, Quarterly Report

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION Plan of Operations Results of Operations - Three Month Period During the three (3) month period of operations ending September 30, 2008, Westsphere and its subsidiaries generated a net loss from operations of $121,757, while a net loss from operations of $23,743 was realized for the same period from the previous year. The increase in net loss of $98,014 over the same period from the previous year was caused by a decrease in net of residual and interchanges income of $95,407 and a decrease in net equipment and supplies revenue of $29,176. The increase in net loss is partially offset against a decrease in salaries and benefits of $27,882 over the same period from the previous year. The decrease in net of residual and interchange income was mainly caused by a decrease in the number of placements of ATMs in the latter part of year 2007 to present. The decrease in the number of placements was due to Westsphere's subsidiary Vencash no longer having the finance/lease program available offered by an ATM supplier to place more ATMs in the market place at a lower cost. This is due to changes within the organization of a major Vencash ATM supplier, equipment and supply agreements along with related transaction processing agreements signed in the latter part of year 2006 that are presently in dispute. The decrease in net of equipment and supplies sales was due to Westsphere's subsidiary Vencash Capital Corporation mainly focusing on the placement, and finance/lease program offered by an ATM supplier in year 2006. The finance/lease program provides Vencash Capital an opportunity to place more ATMs in the marketplace at a lower cost. However, as mentioned above, the finance/lease program offered by an ATM supplier is currently under dispute. The dispute with the ATM supplier is an ongoing matter with no further agreement in place. This has resulted in a requirement to find additiona...
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