SOURCE: Dynamic Energy Alliance Corporation

Dynamic Energy Alliance Corporation

November 15, 2012 12:36 ET

Dynamic Energy Alliance Corporation Announces 2012 Third Quarter and Nine-Month Results

DALLAS, TX--(Marketwire - Nov 15, 2012) - Dynamic Energy Alliance Corporation (OTCQB: DEAC) today announced fiscal year 2012 third quarter and nine-month financial results.

Total revenue for the Company's third quarter ended September 30, 2012 was $14,710 compared to $56,677 reported during the third quarter ended September 30, 2011. The Company's revenue is attributable to commissions generated from contracted services provided by one of its subsidiaries.

Operating expenses for the third quarter 2012 totaled $349,698 and were comprised of $2,845 in project development costs, $100,000 in consulting services and $246,853 in general and administrative expenses. Other expenses during the third quarter included $4,199 in interest expenses. The Company's net loss for the third quarter ended September 30, 2012 was $(339,296), or $(0.00) per share, basic and fully diluted, based on the weighted average number of 82,019,605 Common shares outstanding, compared to a net loss for the quarter ended September 30, 2011 of $(3,134,007), representing an 89% reduction in net loss for the quarter over prior like quarter.

Total revenue for the first nine months of the Company's fiscal year 2012 was $420,189, compared to $1,550,019 reported during the first nine months of the Company's prior fiscal year. The Company reported a net loss of $ (851,783), or $(0.01) per share, basic and diluted, for the first nine months of fiscal year 2012 versus a net loss of $(2,841,907), or $(0.05) for the first nine months of fiscal year 2011, representing a 70% reduction in net loss for the period over prior like period.

Charles R. Cronin, Jr., Chairman of Dynamic Energy Alliance Corporation, stated: "We continued to make significant advances during the third quarter 2012 with respect to our facility and technology development while continuing to reduce debt and expenses. The Company secured an option for a site in Ennis, Texas for our first energy campus, and we entered into an agreement in principle to acquire an exclusive worldwide license to technologies that extracts high value compounds from pyrolysis oil. We look forward to more accomplishments by year end, with our focus on the first energy campus utilizing the pyrolysis technologies."

For more information, please refer to the Company's current Form 10-Q filed with SEC on November 14, 2012.

About Dynamic Energy Alliance Corporation

Dynamic Energy Alliance Corporation (DEAC), www.dynamicenergyalliance.com, is a development stage energy and recycling company focused on identifying, combining and enhancing existing technologies with proprietary recoverable production and finishing processes to produce synthetic oil, carbon black, gas, and carbon steel from waste feedstock. This process is expected to be accomplished with limited residual waste product and significant reductions in greenhouse gases compared to traditional processing. To maximize this opportunity, the Company has developed a scalable, commercial development strategy to build "Energy Campuses" with low operational costs and long-term, recurring revenues.

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Forward-Looking Safe Harbor Statement:

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. Such forward-looking statements include, but are not limited to, statements about the transactions described herein, future financial and operating results, the combined company's plans, objectives, expectations and intentions and other statements that are not historical facts. The forward-looking statements are qualified by their terms and/or important factors, many of which are outside the Company's control, involve a number of risks, uncertainties and other factors that could cause actual results and events to differ materially from the statements made. The forward-looking statements are based on the Management's beliefs, assumptions and expectations about the Company's future performance, taking into account information currently available to the Company. The Company will update this forward-looking information only to the extent required under applicable securities laws.

For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the Commission are available from commercial document retrieval services and at the website maintained by the Commission at www.sec.gov.

   
DYNAMIC ENERGY ALLIANCE CORPORATION  
(Formerly MAMMATECH CORPORATION)  
             
CONDENSED CONSOLIDATED BALANCE SHEETS  
             
    As of September 30, 2012     As of December 31, 2011  
    (Unaudited)        
ASSETS                
  Current                
    Cash   $ 2,108     $ 7,652  
    Accounts receivable     -       -  
Total Assets   $ 2,108     $ 7,652  
                 
LIABILITIES                
  Current                
    Accounts payable and accrued expenses   $ 379,688     $ 159,252  
    Accounts payable to related parties     -       46,863  
    Income taxes payable     3,500       15,500  
    Loans payable to a related party     114,781       89,584  
    Contingent consideration payable     1,015,362       996,414  
  Total Liabilities     1,513,331       1,307,613  
                 
STOCKHOLDERS' DEFICIT                
  Authorized:                
    Preferred stock, Series A convertible : 50,000,000 shares authorized, par value: $0.0001 (Note 1 below.)                
    Common stock: 300,000,000 shares authorized, par value: $0.00003 (Note 1 below.)                
  Issued and Outstanding:                
    Preferred stock: 9,327,784 shares     932       773  
    Common stock: 82,388,825 shares     3,071       2,710  
  Additional paid-in capital (Note 2 below)     4,282,166       3,642,165  
  Accumulated deficit     (5,797,392 )     (4,945,609 )
  Total Stockholders' Deficit     (1,511,223 )     (1,299,961 )
                 
Total Liabilities and Stockholders' Deficit   $ 2,108     $ 7,652  
                 
_________                
(1) The capital accounts of the Company have been retroactively restated to reflect the equivalent number of common shares based on the exchange ratio of the merger transaction in determining the basic and diluted weighted average shares.  
                 
(2) The March 9, 2011 capital accounts of the Company have been retroactively restated to reflect the equivalent number of common shares based on the exchange ratio of the merger transaction.  
                 
                 
                 
DYNAMIC ENERGY ALLIANCE CORPORATION        
(Formerly MAMMATECH CORPORATION)        
   
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS        
               
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2012     2011     2012     2011  
                                 
Revenue   $ 14,710     $ 56,677     $ 420,189     $ 1,550,019  
Cost of revenue     -       -       -       -  
  Gross profit     14,710       56,677       420,189       1,550,019  
                                 
Operating expenses                                
  Project development costs     2,845       56,548       183,829       56,548  
  Consulting services     100,000       47,079       450,000       59,720  
  General and administrative expenses     246,853       75,363       612,837       713,191  
      349,698       178,990       1,246,666       829,459  
Net operating (loss) income     (334,988 )     (122,313 )     (826,477 )     720,560  
                                 
Other expenses                                
  Impairment loss on intangibles     -       2,000,000       -       2,000,000  
  Financing charges     -       964,297       -       964,297  
  Impairment loss on intangibles Interest expense     4,199       28,315       25,197       72,768  
  Other expenses     109       -       109       -  
    Total other expenses     4,308       2,992,612       25,306       3,037,065  
                                 
Loss before provision for income tax     (339,296 )     (3,114,925 )     (851,783 )     (2,316,505 )
  Provision for income tax     -       19,082       -       525,402  
Net loss   $ (339,296 )   $ (3,134,007 )   $ (851,783 )   $ (2,841,907 )
                                 
Basic and fully diluted loss per share   $ (0.00 )   $ (0.04 )   $ (0.01 )   $ (0.05 )
  Weighted average number of common shares outstanding - basic and diluted (Note 1)     82,019,605       78,739,176       81,544,611       58,883,811  
                                 
(1) The capital accounts of the Company have been retroactively restated to reflect the equivalent number of common shares based on the exchange ratio of the merger transaction in determining the basic and diluted weighted average shares.  
                                 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.  

Contact Information

  • Contact:
    Robert Bleckman
    Dynamic Energy Alliance Corporation
    (214) 838-2687, extension 2006
    Email Contact