**================================================================================**

**THE SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-QSB**

[X]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d)

OF SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED: September 30, 2003

[   ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

**Commission File No. 0-16472**

**COMC, INC.**

(Exact Name of Registrant as Specified in its Charter)

| **Delaware**        -------------------------------        (State or other jurisdiction of         incorporation or organization)
** 95-4628378**        -------------------------------        (I.R.S. Employer Identification No.)

4030 Pike Lane, Suite C

Concord, California 94520

----------------------------------------

(Address of principal executive offices)

(925) 849-1400

---------------------------

(Issuer's telephone number)

Check whether the issuer filed all reports required

to be filed by Section 13 or 15(d) of the Securities Exchange

Act of 1934 during the past 12 months (or for such shorter Period

that the registrant was required to file such reports), and has been

subject to such filing requirements for the past 90 days.

Yes [X] No [  ]

As of November 14, 2003 a total of 30,485,328 shares of COMC's common stock

were issued; 26,684,091 shares of COMC's common stock were outstanding, and

3,801,237 shares of COMC's common stock are held in treasury.

Transitional Small Business Disclosure Format. Yes [  ] No [X]

**================================================================================**

-1-

****

 

**COMC Inc., and Subsidiary**

Table of Contents

10QSB

**PART I. Financial Information**

 

Item 1. Financial Statements.

   Condensed Consolidated Balance          Sheets

   Condensed Consolidated Statements of Operations

   Condensed Consolidated Statements of Cash Flows

   Notes to Condensed Consolidated Financial Statements

Item 2. Management Discussion and Analysis

Item 3. Controls and Procedures

 

**PART II.  Other Information**

 

Item 1. Legal Proceedings

Item 2. Changes in Securities

Item 3. Defaults Upon Senior Securities

Item 4. Submission of Matters to a Vote of Security Holders

Item 5. Other Information

Item 6. Exhibits and Reports on Form 8-K

 

 

 

 3

 4

 5

 6

14

18

 

 

18

18

18

18

18

19

19

Signatures

Exhibit Index

Exhibits

 

-2-

Table of Contents
PART  I. FINANCIAL INFORMATION

 

ITEM  1. Financial Statements

**COMC, Inc. and Subsidiary**

**Condensed Consolidated Balance Sheets**

 

 

      
**September        30,** 
     
**December        31,** 
Assets     
**2003** 
     
**2002** 
      
(unaudited)     
     
      
Current:      
      
                Cash and cash equivalents        
$    
1,000     
$    
29,400     
                Accounts receivable, less allowance for        doubtful      
      
                accounts of $58,300 and $58,300, respectively     
1,559,800     
     
1,404,900     
                Work in process, unbilled                             
1,032,700     
     
592,600     
                Inventories     
154,000     
     
144,100     
                Prepaid expenses and other current assets                   
230,200     
     
107,000     
                Refundable income taxes     
—       
     
400,900     
                Deferred income taxes     
50,000     
     
50,000     
Total        Current Assets                                                
3,027,700     
     
2,728,900     
Property        and Equipment, net                                    
552,600     
     
724,000     
Other        Assets                                                                   
51,000      
71,600     
Total        Assets    $
3,631,300     $
3,524,500     
       
      
Liabilities,        Convertible Redeemable Preferred Stock and Shareholders' (Deficiency)        Equity      
      
Current        Liabilities:        
         Bank        borrowings    $
815,200     $
27,100     
         Accounts        payable                                                  
1,359,900      
1,037,900     
         Accrued        expenses                                                 
588,700      
613,900     
         Current        portion of capital lease obligations     
31,400      
38,900     
         Customer        deposits                                 
218,200      
588,600     
Total        Current Liabilities                                                     
3,013,400      
2,306,400     
Capital        Lease Obligations, net of current portion     
62,900      
84,500     
Related        Party Notes Payable                                         
162,500      
250,000     
Deferred        Income Taxes                                                       
50,000      
50,000     
Convertible        Redeemable Preferred Stock, Series A, $.01 par value;                 2,000,000 shares        authorized;                 1,205,216.33 and        0 shares issued and outstanding, respectively     
353,600      
—     
Convertible        Redeemable Preferred Stock, Series B, $.01 par value;                 4,000,000 shares        authorized;                 1,554,000 and 0        shares issued and outstanding, respectively     
328,300      
—     
Total        Liabilities     
3,970,700      2,690,900 
        Commitments and Contingencies

Shareholders'        (Deficiency) Equity:    
Common        stock, $.01 par value; 40,000,000 shares authorized;                 30,485,328 and 27,433,958        shares issued;                 26,684,091 and 23,632,721        shares outstanding, respectively     
304,800      
274,300     
Additional        paid-in capital                                      
16,863,100      
16,832,600     
Accumulated        deficit                                               
(15,255,000    
)     
(14,021,000    
)    
Treasury        stock at cost: 3,801,237 and   3,801,237 shares, respectively     
(2,252,300    
)     
(2,252,300    
)    
Total        Shareholders' (Deficiency) Equity     
(339,400    
)     
833,600      $
3,631,300     $
3,524,500     
See accompanying notes to condensed consolidated financial statements

  

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Table of Contents
 

**COMC,        Inc. and Subsidiary**

**Condensed Consolidated Statements of Operations**

 

 
  **Three Months Ended         September 30,**    **Nine Months Ended         September 30,**   
**2003**   

**2002**    
**2003**   

**2002**   
(unaudited)   
     
(unaudited)    
(unaudited)   
     
(unaudited) Revenues:          
            
       Data      and Voice Service
$
         2,853,700
   
$
         3,000,600
   
$
 7,942,700
   
$
 9,023,100
       Recruitment Service 
29,000
   
            129,000    117,600    389,000   
2,882,700
    
         3,129,600
    
         8,060,300
    
         9,412,100
   
 
    
         
           Cost      of Revenues:                  
        Data and Voice Services
 
1,792,500
   
     
2,029,900
    
5,434,700
    
         5,975,000
 
        Recruitment Services
 20,000   
           110,000    91,200    329,000   
         1,812,500
   
     
2,139,900
    
         5,525,900
   
     
         6,304,000
   
         
   
     
         
           Gross      Profit 
1,070,200
   
     
         989,700
    
         2,534,400
   
     
3,108,100
   
         
   
     
         
           
Operating        Expenses:
 
         
   
     
         
        
       
Selling,        General & Administrative
 
         1,118,000
    
1,322,600
    
         3,409,200

         
  
     4,650,900 
Noncash        Expenses:
                  
Depreciation        & Amortization
 63,400          76,800    195,500    235,200   
         1,181,400
    1,399,400    3,604,700    4,886,100 
Loss        from Operations
 
(111,200
)   
         (409,700
)   
(1,070,300
)   
(1,778,000
)
Other        Income (Expense)
 
         
    
         
           
Interest        Expense
 
(53,900
)   
         (10,000
)   
(151,700
)   
(66,900
)
Interest        Expense, related party
 
(1,600
)   
         (19,400
)   
(6,100
)   
(62,600
)
Other,        net
  —    
(12,800)   
200    
(49,400)  
(55,500
)   
         (42,200
)   
(157,600
)   
(178,900
)  
         
    
         
           
Loss        Before Provision for Income Taxes
 
(166,700
)   
         (451,900
)   
         (1,227,900
)   
         (1,956,900
)
Income        Tax Benefit
  —    
(200,000)   
(7,900)   
(404,400)
Net        Loss
 $
          (166,700
)   $(251,900)  $(1,220,000)  $(1,552,500)                   Preferred      Stock Dividend (8,400)    —    (14,000)     — 
Net        Loss Available to CommonShareholders
$
 (175,100
)  
(251,900)  $(1,234,000)  $(1,552,500)Basic      and Diluted Loss Per Common Share$
 (        0.01
)  $
 (        0.01
)  $(0.05)  $(0.07)
Basic        and Diluted Weighted-Average Common Shares Outstanding
 
         26,684,091
    
21,722,700
    25,868,949    20,944,700 
 

 

 

See  accompanying notes to condensed consolidated financial statements

 

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Table of Contents
**COMC, Inc. and Subsidiary**

**Condensed Consolidated Statements of Cash Flows**

 

 

 

 

**           Nine Months Ended September        30,**             

 

**2003**    

**2002**    

Cash        Flows From Operating Activities:

(unaudited)

(unaudited)

Net        Loss

$           (1,220,000)

$             (1,552,500)

Adjustments        to reconcile net loss to net cash used in operating activities:

 

 

Depreciation        and amortization                       

           195,500

            235,200

Amortization        of deferred finance charge                                 

                    —

              18,600
Deferred income taxes                    —59,900
Issuance of common stock for services      

             14,200

                    —

Issuance        of common stock in exchange for stock options

                4,300

                    —

Issuance        of convertible redeemable Series A preferred stock for expenses

              32,200

                    —

Issuance        of convertible redeemable Series B preferred stock for services and expenses

              45,700

                    —

Changes        in operating assets and liabilities:

 

 

      Accounts Receivable and Work In Process Unbilled

           (595,000)

         2,009,700

      Inventories                                                        

            (9,900)

              (14,900)

      Prepaid        expenses and other current assets        

          (80,700)

          (105,300)

      Accounts        payable                                  

            322,000

                        276,600

      Accrued        expenses                                     

              (25,200)

          (447,500)

      Income        taxes payable/refundable                         

            400,900

3,200
      Other current liabilities  —      
61,400

      Customer        deposits                            

          (370,400)

                   —      

Net        Cash (Used In) Provided By Operating Activities:

          (1,286,400)

           544,400

 

 

           

Cash        Flows From Investing Activities:

 

 

     Deposits        and Other assets                                         

              20,600

            (13,200)

     Purchase        of property and equipment    

            (24,100)

            (12,000)

Net        Cash Used In Investing Activities

                 (3,500)

            (25,200)

 

 

 

Cash        Flows From Financing Activities

 

 

     Sale        of common stock, net of offering costs                       

                    —

            626,200

     Sale        of Series A convertible redeemable preferred stock

            312,500

                    —

     Sale        of Series B convertible redeemable preferred stock

            215,000

                    —

     Advances        from bank loans                             

         8,624,500

       13,900,000

     Repayments        on bank loans                                   

       (7,836,400)

     (15,122,800)

     Repayment        on Related Party Subordinate Notes Payable

            (25,000)

                    —

     Payments        on capital lease obligations                       

            (29,100)

            (33,000)

Net        Cash Provided By (Used In) Financing  Activities

           1,261,500

          (629,600)

 

 

 

Net        Decrease in Cash and Cash Equivalents

            (28,400)

            (110,400)

Cash        and Cash Equivalents, beginning of period

              29,400

            200,700

Cash        and Cash Equivalents, end of period

$                  1,000

 $                  90,300

Cash        Paid For:

 

 

   Interest                                                               

$       171,000

$                153,800

   Income        taxes                                     

$           1,600

 $                        —

Non        Cash Financing Activities:

 

 

    Accrued        dividend for Series A and B convertible redeemable Preferred stock

$                 14,000

$                        —

    Issuance        of common stock in exchange for stock options

$           4,300

 $                        —

Issuance        of convertible redeemable series B preferred stock in exchange for related party note payable

$         62,500

 $                        —

Non        Cash Investing Activities:

 

 

     Equipment        under capital lease

$              —

$         129,400

 

 

See accompanying notes to condensed consolidated financial statements.

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Table of Contents
**COMC Inc., and Subsidiary**

 

**Notes to Condensed Consolidated Financial Statements**

1.   Summary of Accounting Policies

The Company

COMC, Inc. and Subsidiary(the “Company”) is a technology service company in the telecommunications industry with a regionalservice coverage area. The Company designs, implements, supports, and manages LAN/WAN computer networksystems, voice communication network systems, and premise wiring for both data and voice. In addition,the Company provides customers with permanent and temporary technical professional recruitment and placementservices. The Company is redirecting its business focus away from the recruitment and placement servicesin 2003 and is not seeking new customers in this area.

Basis of Presentation

The interim consolidated financial statements presented have been prepared by COMC, Inc. (the "Company") without audit and, in the opinion of the management, reflect all adjustments of a normal recurring nature (except as discussed below) necessary for a fair statement of (a) the results of operations for the three and nine months ended September 30, 2003 and 2002, (b) the Company's financial position at September 30, 2003 and (c) the cash flows for the nine months ended September 30, 2003 and 2002. Interim results are not necessarily indicative of results for a full year.

The consolidated balance sheet presented as of December 31, 2002 has been derived from the consolidated financial statements that have been audited by the Company's independent public accountants. The consolidated financial statements and notes are condensed as permitted by Form 10-QSB and do not contain certain information included in the annual financial statements and notes of the Company. The consolidated financial statements and notes included herein should be read in conjunction with the financial statements and notes included in the Company's 2002 Annual Report on Form 10-KSB filed on April 17, 2003.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, ICF Communication Solutions, Inc.  (ICF). All significant intercompany accounts and transactions have been eliminated.

On August 17, 1998, the Company consummated the acquisition of ICF Communication Systems, Inc. (ICF). Under the terms of the Agreement and Plan of Merger dated July 24, 1998, ICF merged with and into a wholly owned subsidiary of the Company that had been especially organized for purposes of this transaction (the Merger). In connection with the Merger, ICF's name was changed to ICF Communication Solutions, Inc. In consideration for the Merger, the two principals of ICF received an aggregate payment valued at approximately $14,000,000, as follows: $1,500,000 in cash at the closing of the  transaction; $3,500,000 in promissory notes of which $162,500 remain outstanding as of September 30, 2003, and 6,493,506 shares of the Company's common stock valued at $9,000,000 or $1.386 per share. The Company agreed to use its best efforts to register the shares of common stock issued in connection with the Merger. 

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.

                            

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Inventories

Inventories, consisting of various parts and equipment for sale, are stated at lower of cost (determined on a first-in, first-out) or market.

Property and Equipment

Property and  equipment  are  stated  at  cost. Depreciation is computed on the   straight-line method  over  the  estimated  useful  lives  of the assets,  which  range  from  five to  seven  years. Leasehold   improvements   are   amortized  on  the straight-line  method over the term of the lease or the useful life of the asset, whichever is shorter.

Long-Lived Assets

Long-lived assets are assessed for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable, or whenever management has committed to a plan to dispose of the assets. Such assets are carried at the lower of book value or fair value as estimated by management based on appraisals, current market value, comparable sales value, and undiscounted future cash flows as appropriate. Assets to be held and used affected by such impairment loss are depreciated or amortized at their new carrying amount over the remaining estimated life; assets to be sold or otherwise disposed of are not subject to further depreciation or amortization.

-6-

Table of Contents
 

**COMC Inc., and Subsidiary**

 

**Notes to Condensed Consolidated Financial Statements**

Revenue Recognition

Revenues and related costs for short-term projects (i.e. projects with duration of less than one month) are recognized as the projects are completed. Revenues generated by contracts of longer duration (typically covering periods of two-to-three months) are recognized principally on the percentage-of-completion method in the ratio that cost incurred bears to estimated cost at completion. Projects costs comprise time and materials. Out-of-pockets costs are not billed separately, rather, such costs are included in the contract price. Profit estimates are revised periodically based on changes in facts; any losses on contracts are recognized immediately. Revenue from claims is insignificant. Revenue and related costs for recruitment services are recognized as services are provided.

Income Taxes

Income taxes are calculated using the liability method of accounting for income taxes specified by Statement of Financial Accounting Standards (SFAS) No. 109, "Accounting for Income Taxes". Deferred income taxes are recognized for the tax consequences of temporary differences between the financial statements and income tax bases of assets, liabilities and carryforwards using enacted tax rates. Valuation allowances are established when necessary, to reduce deferred tax assets to the amount expected to be realized. Realization is dependent upon future pre-tax earnings, the reversal of temporary differences between book and tax income, and the expected tax rates in effect in future periods.

Fair Value of Financial Instruments

The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments:

Cash and Cash Equivalents

The carrying amount reported on the balance sheet for cash and cash equivalents approximates fair value.

Short-Term Debt

The fair value of short-term debt is estimated based on current interest rates available to the Company for debt instruments with similar terms and maturities.

Long-Term Debt and Related Party Notes Payable

The fair value of long-term debt and related party notes payable are estimated based on current interest rates available to the Company for debt instruments with similar terms and maturities.

As of September 30, 2003 and December 31, 2002, the fair values of the Company's financial instruments approximate their historical carrying amounts.

Basic and Diluted Earnings and Loss Per Common Share

Under SFAS No. 128, the dilutive effect of stock options is excluded from the calculation of basic earnings per share. For the periods ended September 30, 2003 and 2002 all potential common shares were excluded from diluted earnings per share as their effects were antidilutive, respectively. As of September 30, 2003 the Series A and B convertible redeemable preferred stock outstanding could be converted into an aggregate of 43,132,163 shares of common stock, subject to limitations on conversion to the extent shares are not available on conversion as set forth in the Preferred Stock Purchase Agreements.

 

Options outstanding to purchase 3,622,864 shares of common stock at prices between $0.08 per share and $1.00 per share would not have increased the diluted number of common stock outstanding (using the treasury stock method) as the exercise prices were greater than the average market price of the common stock during the three-month and nine-month periods ended September 30, 2003.

 

 

Stock-Based Compensation

SFAS No. 123, "Accounting for Stock-Based Compensation", encourages entities to recognize compensation costs for stock-based employee compensation plans using the fair value-based method of accounting defined in SFAS No. 123, but allows for the continued use of the intrinsic value based method of accounting prescribed by Accounting Principles Board (APB) Opinion No. 25, "Accounting for Stock Issued to Employees". The Company continues to use the accounting prescribed by APB Opinion No. 25 and as such is required to disclose pro forma net income and earnings per share as if the fair value-based method of accounting had been applied. For stock options and certain warrants issued to nonemployees, the Company applies SFAS No. 123, using the Black-Scholes option-pricing model.

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Table of Contents
 

**COMC Inc., and Subsidiary**

 

**Notes to Condensed Consolidated Financial Statements**

SFAS No. 123, Accounting for Stock-Based Compensation, requires the Company to provide pro forma information regarding net income (loss) and earnings (loss) per share as if compensation cost for the Company's stock option plan had been determined in accordance with the fair value based method prescribed in SFAS No.123. The Company estimates the fair value of stock options at the grant date by using the Black-Scholes option pricing-model with the following weighted average assumptions used for grants in 2001: dividend yield of 0; expected volatility of 170%; risk-free interest rate of 5.3% and expected lives of five years for all plan options. There were no options granted in 2002 and during the nine months ended September 30, 2003. Under the accounting provisions of SFAS No. 123, the Company's pro forma net loss and the basic and diluted net loss per common share would have been adjusted to the pro forma amounts below.

 

**For the Three Months Ended September 30,**

 

**For the Nine Months Ended September 30,**

 

**2003**

**2002**

 

**2003**

**2002**

 

 

 

 

 

 

Net Loss Available to Common Shareholders:

 

 

 

 

 

As Reported

$    (175,100)

 $     (251,900)

 

$    (1,234,000)

 $    (1,552,500)

Add: Stock-based employees compensation

 

 

 

 

 

     expense included in net loss

                      —

                      —

 

                      —

                      —

Deduct: Total stock-based employee 

 

 

 

 

 

    compensation expense determined under

 

 

 

 

 

    fair value based method for all awards

             (700)

       (10,000) 

 

             (19,500)

                     (30,000) 

Pro forma

 $           (175,800)

 $    (261,900)

 

 $   (1,253,500)

$     (1,582,500)

Basic and Diluted  earnings (loss) per share:

 

 

 

 

 

As reported

 $          (0.01)

 $          (0.01)

 

$            (0.05)

 $              (0.07)

Pro forma

 $          (0.01)

 $          (0.01)

 

 $            (0.05)

 $              (0.08)

Adoption of New Accounting Pronouncements

In June 2002, the FASB issued SFAS No. 146, "Accounting for Costs Associated with Exit Activities," which addresses financial accounting and reporting for costs associated with exit activities. SFAS No. 146 requires that a liability for a cost associated with an exit or disposal activity be recognized and measured initially at fair value only when the liability is incurred. SFAS No. 146 is effective for exit or disposal activities initiated after December 31, 2002. The adoption of this Statement did not have a material impact on the Company's consolidated financial position or results of operations.

In November 2002, the FASB issued Interpretation No. 45 (FIN 45), "Guarantor's Accounting and Disclosure Requirements for Guarantees, including Indirect Guarantees of Indebtedness of Others," which clarifies disclosure and recognition/measurement requirements related to certain guarantees. The disclosure requirements are effective for financial statements issued after December 31, 2002 and the recognition/measurement requirements are effective on a prospective basis for guarantees issued or modified after December 31, 2002. The adoption of this Interpretation did not have a material impact on the Company's consolidated financial position or results of operations.

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Table of Contents
 

In December 2002, the FASB issued SFAS No. 148, " Accounting for Stock-Based Compensation - Transition and Disclosure." This Statement amends SFAS No. 123 to provide alternative methods of transition for a voluntary change to the fair value based method of accounting for stock-based employee compensation. Additionally, SFAS No. 148 amends the disclosure requirements of SFAS No. 123 to require prominent disclosures in both annual and interim financial statements about the method of accounting for stock-based employee compensation and the effect of the method used on reported results. SFAS No. 148 is effective for financial statements for fiscal years ended after December 31, 2002. Management has elected to continue to follow the intrinsic value method in accounting for the Company's stock-based employee compensation arrangement as defined by APB 25.

In  January 2003, the FASB issued Interpretation No. 46 (FIN 46) "Consolidation  of Variable Interest Entities," which addresses consolidation by business  enterprises of variable interest entities that either: (1) do not have sufficient  equity investment at risk to permit the entity to finance its activities without  additional subordinated financial support, or (2) the equity investors lack  an essential characteristic of a controlling financial interest. The Company  does not have any entities that will require disclosure or new consolidation  as a result of adopting the provisions of FIN 46.

InMay 2003, the FASB issued SFAS 150, "Accounting for Certain Financial Instruments with Characteristicsof both Liabilities and Equity." SFAS 150 requires that certain financial instruments, which havecharacteristics of both liabilities and equity, must now be accounted for as liabilities. The financialinstruments affected include mandatory redeemable stock, certain financial instruments that require ormay require the issuer to buy back some of its shares in exchange for cash or other assets, and certainobligations that can be settled with shares of stock. SFAS 150 is effective for all financial instrumentsentered into or modified after May 31, 2003, and otherwise is effective at the beginning of the firstinterim period beginning after June 15, 2003. As a result of adopting SFAS 150 on July 1, 2003, the Companyhas included the carrying value of its convertible redeemable preferred stock as part of total liabilitiesin the Company’s balance sheet. This presentation did not affect the carrying amount of the Company’sshareholders’ deficiency.

2. Future Prospects

The  Company has incurred operating and net losses in the first nine months 2003  as well as during the years 2002 and 2001. The Company has limited additional  financing available under its current accounts receivable financing facility  in order to fund any additional cash required for its operations or otherwise.  These matters raise substantial doubt about the Company's ability to continue  as a going concern. Management has taken steps as of and subsequent to December  31, 2002 to improve the situation, including the $500,000 conversion of a shareholder  note to equity, treated as a capital contribution, the replacement of the Comerica  line of credit with a new financing arrangement with Greater Bay Bancorp, the  moving of the Company's corporate offices from Martinez, California to a smaller  facility in Concord, California in November 2002, the reduction of the Company's  direct sales force, a reduction in the Company's work force and further cuts  in overhead costs, the closing of the Company's Birmingham facility, the downsizing  of the Company's Houston and Phoenix operations, and changes in the Company's  management.  Management is currently discussing with Pacific Business Funding  an additional increase in the line of credit to a maximum commitment of $2,000,000  and a reduction of the interest rate. There are no assurances that the Company  will be successful.

 

Any temporary lack of available financing could have a materially unfavorable effect on the Company's financial statements. The Company's long-term prospects are dependent upon a return to profitability and/or the ability to raise additional capital as necessary to finance operations. The condensed consolidated financial statements included in this quarterly report do not include any adjustments that might result from the outcome of this uncertainty.

3.   Financings              

Lines of Credit

In 2002, the Company (i) raised approximately $650,000 in a private placement of its common stock with various accredited investors, and (ii) secured a $2,000,000 revolving line of credit under a Revolving Credit Loan & Security Agreement with Comerica Bank ("Agreement") that expired in February 2003. The borrowings under the Agreement are limited to no more than 80% of eligible accounts receivable (as defined in the agreement), bear interest at the bank's prime rate plus 2.0% (6.25% as of December 31, 2002) and are collateralized by the Company's accounts receivable, inventories, and property and equipment. The Agreement contains certain restrictive covenants, which require, among other things, that the Company maintain certain financial ratios pertaining to tangible net worth (as defined), debt to tangible net worth (as defined), and current ratio, and maintain certain minimum levels of tangible net worth (as defined) and net income (as defined). The Company was not profitable in 2002 and did not meet the covenants pertaining to net income and current ratio (as defined in the Agreement). The Bank waived the net income covenant and current ratio for the first quarter of 2002, but the Company did not receive a subsequent waiver and was not able to satisfy all financial covenants since then and continued to be in default. On December 6, 2002, the Company received notice that it was still in default on various terms of the Agreement. On February 7, 2003, the Company executed a modification of the Agreement which, provided, among other terms, a reduction in the borrowing base, as defined in the Agreement, to 70%, with a further reduction to 60% in certain situations, a reduction in the credit limit to $750,000, with a further reduction to $550,000 in certain situations, and a modification to the termination date to March 14, 2003. The Company paid off the balance of monies due Comerica on February 27, 2003.

In February 2003, the Company entered into a one year accounts receivable financing facility with Pacific Business Funding, a division of Cupertino National Bank, which is part of Greater Bay Bancorp, to replace its facility with Comerica. The Agreement with Greater Bay Bancorp provides, among its terms, a $1,000,000 financing facility with a borrowing formula of 80% of eligible receivables, collateralized with a first lien on all assets. The finance fees on this Greater Bay Bancorp facility are 1.5% per month (18% annual rate) on average daily cash balances with an additional administrative fee and an annual commitment fee. There are no financial covenants under this facility. On October 10, 2003, the maximum commitment under this financing facility was increased to $1,500,000.  In connection with this increase, the Company executed a warrant agreement with Pacific Business Funding for 277,777 shares of the Company’s common stock at an exercise price of $0.09 per share and an expiration date of October 14, 2013.  Any temporary lack of financing could have a materially unfavorable effect on the Company's financial statements. The Company's long-term prospects are dependent upon a return to profitability and/or the ability to raise additional capital as necessary to finance its operations. Management is currently discussing with Pacific Business Funding an additional increase in the line of credit to a maximum commitment of $2,000,000 and a reduction of the interest rate. There are no assurances that the Company will be successful. See Note 2.

During the second quarter of 2003, the Company entered into an agreement with its largest vendor in connection with an increase in the Company’s line of credit for material purchases to provide this vendor a second lien on all of the Company’s assets.

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Debt Financing

From 1998 through 2002, the Company acquired twelve vehicles for a total purchase price of $216,000 under capital lease arrangements with the vehicles as security. The loans bear interest at rates ranging from 0.9% to 9.7%. Accumulated depreciation related to these vehicles was $78,000 as of December 31, 2002.

As of September 30, 2003, maturities of the debt financing discussed above are as follows:     

Years Ending December 31,

2003

 $                                                             6,900

2004

29,000

2005

31,700

2006

18,900

2007

4,900

 

 $                                   91,400

4.   Commitments and Contingencies

  

    

Operating Leases

The Company leases certain offices under operating leases expiring on various dates through 2007. Total rent expense charged to operations was $511,200 in 2002, respectively. As of September 30, 2003, the minimum future rental commitments under non-cancelable operating leases payable over the remaining terms of the operating leases are:

Years Ending December 31,

2003

 $                                 79,600

2004

                                  314,500

2005

                                    189,600

2006

                                    83,400

2007

                                     85,700

 

 $                                752,800

                    

Rent expense during the nine months ended September 30, 2003 was, net of sublease income, $176,400.

Legal Matters

On May 25, 2003, ICF settled all outstanding legal matters with Metropolitan Talent Agency (Metropolitan).Metropolitan and ICF agreed to release each other as liable parties in the suit and settle outstanding fees for release of writ of attachment for collecting on the original judgment of the case.

                  

On August 8, 2001, an ICF employee filed a complaint against Starbucks Corporation and Wells Fargo Bank (Defendants) in San Francisco Superior Court, claiming that the employee suffered wage loss, hospital and medical expenses, general damage and loss of earning capacity in unspecified amounts.  On March 7, 2002, the defendants filed an amendment to the cross-compliant, identifying ICF as fictitiously named cross-defendant Roe 1.

Kemper Insurance has formally accepted ICF's tender of defense and has hired the law firm of Boornazian, Jensen and Garthe of Oakland, California to defend ICF on the cross-complaint of Wells Fargo. The insurance carriers for Wells Fargo and Starbucks have settled the claim brought against them by ICF's former employee but Wells is continuing to seek indemnity from ICF under the terms of a contract entered into in March, 1999.

It is ICF's position that the March, 1999 contract has no applicability to the claim by the former employee and that no indemnity is owed. The contractual and insurance coverage issues related to Well Fargo's indemnity claim that are somewhat unclear, and it is likely that Kemper will seek to reach a compromise settlement with Wells Fargo's carrier rather than litigate the issue. There is presently no trial date set for the indemnity claim.

During the quarter ended June 30, 2003, the Company was informed by a competitor that a then current sales employee may be in violation of a non-compete agreement. This employee stated in her employment agreement with the Company that she did not have a non-compete agreement with her former employer. ICF does not believe this will have a material effect on the Company.  On August 22, 2003, ICF and this former employee entered into a letter agreement ending her employment and releasing ICF from all claims, actions and causes of action. 

On September 10 and October 31, 2003, the Company filed two lawsuits in Contra Costa County Superior Court, California against several former employees of the Company, namely, Charles E. Lincoln, Paul Carpenter, Steven Johnson, Jeffrey Clark, Lynn Thompson, Michael Gurasich, Charles Rago, and Ronalee Haggard, and related business entities, Comletric, Information Technology Squared, and All Business Communications, for misappropriation of trade secrets, breach of contract, and business torts.

Employment Agreements

The Company's currentChairman and Chief Executive Officer is an "At Will" employee at an annual salary of $135,000, whichwas accrued from April until August 2003.  On September 2, 2003.  The Company started payingthe CEO her monthly salary in September 2003.

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**COMC Inc., and Subsidiary**

 

**Notes to Condensed Consolidated Financial Statements**

 

 

5. Transactions with Related Parties                      

In December 2002, the terms of the remaining subordinated notes in the principal amount of $750,000, originally issued as part of the Merger discussed in Note 1, were modified by which a) $500,000 of principal and $30,500 of accrued interest were converted to equity in exchange for 1,785,000 shares of the Company's common stock, b) the interest rate on the remaining $250,000 principal balance was reduced from 8% to 4% and c) the due date on the notes were changed so that $25,000 became due by March 31, 2003 and the balance of $225,000 became due on January 30, 2004 . In March 2003, the Company paid down $25,000 of the notes. In June 2003, 250,000 shares of convertible redeemable Series B preferred stock was issued in exchange for $62,500 of Related Party Note Payable. 

Related party interest expense associated with the above notes aggregated $60,700 during 2002. In the nine months ended September 30, 2003 related party interest expense amounted to $6,100.

In connection with the restructuring of the notes, the note holders received 753,246 options (Note 7) to purchase common stock. The fair value of these options of approximately $361,600 was recorded as a deferred finance charge, and was amortized as interest expense over the life of the related notes, with amortization accelerated when the notes were repaid before maturity. The Company recorded amortization expense of $1,400 during 2002. In the first quarter of 2003, 376,623 of these options were exchanged for 216,370 shares of common stock. This exchange was valued at $.02 per share for each share of common stock. 

During the quarter ended June 30, 2003, the CEO received 75,000 shares of convertible redeemable Series B preferred stock, as compensation for services rendered in connection with the restructuring.

6. Convertible Redeemable Preferred Stock                

In March 2003, the Company raised $312,500 through a private placement of 1,092,657.34 shares of Series A Convertible Redeemable Preferred Stock for $.286 per share with various accredited investors (the "Investors"). Each investor had the right to increase his purchase by 25% during a 90 day period from the purchase date.  As of June 30, 2003 this right expired with no new shares being issued. In March and June 2003, an additional 55,944.06 and 56,614.93 shares of Series A Convertible Redeemable Preferred Stock were issued, valued at $16,000 and $16,200, respectively, for reimbursement of expenses in the first and second quarter of 2003.

         

In June 2003, the Company raised $215,000 through a private placement of 1,075,000 shares of Series B Convertible Redeemable Preferred Stock for $.20 per share with various accredited investors. In addition, 250,000 shares of convertible redeemable Series B preferred stock were issued in exchange for $62,500 of Related Party Note Payable. In addition, the CEO received 75,000 shares of convertible redeemable Series B preferred stock, valued at $15,000, as compensation for services rendered in connection with the restructuring.  In September 2003, an additional 154,000 shares of Series B Convertible Redeemable Preferred Stock were issued, valued at $30,800 for reimbursement of expenses in the third quarter of 2003.  

Accrued dividends as of September 30, 2003 on Series A and B Convertible Redeemable Preferred Stock were $8,900 and $5,100, respectively.

  

The rights, preferences and privileges of the Series A and B Preferred stockholders are as follows:

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The rights, preferences and privileges of the Series A and B Preferred stockholders are as follows:

Series A

Series B

Term

The Series A Preferred Stock have a term of five years from the date of issuance. Redeemable in March 2008.

 Dividends

The holders of Series A Preferred Stock are entitled to

receive a 5% cumulative dividend, payable in stock. The Series A Preferred stockholders are entitled to receive a minimum of two-year dividends regardless if they are forced to convert or voluntarily convert.

As of September 30, 2003 accrued dividends on the Series A Preferred        Stock amounted to $8,900.

Liquidation Preference

 In the event the Company is liquidated or sold, the Series A Preferred stockholders will be entitled to receive the par value of their shares plus any accumulated dividends prior to any distribution to the holders of common stock. Pari passu with Series B.

Voting Rights

Each share of Series A Preferred Stock shall have the

equivalent voting rights of 20 shares of common stock.

Conversion

The Series A Preferred stockholders have the right, at any time, to convert their shares into common stock. Each share of Series A Preferred Stock is convertible into 10 shares of common stock.

In the event the Company raises in excess of $2 million of new equity with rights junior to the Series A Preferred

Stock, the Company has a right to demand that the Series A Preferred Stock is converted into common stock.

         

Redemption

The Series A Preferred stockholders have the right to demand the Company to redeem the Series A Preferred Stock five years after the date of issuance. After a two-year period, the Company has the right, at any time, without penalty, to redeem the Series A Preferred Stock. If the Company exercises its right, the Series A Preferred stockholders will have 10 business days to make a decision to either convert their Series A Preferred Stock into common stock or have their shares redeemed.

Term

The Series B Preferred Stock have a term of four years and nine months from the date of issuance. Redeemable in March 2008.

Dividends

The holders of Series B Preferred Stock are entitled to receive a 5% cumulative dividend, payable in stock. The Series B Preferred stockholders are entitled to receive a minimum of two-year dividends regardless if they are forced to convert or voluntarily convert.

As of September 30, 2003 accrued dividends on the Series B Preferred        Stock amounted to $5,100.

Liquidation Preference

In the event the Company is liquidated or sold, the Series B

Preferred stockholders will be entitled to receive the par value of their shares plus any accumulated dividends prior to any distribution to the holders of common stock. Pari passu with Series A.

Voting Rights

Each share of Series B Preferred Stock shall have the equivalent voting rights of 20 shares of common stock.

Conversion

The Series B Preferred stockholders have the right, at any

time, to convert their shares into common stock. Each share

of Series B Preferred Stock is convertible into 20 shares of

common stock.

In the event the Company raises in excess of $5 million of

new equity with rights junior to the Series B Preferred Stock, the Company has a right to demand that the Series B Preferred Stock is converted into common stock.

Redemption

The Series B Preferred stockholders have the right to demand the Company to redeem the Series B Preferred Stock four years and nine months after the date of issuance. After a two-year period, the Company has the right, at any time, without penalty, to redeem the Series B Preferred Stock. If the Company exercises its right, the Series B Preferred stockholders will have 10 business days to make a decision to either convert their Series B Preferred Stock into common stock or have their shares redeemed.

As of September 30, 2003, Series A and B Preferred Stock would be convertible  into 12,052,163 and 31,080,000, respectively, shares of common stock, subject to limitations on conversion to the extent shares are not available on conversion  as set forth in the Preferred Stock Purchase Agreements.

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**COMCInc., and Subsidiary**

**Notes to Condensed Consolidated Financial Statements**

7. Shareholders' Equity                              

In  March 2003, the Company issued 2,100,000 shares of common stock for services  to the Chairman, President and CEO of the Company, and 735,000 shares of common  stock to a financial advisor for services rendered in connection with assistance  in financial restructuring provided in the quarter ended March 31, 2003 and  additional services to be provided over the next year. These shares have certain  service milestones that provide for a clawback of shares if services are terminated.  Of these shares, 708,750 vested immediately with the remaining balance of 2,126,250  shares vesting 50% on October 1, 2003 and 50% on March 31, 2004, respectively.  The 2,835,000 shares were valued at $.02 per share, or $56,700. As of September  30, 2003, 75% of this amount has been recorded as a prepaid expense.

8.  Concentration of Credit Risk

Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and cash equivalents, and trade receivables. The Company places its cash and cash equivalents with high quality financial institutions and, by policy, limits the amounts of credit exposure to any one financial institution.

In the first nine months of 2003, revenues from the Company's two largest customers accounted for approximately 49%, and 33%, respectively, of total revenues. Accounts receivable balances at September 30, 2003 from these two customers represented approximately 60% and 22%, respectively, of net accounts receivable. In the first nine months of 2002, revenues from the Company's two largest customers accounted for approximately 46%, and 31%, respectively, of total revenues. No other customer accounted for more than 10% of total revenue in the nine months ended September 30, 2003 and 2002, respectively.

The concentrationsof revenues and related receivables as of and for the nine months ended September 30, 2003 as describedabove expose the Company to a relatively greater degree of risk of loss than would be the case with greatercustomer diversification.

 

9.

Segment Information

The Company operatesin two industry segments: Data and Voice Services and Recruitment Services. The revenue components ofthe Data and Voice Services segment consist primarily of (1) designing, implementing, supporting, andmanaging LAN/WAN computer network systems, voice communication network systems, and premise wiring forboth data and voice; and (2) distributing and maintaining equipment on behalf of major telecommunicationequipment manufacturers.

The revenue componentsof the Recruitment Services segment consist primarily of providing customers with permanent and temporarytechnical professional recruitment and placement services to fill their internal staffing needs. The Companyis redirecting its business focus away from the recruitment and placement services in 2003 and is notseeking new customers in this area.                    

 

  

Summarized financialinformation concerning the operating segments in which the Company operated for the three and nine monthperiods ended September 30, 2003 and September 30, 2002, is shown in the following tables:

OperatingSegments

**ThreeMonths Ended September 30,**

 

**NineMonths Ended September 30,**

 

**2003**

**2002**

 

**2003**

**2002**

Revenue:

 

 

 

 

 

Data& Voice Services

 $  2,853,700 

 $  3,000,600 

 

 $   7,942,700 

 $ 9,023,100 

RecruitmentServices

            29,000

         129,000

 

           117,600

        389,000

Corporate

                     —

                     —

 

                     —

                     —

 

 $  2,882,700 

 $  3,129,600 

 

 $   8,060,300 

 $ 9,412,100 

 

 

 

 

 

 

Income(loss) from operations:

 

 

 

 

 

Data& Voice Services

 $   997,800 

 $     893,900 

 

 $   2,312,500 

 $ 2,812,900 

RecruitmentServices

              9,000

           19,000

 

            26,400

          60,000

Corporate

     (1,118,000)

    (1,322,600)

 

      (3,409,200)

   (4,650,900)

 

 $    (111,200)

 $   (409,700)

 

 $  (1,070,300)

 $(1,778,000)

 

 

 

 

 

 

TotalAssets:

 

 

 

 

 

Data& Voice Services

 $   3,587,700 

 $  3,741,200

 

 $   3,587,700 

 $  3,741,200

RecruitmentServices

            34,700

          87,000

 

            34,700

          87,000

Corporate

              9,200

           13,500

 

              9,200

            13,500

 

 $   3,631,600 

 $  3,841,700

 

 $   3,631,600 

 $  3,841,700

 

 

 

 

 

 

Expendituresfor long lived assets:

 

 

 

 

 

Data& Voice Services

 $          9,400

 $           — 

 

 $        29,400 

 $       12,000

RecruitmentServices

                     —

                     —

 

                        —

                       —

Corporate

                     —

                       —

 

                       —

                       —

 

 $            9,400

 $           — 

 

 $        29,400 

 $       12,000

 

 

 

 

 

 

Depreciationand amortization:

 

 

 

 

 

Data& Voice Services

 $        63,400 

 $       76,800 

 

 $      195,500 

 $    235,200 

RecruitmentServices

                     —

                     —

 

                        —

                       —

Corporate

                     —

                       —

 

                       —

 —

 

 $        63,400 

 $       76,800 

 

 $      195,500 

 $    235,200 

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**COMC Inc., and Subsidiary**

 

**Notes to Condensed Consolidated Financial Statements**

 

The accounting policiesof the reportable segments are the same as those described in the summary of significant accounting policies.There are no inter-segment sales. Long-term assets are made up of property and equipment and other assets.Corporate services, consisting of general and administrative services are provided to the segments froma centralized location. In addition, substantially all of the sales and recruiting workforce is containedin the Data and Voice Services segment. Costs associated with the sales and recruiting workforce are allocatedto the Recruitment Services segment based generally on forecasted revenues.

 

Item  2. Management Discussion and Analysis of Financial Condition and Results of  Operations

This report contains certain statements of a forward-looking nature relating to future performance of the Company. Prospective investors are cautioned that such statements are only predictions, and actual events or results may differ materially.

Overview

COMC,  Inc. ("COMC," the "Company," "Corporation," "we,"  or "us"), through its wholly - owned operating subsidiary ICF Communication  Solutions, Inc. ("ICF"), is a technology service company in the telecommunications  industry. We design, implement, support and manage LAN/WAN computer network  systems, voice communication network systems, and premise wiring for both data  and voice. In addition, we distribute and maintain equipment on behalf of major  telecommunication equipment manufacturers. Our target clients are primarily  Fortune 1000 sized enterprises demanding the highest level of service under  project, master and general maintenance contracts to support their complex and  growing national voice and data network systems. In servicing these customers,  we provide highly trained and experienced technicians and design engineers on  a rapid-response basis to meet our customers' telecommunications planning, design,  installation, maintenance and emergency needs. As our customers and other companies  continue their geographic growth, technological expansion and communications  modernization, we will provide them with design, product, maintenance and personnel  on a turnkey, outsource basis.

In addition to the services described above, our Recruitment Services division is providing our customers with permanent and temporary technical professional recruitment and placement services to fill their internal staffing needs. The Company is redirecting its business focus away from the recruitment and placement services in 2003 and is not  seeking new customers in this area. 

                       

Our assets are our employees. Our investments are in our employees. While we do not design or take the research and development risk borne by the manufacturers of the equipment we service, we continue to invest in the latest training and certification for the networks we support and for data products designed by Cisco Systems, Inc., Avaya, Inc., Bay Networks (a division of NorTel Networks) and 3Com, as well as voice products by Avaya, Inc. and NorTel Networks, Inc.

Critical Accounting Policies:

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires management to make judgments, assumptions and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying Notes. The Summary of Significant Accounting Policies appears in Note 1 to the Condensed Consolidated Financial Statements and describes the significant accounting polices and methods used in the preparation of the Condensed Consolidated Financial Statements. Estimates are used for, but are not limited to, revenue recognition, the allowance for doubtful accounts, and deferred tax assets. Actual results could differ materially from these estimates. The following critical accounting policies are impacted significantly by judgments, assumptions and estimates used in the preparation of the Condensed Consolidated Financial Statements.

Revenue recognition. The Company derives a significant portion of its revenue from short and long-term contracts, which require the accurate estimation of the cost, scope and duration of each engagement. Revenue and the related costs for these projects are recognized on the percentage-of-completion, using the cost incurred to the estimated cost at completion. If the Company does not accurately estimate the resources required or the scope of work to be performed, or does not manage its projects properly under the contracts, then future margins may be significantly and negatively affected or losses on existing contracts may need to be recognized. Any such resulting reductions in margins or contract losses could be material to the Company's results of operations.

Allowance for Doubtful Accounts. We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and the customer's current credit worthiness, as determined by our review of their current credit information. We continuously monitor collections and payments from our customers and maintain a provision for estimated credit losses based upon our historical experience and any specific customer collection issues that we have identified. While such credit losses have historically been within our expectations and the provisions established, we cannot guarantee that we will continue to experience the same credit loss rates that we have in the past. Since our accounts receivable are concentrated in a relatively few number of customers, a significant change in the liquidity or financial position of any one of these customers could have a material adverse impact on the collectability of our accounts receivables and our future operating results.

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Deferred Tax Assets. We evaluate our deferred tax assets for potential recoverability. We have established a valuation allowance on our deferred tax asset to the extent that we determine that it is more likely than not that some portion or all of the deferred tax asset will not be realized. The ultimate realization of the deferred tax asset is dependent upon the generation of future taxable income.

Results of Operations:

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

Dollars in Thousands

             2003

2002

 

            2003

2002

 

 

 

 

 

 

Net Revenues

 

 

 

 

 

Data & Voice Services

 $    2,853,700 

 $   3,000,600 

 

 $    7,942,700 

 $  9,203,100 

Recruitment Services

            29,000 

         129,000 

 

            117,600 

        389,000 

Total Revenues

 $    2,882,700 

 $     3,129,600 

 

 $    8,060,300 

     9,412,100 

Our revenues were$2,882,700 and $3,129,600 for the three months ended September 30, 2003 and 2002, respectively, representinga decrease of 7.9%. This decrease was due primarily to a 4.9% decrease in Data and Voice Services revenuefor the period, and a 77.5% decrease in Recruitment Services revenue. Compared with revenues of $2,629,800generated in the quarter ended June 30, 2003, our third quarter revenue increased 9.6%. Data and VoiceServices continued to show the effects of a decline in project work relating to one of our larger existingclients. We are not actively seeking new business in our Recruitment Services Division.

 

Our revenues were$8,060,300 and $9,412,100 for the nine months ended September 30, 2003 and 2002, respectively, representinga decrease of 14.4%. This decrease was due primarily to a 12.0% decrease in Data and Voice Services revenuefor the period, and an 69.8% decrease in Recruitment Services revenue. Data and Voice Services continuedto show the effects of a significant decline in project work relating to one of our larger existing clients.We are not seeking new business in our Recruitment Services Division.

  

Dollarsin Thousands

**ThreeMonths Ended September 30,**

 

**NineMonths Ended September 30,**

 

**2003**

**2002**

 

**2003**

**2002**

GrossProfits

 

Margin

 

Margin

 

 

Margin

 

Margin

Data& Voice Services

      $1,061,200

37.2%

      $970,700

32.4%

 

   $2,508,000

31.6%

 $3,048,100

33.1%

RecruitmentServices

             9,000

31.0%

          19,000

14.7%

 

         26,400

22.3%

        60,000

15.4%

TotalGross Profits

      $1,070,200

37.1%

      $989,700      

31.6%

 

   $2,534,400

31.4%

 $3,108,100

33.0%

Cost  of revenues was $1,812,500 and $2,139,900 for the three months ended September  30, 2003 and 2002, respectively, representing marginal a decrease of 15.3%.  Our Gross profit for the comparable periods was $1,070,200 and $989,700, respectively,  representing an increase of 8.1%. Gross profit and margin for Data and Voice  Services was $1,061,200 and 37.2%, respectively, for the three months ended  September 30, 2003 as compared with $970,700 and 32.4%, respectively, for the  three months ended September 30, 2002. The increase in margin was mainly due  to less use of more expensive subcontracted labor. Gross profit and margin for  Recruitment Services were $9,000 and 31.0%, respectively for the three months  ended September 30, 2003 as compared with $19,000 and 14.7%, respectively for  the three months ended September 30, 2002. The increase in margin was due to  a lower percentage of permanent placement revenue as compared to the prior period,  which had a lower contribution margin.

     

Cost  of revenues was $5,525,900 and $6,304,000 for the nine months ended September  30, 2003 and 2002, respectively, representing a decrease of 12.3%. Conversely,  our Gross profit for the comparable periods was $2,534,400 and $3,108,100, respectively,  representing a decrease of 18.5%. Gross profit and margin for Data and Voice  Services was $2,508,000 and 31.6%, respectively, for the nine months ended September  30, 2003 as compared with $3,048,100 and 33.1%, respectively, for the nine months  ended September 30, 2002. The decrease in margin was mainly due to write down  of work in process based on estimated net realizable value, which was partially  off-set by the less use of more expensive subcontracted labor on out-of-area  projects. Gross profit and margin for Recruitment Services were $26,400 and  22.3%, respectively for the three months ended September 30, 2003 as compared  with $60,000 and 15.4%, respectively for the nine months ended September 30,  2002. The increase in margin was due to a lower percentage of permanent placement  revenue as compared to the prior period, which had a lower contribution margin.

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Selling,  general and administrative ("SG&A") expenses decreased 15.5% from  $1,322,600 for the three months ended September 30, 2002 to $1,118,000 for the  three months ended September 30, 2003. This also compares with $1,185,100 of  similar expense in the previous quarter ended June 30, 2003. The decrease in  year over year comparable quarters was due to a reduction in workforce and to  other cost reductions that we instituted in response to the overall softness  in the economy. SG&A expenses decreased 26.7% from $4,650,900 for the nine  months ended September 30, 2002 to $3,409,200 for the nine months ended September  30, 2003. The decrease was due to a reduction in workforce and to other cost  reductions that we instituted in response to the overall softness in the economy.

Also included in our SG&A expenses are our holding company expenses, which decreased by $7,000 from $108,800 for the three months ended September 30, 2002 to $101,800, for the three months ended September 30, 2003. Our prior quarter holding company expenses were $58,800 for the period ended June 30, 2003. The increase from the previous quarter was due to increased filing and legal fees incurred in the quarter. Our holding company expenses decreased by $226,900 from $495,800 for the nine months ended September 30, 2002 to $268,900, for the nine months ended September 30, 2003. The decrease in expense was due to reduced filing and legal fees incurred.

 

Depreciation and amortization expenses were $63,400 and $76,800 for the three months ended September 30, 2003 and 2002, respectively. This decrease was due to minimal purchases of field service and office equipment. We expect that depreciation will continue to decrease in dollar terms as a result of a reduction in investments in capital equipment required to support the business.

Depreciation and amortization expenses were $195,500 and $235,200 for the nine months ended September 30, 2003 and 2002, respectively. This decrease was due to minimal purchases of field service and office equipment. We expect that depreciation will continue to decrease in dollar terms as a result of a reduction in investments in capital equipment required to support the business.

 

Dollars in Thousands

**Three Months Ended September 30,**

 

**Nine Months Ended September 30,**

 

**2003**

**2002**

 

**2003**

**2002**

Loss from Operations

 $   (111,200)

 $   (409,700)

 

 $      1,070,300)

 $    (1,778,000)

Loss from Operations decreased to a loss of $111,200 for the three months ended September 30, 2003 from a loss of $409,700 for the three months ended September 30, 2002.

Loss from Operations decreased to a loss of $1,070,300 for the nine months ended September 30, 2003 from a loss of $1,778,000 for the nine months ended September 30, 2002.

Interest expense increased for the three months ended September 30, 2003 to $55,500 from $29,400 for the three months ended September 30, 2002, due to increased borrowing.  Included in this amount is our related party interest expenses which declined from $19,400 to $1,600, for the quarters ended September 30, 2002 and 2003, respectively. We did experience an increase in comparable borrowing under our working capital line of credit, which resulted in an increase in interest expense to $151,700 from $66,900, respectively, for the nine months ended September 30, 2003 and 2002.

Other Income (Expense) is comprised mostly of bank fees and charges associated with our line of credit, offset by miscellaneous income for the period, which resulted in a net expense of $0 and $12,800, respectively, for the three months ended September 30, 2003 and 2002.

Other Income (Expense) is comprised mostly of bank fees and charges associated with our line of credit, offset by miscellaneous income for the period, which resulted in a net income of  $200 and a net expense of $49,400, respectively, for the nine months ended September 30, 2003 and 2002.

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During the nine monthsended June 30, 2003 and 2002, the Company provided a valuation allowance on all of the deferred tax assetassociated with the losses incurred during the periods, respectively, as management is unable to concludethat it is more likely than not that such deferred tax assets will be realized.  During the ninemonths ended September 30, 2003, we recognized a net tax benefit of $7,900, which consisted of an additionaltax refund of $9,500 less state tax expense of $1,600. An income tax benefit of $200,000 and $404,000were received for the three months and nine months ended September 30, 2002, respectively, due to lossesincurred during the periods. In June 2003, we received a federal income tax refund of $410,400 asa result of the carryback of the net operating loss in 2002 to prior tax years.

Net Loss Available to Common Shareholders decreased from $251,900, or ($0.01) per share, for the three months ended September 30, 2002 to $175,100, or ($0.01) per share, for the three months ended September 30, 2003.

Net Loss Availableto Common Shareholders decreased from $1,552,500, or ($0.07) per share, for the nine months ended September30, 2002 to $1,234,000, or ($0.05) per share, for the nine months ended September 30, 2003.

 

 

Liquidity and Capital Resources

Cash and cash equivalents decreased to $1,000 at September 30, 2003 compared to $29,400 at December 31, 2002. The decrease was mainly attributable to increased working capital requirements to fund operating activities offset by the sale of Series A convertible redeemable preferred stock for cash proceeds of $312,500 during the three months ended March 31, 2003 and the sale of Series B convertible redeemable preferred stock of $215,000 during the three months ended June 30, 2003. In addition, in June 2003, we received a federal income tax refund of $410,400. 

Cash Flows From OperatingActivities. For the nine months ended September 30, 2003, cash consumed by operating activities was $1,286,400which resulted primarily from our net loss for the first nine months of $1,220,000, decreased by non-cashcharges of $96,400, a decline in operating assets of $284,700, an increase in liabilities, of $296,800,offset by a decrease in customer deposits of $370,400.

Accounts receivable and work in process unbilled increased by $595,000 due to increased billings offset by write down of work in process based on estimated net realizable value in the second quarter of 2003. Net increase in payables and accruals amounted to $296,800 primarily due to an increase in accrued payroll for executive salaries and account payables.

Cash Flows From Investing Activities. There were no significant investing activities during the nine months ended September 30,  2003.

                                     

Cash Flows From Financing Activities. Net cash provided by financing activities during the nine months ended September 30, 2003 was $1,261,500. The cash generated arose from $527,500 of proceeds from the issuance of Series A and B convertible redeemable preferred stock and from increased bank borrowings in the amount of $788,100 offset by $25,000 of debt repayment on related party notes payable and $29,100 on capital lease obligations. 

Our long-term liabilities include $162,500 in Related Party Notes Payable. Interest is accruing at 4% per annum on these Notes and is being paid monthly.

Our net working capital at September 30, 2003 was a positive $14,300, a decrease of $408,200 from December 31, 2002. We have incurred operating and net losses in the first nine months of 2003 as well as during the years 2002 and 2001. We have limited additional financing available under our current accounts receivable financing facility in order to fund any additional cash required for our operations or otherwise. These matters raise substantial doubt about our ability to continue as a going concern. Management has taken steps as of and subsequent to December 31, 2002 to improve the situation, including the $500,000 conversion of a shareholder note to equity, treated as a capital contribution, the replacement of the Comerica line of credit with a new financing arrangement with Greater Bay Bancorp, the moving of our corporate offices from Martinez, California to a smaller facility in Concord, California in November 2002, thereduction of our direct sales force, a reduction in our work force and further cuts in overhead costs, the closing of our Birmingham facility, the downsizing of our Houston and Phoenix operations, and changes in our management. Management is currently discussing with Pacific Business Funding an additional increase in the line of credit to a maximum commitment of $2,000,000 and a reduction of the interest rate. There are no assurances that the Company will be successful. Any temporary lack of available financing could have a materially unfavorable effect on our financial statements. Our long-term prospects are dependent upon a return to profitability and/or the ability to raise additional capital as necessary to finance operations. The condensed consolidated financial statements included in this quarterly report do not include any adjustments that might result from the outcome of this uncertainty.

We have been dependent on two large customers for the majority of our revenue to date. A loss of either one could have a material effect on our liquidity. While from time to time we may experience delays in the collection of our accounts receivable from our major customers, due to the quality of our major customers, the collect ability of accounts receivable has not been a problem.

The following table discloses our contractual commitments, as of September 30, 2003, relating to lease obligations and long-term debt and redeemable preferred stock for future periods (See footnotes 3, 4, 5 and 6): 

Years Ending December 31,

2003

 $                                  86,500

2004

                                   506,000

2005

                                    221,300

2006

                                    102,300

2007

                                     90,500

2008

                                    681,900

 

 $                                            1,688,500

 

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Item  3. Controls and Procedures

(a)       Underthe supervision and with the participation of our management,

          includingour principal executive officer and principal financial

          officer,we conducted an evaluation of our disclosure controls and

          procedures,as such term is defined under Rule 13a-14(c) promulgated

          underthe Securities Exchange Act of 1934, as amended (the "Exchange

          Act"),within 90 days of the filing date of this report. Based on

          theirevaluation, our principal executive officer and principal

          financialofficer concluded that our disclosure controls and

          proceduresare effective.

(b)       Therehave been no significant changes (including corrective actions

          withregard to significant deficiencies or material weaknesses) in our

          internalcontrols or in other factors that could significantly affect

          thesecontrols subsequent to the date of the evaluation referenced in

          paragraph(a) above.

 

 

Part II. OTHER INFORMATION

Item  1. Legal proceedings

The Company settled a legal proceeding during the second quarter of 2003. The Company is currently involved in one other separate legal proceeding. 

On May 25, 2003, ICF settled all outstanding legal matters with Metropolitan Talent Agency (Metropolitan). Metropolitan and ICF agreed to release each other as liable parties in the suit and settle outstanding fees for release of writ of attachment for collecting on the original judgment of the case.

                                        

On August 8, 2001, an ICF employee filed a complaint against Starbucks Corporation and Wells Fargo Bank (Defendants) in San Francisco Superior Court, claiming that the employee suffered wage loss, hospital and medical expenses, general damage and loss of earning capacity in unspecified amounts.  On March 7, 2002, the defendants filed an amendment to the cross-complaint, identifying ICF Communications Solutions, Inc. (ICF) as fictitiously named cross-defendant Roe 1.  Kemper Insurance has formally accepted ICF's tender of defense and has hired the law firm of Boornazian, Jensen and Garthe of Oakland, California to defend ICF on the cross-complaint of Wells Fargo. The insurance carriers for Wells Fargo and Starbucks have settled the claim brought against them by ICF's former employee but Wells is continuing to seek indemnity from ICF under the terms of a contract entered into in March, 1999.  It is ICF's position that the March, 1999 contract has no applicability to the claim by the former employee and that no indemnity is owed. The contractual and insurance coverage issues related to Well Fargo's indemnity claim that are somewhat unclear, and it is likely that Kemper will seek to reach a compromise settlement with Wells Fargo's carrier rather than litigate the issue. There is presently no trial date set for the indemnity claim.

During the quarter ended June 30, 2003, the Company was informed by a competitor that a then current sales employee may be in violation of a non-compete agreement. This employee has stated in her employment agreement with the Company that she did not have a non-compete agreement with her former employer. ICF does not believe this will have a material effect on the Company.  On August 22, 2003, ICF and this former employee entered into a letter agreement ending her employment and releasing ICF from all claims, actions and causes of action.  On August 22, 2003, ICF and this former employee entered into a letter agreement ending her employment and releasing ICF from all claims, actions and causes of action. 

On September 10 and October 31, 2003, the Company filed two lawsuits in Contra Costa County Superior Court, California against several former employees of the Company, namely, Charles E. Lincoln, Paul Carpenter, Steven Johnson, Jeffrey Clark, Lynn Thompson, Michael Gurasich, Charles Rago, and Ronalee Haggard, and related business entities, Comletric, Information Technology Squared, and All Business Communications, for misappropriation of trade secrets, breach of contract, and business torts.

Mr. Christopher R. Smith, who was employed by the Company as Chief Executive Officer and President, and served on the Company’s Board of Directors, until his resignation effective April 14, 2003. As of April 3, 2003, according to the Company’s records, Mr. Smith owned 872,950 shares of the Company’s common stock. The Company is reviewing its rights and obligations under Mr. Smith’s option agreement dated August 10, 1999, which provided an option to purchase 2,463,869 common shares at an exercise price of $0.08 per share. 

Item  2. Changes in Securities

At the Board of Directors Meeting on February 28, 2003, our Board authorized management to raise up to $750,000 of equity from the sale of Series A Preferred Stock in COMC. In March 2003, we raised approximately $312,500 through a private placement of 1,092,657.34 shares of Series A Preferred Stock for $.286 per share convertible in ten shares of common stock with various accredited investors (the "Investors"). The offering to the Investors was exempt from the regulation requirements of the Securities Act of 1933 pursuant to Regulation D, Rule 506. In March and June 2003, an additional 55,944.06 and 56,614.93 shares of Series A Preferred Stock was issued, valued at $16,000 and $16,200, respectively, for reimbursement of expenses in the first and second quarter of 2003. 

At the Board of Directors Meeting on May 8, 2003, our Board authorized management to raise part of the $750,000 of equity previously authorized at the February 28, 2003 meeting. In June 2003 the Company raised $215,000 through a private placement of 1,075,000 shares of Series B Convertible Redeemable Preferred Stock for $.20 per share convertible into twenty shares of common stock. In addition, 250,000 shares  of convertible redeemable Series B preferred stock were issued in exchange for $62,500 of Related Party Note Payable. In addition, the CEO Company’s received 75,000 shares of convertible redeemable Series B preferred stock, valued at $15,000, as compensation for services rendered in connection with the restructuring.  In September 2003, an additional 154,000 shares of Series B Convertible Redeemable Preferred Stock were issued, valued at $30,800 for reimbursement of expenses inthe third quarter of 2003.

Item  3. Defaults Upon Senior Securities

None 

Item  4. Submission of Matters to a Vote of Security Holders

         Not Applicable

 

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Item 5. Other Information

At  the February 6, 2002 Board of Directors Meeting, Mr. John Ackerman stepped down  as Chairman of the Board of COMC and was replaced by Mr. William M. Burns. Mr.  Christopher Smith was named the CEO of ICF as well as holding that positionwith  COMC. In November 2002, and April of 2003, Paul Bakker and Patrick Guarino,  respectively, resigned from the board of the Company.

Until the acceptanceof his resignation, that was offered to the Board on February 28, 2003 and subsequently accepted by thecurrent Chairman, Mr. Smith was Chief Executive Officer and President and Acting Chief Financial Officerof COMC. Mr. Smith previously held officer positions at ICF until February 28, 2003 when Ms. Fuellhartbecame Chairman, President and Chief Executive Officer and Mr. Burns became Executive Vice President andChief Operating Officer, respectively, of ICF. Mr. Steven Richman was elected a director in March, 2003.

InApril 2003, Mr. Christopher Smith resigned as a director of the Company.

OnMay 8, 2003 George Malin was elected a director of COMC to fill a vacancy.

Item  6. Exhibits and Reports on Form 8-K

      (a) Exhibits.  The following is a list of exhibits filed as part of this Report on Form 10-QSB.

            (1)Certificate of Incorporation, incorporated herein by reference

      tothe Company's definitive proxy statement for the 2000 Annual Meeting of

      Stockholders,filed with the Commission on October 23, 2000, pursuant to

      Regulation14A of the Securities Exchange Act of 1934, as amended (the

      "ProxyStatement")

            (2)  By-laws, incorporated herein by reference to the Proxy Statement
Exhibit NumberDecription of Document31Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-OxleyAct of 200232Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-OxleyAct of 2002
      (b) No reports on Form 8-K were filed during the quarter for which this report is filed.

 

 

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**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

                                COMC, INC.

                                By: /s/ Janice B. Fuellhart

                                   -------------------------------

                                   Janice B. Fuellhart, Chairman

Dated:  November14, 2003

 

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EXHIBIT INDEX

 

31.1    Certification pursuant  to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2    Certification pursuant  to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1    Certification pursuant  to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 

 

32.2    Certification pursuant  to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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