Ad-supported online music service SpiralFrog, one of 2006’s candidate’s for most-hyped new product, and still half-vaporware (it has launched a closed beta), has filed its detailed financial with SEC, though I am not sure what triggered the Form 10SB filings (it is a private company). A good picture of its slightly-dire financials, or at least when it ran out of money and the management changes. Some details from the filing:
-- We initiated a beta test of our website in Canada in April 2007 and went live in Canada in May 2007. We launched our website in the United States, by invitation only, in August 2007.
-- We anticipate that we will need approximately $18 million in order to fully implement our business plan over the next 12 months.
-- We incurred net losses of $6,743,302 and $1,079,925 for the years ended December 31, 2006 and 2005, respectively. For the six months ended June 30, 2007, we incurred a net loss of $4,140,671.
-- As of December 31, 2006 and June 30, 2007, we had cash on hand of $498,009 and $941,593, respectively.
-- For the year ended December 31, 2006, we received $8,292,456 from financing activities, which was comprised primarily of $7,901,456 (net of transaction fees) from the sale of Series B Convertible Preferred Stock.
-- During March and April 2007, we entered into securities purchase agreements with nine accredited investors for the sale of an aggregate of $5,000,000 in senior secured exchangeable notes, of which we received net proceeds of approximately $4,500,000 after expenses and closing costs.  On August 7, 2007, we entered into an amended and restated securities purchase agreement, pursuant to which we sold an additional $5,000,000 in senior secured exchangeable notes.

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