FSNN Financial statement. Got to love these figure

FSNN Financial statement. Got to love these figures

INTERCONNECT SERVICES GROUP II, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

The accompanying notes are an integral part of these consolidated financial statements.

Six Months Ended June 30,      Year Ended December 31,

2012      2011      2011      2010

(unaudited)      (unaudited)

Net revenues   $  13,637,854     $  13,213,851     $  26,530,678     $  26,573,205

Cost of revenues       6,859,847        6,565,170        13,506,414        14,094,320

Gross profit      6,778,007        6,648,681        13,024,264        12,478,885

Selling, general and administrative expenses

Salaries, benefits and payroll taxes      1,933,641        1,808,002        3,581,902        3,626,026

Depreciation and amortization      576,853        719,118        1,433,504        1,633,154

Agent commissions      1,948,971        1,835,955        3,661,111        3,805,618

Other operating expenses       590,659        734,194        1,352,176        1,674,147

Total selling, general and

administrative expenses      5,050,124        5,097,269        10,028,693        10,738,945

Operating income      1,727,883        1,551,412        2,995,571        1,739,940

Other income (expenses)

Interest income      32,594        60,289        91,042        91,172

Loss on disposal of property and equipment      -       -       (107,121 )      (8,001 )

Other income       8,301        86,634        125,949        5,313

Net income   $  1,768,778     $  1,698,335     $  3,105,441     $  1,828,