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CopSync Reports Its First Year Results Looking For a Bright 2010 (OTCBB: COYN)

On April 12th COPsync, COYN announced fourth quarter and year end results for December 2009.

From Global News Wire:”COPsync defines "gross sales" as the gross contract price accrued by the company for installations of its COPsync software product and hardware related to that product.

During 2009, COPsync received $1,153,914 in gross sales, versus $913,836 in software and hardware costs related to those receipts. This gross sales number included $278,018 in revenues recognized during the year, $533,293 in deferred revenues, which will be recognized over the term of the applicable license agreements, and $342,606 in incentives that COPsync gave back to its customers to supplement their purchase of hardware.

Additionally, as of December 31, 2009, the company had executed software license agreements with customers under which it expects to install its product and related hardware, and receive $945,492 in gross sales, in the first half of 2010.”

World Market Media covered the beginnings of COPsync earlier in the month, which highlighted the features of the software and provided some color on the business model of the company. Russell Chaney, CEO stated that he was very happy with the performance of the company in 2009 when considering the economic climate and the slow adapting nature of state funded organizations. You can find the link here

As branches begin to come up the curve, asking for grants and installing the software, the COPsync network will begin to expand and be valid tool for information sharing. The product is only as good as its network, and COPsync stated that the company was dedicated a large amount of resources towards grant programs which include: Border Security Equipment and Technology (NASDAQ:BSET) Grant Program, the Homeland Security Grant Program (HSGP), the Edward Byrne Memorial Justice Assistance Grant (NYSE:JAG) Program and the Department of Homeland Security Operation Stonegarden Grant."

As I stated in my previous blog, there is a demand for this product, and this company is the first in the space so moving into 2010 world market media will be following this company to see if they begin to get some real revenue traction