August 22, 2014 1:55 PM ET

Software

Company Overview of XcelMobility Inc.

Company Overview

XcelMobility, Inc. develops mobile applications for mobile devices that utilize cellular networks to connect to the Internet and hardware/software products to increase the speed of virtual private networks. The company sells a wearable computing device, CCWatch, which is a smartwatch. It markets its security systems and wearable computing devices to the private and public security forces market in China. The company’s customers include government agencies and private companies in the security field. XcelMobility, Inc. is based in Redwood City, California.

303 Twin Dolphins Drive

Suite 600

Redwood City, CA 94065

United States

98 Employees

Phone:

650-632-4210

Key Executives for XcelMobility Inc.

Chief Executive Officer and Director
Age: 51
Total Annual Compensation: $7.8K
Executive Chairman
Age: 55
Chief Financial Officer
Age: 45
Total Annual Compensation: $17.4K
Compensation as of Fiscal Year 2013.

XcelMobility Inc. Key Developments

XcelMobility, Inc. Files Certificate of Amendment to Articles of Incorporation

On June 11, 2014, XcelMobility Inc. filed a Certificate of Amendment to the company's Articles of Incorporation to increase the total number of authorized shares of common stock from 100,000,000 to 400,000,000 (the Certificate of Amendment). The board of directors of the company and shareholders took action by written consent for the purpose of approving the Certificate of Amendment.

XcelMobility Inc. Gets USD 650,000 Capital Raise to Expand Wearable Computing Platform

XcelMobility Inc. reported that it has received USD 650,000 in funding from Magna Capital Group Inc. The investment will serve to fuel the company's accelerated development of its cloud-connected wearable computing solutions and support its expansion into China and other targeted key markets that are rapidly adopting most advanced wearable computing technologies.

XcelMobility Inc. Announces Earnings Results for the Year Ended December 31, 2013; Provides Revenue Guidance for the Fiscal Year 2014

XcelMobility Inc. announced earnings results for the year ended December 31, 2013. For the year, revenue was $2,781,745, an increase of $2,504,339 or 902.8% from $277,406 for the year ended December 31, 2012. This increase in revenue was primarily due to the acquisition of Jifu Technology's security products group. The company reported a net loss of $504,848 for the year ended December 31, 2013 compared to net loss of $434,769 for the year ended December 31, 2012. The company provided revenue guidance for the fiscal year 2014. The company is looking forward to continued growth in 2014 as it grow revenues in both its existing products and its newly launched Companion wearable computing platform.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
May 30, 2014
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