Poynt Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported total revenue of CAD 0.49 million against CAD 0.536 million a year ago. Operating loss was CAD 5.822 million against CAD 2.421 million a year ago. Net loss and total comprehensive loss was CAD 5.850 million against CAD 3.762 million a year ago. Basic and diluted net loss per share was CAD 0.01 against CAD 0.01 per share a year ago. Revenue was down 10% primarily due to no revenues being realized on the platform acquired from go2 Media Inc. In 2011, approximately CAD 74,000 of revenue was recorded in the first quarter from this area. The increase in net loss was primarily due to cost associated with the formation of the Company's China joint venture with the People's Republic of China's China Youth Goyor Technology (Beijing) Co. Ltd. Contributing to the increase were investments in continued engineering of the Poynt Platform, additional marketing initiatives that address user growth and retention opportunities in global geographies and to increase Poynt Platform advertising. Management continues to pursue opportunities to increase the user base for the Poynt Platform, to increase monetization of this user base and to reduce costs with the goal of achieving positive cash flow in 2012. The company expects that the user base will broaden the revenue streams and allow the company to move towards cash flow profitability by year's end, which could be further strengthened by the initial monetization of expanding IP portfolio. For the quarter, the company announced that the total unique users increased 20% sequentially to 14.9 million from 12.4 million in the previous quarter and increased 100% year over year. As of May 30, 2012 the Platform's unique user base exceeded 16 million. Effective Immediately, Dr. Amit Monga has stepped down as a director of the company. Dr. Monga has requested the change of role to accommodate his increased responsibilities and commitments as the CEO of a public company. As part of the streamlining of the management team, Yves Millette, formerly president is no longer with the company. Andrew Osis, CEO will re-assume the role of President and CEO until such time as a suitable candidate can be hired to assume the role of President. In addition, Tony Bristol, SVP Business Development, Bart McCormick, VP Global Distribution, and Ben Banerjee, VP Southeast Asia are also no longer Officers of the company.