10Q: Notes of interest.
- Received additional $136,375 on contract. Now stands at total of $386,575 or 45% of estimate of $885,000 for first board.
- "The Company's estimated cost to complete as of June 30, 1999 is $495,000 which it expects to fund with cash, billings on the contract and additional capital."
- "During the six months ended June 30, 1999 $147,102 was spent for the purchase of equipment and product development costs. Funds for operation needs, product development and capital expenditures were provided from the sale of securities and cash reserves. Product development expenditures are expected to be approximately $250,000 in fiscal 1999."
The above indicates to me that the board will not be finished in fiscal 1999, unless the numbers in the filing are inaccurate. i.e. Need $495,000 but are only going to spend $250,000? Maybe Les could clear this up?
Share action:
- "During the quarter ended June 30, 1999, the Company sold 1,437,050 shares of common stock for $112,984 in cash and issued 3,947,488 shares in exchange for services from officers and directors.
- 1.4M shares of stock sold at avg of $0.0786.
- 3.9M shares given for services at avg of $0.048. (Good for management I'd say, but bad for dilution!)
I'm still interested in seeing a board this year and will wait and see. Note that this is one of the first 10Q's that doesn't give a timeframe (such as dates, month or season) for completion of the board. ;>) |
