Alert,
What takeover rumors are you talking about ??
This is taken from the annual report just filed, by the way what type of annual report is a 10-K405, the normal annual report is a 10K. This different 10-K405 is explained by the SEC below, except I can't find an explanation of those applicable Sections 13 / 15 (d) / 16 (a).
Form 10-K405 Annual and transitional
reports pursuant to
Sections 13 and 15(d) where
the Regulation S-K Item 405 box
on the cover page (relating to
Section 16(a) reports)
is checked
Initial filing 10-K405
Amendments 10-K405/A
Transition reports
pursuant to Rule
13a-10 or 15d-10
Initial filing 10KT405
Amendments 10KT405/A
The CEO had this to say about some money due him, in the annual 10-K405 just filed, and how he plans on recovering it !!!!!!!
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> The $762,000 due to the Company's CEO represents three separate notes that were consolidated into one non-interest-bearing promissory note on December 31, 1998. The promissory note contains a set repayment plan with payments through June 30, 2001. If the Company violates the plan, the note is due on demand. As of June 30, 1999, the Company has violated the repayment plan, but the Company's CEO has signed a waiver, deferring all payments due until the earlier of June 30, 2000 or upon an acquisition of the Company. As of the date of this report, no acquisition offers have been made.
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Alert, do you think some company will be after fcm's, Usa Talks business ??? I can not see much else in fcm's annual of value. Although, that darn usat they have some troubles, don't they ? They are under a continuing SEC investigation, They have numerous shareholders lawsuits pending and worse yet, they owe fcm $ 2,401,200 dollars, and they are flush with cash; Oh yeah, as of their last SEC filing they have Cash and cash equivalents $ 141,553. However, usat did account for 76% of fcm's total revenues for this past year.
You did also mention the fnet IPO, were you talking about this same fnet IPO that the ceo referred to back three years ago Oct 1996, in this post of his, right here on Silicon Investor ??
Message 338558
This IPO got somebody's interest didn't it, look at the massive interest of $ 60,000 this past fiscal year alone ???
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During the year ended June 30, 1999, FNet sold approximately 60,000 shares of its stock to outside investors at $1.00 per share. It also issued 50,000 shares upon the exercise of 50,000 stock options.
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