Lots to write about in financials. Especially how GONT's subsidiary, Affiliated Marketing Services, Inc. a/k/a AMS Inc., somehow went from $1 million in revenues to zero immediately after it was acquired by then-JNNE in May of 1998:
http://www.jnne.com/html/press/1998/052698.html , which reads:
"Jones Naughton Entertainment, Inc. announced today they have reached an agreement to acquire all of the assets of Affiliated Marketing Services, Inc. (AMS). AMS is an established, Del Mar, CA based multi-media publisher, advertising agency and media buying concern with annual revenues in excess of $1 Million."
Then they emphasize, in case anyone missed it:
"After a steady growth pattern for much of its early existence, AMS' revenues have begun a rapid ascent. In the last 12 months alone, AMS has reported revenues in excess of $1 Million."
So why did they quit reporting the revenues when they were audited?
The financials for 1998 and the first six months of 1999 show that the company has no revenue at all. The $1 million per year in revenues apparently disappeared once JNNE took them over. Now if that isn't mismanagement (going from bringing in a million a year to bringing in nothing), what is?
How do you acquire a company bringing in $1 million for the previous 12 months, and then get no revenue at all from it in the next 12 months?
In April of 1998, the announced the "acquisition" of Community Marquee. They said that the company had nine kiosks either already installed or about to be. Where are the 1998 revenues for that division?
jnne.com
Not reporting millions in revenues? Couldn't this cause a tax problem?
No, not if they were lying then and telling the truth now. |
