Mezz, re. those April sales of local city editions, here's what the 10k said:
Certain Matters related to the Offer and Sale of Local City Edition Licenses-
Beginning in January 1999 and ending in April 1999, the Company offered LCEs
for sale on its web site. During that period, it sold LCEs to 37 persons, plus
The Life Foundation Trust.
....
The Company ceased offering LCEs in April 1999 as a result of the sale in a
negotiated transaction of LCEs for up to 200 major metropolitan areas and other
cities to Life Foundation Trust.
So, it is possible, but not certain, that most or even all of the increased revenues, reported for April in that news release, were accounted for by LFT. If it was LFT, did LFT pay cash, or do the April transcations still sit in accounts receiveable? If they sit in A/R, then I would offer my opinion that they are highly questionable, bringing up the question of whether or not that newsrelease claiming revenue growth in April was misleading.
This is another case of there not being sufficient information available to the publicÿon the business transactions of HITT and LFT. |
