Analysis of Financial Filing
Total Revenues 741,154
Cost of Sales 64,694
Gross Profit 676,460.
Other Income 10,091
Expenses 595,853.
Sub total Income 90,698.
Write off of Bad Income -201,630
Loss from Operations -110,932
Forgiveness of Debt 521,894.
Net Gain from Operations 410,962.
The above is how the profit of 410,962 is arrived at,
by removing uncollectable income, and eliminating the
debt. If the debt was not forgiven the company would have had a higher loss from
operations.
The 1999 cost of sales of 64,694 on 741,154 of sales,
is substantially less than the 1998 cost of sales figure of 306,419 on 312,829 of sales.
The 1998 figures include
independant contractor commission of 105,647, and show figures of 110,000, compared
to 42,282 of independant
contractor commission, and 0 for shows in 1999. I assume
these expenses in 1998 were getting the word out, coupled
with a more profitable way of doing business in 1999.
The companies long term liabilities of 213,895 includes
a lease obligation of 123,583,and a insignificant amount
of debt.
It appears the company is poised, after cleaning up
the negative income, forgiveness of debt, and current
salary determination for the principals, to move forward
with their business plan.
The next filing will be interesting in terms of sales
and cost of sales...anticipating a good ratio.
sprintcar |
