From the 10Q, Barton if you haven't done so, I suggest you set up a watch list at Free Edgar, makes it real easy to pull up filings, plus they email you with alerts to new ones - LOL and free, of course.
"ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
SIGNIFICANT EVENTS
From its inception and until shortly after the start of fiscal 1997,
the Company was involved exclusively in the gaming industry. During fiscal 1997,
the Company adopted a significant change in its corporate direction. It decided
to focus its efforts on developing precious metals mining prospects, with each
project undertaken in a separate corporate subsidiary. The Company organized a
number of wholly-owned or partially-owned precious metals/mining subsidiaries
that held rights in certain mining claims or properties believed to contain
precious metals or in certain mineral extraction technologies. In February 1999,
primarily due to the unavailability of capital to develop the Company's
technologies further, the Company decided to discontinue its mineral activities
and furlough its remaining personnel in the U.S. The Company allowed its mineral
interests to lapse. The Company continues to own a five-acre tract of land in
Tecopa, California, miscellaneous equipment believed to have an aggregate fair
market value of $25,000 and rights in certain technologies believed to have no
meaningful commercial value. The Company intends to dispose of the tract of land
and the remaining equipment as purchasers can be procured. The Company has no
present intentions regarding its technologies.
In the future, the Company intends to explore opportunities to develop
or acquire one or more businesses in other industries. The Company expects to
focus specifically on Internet-related businesses. The Company does not now any
particular prospect under consideration in any meaningful sense. The nature of
the business in which the Company will engage in the future, the terms and
circumstances under which the Company will engage in such business and even
whether or not the Company will engage in a future business, are now uncertain.
MATERIAL CHANGES IN FINANCIAL CONDITION
At September 30, 1999, the Company has a working capital deficiency of
$997,000 compared to a deficit of $1,525,000 at September 30, 1998. The lower
deficiency was primarily due to forgiveness of debt during the period ended June
30, 1999.
MATERIAL CHANGES IN RESULTS OF OPERATIONS
Three Months Ended September 30, 1999 and 1998
The Company had incurred a net loss of $1,000 or $.00 a share, as compared to
net loss of $160,000 or $0.01 per share for the comparable period in the prior
year. The change of $159,000 was attributable primarily to the reduction in
operating expenses."
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