Frisky called it again, but is it too low?: "The balance of current liabilities at December 31, 1999 is $4,230,620 and primarily to the income taxes payable at December 31, 1999 of $2,083,763 primarily to the income taxes payable at December 31, 1999 of $2,083,763 relating to the U.S. earnings of OIA. Momentum Internet is a British Virgin
Islands company, Momentum Asia is a Philippine company and Asia4sale is a Hong
Kong company. These companies are subject to income taxation of the respective
countries of their registration. OIA is a Utah corporation, and therefore
subject to United States income tax. There were no income taxes payable at
December 31, 1998. Current liabilities at December 31, 1999 also increased for a
related party payable of $690,000, convertible to common stock at the trading
value of the shares on the date of conversion. Accounts payable and accrued
expenses increased $782,744, or 130%, from $600,013 at December 31, 1998 to
$1,382,757 at December 31, 1999. The increase is primarily due to the OIA
balance of approximately $718,000 at December 31, 1999. |
