TFCT losses again.Revenues way down.This clown ever going to turn things around?I had sold it before the huge split.
PR after PR, and nothing going.
RESULTS OF OPERATIONS
INCOME STATEMENT
The Company ended the first quarter of 2003 with a loss of $267,407 as compared to a gain of $42,558 in the first quarter of 2002. The loss is primarily due to expenses related to the recapitalization which occurred in the first quarter of 2003 and a temporary decrease in sales. Net revenue decreased from $728,758 in the three months ended March 31, 2002 to $172,278 in the three months ended March 31, 2003. Management continued their focus on reducing General and Administrative expense with a 32% reduction from $396,293 in the first quarter of 2002 to $268,152 in the first quarter of 2003.
BALANCE SHEET
Total assets decreased from $4,775,069 to $2,466,682 respectively in the first quarter of 2002 and 2003. This reflects management's current attempts to collect receiveables and reduce inventory in stock as well as the 2002 year-end write off and reserving of notes and accounts receiveables and licenses deemed uncollectible or unuseful. Accounts receiveable decreased 86% from $1,071,222 on March 31, 2002 to $144,929 on March 31, 2003. Inventory decreased 39% from $820,704 to $499,612 during the same respective periods.
Current liabilities were reduced $753,128 or 43% from $1,739,831 on March 31, 2002 to $986,703 on March 31, 2003. Total Liabilities were reduced from $2,280,358 to $1,787,562 for the same respective periods. |
