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Technology Stocks : Formulab Neuronetics Corp.(FNCLY)-Anyone following this CO
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To: wallstreetbull who wrote (37)10/7/1997 10:24:00 AM
From: rod runyan   of 210
 
Thanks Sam, I thought something was wrong w/ my explaination. I received my IR packet in the mail yesterday. It appears the big NOI line for last year is primarily the result of a 34.5 million writedown of their technology (ie: they have fully depreciated it in a lump sum).

As to shares, they have authorized up to 500 million and at the end of 1996 262 million had been issued w/ another 200 million outstanding as options. A.J. Richter (the company founder) holds 150 million of the issued shares and 150 million of the 200 million outstanding as options (at an option price of $.20 each).

My packet doesn't contain any information after dec. 1996 so I can't offer any definitive answer about the ADR shares, but i think i read somewhere (maybe FSS release) that these ADR shares represent 5 or 6 of the real shares. Hopefully someone will track it down. rod
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