R. Edwards, According to the most recent 10-K, it looks like the Beta Test "screens" were at least partially (perhaps completely) included in previous funding...
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(Pages 53 & 54)
In January 1997, the minority shareholder advanced additional funds totaling $93,000.0 In February 1997, the Company and the minority shareholder completed negotiations to convert the $343,000 of advances to common stock. The Company issued 675,680 shares of stock under Regulation S of the Securities Act of 1933 as repayment in full for such advances.
On October 19, 1995, the Company sold and issued a total of 700,000 shares of the common stock for a total of $301,000. On December 15, 1995, the Company sold and issued a total of 135,000 shares of the common stock for a total of $101,250. The capital has been used to secure the components that will be used to produce Telli*Phones for the Beta Test and to complete the Telli*Phone
software to manage the components in the working model.
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(I'm still reading to see about costs to users and advertisers.)
Best wishes,
Brad |
