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Non-Tech : International Heritage (IHIN)
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To: Singleton Bain who wrote (127)3/24/1998 11:46:00 PM
From: Gutterball  Read Replies (1) of 454
 
If you refer to Form 8-K, Exhibit A, KARA's 10-KSB for the year ended 12-31-97 you will see International Heritage reports for Cost of Sales during 1997, Commissions at 72.7 million dollars and product at 15.1 million dollars. Add in the cost of Kits (6.9 million dollars) and their Income Statement favors the SEC's claim of a Pyramid Scheme at better than 5:1.

The SEC claims IHI missled investors by leading them to believe revenues came from sales of product, as we have been led to believe. The Income Statement shows revenue from product sales was a fraction of total revenue with most revenue coming from other activities; i.e., the recruiting side of the business. I'm sorry, but it appears the SEC has a strong case.
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