Thanks for creating a more objective atmosphere for consideration of this stock.
The most recent SEC filing makes interesting reading....a few features like Nevada incorporation, 20 for 1 reverse split on 135 million shares is *ALL* too familiar to anyone who follows the OTC (AKA "shit stocks")
It is interesting that they spend a paltry sum on R&D, and a *huge* amount on "general" expenses....including some pretty nice salaries and stock rewards to themselves (all 3 of themselves) for a job "well done" that includes *NO* revenues.
Before anyone replies that this a "development stage company" rest assured a legitimate struggling "development stage" company does not piss all it's R&D capital away on large salaries. Usually a degree of self-sacrifice will be evident that is clearly *NOT* seen here.
Book-um Dan-O, another shit stock well toasted and ready for the anals of OTC fame. May their totally opportunistic approach reap *exactly* what is deserved....ZERO investor confidence!
Highlights for the logic impaired:(from the 97 filing)
**********The Company is involved in normal day-to-day litigation, however management does not believe that any of the litigation will have a significant effect on the Company's financial statements.******
>>>Normal day to day litigation????? Never seen *this* one before!<<<<
******In November 1990, the Company's stock was delisted from the Philadelphia Stock Exchange due to the Company's inability to meet the exchanges "total assets" requirement. The stock is still listed on the NASDAQ Bulletin Board.********
******However, the Company's efforts have been adversely affected by the lack of a completed product ready for market introduction and by the Company's lack of compliance with its reporting obligations under the Securities Exchange Act of 1934, as amended , among other factors.*****
******R&D expenses were $154,472, $3,565 and $31,763 in the fiscal years ended January 31, 1995, 1996 and 1997 respectively. The decrease in R&D expenses from 1995 to 1996 was primarily attributable to the lack of capital.*******
In Fiscal 1995, the Company had a net loss of $334,689, or $0.295 per share, based upon 1,134,398 weighted average shares outstanding. In Fiscal 1996, the Company had a net loss of $265,145, or $0.104 per share, based upon 2,544,691 weighted average shares outstanding. In Fiscal 1997, the Company had a net loss of $542,891, or $0.071 per share, based upon 7,661,956
>>>>>>OOOOPSSSS, the number of shares is starting to GROW again! Maybe time for another reverse split soon!<<<<<<<<
*****At January 31, 1997, the Company had cash and cash equivalents of $332,163, as compared to $26,926 at January 31, 1996. However, as of October 31, 1997 the Company's cash balance had been reduced to $9,792.*******
>>>>Nine thousand dollars to launch a "revolutionary" product that will set the likes of GE on their ear.....now *that* shows imagination!<<<<
******Monthly overheard including salaries, rent and utilities are $27,000.*******
>>>>>Lets see, 27,000 divided by 9,000, that'd be about a week and a half worth of operating expenses, eh? Pretty slim, wonder if GE operates this kind of "lean enterprise"? <<<<<<
*********The Company's current level of working capital together with the Company's current stockholders' deficit, raise substantial doubt about the Company's ability to continue as a going concern.********** |
