D Morks IMATEL Holdings. What a great investment! (LOL)
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IMATEL HOLDINGS (OTC BB:IMTE)
Last Trade Aug 13 ú 0.390000
Change -0.000625 (-0.16%) Prev Cls
52-week Range
0.070000 - 5.062500
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General
The condensed consolidated financial statements of Imatel Holdings, Inc., (formerly Development Bancorp, Ltd.) included herein, have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Although certain information normally included in financial statements prepared in accordance with generally accepted accounting principles has been condensed or omitted, Imatel Holdings, Inc., believes that the disclosures are adequate to make the information presented not misleading. The condensed financial statements for the three months ended March 31, 1998 should be read in conjunction with the financial statements and notes thereto included in this report and Imatel Holdings, Inc.'s annual report on Form 10-KSB for the fiscal year ended December 31, 1997.
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Note 1 - Prior year quarter ending March 31, 1997 has been restated to incorporate the Pemp/Gestion Guychar, Inc. writedown of $2,884,818 which was adjusted at the fiscal year end December 31, 1997 audit to $2,816,335, reflecting a net investment amount of $889,603 at December 31, 1997, and $4,082,359 in SFP Bank Stocks (recorded at cost).
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Note 5 - Checks drawn in excess of bank funds (overdraft on foreign bank accounts at the Imatel Geneva Operations) was reduced by $371,293 due to the liquidation/sale of Marketable Securities (Note 3).
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Dempsey K. Mork
(Chief accounting and financial officer and duly authorized officer) |
