From Marketguide on IMAL
Equity: Com $.008 Par, 11/98, 37.5M auth., 9,291,145 o/s, net of shs. in Treas. @ cost. Insiders own 72%. 1/96, Co. formed through rev. acquis. w/Madison, York & Assoc. (38,439,684 shs. issd.). (As of 12/97) STD: $662K @ 10% - 12%; LTD: $32K in cap. leases. Prfd. Stock 10M auth., 5M shs issd, 2/98, 1-for-8 rev.. *7/98, Exch. chg. from Pink Sheets to NASDAQ.
Analyst Footnotes: FY'95 = 4 mos from inception. 1/96, Co. acq. Cabot, Richards & Reed, Inc. for 11.2M shs., & R&R Advertising for 4.8M shs. FY'97 & '98 Q's being restated; 6/97 & 6/98 = 6 months.
I can't figure out what insiders own 72 percent and what is being restated in financial reports.
Were these private placements definitely offshore private placements?
What officers have cross ties with the placement fionanciers? It is not that uncommon for someone who has put up money to be granted a seat on the board.
What is disturbing is that the trail continues to unearth more questions than answers. Someone appears to have spent a lot of time creating a muddled picture of the ownership and company financials. That in and of itself is quite disturbing. |
