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Technology Stocks : IFLY - travel sales on the web pure play

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To: Arcane Lore who wrote (3700)	1/7/1999 12:13:00 AM
From: blankmind	Read Replies (1) of 4761

- misleading to say that IFLY is profitable - the last 2 quarters, where IFLY reported marginal GAAP profits, there were funny accounting issues involved that could be negated in the 4Q98. - "Capitalized Software for $90,000" - should some of this have been expensed? - where's the expense for the 125,000 stock options issued to the consultant in lieu of cash? - EXCESS OF COST OVER FAIR VALUE OF NET ASSETS ACQUIRED.. 4,862,572 on 6/30/98- vs. $4,812,718 on 9/30/98 ===>>> my point... you mean to tell me only $50,000 of depreciation per 1/4? or $200,000 per year? or 24 years to write down? - if you consider the above, you'll see that the razor thin profits reported aren't set in stone. - Finally... the interim financials are unaudited. Only the year-end is audited. That's the 4Q98 - due out by 3/31/99. So if the above examples erred in making IFLY's income too high, they will have the opposite effect from the audit.

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