Walter from the audited 1997 book:
NOTE 5 - OTHER CURRENT LIABILITIES
Other current liabilities consisted of the following:
December 31,
1997 1996
(A) Payroll Taxes Payable $ 1,368,124 $ 854,494
(B) Workers Compensation Payable 108,000 108,000
$ 1,476,124 $ 962,494
(A) As of December 31, 1997 and 1996, the Company has payroll tax
liabilities to Federal, State and Local Governments.
The liabilities have incurred because of the underpayments
of payroll taxes for the years ended December 31, 1997
and 1996. The indebtedness consists of the following:
December 31,
1997 1996
Federal payroll taxes payable $ 761,863 $ 460,582
State and local payroll taxes payable 54,861 19,012
Accrued penalties and interest 551,400 374,900
$ 1,368,124 $ 854,494
And adding the myriad acquisition: (described in same audited 1997)
NOTE 10 - SUBSEQUENT EVENTS
1) On April 30, 1998, the Company purchased all the assets and was
assigned all leases of Myriad Employment Services, Inc. ("Myriad")
and Lasorda Group, Inc. ("LGI"), two unrelated California
corporations. In consideration, the Company agreed to pay the
outstanding Trust Fund balance plus accrued interest owed by
Myriad and LGI to the Internal Revenue Service ("IRS").
The indebtedness totaled $4,509,400 plus interest on the unpaid
portion relating to the Trust Fund of LGI which approximates $160,000
at the date of this agreement.
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So you are right, not 8MM, as we only know the debt to be
some $ 6MM +interest in 1998.
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It's very nice that there is now 35MM revenue for 1998 -
That is only some 100% less than what we were told to expect
I sure hope the cost of operation at Myriad also plunged more
than 100%, as they were in red before the acq.
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Audited financial by march 25 ? hmm..
Last year in april we were told that FAMH would be a filing company
before august 98 (ninetieight). So....
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Walter, there is absolutely nothing to support a change in attitude
towards the better - You are being filled with lies - It is clear that
you have a problem representing 10MM shares!
My advise is still join FSAAA and make sure to be able to make a
difference.
There is none left here, that will allow you to hype this stock!!!!
Kr
Jens
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