Jens: There are, apparently, lot of unpaid bills....
The key numbers I lean upon are:
+1,476,124 for the 12/31/97 taxes issue
+4,670,000 for the Myriad acquisition
-1,000,000 approximate stated down payment on Myriad
Management's "statement" there is a 3,500,000 balloon payment due on the Myriad deal in June or July, 1999. (Instead of the 60 month pay-out they represented it to be originally)
Management's "statement" on 2/10/99 that the losses for 1998 may be more than 1,500,000 (and the company is losing about 100,000 per month).
Management's statement that they may close the Houston office. (Won't that further impact the inflated sales number?)<GG>
And there is more..........
So,
+1,476,000
+3,500,000
+1,500,000
----------
+6,500,000 approximate loss, and still losing money. We also don't know for sure about additional interest and penalties that may be assessed on the unpaid P/R withholdings.
So, waltertx is right, it is not all owed to the IRS. But, there is still a devastating picture developing. And you are correct, the Sales figures, are a long, long, long way from anything management held high and absolute.
There has to be a limit to the reasonableness test of the Safe Harbor statements' protection.
On another front, I'm accumulating some of the suggestions you, tonto, foxbat, and others have made. I will post some of them later today and would like you all to expand on them so, we won't miss any bases.
[An aside to Foxbat & tonto....... I understand your leads have/are being followed.]
Later,
Bob. |
