To All,
Murray Bailey, ET AL, recently filed a new 10QSB.
edgar.sec.gov
Just a few interesting points, most of which have been discussed.
1. Total assets $375,224 of which $285,841 is in cash.
2. The "company" burned $245,873 in cash last year, plus $525,000 of stock that was given to Shelby.
Shelby recently filed as an insider, I wonder when he will file to sell.
biz.yahoo.com
3. The company presently has no sales, but states confidently.
As of December 31, 1998, the Company's operations consisted of obtaining capital
and marketing the OX2 combustion engine. Management does not expect to generate
significant sales revenue until 1999. Accordingly, planned principal operations
have not commenced and the Company is a development stage enterprise.
4. Where is a lot of the money going? The "company" states,
The Company paid consulting fees to its President, who is also a shareholder, in
the amount of $170,228 from September 23, 1996 (inception) to December 31, 1998
including $22,030 and $19,920 for the quarter ended December 31, 1998 and 1997,
respectively, and $41,530 and $49,870 for the six months ended December 31, 1998
and 1997, respectively.
5. I wonder which "company" this is?
The Company paid administrative fees and reimbursed expenses to a company that
is owned by one of its shareholders in the amount of $28,884 from September 23,
1996 (inception) to December 31, 1998 including $4,061 and $6,336 for the
quarter ended December 31, 1998 and 1997, respectively, and $10,167 and $7,649
for the six months ended December 31, 1998 and 1997, respectively.
6. It appears shareholders are valuing a "company" that has less than $300,000 in cash and around $30,000 in assets
(must be Murray's "nice" motor home) at around $123 million . (20,500,000 shares @ $6.00 per share) It also appears
that unless the "company" either produces some revenue, or sells more stock, they will be pretty near broke by the end of
the year at the present burn rate.
7. I wonder who will be buying all of the stock. TRAV? It sure appears the volume has been drying up recently.
Anyhow,
Have fun,
Phil
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