10Q Tidbits: Overall I feel like we are turning the corner. A few items of interest follow (note that the selling of shares very cheaply is a big negative IMO).
BALANCE SHEET
- Authorized Shares increased from 25M to 75M
- Additional Paid In Capital increased by $162,378
- Shares Outstanding increased 8,796,610
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
- Stock Issued for Cash 3,259,180 (Cash flow statement adjustment of $154,620)
- Stock Issued for Services 6,026,681 (Cash flow statement adjustment of $27,687)
- Purchased & Retired 489,251 (Cash flow statement adjustment of -$11,132)
NOTE 2. RELATED PARTY RECEIVABLES
- Note receivable from former shareholder bearing interest at 8% and due in February, 1999 $15,000 (Loan must be overdue?)
NOTE 5. EQUITY TRANSACTIONS
During the quarter ended March 31, 1999, the Company repurchased 489,251 shares of its outstanding stock for $11,132 in cash. These shares were retired. The Company also sold 3,259,180 shares for $154,620 in cash and issued 5,537,430 shares for services which were valued at $27,687. (I assume the difference between the 6,026,681 above and the 5,537,430 number here has something to do with the maintenance agreement in 1998 but I don't see where in this 10Q)
PART II. OTHER INFORMATION
- Item 4. Submission of Matters to a Vote of Security Holders
There were no matters submitted to a vote of the Company's security holders during the first quarter of fiscal year 1999. (How did the increased authorized share count get approved then?)
Wink ;>) |
