re. <<The total cost of the Baraka Intracom assets AND STAFF cost the Company a total of 3 million shares. Valued at $10 makes the acquisition cost in excess of $30 million for those assets an people alone.>>
Can you show me where in the SEC filings it says this?
What I can find in the filings is different, and it puts a much lower price of $510 k on this acquisition. Excerpt below from the 10Q:
edgar-online.com
. On February 19, 1999, Baraka Intracom, Inc., a California corporation,
sold certain assets, consisting primarily of intellectual property, to a
subsidiary of the Company. The price for these assets was $510,000, based on
$10,000 cash and the stipulated value of 50,000 shares of the Company at $10.00
per share. Of this value the purchase agreement allocated $450,000 to the
intellectual property, including software, a license agreement, trademarks and
other property. The remaining $50,000 is consideration for a 5-year
non-competition provision of the agreement.
The filing does say that they issued around 3 M shares related to the Telenet acquisition (1.984 M to a former Telenet affiliate and 1.005 M to a bank), but you were talking about Baraka, not Telenet.
So what is it that you are saying, Arthur? Seems to me that there are 3 possibilities:
1. the co. make a false statement in its 10Q filing
2. it omitted material facts about the new shares it has issued
3. You are mistaken.
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