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Microcap & Penny Stocks : 1st Net Technologies ( FNTT ) -- Ignore unavailable to you. Want to Upgrade?

To: lindend who wrote (1653)	7/15/1999 4:23:00 PM
From: Q.	Respond to of 1827

The co. accepted some LaForza automobiles in a transaction with LaForza. Although it had not taken delivery of these cars, it put them onto their earlier financial statements as an asset. Later, the co. decided to not take the cars, but to take Laforza stock instead. Stock that FNTT was promoting in its newsletters and online site, and stock that Jeffrey Chatfield promoted on SI. Jeffrey Chatfield was also listed as the LaForza IR contact. The stock declined in value (was 400K, now 262K). This resulted in an unrealized loss of 137K. Big loss, when you consider how tiny the revenues for this company are. Recall also that SEC filings show that Mary Writer, the wife of Greg Writer, sold a lot of LaForza stock in her own name a while back. Mary made money. FNTT lost money. Nice result for ordinary FNTT shareholders, eh?

To: lindend who wrote (1653)	7/15/1999 4:26:00 PM
From: Q.	Respond to of 1827

There is a web of related-party transacations indicated by the auditor. The auditor indicates that a large part of FNTT's tiny little sales occur with related parties that are controlled by a "common control group". The details of these related-party transactions are strangely absent from the notes. I believe that a good auditor would have required that they all be laid out in full.

To: lindend who wrote (1653)	7/15/1999 4:29:00 PM
From: Q.	Read Replies (1) \| Respond to of 1827

CEO Greg Writer owns zero shares of FNTT. VP Jeffrey Chatfield owns zero shares. Those data are in the notes, and they are current as of a date that I assume is Dec. 31 1998. Mary Writer does own a few shares, but the boss doesn't. One of the largest shareholders is a person who controls the "ProBook" business in Colorado. Previous bios appearing on the companywebsite indicated that Mary Writer is involved in ProBook.

To: lindend who wrote (1653)	7/16/1999 5:52:00 PM
From: Janice Shell	Respond to of 1827

Well at least the auditor hasn't quit (ala TMRT). Or AZNT. Though the story there isn't clear. Well, lolol, nothing much is with AZNT. But we DO know that they finally--in November 1998--managed to file a 1997 10K that had, as I understand it, been prepared in July of 1998. BUT the auditors didn't sign off on it. We don't know the reason for this. In any case, the company stiffed 'em--see the 8K filed on 31 March 1999 for an "explanation"--and still hasn't filed its 1998 10K. So lololol, being a "reporting company" doesn't necessarily mean all that much. PALINDROME!!