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Non-Tech : Bill Wexler's Dog Pound -- Ignore unavailable to you. Want to Upgrade?

To: Bill Wexler who wrote (5367)	12/8/1999 1:32:00 AM
From: BDR	Read Replies (1) \| Respond to of 10293

WEBB- There are some on this thread who follow this one (not Bill because I know he doesn't short internuts) and I thought it might be worth an update. I can only assume that it is Internet Idiocy that is keeping this thing alive with a market cap of $120 million. A web page designer: quicken.excite.com Like so many internet stocks the losses are growing exponentially. Unlike so many internet stock they can't even grow the top line revenue. According to the 10Q for 9/30/99 revenue for the last nine months actually declined 5% compared to a year ago (they average a little over $100,000/month in gross revenue). Per share loss, however, declined for the most recent quarter because, wonder of wonders, there are twice as many shares outstanding this year as compared to last year. Excerpts from the most recent SEC filing on FreeEdgar, S3/A filed 11/24: "We commenced sales in February 1995 and have incurred losses from operations since inception. At September 30, 1999, we had an accumulated deficit of $35,816,498. The reports of our independent public accountants for the years ended December 31, 1998 and 1997 contained a paragraph noting substantial doubt regarding our ability to continue as a going concern." "We believe that our present cash and cash equivalents, working capital and commitments for additional equity investments will be adequate to sustain our current level of operations only through February 2000." "We have issued numerous options, warrants, and convertible securities to acquire our common stock that could have a dilutive effect on our shareholders. As of November 16, 1999, we had issued warrants and options to acquire 3,488,772 shares of our commons stock (edit-total outstanding shares about 7,487,000), exercisable at prices ranging from $1.63 to $18.25 per share, with a weighted average exercise price of approximately $9.94 per share. In addition to these warrants and options, we have reserved an indeterminate number of shares of common stock for issuance upon conversion of outstanding shares of our 10% Preferred Stock and 10% convertible note." Despite all this WEBB continues to defy gravity and trades around $15. members.tripod.com