Noram just filed quarterly report.
No cash. Huge increase in shares coming. George dumped half million dollars in debt on his son, issued a bunch of shares to him, and got nothing in return except a reduced debt. What did the shareholders get?
Here's the important part.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 2000, the Company had $599 cash in the bank. There is no
certainty that the Company can meet its current financial commitments.
The Company is a development stage Company engaged in selling bingo
equipment.
Effective April 1, 2000, the Company's subsidiary ceased operations. All
assets, liabilities, and operations are those of the Company.
Net loss was $44,178 for the three months ended June 30, 2000 compared with
net income of $31,152 for the same period in 1999. The Company was able to
reduce its general and administrative expenses substantially in 2000 compared to
1999. In 1999, the Company sold a facility which generated a gain for the
quarter.
Net revenue was $110 for the three months ended June 30, 2000 compared with
$49,804 for the same period in 1999 for a decrease of 99%. The decrease in
revenues is attributed to the decision by the Company to discontinue the bingo
operations and concentrate on selling bingo equipment. Cost of sales for the
three months ended June 30, 2000 were $925 compared to $24,166 for the same
period in 1999 for a decrease of 96%.
General and administrative expenses were $39,829 for the three months ended
June 30, 2000 compared to $150,686 for the same period in 1999 for a decrease of
74%. Depreciation and amortization expense was $2,058 for the three months ended
June 30, 2000 compared to $2,564
2
for the same period in 1999 for a decrease of 20%. Interest expense for the
three months ended June 30, 2000 was $1,476 compared to $4,442 for the same
period in 1999 for a decrease of 67%.
Net loss was $95,958 for the six months ended June 30, 2000 compared with
net income of $9,748 for the same period in 1999. The Company was able to reduce
its general and administrative expenses substantially in 2000 compared to 1999.
In 1999, the Company sold a facility which generated a gain for the six months.
Net revenue was $12,806 for the six months ended June 30, 2000 compared
with $209,654 for the same period in 1999 for a decrease of 94%. The decrease in
revenues is attributed to the decision by the Company to discontinue the bingo
operations and concentrate on selling bingo equipment. Cost of sales for the six
months ended June 30, 2000 were $7,981 compared to $37,792 for the same period
in 1999 for a decrease of 79%.
General and administrative expenses were $87,383 for the six months ended
June 30, 2000 compared to $311,569 for the same period in 1999 for a decrease of
72%. Depreciation and amortization expense was $4,116 for the six months ended
June 30, 2000 compared to $7,752 for the same period in 1999 for a decrease of
47%. Interest expense for the six months ended June 30, 2000 was $9,284 compared
to $5,999 for the same period in 1999 for an increase of 55%.
During the quarter ended June 30, 2000, the President's son, who is not an
officer or director, agreed to assume liabilities of $432,222 in exchange for
3,758,471 shares of the Company's common stock. The son intends to use the stock
to retire his obligations to the previous creditors. |
