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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: Jim Bishop who wrote (105052)	5/14/2002 9:41:34 AM
From: Taki	Read Replies (1) \| Respond to of 150070

OSRC filing out.Revenues up a little. $ 678,990 $ 662,729 Gen aDmin costs way down=Good. Selling General and Administrative Costs $ 262,058 $ 631,892 Net Loss $ (110,467) $ (504,026) The most significant factor contributing to the improved overall operating results is the fifty-six percent (56%) decrease in General and Administrative costs in the quarter ended March 31, 2002 compared to 2001. While the approximate $325 thousand decrease is substantial the Company continues to absorb high General and Administrative costs as a percent of revenues and management continues to focus on implementing measures to bring the aggregate portion of G&A costs more in line with the Company's business model. -------------------------------------------------------------------------------------------- Sales and Marketing 2002 2001 Restated -------------------------------------------------------------------------------------------- Salaries, Commissions and Benefits $ 3,500 $ 40,419 Advertising and Promotion $ 2,488 $ 6,644 Travel and Entertainment $ 616 $ 5,995 Total $ 6,604 $ 53,058 In May 2002, the Company sold 2,000,000 shares of its restricted common stock to Anderson Hall Group, Inc., an Arizona corporation for $100,000. For such offering, the Company relied upon the 506 Exemption and Section 14-4-140 of the Arizona Code.= .05 per share. The Company is engaged in this regard in negotiations with several investment-banking firms and others with the intent of securing equity funding of $1 million. These negotiations were continuing at March 31 December 31, 2002.