Hal/WillyWizard/Honda you should take a deeper look at your latest promotion MRXT. Did you bother to read the company's latest 10Q?
Marx Toys had a grand total of $ 594 in cash at the end of the last quarter according to it's 10QSB and it's assets are highly in doubt according to the following litigations listed in the 10Q:
In February 2002, the Company was named as a defendant in a complaint filed by American Plastic Equipment "American." The complaint alleged that substantially all of the assets acquired in the acquisition of Marx Toys, Inc. were encumbered as collateral for an obligation due to American owed by the former owner of Marx Toys, Inc. In the complaint, American asserted that they had filed a security interest against certain assets of Marx Toys, Inc. including plastic toy molds and non-toy molds stored in two facilities in Mahoning County, Ohio. The security interest is in the sum of $675,000 and was recorded prior to the Company's acquisition of Marx Toys. The Complaint was pending in the Mahoning County Court of Common Pleas. A magistrate and Judge ruled against the Company and the assets were seized. At December 31, 2001 the Company provided for the impairment of these assets. The Company plans to seek recovery of these assets through a settlement, and the Company intends to seek to recover its lost assets from the former owner of Marx through all legal means necessary.
Three actions are pending against the Company in Florida State Court, in Miami-Dade County Florida. Jay Horowitz v. Stereoscape.com, Inc. and Marx Toys, Inc., Case No. 02-05 611 CC27. This action asserts various causes of action, including money lent ($35,000) and breach of contract ($38,220) American Plastic Equipment, Inc. v. Stereoscape. Com, Inc. and Marx Toys Inc., Case No. 02-04859 CC 05. This action asserts various causes of action, including breach of contract ($5,076), unjust enrichment ($5,076), conversion ($482), and breach of oral agreement ($798). Steven L. Horowitz v. Stereoscape. Com, Inc., 00001-29822 CA 11. This action asserts a claim for moneys owed under a promissory note in the amount of $50,000. The defendants have answered these complaints, asserting various affirmative defenses. To date, no discovery has been taken in the cases and the defendants' liability is as yet not determinable.
Net sales for the quarter ended March 31, 2003 decreased 51.9% to $40,562 from $84,390 for the quarter ended March 31, 2002. The decrease was the result of reduction in consumer spending caused by outside economic factors, the effects of the downturn in the economy, and a restructuring of the product line.
Gross profit for the quarter ended March 31, 2003 decreased 64.8% to $11,972 from $34,026 for the quarter ended March 31, 2002. As a percentage of net sales, gross profit decreased to (29.5%) in the first quarter of 2003 compared to 40.3% in the prior years same period. The decrease in gross profit was in part the result of increased distribution costs and the lowering of the prices of certain obsolete products.
Selling, general and administrative expenses for quarter ended March 31, 2003 increased 16.0% to $247,537 from $213,392 for the quarter ended March 31, 2002. The increase in selling, general and administrative expense was the result of an increase in professional fees for to the Company's annual audits and increased consulting fees relating to the redirection of the organization.
Net loss from continuing operations for the quarter ended March 31, 2003 increased to ($243,865) compared to a net loss of ($179,366) for the quarter ended March 31, 2002. The increase in net losses was due in part to the increased professional and consulting fees described above.
The Company expects to require additional capital and at the present time has no definitive plans but it is exploring various opportunities. There can be no assurance of the ability of the Company to raise such capital. The Company has no agreements or commitments with any person to raise such capital.
You should mind your own business instead of attacking mine. I have a ligitimate complaint filed in Federal court against Mary and I can prove my case against her I will leave that up to the Judge to decide.
You have crossed the line into the basher realm. People like you who live in glass houses should not throw stones, they might fall back and shatter your own house. |
