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Pastimes : Georgia Bard's Corner -- Ignore unavailable to you. Want to Upgrade?

To: Wayne Rumball who wrote (2717)	5/26/1998 8:55:00 AM
From: Ga Bard	Read Replies (1) \| Respond to of 9440

Yep but it is audited and pre tax is the figure in the post and shares are too ... I have had receiveables and my company was a cash basis accounting I do not think GNNX is that .... but then again I am not an accountant I am just posting the tid bits most people are going to look at. Does that mean the finacials are wrong? GB

To: Wayne Rumball who wrote (2717)	5/26/1998 12:23:00 PM
From: Boob	Read Replies (1) \| Respond to of 9440

The contract receivable you could call revenue in a sense that they already sold the films pertaining to the receivable but the payment is on a monthly basis instead of all at once. They don't have to do anything to receive this money, it's from the sale which happened back in August but they have not received all the payment yet. Boob

To: Wayne Rumball who wrote (2717)	5/26/1998 6:07:00 PM
From: Mark[ox5]	Read Replies (1) \| Respond to of 9440

Re: GNNX. I dont understand your and Gary's discussion of the 1.8M ???? It has nothing to do with the INCOME STATEMENT. It is on the BALANCE SHEET. The INCOME STATEMENT is where they compare revenues and expenses.. an accountant from any country would know that...so I dont know why you are discussing removing the 1.8M from revenue?? It is NOT claimed as revenue by GNNX. It is listed as an ASSET on the balance sheet which it is... it is not part of the revenue. It says clearly in Part 1. Read below.. they will claim 100,000 in revenue per month from it for the first 6 months and then 200,000/month for the following 24 months. They are not claiming the $1.8M in 1997 financials as REVENUE.. its simply an asset on the balance sheet. So I dont know what the discussion was about really earlier today. One of the assets received is a contract for the sale of certain films. The terms of the contract call for monthly payments beginning March 1, 1998 in the amount of $100,000 per month for six months and $200,000 per month for the next 24 months totaling $3,000,000. Beginning October 1, 1999 a licensing fee of $100,000 will be paid to the Company monthly, until September 1, 2002, total of contract being $5,400,000. Analysis of the available records of Genesis Group indicates that the cost of the 380 films purchased was $2,184,625. This transaction will be treated as an installment sale, and will be reported for taxation on the same basis