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To: CatLady who wrote (1132)	8/23/1998 10:27:00 PM
From: jhild	Respond to of 26163

CatLady there seem to be other fascinating nuggets that can be gleamed from the Mar 31 statements, that were posted on May 27 with Edgar: Let me just for the moment focus on the Assets listed in the Balance Sheet. Current Assets CASH IN BANK $ 955.15 CANADIAN BANK ACCOUNT 100.00 PETTY CASH 400.00 CASH IN BANK (32,866.78) -BOTTLED/BAGGED 285,228.66 -RAW MATERIALS 40,290.47 -BIRDS 32,760.50 NOTES RECEIVABLE 60,943.41 PREPAID INSURANCE 10,413.66 ----------- Total Current Assets 398,225.07 The -Bottled/Bagged entry is a most curious one to me. This would appear on the face of it to be the value of their completed goods, that has been apparently listed on the balance sheet as the retail value. There is nothing wrong with this per se in my opinion, other than it suggests that they are doing $44,000 in sales for the month and with $285,000 in inventory (not to mention that $32K of amethyst birds, no telling how fast they are moving), this suggests that they are currently sitting on 7 months worth of inventory. Now things may actually be worse than that picture paints by the simple trick of reporting only the current month figures as the Income Statement for the quarter. Who knows from all of this what they actually did for the quarter? Some investors might be misled by this method of reporting as this might suggest, possibly wrongly, that sales for the qtr were 3 times this amount. Heaven forbid if their sales are backend loaded in the qtr. Their expenses seem to be on going, even as stated at 400% of revenue. www4.edgar-online.com