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Microcap & Penny Stocks : FAMH - FIRAMADA Staffing Services -- Ignore unavailable to you. Want to Upgrade?

To: R. Murphey who wrote (24288)	9/26/1998 9:56:00 AM
From: Freddie Forte	Respond to of 27968

Financials should be on the website Monday per Randy. The statements are basically the same as posted on the website but with a few added twists. I'll go through each category and explain addendum's and my concerns and probably yours. Current Assets: Of the 160,217 listed: "As of December 31,1996, due from officer totalled 123,297. This amount represents advances to the Company's President. Who was President in 96? Not Ira, right. Well, the dude owed the company some bread which basically comprised most of the company's current assets. The only part I'm concerned about is cash. Famh basically will have no assets since office space is leased. Current Liabilities: The thorn in my side. It looks like this. Accounts Payable and accrued expenses.........123,904 Other Current Liabilities...................................962,494 Total Current Liabilities...................................1,086,398 Note 5: As of December 31, 1996 the company has a payroll tax liability to Federal, State, and Local Governments in the amount of 854,494. The liability has incurred because of the underpayments of payroll taxes for the year ended December 31,1996. The indebtedness consists of the following: Frederal payroll taxes payable......................460,582 State and local taxes payable.........................19,012 Accrued penalties and interest...OUCH........374,900 Total............................................................854,494 Also, As of December 31, 1996, the company has tax liens and warrants totalling approximately 108,000 from the State of Texas workforce commission relating to unpaid workers compensation.......Why couldn't the company pay their payroll taxes? Hmmmmmmm. Maybe, no cash. Yea, Yea, that's the ticket. Hefty fine to boot. That's basically the balance sheet. Stockholder's equity was a negative, but hopefully this will change as the company makes money. HOPE the company makes money. More on it's way.........