Thank you for your reasoned response Cima. Still doing DD, however to this point,it would take a leap of faith for me to understand why anyone would be prepared to loan this company $250,000,000.
10 KSB
................................1998..........1997...........1986 to 1998
REVENUE ............. $ -- ........$124,527 ........$441,382
NET LOSS......($1,540,614)...($1,746,866)......($7,051,054)
Once again, I am not an accountant, nor do I profess to be a financial expert, however the above appears clear, that from November 12, 1986, (date of inception) this company has had total revenue of $441,386. This is a period of 13 years, so we are talking less revenue than my local service station has received from pumping gas.
There was different management prior to 1990 and I do not have the information about how much revenue was produced prior to the present management taking control. For our purposes, it does not really matter. The issued shares have increased at an alarming rate however, especially in the last two years.
Common Stock
Balance at December 31, 1990 -- 1,065,000
Balance at December 31, 1991 -- 6,626,419
Balance at December 31, 1992 -- 6,836,419
Balance at December 31, 1993 -- 9,307,131
Balance at December 31, 1994 - 10,038,511
Balance at December 31, 1995 - 12,352,770
Balance at December 31, 1996 - 13,971,720
Balance at December 31, 1997 - 21,555,161
Balance at December 31, 1998 - 26,357,431
Fully diluted shares outstanding at 12/31/98 are - 35,054,267.
Now my Webster's dictionary, defines debenture as: 1. A voucher acknowledging a debt 2. An interest-bearing bond, often issued without security. Why would anyone take that kind of a chance?
The SEC filings, although imperfect, IMO, are the best source of factual data than I have been able to find. We have already established, that a web-site can sometimes be misleading, even with the best of intentions.
I also confess to not being an expert on the written word, however I think you had agreed on the point about the wording of the website. I do know that a company will usually take pain-staking care when filing a document with the SEC.
Is there something that I have missed other than a good story? That said, I guess that this is the world of the Internuts, so anything is possible, even if not realistic.
Regards,
Dan |
