Miles Blue Good Question
Miles,
I have no idea where the revenue from PNCH could be.
The first quarter clerically incorrect Form 10Q shows no money received in the cash flow from investing activities for the first three months of fiscal 2014.
No one knows how much additional debt may have been incurred in the second quarter of 2014 and what said debt was used for. There certainly were enough accounts payable and accrued expenses as of March 31, 2014 that had to be paid.
Thus, until the second quarter Q comes out, it is a mystery with respect to both the sources and applications of funds.
With respect to revenues, reading all of the announcements and hype it appears that many of the revenue sources are from commissions (i.e. bookings made through IC Places for EZ VIP, the drug card etc.) Based on the ranking of the IC Places website as well as the competition from other websites for similar services, it seems that the chances of meaningful revenues from these commission sources is remote.
I have no clue how to evaluate the clearchannel revenue. Certainly one would have expected some revenue from same after two years. If one were to use historical data, assuming it is correct, the revenue would once again be zero.
If there was revenue not only would you expect to see it on the income statement but also would have anticipated some accounts receivable on the balance sheet and an accounting for same in the statement of cash flows.
Would sure be nice to see the whole contract rather than the selected snipped posted by the Chairman, Chief Financial Officer and Sole Director.
Of course, Senor Steve may not be the sole Director depending if you believe that Josh Mandel who was disclosed as a Director in Q4 last year, signed a document in Q1 of 2014 but was not listed as a Director in the 10K is in fact a Director.
According to the SEC filings, with the exception of the footnote in the third quarter Form 10Q of last year, no Form 8K was ever issued when Mr. Mandel became a Director or, possibly resigned as a Director. I am sure that the corporate minutes can straighten that problem out.
Will the corporate secretary please stand up and identify themselves. Is this the secretary whose minutes had three different dates for the dismissal of the old auditing Firm and the appointment of a new independent accounting Firm. Come on take some credit the summa cum laude graduate of the Rosemary Woods School of Secretarial Science.
Oh well got to go and see if I can get an 11 second kiss from Julia Anne Dreyfuss. (I heard Steve is looking to sign her up).
Always remember Meadow2009 does not recommend anyone buy or sell any stock and always do your own due diligence.
Cheerio
AI
