1670 Northeast Expressway
Atlanta, GA 30329
| || || |
|Outstanding Shares ||280,737,235 ||a/o 03/31/2011 |
|Floating Shares ||158,791,405 ||a/o 01/12/2010 |
|Authorized Shares ||800,000,000 ||a/o 03/31/2011 |
|Par Value ($0.001) |
Mr, Garrison (debtors council) reviewed this matter for the court, stating that this case may result in conversion.
Ms. Chan had no objection to a continuance and raised the issue involving the customer list.
Mr. Garrison responded.
Continued: Sept 8, 2011
How many MyPhotoPipe shares are you holding?
9,472,666 shares accounted for; equaling 2.998% of the float
Inside Holdings ~ Statement of Financial Affairs
*unsure if the 8.826% of Scottrade shares are "our" shares*
FEE APPLICATION OF DEBTOR'S COUNSEL
MOTION TO EXTEND DEADLINE TO ASSUME OR REJECT BUILDING LEASE
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Overview - from June 30th Quarterly Report
myPhotopipe.com, Inc. (MPPC.PK) is an online photo print processing lab that serves the needs of serious amateur and professional photographers nationwide. Substantially all of our revenues are derived from business transacted at www.myPhotopipe.com or through wholesale and revenue share relationships.
The Company was incorporated in the state of Nevada on July 25, 2002 as Consolidated Oil and Gas, Inc. The name was changed to The Hampden Group, Inc. on March 12, 2003 before a subsequent change to myPhotopipe.com, Inc. as part of the acquisition of assets and operations of Color Genesis, Inc. and its related entities in exchange for stock and acquiring unsecured debt on October 9, 2006.
The Company has operated in its present form since the 2006 acquisition.
Annual revenues have grown from $300,000 to over $1.5 million in fiscal year 2009.
myPhotopipe.com's target customers are professional photographers and serious amateurs, not consumers. This distinction is important because consumer spending on photographic prints is highly competitive with its focus on the traditional 4x6 snapshot print. The average consumer web site, such as Shutterfly or Snapfish, generates more than 70% of their revenues from this one product resulting in a competitive environment where margin eroding deep discounts programs and cheap mass-production processes are the primary marketing tools. Conversely, MPPC focuses on the professional segment which requires high quality, large photos at greater margins. 4x6 prints represent less than 12 percent of MPPC's total revenues.
Our customer base has grown from less than 2,000 customers in 2005 to more than 26,000 in June of 2010. We find that both pro and amateur photographers like the fact their photographic products are produced by the same company as organizations like the Dallas Cowboys, Rosetta Stone, the NY Giants, the Atlanta Braves, Fotolia.com, the Tampa Bay Buccaneers, Getty Images, the Washington Redskins, the Tennessee Titans, Tyler Perry Films, TNT, CNN, and the University of Pennsylvania. They see it as a testimony to MPPC superior quality.
The company competes with several online providers in the pro space and, in addition to the product validation provided by our marquee accounts, believe we have a superior value proposition built on innovative, proprietary technologies capable of delivering over 2,000 combinations of prints, wall art, photobooks, holiday cards and gifts consistently delivered as promised. Our approach of looking at the business from the view of a web marketer, expanding our reach to customers, is a key advantage. Most of our competitors see online marketing as a side endeavor to enhance existing business, whereas we see it as the main driver of our business. A final factor that drives our growth is the steady decline of brick and mortar photographic print labs that rely so heavily on film processing and higher prices that they cannot survive in the competitive online realm.
Over the last three years, myPhotopipe.com has made many advances in the areas of production efficiency through the leveraging of technology in the design and creation of a photographic print, as well as through the creation of proprietary software designed to track order flow. Additionally, MPPC has successfully moved the myPhotopipe.com brand further into the realm of the professional photographer by enhancing successful marketing efforts and initiating outbound sales activities with professional teams and corporations.
In second quarter 2009, the management team of myPhotopipe.com was expanded through a nationwide search that resulted in the recruitment and hiring of experienced, well known, industry professionals Darren Schiff (Chief Operating Officer) and William (Bill) LeRoy (Chief Financial Officer). Together, Schiff and LeRoy have outlined an aggressive schedule of business development and corporate restructuring initiatives designed to increase revenues, stabilize profits and enhance shareholder value. These initiatives were implemented in third and fourth quarters 2009 and include revenue share arrangements, new proprietary software applications, increased product offerings, better cash management and upgraded production equipment.
Frst American Stock Transfer
706 East Bell Road Suite 20
Phoenix, AZ 85022-6642
Phone: (602) 485-1346
Fax: (602) 788-0423