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raging-IDIOT..HOW...you ask??? "The Commission announced the temporary suspension of trading of the securities of the following issuers, commencing at 9:30 a.m. EST on Dec.
29,
2006, through 11:59 p.m. EST on Jan. 16, 2007"
GET YOUR FACTS STRAIGHT!!! ALSO, CHECK OUT IPXL...THEY ALSO RESUMED TRADING AFTER THE 10 DAY SUSPENSION
Dec 29, 2006 (SECURITIES AND EXCHANGE COMMISSION RELEASE/ContentWorks via
COMTEX) -- The Commission announced the temporary suspension of trading of
the
securities of the following issuers, commencing at 9:30 a.m. EST on Dec.
29,
2006, through 11:59 p.m. EST on Jan. 16, 2007:
* Cosmetic Center, Inc. (COCQ) * Impax Laboratories, Inc. (IPXL) * Phoenix
Waste
Services Company, Inc. (PXWSQ) * Telynx, Inc. (TLYN)
The Commission temporarily suspended trading in the securities of the
foregoing
companies due to a lack of current and accurate information about the
companies
because they have not filed certain periodic reports with the Commission.
This
order was entered pursuant to Section 12(k) of the Securities Exchange Act
of
1934 (Exchange Act).
The Commission cautions brokers, dealers, shareholders and prospective
purchasers that they should carefully consider the foregoing information
along
with all other currently available information and any information
subsequently
issued by these companies.
Brokers and dealers should be alert to the fact that, pursuant to Exchange
Act
Rule 15c2-11, at the termination of the trading suspensions, no quotation
may be
entered relating to the securities of the subject companies unless and
until the
broker or dealer has strictly complied with all of the provisions of the
rule.
If any broker or dealer is uncertain as to what is required by the rule,
it
should refrain from entering quotations relating to the securities of
these
companies that have been subject to trading suspensions until such time as
it
has familiarized itself with the rule and is certain that all of its
provisions
have been met. Any broker or dealer with questions regarding the rule
should
contact the staff of the Securities and Exchange Commission in Washington,
DC at
(202) 551- 5720. If any broker or dealer enters any quotation which is in
violation of the rule, the Commission will consider the need for prompt
enforcement action.
If any broker, dealer or other person has any information which may relate
to
this matter, they should immediately communicate it to the Delinquent
Filings
Branch of the Division of Enforcement at (202) 551- 5466, or by e-mail at
DelinquentFilings@sec.gov. (Rel. 34-55020)
Copyright (C) 2006 Federal Information & News Dispatch, Inc.
-0-
Telynx Inc. New DL (1/20/2007 8:02 AM)
TLYN Last: 0.005 Change: +0.0049(+4,900.00%) Volume: 1.54 m Last Trade: 1/19/07
Today 5 Dy 1 Mo 3 Mo 1 Yr more
Last Price
0.005
Change $
0.0049
Change %
4,900.00%
Tick
Bid
N/A
Bid Size
N/A
Ask
N/A
Ask Size
N/A
Open
0.01
High
0.04
Low
0.005
Prev Close
0.0001
Last Trade
1/19/07
Volume
1.54 m
close52 Week Information
52 Week High
January 19,2007
Close: 0.0452 Week Low
December 29,2006
Close: 0.000152 Wk Hi
0.04
52 Wk Low
0.0001
Market Cap
N/A
Ex-Div Date
N/A
Dividend
N/A
Yield
N/A
Shares
N/A
EPS (TTM)
N/A
PE Ratio
N/A
Exchange
OTO
Telynx Inc. New News and Filings As of 1/20/2007 8:17 AM
1,247,000 shares out of 1,543,471 traded at .03 to .04 today or 81% of todays trading
what is VWAP Definition
Volume Weighted Average Price. A measure of the price at which the majority of a given day's trading in a given security took place. Calculated by taking the weighted average of the prices of each trade. The method is used by institutional traders, who often break a given trade into multiple transactions.
VWAP=.0278 TELYNX INC CL A - Nasdaq National Market: TLYN
Real-time ECN Quote*
Last Change (%) Trade Time Bid Ask
-- -- -- -- --
Looking for unlimited real-time exchange quotes? FRT Express special offer
--------------------------------------------------------------------------------
Exchange QuoteLast Change (%) Trade Time Bid (size) Ask (size)
0.005 0.0049 (4900.00) 14:03 0 (0) 0 (0)
Latest Ticks Prev Close Open Low High
=-=- 0.0001 0.01 0.005 0.04
Day Volume Avg Day Vol VWAP 52 Wk Low 52 Wk High
1,543,471 N/A 0.0278 0.0001 0.009
# of Trades Last Size Avg Trade Size P/E Ratio Market Cap (mil)
26 107,874 59,364 0 0
Time & Sales
Price Size Exch Time
0.005 107874 OTO 14:03:40
0.01 10000 OTO 13:54:10
0.01 10000 OTO 13:51:31
0.01 135027 OTO 13:25:04
0.02 50000 OTO 13:22:52
0.02 100000 OTO 13:20:34
0.03 26000 OTO 12:42:47
0.03 26000 OTO 12:42:41
0.02 26000 OTO 12:40:55
0.04 185000 OTO 12:36:30
0.04 10000 OTO 12:35:50
0.03 5000 OTO 12:35:00
0.04 200000 OTO 12:34:52
0.03 100000 OTO 12:34:41
0.03 90000 OTO 12:34:40
0.03 5000 OTO 12:32:43
0.03 200000 OTO 12:31:08
0.04 50000 OTO 12:28:38
0.04 50000 OTO 12:28:34
0.04 100000 OTO 12:27:18
0.03 10000 OTO 12:27:11
0.03 50000 OTO 12:27:02
0.02 50000 OTO 12:20:42
0.02 50000 OTO 12:20:36
0.02 5000 OTO 12:18:20
0.01 25000 OTO 12:18:03
0.01 3570 OTO 12:18:02
http://www.investorshub.com/boards/quotes.asp?ticker=TLYN&qm_page=86015&qm_symbol=TLYN
this is a link to the 2005 K filed with the sec
"AIN'T"?? is that in websters dictionary?
MetroTel is an authorized independent dealer of Metro PCS Communications.
thats what i meant!!
yes they do offer metro pcs
FYI...metrotel pcs is offered in 100's of locations in michigan.in fact i have personal friends who offer their service in their wireless store locations. if you want further info on metrotel..you can contact wireless toyz wireless giant or allstar wireless in any michigan location!!
metrotel offers one of the most competitive rates unlimited plan for 39.99 per month!!
metro pcs is real and a threat to the larger carriers!!
update from telynx website..http://www.telynx.net/Telynx,%20Inc2.pdf
newfrost the info below may be of some explanation one only needs to see the amount of volume by these mms that traded from OCTOBER VS NOVEMBER 661 MILLION SHARES traded in NOV.
Monthly Share Volume Report
Select a different report by entering an issue or MPID: Sort By: Report Date:
Issue Market Participant
Volume Issue/MPID
Dec 2006 Nov 2006 Oct 2006 Sep 2006 Aug 2006 Jul 2006 Jun 2006 May 2006 Apr 2006 Mar 2006 Feb 2006 Jan 2006
--------------------------------------------------------------------------------
SLJB - SULJA BROS BUILDING
Page of 1
November 2006 October 2006 Year-to-Date
Volume Rank % Volume Rank % Volume Rank %
--------------------------------------------------------------------------------
Total Share Volume 668,871,353
--------------------------------------------------------------------------------
NITE
KNIGHT EQUITY MARKETS, L.P. 232,277,475 1 34 95,854,968 1 38 1,127,817,825 1 53
SBSH
CITIGROUP GLOBAL MARKETS INC. 178,928,694 2 26 50,209,176 2 20 245,237,668 4 11
ETRD
E*TRADE CAPITAL MARKETS LLC 156,645,783 3 23 39,956,565 3 16 332,052,371 2 15
UBSS
UBS Securities LLC (UBSS) 44,460,278 4 6 33,371,720 4 13 250,129,156 3 11
ABLE
NATEXIS BLEICHROEDER INC. 29,874,855 5 4 14,676,832 5 5 83,177,392 5 3
HILL
HILL THOMPSON MAGID & CO., INC. 10,312,069 6 1 2,176,650 8 <1 18,520,814 7 <1
HDSN
HUDSON SECURITIES,INC. 6,268,184 7 <1 6,432,581 6 2 27,676,843 6 1
EFGI
EMPIRE FINANCIAL GROUP, INC. 3,476,670 8 <1 150,000 11 <1 3,801,670 11 <1
VERT
THE VERTICAL GROUP 2,976,421 9 <1 1,362,632 9 <1 13,101,049 8 <1
FRAN
WM. V. FRANKEL & CO., INCORPORATED 1,734,836 10 <1 - - - 1,734,836 12 <1
NACI
North American Clearing, Inc. (NACI) 700,000 11 <1 - - - 1,350,000 13 <1
DOMS
DOMESTIC SECURITIES, INC. 509,938 12 <1 569,200 10 <1 3,989,411 10 <1
MAXM
MAXIM GROUP LLC 270,150 13 <1 105,900 12 <1 646,850 15 <1
SSGI
SETON SECURITIES GROUP, INC. 235,000 14 <1 50,000 14 <1 366,000 17 <1
VFIN
VFINANCE INVESTMENTS, INC 121,000 15 <1 34,700 15 <1 695,000 14 <1
JEFF
JEFFERIES & COMPANY, INC. 80,000 16 <1 - - - 80,000 22 <1
--------------------------------------------------------------------------------
Page of 1
sljb...Monthly Share Volume Report
Select a different report by entering an issue or MPID: Sort By: Report Date:
Issue Market Participant
Volume Issue/MPID
Dec 2006 Nov 2006 Oct 2006 Sep 2006 Aug 2006 Jul 2006 Jun 2006 May 2006 Apr 2006 Mar 2006 Feb 2006 Jan 2006
--------------------------------------------------------------------------------
SLJB - SULJA BROS BUILDING
Page of 1
December 2006 November 2006 Year-to-Date
Volume Rank % Volume Rank % Volume Rank %
--------------------------------------------------------------------------------
Total Share Volume 225,309,358
--------------------------------------------------------------------------------
NITE
KNIGHT EQUITY MARKETS, L.P. 75,803,728 1 33 232,277,475 1 34 1,203,621,553 1 51
ETRD
E*TRADE CAPITAL MARKETS LLC 68,001,441 2 30 156,645,783 3 23 400,053,812 2 17
SBSH
CITIGROUP GLOBAL MARKETS INC. 50,909,975 3 22 178,928,694 2 26 296,147,643 3 12
ABLE
NATEXIS BLEICHROEDER INC. 15,433,615 4 6 29,874,855 5 4 98,611,007 5 4
UBSS
UBS Securities LLC (UBSS) 7,492,336 5 3 44,460,278 4 6 257,621,492 4 11
HDSN
HUDSON SECURITIES,INC. 3,078,463 6 1 6,268,184 7 <1 30,755,306 6 1
VFIN
VFINANCE INVESTMENTS, INC 1,785,500 7 <1 121,000 15 <1 2,480,500 12 <1
QUIN
PARK FINANCIAL GROUP, INC. 1,455,000 8 <1 - - - 1,455,000 14 <1
HILL
HILL THOMPSON MAGID & CO., INC. 820,000 9 <1 10,312,069 6 1 19,340,814 7 <1
DOMS
DOMESTIC SECURITIES, INC. 460,300 10 <1 509,938 12 <1 4,449,711 9 <1
VERT
THE VERTICAL GROUP 64,500 11 <1 2,976,421 9 <1 13,165,549 8 <1
EFGI
EMPIRE FINANCIAL GROUP, INC. 4,500 12 <1 3,476,670 8 <1 3,806,170 11 <1
1mill how does NITE trade 1.2 BILLION SHARES in 2006 and they cannot fill orders??
anyone willing to address this? Posted by: Airys418
In reply to: Airys418 who wrote msg# 244241 Date:1/16/2007 6:34:56 PM
Post #of 244397
Here are two very simple questions I asked last week right here:
1) Who gave the scanned copy of the ORIGINAL affidavit on or after Jan 8 to an individual when TOM ANDERSON himself said to me that he was unaware that anything was handed out.
2) Who authorized it's posting on the internet? Was it the OSC?
I still haven't received a reply from anybody about this. How convenient. At least you all know where I got my info. I never hid that from anybody and like an idiot I posted it only to get me tons of headaches. Only shows you where my heart is.
Airys418
NITE is willing to sell at .008, yet want to pay you .004 to buy your shares
YET THEY TRADED 1.2 BILLION SHARES IN 2006
MORE THAN EVERY OTHER COMBINED!!
NOW THATS MARKET MAKING AT ITS FINEST!!!
2.3 BILLION SHARES TRADED IN 2006 4.5X THE SHARES O/S
jannie what about the profits the brokers generated? jannie what was NITES profit trading 1.2 BILLION shares?
jannie all you have to say is no comment
jannie what about the profits the brokers generated?
jurisper below is a list of major auditors FINED for wrong doings...nothing will satisfy your ILK!! READ ON!!!
http://www.google.com/search?hl=en&q=auditor+fined
that somewhat explains how the BIG YEAR END BONUS on wall st are being paid out by these big houses
"At issue are claims that brokers failed to borrow stock despite being paid to do so, and that this frequently caused market distortions that leave the hedge funds out of pocket.
Fees from prime brokerage are estimated to total more than $10bn per year, and the business is dominated by Goldman Sachs and Morgan Stanley. Bear Stearns is also a significant player and many other investment banks - notably UBS, Merrill Lynch and Bank of America - have been battling to win market share."
ot:US hedge funds set to sue in short-selling row
Independent, The (London), Apr 13, 2006 by Stephen Foley in New York
Goldman Sachs, Morgan Stanley and other investment banks could face new legal claims running into hundreds of millions of dollars, amid allegations that some brokerages overcharged their biggest hedge fund clients.
Some of Wall Street's most prolific "short sellers" are set to mount a class action lawsuit, in a move that casts the shadowy hedge fund industry in the unusual position of victim.
The lawsuit will throw an uncomfortable spotlight on the world of "prime brokerage", the business of executing trades on behalf of hedge funds, which has grown into one of the most lucrative parts of investment banking business.
There are concerns that it could once again attract the attention of state prosecutors and regulators, just as Wall Street firms finish paying almost $4bn in fines over the "market timing" mutual funds trading scandal.
The aggressive law firm Milberg Weiss said it had been contacted by a number of hedge funds alleging they had been overcharged or ill- served by their broking firms, and had been gathering information on so-called "naked short-selling". A class action lawsuit could be launched in the next few weeks.
Advertisement
Short selling is a way of profiting from a fall in a com-pany's share price. The practice has made hedge funds notorious, accused of deliberately spreading negative stories to undermine a company.
Steven Schulman, a Milberg Weiss partner, said: "This is not about the evils of short-selling, which is part of an efficient market. We think that the short-sellers themselves are suffering injury. The market may not be operating in the way that participants assume and pay for."
Short sellers sell shares they do not own in the expectation that they can buy them more cheaply in time for delivery to the buyer. Usually, they borrow stock for the period, for security's sake. When this is not done, the practice is called naked short selling.
At issue are claims that brokers failed to borrow stock despite being paid to do so, and that this frequently caused market distortions that leave the hedge funds out of pocket.
Fees from prime brokerage are estimated to total more than $10bn per year, and the business is dominated by Goldman Sachs and Morgan Stanley. Bear Stearns is also a significant player and many other investment banks - notably UBS, Merrill Lynch and Bank of America - have been battling to win market share.
It is not yet clear which particular firms will be targeted by the Milberg Weiss suit, and nor is it clear which hedge funds would initially attach themselves
Copyright 2006 Independent Newspapers UK Limited
who are the experts and what agency do they work for?
"but some experts doubt it."
"Many are wondering on Internet investment forums whether a complete halt to trading of the company’s stock in the U.S. by the SEC would be the next blow, but some experts doubt it."
so those calling for a sec halt are manipulating the boards?
jurisper..you say you are not a securities attorney or a certified auditor so please explain or CLARIFY WHERE YOU SEE THE DEFICIENCIES??? why are you trying to discredit a filing which has been certified by a AUDITOR??
YOU SAY:
"This latest 10K has IMO all the deficiencies of the previous ones."
jurisper are you a securities attorney or certified auditor?
thanks janice
janice one other thing, is the printing press to make a market unlimited shares?
thanks janice, but when do they cover?
can anyone explain what "Securities sold, not yet purchased, at market value" in nites 10Q
$ 524,896,966 $ 345,457,499
KNIGHT CAPITAL GROUP, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
September 30,
2006 December 31,
2005
Assets
Cash and cash equivalents
$ 186,734,507 $ 230,591,067
Securities owned, held at clearing brokers, at market value
551,598,006 380,366,778
Receivable from brokers and dealers
410,866,093 229,828,734
Investment in Deephaven sponsored funds
203,008,086 281,656,753
Fixed assets and leasehold improvements, at cost, less accumulated depreciation and amortization
67,000,963 67,656,533
Strategic investments
38,393,130 31,896,425
Goodwill
118,084,040 47,682,880
Intangible assets, less accumulated amortization
61,408,907 29,773,442
Other assets
153,029,080 116,563,732
Total assets
$ 1,790,122,812 $ 1,416,016,344
Liabilities and Stockholders’ Equity
Liabilities
Securities sold, not yet purchased, at market value
$ 524,896,966 $ 345,457,499
Payable to brokers and dealers
69,314,171 35,102,415
Accrued compensation expense
163,878,236 117,763,834
Accrued expenses and other liabilities
77,030,897 94,244,447
Total liabilities
835,120,270 592,568,195
Stockholders’ equity
Class A Common Stock, $0.01 par value;
Shares authorized: 500,000,000;
Shares issued: 144,769,159 at September 30, 2006
and 139,745,722 at December 31, 2005;
Shares outstanding: 105,604,165 at September 30, 2006
and 102,966,359 at December 31, 2005
1,447,692 1,397,457
Additional paid-in capital
512,714,027 452,839,356
Retained earnings
764,445,541 653,513,691
Treasury stock, at cost; 39,164,994 shares at September 30, 2006
and 36,779,363 shares at December 31, 2005
(332,310,837 ) (294,652,742 )
Accumulated other comprehensive income, net of tax
8,706,119 10,350,387
Total stockholders’ equity
955,002,542 823,448,149
Total liabilities and stockholders’ equity
$ 1,790,122,812 $ 1,416,016,344
The accompanying notes are an integral part of these condensed consolidated financial statements.
janice can you explain this liability on the NITE 10q
why is this considered a liabilty?? SOLD, BUT NOT "YET" PURCHASED..WHO FORCES THEM TO BUY THESE BACK??
Securities sold, not yet purchased, at market value
$ 524,896,966 $ 345,457,499
KNIGHT CAPITAL GROUP, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
September 30,
2006 December 31,
2005
Assets
Cash and cash equivalents
$ 186,734,507 $ 230,591,067
Securities owned, held at clearing brokers, at market value
551,598,006 380,366,778
Receivable from brokers and dealers
410,866,093 229,828,734
Investment in Deephaven sponsored funds
203,008,086 281,656,753
Fixed assets and leasehold improvements, at cost, less accumulated depreciation and amortization
67,000,963 67,656,533
Strategic investments
38,393,130 31,896,425
Goodwill
118,084,040 47,682,880
Intangible assets, less accumulated amortization
61,408,907 29,773,442
Other assets
153,029,080 116,563,732
Total assets
$ 1,790,122,812 $ 1,416,016,344
Liabilities and Stockholders’ Equity
Liabilities
Securities sold, not yet purchased, at market value
$ 524,896,966 $ 345,457,499
Payable to brokers and dealers
69,314,171 35,102,415
Accrued compensation expense
163,878,236 117,763,834
Accrued expenses and other liabilities
77,030,897 94,244,447
Total liabilities
835,120,270 592,568,195
Stockholders’ equity
Class A Common Stock, $0.01 par value;
Shares authorized: 500,000,000;
Shares issued: 144,769,159 at September 30, 2006
and 139,745,722 at December 31, 2005;
Shares outstanding: 105,604,165 at September 30, 2006
and 102,966,359 at December 31, 2005
1,447,692 1,397,457
Additional paid-in capital
512,714,027 452,839,356
Retained earnings
764,445,541 653,513,691
Treasury stock, at cost; 39,164,994 shares at September 30, 2006
and 36,779,363 shares at December 31, 2005
(332,310,837 ) (294,652,742 )
Accumulated other comprehensive income, net of tax
8,706,119 10,350,387
Total stockholders’ equity
955,002,542 823,448,149
Total liabilities and stockholders’ equity
$ 1,790,122,812 $ 1,416,016,344
The accompanying notes are an integral part of these condensed consolidated financial statements.
rosie vs donald on smackdown..must watch>>>>>
http://us.video.aol.com/video.full.adp?mode=0&pmmsid=1808633
Form 10-K for TELYNX INC 12-Jan-2007
Annual Report
Item 6 Management's Discussion and Analysis of Financial Condition or Plan
of Operation.
This following information specifies certain forward-looking statements of management of the company. Forward-looking statements are statements that estimate the happening of future events are not based on historical fact. Forward-looking statements may be identified by the use of forward-looking terminology, such as "may", "shall", "could", "expect", "estimate", "anticipate", "predict", "probable", "possible", "should", "continue", or similar terms, variations of those terms or the negative of those terms. The forward-looking statements specified in the following information have been compiled by our management on the basis of assumptions made by management and considered by management to be reasonable. Our future operating results, however, are impossible to predict and no representation, guaranty, or warranty is to be inferred from those forward-looking statements.
The assumptions used for purposes of the forward-looking statements specified in the following information represent estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. As a result, the identification and interpretation of data and other information and their use in developing and selecting assumptions from and among reasonable alternatives require the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated or projected results, and, accordingly, no opinion is expressed on the achievability of those forward-looking statements. No assurance can be given that any of the assumptions relating to the forward-looking statements specified in the following information are accurate, and we assume no obligation to update any such forward-looking statements.
Critical Accounting Policy and Estimates.
Our Management's Discussion and Analysis of Financial Condition and Results of Operations section discusses our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition, accrued expenses, financing operations, and contingencies and litigation. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The most significant accounting estimates inherent in the preparation of our financial statements include estimates as to the appropriate carrying value of certain assets and liabilities which are not readily apparent from other sources, primarily allowance for doubtful accounts on receivables, accruals for other costs, and the classification of net operating loss and tax credit carry forwards between current and long-term assets. These accounting policies are described at relevant sections in this
-13-
discussion and analysis and in the notes to the financial statements included in our Annual Report on Form 10-KSB for the fiscal year ended October 31, 2005.
Overview
We did not conduct any operations from August 2002 through April 2004. Under our new management, we are recommencing operations and beginning to generate revenues as we did prior to our dormant period. Since April 1, 2004 our new management team has been trying to resolve issues with our outstanding liabilities, the dissolution of our 401(k) Plan, and the Internal Revenue Service. At the same time, we negotiated a deal with Hewlett Packard, in regard to providing support for Telecom Egypt.
In 2005 we completed the distribution of our 401(k) Plan.
In September of 2005, we received a letter from the Labor Department stating that they concluded their investigation of the 401(k) Plan.
Please review the last two reports on Form-10KSB for further explanation of the status of the company prior to November 1, 2002. As of September 30, 2002 the company vacated its offices and ceased its operation. The following discussion and analysis should be read in conjunction with our consolidated financial statements, including the notes thereto, appearing elsewhere in this report.
We deliver software and services for the specific purpose of managing telecommunications networks. Our primary target customers are telecommunications service providers. Our software and services are designed to create accurate electronic models of the network infrastructure and assist in the provisioning of new telecommunications services. We believe that the key value proposition of our products and services is the impact on a service provider's provisioning interval. In the estimation of our management, this is a key metric used by a provider to determine their cost of providing service and their ability to provide a wide range of services in a timely fashion.
We design and market a line of software products and related services to telecommunications service providers. Specifically, our software is designed to be an integral part of the Operations Support System ("OSS") environment of telecommunications service providers. Our software is designed to track inventory, provision new telecommunications service, and provide a tool for managing network bandwidth. While the software is designed to manage telecommunications service provider networks, we believe that it can also be used to track and manage any network. Our services relate to the implementation of our software and the general consulting surrounding network management.
We have leveraged our relationship with key industry players such as Hewlett Packard in order to gain penetration in the marketplace. Specifically, individual long standing relationships in international markets have produced business for us in the Middle East as well as in the Far East. The first two years of product revenue for us, namely 2000-2002, were derived in large part from these sources. Additionally, we have made significant investment in participating with industry forums such as the Telemanagement Forum to further our position in the domestic market. These forums provide industry standards, direction, and catalyst function to the market in general. From 2004 to the present, we have participated in these activities. In combination, we believe these two strategies have leveraged our market awareness.
-14-
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Liquidity and Capital Resources. As of October 31, 2005, we have cash and cash equivalents of $239, we received $65,000 as part of our 2004 receivables from the HP contract. Therefore, as of October 31, 2005, we had total current assets and total assets of $2,257. In the opinion of management, available funds will not satisfy our working capital requirements for the next twelve months. We believe that in order to (a) pay our operating expenses, (b) begin marketing our products sufficiently to gain additional clients and (c) expand our operations, we will need additional funds.
As mentioned in Note 1 to the financial statements, we encountered significant financial difficulties in 2002 and ceased operations. From approximately August of 2002 to April of 2004, the Company remained in a dormant stage. Prior to August 2002 and during the period from that date to April 2004, the Company was involved in certain claims and lawsuits arising from normal business operations prior to the Company becoming dormant. Several claimants received judgments against the Company. Management has accrued such judgments that are owed at October 31, 2004 and 2003. These liabilities may continue to accrue additional collection costs, and these costs along with other potential claims will be accrued when the amounts to be paid are probable and reasonably estimable. Related amounts accrued in the financial statements as of October 31, 2005 and 2004 are approximately $600,000 that is owed to the Internal Revenue Service for unpaid payroll taxes. Management is currently negotiating with the Internal Revenue Service regarding this liability.
As of October 31, 2005, our total liabilities were $754,969, which were comprised solely of accounts payable and accrued expenses.
We have three outstanding judgments in addition to the IRS liability. The first is by RHT, L.P. for the sum of $30,684.51 for administrative services. This judgment was granted on June 9th, 2003. The second by Robert C. Samuel of Coronado Tower for the sum of $111,796.53 for office lease which was granted in 2003. The third, R. R. Donnelley and Sons Company for the sum of $14,948.40 for printing services which was granted on June 13, 2003.
We are planning on resolving these liabilities from future revenues and funding.
We do not have any long term commitments or contingencies.
Going Concern. Note 5 to our financial statements include the following language: "The Company incurred a net operating loss of $1,015,611 for the year ended October 31, 2005. The Company will need additional working capital for its planned future activity and to satisfy its liabilities, which raises substantial doubt about its ability to continue as a going concern. Continuation of the Company as a going concern is dependent upon obtaining sufficient working capital to be successful in that effort. The management of the Company has developed a strategy which it believes will accomplish this objective through additional short term loans from related parties, and equity financing as needed, which will enable the Company to operate in the future."
Income Taxes
The Company utilizes the liability method of accounting for income taxes. Under the liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. When management determines that it is more likely than not that a deferred tax asset will not be realized, a valuation allowance is established. As of October 31, 2005, the Company had a net operating loss carryforward of $36,432,451. The tax benefit from the loss carryforward has been fully offset by a valuation reserve because the use of the future tax benefit is undetermined at this time. The loss carryforward will begin to expire in 2018.
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Results of Operations
For the year ended October 31, 2005 as compared to the year ended October 31,
2004.
Revenues. For the year ended October 31, 2005, we generated $0 in revenue from our operations. This is in comparison to the year ended October 31, 2004, where we generated $147,000 in revenues from our operation. These revenues were generated from sales of our software products. We had no cost of generating revenues, therefore our gross profit was also $147,000. We anticipate that our source of revenues will continue to be through services and product sales. Therefore, we will need to expand our client base and explore new markets suitable for our product and services, because our revenue is based on such.
Operating Expenses. For year ended October 31, 2005, we had total operating expenses of $1,019,111, which were comprised of $5,571 in sales and marketing expenses, $963,218 in services and $50,322 represented by general and administrative expenses. Therefore our loss from operations was $1,019,111. We had no other income or expenses, so our net loss for the year ended October 31, 2005 was also $1,019,111. This is in comparison to the year ended October 31, 2004, where we had total operating expenses of $190,858, which were comprised of $1,653 in sales and marketing expenses, $121,212 in services and $67,993 represented by general and administrative expenses. Therefore our loss from operations was $43,858. We had no other income or expenses, so our net loss for the year ended October 31, 2004 was also $43,858.
Our Plan of Operation for the Next Twelve Months. To continue operating and begin generating profits during the next twelve months, we must do the following:
o generate more significant revenues or raise capital to pay for our monthly costs of operation
o expand and develop our customer base; and
o increase our sales efforts to attract clients and generate revenues.
We have cash and equivalents of $239 as of October 31, 2005. We believe we do not have adequate funds to satisfy our working capital requirements for the next twelve months. Our forecast for the period for which our financial resources will be adequate to support our operations involves risks and uncertainties and actual results could fail as a result of a number of factors. We may need to raise additional capital to continue our operations.
We plan to complete our product and prepare to launch new services to increase our customer base. This plan requires a minimum of $2 million to be successfully accomplished. The additional capital will be used to complete, launch and market the new product and services world wide.
In addition to launching our own product and services, we are aggressively perusing potential acquisition of other companies with products and services in the telecommunication space.
Our forecast for the period for which our financial resources will be adequate to support our operations involves risks and uncertainties and actual results could differ as a result of a number of factors. We may need to raise additional capital to expand our operations. In the event that we experience a shortfall in our capital, we intend to pursue capital through public or private financing as well as borrowings and other sources, such as our officers and directors. We
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cannot guaranty that additional funding will be available on favorable terms, if at all. If adequate funds are not available, then our ability to expand our operations may be significantly hindered. If adequate funds are not available, we may have to cease operations. However, we have not contemplated any plan of liquidation in the event that we do not generate revenues.
We are currently conducting research and development activities since restarting our operations in April 2004. In the event that we expand our customer base, then we may need to hire additional employees or independent contractors as well as purchase or lease additional equipment. We will be required to purchase or lease a server in order to provide web hosting services.
Off-balance sheet arrangements. There are no off balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
nite nowhere near the ask .0085
any thoughts on the mms being watched by regulators?
how many x the o/s is 2.3 BILLION??
stock traded 2.3 BILLION shares in 2006
remember folks NITE traded 1.2 BILLION shares, more than all other mms combined according to otcbb.com