is thinking about $$$$$
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OPBL-- been hearing they have another great 10q coming this week. revs are up[ 100% last quarter and 50% for the year. Flaot is 48 million and O/s is 26 million and on volume today.
For the three-month period ended For the six-month period ended
June 30, June 30,
2009 2008 2009 2008
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Operating expenses:
Selling, general and administrative $ 1,212,833 $ 582,849 $ 2,275,648 $ 1,604,584
Research and development - 215,400 - 460,445
Total operating expenses 1,212,833 798,249 2,275,648 2,065,029
Operating loss (1,212,833 ) (798,249 ) (2,275,648 ) (2,065,029 )
Other income (expense):
Interest income 7,006 68,095 34,691 156,688
Interest expense to related parties (12,718 ) (94,500 ) (128,776 ) (186,219 )
Total other expenses (5,712 ) (26,405 ) (94,085 ) (29,531 )
Loss before income tax (1,218,545 ) (824,654 ) (2,369,733 ) (2,094,560 )
Income tax benefit ( expense) 216,818 313,643 (261,804 ) 809,414
Net loss $ (1,001,727 ) $ (511,011 ) $ (2,631,537 ) $ (1,285,146 )
Basic earnings per common share $ (0.02 ) $ (0.01 ) $ (0.05 ) $ (0.02 )
Diluted earnings per common share $ (0.02 ) $ (0.01 ) $ (0.05 ) $ (0.02 )
Basic and diluted weighted average common
shares outstanding 48,328,328 52,023,047 49,617,937 52,023,047
Ill be awaiting it bud.
OPBL Form 10-Q for OPTIONABLE INC
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16-Nov-2009
Quarterly Report
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
Optionable, Inc. ("the "Company") was formed in Delaware in February 2000. Between April 2001 and July 2007, a substantial portion of our revenues were generated from providing energy derivative brokerage services to brokerage firms, financial institutions, energy traders, and hedge funds worldwide. A substantial portion of all energy derivatives we brokered in the past were natural gas derivatives.
A significant portion of our revenues through the third quarter of 2007 was derived from our business relationship with BMO Financial Group ("BMO"). We have not generated any revenues since the third quarter of 2007 as a result of the suspension of the business relationship with us by BMO together with the combined succession of events since then. In addition, the matters discussed in Item 1 of Part II of this Report "Legal Proceedings" have had a significant adverse impact on our business, including current and, likely, future results of operations and financial condition. Our management continues to seek out possible business transactions and new business relationships.
The Company is a defendant to three legal proceedings, one from the Commodities and Futures Trade Commission ("CFTC"), another from its largest shareholder, NYMEX, and a third one from its former largest customer, BMO. Also named in such lawsuits, among others, are: one of the Company's current board members and former president, as well as the Company's former chief executive officer. The Company's former chairman is a defendant in the latter two proceedings. Additionally, the Company's former chief executive officer and former president ( who is a current board member) are defendants in a claim made by the Securities and Exchange Commission. Furthermore, the US Department of Justice has indicted the Company's former chief executive officer.
Going Concern
The Company is unable to determine whether it will have sufficient funds to meet its obligations for at least the next twelve months. The combination of its anticipated legal costs to defend against current legal proceedings, the potential amounts the Company would have to pay if there are negative outcomes in one or more of such legal proceedings and the Company's obligations under its indemnification obligations could exceed the Company's resources. The legal proceedings also negatively impact the Company's ability to enter into strategic transactions with other companies. The Company's future depends on its ability to satisfactorily resolve the aforementioned legal issues and there is no assurance it will be able to do so. If the Company fails for any reason, it would not be able to continue as a going concern and could potentially be forced to seek relief through a filing under the US Bankruptcy Code.
--------------------------------------------------------------------------------
Three and Nine-Month Periods Ended September 30, 2009 and 2008
Results of Operations
(Unaudited)
For the three-month Increase/ Increase/ For the nine-month Increase/ Increase/
period ended (Decrease) (Decrease) period ended (Decrease) (Decrease)
September 30, in $ 2009 in % 2009 September 30, in $ 2009 in % 2009
2009 2008 vs 2008 vs 2008 2009 2008 vs 2008 vs 2008
Operating expenses:
Selling, general and administrative 527,785 226,646 301,139 132.9 % 2,803,433 1,831,230 972,203 53.1 %
Research and development - 98,660 (98,660 ) -100.0 % - 559,105 (559,105 ) -100.0 %
Total operating expenses 527,785 325,306 202,479 62.2 % 2,803,433 2,390,335 413,098 17.3 %
Operating loss (527,785 ) (325,306 ) 202,479 62.2 % (2,803,433 ) (2,390,335 ) 413,098 17.3 %
Other income (expense):
Interest income 3,944 42,070 (38,126 ) -90.6 % 38,635 198,758 (160,123 ) -80.6 %
Interest expense-related parties (13,103 ) (97,362 ) (84,259 ) -86.5 % (141,879 ) (283,581 ) (141,702 ) -50.0 %
(9,159 ) (55,292 ) (46,133 ) 88.4 % (103,244 ) (84,823 ) 18,421 21.7 %
Net loss before income tax (536,944 ) (380,598 ) (156,346 ) 41.1 % (2,906,677 ) (2,475,158 ) 431,519 17.4 %
Income tax benefit 338,341 72,165 266,176 NM 76,537 881,579 (805,042 ) (91.3 )%
Net loss $ (198,603 ) $ (308,433 ) $ (109,830 ) - $ (2,830,140 ) $ (1,593,579 ) $ 1,236,561 77.6 %
NM: Not meaningful
--------------------------------------------------------------------------------
Selling, general, and administrative expenses
Selling, general, and administrative expenses consists primarily of legal fees, incurred in connection with the Company's attention to matters described in Part II, Item 1- Legal Proceedings or to handle certain matters which occur during the course of our operations, and compensation of personnel supporting our operations.
The increase in selling, general, and administrative expenses during the three-month and nine-month periods ended September 30, 2009, when compared to the prior year period is primarily due to the following:
? Higher legal fees incurred in connection with an increased number of litigations handled during 2009 as well as legal fees incurred in connection with our annual meeting of stockholders in March 2009 and the satisfaction of our obligations to Mark Nordlicht, a stockholder and our former Chairman of the Board, which occurred in February 2009.
As a result of the matters discussed above and in Item 1 of Part II of this Report, we believe that our legal fees for 2009 will continue to constitute a large share of our selling, general, and administrative expenses.
Research and development
Research and development expenses consist primarily of compensation of personnel and consultants associated with the development and testing of our automated electronic trading system. The decrease in research and development expenses during the three-month and nine-month periods ended September 30, 2009 when compared to the prior year periods is primarily due to the following:
? We suspended our OPEX development efforts in November 2008.
Interest income
Interest income consists primarily of interest earned on interest-bearing cash and cash equivalents. The decrease in interest income during the three-month and nine-month periods ended September 30, 2009 when compared to the prior year period is primarily due to a decrease in interest rate we earned as well as a lower weighted average interest-bearing cash balance.
Interest expense to related parties
Interest expense to related parties consists of interest charges associated with amounts due to related parties, including Mark Nordlicht, our former Chairman of the Board and Edward O'Connor, our former President and current Director. The decrease in interest expense to related parties during the three-month and nine-month periods ended September 30, 2009 is primarily due to a loss on extinguishment of debt to Mark Nordlicht of approximately $35,000 which was recognized as interest expense during February 2009. No such loss occurred during the comparable prior year period.
--------------------------------------------------------------------------------
Income tax
Income tax benefit/expense consists of federal and state current and deferred income tax or benefit based on our net income. The decrease in income tax benefit during the three and nine- month periods ended September 30, 2009 when compared to the income tax benefits expense we incurred during the comparable prior year periods is primarily due to a tax gain of $2.5 million we incurred on the satisfaction of the due to Mark Nordlicht, offset by taxable losses resulting from our expenses.
LIQUIDITY AND CAPITAL RESOURCES
Our cash balance as of September 30, 2009 amounts to approximately $4.0 million.
During the nine-month period ended September 30, 2009, we used cash from operating activities of approximately $2.4 million, primarily resulting from:
? net loss of approximately $2.8 million, adjusted for the amortization of debt discount of approximately $140,000 and an increase in allowance for bad debt of $80,000; and
? a decrease in income tax payable of approximately $140,000 resulting from the current pre-tax loss offset by a taxable gain of $2.5 million resulting from the satisfaction of our obligations to Mark Nordlicht, a stockholder and our former Chairman of the Board;
During the nine-month period ended September 30, 2009, we used cash in investing activities, resulting from purchases of five notes receivable aggregating $80,000;
During the nine-month period ended September 30, 2009, we satisfied our obligations of approximately $5.0 million to Mark Nordlicht, and repurchased 4,095,075 shares of our common stock for a consideration aggregating $2,575,000.
During the nine-month period ended September 30, 2008, we used cash from operating activities of approximately $301,000, primarily resulting from:
? net loss of approximately $1.6 million, adjusted for the amortization of debt discount and depreciation of approximately $284,000 and $162,000, respectively;
? a decrease in prepaid income taxes assets resulting from the reimbursement during the nine-month period ended September 30, 2008 of the 2007 federal estimated tax payments /income tax payable offset by the current year tax benefits resulting from operating losses; and
? an increase in other receivable of approximately $260,000 representing insurance proceeds receivable from our insurance carrier for legal fees incurred in connection with certain legal matters disclosed in Item 1 of Part II of this report.
--------------------------------------------------------------------------------
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
A summary of significant accounting policies is included in Note 2 of unaudited financial statements included in this Quarterly Report. Management believes that the application of these policies on a consistent basis enables us to provide useful and reliable financial information about our operating results and financial condition. Our financial statements and accompanying notes are prepared in accordance with U.S. GAAP. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management's application of accounting policies. Critical accounting policies for us include the following:
Contingencies
The outcomes of legal proceedings and claims brought against us are subject to significant uncertainty. FASB ASC 450-20-25-2 "Contingencies- Loss Contingencies-Recognition", requires that an estimated loss from a loss contingency such as a legal proceeding or claim should be accrued by a charge to income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. Disclosure of a contingency is required if there is at least a reasonable possibility that a loss has been incurred.
In determining whether a loss should be accrued we evaluate, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. Changes in these factors could materially impact our financial position or our results of operations.
Recent Accounting Pronouncements
During 2009, FASB has issued a number of updates to its accounting standards codification, none of which are expected to significantly impact the Company's presentation or accounting treatment for a particular event or transactions.
OPBL Bid: 0.03 Ask: 0.039 Last: 0.03 ($): 0.01 Vol: 1,181,322 http://stockcharts.com/h-sc/ui?s=opbl
keep it up aliangel!
IDGI Bid: 0.016 Ask: 0.0168 Last: 0.016 ($): 0.0035 Vol: 4,154,312 |
TNRI .0001x.0002 21mil vol! bottom bouncer?
TNRI 21mil vol!
MMRF .001 600k vol- running hard today-- http://stockcharts.com/h-sc/ui?s=MMRF
Nice to see it holding at .08
PSGI low vol today, but atleast green.. would love to see this the bottom.
Good to see PSGI green today!
Great DD ESS!
Agreed! This is a nice sight to see. PSGI shooting for that .11.
Good morning bro!!
Not a bad chart at all! great flipper for monday IMO
Consolidation on ACLS today, by looking at the chart, i could see today and tomorrow of red and then a continued uptrend IMO
http://stockcharts.com/h-sc/ui?s=acls
Yeah i did a little DD, nothing big.
ACLS ending green today, 1.28 1.1mil vol- http://stockcharts.com/h-sc/ui?s=acls
Your always busy like i am. Ill be sure to stop by your board shortly and of course show some love! Power hour is here and i hope you are doing well today!
Ive been waiting for you to stop by Layla. Nah the cafe will always be my first home. LOL
LOL!! boooooooooom- http://stockcharts.com/h-sc/ui?s=clra&p=D&b=5&g=0&id=0
Hey norris! yeah boards coming along nicely.. Stop by often and post your picks.
HESG killing it today!!
Vol building on PSGI! awaiting a breakout here!
GM TOC crew!
So pretty much you bought high on it's last run and you got stuck huh? man i hate when that happens. GLTY
OCNF Bid: 1.20 Ask: 1.21 Last: 1.21 ($): 0.06 Vol: 3,954,729 |
HESG-- would like to announce that as of 11-14-2009 the company has acquired approximately 1.5 billion shares and has issued instruction to the company's transfer agent to retire them. The company is prepared to continue retirement of additional shares as conditions permit. It is expected that in the next few days our transfer agent will receive the certificate(s) and complete the retirement.
PSGI looking cheap here IMO!!
Agreed! If we can push past .11 and hold we will see a bit more MOMO IMO.
OTC SHS), a provider of corporate, industrial and residential security solutions, announces today that it has executed a license agreement with Stealth Monitoring, Inc. (www.stealthmonitoring.com) as its camera surveillance-systems integrator and IP video monitoring company.
Indeed! ive been going over some DD this morning. This 1.29 is looking good. Just might continue into next week IMO.
(PINKSHEETS: BLAP) announced last Friday it has been accepted into Apple's iPhone Developer Program allowing the company to design applications for the lucrative market of iPhone and iTouch application sales
Two bounce plays-- PSGI ACLS!!! http://investorshub.advfn.com/boards/read_msg.aspx?message_id=43688641
Not a bad looking chart though!
Anything you can do Dalcindo would be great!
ACLS 1.29 now!!!
PSGI chart from Universal minds own Dalcindo--
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=43688641
ACLS 1.27x1.28 471k vol!!!