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Agreed - it's hard to imagine with such a low float how this company got to sub penny in the first place...
Makamai
A Big AMEN to that Art - It costs money to issue NRs. Most companys wouldn't begin to provide the number of status NRs that Magnum has to keep his investors informed of day to day progress, especially with pictures of the plant. I'm sure Prophet would claim that the politicians who have visited the plant and Magog news articles are figments of our imagination as well. Even a 5th grader could dd this company and be convinced it's for real. I guess that clearly identifies Prophet's motives.
Makamai
Wow - Something must be happening - up 200% at .03 at the moment on the ask...not many plays making that kind of move in an upward direction anyhow these days...
Makamai
A Big AMEN to that W6 - however, I'm a strong believer that by next year at this time there will be considerable advancement of the stock price. Lots of good things coming in the first quarter of next year to get the new year off to a good start, and the company will build upon that throughout the year...
Makamai
Aloha Kuleana - I think the "green theme" is going to be heard and seen more and more as global environmental issues mount. Looks like Magnum has well timed their interview on CNN for early next year to be one of CNN's first Green features.
Makamai
Form 10-Q for INFERX CORP
(Now the "e" should go away)
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10-Dec-2008
Quarterly Report
Item 2. Management's Discussion and Analysis or Plan of Operation.
The information set forth and discussed in this Management's Discussion and Analysis or Plan of Operation is derived from our financial statements and the related notes, which are included. The following information and discussion should be read in conjunction with those financial statements and notes, as well as the information provided in our Annual Report on Form 10-K for our fiscal year ended December 31, 2007.
Overview
Our company was formed in May 2005 to pursue a business combination. On October 24, 2006, we acquired InferX Corporation, a Virginia corporation ("InferX Virginia"), and on October 27, 2006 we merged InferX Virginia into our company and changed our name to "InferX Corporation." After the acquisition of InferX Virginia, we succeeded to its business as our sole line of business. InferX Virginia was formed in August 2006 by the merger of the former InferX Corporation, a Delaware corporation ("InferX Delaware"), with and into Datamat Systems Research, Inc., a Virginia corporation and an affiliate of InferX Delaware ("Datamat"), pursuant to which Datamat was the surviving corporation and changed its name to "InferX Corporation."
Datamat was formed in 1992 as a professional services research and development firm, specializing in technology for distributed analysis of sensory data relating to airborne missile threats under contracts with the Missile Defense Agency and other DoD contracts. InferX Delaware was formed in 1999 to commercialize Datamat's missile defense technology to build applications of real time predictive analytics. The original technology was developed in part with grants by the Missile Defense Agency.
Historically, we have derived nearly all of our sales revenues under federal government contracts. Under these contracts, we performed research and development that enabled us to retain ownership of the intellectual property, which led to the creation of our current products. Due to the relatively small and uncertain margins associated with fixed price government contracts and the inherent limit of the market size, in fiscal 2002 we began to develop our software as a commercial product, concentrating on building specific applications that we believed would meet the needs of potential new customers. In fiscal 2003, we sold two commercial licenses. However, since fiscal 2004, all of our revenues have derived from government contracts. Currently, we have one contract with the Missile Defense Agency to develop a prototype application of our software.
Critical Accounting Policies
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We rely on historical experience and on other assumptions we believe to be reasonable under the circumstances in making our judgments and estimates. Actual results could differ from those estimates. We consider our critical accounting policies to be those that are complex and those that require significant judgments and estimates, including the following: recognition of revenue, capitalization of software development costs and income taxes.
Principles of Consolidation
The consolidated financial statements include those of InferX and our wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
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Cash and Cash Equivalents
We consider all highly liquid debt instruments and other short-term investments with a maturity of three months or less, when purchased, to be cash equivalents.
We maintain cash and cash equivalent balances at one financial institution that is insured by the Federal Deposit Insurance Corporation up to $100,000.
Allowance for Doubtful Accounts
We provide an allowance for doubtful accounts, which is based upon a review of outstanding receivables as well as historical collection information. Credit is granted to substantially all customers on an unsecured basis. In determining the amount of the allowance, management is required to make certain estimates and assumptions.
Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful lives of the related assets (primarily three to five years). Costs of maintenance and repairs are charged to expense as incurred.
Computer Software Development Costs
During 2007 and 2006, we capitalized certain software development costs. We capitalize the cost of software in accordance with SFAS 86 once technological feasibility has been demonstrated, as we have in the past sold, leased or otherwise marketed our software, and plans on doing so in the future. We capitalize costs incurred to develop and market our privacy preserving software during the development process, including payroll costs for employees who are directly associated with the development process and services performed by consultants. Amortization of such costs is based on the greater of (1) the ratio of current gross revenues to the sum of current and anticipated gross revenues, or (2) the straight-line method over the remaining economic life of the software, typically five years. It is possible that those anticipated gross revenues, the remaining economic life of the products, or both, may be reduced as a result of future events. We have not developed any software for internal use.
Recoverability of Long-Lived Assets
We review the recoverability of our long-lived assets on a periodic basis whenever events and changes in circumstances have occurred which may indicate a possible impairment. The assessment for potential impairment is based primarily on our ability to recover the carrying value of long-lived assets from expected future cash flows from operations on an undiscounted basis. If such assets are determined to be impaired, the impairment recognized is the amount by which the carrying value of the assets exceeds the fair value of the assets. Fixed assets to be disposed of by sale are carried at the lower of the then current carrying value or fair value less estimated costs to sell.
Revenue Recognition
We generate revenue from professional services rendered to customers as well as from application management support contracts with governmental units. Our revenue is generated under time-and-material contracts and fixed-price contracts.
Time-and-Material Contracts
Time-and-material contracts revenue is generated as costs are generally incurred in proportion with contracted billing schedules and revenue is recognized as services are performed, with the corresponding cost of providing those services reflected as direct costs. Such method is expected to result in reasonably consistent profit margins over the contract term.
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Fixed-Price Contracts
Revenue from firm-fixed-price contracts is recognized upon achievement of the milestones contained in the contracts in accordance with the provisions of Staff Accounting Bulletin 104. Revenue is not recognized until collectibility is assured, which does not take place until completion of the particular milestone. Costs are recognized as services are performed.
We do not derive revenue from projects involving multiple revenue-generating activities. If a contract would involve the provision of multiple service elements, total estimated contract revenue would be allocated to each element based on the fair value of each element.
The amount of revenue allocated to each element would then be limited to the amount that is not contingent upon the delivery of another element in the future. Revenue for each element would then be recognized depending upon whether the contract is a time and-materials contract or a fixed-price, fixed-time contract.
Stock-Based Compensation
On December 16, 2004, the Financial Accounting Standards Board ("FASB") published Statement of Financial Accounting Standards No. 123 (Revised 2004), "Share-Based Payment" ("SFAS 123R"). SFAS 123R requires that compensation cost related to share-based payment transactions be recognized in the financial statements. Share-based payment transactions within the scope of SFAS 123R include stock options, restricted stock plans, performance-based awards, stock appreciation rights, and employee share purchase plans. The provisions of SFAS 123R, as amended, are effective for small business issuers beginning as of the next interim period after December 15, 2005. We have adopted these provisions as of January 1, 2006, and this adoption did not have a material effect on our operations.
On January 1, 2006, we adopted the provisions of FAS No. 123R "Share-Based Payment" ("FAS 123R") which requires recognition of stock-based compensation expense for all share-based payments based on fair value. Prior to January 1, 2006, we measured compensation expense for all of our share-based compensation using the intrinsic value method prescribed by Accounting Principles Board
("APB") Opinion No. 25, "Accounting for Stock Issued to Employees" ("APB 25")
and related interpretations. We have provided pro forma disclosure amounts in accordance with FAS No. 148, "Accounting for Stock-Based Compensation - Transition and Disclosure - an amendment of FASB Statement No. 123" ("FAS 148"), as if the fair value method defined by FAS No. 123, "Accounting for Stock Based Compensation" ("FAS 123") had been applied to our stock-based compensation.
We have elected to use the modified-prospective approach method. Under that transition method, the calculated expense in 2006 is equivalent to compensation expense for all awards granted prior to, but not yet vested as of January 1, 2006, based on the grant-date fair values estimated in accordance with the original provisions of FAS 123. Stock-based compensation expense for all awards granted after January 1, 2006 is based on the grant-date fair values estimated in accordance with the provisions of FAS 123R. We recognize these compensation costs, net of an estimated forfeiture rate, on a pro rata basis over the requisite service period of each vesting tranche of each award. We consider voluntary termination behavior as well as trends of actual option forfeitures when estimating the forfeiture rate.
Concentrations
We have derived all of our revenue from agencies of the United States Government.
Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of accounts receivable and unbilled receivables. To date, accounts receivable and unbilled receivables have been derived from contracts with agencies of the federal government. Accounts receivable are generally due within 30 days and no collateral is required.
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Segment Reporting
We follow the provisions of SFAS 131, "Disclosures about Segments of an Enterprise and Related Information." This standard requires that companies disclose operating segments based on the manner in which management disaggregates the company in making internal operating decisions. We believe that there is only one operating segment.
Fair Value of Financial Instruments (other than Derivative Financial Instruments)
The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. For the notes payable, the carrying amount reported is based upon the incremental borrowing rates otherwise available to us for similar borrowings. For the warrants that are classified as derivatives, fair values were calculated at net present value using our weighted average borrowing rate for debt instruments without conversion features applied to total future cash flows of the instruments.
Convertible Instruments
We review the terms of convertible debt and equity securities for indications requiring bifurcation, and separate accounting, for the embedded conversion feature. Generally, embedded conversion features, where the ability to physical or net-share settle the conversion option is not within our control, are bifurcated and accounted for as a derivative financial instrument. Bifurcation of the embedded derivative instrument requires allocation of the proceeds first to the fair value of the embedded derivative instrument with the residual allocated to the debt instrument. The resulting discount to the face value of the debt instrument is amortized through periodic charges to interest expense using the Effective Interest Method.
Income Taxes
Under Financial Accounting Standards Board Statement No. 109, "Accounting for Income Taxes," the liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.
Uncertainty in Income Taxes
In July 2006, the FASB issued Interpretation No. 48 (FIN No. 48), "Accounting for Uncertainty in Income Taxes." This interpretation requires recognition and measurement of uncertain income tax positions using a "more-likely-than-not" approach. FIN No. 48 is effective for fiscal years beginning after December 15, 2006. Management has adopted FIN 48 for 2007, and they evaluate their tax positions on an annual basis, and has determined that as of June 30, 2008, no additional accrual for income taxes is necessary.
(Loss) Per Share of Common Stock
Basic net (loss) per common share ("EPS") is computed using the weighted average number of common shares outstanding for the period. Diluted earnings per share includes additional dilution from common stock equivalents, such as stock issuable pursuant to the exercise of stock options and warrants. Common stock equivalents are not included in the computation of diluted earnings per share when we report a loss because to do so would be anti-dilutive for the periods presented.
Research and Development
Research and development costs are expensed as incurred.
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Recent Issued Accounting Standards
In September 2006, the FASB issued SFAS 157, "Fair Value Measurements." This standard defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. This statement is effective for financial statements issued for fiscal years beginning after November 15, 2007. Early adoption is encouraged. The adoption of SFAS 157 is not expected to have a material impact on the consolidated financial statements.
In February 2007, the FASB issued FAS No. 159, "The Fair Value Option for Financial Assets and Financial Liabilities - Including an amendment of FASB Statement No. 115", ("FAS 159") which permits entities to choose to measure many financial instruments and certain other items at fair value at specified election dates. A business entity is required to report unrealized gains and losses on items for which the fair value option has been elected in earnings at each subsequent reporting date. This statement is expected to expand the use of fair value measurement. FAS 159 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years.
In December 2006, the FASB Staff issued FSP EITF 00-19-2, "Accounting for Registration Payment Arrangements" ("EITF 00-19-2"). EITF 00-19-2 addresses an issuer's accounting for registration payment arrangements. EITF 00-19-2 specifies that the contingent obligation to make future payments or otherwise transfer consideration under a registration payment arrangement, whether issued as a separate agreement or included as a provision of a financial instrument or other agreement, should be separately recognized and measured in accordance with SFAS No. 5, Accounting for Contingencies. EITF 00-19-2 is effective for financial statements issued for fiscal years beginning after December 15, 2006, and interim periods within those fiscal years. Application of EITF 00-19-02 resulted in an adjustment in January 2007 reclassifying the derivative liability to additional paid-in capital and retained earnings. The adjustment reduced the derivative liability by $1,031,703 and increased additional paid-in capital by $547,086 and increased retained earnings by $484,617 which was the cumulative-effect adjustment resulting from the adoption of this standard.
In December 2007, the FASB issued SFAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements, an amendment of Accounting Research Bulletin No 51" (SFAS 160). SFAS 160 establishes accounting and reporting standards for ownership interests in subsidiaries held by parties other than the parent, changes in a parent's ownership of a noncontrolling interest, calculation and disclosure of the consolidated net income attributable to the parent and the noncontrolling interest, changes in a parent's ownership interest while the parent retains its controlling financial interest and fair value measurement of any retained noncontrolling equity investment.
SFAS 160 is effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. Early adoption is prohibited. Management is determining the impact that the adoption of SFAS No. 160 will have on our consolidated financial position, results of operations or cash flows.
In December 2007, the FASB issued SFAS 141R, Business Combinations ("SFAS 141R"), which replaces FASB SFAS 141, Business Combinations. This Statement retains the fundamental requirements in SFAS 141 that the acquisition method of accounting be used for all business combinations and for an acquirer to be identified for each business combination. SFAS 141R defines the acquirer as the entity that obtains control of one or more businesses in the business combination and establishes the acquisition date as the date that the acquirer achieves control. SFAS 141R will require an entity to record separately from the business combination the direct costs, where previously these costs were included in the total allocated cost of the acquisition. SFAS 141R will require an entity to recognize the assets acquired, liabilities assumed, and any non-controlling interest in the acquired at the acquisition date, at their fair values as of that date. This compares to the cost allocation method previously required by SFAS No. 141.
SFAS 141R will require an entity to recognize as an asset or liability at fair value for certain contingencies, either contractual or non-contractual, if certain criteria are met. Finally, SFAS 141R will require an entity to recognize contingent consideration at the date of acquisition, based on the fair value at that date. This Statement will be effective for business combinations completed on or after the first annual reporting period beginning on or after December 15, 2008. Early adoption of this standard is not permitted and the standards are to be applied prospectively only. Upon adoption of this standard, there would be no impact to our results of operations and financial condition for acquisitions previously completed. The adoption of SFAS No. 141R is not expected to have a material effect on our consolidated financial position, results of operations or cash flows.
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In December 2007, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 110, "Use of a Simplified Method in Developing Expected Term of Share Options" ("SAB 110"). SAB 110 expresses the current view of the staff that it will accept a company's election to use the simplified method discussed in Staff Accounting Bulletin No. 107, "Share Based Payment", ("SAB107"), for estimating the expected term of "plain vanilla" share options regardless of whether the company has sufficient information to make more refined estimates. SAB 110 became effective for us on January 1, 2008. The adoption of SAB 110 is not expected to have a material impact on our final position.
In March 2008, the FASB Task Force approved confirming changes for Issue No. 98-5, "Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios" to reflect more clearly the consensus on EITH 00-27, "Application of Issue No. 98-5 to Certain Convertible Instruments", and the issuance of FASB Statement No. 150, "Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity". In addition, the Task Force decided to provide transition guidance for those conforming changes as outlined in EITF 08-4, "Transition Guidance for Conforming Changes to Issue 98-5". Management used the EITF 00-27 and EITF 98-5 guidance to determine beneficial conversion options and accounting for convertible debt instruments and convertible stock (collectively, convertible instruments) with nondetachable conversion options that are in-the-money.
Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date and are not expected to have a material impact on the consolidated financial statements upon adoption.
Nine Months Ended September 30, 2008 and 2007
Revenue for the nine months ended September 30, 2008 was $80,934, a decrease of $219,066, or 73%, from $300,000 for the same period in 2007. This was a result of a decrease in government contracts.
Direct costs were $252,659 and $287,206 for the nine months ended September 30, 2008 and 2007 respectively. This represents a decrease of $34,547 or 12%. The decrease in direct costs resulted primarily from decreased subcontractor costs of $69,101 resulting from a reduction of government contracts and an increase of $56,521 in amortization costs from newly capitalized software.
Operating expenses which include indirect labor, professional fees, advertising, consulting and general and administrative, increased from $1,107,016 for the nine months ended September 30, 2007 to $1,121,475 for the same period in 2008. The increase of $14,459 or 2% is the result of the following: an increase in indirect and overhead labor and fringes of $61,499 during the nine months ended September 30, 2008; a decrease in registration penalty of $134,202 resulting from a prior year transaction which did not occur again in the current year, a decrease in professional services of $143,689, consisting primarily of decreased legal costs; an increase in share based compensation of $149,857 as a result of awards issued under the Company's option plan and stock issued for services; an increase in general and administrative costs of $61,503; and a decrease in depreciation and impairment of $12,657 due primarily to the 2007 impairment charge on the Company's InferView product.
Interest expense increased $1,119,153 in the nine months ended September 30, 2008 due to the recognition of a beneficial conversion feature in the amount of $1,091,253 and the recognition of the amortization of debt discount associated with the convertible notes in the amount of $24,462. These costs did not occur in the same period for 2007.
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Three Months Ended September 30, 2008 and 2007
Revenue for the three months ended September 30, 2008 was $0, a decrease of $100,000, or 100%, from $100,000 for the same period in 2007. This was a result of a decrease in government contracts.
Direct costs for the three months ended September 30, 2008 were $63,091 compared to $85,988 for the same period in 2007, a decrease of $22,897, or 27%. This resulted primarily from $10,657 in decreased direct labor and fringes and $30,775 of decreased subcontractor costs resulting from a reduction of government contracts and an increase of $18,841 in other amortization costs from newly capitalized software.
Operating expenses for the three months ended September 30, 2008, which include indirect labor, professional fees, advertising, consulting and general and administrative, decreased $44,030 to $319,404 for the period ended September 30, 2008 from $363,434 for the same period in 2007. This represents a decrease of 13% and is primarily a result of increased indirect and overhead labor and fringes of $38,774 resulting from costs related to a staffing in 2008 and a decrease in professional services of $107,663, consisting primarily of decreased legal costs.
Interest expense increased $1,028,921 in the three months ended September 30, 2008 due to the recognition of a beneficial conversion feature in the amount of $1,005,000 and the recognition of the amortization of debt discount associated with the convertible notes in the amount of $22,757. These costs did not occur in the same period for 2007.
Liquidity and Capital Resources
We had cash of $24,739 at September 30, 2008 and a working capital deficit of $1,285,440. During the nine months ended September 30, 2008, we used approximately $489,000 from our operations. Operations were funded primarily from the borrowings of promissory notes of $537,500.
In October 2006, we completed a private placement in which the investors paid $.50 per share of common stock, and also received one five-year warrant with an exercise price of $.50 and one five-year warrant with an exercise price of $.62. We sold 2,329,392 units in the private placement (including $362,196 in cancellation of indebtedness and accrued interest under outstanding bridge loans), resulting in gross cash proceeds of approximately $802,500. In April 2007, we and holders of our Class A warrants agreed to reduce the exercise price of 80% of the Class A warrants to $.25 per share for a period of two weeks. We received approximately $407,000 from the exercise of 1,629,513 warrants. In November 2007, the holders of our Class A warrants exercised an additional 444,879 warrants resulting in gross cash proceeds of approximately $222,000.
In March 2008, we sold three convertible notes in the aggregate principal amount of $237,500. These convertible notes accrue interest at the rate of 9.9% per annum and are convertible into our common stock at 50% of the closing bid price of the common stock on the date of conversion.
In June and July 2008, we sold convertible notes in the aggregate principal amount of $50,000. These convertible notes accrue interest at the rate of 9.9% per annum and are convertible into our common stock at a fixed price of $0.10 per share of common stock on the outstanding principal and accrued interest on the date of conversion.
Well, my faith in the company just rose considerably after that response you got Profit. There's a big difference between being skeptical and being a "false prophet" with your own personal agenda. I trust you've had your fill and will be moving on to bigger and better prophecies involving some other company since there is no point in sticking around here any longer since even the company won't communicate with you. Your game is up. RIP
Makamai
MC - this is what's contained in the SEC extension request:
IMO, the 10QSB should have been out within 5 days of the original due date. Some accountant they've got.....
Makamai
PART I -- REGISTRANT INFORMATION
InferX Corporation
Full Name of Registrant
__________________
Former Name if Applicable
1600 International Drive, Suite 110
Address of Principal Executive Office (Street and Number)
McLean, Virginia 22102
City, State and Zip Code
PART II -- RULES 12b-25 (b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate.)
(a) The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
[X] (b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F,11-K Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q, or portion thereof will be filed on or before the fifth calendar day following the prescribed due date; and
(c) The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
PART III -- NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
The Registrant cannot file its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2008 within the prescribed time period because of delays in completing the preparation of its unaudited financial statements and management’s discussion and analysis.
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this notification.
B.K. Gogia 703 917-0880
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s). x Yes o No
(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? o Yes x No
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
W6 - this is the best part of the NR - "... New opportunities are showing up especially with the fact that Magnum now has revolutionary patents. There are more clients on the way and we expect to shock the market with our rapid growth in the 1st quarter of 2009." That got my attention!!
Makamai
If that's the case, then they have gone beyond the extension deadline as I believe it gives them an additional 15 days to file.
Makamai
This was filed on Tuesday, Nov 25. Not sure what additional (if any) filings they still need to file.
http://finance.yahoo.com/q/is?s=ifrxe.ob
Makamai
Aloha Surfguy - in putting together a successful business, there are a lot of pieces that must fit together to make it work. You have the day-to-day operations, short term stragegy and goals as well as long term planning and goals. Right now we have just given birth to this baby, and things are beginning to fall into place nicely. However we haven't even begun to scratch the surface of what Magnum's all about. I have every confidence in our present management to make this company grow into a world leader and it's not buffings and nuggets that will get us there, it's SRI and the patents/products that will be forthcoming.
Yes as you stated, patience is the key. I was a former MAGR investor as were several others. I have yet to see a profit in my MDOR stock account. However I know that those days will soon be over and I have Chad Curtis and company to personally thank for that. And lets not forget Tim Sun who found Chad and set it all up. So I might get a little annoyed at the present stock price from time to time, but I won't tolerate bashers who have nothing better to do than trash a company for their own ill gotten gains.
The stock price last year in December was $.09 - about $.60 now, however I wouldn't be surprised to see it at $9.00 or better this time next year as the company expands and beyond that and on another exchange who knows. As they say, the sky is the limit.
Makamai
I respectfully suggest then, that you are going to be disappointed. I feel the company is under no obligation to divulge anything with regards to production quotas at this early stage of their existence. At this point in time, revenue projections are just not important. In fact, they still are adding new machinery and equipment - for example, the 3 tire tracks that are being automated, buffers, etc.. They won't be going 24/7 until everything gets in place and tested at lower capacities and they hire more people. You don't just throw together a plant of this size and nature over night. It takes carefull planning and some trial and error to make things as efficent as possible. Financing and issues of that nature - that's what's important right now, and I suspect we'll be finding out more about that in the very near future.
Makamai
I firmly second the motion Art - only bashers bring SLJB up knowing fully well that Chad had no involvement w/the company. Any future posts that raise that issue and the Green Rubber issue need to get axed as well as the poster.
Makamai
It may not be too much to ask for, fsmith, but it's too much to expect. If the company were in business for a couple of years, and has some history of revenue, then it would have provided revenue projections. This is a start up business that's just off the blocks. Give them a break. We'll know soon enough what income they made this month in the first quarters report. Even that won't be indicative of future income since there is a lot of trial and error in processing and making things more efficient. They are about to hire more people. Once things get rolling, then the future will be easier to predict. Patience is a virtue that few seem to possess these days. Keep in mind that last year at this time, the stock price was at $.09. Think of the progress we've made in just 1 year. Next year will be even better.
Makamai
Prophet - there's one thing to raise concerns, and another thing to bash. This company has established a policy of being transparent and they have maintained that policy almost to the extreme. Pictures don't lie - the website is quite informative and whether you like Chad Curtis or not: first, he is not the CEO, Glusic is; secondly he has busted his okole to get this company up and running and those of us without an agenda clearly recognize that and greatly appreciate his hard work. The company has just started production and is ramping up as fast as can be expected. It is fully reporting and the first quarterly 10QSB due out by Feb 14th 2009 will show income - for basically only 1 months production. With 26mil/yr in NSS contracts just out the gate, the future of this company is very sound (personal agendas aside) and we have fine rubber production to look forward to in early 2009.
Makamai
Now we know that the company already has some specialized equipment from Malaysia - "As we await installation of additional equipment and prepare to test our newly developed equipment from Malaysia, everyone is anxiously awaiting the exciting developments in store for the upcoming year."
Looks like we are going to be cranking out powders sooner than later. Looking forward to the contracts that will be associated with them. That's when Magnum will really begin to be noticed as a major player in the rubber and elastomeric fields. Yep, 2009 will certainly be a great year for all of us.
Makamai
NEWS: Magnum CEO Returns From Recent Trip to Magog
Tuesday December 2, 11:33 pm ET
FORT LAUDERDALE, Fla., Dec 2 /PRNewswire-FirstCall/ -- Magnum D'Or Resources, Inc.'s (OTC Bulletin Board: MDOR - News) CEO recently returned from a trip to Magog and reports production, personnel, and expansion plans are moving forward.
Joseph Glusic, President of Magnum, stated, "I am pleased to report that our Magog facility is nearing completion of its initial phase of operation and that there has been an incredible amount of interest and enthusiasm shown by the local community. I had the pleasure of reviewing our facility operations and meeting with our management staff to discuss the next phase of our operations. While in Magog, I met with local officials, our contractors, and potential financiers that will be involved in our expansion project. I was also afforded the opportunity to be introduced to Michele Dionne the wife of the current Prime minister of Quebec. Everyone has been extremely gracious and supportive of our project, from the City of Magog to the provincial and federal representatives that have been aiding in establishing a long term working relationship with Magnum.
Recent photos:
http://magnumresources.net/view-investors.php?id=123
http://magnumresources.net/view-investors.php?id=122
http://magnumresources.net/view-investors.php?id=125
"As we await installation of additional equipment and prepare to test our newly developed equipment from Malaysia, everyone is anxiously awaiting the exciting developments in store for the upcoming year. What a great Christmas present this is to see all of the time and work expended over the last year come to fruition. This is truly just the beginning of what I believe will be will become an industry leading company. The impact we hope to achieve in this market should begin to show in early 2009 as we begin to reveal our new processing techniques and customized high volume equipment.
"I would also like to take this opportunity to thank our investors and shareholders that have given us their support throughout these trying times. I truly believe that they will be rewarded and be proud to be a part of our company as we continue to expand and grow. I am hopeful that as the market begins to realize what Magnum represents, that we will be afforded even greater opportunities for growth and development.
"Happy Holidays to all."
Magnum's Facility:
Magnum's 98,000+ sq ft mixed use building on approximately 10 acres of land is located at 2035 Rene-Patenaude Magog (Quebec), J1X 7J2 within the Technology Center of Magog. Magnum currently holds open and unfilled contracts with NSS, LLC equating to over $130 Million USD over the next five years for the production of both rubber nuggets and rubber buffings.
Magnum owns the exclusive rights to North America and future Global Rights to an array of next generation of cost saving custom compounds, patents, process technology, and trade secrets of Sekhar Research Innovations that will allow for rubber to be reconstituted and specially blended into EPDM powders, and EPDM compounds. Magnum/SRI have and are developing new high tech custom compounds, processing aids, recycling solutions, and advanced state of the art equipment.
View updated photos and videos: http://magnumresources.net/investors.php
Upcoming Magnum "21st Century Business Solutions Series":
http://tinyurl.com/3tpk5v
Upcoming "Our Planet and Magnum's Television Series":
http://tinyurl.com/3tzaf6
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Hey W6 - finally got my 2 sided flier from MDOR in the mail. I must say it has high quality pictures and was well laid out.
It emphsizes the fact that the company is way undervalued and why it is a "hot" company, and now is a great buying opportunity. It shows pictures of the Magog facility, discusses the patents with SRI and how MDOR will revolutionize the rubber & rubber recycling industry worldwide in addition to allowing TPE's to be produced at 40% below present production costs. It also states that MDOR will have huge exposure with the upcoming National TV series and the Our Planet series.
I've got a feeling that 2009 will be a really good year for all the MDOR faithful, and will finally reward all of us who have been hanging around for seemingly forever....
Makamai
Aloha Richie, I agree. I don't think it's Gaetan Ferland, because the NR states: "Atelier Ferland is located just miles away from Magnum's Magog facility." The picture would indicate that "Gaetan" is essentially next door. Gaetan seems to be a fairly common name in that neck of the woods as I got 143 hits on Google in the Magog area when I googled that name. I would think that the recent updates to the website will be explained in NRs the coming weeks. Gotta give you props for remembering that NR...
Makamai
Great pictue - Just roll um in, grind um up and ship um out...looks to be an efficient way of handling the tires.
Makamai
Aloha Richie - This picture is interesting since in addition to labeling the Magnum facility, it also labels a facility referred to as "Gaetan". I suspect we'll soon know Magnum's relationship with Gaetan.
Makamai
I believe they did file on Tuesday, Nov 25
http://finance.yahoo.com/q/is?s=ifrxe.ob
Makamai
Kashking - try posting your blatent lies elsewhere.
Magnum D'Or Resources Issues JV Update & Clarification
Sunday October 19, 4:06 am ET
FORT LAUDERDALE, Fla., Oct. 19 /PRNewswire-FirstCall/ -- Magnum D'Or Resources, Inc. (OTC Bulletin Board: MDOR - News) announces in an effort to squelch unfounded rumors regarding the relation of Magnum D'Or Resources, Inc. and Green Rubber, Magnum wishes to inform speculative parties that there is no relationship or connection to the company known as Green Rubber. We wish to acknowledge that there have been reports of inaccurate speculation currently circulating on the internet and message boards in the U.S. that Magnum is providing the same products as Green Rubber or that there may be some collaborative dealings. These rumors are totally unfounded and completely inaccurate.
For the record, Magnum would like to state that it and its Joint Venture Partner Sekhar Research Innovations have no connection what so ever with Green Rubber. Our activities revolve around the production of crumb rubber and the application of various recycling technologies to produce finished products. Our primary developments are involved in proprietary processing equipment which allow for bulk volume, cost effective application of these technologies in addition of the introduction of proprietary processing aids that enhance the properties of the final compounds towards ease of use in final product manufacture. We are operating in an entirely different category on the process chain working on TPE's through to EPDM and natural rubber applications. The potential is nearly limitless in terms of the raw material availability and the viability of impact on a wide variety of applications. The developments being mooted by Magnum and Sekhar Research Innovations are technically and commercially significant in their own right and should not be linked in any way with any other company, entity, or any other developments.
Prophet - if you are really serious about finding out what Magnum is all about, and not just another basher, then go to their website http://www.magnumresources.net and study the mountains of information including actual pictures of the Magog plant. In other words, do your due.... This company is the real deal...
Makamai
Knockout news seems to be what's needed at this point. I noticed that Nite is now on the Bid at .42 and the Ask at .51. Lets hope the spread stays close so we can keep this upward trend.
Makamai
Stock closed up 100% today at .010 on 400,400 volume. Wonder if news is at hand and when they will file and get rid of the "e".
Makamai
Boy it must have been a very brave soul to make such a bold purchase(lol) Now for a little follow on activity...
Makamai
Aloha Surfguy - well maybe shows like Our Planet, and/or the CNN interviews will be noticed out west and attract a celeb's attention. However, what will help the stock price the most is revenue reports and a calmer & higher stock market. Going into December which is tax loss selling season I doubt things will change much. However with a new president to take office in January, and he usual January effect, I suspect things should improve from that point forward. Let's hope so anyhow...
Makamai
All good stuff Art - the more people become familiar with the name Magnum, the better. This is a great way to set the stage for our up coming CNN and Our Planet interview/broadcasts. Their timing will be very important. Hopefully the market will have settled down and those investors who have been sitting on the sidelines will look at Magnum as a company with explosive potential growth and want to invest in it.
Makamai
Aloha W6 - It would certainly appear that Magnum has some "preferred clientele" lined up or that statement wouldn't have been included in the NR. I'd certainly be interested in seeing what products SRI will be working on first. It just keeps getting better and better (everything except the stock price that is [;-()
Makamai
Aloha Art - nice to know that lil ole Magnum is getting such high and mighty attention in Magog. All that free press certainly should begin to bring renewed life to the stock. Nice to have something positive going on in these somewhat dismal economic times....
Makamai
Think of it W6 - of all the places they could have gone, they choose Magnum. That speaks volumes IMHO. Obviously the political folk want to show how they are stimulating business growth. I would expect the media will be primed and the politicians will spill the beans on the government assistance that's been provided. It will be interesting to read the media's reaction and presentation once it's in print.
Makamai
Aloha Art, I was asking just last week if there were going to be any festivities in Magog over plant opening. Would have never imagined 3 Busloads of Media - bet they'll have the plant spic & span for that inspection. Did I say a little media attention - WOW - that might have been a wee bit of an understatement. A great way to get things off and running. Now if the market can only settle down a little bit... good to see the bid size rising somewhat today.
Makamai
Aloha Art, I noticed that we have a new MM on the bid/ask today - Verticle Trading Group (VERT). They have been in the background until now. I would suspect to see NITE or HDSN back on the ask by EOD. Some real bargin shares available here at the moment.
Makamai
It would be nice if the company spiced things up with a juicy NR, otherwise the MM's will most likely be as grumpy as usual...
Makamai
The ask is .12 and bid is .035 - looks like the MMs aren't giving out much in the way of cheap shares.
Makamai
Aloha Kuleana - Just gotta love that spread...Glad to see that the ask has recovered. Can't imagine any other scenario than someone had to get out (EOD thing again). With the bid support lately hanging around .30, this is the end result. As has been said, nothing wrong with the company - just one of those things. I would expect to see it pop up tomorrow. ET shows the ask at .20 for 50 shares and bid at .15 for 5000 shares.
Makamai
There is a high probability that this is the result of naked shorting, and the MM's need to be taken to task for it. On a daily basis since mid Oct the fails to deliver has persisted which is as far back as the pink sheets maintains data. This would certainly explain the verticle drop in the stock price. The company needs to take issue with this problem.
Makamai
Does anyone know if the company has addressed the fact that it is listed daily on the reg SHO Threashold list? Might explain the volume reaction issues I've previously raised.
Makamai
Symbol Security Name Market Category Reg SHO Threshold Flag Rule 3210
IFRX INFERX CORPORATION COM U Y N