Growing my account one stock at a time
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Madtony, The prices are painful. Just read an article yesterday online saying that Chicago had the highest prices of any city in the country. When I was at the intersection of North and Elston Avenues Downtown I saw a gas station that had regular unleaded at $3.59 cents a gallon. By me in Des Plaines, it is over $3.30. I may check on these stores over the next few weeks, maybe the next month. But that is about it for me.
Captbly, I cannot wait. I am going to probably visit a couple of South Suburban locations early this week. Then I will wait at least a few weeks before revisiting them all. I hope to see the stores selling on average 2 a week. Maybe i'll be really suprised.
Xanadu, thanks, just trying to use some commom sense. I was aware of all the negative investor activity in approaching CC sales people and employees over the last several months. Too many people want to believe what they hear and not what they see.
No Problem Wick, I may not post alot on the board but I try to keep abreast of current news and DD that you guys find. Have enough invested to stay alert.
Thanks Xanadu, my thoughts completely. It definitely felt more encouraging after hearing the low sub numbers for the quarter to see the nice displays in the downtown Chicago and Northwest suburban Palatine(Kildeer) locations. I really hope we can get into the AAFES PX stores by early to mid November. Not holding my breath though.
Definitely happy to see the accelerated rollout.
I live in Illinois and have more than 6 Circuit City stores within 20 miles of me. So in checking on my investment, I decided to visit these stores over the past week. My intentions were not to bother any salespeople, but take stock of the Gameznflix inventory.
Niles, IL location has a poor display of 18 packets on the bottom shelf in the video game section.
Elmwood Park, IL looked a little better showcasing 18 packages, 9 each on 2 pegs that were clearly visible. 1 top peg and 1 bottom peg used.
Schaumburg, IL store was a step above Niles, because even though they utilized the bottom shelf for 18 pacages, the shelf was clearly visible in the gift card section.
Elston, IL store could of been an exact replica of the Schaumburg store. 18 pacages on bottom shelf clearly visible. I bought one, why not I am Already Down a great deal.
BUT I WAS REALLY IMPRESSED BY!!
Palatine(Kildeer) Store: I counted 105 software cases. First I only saw 11 hanging on 1 peg easily visible in the gift card section. After looking a little further, 20 feet away, we had our own little wall. 8 pegs were used. 6 had 12 each, 2 had 11 each.
North Avenue, (Chicago Store), only about 2 miles from the Elston ave Store. 59 total cases. Again we had our own space against a wall 8 pegs used. Top 2 6 each, next 2 pegs 5 and 6 each and the bottom 2 pegs had 4 and 5 and 3 and 3 cases.
against a wall.
By a register there were three stacks of 7 cases each.
All I can guess is that there had been more demand in the Chicago and Palatine Areas.
I am going to make my rounds again in a few weeks to see how the inventory is doing. Hopefully we have alot sold.
May venture South to a couple of stores tomorrow. I think there are 30 Circuit City stores in Illinois.
Definitely obsessed with this investment right now. :)
Stopped by the Circuit City store in Niles Illinois last night. They have 18 GZFX plastic containers on a bottom shelf in the games area. Gonna go back in a week to see how many are left. I hope CC gives us a bigger ad eventually in the paper.
Oops! Actually looking back at the 10K from February, it looks like the $3,700,000 subscriptions receivable is not from GGI afterall. $3,000,0000 is from the European Investor who bought at 3 cents, and the remaining amount is from stock compensation plans. Very strange that the number matches the remaining amount from the first SB2 though. Man am I lazy.
Hey BigWhatever, Watch the Arrogance, I did not attack your accounting skills, just questioned your judgement in the area of stock issuances. I was only average in financial accounting myself. RELAX!
Another description of the receivable. Notice how it says that Capital Stock is not issued untill the stock subscription receivable is paid.
I don't think that it is a coincidence that there is $3,700,000 reported as a receivable and remaining amount under the first SB2 financing.
d. Stock Subscriptions--a stock subscription is the issuance of
capital stock for installment payments
1) Accounting
a) Date of Subscription--the capital stock is not issued until
the capital stock is fully paid for
I) Stock Subscriptions Receivable--the stock subscriptions
receivable account is debited for the issue price of
the capital stock
II) Capital Stock Subscribed--the capital stock subscribed
account is credited for the par value of the capital
stock
III) Paid-in Capital--the paid-in capital in excess of par
account is credited for the difference between the
issue price of the capital stock and its par value
b) Date of Payment
I) Stock Subscriptions Receivable--the stock subscriptions
receivable account is credited for each partial payment
c) Date of Issue--when the capital stock is fully paid for,
the capital stock is issued
I) Capital Stock Subscribed--the capital stock subscribed
account is debited for the par value of the capital
stock
II) Capital Stock--the capital stock account is credited
for the par value of the capital stock
I stand by my opinion, I believe that stock is not issued untill receivable is paid. The example entry shows that.
Great.. I am just agreeing with you on the $3,700,0000 figure. Stock is not outstanding yet and the example entries that I reported shows that
Cash 175,000
Common Stock Subscriptions Receivable 175,000
Common Stock Subscribed 300,000
Common Stock 300,000
Sorry guys had to jump into this conversation since I have a degree in Accounting. I was mistaken by this amount also. Looks like if the FASB rules from 1999 still apply that the entry is reported in the equity or capital section of the Balance Sheet. Also if you read further down the stock subscription receibable is not reported as an asset because it is not tied to revenues or liabilities. Once the cash is collected the stock subscription receivable account is credited and cash is debited. So we will receive $3,700,000 but we will also issue more stock. Looks like more dilution. Just did a search on Yahoo "accounting for stock subscriptions receivable" to find this information.
Accounting 320B
Chapter 11: Equity Financing
Issuance of Capital Stock
Capital stock issued for cash
On June 1, 1999, the company issued 200,000 shares of $30 par value common stock for $6,400,000 cash.
Cash 6,400,000
Common stock 6,000,000
Paid-in capital in excess of par value 400,000
Capital stock sold on subscription
On November 15, 1999, the company received subscriptions for 20,000 shares of $30 par value common stock at $35 per share with 50% down payments. Remaining balance is due in 60 days.
Common stock subscriptions receivable 700,000
Common stock subscribed 600,000
Paid-in capital in excess of par 100,000
Cash 350,000
Common stock subscriptions receivable 350,000
On December 15, 1999, the subscribers of 10,000 shares paid the remaining balance in full and the company issued stock.
Cash 175,000
Common stock subscriptions receivable 175,000
Common stock subscribed 300,000
Common stock 300,000
Stockholders’ Equity Section of Balance Sheet, December 31, 1999
Stockholders’ Equity
Contributed capital:
Common stock, $30 par value, 100,000 shares authorized, 10,000 shares issued and outstanding
300,000
Common stock subscribed, 10,000 shares 300,000
Paid-in capital in excess of par value 100,000 $700,000
Less: Common stock subscriptions receivable (175,000)
Total Contributed Capital $525,000
Capital stock subscriptions receivable is not shown as an asset.
Capital stock subscriptions receivable is subtracted from stockholders’ equity section.
Thanks, Wick.
Wick, I am a newbie on this board but have been in GZFX since last year. I have read some of your posts and respect the DD that you have done. In your opinion do you think the odds are better then 50 - 50 that JF will come to an agreement with AAFES to carry our product in there stores?
After watching this thing barely move today, I think we need CC actively pushing the product as well as an actual physical presence in the AAFES stores to even gather subscribers close to the 150,000 that we supposedly can handle. I sure hope we are in the AAFES stores before the holidays. I don't think anything short of great subscriber numbers will move this PPS.
Maybe we should go back and advertise on CSTV.com and hollywood.com. Better yet we should spend more money and advertise on as many gamer websites as we can find.
Hey stkplayer! I'll make that decision, Thank You. Only a fool would not wait this out until at least the end of the holiday season.
I look at last holiday season. If the subscriber base can grow from 3000 to 6000 with Gameznflix being in less then 35 stores. We could be looking at huge growth in the final quarter of this year. I hope CC decides to push the product a little, and maybe we will spend more money in advertising on the internet. Also maybe we can persuade the AAFES to put us in their stores. Can always dream!
Markey, I hear you. If I didn't have faith in this stock I would be gone already. Actually pretty much of a newbie, first bought into the stock in early November of last year. Have only posted a few times but find the views on this board quite interesting. Have flipped a few times sucessfully, but down on the whole.
Frankie seems like quite the character.
Good point... I don't think it will be too difficult for the company too show an improvement over 7400 subscribers for next quarter. Trying to look at the cup half full here.
I like the fact that there is still $3,700,000 of subscriber receivables on the books from the prior SB.
Our cash position should be smooth sailing for a while.
Markey, looks like I didn't look over the financials well enough, Duh! Just down on my luck like many others here. If the money is being spent, and churn rate is down I would have to contribute the drop off of subscribers to the time of the year and competition. I just cannot see how the sub numbers will not dramatically increase by Christmas.
I want to believe that JF cares about this company. Sub count is pathetic and we know that they have spent almost zilch on advertising. I will buy into the infrastructure argument for now. If we don't see a huge increase in advertising and marketing expense over the next several months I would have to say that JF is using this company for his own greedy reasons, and could care less about the shareholders. Time will tell.
I think you may be right, this animal is going to fall a little more before it hits bottom. All I know is that JF has created more flippers me included. As a CEO, if you don't install confidence stock price will suffer. I am back out in the mid sixes.
Time to crash..
Between accounting assignments at the moment.
Gold that Clockwork Orange was a classic flick!
New member, first message, been on GZFX longs for a while, just don't like typing alot of messages. This SB2 filing, as well as the damn audio conference, and mm's have hurt this PPS.
What really peeves me is all this talk about the AAFES connection that if I remember correctly started back in January of this year.
Well let's get the damn PR out for christ sake.
I have the faith that the PPS will see a nice rise by the end of the year, but I think the vast majority of investors have taken their beatings lately.
It would be nice if Management (chip and JF) could show leadership and actually purchase a shitload of shares on the open market. This would install some real faith on the part of many a investor in this company.
I think many of us know the saying. " Show me that what you do, not what you say!"
In other words, actions speak much louder than words!
Have to believe that JF is creating alot of enemys at this point, just like clockwork!
Need to vent, don't even want to mention the money that I am down!