List IENT on the NASDAQ? Never in a million years! JW won't even be able to return IENT to SEC compliance.
Do you know what happened the last time JW listed IENT on the NASDAQ? Back then it was Interactive Magic. IENT raised some $7M in the IPO and JW had to use it to pay down all the debt he had accumulated!
IMGK filed to go public on May 28, 1998. Prospectus was filed July 21, 1998. and went public in 1998, offered 2,600,000 shares at $8 per share for $20,800,000. They had liabilities of $12,970,000, net Income of -$618,000 and Total Assets of $9,211,000.
The Company intends to use approximately $7,170,000 of the net proceeds to repay indebtedness of the Company including $1,500,000 outstanding under the Company's revolving line of credit with BB&T, which bears interest at BB&T's prime rate per annum, as adjusted daily; $3,000,000 outstanding under the Company's promissory note to Petra Capital, LLC ("Petra"), due March 24, 2002, which bears interest at 13.5% per annum; $870,000 principal amount, plus $117,175 in accrued interest, outstanding under the Company's line of credit from Laura M. Stealey, which terminates January 1, 1999 and bears interest at 10% per annum; $1,200,000 outstanding under the Company's promissory note to Oberlin Capital, L.P. ("Oberlin"), due August 30, 2002, which bears interest at 11% per annum through September 30, 1998, after which time the interest rate increases; and $371,404 and $111,421 of the amounts owed to J.W. Stealey and Robert L. Pickens, respectively, for accrued interest on prior loans that were converted into capital stock in 1998. The Company used the proceeds of the
Petra promissory note and the Oberlin promissory note to fund inventory and receivables, advance royalties and certain product development and other infrastructure expenses.
Aug 2, 1999
Imagic fails to meet requirements
Interactive Magic Inc. is scheduled to appear before a Nasdaq panel to review the exchange's denial of IMagic's request to remain listed on Nasdaq. The Research Triangle-based game developer was notified that it did not meet Nasdaq's net tangible asset requirement of $4 million. The company recently announced plans to change its name to iEntertainment Network Inc. The company also has announced plans to launch Internet Bingo in the United Kingdom and Germany.
Aug 16, 1999 – JW resigned as CEO of IENT.
NEVER LET A STUMBLE IN THE ROAD BE THE END OF THE JOURNEY!
