And INMG is NOT GBGM. GBGM (Global Gaming Network) was headed up by Stephen Kern.
In April, 2015 Global Gaming Network, Inc. sold certain Amped Fantasy Sports and SportsAlert.com consumer assets to Lux Digital Pictures Partners (INMG now owns Lux assets) which transferred those assets to StreamTrack, Inc. ("STTK.OB"), as a part of a larger transaction. STTK.OB, a digital media and technology services company, expanded into the rapidly growing Fantasy Sports industry and planned to use the Amped Fantasy brand as part of their strategy and use the SportsAlert assets in conjunction with its overall marketing program. GBGM then directed its efforts going forward on exploiting its Fantasy Sports B2B operation targeting casinos, restaurant chains and sports bars nationwide. As consideration for the sale, GBGM received Convertible Preferred Shares in STTK.OB with a value of $120,000. These are the shares that were transferred to INMG during the INMG/GBGM merger in July and that Tom said he would sell off and place as additional revenue on the INMG financials. We should see this $120,000 on the Q1 or Q2 depending on when they're sold.
Stephen Kern, former CEO of GBGM, stated the following direction for his company at that time:
"We're pleased to have sold our Amped Fantasy Sports and SportsAlert.com assets to STTK.OB, a company dedicated to becoming a major force in the Fantasy Sports business. With this sale, we'll now have an opportunity to concentrate all of our efforts in growing our Fantasy Sports B2B operations with our partners Impact Fantasy Sports ("IFS") and Atlantic City Fantasy Sports ("ACFS"). IFS is the premier provider of customized fantasy sports games, and ACFS continues to handle all of our marketing in the Greater New York City area to casinos, restaurants chains and sports bars. Discussions continue with a leading Atlantic City casino operator to license a fantasy sports game that will be available online, mobile and via kiosk at the venue. We're confident that we'll have in place for the start of the 2015 NFL season one or more agreements with a major casino and/or nationwide restaurant chain. As well, we have recently set up our Vegas Fantasy Sports division, which will concentrate on licensing our fantasy sports games to the local gambling and restaurant venues in the Greater Las Vegas area."
INMG, headed up by CEO Tom Coleman, has divested itself of most all of the Sports Fantasy assets that were part of the GBGM/INMG merger and plainly stated that INMG's focus would be on production of web based entertainment. As former head of Atlantic Entertainment Group in the 70's and 80's, Tom Coleman is totally committed to developing web based video production and distribution and he has the experience to do that.
Although it involved a merger with GBGM, INMG is a completely different company than GBGM was, although GBGM did have some interests in entertainment. Additionally, you might recall that GBGM had 20 billion Authorized. Tom has got that down to around 5 billion. It just takes time to go from a startup to a full production and distribution company. It was a smart play on Tom's part to come away with the Lux digital assets that provide $50k in revenue every quarter to offset production costs. And it's better than borrowing millions and going in the hole to fund INMG during its startup period. It's a slower start than if he had a huge chunk of borrowed funds to immediately begin major production and that's one of the reasons it's taken 9 months to even get this far. But at least we're not sitting on a bunch of toxic debt.
So it's going to take the release of the Mountains of Madness to up the game and attract investors. But, it's not that long of a wait. June is only 2 months away.
