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Tuesday, August 15, 2006 11:40:12 AM
A little exercise: Go look back at the 10QSB for March. Under "Gameznflix consolidated balance sheet" do you see the $3,187,500 under stock subscriptions receivable. Good! Now look back at the 10KSB for last year that was filed in February. Look at the "Consolidated Statement of Changes in Stockholder's Equity". Under Stock Subscriptions Receivable column do you see 2 items for $3,000,0000 and $187,500. These items both say issuance of common stock in the left hand column. The stock was already issued. At that time the $3,187,500 was the receivable, now it is $3,700,000.
Now look at the same schedule "Consolidated Statement of Changes in Stockholder's Equity" for this past quarter June. Notice how the column Subscriptions Receivable starts with a balance of $3,187,500 as of December 31, 2005, which was the same as March 31, 2006. Then we have an increase of $550,000 which the description in the left column says Issuance of common stock related to options. Stock was issued again. Then we have $37,500 in proceeds of collection of these receivables. So our final balance is $3,187,500 + 550,000 - 37,500. $3,700,000...
There is dilutive financing out there if they want more but the $3,700,000 subscription receivable is not it..
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