Bagfull,
I believe that you have caught on to this company. If the company has intentions to grow and provide a decent ROI to investors, the management team has shown itself to be completely incompetent. At a point beyond the eleventh hour, they are now trying to find production funding and apparently doing so via dilution. Personally, I have a hard time believing that they have stumbled upon yet another so obvious obstacle (no cars, no cameras, funding that fell through).
I have been waiting for Al (alcab11) to post those pro-forma statements for comparison. I did review the "audited" statements but as I suspected, they are nothing more than procedural review audits and are not "independent" audits where the numbers and expenditures are brought into question. The audited financials, while being a farce, still raised my eyebrows a bit.
As of the third quarter of '06, there are no production funds in the cash drawer. They did however have a $15k partial interest in one race car (what I refer to as the stage prop), and they spent approx $50k on a "Pace Car". Now just who in the hell is driving that Pace car for all this time? Is a “pace car” a required expense to incur nine months before it is needed? They could have rented the Pace car (Lee’s Porshe?) and used the remaining $48k and purchased 10 HD cameras!
I presume by now that Al has confirmed with Lee & Pat that the three sell off dates and amounts I listed (of approx 50) of their personal holdings were accurate. I presume he is aware that all of the major shareholders have the same sell off habits. It appears that no one wishes to talk about the methodical sell off of their personal holdings. Al, should I list more?
So at this time, the assets of RRGI consist of one prop car, one pace car, no real funding for production, nothing, nadda, nil. What happened to that statement "we have the cars"? What happened to those rare HD cameras they needed for filming. Did they go to 47th street photo online and order them? There are thousands of those in the shops of NYC right now. Where in those BS financial statements is that prize money? It should certainly be there in the pre-paid expenses by now as I would presume that at least one dollar of it would come from RRGI. Oh I know, it is all sponsor paid – sure it is. And just where in the hell is that Pace Car? Flatsixer, do you think that pace car by chance is a purple Porsche sitting in KY?
Al, Care to comment on that audited financial statement further?
Thanks again
Stan
