FNTT - 1st Net Technologies, Inc. (CO)
Com ($0.001)
Address:
1869 W. Littleton Blvd.
Littleton
CO 80120
USA
Phone: 303-738-8994
Officers:
James H. Watson, Jr., CEO; Clifford J. Smith, Pres.; Scott Quattromani, Sec't.
Shares Outstanding: 6,395,357 as of October 31, 2003
Estimated Market Cap: 191,861 as of 2003-12-04
Current Capital Change: None
Dividends: None
State of Incorporation: CO
OVERVIEW
The Company maintains no current business operations, other than to manage its remaining assets and liabilities. The Company currently has no on-going revenue generating sources. The Company's main efforts continue to be centered on an attempt to satisfy the claims of our various creditors. The Company has consulted with a Corporate Bankruptcy/Reorganization Specialist in order to determine which course of action would provide the Company with the opportunity to remain as a going concern. Until the Company feels that it can no longer negotiate a settlement with its remaining creditors, no definitive decision will be made with regard to this course of action. It should be anticipated, however, that the Company might have to seek either creditor protection or, possibly, liquidation at some point in the future.
The Company maintains one subsidiary corporation; SSP Management Corp ("SSP"), which is wholly-owned. Our historical financial information contained in this Form 10-QSB is that of 1st Net Technologies, Inc. and SSP on a consolidated basis.
RESULTS OF OPERATIONS
Operating expenses
The Company currently maintains minimal operating expenses, mostly relating to accounting expenses and SEC filing fees.
Other income and expense
The Company will recognize additional gains from the assets sold in prior years, as the proceeds are received on the notes receivable and option agreements from the respective buyers. The Company has chosen to recognize the gain on sale of the newsletter in accordance with the installment method due to the uncertainties involved with the receipt of future payments from the buyer(s). During the nine months ended September 30, 2003, the Company collected $15,842 from the sale of the newspaper.
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