From Kelly - A Few Thoughts
"We expect continued and perhaps even concentrated selling of our company's shares. I am confident that any resulting negative impact on our share price will pose no significant delay or long-term difficulty to our continued operations. We have money in the bank, and several projects approaching completion and delivery which will yield revenue to the company."
Continued and perhaps even concentrated selling of our company's shares - well here's the chance for those who are "100% confident" after last Friday's meeting to hit those bank accounts, credit cards, and support the company. I assume the mgmt team will be buying during this difficult period as well...
"We have money in the bank"
From the Qtrly filing from 9/30/03 - filed 11/14. Cash balance $- and overdraft $7,266.
Current Assets $31,620 all accounts receivable
Total Assets $295,071
Total Current Liabilities $9,508,289
From the filing:
Liquidity and Plan of Operations
As of September 30, 2003 our liquidity position remained precarious. However, our recent increase in revenue from custom applications for the advertising/promotional market has given us some breathing room. As of September 30, 2003 we had current liabilities of $9,508,289, including $5,842,313 in obligations under lease financing arrangements for the virtual reality systems formerly utilized in our amusement applications, $1,089,496 in accounts payable, and short-term notes payable of $817,313, some of which were either demand indebtedness or were payable at an earlier date and were in default. As of September 30, 2003 there were only $31,620 in current assets available to meet those liabilities. We will be able to continue operations only if holders of our short-term notes and lease obligations continue to forebear enforcement of those obligations.
Suggest you print it for yourself
Hopefully Q4 has been a very good one! Look forward to that filing - plus it is the annual report and must be audited as the 3/31,6/30 and 9/30 filings are not audited.
Question: With the share price going down will Dutchess be a seller as well as they have a major stake here as well.
Good luck
Bylo
These are my personal comments, observations, opinions and should not be relied upon for any investment decisions, and as always read the SEC filings for the facts of the company
