Posters forget that EFGO is making money
Posted in Announcements, Investor Relations at 3:23 pm by Andrew Edwards
Management is pleased to announce it has released its 2nd quarter financial results and they have been posted on the Pink Shets website.
Management Comments and Discussion of Quarterly Results:General;
The Company is in excellent shape and well-positioned to continue developing new business opportunities in key sectors previously defined.
Our Cash position has improved significantly through the quarter, with a major contribution from the sale of Global-Vision Holdings for $200,000 late in the quarter. This resulted in an extraordinary gain of $138,934. Importantly, the Company was able to realize a substantial cash gain on the sale of the shell in a very short time frame.
Total assets have increased substantially with our investments in Check 21 China and development of two certified OTCBB shells.
Capital stock outstanding increased to roughly 7.8 billion shares, a great portion of which was used to fund the investments cited above.
Earnings:
Revenue from ongoing operations kept pace with the previous quarter, and total revenue has increased somewhat. This was a combination of some softness in our PayDay loan business, which was compensated by an increase from sales from other subsidiaries.
Operating expenses declined substantially. This is a combination of previously identified cost efficiencies as well as a reduction in web developments costs and advertising.
Earnings from operations excluding the extraordinary gain were just over $110 thousand, demonstrating significant progress against our stated objectives. The Company generated a net profit of over $250,000, which represents a business milestone for the achievements of the Company.
Capital Stock;
The total number of common shares outstanding increased to 7.877 billion shares. Most of this increase was related to the Company’s acquisitions during the quarter.
On April 17th, 2007, the Company also issued 2,000 preferred shares with 20,000:1 super voting rights to Minaco-TradeX Corp. These preferred shares were issued in conjunction with a secured line of credits for up to $600,000, secured by a GSA on Company assets.
Summary;
We are very optimistic about our future, and hope all of our shareholders and stakeholder groups share our sense of enthusiasm as we continue to grow into a diversified financial company.
AI
