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Friday, February 15, 2008 8:45:27 AM
"I reiterate what I said in our November conference call regarding our expected revenues and EPS. At that time I said that we anticipate revenue for 2007 approximating $18 million, and our EPS for the year should be in the range of $0.50 to $0.75 per fully diluted share."
Yet, with all this money supposedly coming in IBIN is showing about $23MM in accounts receivables. These receivables have been in an upward trend since the company started.
What is even funnier is a look at the last 10-Q where the company states that it now has cash on hand of $3.2MM and increase of $2.3MM over the previous filing. However, a close look at the financials will show that $2.8MM of this cash came from the issuance of new stock. In other words, it appears the company burned off another $600K during the quarter.
If you look at the previous 10-Q issued in August you will note that receivable outstanding were $19,941,000. The company then claimed income of $3,200.000 in the November 10-Q and accounts receivables of $23,014,000.
In essence what that seems to show is that the company actually took in only about $137,000 during the entire quarter while spending $2,390,000 on operating expenses.
When you look at the operating expenses they are a joke. Here is how they pan out:
Stock Based Compensation (To Who??) $805,000
Professional Fees (To Who??) $207,000
Salary (To Who??) $261,000
Genral Expenses (To Who??) $1,109,000
If one is unable to answer the question (to who??) one might want to consider that management is taking a great deal of money for themselves.
Unfortunately for the uninformed the EPS looks good at $.10 per share. Yet, IBIN has continually increased its accounts receivables since inception and has actually taken in very, very, little cash.
How much are those accounts receivable actually worth and how much of them are actually collectible? IMO, very, very, little.
How do I know this? If you read through the 2004 filings very carefully you will find the answer hidden away in a single sentence. It has to do with the way the company books it revenues.
When I first spotted this some 3 1/2 years ago I was apalled. I knew then that IBSG/IBIN was little more than smoke and mirrors.
As far as I am concerned the company is one of the biggest rip offs that I have ever come across. I consider it a complete fraud.
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