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Friday, February 15, 2008 9:31:55 AM
This is the reported income (rounded) for IBIN since inception as I found in the filings:
2004 $3.3MM
2005 $4.9MM
2006 $7.6MM
First 3 Quarters 2007 $10.1MM
Total Approximately $25.9MM
Accounts recivable are $23MM
Or a difference of $2.9MM.
In other words it appears that if my math is correct IBIN has only taken in about $2.9MM since inception and the balance of receivables outstanding is $23MM while debt is in the range of $10MM.
This leads to the question: "Why can't IBIN collect its accounts receivables?"...and how is IBIN going to survive?
Here is the important answer. I don't really believe Rivers cares if IBIN survives or not. He and his cronies have bilked the company and investors for mega millions of dollars already. It appears to me their intent is to squeeze every last drop they can out of investors by using materially misleading statements and deception.
If you want to have some more fun, take a look at the filings and look for the prepaid expenses to see what I consider one of the biggest rip offs of all.
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