MITD you read and decide. No gripe, no slander, just the facts.
The following is something Ben Glison & Kenneth Lay would be mighty proud of.
From the 2007 10K filed 4/15/2007.
Page 25 of the SEC Filing:
"... the Company has a single receivable from a customer in the Dominican Republic for $2,416,500. Terms of the invoice are 25%-60/25%-90/25%-180/25%-360. The initial installment was due September 20, 2007. This receivable is included in our revenues for 2007, Nine thousand dollars has been received on this invoice. The Company is relying upon collection of the balance of this invoice to expand its international sales. As of December 31, 2007, this receivable remained uncollected.
This receivable, according to the 3Q Filing was invoiced on June 20, 2007. And according to that filing the $2.4 million in sales generated $1.5 million in Net Income!!!
In other words the reported $12.7 million in revenues was really more like $10.3 million and the net income of $79,890 includes the stated net income from the 3Q filing, page F-13 of $1,518,199. Resulting in a loss of $1.4 million.
Sounds like strike one and strike two.
Now look at this, also on Page 25 of the 2007 10K Filing.
"On April 4, 2008, we received a letter from Northern indicating that Northern considered MIT in default of its obligations under the credit agreement, and declaring all amounts under the credit agreement due and payable in full immediately. Subsequent to this letter, we received oral assurances from Northern that they would continue to fund MIT for an additional 60 days from April 4. We can make no assurances that Northern will continue to fund MIT for that period, no assurances we will be able to pay Northern at the end of that period, and no assurances that we will be able to find alternate funding on terms favorable to the Company or at all."
Strike three. In the red and hanging by a thread.
Caveat Empty.
