This is info from the FASC filing posted on RB by one all love to hate. I think it is important info, and I took the liberty to edit out the comments in hope the post won't be deleted and will be discussed:
The decrease in current assets from $345,757 to $203,628. Might want to check out their decreasing asset position which they need to buy assets. How are they ever going to afford all those KDS machines for all those projects?
Did one really look at current liabilities to see they increased from $77,618 to $91,264? Don't be fooled into the decrease in Long Term Liabilities which involves Notes and wages payable to related parties. Two separate categories.
Now lets look into "the reduced operating expenses."
Did anyone notice their was no mention about the obvious decrease in the important area of the always hyped area of "REVENUES?" They went from $292,464 to $69,418.
What did decrease in just the three month period ended March 31, 2005? Don't want to go back to nine months ended March 31, 2004. It gets uglier.
Wasn't depreciation one item that account for some of the difference? It went from $52,736 to $44,373. Remember it is only a paper transaction good for taxes.
Professional services from $46,061 to $.00. Not an important decrease is it? Got to wonder who got paid for those professional services. And, if they were important one quarter why weren't they as important the next. They were a staggering $155,609 nine months before. When a firm stops paying for this type of services, it can certainly point to a floundering firm.
Check out the drop in wages. How are they getting paid? No, not more options. Just think about the numbers. From $520,251 nine months ended March 31 to $126,890.
And, many of you know how extremely important research and development is. When a company cuts back in that area it is suffering greatly. FASC went from $69,839 to $55. A whole $55? What can you research or develop for $55?
Guess what increased significantly in three months? General and Administrative Costs. Must be those cruises.
Now who would find the reduction of operating expenses and liabilities likable when at the same time all important REVENUES that FASC shows as "NET INCOME (LOSS)" went from a little loss of $132,146 to an even bigger loss of $246,974. Isn't that an increase of 53.5%. Is this good?
Cash is King until further notice!!!
My comments on companies are usually my opinion of long term success (years). The PPS may go up or down greatly in the meantime depending on the number of greedy suckers with money.
