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Re: Will Lyons post# 423839

Monday, 09/12/2005 3:12:47 PM

Monday, September 12, 2005 3:12:47 PM

Post# of 704044
Trend is bullish, but looks over bought, imo.

A couple things to consider from the 10-Q:

the Company's liquidity continues to be adversely affected by the Company's 1993 bankruptcy petition obligations and the Company's inability to obtain additional working capital through the sale of debt or equity securities. For a more complete discussion of the Company's bankruptcy obligations, see "Business - Bankruptcy Proceedings" in the Company's Annual Report on Form 10-KSB filed for the period ended February 28, 2005.

The Company is required to make quarterly payments to holders of unsecured claims until they receive 35 percent (35%) of their pre-petition claims. As of May 31, 2005, the Company has paid approximately $572,000 to its unsecured creditors. The Company`s remaining obligation is approximately $1,490,000 to holders of allowed unsecured claims in quarterly installments.



As previously disclosed in the Company's filings with the SEC, the Company filed a complaint against its landlord, Technology Place, in 2003 in the Circuit Court of the 15th Judicial Circuit in Palm Beach County, Florida for breach of contract and seeking specific performance. In July 2005, the parties reached a settlement regarding this matter. The terms of the settlement are confidential.



There are no Institutional holdings for this security.



Small Cap plays: #board-865
Big Board plays: #board-711

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