PowerLinx Inc (PWNX)

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TAfirehawk. ? for you & others

Since you insisted on keeping me around (LOL)

http://ragingbull.lycos.com/mboard/boards.cgi?board=SEVU&read=31388

I remeber the PR from last year making claims to huge revenue for the Marine division and not the Secureview sales? Now it appears it was secureview that was being illegally counted as revenue and not the marine products? Any comments on this subject or this post?

Andrew Snowden @ SEC ,SEVU shareholders, ATTENTION....
Here is where SEVU's 10K lies to you. The 2nd and 3rd Q
falsified income was from the "Dealer Floor Plan" program for Marine cameras
Add it up, SEVU boasted 3.4 mil in Accounts receivable
from their DFP program in MARINE cameras not SECUREVIEWS.
How much income is SEVU DUMPING for 2&3 Q's?

Add the amount of income taken away from 2&3 Q's. It totals
$3,436,800 or 3.4mil just like the "dealer Floor Plan"for
MARINE cameras supposedly made last year that sat in Accounts recievable until now.

SEVU is attempting to dump this false income by claiming
that it was part of the Secureview program when it is clearly the DFP of marine camera division.

These actions constitue deliberate falsification of income
by SEVU for at least 2nd and 3rd Q's of 2000 and probably way earlier.

For two quarters they made less than 10% of reported income
While shamelessly pumping away and issuing outlandish press reports about 80 mil Taiwan deals and mass production
of SECUREVIEW.

SEVU paid out 2.1 million in advertising to McBride's advertising company, while getting steadily diminishing returns

Even now they have 2001 estimated earnings at 168 mil
listed on their website.

SEC, Where are you guys????????

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

RESTATEMENT OF PRIOR UNAUDITED FINANCIAL INFORMATION

The financial statements and results of operations for the 2nd and 3rd quarter
ended June 30, 2000 and September 30, 2000, respectively, have been restated as
set forth below, in accordance with Generally Accepted Accounting Principles.

Our original Form 10-Q for the quarter ended September 30, 2000, which was filed
on November 14, 2000, incorrectly included as revenues and accounts receivable
approximately $2,252,794 of purchase orders that we received for our new
SecureView security camera products, but were not shipped to the customer by
September 30, 2000. After restatement, our 3rd quarter net revenues were
approximately $212,592. Our restatements also include a reduction in
liabilities, totaling approximately $849,235, that were previously recorded
relating to the purchase orders that were erroneously included as revenues. As
set forth in the chart below, these restatements have resulted in a reduction of
our net income by approximately $871,639 for the quarter ended September 30,
2000. We discovered these errors for the first time during an internal review
of fiscal year 2000 operations that was undertaken by our newly hired CFO. As
of the date of this filing, our new management has successfully implemented
internal accounting control procedures that are designed to ensure that similar
errors do not occur in future periods.

Our original Form 10-Q for the quarter ended June 30, 2001, which was filed on
August 14, 2000, incorrectly included as revenues and accounts receivable
approximately $1,184,006 of purchase orders that were received by the Company
for its new SecureView security camera products, but were not shipped to the
customer by June 30, 2000. After restatement, our 2nd quarter net revenues were
approximately $335,120. As set forth in the chart below, our restatements have
resulted in a reduction of our net income by approximately $966,957 for the
quarter ended June 30, 2000. We discovered these errors for the first time,
during an internal review of fiscal year 2000 operations that was undertaken by
our newly hired CFO. As of the date of this filing, our new management has
successfully implemented internal accounting control procedures that are
designed to ensure that similar misstatements do not occur in future periods.



Original Original
Filing Restated Filing Restated
Quarter Ended Quarter Ended Nine Months Nine Months
Ended Sept
Sept. 30 Sept. 30 $ % 30 Ended Sept 30 $ %
2000 2000 Change Change 2000 2000 Change Change

Net Revenue $ 2,465,386 $ 212,592 $ (2,252,794) -91% $ 4,405,580 $ 968,780 $ (3,436,800) -78%


Net Income $ 216,132 $ (655,507) $ (871,639) -403% $ 155,128 $ (1,683,468) $ (1,838,596) -1185%


Total Assets $ 5,937,521 3,808,425 $ (2,129,096) -36% $ 5,937,521 $ 3,808,425 $ (2,129,096) -36%


Total Liab. $ 1,231,939 $ 382,704 $ (849,235) -69% $ 1,231,939 $ 382,704 $ (849,235) -69%




Original Original
Filing Restated Filing Restated
Quarter Ended Quarter Ended Six Months Six Months
June 30 June 30 $ % Ended June 30 Ended June 30 $ %
2000 2000 Change Change 2000 2000 Change Change


Net Revenue $ 1,519,126 $ 335,120 $ (1,184,006) -78% $ 1,940,194 $ 756,188 $(1,184,006) -61%


Net Income $ 176,797 $ (790,160) $ (966,957) -547% $ (61,003) $(1,027,961) $ (966,958) -1585%


Total Assets $ 3,153,615 $2,472,467 $ (681,148) -22% $ 3,153,615 $ 2,472,467 $ (681,148) -22%