YEP!! Thats him!!! Nice resume on paper, but his history as CEO speaks otherwise!!! Nice numbers from their last SEC filing before they deregistered their securities!!!!! I guess his corporate management skills cut his rank in the "crew" and forced him to take another paper pushing job doing investor relations. http://www.sec.gov/Archives/edgar/data/1105862/000101540204000584/doc1.txt
At April 30, 2003, the Company has a Federal tax net operating loss ("NOL") carryforward of approximately $5,000,000, which expires at various dates through 2015. RESULTS FROM OPERATIONS
Three and six months ending April 30, 2003 and 2002
During GSI's second quarter from February 1,2003 to April 30, 2003, GSI USA incurred a loss of $549,108 versus a loss of $105,246 in the same period in 2002. The increased loss was due to higher operating expenses, specifically consulting, software development and a loss on the Licensing Agreement writeoff.
<PAGE> During GSI's six month's from November 1, 2002 to April 30, 2003, GSI USA incurred a loss of $686,254 versus a loss of $232,479 in the same period in 2002. The increased loss was due to higher operating expenses, specifically consulting, software development and a loss on the Licensing Agreement writeoff.
REVENUES
$15,000 in revenue was recognized during the current year quarter, versus zero for the same period in the prior year. This is related to sub-licensing agreements realized over the respective terms.
$15,000 in revenue was recognized during the current year six month period versus $23,750 for the same period in the prior year. This is related to sub-licensing agreements realized over the respective terms.
RESULTS FROM OPERATIONS
Three and six months ending April 30, 2003 and 2002
During GSI's second quarter from February 1,2003 to April 30, 2003, GSI USA incurred a loss of $549,108 versus a loss of $105,246 in the same period in 2002. The increased loss was due to higher operating expenses, specifically consulting, software development and a loss on the Licensing Agreement writeoff.
<PAGE> During GSI's six month's from November 1, 2002 to April 30, 2003, GSI USA incurred a loss of $686,254 versus a loss of $232,479 in the same period in 2002. The increased loss was due to higher operating expenses, specifically consulting, software development and a loss on the Licensing Agreement writeoff.
REVENUES
$15,000 in revenue was recognized during the current year quarter, versus zero for the same period in the prior year. This is related to sub-licensing agreements realized over the respective terms.
$15,000 in revenue was recognized during the current year six month period versus $23,750 for the same period in the prior year. This is related to sub-licensing agreements realized over the respective terms.
Legal Matters
We remain party to one proceeding initiated by another party in the Superior Court of the Province of Quebec, District of Montreal. An amount of $98,766 in Canadian dollars has been claimed for our alleged failure to pay a commission and consequent damages relating to negotiations with GSI Canada for an acquisition. Legal counsel advises that, in his opinion, the case against the company is without merit.
On September 2001, we received a law suit from a former employee for unpaid salaries. We concluded an out of court settlement, on November 22nd, 2002, for the amount of approximately $7,750 US ($12,000 CAD) as final settlement. The $7,750 had been accrued and reflected in the October 31, 2002 financial statements.
The Company has been involved in litigation for unpaid business taxes with the City of Montreal. The litigation has been settled in the amount of approximately $23,000 of which approximately $5,000 has been paid by October 31, 2002 and the remaining $18,000 due to the City of Montreal has been reflected in accounts payable at October 31, 2002. During the three month period ending January 31, 2003 no payments were made towards this debt. During the three month period ending April 30, 2003 approximately $8,000 in payments were made towards this debt. At April 30, 2003, the outstanding balance totaled approximately $10,000.
In March 2002, a former Director, who was also an Officer in the Company, along with another employee of the Company, filed a civil action against the Company in the State of Florida alleging unpaid wages and expense reimbursements totaling approximately $225,000. The Company has not retained legal counsel but believed this complaint to be without merit and is in the process of negotiating a settlement and release agreement with these two individuals in the amount of approximately $13,000. The Company has received an oral confirmation to the $13,000 settlement and release agreement. The $13,000 had been accrued and
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