That 'Goodwill' figure is interesting. Assuming they did actually purchase some software IP from the German company, into which category did they place it?
They have a 2 million dollar debenture against them (i.e. debt)
And 8 million dollars of "goodwill" that came probably from the shell company, i.e. not a tangible asset!
Subtracting the "goodwill" component to get actual tangible assets, the company's balance sheet is terrible: liabilities exceed tangible assets. This also doesn't include the debenture from the last filing.
Interesting statement for all you RAYS pumpers talking about their two "contracts" that everyone knows are not material:
"The Company has been developing its video transmission compression business plan and as of the date of this 10-Q has not generated any revenue since its date of incorporation."
BOTH contracts generated no revenue up to October 31st.
Shareholder equity in this company is *negative*. The financial statements published are unaudited.
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