eTelcharge offers a way for people who do not own credit cards to purchase items online by charging the items to their phone bill. The company has announced its intent to launch this product in the near future.
Currently, ETLC has been relisted on the OTCBB. Also, they are attempting to complete a merger which appeared to hinge on being relisted. At this time, information is limited on this particular subject, and will be updated here as public information is made available.
The filing of the 10Q for the period ending 3/31/06 shows ETLC as having revenues of $7521, and losses of $121,626, with total shares outstanding of 129,648,153. Total assets are $9313, including cash of $2803, total liabilities are $662,320.
The most recent filing of the 10Q, for P/E 6/30/06, shows ETLC as having revenues of $8992, up $1471 over last quarter, and losses of $138,607, up $14757 over last quarter, with total shares outstanding of 129,738,746, which is a 90,593 share increase over last quarter. Total assets are $8980, down $433 from last quarter, and total liabilities are $794,453, up $132,133 from last quarter. There is no further update or mention in the 10Q released for the P/E 6/30 about the attempted merger with American Home Market, but they have secured a Promissory Note of $250,000 from AHM (of which $86,301 has been used to date) with terms of 8% interest per annum, interest-only payments due starting 2/1/07, and principal due 12/1/07. Interest so far accrued is $1375.
The company has repeated its intent to launch the product in the near future in the most recent filings, as they have previously stated, and has recently announced it has filed an application for patent on some of their technology.
The company released a press release on August 22, noting that a filing regarding the pending merger with AHM will be filed on or before September 6. It will outline the merger terms, with a date of October 12 for the shareholders' meeting and vote, at which time ETLC would consider the merger final should the vote be in favor. Stay tuned to SEC filings for more updates, and on this site.
On September 1, eTelcharge announced transitioning in their business model from development stage to marketing status, and David Young resigned from the position of President to take on a consulting role with the company.
On September 21, Ray Jackson, American Home Market's CEO and Chariman of the Board, put out a press release stating that the merger of ETLC and AHM was still in the works, and that while there were delays, he hoped to close the merger in a practicable time frame. He further stated that audited financials had been submitted to ETLC's auditors and securities attorneys.
On September 22, ETLC put out a morning press release stating that the press release on September 21 from Ray Jackson was disseminated without authorization by Etelcharge, and that at the present time it is unclear as to whether any transaction between the parties can be consummated. Moreover, AHM has not provided to eTelcharge any audited financial statements for AHM.
Further details have not been released since the morning press release on September 22, and will be updated as we find out more information via press release or SEC filings.
On September 28, the company released an updated version of their website, with modifications to add to the professional appearance. Carl Sherman, President of Etelcharge, also put out a letter to shareholders (see Energy_Wave's link in post 354), where he has given updates on Version 2.0 Alternative Payment System.
Mr. Sherman also encourages readers to follow only the information publicly and legally disseminated by Etelcharge Inc. He states that there are no plans for a reverse stock split in the letter as well. No information regarding the discussed merger with AHM is enclosed in the letter.
UPDATE: Today, October 11, ETLC put out a press release stating that they have called off all merger discussions with AHM.
UPDATE: ETLC released their 3rd quarter numbers on Monday November 13.
Revenues dropped from 8,992 last quarter to 8,359 this quarter.
Losses dropped from 138,607 last quarter to 108,580 this quarter.
Assets rose from 8,980 to 11,761, but liabilities also rose from 794,453 to 831,124.
Among the liabilities to arise was a bank overdraft of 11864.
Ratio of debt to assets dropped from 88.469:1 to 70.667:1.
The company has now used 150,313 of the 250,000 promissory note from AHM, and has accrued interest on it of 3902, which is due on February 1, 2007 (along with any additional interest that accrues through that date). The principal is due on December 1, 2007.
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