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I agree. Though they might get a surge if sales increase and it results in an increased net profit.
Heading toward a penny unless they get real profitable with some real additions to real net present tangible book value really soon...
Goodwill $9,811,000 $9,600,000 $9,584,000 $7,608,000 is not a real asset:
http://biz.yahoo.com/bw/030321/215269_1.html
http://www.edtlearning.com/
http://biz.yahoo.com/fin/l/e/edt_qb.html
Real Net Tangible Assets ($6,355,000) ($4,821,000) ($4,792,000) ($7,046,000)
EDT Learning Releases ASP Version of LearnLinc; New Pricing Model Provides Customers with More Options
January 22, 2003 1:06:00 PM ET
PHOENIX--(BUSINESS WIRE)--Jan. 22, 2003--EDT Learning, Inc. EDT announced today the release of an ASP version of its award-winning software, LearnLinc(R). This ASP version of its virtual classroom and Web conferencing software provides its customers with even more options. Traditionally, LearnLinc customers could only purchase the software and install it on their own network. While large corporations like JPMorgan, EDS and Aetna benefited greatly, smaller organizations without their own IT infrastructure or capital budgets often choose to license Web conferencing software. In response to customer demand of this mid-market and in order to broaden LearnLinc's reach, EDT Learning now offers both purchase and license options.
Commenting on the announcement, James M. Powers, Jr., EDT Learning's president and chief executive officer, said, "Our LearnLinc customers have long appreciated the rich feature set that LearnLinc has to offer. For many years, LearnLinc has been recognized as the most comprehensive and powerful virtual classroom software in the training marketplace. With this ASP version, we expect to capture our share of the Web conferencing and customer support markets, providing customers with a lower initial investment. With the tightening of corporate training budgets, we have seen more requests for a smaller investment with longer commitments, so we have adjusted accordingly. What is so exciting about this new ASP version is that, although more affordable, it still provides the same rich feature set as our traditional client-server version of LearnLinc."
LearnLinc will now be available for licensing for a monthly fee and will provide the same feature set as other Web conferencing companies in the industry. The acquisition of LearnLinc by EDT Learning from Mentergy, Inc. was closed in December 2002 and provided EDT Learning with comprehensive online training software rivaling the likes of WebEx and Placeware.
About EDT Learning, Inc.
Headquartered in Phoenix, Arizona, EDT Learning is a leading provider of comprehensive e-Learning business solutions for corporate clients. EDT Learning's comprehensive e-Learning software and services enable organizations to produce effective e-Learning programs from conception to implementation to completion without the risk associated with integrating multiple vendors.
The Company's unique combination of software products in tandem with EDT's ability to produce award-winning custom content enables the Company to deliver a larger array of solutions than any other single e-Learning provider. Some of these products include:
-- LearnLinc(TM)- a Web conferencing and online training software providing a live virtual classroom using the Internet;
-- i-Canvas(TM)- a training development software tool that produces Web-based and CD-Rom-based courses and software simulations;
-- Learning Manager(TM)- a learning management system (LMS) that administers, tracks and reports training progress. Learning Manager can also be upgraded with a suite of workforce performance management software tools that help organizations find the right internal people for the right jobs; provide employees with tools to match their career objectives with internal job opportunities; and enable supervisors to establish goals and provide job performance feedback to employees; and
-- The Executive Training Library - a library of training content on business-specific topics such as innovation, leadership and communication, co-developed with respected names in business such as the Tuck School of Business at Dartmouth College and Gary Hamel's Strategos Institute.
Each of the Company's products independently wins awards for best-of-breed technology, but they also operate as an integrated system. The products also integrate easily with third party, industry-compliant technologies.
About LearnLinc(R)
EDT's virtual classroom software won first place at the Synchronous e-Learning Shootout held at Online Learning's conference in the fall of 2002. LearnLinc was voted number one in the head-to-head competition, winning over such other notable companies as WebEx, PlaceWare, and Interwise. LearnLinc, one of the first live virtual classroom software products on the market, provides its customers with one of the most comprehensive feature sets available today. You can obtain additional information about the LearnLinc software at www.EDTLearning.com/LearnLinc. LearnLinc's award-winning feature set includes:
-- Multiple party application sharing;
-- One- or two-way streaming video;
-- Full-featured whiteboard, Text Chat and Question the Presenter;
-- Audio and video clips, animation, simulations, learning exercises, and tests results;
-- Recording and playback of sessions;
-- Testing with automatic grading and database reporting; and
-- Screen capturing of any student desktop that can be shared with the rest of the class.
More Company information is available at www.edtlearning.com.
http://biz.yahoo.com/bw/010514/0179.html
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund.
A former banker, top analyst at iexchange.com before
they ran out of money.
311,800 Shares Changed Hands in the past 31 trading days.
Total shares outstanding = 8.6 million. Average daily volume above 10,000 per day for past 31 days. Threshold = 421,000. Barry Blank owns 10% of company.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund.
A former banker, top analyst at iexchange.com before
they ran out of money, and Chair
I thought you guys might find this story interesting.
------------------------- Article -------------------------
Wednesday, April 11, 2001 08:48 AM
<!--TEXT-->
( BW)(AZ-E-DENTIST.COM)(EDT) e-dentist Projects Better-Than-Expected
Earnings
for Fourth Quarter Ended March 31, 2001; Company Continues to
Strengthen
Management Team to Meet Future Growth Potential
Business Editors/Health & Medical Writers
PHOENIX--(BW HealthWire)--April 11, 2001--e-dentist.com, Inc.
(AMEX:EDT)
announced today that it expects to report earnings for the fourth
quarter ended
March 31, 2001, of $0.03 per basic and diluted share, compared with a
net loss
of $0.04 per basic and diluted share for the prior year fourth quarter.
The
Company expects to report fourth quarter and year-end results in June
upon
completion of the Company's year-end audit.
James M. Powers, Jr., D.D.S., president and chief executive officer of
e-dentist, said, "There is a sense of excitement at e-dentist as we
experience
the success of our e-learning products. In addition to earnings
improvements,
other operational growth indicators make us enthusiastic about our
future. We
are working on a robust pipeline of sales leads in the dental industry
with a
sales target for calendar 2001 of $600,000 per sales representative.
Our
e-learning production staff is working on developing e-learning
products
representing a backlog in revenues for April of approximately $100,000.
"Recent adjustments to the overall stock market and the lack of capital
for
private companies offer consolidation opportunities to companies such
as
e-dentist that are already profitable and public. In that regard, we
have
identified several e-learning companies as possible acquisition targets
that
would serve to accelerate our growth in additional verticals beyond
healthcare."
The Company also announced that Ted A. Hernandez had joined the Company
as
director of e-learning operations. Mr. Hernandez has over 15 years of
operational and training experience and has pioneered award-winning
delivery
techniques and processes in the e-learning space. Prior to joining
e-dentist, he
was director of operations for KnowledgeNet, Inc., a private company
providing
Internet-based systems to companies and individuals through innovative
and
comprehensive online training. While with KnowledgeNet, he supervised a
training
staff of over 50, and in the past year he was responsible for the
deployment of
over 100,000 hours of online instructor-led training. Mr. Hernandez
received a
bachelor of science in business and public administration from the
University of
Arizona.
In closing, Dr. Powers added, "We are very fortunate to have an
individual with
Ted's background join our staff. His many years of experience in
training and
managing e-learning training programs will be invaluable as we continue
to
expand our services to all areas of business where our e-learning
solutions can
add value."
About e-dentist
Headquartered in Phoenix, Arizona, e-dentist delivers a dual strategy
that
provides online learning services as well as access to business
services and
products by dentists and their staff. The Company offers a
comprehensive array
of e-learning content development, hosting and delivery services to
dental
vendors and pharmaceuticals companies in the dental industry.
e-dentist's
learning management systems provide its customers and end users access
to
state-of-the-art synchronous and asynchronous content delivery
solutions.
Additionally, the 150,000 dentists across the United States and their
staff have
access to e-Learning, Dental Careers, Practice Tools and a Shopping
engine found
at www.e-dentist.com. Since 1998, e-dentist has provided training to
its
affiliated dental offices in 29 states with approximately 140 dentists
in
approximately 100 dental practices. Additionally, its 6,000 Web site
members
have access to a comprehensive array of products and services through
its dental
portal site, which can be found at www.e-dentist.com. You can view a
sample
course or production demonstration by visiting e-dentist's e-learning
page at
www.e-dentist.com/e-learning or their product demonstration page at
www.e-dentist.com/demos.
This press release contains forward-looking statements regarding future
events
and the future performance of e-dentist that involve risks and
uncertainties
that could cause results of operations to differ materially. These
risks
include, but are not limited to, risks associated with affiliations,
fluctuation
in operating results because of affiliations, changes in government
regulations,
competition, growth of existing and new affiliated dental practices and
the
potential need for additional funding. These risks are described in
further
detail in the Company's reports filed with the Securities and Exchange
Commission.
--30--as/na*
CONTACT: e-dentist.com Inc., Phoenix
James M. Powers Jr., D.D.S. or Charles G. Sanders
602/952-1200
KEYWORD: ARIZONA
INDUSTRY KEYWORD: E-COMMERCE INTERNET MEDICAL NETWORKING PHARMACEUTICAL
MANAGEMENT CHANGES Today's News On The Net - Business Wire's full file
on the
Internet
with Hyperlinks to your home page.
URL: http://www.businesswire.com
2001 Dow Jones & Company, Inc. All Rights Reserved.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
Oops! thats a comma between the first five figures there, should have been a period...on the last post that is...They only have 10.6MM shares out, or so they say...
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
Average Daily Volume Up to 10,542, 274,100 shares have changed hands during the past 26 days.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
238,500 shares changed hands in the past 24 trading days. Average volume under 10,000 per day.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
ADPI, MDDS, EDT, DENT. CASL pro forma consolidated gross projected revenues = $600,000,000.00 for 2001, $650,000,000 2002 $700,000,000 for 2003 $1,000,000,000 for 2004, $1,200,000,000 for 2005. Consolidated Projected Net Income Before Taxes 20% of gross.
Watch List
Ticker Price Day Chg
ADPI 8.22 +0.00
MDDS 0.22 -0.03
DENT 0.44 +0.06
EDT 0.41 -0.02
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
ADPI, MDDS, EDT, DENT pro forma consolidated gross projected revenues = $529,000,000.00 for 2001, $600,000,000 2002 $650,000,000 for 2003 $750,000,000 for 2004, $1,000,000,000 for 2005. Consolidated Projected Net Income Before Taxes 20% of gross.
Watch List
Ticker Price Day Chg
ADPI 8.22 +0.00
MDDS 0.22 -0.03
DENT 0.44 +0.06
EDT 0.41 -0.02
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
Please visit the web sites of following leading dental manufacturers, dealers, labs/lab material suppliers, and other members of the e-dentist community.
Manufacturers
Dealers
Labs/Lab Materials
Affiliates
Manufacturers
AFP Imaging
AIT Dental
Axis Dental
Banta Healthcare
Bien Air (If you want an in-office demo, click here)
Bioplant
Bioware
Bisco
Breathaid
Captek
CollaGenex Pharmaceuticals
Colonial Surgical Supply, Inc
Cooley
Crosstex
DDS4U
Danville Engineering
Danville Materials
Dash Medical
Dental Disposables
Dental EZ Group
Dental Technology Specialists
Dentatus USA
Dentech
Dentsply Caulk
Dentsply Ceramco
Dentsply Endodontics
Dentsply Gendex
Dentsply International
Dentsply Midwest
Dentsply Rinn
Dentsply Trubyte
DMD Corp
Doctor Direct Sales
Dux Sales
Dynamic Dental Innovations
Flow X Ray
GAC International
Garrison Dental Solutions
Glidewell Dental Laboratory
Harry J. Bosworth Company
ICS, Ltd.
Jeneric Pentron
Kerr Manufacturing
L.A.K. Enterprises
Lang Dental
Lares Research
Lonestar Technologies
Medicom
Mentadent
Microbrush
Moyco
Mydent
OSAP
Oral-B
Orascoptic Research
Pall Medical
Palodent
Premier Dental Products
Pulpdent Corporation
Raintree Essix
Retgard
Richmond Dental
Scitech
Score International, Inc.
Smart Practice
Softdent
Sonicare/Optiva
Strong Dental Products
Sultan Chemists
Sultan Dental
Sybron
Teledyne Water Pik
Televere Systems
Tigerview
Universal Dental
Whip Mix Corporation
Zila Pharmaceuticals
> top of page
Dealers
Becker Parkin
Glove Club
Palodent
ProMed
Smart Practice
Zila Dental Supply
> top of page
Labs/Lab Materials
Degussa/Ney Dental
Heraeus Kulzer
Kerr Lab
Life Like Dental Laboratory, Inc.
Americus Dental Lab, Inc.
> top of page
Affiliates
Amazon.com
Ask Jeeves
Dell Computer (Requires "Members Only" User Name and Password)
Envoy
eToys
genR8TNext
Museum of Modern Art Online Store
National Electronic Attachments
PlanetRx
Private Business, Inc.
Qwest Communications
Staples.com
Travelocity.com
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
Press Release - March 19, 2001
E-DENTIST LAUNCHES SIGNIFICANT E-LEARNING COURSE
PHOENIX, Arizona (March 19, 2001) - e-dentist.com, Inc. (AMEX:EDT) announced today the deployment of an online course to provide training and certification of dentists using the BriteSmileTM Teeth Whitening SystemTM (Nasdaq:BSML). The course was developed through an agreement with Blatchford Solutions, Ltd., an international dental coaching, consulting and marketing company with headquarters in the United States. Dentists who wish to use the BriteSmile Whitening SystemTM in their offices may now receive their certification training online. Blatchford is reaching out to its existing dentist client base to utilize the online course accelerating the dentist's certification and use of the BriteSmileTM systems. e-dentist's proprietary learning management system (LMS) tracks all aspects of each student's progress. Students are tested after each lesson and then must pass a final exam to obtain certification.
James M. Powers, Jr., D.D.S., president and chief executive officer of e-dentist, said, "The Blatchford course showcases our training focus on products used by dental offices. Our learning management system (LMS) provides the dental vendor with clear evidence of a student's progress, increases content retention and improves student satisfaction. We see this course as the first of many courses that we will be developing with Blatchford."
e-dentist developed the course using its proprietary e-learning engine and hosts the course providing access through its online course catalog. Those dentists taking the course can train online 24/7/365 at their own pace. Blatchford has constant remote access to each student's progress, including the time spent on each subject, testing results and the progress being made toward certification. Each student pays $500 for a six-month course license. e-dentist anticipates that between 700 and 900 dentist and staff members will take the course before the end of this year. Peter Munton, chief executive officer of Blatchford Solutions, Ltd., said, "We are thrilled with the efficiency provided by e-learning over traditional teaching methods. This course combines the power of Blatchford's proven training solutions with e-dentist's state-of-the-art learning tools, which deliver measurable results in the training process. Best of all, our new program means that dentists can get part of their training without leaving their office, while still receiving in-office training and support from the Blatchford organization. The skills assessment tool provides information concerning the effectiveness of the course and provides skills gap analysis down to the lesson level. The verification and certification routines built into the course provide proof of a student's review and retention of the information necessary to use the product."
In closing, Dr. Powers added, "We are very excited about the momentum we have gained over the last few months. The launch of this online course follows several other important developments that the Company has announced recently. In early February, the Company announced that it had met the qualifications for enrollment in the Aviation Industry Computer-Based Training (CBT) Committee's (AICC) self-regulatory program for compliance. Later in February, the Company announced that it had trained 100 Oral B sales representatives online using its virtual classroom technology, which provides efficient training without the travel time and costs involved in traditional training sessions. We expect these developments to add to the recent improvement in our financial results, as evidenced by our return to profitability as reported in our third quarter results."
About e-dentist
Headquartered in Phoenix, Arizona, e-dentist delivers a dual strategy that provides online services to the dental industry as well as access to business services and products by dentists and their staff. The 150,000 dentists across the United States and their staff have access to e-Learning, Dental Careers, Practice Tools and a Shopping engine found at www.e-dentist.com. Additionally, the Company offers a comprehensive array of e-learning content development, hosting and delivery services to dental vendors and pharmaceuticals companies in the dental industry. e-dentist's learning management systems provide its customers and end users access to state-of-the-art synchronous and asynchronous content delivery solutions. Since 1998, e-dentist has provided training to its affiliated dental offices in 29 states with approximately 140 dentists in approximately 100 dental practices. Additionally, its 6,000 Web site members have access to a comprehensive array of products and services through its dental portal site, which can be found at www.e-dentist.com. You can view a sample course or production demonstration by visiting e-dentist's e-learning page at www.e-dentist.com/e-learning or their product demonstration page at www.e-dentist.com/demos.
About Blatchford
Blatchford Solutions, established in 1986, is a leading provider of dental coaching, consulting and marketing services to dental professionals in the US and abroad. The Company offers dental management expertise and experience, professional services, training tools and marketing and public relations elements. The benefits for dentists include maximized client leadership, improved management and verbal skills as well as niche positioning in their marketplace. The results include an increase in client income - while working less, greater staff compensation, and excellent patient care. Additionally, Blatchford Solutions offers a network or newsletters, educational tapes and seminars that specialize in education, consulting and branding. Further information can be found at the Blatchford Solutions website www.blatchford.com. Contact: Peter Munton, CEO, Blatchford Solutions, (760) 944-8040; pmunton@blatchford.com.
BriteSmileTM and BriteSmile Whitening SystemTM are registered marks of BriteSmile, Inc. BriteSmile has developed and manufactures the most advanced teeth-whitening technology available, as well as manages state-of-the-art BriteSmile Professional Teeth Whitening Centers. In addition to BriteSmile Centers, the Company has established more than 1,400 Associated Centers, with more than 160 of those Associated Centers located outside of the United States, in countries around the world including Argentina, Japan, Singapore, Switzerland, France, Holland, Italy and Belgium. For more information call 1-800-BRITESMILE or visit BriteSmile's Website at www.britesmile.com.
This press release contains forward-looking statements regarding future events and the future performance of e-dentist that involve risks and uncertainties that could cause results of operations to differ materially. These risks include, but are not limited to, risks associated with affiliations, fluctuation in operating results because of affiliations, changes in government regulations, competition, growth of existing and new affiliated dental practices and the potential need for additional funding. These risks are described in further detail in the Company's reports filed with the Securities and Exchange Commission.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
http://www.e-dentist.com/
e-dentist (EDT) is the only publicly traded company focused exclusively on the online dental industry. Since going public in March of 1998, we have provided marketing, development, administrative, and management services to our 100 affiliated dental practices throughout the United States.
A $50 billion industry, dentistry is expected to grow to $80 billion by 2005. And e-dentist is uniquely positioned to take advantage of the opportunities offered by this dynamic environment.
We were pioneers in the use of Internet technology to provide immediate services to practices across the nation. Our state of the art Internet systems have processed over $50 million worth of online transactions annually with our affiliated dental practices. We are now expanding our targeted market to more than 150,000 dentists throughout the United States, and expanding the scope and reach of the services we offer to include full e-commerce capabilities.
e-dentist.com is currently traded on the American Stock Exchange under the symbol EDT.
To obtain further information please contact Charles Sanders, e-dentist's COO and CFO at 602.952.1200 or by email at csanders@e-dentist.com.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
Been so busy with meeting have not had a chance to do much of anything. WIll be in touch.
:=) Gary Swancey
Contracted Independent Investor Relations for
CBQI & DTGI, compensated a monthly cash fee
http://www.marketex.net/compensate.htm
February 28, 2001
e-dentist.com, Inc. announced that it has met the qualifications for enrollment in The Aviation Industry Computer-Based Training (CBT) Committee's (AICC) self-regulatory program for compliance.
--------------------------------------------------------------------------------
February 12, 2001
e-dentist.com, Inc. announced that its hosting of a simultaneous online virtual classroom for 100 Oral B sales representatives was a success. e-dentist provided content development to create the presentation and hosted the event using its online studio located at the corporate headquarters. One of the lecturers joined the studio engineer in Phoenix while the other instructor presented from his desk in Belmont, California. The sales representatives, located across the United States and Canada, were trained without leaving their desks. The Company expects to announce additional agreements with dental vendors using its web-based interactive learning engine.
--------------------------------------------------------------------------------
September 1, 2000
e-dentist.com, Inc. announced that Charles Sanders has replaced Sam Carr as Chief Financial Officer.
--------------------------------------------------------------------------------
August 28, 2000
Pentegra Dental Group, Inc. announced that it has formally changed its name to e-dentist.com, Inc.
--------------------------------------------------------------------------------
August 10, 2000
Pentegra Dental Group, Inc. announced that it had entered into a definitive agreement to purchase Dexpo.com, a privately held, on-line dental supplies shopping site. The transaction, which is expected to close within 10 days, will be treated as an asset purchase for which consideration is 750,000 shares of Pentegra stock with 500,000 additional shares to be held in escrow and paid contingent upon meeting certain performance criteria.
--------------------------------------------------------------------------------
August 3, 2000
Pentegra Dental Group, Inc. and National Electronic Attachment, Inc. (NEA) jointly announced the signing of an exclusive online services agreement. The agreement provides the dental community, through e-dentist.com's Website, access to NEA's patient eligibility and electronic claim attachments.
--------------------------------------------------------------------------------
May 17, 2000
Pentegra Dental Group, Inc. and PayMaxx, Inc. jointly announced the signing of an exclusive agreement to provide the dental industry with Internet-based payroll and 401(k) services. POWERPayroll, designed for employers with 100 or fewer employees, enables dentists anywhere in the United States to submit their payroll via the Internet and receive payroll checks and reports the next day. In addition to basic payroll processing, POWERPayroll offers nationwide tax filing service, electronic new hire reporting, and direct deposits and POWER401K provides a comprehensive, web-enabled retirement solution.
--------------------------------------------------------------------------------
March 28, 2000
Pentegra Dental Group, Inc. and CareerEngine Inc., a subsidiary of CareerEngine Network, jointly announced the signing of an exclusive agreement to provide the dental industry with access to qualified candidates for employment in dental offices across the United States through the development of a recruitment portal on Pentegra's web site. The Application Service Provider (ASP) agreement will accelerate the development and deployment of Pentegra's business-to-business (B2B) dental web site.
--------------------------------------------------------------------------------
March 14, 2000
Pentegra Dental Group, Inc. and BrightStar Information Technology Group, Inc. jointly announced their intent to create an Internet business-to-business (B2B) exchange designed to meet the needs of dental professionals around the world. The site, which is expected to be launched in April 2000, will initially be available to more than 150,000 dental professionals across the United States and eventually to dental professionals around the world. Currently, these professionals have to go to a large number of different sources for their business needs.
--------------------------------------------------------------------------------
March 2, 2000
Pentegra Dental Group, Inc. announced a new e-commerce strategy, substantially reducing its emphasis on its dental practice management business. As the first step in this new strategic direction, Pentegra announced that it has executed a software license agreement with a web conferencing company to develop an online virtual classroom will allow the Company to expand our existing training systems.
--------------------------------------------------------------------------------
March 16, 1999
Pentegra Dental Group, Inc. announced that its Board of Directors approved the signing of a definitive agreement to purchase Omega Orthodontics, Inc. in a stock transaction that also included assumption of $1.4 million in debt. Under the terms of the agreement, Omega shareholders will receive 1.8 million shares of Pentegra common stock.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
e-dentist.com, Inc., formerly known as Pentegra Dental Group Inc., is a provider of training solutions for the dental marketplace. The Company promotes practice enhancement through seminars, in-office consulting and financial and operational analysis. In addition, e-dentist provides practice services such as payroll processing.
The Company delivers a dual strategy that provides online services to the dental industry, as well as access to business services and products by dentists and their staff. The 150,000 dentists across the United States and their staff have access to e-Learning, Dental Careers, Practice Tools and a Shopping engine found at www.e-dentist.com. Additionally, the Company offers a comprehensive array of e-learning content, hosting and delivery services to vendors in the dental industry who provide goods and services to dental offices. e-dentist's online solutions enable dental vendors to provide both online training internally to their sales force, as well as training to their dental practice customers concerning their products. The Company's synchronous and asynchronous content delivery solutions provide an array of e-learning products that are customized to a dental vendor's needs. e-dentist has affiliated dental offices in 29 states with approximately 140 dentists in approximately 100 dental practices, with an additional 6,000 Website members.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
222,800 shares changed hands in the past 21 trading days.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
All kinds of lawyers making $$$ on lawsuit/counter-lawsuits with PEN/EDT.
Heading Court / Docket Number Nature of Suit Date Filed Date Retrieved Status
E-Dentist.com Inc v. Burdick, et al AZ - 2:01cv539 Personal Injury 03/22/2001 03/30/2001 Active
Centracco, et al v. E-Dentist.com Inc, et al OK W - 5:00cv2053 Stockholders' Suits 12/11/2000 12/13/2000 Active
Pentegra Dental GRP v. Centracco, et al AZ - 2:00cv2303 Other Contract 12/06/2000 12/11/2000 Active
Pentegra Dental GRP v. Schiro, et al AZ - 2:00cv1735 Other Contract 09/11/2000 09/15/2000 Active
Schiro, et al v. Pentegra Dental TX S - 4:00cv2753 Other Contract 08/11/2000 08/16/2000 Active
Kline, et al v. Pentegra Dental TX S - 4:00cv2754 Other Contract 08/11/2000 08/16/2000 Active
Pentegra Dental v. Wu TX W - 1:00cv291 Trademark 05/05/2000 09/28/2000 Active
(4th defendent is President of EDT)
US District Court for the Middle District of Tennessee (Nashville)
3:00cv423
Finova Mezzanine Cap v. CI Distribution, Inc, et al
This case was retrieved from the court on Monday, May 8, 2000
Date Filed: 05/03/2000 Class Code: REFER CM50BC
Assigned To: Judge Robert L Echols Closed?: No
Referred To: Magistrate Judge Joe B Brown
Nature of Suit: Stockholders' Suits (160) Statute: 15:78m(a)e
Cause: Securities Exchange Act
Lead Docket: None
Other Docket: None
Jurisdiction: Federal Question Demand Amt: $0,000
Jury Demand:
Finova Mezzanine Capital Inc Samuel David Lipshie
PLTF [COR]
Boult, Cummings, Conners & Berry
P O Box 198062
414 Union Street
Suite 1600
Nashville, TN 37219
USA
(615) 244-2582
Karyn Crigler Bryant
[COR LD NTC]
Boult, Cummings, Conners & Berry
P O Box 198062
414 Union Street
Suite 1600
Nashville, TN 37219
USA
(615) 244-2582
v.
CI Distribution, Inc
DEFT
F Michael Williams
DEFT
Fred Edwards
DEFT
James M Powers, Jr
DEFT
Tom Selby
DEFT
05/03/00 1 COMPLAINT (w/ att'd exhibits A-C) (Summons(es) issued); Filing fee paid in the amount of : $150 Receipt # 73913 (af) [Entry date 05/05/00]
05/03/00 2 NOTICE of Initial Case Management Conference Case referred to Magistrate Judge Joe B. Brown, ; Case Management Conference set for 11:30 a.m. on 6/12/00 (af) [Entry date 05/05/00]
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. A former banker, top analyst at exchange.com before they ran out of money, and Chairman o
Date Low High Closed Volume Notes
3/30/1
.41
.45
.45
2,900
3/28/1
.45
.49
.45
8,000
3/27/1
.41
.49
.49
2,700
3/26/1
.42
.50
.50
3,300
3/23/1
.42
.45
.42
3,100
3/22/1
.42
.49
.42
4,100
3/21/1
.49
.49
.49
3,700
3/20/1
.49
.49
.49
0
3/19/1
.41
.51
.49
39,300
3/16/1
.47
.50
.49
4,000
3/15/1
.47
.47
.47
500
Very low volume today.
3/14/1
.46
.54
.54
7,800
3/13/1
.48
.55
.48
14,000
3/9/1
.50
.55
.54
8,600
3/8/1
.50
.55
.50
20,300
3/7/1
.50
.50
.50
16,900
3/6/1
.46
.55
.48
11,700
3/5/1
.46
.55
.46
36,400
Trading volume up today, but late selling drove price down at close.
3/2/1
.48
.50
.50
15,700
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
http://messages.yahoo.com/?action=q&board=EDT we can communicate here or there...
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
Yes and no, wave your arms before you use your legs, crawl before you kneel, walk before you run, stand up and take responsibility before you become immortal. Send an email to joe@galsys.com for the NDA and other agreement, when you have signed it and faxed it back, we'll fill you in...
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
Thank you Gary, let me know when you have the NDA on this, then we can take it to the next level....by the way, buying into CBQI and DTGI ( both jumped 20% and 40% on a small trades), both are very tight...
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
Yawn.. Morning All. I will be looking at this one later to day.
:=) Gary Swancey
Contracted Independent Investor Relations for
CBQI & DTGI, compensated a monthly cash fee
http://www.marketex.net/compensate.htm
Why EDT might become a turnaround play....The epidemic of struggling venture-backed companies appears to be spawning its own growth industry.
A number of companies have launched in recent months with the goal of aiding these struggling firms. The latest to get into the act is Recognition Group (http://www.recognitiongroup.net), a restructuring, reorganization and turnaround specialist that recently formed two new entities aimed at venture-backed companies: Recognition Management, an interim and crisis management services business, and the Second Frontier Capital Fund, a venture capital fund focused on out-of-favor and distressed technology investing.
"Industry analysts project that between 60 and 80 percent of venture-backed companies will need professional turnaround or wind-down assistance in the next twelve months," claims Juan-Carlos Garcia, co-founder and managing director of Recognition Group and head of the Second Frontier Capital Fund. The fund "will take an opportunistic approach to investing in out-of-favor or struggling companies that need an infusion of capital," Garcia said, and "will leverage Recognition Group's capabilities to provide the guidance, expertise and continuation capital necessary to navigate through uncharted, critical situations."
Recognition Management is led by Kaleil Isaza Tuzman, former co-founder and CEO of govWorks, and Jonathan Agus, a turnaround and workout specialist with experience in the high tech sector, as well as the retail and manufacturing industries. Under the direction and management of Garcia, a former investment banking executive with Banco Santander Central Hispano (now called BSCH) and managing partner at Suala Capital Fund, Recognition Group will raise at least $30 million for the distressed technology turnaround fund. The initial focus of the fund will be on e-government, e-finance and payment-related technology companies. The Second Frontier Capital Fund has been capitalized by an initial $15 million investment line from an unnamed European financial group and will begin additional fund-raising immediately.
Fueling the rise of these turnaround companies is a shortage of managers and directors who have successfully navigated companies through an economic downturn. After all, it's been a decade since the U.S. was officially in a recession.
"In today's technology marketplace, neither the day-to-day management nor boards-of-directors of many portfolio companies have experience in dealing with a broad economic downturn," said Bill Sahlman, co-chair of the Entrepreneurship and Service Management Unit at the Harvard Business School. "In crisis situations, companies need counselors with a mix of direct experience, emotional distance and a specific set of skills that can help move a company down the path to profitability or to an honorable discharge of assets to protect investors."
Some of these firms are taking a riskier approach to rescuing struggling companies. ibasecamp (http://www.ibasecamp.com), for example, is willing to work with struggling dot-coms in exchange for equity. Advise4Stock (http://www.advise4stock.com) also works with companies in exchange for equity, but that company's focus is more on early stage start-ups seeking funding. The challenge for these companies is to make sure that the companies they take on have a good chance of succeeding.
ibasecamp's focus is turnaround plays, and it may not be as crazy as it seems. Trident Capital recently announced that some of its new $725 million fund will be invested in public companies that need cash but are operating close to break-even. Trident has identified 175 companies that are trading below fair value, and has found the valuations of some public companies to be more compelling than private company valuations. Given that the IPO craze of the last couple of years essentially turned the public markets into venture capitalists, placing investors who dared in the role of deciding which companies would win the Internet race, it seems fitting that VCs are now finding some of their most compelling opportunities among those publicly traded companies.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
thepennyking, is this your latest project or something related to your grand plan?
signed,
Bernard
Some has asked me if someone has slipped on a toothbrush?
E-Dentist.com Inc v. Burdick, et al
Date Filed: 3/22/2001
Nature of Suit: Personal Injury
Plaintiffs Defendants
E-Dentist.com Inc, A Delaware Corporation FKA Pentegra Dental Group Inc Victor H Burdick, Jr, DDS, Husband
Darcy E Burdick, Wife
Victor H Burdick Jr DDS, PC, A Colorado Professional Corporation
The above information was found at:
http://www.marketspan.com/PCI/EOL/News-Index.asp?Court=AZ-F-D&Docket=2:01cv539&Brand=EOL&...
for $4.00 you can view the Docket...
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
ITEM 1. FINANCIAL STATEMENTS
E-DENTIST.COM, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(IN THOUSANDS EXCEPT SHARE DATA)
DECEMBER 31, MARCH 31,
2000 2000
-------- --------
ASSETS
Current assets:
Cash and cash equivalents ................................................ $ 1,054 $ 553
Receivables from affiliated practices, net of allowance for doubtful
accounts of $1,686 and $3,269, respectively ............................. 294 2,966
Prepaid and other current assets ......................................... 166 499
Notes receivable from affiliated practices - current, net ................ 291 421
-------- --------
Total current assets ................................................... 1,805 4,439
Property and equipment, net ................................................ 3,575 6,886
Intangible assets, net ..................................................... 3,325 25,786
Notes receivable from affiliated practices, net ............................ 1,102 709
Other assets ............................................................... 211 86
-------- --------
Total assets ........................................................ $ 10,018 $ 37,906
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Credit facility .......................................................... $ 9,581 $ --
Current portion of long term debt ........................................ 98 492
Accounts payable and accrued liabilities ................................. 1,141 1,702
Current portion of deferred revenue ...................................... 1,026 206
Accrued employment agreement ............................................. 278 400
Current portion of capital leases ........................................ 333 309
-------- --------
Total current liabilities ........................................... 12,457 3,109
Credit facility ............................................................ -- 10,100
Long term debt, less current maturities .................................... 3,119 4,729
Capital lease obligations .................................................. 743 961
Deferred revenue............................................................ 600 --
Commitment and contingencies
Shareholders' equity (deficit):
Common stock, $.001 par value 40,000,000 shares authorized, 11,570,783 and
10,820,783 issued, respectively ......................................... 11 11
Additional paid-in capital ............................................... 25,895 25,604
Accumulated deficit ...................................................... (31,647) (6,432)
Less: Treasury shares at cost, 1,085,453 and 154,748, respectively ....... (1,160) (176)
-------- --------
Total shareholders' equity (deficit) ................................ (6,901) 19,007
-------- --------
Total liabilities and shareholders' equity (deficit) ................ $ 10,018 $ 37,906
======== ========
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
Insider & restricted shareholder transactions reported over the last year
Date Who Shares
Stock Transaction
22-Feb-01 ANDERSON, WALTER J
Director 37,098
EDT Other Disposition
10-Jan-01 CENTRACCO, LEE R & ZAHLIA M
Shareholder 35,265
EDT Proposed Sale (Form 144).
Estimated proceeds of $8,816.
20-Dec-00 SANDERS, CHARLES G
Chief Financial Officer, Senior Vice President, Chief Operating Officer * 50,000
EDT Purchased at $0.44/Share.
Cost of $22,000.
12-Dec-00 ANDERSON, WALTER J
Director 5,400
EDT Sold at $0.19/Share.
Proceeds of $1,026.
5-Dec-00 BONAGURA, GLENN J
Shareholder * 10,000
EDT Purchased at $0.25/Share.
Cost of $2,500.
1-Dec-00 POWERS, JAMES M
Chairman of the Board, President, Chief Executive Officer 10,000
EDT Purchased at $0.25/Share.
Cost of $2,500.
28-Sep-00 BONAGURA, GLENN J
Senior Vice President, Sales, Marketing 0
EDT Initial Direct Holdings Statement
28-Sep-00 COLLINS, JAMES H
Director 10,000
EDT Purchased at $0.50/Share.
Cost of $5,000.
20-Sep-00 DUNN, JAMES L
Senior Vice President, Chief Development Officer & General Counsel 8,000
EDT Purchased at $0.50/Share.
Cost of $4,000.
25-Aug-00 COLLINS, JAMES H
Director 0
EDT Initial Direct Holdings Statement
25-Aug-00 ROBINSON, DANIEL T
Director 5,000
EDT Initial Direct Holdings Statement
1-Aug-00 GROVE, DAVID T & KATHLEEN A
Shareholder 46,180
EDT Proposed Sale (Form 144).
Estimated proceeds of $23,090.
1-Aug-00 GROVE, DAVID T
Shareholder 1,780
EDT Proposed Sale (Form 144).
Estimated proceeds of $890.00.
28-Mar-00 DAUGHERTY TRUST
Trust, Trustee 27,931
EDT Proposed Sale (Form 144).
Estimated proceeds of $43,825.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
What the current power structure has reported to the public: February 13, 2001
E-DENTIST COM INC (EDT)
Quarterly Report (SEC form 10-Q)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
THE FOLLOWING DISCUSSION AND ANALYSIS CONTAINS CERTAIN FORWARD-LOOKING
STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995. THESE STATEMENTS ARE BASED ON CURRENT PLANS AND EXPECTATIONS OF THE
COMPANY AND INVOLVE RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL FUTURE
ACTIVITIES AND RESULTS OF OPERATIONS TO BE MATERIALLY DIFFERENT FROM THAT SET
FORTH IN THE FORWARD-LOOKING STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE
ACTUAL RESULTS TO DIFFER INCLUDE, AMONG OTHERS, RISKS ASSOCIATED WITH
AFFILIATIONS, FLUCTUATIONS IN OPERATING RESULTS BECAUSE OF AFFILIATIONS AND
VARIATIONS IN STOCK PRICE, CHANGES IN GOVERNMENT REGULATIONS, COMPETITION, RISKS
OF OPERATIONS AND GROWTH OF EXISTING AND NEW AFFILIATED DENTAL PRACTICES, AND
RISKS DETAILED IN THE COMPANY'S SEC FILINGS.
OVERVIEW
e-dentist.com, Inc. (the "Company") provides eBusiness, eLearning and practice enhancement products and services to the dental industry including its affiliated practices.
The Company provided practice management services to fee-for-service dental practices in the United States. On March 30, 1998, the Company acquired simultaneously with the closing of its initial public offering ("IPO"), substantially all of the tangible and intangible assets, and assumed the liabilities, of the 51 founding affiliated practices. The Company also began to provide practice management services to professional corporations or associations owned by the dentist-owners of those affiliated practices (one of which split into two separate dental practices immediately after the IPO) pursuant to long-term Management Service Agreements entered into at the time of the Affiliations.
The expenses incurred by the Company in fulfilling its obligations under the Management Service Agreements were generally of the same nature as the operating costs and expenses that would have otherwise been incurred by the affiliated practices, including salaries, wages and benefits of practice
personnel (excluding dentists and certain other licensed dental care professionals), dental supplies and office supplies used in administering their practices and the office (general and administrative) expenses of their practices. In addition to the operating costs and expenses discussed above, the Company incurs personnel and administrative expenses in connection with maintaining a corporate office, which provides management, practice enhancements, administrative and business development services.
RECENT EVENTS, LIQUIDITY AND MANAGEMENT PLANS
Management is continuing the development of a Business-to-Business Web site focusing on the following on-line services:
1. E-LEARNINGLive and on-line interactive learning
2. DENTAL CAREERSEmployment opportunities for both employers and employees
3. PRACTICE SERVICESPayroll, human resources, practice enhancement, patient financing, etc.
4. COMMUNITYDental and professional idea communication in chat rooms and message boards
5. PURCHASINGDental supplies and equipment purchasing from major suppliers to all dentists
The Company has developed a Web site and executed various channel partnership agreements with other entities to help provide the on-line services. In early May 2000, the Company launched the first generation Web site and launched its second generation Web site in November 2000. The current focus of functionality is concentrated toward revenue generation for the Company.
During the three months ended December 31, 2000, the Company modified 3 and terminated 2 of its Management Service Agreements. As of December 31, 2000, the Company has modified 79 and terminated 16 of its Management Service Agreements to a shorter term (from 25-40 year terms) of five years, and decreased and fixed the future monthly management fees. The new service agreements modify the type of services the Company provides each affiliated practice. The modification of the terms include the following:
1. The payroll and payables process will cease for the affiliated practices. All practice expenses will be paid by the dentist and not reimbursed. All practice employees will become employees of the dentists and payroll will be processed at the practice level.
2. Management fees will be 90% of fiscal year 2000 fees and fixed for three years, drawn weekly at the agreed upon fixed amount.
3. Assets and other equipment will be transferred back to the doctors at the end of the amended management service agreement term, at a nominal value.
The Company prepared an impairment analysis to determine the recoverability of the management service agreement intangible assets and fixed assets grouped at the practice level. The Company prepared the analysis by calculating the expected discounted future cash flows under modified contracts less the carrying amount of the intangible asset and fixed assets to determine the impairment charge. Based on the modified and terminated Management Service Agreements as of December 31, 2000, the Company has recorded a charge due to impairment of approximately $23 million for the nine months ended December 31, 2000.
During fiscal 2000, the Company incurred a net loss of $5.4 million and had an accumulated deficit of $6.4 million at March 31, 2000. In addition, the Company used cash flow from operations of $628,000 during the period ending March 31, 2000. During the three and nine months ended December 31, 2000, the Company had net income of $266,000 and incurred a net loss of $25.2 million respectively and has an accumulated deficit of $31.6 million at December 31, 2000. In addition, the Company generated cash flow from operations of $1.1 million during the nine months ended December 31, 2000.
At July 14, 2000, Bank One, Texas, NA extended the terms of the credit facility through July 31, 2001, and the Company paid $250,000 in principal to the bank. The Company is required to make additional principal payment to the bank for any amount it collects from its notes receivable during each quarter. The Company paid $226,000 to the bank relating to the collection of notes receivable as of December 31, 2000. At the end of each quarter, the bank may receive an additional principal payment up to $50,000 if the Company's cash balance exceeds $750,000 and if the bank has not received at least $350,000 in principal payments from note receivable collections. In January 2001, the Company paid an additional $50,000 to the bank. No additional borrowings are permitted under the amendment.
As of December 31, 2000, the Company was in technical violation of certain financial ratio covenants due to the restructure. This technical violation occurred in spite of the preliminary attempt by management and the bank to project the effect of the restructure on the ratios and to set the ratios at a level to avoid the technical violation. The bank is currently working on a waiver of the violation, which is expected.
As discussed above, the bank credit facility due date has been extended to July 31, 2001. Based upon its current strategy to enhance cash collections and reduce costs, the Company projects to have sufficient funds to meet its operating capital requirements through the fiscal year ending March 31, 2001; however, there would not be sufficient cash flow to fund the credit agreement obligations due July 31, 2001. Management believes it will be able to replace the credit facility with other financing alternatives or refinance its current line of credit. There is no assurance that other financing or refinancing of its current line of credit will be available in sufficient cash, if at all, and there can be no assurance that the related terms and conditions will be acceptable to the Company. Failure of the Company to obtain such alternative financing or refinancing of its current line of credit would have a material and adverse effect on the Company's financial position and viability.
In order to increase its liquidity, the Company has developed the following strategies; (i) suspension of its new practice affiliation program, (ii) implement its revised eBusiness based strategic alternative described above, (iii) implement more rigid credit policies with its affiliated practices, (iv) consider terminating the services agreements of selected under performing affiliated practices, (v) reducing costs in the Company's corporate office, and (vi) raising additional capital. However, there can be no assurance that the Company's strategy will be achieved.
RESULTS OF OPERATIONS (UNAUDITED)
Following completion of the IPO on March 30, 1998, the Company began operations effective April 1, 1998. Management service fee recognition and related expenses began April 1, 1998, and the Company began managing 51 dental practices in 18 states.
COMPONENTS OF REVENUES AND EXPENSES
The Company has embarked upon a strategy focusing on eBusiness primarily in the dental industry. Prior to the transition toward eBusiness, the Company processed all payments to vendors and employed the staff of affiliated practices. The modified Management Service Agreements caused the staff to cease working as employees for e-dentist.com, Inc., and they have become employees of the individual affiliated practices. In addition, processing of payments to practice vendors is now performed at the practice level, by practice employees. The Company no longer pays or is reimbursed for expenses paid on the practices' behalf. As a result, the components of net revenues and expenses have changed and decreased significantly with the modified Management Service Agreements.
Under the terms of the original management services agreement with an affiliated practice, the Company served as the exclusive manager and administrator of all non-dental services relating to the operation of an affiliated practice. The obligations of the Company included assuming responsibility for the operating expenses incurred in connection with managing the dental centers. These expenses included salaries, wages and related costs of non-dental personnel, dental supplies and laboratory fees, rental and lease expenses, promotion and marketing costs, management information systems and
other operating expenses incurred at the affiliated practices. In addition, the Company incurred general and administrative expenses related to the financial and administrative management of dental operations, insurance, training and development and other typical corporate expenditures. As compensation for its services under the original services agreement and subject to applicable law, the Company was paid a management fee comprised of two components: (1) the costs incurred by it on behalf of the affiliated practice, and (2) a management fee either fixed in amount, an amount usually approximating 35% of the affiliated practice's operating profit, before dentist compensation or 15% of the affiliated practice's collected gross revenue ("Service Fee"). Therefore, net revenues represented amounts earned by the Company under the terms of its Management Service Agreements with the affiliated practices, which generally equated to the sum of the Service Fees and the operating expenses that the affiliated practices paid to the Company under the service agreements.
NET REVENUE
Net revenue was $2.0 and $15.0 million for the three months ended December 31, 2000 and 1999, respectively. Net revenue was $10.5 and $43.0 million for the nine months ended December 31, 2000 and 1999, respectively. Net revenue generated for the three months ended December 31, 2000 and 1999 related to service fees was approximately $1.9 and $2.6 million, respectively. Net revenue generated for the nine months ended December 31, 2000 and 1999 related to service fees was approximately $6.4 and $7.8 million. The decreases in each period are due to the modification of the Management Service Agreements and the resulting elimination of pass thru revenue and expense reporting.
Net revenue generated by paying the operating expenses of the affiliated practices was approximately $0 and $4.1 million for the three and nine months ended December 31, 2000 and approximately $12.4 and $35.3 million for the three and nine months ended December 31, 2000, 1999. The decreases in each period are due to the modification of the Management Service Agreements and the resulting elimination of pass thru revenue and expense reporting.
OPERATING EXPENSES
The Company incurred operating expenses of approximately $1.5 and $14.8 million for the three months ended December 31, 2000 and 1999, respectively. The Company incurred operating expenses of approximately $35.0 and $41.2 million for the nine months ended December 31, 2000 and 1999, respectively. Operating expenses consisted primarily of salaries, wages and benefits, dental supplies and laboratory fees, rent, advertising and marketing, depreciation and amortization, and general and administrative expenses. The changes in each period are due to the impairment charges, offset by the modification of the Management Service Agreements and the resulting elimination of pass thru revenue and expense reporting.
General and administrative expenses consist of the corporate expenses of the Company. These corporate expenses include salaries, wages and benefits, rent, bad debt expenses, consulting fees, travel, office costs and other general corporate expenses. For the three months ended December 31, 2000 and 1999, general and administrative expenses were approximately $1.0 and $1.7 million, a decrease of $700,000. The decrease is primarily due to decrease in salaries of $184,000, bad debt expense of $172,000 and professional fees of $88,000.
For the nine months ended December 31, 2000 and 1999, general and administrative expenses were approximately $6.1 and $4.1 million, an increase of $2.0 million. The increase is primarily due to increases in bad debt expense of $1.6 million and professional fees of $169,000.
INCOME TAX EXPENSE
The Company recorded no tax expense during the three months ended December 31, 2000, due to the losses incurred earlier in the year. The Company recorded no tax benefit during the nine months ended December 31, 2000, because it concluded it is not likely it would be able to recognize the tax asset created due to the lack of operating history of its e-Business plan. Income tax expense for the three months ended December 31, 1999 totaled $49,000, an amount greater than income before taxes of $8,000. This occurred because certain amortization expenses were deducted to arrive at net income but were not deductible for income tax purposes. Income tax expense for the nine months ended December 31, 1999 totaled $579,000.
For the nine months ended December 31, 2000, the Company recorded a valuation allowance for its entire deferred tax asset of $7.6 million because it concluded it is not likely it would be able to recognize the tax asset due to the lack of operating history of its implementation of the e-Business plan,
modification of its Management Service Agreements and maturity of its line of credit on July 31, 2001. At December 31, 2000, the Company has a net deferred tax asset of $10.8 million with a corresponding valuation allowance. Additionally, the Company also has $6.1 million of available deductions related to the increase in tax basis of the assets acquired in the Affiliations.
LIQUIDITY AND CAPITAL RESOURCES
At December 31, 2000, the Company had a working capital deficit of approximately $11.3 million. Current assets included approximately $1.1 million in cash and $585,000 in net receivables, due from affiliated practices. Current liabilities consisted of approximately $2.8 million in accounts payable and accrued liabilities. Included in the current liabilities are approximately $9.6 million of anticipated payments on the line of credit.
On June 1, 1998, the Company closed a revolving bank credit facility with Bank One, Texas, N.A., which provided the Company with a revolving line of credit of up to $15.0 million, to be used for general corporate purposes including financing of acquisitions, capital expenditures and working capital. The credit facility is collateralized by liens on certain of the Company's assets, including its rights under the Management Service Agreements and accounts receivable. The credit facility contains restrictions on the incurrence of additional indebtedness and payment of dividends on the Common Stock. Additionally, compliance with certain financial covenants is required and the lender has approval rights with respect with acquisitions exceeding certain limits. As of December 31, 2000, the Company was in technical violation of certain financial ratio covenants due to the restructure. This technical violation occurred in spite of the preliminary attempt by management and the bank to project the effect of the restructure on the ratios and to set the ratios at a level to avoid the technical violation. The bank is currently working on a waiver of the violation, which is expected. At December 31, 2000, $9.6 million was outstanding under the revolving line of credit.
At July 14, 2000, Bank One, Texas, NA extended the terms of the credit facility through July 31, 2001, and the Company paid $250,000 in principal to the bank. The Company is required to make additional principal payment to the bank for amounts it collects from its notes receivable during each quarter. The Company paid $226,000 to the bank relating to the collection of notes receivable as of December 31, 2000. At the end of each quarter, the bank may receive an additional principal payment up to $50,000 if the Company's cash balance exceeds $750,000 and if the bank has not received at least $350,000 in principal payments from note receivable collections. In January 2001, the Company paid an additional $50,000 to the bank. No additional borrowings are permitted under the amendment.
As discussed above, the bank credit facility due date has been extended to July 31, 2001. Based upon its current strategy to enhance cash collections and reduce costs, the Company projects to have sufficient funds to meet its operating capital requirements through the fiscal year ending March 31, 2001; however, there would not be sufficient cash flow to fund the balance of the credit agreement obligation due July 31, 2001. Management believes it will be able to replace the credit facility with other financing alternatives or refinance its current line of credit. There is no assurance that other financing or refinancing of its current line of credit will be available in sufficient amounts, if at all, and there can be no assurance that the related terms and conditions will be acceptable to the Company. Failure of the Company to obtain such alternative financing or refinancing of its current line of credit would have a material and adverse effect on the Company's financial position and viability.
Cash provided by investing activities for the nine months ended December 31, 2000 and 1999 involved collections on notes receivable of $264,000 and $121,000, respectively. In addition $89,000 was provided by the disposition of property and equipment during the nine months ended December 31, 2000. Cash used in investing activities for the nine months ended December 31, 2000 and 1999 included $108,000 and $245,000, respectively, for purchases of capital equipment and $31,000 and $1.2 million respectively, for the purchase of intangibles associated with acquisitions.
Cash used in financing activities for the nine-month periods ended December 31, 2000 and 1999 included payments on the Company's long-term debt and capital leases of $830,000 and $231,000, respectively. Cash generated from financing activities for the nine-month period ended December 31, 1999 was draws on the revolving line of credit of $1.5 million.
ASSET PURCHASE
On October 13, 2000, the Company entered into an Asset Purchase Agreement with Dexpo.com, Inc. The consideration for the purchase of assets is 750,000 shares of e-dentist.com common stock with an additional 500,000 shares to be held in escrow and paid contingent upon certain performance criteria of the Company's common stock.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
The current power structure of EDT: James Powers, Jr., D.D.S., 44
Chairman, Pres and CEO $259K
Omer Reed, D.D.S., 68
Director and Clinical Officer 365K
Charles Sanders, 43
Sr. VP, COO, Chief Financial Officer --
James Dunn, Jr., 38
Sr. VP, CDO, Gen. Counsel
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
With a tax loss carry forward this large, this company could use a $20,000,000 infusion of cash by July 31, 2001. e-dentist.com, Inc. provides management, administrative, development and other services to dental practices throughout the United States. The Co.'s practice management is designed to increase revenues and lower costs at affiliated dental practices. For the nine months ended 12/00, revenues fell 76% to $10.5 million. Net loss totalled $25.2 million vs. an income of $652 thousand. Results reflect the modification of service agreements and $23 million in asset impairment charges.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
Here is the beginning of a long trail of research into EDT...e-dentist.com, Inc., formerly known as Pentegra Dental Group Inc., is a provider of training solutions for the dental marketplace. The Company promotes practice enhancement through seminars, in-office consulting and financial and operational analysis. In addition, e-dentist provides practice services such as payroll processing. The Company delivers a dual strategy that provides online services to the dental industry, as well as access to business services and products by dentists and their staff.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund. www.iexchange.com top analyst!
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