posted
I've been asking about this one forever guys. It's been going up and down around .022 for about a week or so. I think it's going to bounce up shortly.
Posts: 255 | From: Charlottesville, VA | Registered: Feb 2005
| IP: Logged |
posted
Compare the balance sheets from the 10QSB: they're drastically improving. The lawsuits are stated to have been settled except for 1 I believe it said. Bacchus seems like he's getting it together. Additionally, the average for time between PR's is long expired-their should be sometype of PR soon. They usually did one about every 13-16 days. It's been 37 days now. I love it and got in today at .022. See what happens...
Posts: 255 | From: Charlottesville, VA | Registered: Feb 2005
| IP: Logged |
posted
I called today and the O/S is 307 million roughly-it has increased since week before last-dilution. I'm wondering if the PR next week will be worth holding it though. There have been some rumors on other sites that a PR is being released next week involving Europe. Who knows what that means though-only thing I want to hear is about delivery.
Posts: 255 | From: Charlottesville, VA | Registered: Feb 2005
| IP: Logged |
posted
I'm guessing this move is preceding news tomorrow. Hopefully it will be good news!
Posts: 255 | From: Charlottesville, VA | Registered: Feb 2005
| IP: Logged |
posted
She's still going higher from .0365 I believe-wall of support at .0365 right now.
Posts: 255 | From: Charlottesville, VA | Registered: Feb 2005
| IP: Logged |
posted
Do you think this is going to top at $0.05? I was in at two points averaging $0.0245. I think it's gonna sit at about $0.037-8 today. Seems to be climbing out of a mild slump and has a potential for $0.05....maybe far more long term....but for now. Really like this company and thier product, actually their service. Down the road they appear to more likely be all about their service to be provided by Sun. I like the concept of being able to play the old video games I grew on.
Posts: 225 | From: Chicago | Registered: Oct 2005
| IP: Logged |
posted
I agree F8less-I want to take profits really bad now, but there is the potential for .05. We could be at the top of the mountain though. On the other hand, We've been without a PR for over a month-far more than the average and I think this is getting action because of the rumor that we're getting one this week. I have no idea if its true or not though. Be smart whatever you do : )
Posts: 255 | From: Charlottesville, VA | Registered: Feb 2005
| IP: Logged |
posted
Have a feeling we'll see .052 tomorrow morning. I'm planning on cashing out 50% above .05. That way even if all is lost, then I'll still be even....which I really don't think is gonna happen. *knocks on wood* Wow...anyone see this crazy activity the past 20 mins.?
-------------------- Not so "n00b" any more. Posts: 225 | From: Chicago | Registered: Oct 2005
| IP: Logged |
posted
Can someone explain this to me? I had an average cost for my shares at .0245. I bought another $500 at .034 and sold it at .038. Now my average is kicked up. How does that work when I've cashed out higher on that $500 worth of inital purchase? Any links to info on this or an explanation would be greatly appreciated. Thanks in advance.
-------------------- Not so "n00b" any more. Posts: 225 | From: Chicago | Registered: Oct 2005
| IP: Logged |
posted
Just keeping everyone informed-called today to find out if the PR was for real. The lackey that answered the phone named Doug said they were "working on it as we spoke" but I don't have any clue of what type of announcement it will be. Lol-probably bankruptcy with my luck.
Posts: 255 | From: Charlottesville, VA | Registered: Feb 2005
| IP: Logged |
Non Reliance on Prev Financials, Audits or Interim Review, Other Events
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On October 20, 2005, our Board of Directors determined that our previously issued 2004 audited financial statements and current year first quarter and second quarter interim financial statements should not be relied upon because they contain errors as addressed in Accounting Principles Board Opinion No. 20 and authorized Kevin Bachus, our president and chief executive officer, to restate and amend such filings. The errors relate to our failure to record (i) sufficient loss contingency accruals to cover possible monetary penalties and interest relating to our failure to file certain payroll and withholding tax returns and to satisfy required withholding and payroll tax obligations,(ii) a loss contingency accrual to cover possible monetary damages associated with a breach of a contractual registration commitment and (iii) an expense accrual for triggering of dilution protection provisions in warrants issued in connection with a convertible debt financing. The item referred to in clause (i) above affects all referenced periods, and the other items affect only the current year second quarter period.
We recorded accrued payroll and payroll taxes of $834,682 at December 31, 2004 and $1,225,903 at June 30, 2005. These amounts did not include interest and penalties. As a result, we believe that the recorded amounts should have been approximately double that which was actually recorded.
In connection with convertible debt financings in December 2004 totaling $2,160,000, we agreed to cause a resale registration statement related to the underlying shares to be declared effective with the Securities and Exchange Commission within an agreed upon time frame. The registration statement was filed but not declared effective, and was subsequently withdrawn by us. As a result, we became subject to contractual penalties in favor of the investors generally beginning 120 days from consummation of the financings. The penalties are calculated at the rate of 2% of the investment amount for each month during which the registration is not declared effective beyond the initial 120-day period (prorated for partial months). In connection with these financings, we also issued warrants which included provisions to protect against dilution under certain circumstances. During the second quarter of the current year, we triggered those provisions but failed to recognize an associated expense.
Our management has discussed the matters disclosed herein with representatives of our independent registered public accounting firm, Webb & Company. On October 20, 2005 Webb & Company advised us that it believes that disclosure should be made or action should be taken to prevent future reliance on the audit report contained in our Annual Report on Form 10-KSB for the year ended December 31, 2004 and the interim review in connection with our Quarterly Reports on Form 10-QSB for the quarters ended March 31, 2005 and June 30, 2005. Webb & Company has been provided with a copy of the disclosure contained in this report and, in accordance with SEC rules, has been asked to provide us with a letter indicating whether it agrees with the statements made herein and, if not, stating the respects in which it does not agree. Upon receipt of such a letter, we will promptly amend this report to include the same as an exhibit.
Accordingly, we intend to amend the above-referenced reports to reflect the required accounting adjustments.
Section 8 - Other Events
Item 8.01 Other Events.
Timothy M. Roberts, the Company's Chairman of the Board of Directors, has received a Wells Notice from the staff of the U.S. Securities and Exchange Commission (the "SEC"). While not specified by the SEC in the Notice, we believe the Wells Notice was issued in connection with the SECs investigation entitled In the Matter of Certain Fax Blasts, relating to phony fax scams in which several penny stocks, including ours, were promoted to potential investors and resulted in charges filed by the SEC this past summer against two stock promoters. As previously disclosed, our company has received subpoenas for documents and our CEO and a former officer have been interviewed by the SEC staff in connection with the investigation. We have and will continue to cooperate fully with the investigation. Under the SEC's procedures, the Wells Notice indicates that the staff of the SEC intends to recommend that the SEC bring a civil enforcement action against Mr. Roberts alleging violations of federal securities laws. Recipients of Wells Notices have the opportunity to respond to the SEC staff before any formal recommendation is made.
Mr. Roberts resigned as our CEO and Acting CFO in August 2005. As disclosed at that time, in connection with his resignation and prior to Mr. Bachus assuming his new executive role and directorship, we entered into a separation and release agreement with Mr. Roberts under which we agreed to make certain equity and monthly cash payments to Mr. Roberts, as well as to indemnify Mr. Roberts for certain matters. We have not made any cash payments to Mr. Roberts under the agreement or otherwise since his resignation.
Posts: 237 | From: Boulder, CO | Registered: Jun 2005
| IP: Logged |
posted
there's dilution. I believe it will hit .013 before it will head back up. Give the transfer agent a call * (303) 282-4800. last time I spoke with them the shares outstanding were 302 some million. If it's gone up since then, you know it's been diluted. Hope this helps.
Posts: 255 | From: Charlottesville, VA | Registered: Feb 2005
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
