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IBZT This week sales begin on lazer keyboard
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[QUOTE]Originally posted by mretrade: [QB] 3. DEPOSIT FOR PURCHASE OF INVENTORY During the second quarter of 2004, the Company paid Enterprise Capital AG $400,000 for the purchase of**** 4,000***** Virtual Keyboards. As of June 15, 2004, these inventory items have not been received by Company. The Company is confident this amount will be recovered in inventory in the near future. See Note 19 for further discussion of the Virtual Keyboards and Enterprise Capital AG. DEPOSIT FOR PURCHASE OF INVENTORY The Company has received orders for the Virtual Keyboards from national retailers. The Company paid Enterprise Capital AG $400,000 for the keyboards necessary to fulfill these orders. Since January 2004, there have been recurring production delays. Additional inventory which was to flow at a rate that would include fulfilling outstanding orders by the end of June, have not yet been delivered. The Company is confident that it will receive the inventory or obtain reimbursement of the deposit of $400,000. RESULTS OF OPERATIONS The three months ended April 30, 2004 compared to the three months ended April 30, 2003. For the Three Months Ended 04/30/2004 04/30/2003 Increase (Decrease) (Unaudited) (Unaudited) Amount Percentage ----------- ----------- -------- ---------- Revenues: Product sales $429,373 $52,633 $376,740 716% Maintenance agreements 8,434 8,004 430 5% Total revenues $437,807 $60,637 $377,170 622% Revenues - Revenues increased by approximately 622% to $437,807 in the three months ended April 30, 2004 from $60,637 in the three months ended April 30, 2003. The increase was in product sales resulting from the addition of new customers, the increase in volume sales to an existing national retailer and introduction and sales of our new products. The majority of our increased sales came from our FM Radio accessories and travel kits which increased from approximately $26,000 in 2003 to over $380,000 in 2004. $10,685 and $356,940 of revenues for the three months ended April 30, 2004 were from Comp USA and Circuit City, respectively. Our maintenance revenues remained relatively comparable at $8,434 in 2004 and $8,004 in 2003. We are not actively pursuing this area of business and do not expect this to be significant in subsequent periods. [/QB][/QUOTE]
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