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OHNA breakout run this week
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[QUOTE]Originally posted by brandwilliams: [QB] RESULTS OF OPERATIONS Three and Nine Months Ended March 31, 2004 Compared To Three and Nine MonthsEnded March 31, 2003 Revenues. The Company did not generate any revenue in the three or nine monthsended March 31, 2004 and 2003, respectively. Since the October 2002 acquisitionof VI, the Company's focus has been on the creation of an infrastructure and thedevelopment of the VI suite of products. The Company has been in thedevelopment stage since July 2001. In April 2004, the Company consummated theacquisition of REST, an operating company with revenues, and has suspended alldevelopment of the VI technology and products. General and Administrative Expenses. The Company incurred $1,274,426 in generaland administrative expenses for the three months ended March 31, 2004, comparedto $128,800 for the three months ended March 31, 2003. The Company incurred$1,700,395 in general and administrative expenses for the nine months endedMarch 31, 2004, compared to $340,636 for the nine months ended March 31, 2003.The substantial increases in the three and nine-month periods of 2004 were dueprimarily to expenses incurred to facilitate the growth ofOhana through acquisition, awareness and fundraising efforts, includingconsulting services and professional fees. For the three months ended March 31, 2004, an aggregate of 11,915,500 shares ofcommon stock were issued to consultants in lieu of cash compensation and27,212,000 shares of common stock were issued as compensation for prepaidservices. Employees and consultants receiving stock agreed to receive thesesecurities, in lieu of cash, for payment of services rendered. For the ninemonths ended March 31, 2004, an aggregate of 15,592,538 shares of common stockwere issued for similar non-cash compensation and 33,063,099 shares were issuedfor prepaid services. Management anticipates using common stock in lieu of cashfor compensation until cash generated from operations or other funding isreceived. There can be no assurances that cash or funding will be obtained. Sales and Marketing Expenses. The Company has incurred no sales and marketingexpenses since the date of inception, as it has been a development stagecompany. Management expects to commence sales and marketing efforts as soon as aviable operating business has been acquired. Table of Contents Net Loss. As a result of the foregoing factors, the Company's net lossincreased to $1,191,426 and $1,617,395, respectively, for the three and ninemonths ended March 31, 2004, compared to a net loss of $128,800 and $340,636,respectively, for the three and nine months ended March 31, 2003. The net lossper share was $0.03 and $0.08 for the respective three and nine month periodsended March 31, 2004, and $0.01 and $0.04 for the respective three andnine-month periods ended March 31, 2003. LIQUIDITY AND CAPITAL RESOURCES The Company has not had any revenues to date, and has experienced operatinglosses since inception primarily caused by its continued development costs. Asshown in the accompanying financial statements, the Company incurred a net lossof $1,191,426 and $1,617,395, respectively, for the three and nine-month periodsended March 31, 2004. Those factors create an uncertainty and raise substantialdoubt about the Company's ability to continue as a going concern. Management ofthe Company is actively seeking additional capital; however, there can be noassurance that such financing will be available on terms favorable to theCompany, or at all. The financial statements do not include any adjustments thatmight be necessary if the Company is unable to continue as a going concern.Continuation of the Company as a going concern is dependent on the Companycontinuing to raise capital, developing significant revenues and ultimatelyattaining profitable operations. The Company is currently devoting its efforts to raising capital for operationalneeds as well as for the acquisition of an operating businessentity. Management anticipates that additional capital will be derived frompublic or private placements of equity and debt securities; however, to date theCompany has raised only a minimal amount of cash. During the three months ended March 31, 2004, the Company raised $100,000 inequity financing through the exercise of an option to purchase 10,000,000 sharesof restricted common stock at $.01 per share. The funds were specificallyallocated toward the resolution of the litigation with the Hudson ConsultingGroup. An additional $29,125 was raised through a loan agreement by which theamounts owed will convert, at the Company's option, into Company restrictedcommon stock if the obligation is not paid by June 30, 2004. The Company iscurrently seeking a small bridge loan of $50,000 to fund immediate operationalneeds. The Company has suspended development activities for its VisualInterviews subsidiary and plans to redirect all future funding to Companyoperations with the goal of working toward completion of an acquisition. Other efforts are focused on building the Company's Board of Directors and in anattempt to bring additional experience and industry expertise to the Company. Note the company never makes a penny. This is strictly a chart play. Which does look good. Just watch for the falling knife. Brandon [/QB][/QUOTE]
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