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IGAI 10QSB up 600% net income for 3 month period compared to same period in 2005 ! -------------------------------------------------- We have been waiting for the 10QSB. This Stock rose 1000% 3 months ago after the previous 10QSB showed similiar income for a 3 month period.
Our net income for the three months ended August 31, 2006 was $6,600,098 in contrast to net income of $1,080,538 for the three months ended August 31, 2005. Our net income for the six months ended August 31, 2006 was $9,777,076 in contrast to a net loss of $1,799,347 for the six months ended August 31, 2005. Our net income for the six months ended August 31, 2006 resulted primarily from the $1,538,650 unrealized gain on adjustment of derivative and warrant liability to the fair value of the IGIA securities underlying the Callable Secured Convertible Notes discussed above and $14,008,772 in income from extinquishment of pre-petition liabilities in connection with Tactica's business restructuring and reorganization under chapter 11. The net loss for the six-month period ended August 31, 2005 includes $1,185,404 unrealized gain on adjustment of derivative and warrant liability to the fair value of the IGIA securities underlying the Callable Secured Convertible Notes discussed above and $1,008,134 of net expenses incurred in connection with Tactica's business restructuring and reorganization under chapter 11.
-------------------------------------------------- This stock could run to $.05 in the next 1-2 days IMHO. Check out last run up in July 2006. http://stockcharts.com/gallery/gv?igai GLTA
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Here is the report I got ... Different from yours? May b confusion between IGAI and IGIA I Don't get oit?
We sell a variety of consumer products and home care products directly to individual customers and to retailers. We use direct response television advertising extensively to promote sales. Our net sales for the three months ended August 31, 2006 were $2,261,081 compared to net sales of $10,911,827 for the three months ended August 31, 2005, a decrease of $8,650,746, or 79.3%. Our net sales for the six months ended August 31, 2006 were $5,719,966, a decrease of $7,017,069, or 55.1%, compared to net sales of $12,737,035 for the six months ended August 31, 2005.
We are currently focusing on generating revenue by selling our products directly to consumers through their responses to our television and Internet advertising. We are advertising our products that have indicated encouraging levels of consumer acceptance. Our direct response sales operation requires that we use cash to purchase, up to two weeks in advance, television advertising time to run our infomercials and to purchase, up to eight weeks in advance, products that we sell. We used cash realized from sales of our Callable Secured Convertible Notes and credit made available to us by a media placement agent to, among other things, significantly increase our purchases of television advertising time and product needed to fulfill customer orders.
The decrease in net sales for the three and six month periods ended August 31, 2006 as compared to August 31, 2005 reflects the significant decreases in our direct response television advertising as a result of constraints from a lack of cash needed to purchase and ship product to customers in a timely and consistent manner and by disruptions to operations caused by changes in providers of services for customer order fulfillment and credit card processing. We began the six-month period ended August 31, 2006 with negative working capital of $21.9 million and $7,877 in cash. We engaged Parcel Corporation of America ("PCA") for customer order fulfillment and a media placement agent in connection with a houseware products sales campaign we initiated. Shortly after integrating our operating activities with PCA and launching the campaign, PCA advised us that the logistics company they used to ship our products went bankrupt and that PCA also was ceasing operations within two weeks. While getting established with a new service provider, we noted an unusually high level number of calls from customers concerned about their order status and PCA's inability to effectively handle matters. In addition, our credit card merchant banks also noted an elevated level customer inquires and chargeback requests. As a result, the credit card merchant banks increased the amount of cash they withheld from customer orders and placed in rolling reserves and they delayed releases of funds to us. As a result, we did not have sufficient cash to obtain all of the product needed to fulfill customer orders on hand which led to order cancellations.
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IGIA is a company acquired by IGAI .................Damn guys ,, ,thats the company thats causing them the deficiet uif you rEAD..THIS IS GOING TO RUN HUGE
Our net income for the three months ended August 31, 2006 was $6,600,098 in contrast to net income of $1,080,538 for the three months ended August 31, 2005. Our net income for the six months ended August 31, 2006 was $9,777,076 in contrast to a net loss of $1,799,347 for the six months ended August 31, 2005.
Our net income per common share was $0.14 (basic and diluted) for the six months ended August 31, 2006 as compared to our ($0.10) net loss per common share (basic and diluted) for the six months ended August 31, 2005
The Acquisition of Tactica has caused them deficiet.
We sell a variety of consumer products and home care products directly to individual customers and to retailers. We use direct response television advertising extensively to promote sales. Our net sales for the three months ended August 31, 2006 were $2,261,081 compared to net sales of $10,911,827 for the three months ended August 31, 2005, a decrease of $8,650,746, or 79.3%. Our net sales for the six months ended August 31, 2006 were $5,719,966, a decrease of $7,017,069, or 55.1%, compared to net sales of $12,737,035 for the six months ended August 31, 2005
Our gross profit percentage for quarter ended August 31, 2006 was 67.8%, as compared to 72.3% for the quarter ended August 31, 2005. Our gross profit percentage for six months ended August 31, 2006 was 73.8%, as compared to 70.8% for the six months ended August 31, 2005. Gross profit percentages for the three and six month periods ended August 31, 2006 were relatively consistent with gross profit percentages realized in the comparable periods in the preceding year. Revenues and gross profits for the three and six month periods ended August 31, 2006 and 2005 were derived from our direct response sales operation
Operating expenses for the three months ended August 31, 2006 were $3,005,456, a decrease of $4,527,746 from $7,533,202, or 60.1% as compared to the three months ended August 31, 2005. Operating expenses for the six months ended August 31, 2006 were $9,005,648, a decrease of $1,581,541 from $10,587,189, or 14.9% as compared to the six months ended August 31, 2005. For the three months ended August 31, 2006, operating expense was 132.9% of net sales as compared to 69.0% for the comparable period in 2005. For the six months ended August 31, 2006, operating expense was 157.4% of net sales as compared to 83.1% for the comparable period in 2005. The decrease in the dollar amounts of operating expenses for the three and six month periods ended August 31, 2006 is primarily the result of decreased media advertising and decreased customer order fulfillment services as a result of lower sales volume. In addition, as a result of lower revenues for the three and six month periods ended August 31, 2006, our fixed operating and overhead expenses were a relatively greater percentage of revenue
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From your link.... A Loss not a gain from last year
profit was $1,533,372 for the three months ended August 31, 2006 versus our gross profit of $7,887,967 for the three months ended August 31, 2005, a decrease of $6,354,595. Our gross profit was $4,222,749 for the six months ended August 31, 2006 versus our gross profit of $9,016,678 for the six months ended August 31, 2005, a decrease of $4,793,929. The decrease in gross profit for the three and six-month periods ended August 31, 2006 are primarily the result of decreased revenue and gross profit margins of products sold.
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On July 7, 2006, IGIA was served with a Summons and Complaint filed in Los Angeles County Superior Court, Los Angeles, California by a major carrier. The Complaint seeks payment by IGIA of $783,344.86 plus $195,836.22 of collection costs and an unspecified amount of interest thereon as compensation for the breach of a contract between the major carrier and Brass Logistics, LLP. The Complaint alleges that Brass Logistics, LLP shipped packages using the services of the major carrier and failed to pay for the services. The Complaint further alleges that shipments contained products sold by IGIA and therefore benefited IGIA. IGIA believes that it has adequately reflected in its consolidated financial statements as of August 31, 2006, the liability for fulfillment services rendered by Brass Logistics, LLP that are the subject of the Complaint. IGIA has retained counsel in California and has filed an answer. Discovery is ongoing and IGIA intends to vigorously defend this action.
The Company is subject to other legal proceedings and claims, which arise in the ordinary course of its business. Although occasional adverse decisions or settlements may occur, the Company believes that the final disposition of such matters should not have a material adverse effect on its financial position, results of operations or liquidity.
The Company is non-compliant with respect to payment of employee and employer payroll-related taxes. As of August 31, 2006, the estimated liability, which includes penalties and interest, is $86,904 and is included in accrued expenses.
The Company is in default of interest payment obligations on the $760,000 Callable Secured Convertible Notes issued on June 7, 2006. Interest accrues at 6% per annum and is payable quarterly. Principal and interest obligations under the Callable Secured Convertible Notes are convertible into the Company's common stock, at the investors' option. To date, the investors have not opted to convert any principal or interest and the Company has not made the first quarterly interest payment that was due on September 7, 2006. Interest on the $760,000 Callable Secured Convertible Notes accrues at a default rate of 15% per annum.
The Company expects to be in default of interest payment obligations on the $500,000 Callable Secured Convertible Notes issued on July 27, 2006. Interest accrues at 6% per annum and is payable quarterly. Principal and interest obligations under the Callable Secured Convertible Notes are convertible into the Company's common stock, at the investors' option. To date, the investors have not opted to convert any principal or interest and the Company does not expect to pay the first quarterly interest payment that is due October 27, 2006. Interest on the $500,000 Callable Secured Convertible Notes accrues at a default rate of 15% per annum.
The investors have the right under the Callable Secured Convertible Notes to deliver to the Company a written notice of default. In the event that a default is not cured within ten days of notice, the Callable Secured Convertible Notes shall become immediately due and payable at an amount equal to 130% of outstanding principal plus amounts due for accrued interest and penalty provisions. The Company has not received a written notice of default.
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IGIA have acquired tactica which has caused them the deficiet and they are fighting it and getting out of it and being independant. Read the 10Q !!!!!!
Acquisition of Tactica
The June 11, 2004 reverse merger between us and Tactica gave us access to public markets for financing and enabled Tactica to convert approximately $3.6 million of accounts payable into Series E Convertible Preferred Stock. Despite the transaction with Helen of Troy Limited that eliminated approximately $17 million in secured debt owed by Tactica and our reverse merger, we were not able to raise sufficient additional working capital. As a result of the foregoing factors, Tactica did not have an available source of working capital to satisfy a demand by Innotrac Corporation (“Innotrac”), Tactica’s provider of inventory warehousing and customer order fulfillment services, that Tactica immediately pay all amounts allegedly due to Innotrac and continue its normal operation of business.
Tactica’s Chapter 11 Reorganization
On January 13, 2006, the Bankruptcy Court issued a confirmation order approving the Revised First Amended Plan of Reorganization Proposed by Tactica and IGIA (the “Plan”) that provides for Tactica’s exit from bankruptcy. On March 28, 2006, a Notice of Effective Date of the Plan was filed with the Bankruptcy Court. Upon being declared effective, the Plan eliminated $14,873,169 of Tactica’s pre-petition liabilities. The plan calls for Tactica's pre-petition creditors to receive distributions of the following assets: (i) $2,175,000 cash paid by Tactica’s former shareholders; (ii) $700,000 cash paid by Tactica; (iii) $75,000 cash paid by IGIA, Tactica, and the Board Members; (iv) up to $275,000 cash paid by Innotrac; (v) the rights and proceeds in connection with avoidance and other actions including uncollected pre-petition invoices payable by a Tactica customer; and (vi) 5,555,033 newly issued shares of IGIA common stock that was in number equal to 10% of the outstanding shares of common stock as of the Plan’s effective date and is exempted from the registration requirements of Section 5 of the Securities Act of 1933, as amended and State registration requirements by virtue of Section 1145 of the Bankruptcy Code and applicable non-bankruptcy law. Certain Tactica post-petition creditors have submitted claims to the Bankruptcy Court for post-petition administrative expenses. Tactica is reviewing the administrative expense claims to determine whether to seek possible settlements and payment schedules or a resolution by the Bankruptcy Court.
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