Item 6 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this report. References in this section to "Global Links Corp," the "Company," "we," "us," and "our" refer to Global Links Corp. and our direct subsidiaries on a consolidated basis unless the context indicates otherwise.
This annual report contains forward looking statements relating to our Company's future economic performance, plans and objectives of management for future operations, projections of revenue mix and other financial items that are based on the beliefs of, as well as assumptions made by and information currently known to, our management. The words "expects, intends, believes, anticipates, may, could, should" and similar expressions and variations thereof are intended to identify forward-looking statements. The cautionary statements set forth in this section are intended to emphasize that actual results may differ materially from those contained in any forward looking statement.
EXECUTIVE SUMMARY
"Our vision is to change the global housing market and provide affordable housing through the partnerships of quality home builders. We fulfill this vision by providing free real estate information of property to the general public and by providing innovative and affordable solutions to senior citizens through projects such as "Valle Vista"-a development where all seniors can call home"… the Management.
DEVELOPMENT OF OUR BUSINESS
Global Links Corp. (hereinafter referred to as "Global Links" or the "Company") was formed as a corporation under the laws of the State of Nevada in 1952 under the name "Blue Jacket Mining Company". In December 1994 the Company's shareholders approved a reverse merger with United Casino Corporation, a Nevada Corporation, and the Company's name was changed at that time to United Casino Corporation. In August, 2000, the Company's name was again changed to United Trading.Com, and in December 2001, the shareholders approved a name change to Global Links Corp.
The Company had 2 contracts each outstanding for the licensed use of its casino and sports book software at March 31, 2001. These contracts were cancelled effective June 30, 2001, and replaced by a License Agreement calling for 7 1/2% of the net revenues from the Licensee's use of the Software for its own account or from any sub-license of the software, while the holder of the 7 1/2% net revenues license agreement has reported an increase in receipts from player activity on its Internet site, there have been no net revenues to date. Subject to the 2003 merger, this license agreement no longer exists. In 2002, the Company's management determined that their objective of acquiring an operating business, or merging with an operating business was meeting with no success and therefore decided to pursue the business of marketing electronic transactions by offering a suite of comprehensive electronic products.
Table of Contents Item 6 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
In 2003, the Company transferred all of the assets and liabilities relating to the business of marketing electronic transactions to its wholly owned subsidiary, Global Links Card Services, Inc. ("GLCS"). In December, 2004, the Company sold all of its interests in GLCS to an unrelated corporation. Also in 2003, the Company merged with Capitol Group Holding Corporation and in addition to the marketing of electronic transactions products, the Company entered the business of real estate acquisitions and development, real estate information services and international housing projects.
In 2004, the company completed renovations on its Sunset office building and the premium office space was available for lease.
CRITICAL ACCOUNTING POLICIES
Concentrations
The Company currently has a high concentration of customers in the real estate industry in Southern Nevada. The Company's finished office building is occupied primarily by one tenant. The Company does not believe a loss of its predominant tenant would negatively impact the Company's operations, due to the fact that the building is marketable and would have no issue obtaining another tenant in a short period of time.
Revenue Recognition
Revenue from housing and other real estate sales are recognized when sales are closed and title passes to the buyer. Sales are closed when all of the following conditions are met: a sale is consummated, a significant down payment is received, the earnings process is complete and the collection of any remaining receivables is reasonably assured. Any amounts received from buyers in excess of revenues recognized are classified as other liabilities.
Construction income is recognized when the project is complete and costs are expensed when incurred. Construction costs under costs of good sold for the year ended December 31, 2005 are mainly subcontractor fees on the project. The construction income for the year ended December 31, 2005 was generated by one small project.
Rental income from the professional office building in Southern Nevada is recognized in the month it is earned. Any amounts received from tenants in excess of revenues recognized are classified as other liabilities.
Revenue from the sale of land options are recognized when the agreement is signed by both parties, due to the fact that the earning process is complete once signed. The earnings process is deemed complete because the monies are non-refundable, the Company has the option to repurchase plus interest the option payment, and should the Company not perform the option can be converted at the Company's discretion to common stock (the conversion price is determined upon written request by the Company and each request shall be less than 5% of the outstanding issued common stock of the Company).
Fair Value
The carrying amount of the Company's financial instruments, which include cash, deposits, prepaid expenses, accounts receivable, inventory asset, deposit on land, account payable, property tax payable, accrued interest payable, notes payable and rent deposits approximate their fair values.
NEW ACCOUNTING PRONOUNCEMENTS
In December 2004, the FASB issued SFAS No. 123 (revised 2004), "Share-Based Payment." SFAS No. 123R replaced SFAS No. 123 and superseded Accounting Principles Board Opinion No. 25. SFAS No. 123R will require compensation costs related to share-based payment transactions to be recognized in the financial statements. The effective date of SFAS No. 123R is the first reporting period beginning after December 15, 2005, for small business issues. The Company anticipates adopting SFAS 123R in the first quarter 2006. The adoption of SFAS No. 123 (revised 2004) should have a significant impact on the Company's financial position. The company is currently under going the necessary measurements to implement SFAS no 123r and value stock compensation at the fair market value during the time of grant beginning in the first quarter of 2006.
Table of Contents Item 6 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
RESULTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2005 COMPARED WITH THE YEAR ENDED DECEMBER 31, 2004
Results of operations consist of the following:
December 31, December 31, 2005 2004 Difference Percent Net revenues $ 525,601 $ 113,183 $ 412,418 364 % Cost of goods sold 15,014 125,000 (109,986 ) -88 % Gross profit 510,587 (11,817 ) 522,404 -4421 % Operating expense (*) 1,268,202 3,931,799 (2,663,597 ) -68 % Net Loss (772,090 ) (3,660,576 ) 2,888,486 79 %
*Operating expenses were calculated using "Total Expenses" and "Total Other Income (Expense)" on the Consolidated Statement of Operations.
The 364% increase in net revenues from 2004 to 2005 is attributable to a full year of rental income received in the amount of $148,301 or 28% of total revenue and the amount of land option income received for 2005 was $360,000 or 68% of total revenue compared to $0 in 2004.
The amount of total operating expenses decreased $2,663,597 from 2004 to 2005. The decrease was mainly attributed to the decrease in officer compensation and consulting fees.
The Company received $218,739 from the sale of S-8 registered shares of common stock in 2005 compared to $1,832,325 in 2004.
The Company issued 162,720,000 shares of S-8 common stock in 2005 compared to 224,500,000 shares of common stock in 2004.
The change in position of cash, current liabilities and current receivables consist of the following:
December 31, December 31, 2005 2004 Difference Percent Cash $ 63,159 $ 4,339 $ 58,820 1356 % Current liabilities 4,745,091 4,447,922 297,169 7 % Current receivables 4,938 - 4,938 100 %
Cash increased 1356% due to the land option payments received during December 2005 in the amount of $60,000.
Our total amount of current liabilities has remained relatively constant as we maximize our available cash resources for daily operating expenditures.
Management believes that it is moving toward profitability. We plan to attain profitability and meet cash flow needs going forward as follows:
1. We are seeking additional investors in the Kingman, Arizona "Valle Vista" project through the form of land option payments. (See Note 2 to the financial statements)
2. We are actively seeking financing through additional debt.
3. We are seeking to control overall operating expenses while increasing our gross revenue on our daily operations.
4. In 2006, the Company has a $1,000,000 note receivable from the sale of 100 lots in Kingman, Arizona which should bring over $6,800 a month into operations. (See Note 4 to the financial statements)
Table of Contents Item 6 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
LIQUIDITY AND CAPITAL RESOURCES
As of December 31, 2005, the Company does not have sufficient cash to meet the projected needs for the next twelve months and will therefore needs to raise additional capital. The Company expects to raise such cash needs by additional borrowing, the sale of the Company's common and/or preferred stock, and the sale of selected parcels in its Arizona development project.
The Company expects to spend $18,000 in additional research and development funds on its R-E Info website, with the site fully operational by the end of 2007.
On March 22, 2005 the Company was issued a refund and cancelled plans to acquire the Utah real estate as disclosed in filed Form 8K. This is due to the strain that has been placed on the Company by the naked shorting that occurred in February and March of 2005.
The Company owns 996 residential lots in Arizona, which are planned for development in 2007. The project "Valle Vista" is a master planned community with over 1,600 homes available as affordable senior citizen housing.
The Company has an option to acquire two adjacent lots to its office building in Las Vegas, Nevada. The project: "Global Links Corp Center" anticipates raising the necessary funding through additional borrowing and/or equity financing. Closing on these properties is expected to take place on or before December 31, 2006. As of December 31, 2005 the Company has an investment of $421,249, consisting of $350,000 land option deposit and $71,249 of option payments for the future project.
The Company received a copyright for "The Domain" on April 13, 2005. "The Domain" project is independent of the Kingman, Arizona project. The Company plans to break ground on the first phase of this project in 2006. "The Domain", is a futuristic living environment. "The Domain" is different from most building concepts as it utilizes a rather small footprint to offer a large amount of usable living space. The footprint is approximately 4,000 square feet, which includes a 2-story 2,400 square foot living environment, as well as 1,600 square feet of private patio and yard space. "The Domain" is surrounded by 8 feet concrete walls that provide for privacy and security. The project is planned to be built in an attached townhouse fashion, with 8 units in each cluster of buildings. The Company is currently in the development phase and negotiating on several parcels of real estate throughout the Las Vegas area, which will determine the start date for implementation of this project.
The Company does not have any off-balance sheet arrangement or contractual obligations that are likely to have or are reasonably likely to have a material current or future effect on the Company's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that have not been disclosed in the Company's financial statements.
Forward Looking Statements In connection with, and because it desires to take advantage of, the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Company cautions readers regarding certain forward looking statements in the proceeding discussion and elsewhere in this report and in any other statement made by, or on the behalf of the Company, whether or not in future filings with the Securities and Exchange Commission. Forward looking statements are statements not based on historical information and which relate to future operations, strategies, financial results or other developments. Forward looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control and many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, the Company. The Company disclaims any obligation to update forward looking statements.
-------------------- LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT! Posts: 9276 | From: San Diego CA | Registered: Jul 2006
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GLLK -- Global Links Corp. Com ($0.001)(New) Search for Dun & Bradstreet reports on this company.
Address: 3571 East Sunset Road Las Vegas, NV 89120 USA
Phone: (702) 436-7007
Business Description: Not Available
Primary State of Incorporation: Nevada
Country of Incorporation: USA
Officers: Frank Dobrucki, President/CEO; James Brewer, CFO
Edgar Filing Status: De-Registered
CIK: 0000949728
Outstanding Shares: 288,878 as of 2007-02-23
Estimated Market Cap: 1,011 as of 2007-05-15 (based on Outstanding Shares as of 2007-02-23)
Current Capital Change: shs decreased by 1 for 300 split Ex-Date: Record Date: Pay Date: 2007-02-23
Dividends:
Company Notes: Formerly=Blue Jacket Mining Co. until 1-95 Formerly=United Casino Corp. until 8-00 Formerly=United Trading.Com until 2-03
Class Notes: Capital Change=shs increased by 3 for 1 split. Ex-date=10-10-00. Rec-date=10-6-00. Pay-date=10-10-00. Capital Change=shs decreased by 1 for 40 split. Pay date=4-16-03 Capital Change=shs decreased by 1 for 350 split. Ex-date=10-8-04 Capital Change=shs decreased by 1 for 350 split. Ex-date=2-1-05 Capital Change=shs decreased by 1 for 8 split. Pay date=12/21/2001. Capital Change=shs increased by 3 for 1 split. Ex-date=4-10-06
Transfer Agent: Interstate Transfer Co., Salt Lake City, UT 84121
-------------------- LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT! Posts: 9276 | From: San Diego CA | Registered: Jul 2006
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I have no more to give this loser!!! And not to mention the morons/idiots working at this so called company...
I talked to one of those guys two weeks prior to the last R/S... Talk about an idiot... he was totally without a clue.
IMO... Stay as far away from this as you can...
I think that was like the sixth R/S in as many years.
This is no place to put your hard earned money... I have like 4,900 shares left after the R/S... It's worth $24.00 and IT ONLY COST ME $1,500.00... WHAT A DEAL!!!
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Just another .29 and I will be even after their last R/S... Not to mention the R/S's before that by this scam...
Posts: 598 | Registered: Jan 2004
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Down like 40% today... Okay, IMAK, let's hear about how you thought you got in yesterday but your order didn't take, thus keeping your 10 year streak of never making a bad trade alive... Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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Uh huh... Wasn't there only like 1 or two trades at .015? You must be one lucky sonofab*tch if you got one of those sells.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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Maby hit penny like last time sure hope so. Loaded the boat yesterday and some this morning at three
Posts: 1343 | From: Rome Georgia | Registered: Oct 2004
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GLLK getting bigtime bid support. Never plyed this one before. Just got 100k at the ask
Posts: 310 | From: Idaho | Registered: Jun 2004
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Related Quotes Sym. Price Chg. GLLK Trade News 0.0004 0 Global Links Corp. Announces Positive Gains in Second QuarterFinancials
Sep 11, 2007 09:02:05 (ET)
LAS VEGAS, NV, Sep 11, 2007 (MARKET WIRE via COMTEX) -- Global Links Corp. (PINKSHEETS: GLLK) announced today the filing of the second quarter financials. The financials are available on the company's website www.globallinkscorp.com . For the second quarter, the company has reduced operating expense by 24% and reduced net operating loss by 33%. The company is in the process of formulating a revenue plan to take Global Links Corp. into a high revenue producing company. Additional details will be addressed in a separate announcement within the next 30 days.
About Global Links Corp.
Global Links Corp. is a diversified company, which has operations in Nevada, where it holds a commercial office building, real estate related businesses, and in Arizona where it holds approximately 896 residential lots located in Kingman, Ariz., where it plans to build energy efficient, affordable, senior housing, and is developing affordable housing for the international community. In addition, the company is completing its R-E-Info.net foreclosure information website.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements contained in this document that are not historical fact are forward-looking statements based upon management's current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. The company is not required to update its forward-looking statements.
Contact:
Global Links Corp. Las Vegas Investor Relations Patrick Donahoo 702-855-5890 Email Contact
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Global Links Corp. Approved for New Real Estate Operation
Sep 12, 2007 09:03:20 (ET)
LAS VEGAS, NV, Sep 12, 2007 (MARKET WIRE via COMTEX) -- Global Links Corp. (PINKSHEETS: GLLK) announced today that it has received a license to operate the Real Estate Gallerie, Ltd., a full service real estate division. The offices will be located at the company's headquarters in a 3,000 square foot suite. Ms. Camille Roncek-Dickson will act as the broker of record for the new operation. "Camille Roncek-Dickson has a diversified background in running a real estate business. She brings a strong and professional advantage to the Real Estate Gallerie. We anticipate bringing approximately 60 agents into the initial phase of this operation. This will bring in projected annual base revenue of approximately $360,000.00 together with additional revenue the company will receive from any deals in which the company may participate. While the real estate market is going through a lot of change at the current time, this is definitely the time to bring together a strong group of real estate professionals. When the market begins to stabilize and grow next spring, we will be well poised for some serious growth," stated Frank Dobrucki, CEO of Global Links Corp.
About Global Links Corp.
Global Links Corp. is a diversified company, which has operations in Nevada, where it holds a commercial office building, real estate related businesses, and in Arizona where it holds approximately 896 residential lots located in Kingman, Ariz., where it plans to build energy efficient, affordable, senior housing, and is developing affordable housing for the international community. In addition, the company is completing its R-E-Info.net foreclosure information website.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements contained in this document that are not historical fact are forward-looking statements based upon management's current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. The company is not required to update its forward-looking statements.
Contact:
Global Links Corp. Las Vegas Investor Relations Patrick Donahoo 702-855-5890 Email Contact
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