Discussion in 'Weekly stock picking challenge' started by Thierry Martin, Sep 2, 2006.
A short position in the lead! Makes sense, in this market.
how come im not on it?? is there a price range the stock has to be in?? i know you changed it but i guess pennys arent any good?
Fascinating, this ICDO. A company that doesn't really do anything. Has no employees, assets,operations or funds, and discontinued relations with itself (I am at a loss as to how this is possible). I'll be interested to see the exchange that brokered this sale of 100 shares today, and between whom. Check this out.
Form 10QSB for INNCARDIO, INC
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This periodic report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, business strategies, operating efficiencies or synergies, competitive positions, growth opportunities for existing products, plans and objectives of management. Statements in this periodic report that are not historical facts are hereby identified as "forward-looking statements."
Inncardio, Inc.(a development stage company), ("the Company") was formed under the laws of the State of Utah on October 5, 1998. Although originally formed to engage in the research, development and manufacture of mining equipment the Company's management anticipates merging with an as yet unidentified on-going business in the future. The Company is authorized to issue up to 50,000,000 shares of common stock with a par value of $0.001 per share.
LIQUIDITY AND CAPITAL RESOURCES
The Company has minimal liquid assets and is currently in the process of looking for business opportunities to merge with or acquire. At minimum, the Company will need to raise additional capital through private funding to meet the financial needs of being a reporting company.
Total accumulated deficit for the period ending June 30, 2006 was ($527,846), as compared to $(2,298,573) at June 30, 2005. The comparatively large difference is due to the comparison figures for June 2005 include the amounts for Inncardio, Inc.; a Delaware corporation which is no longer a subsidiary of the Company. The current liabilities of the Company at June 30, 2006 were $421,325, which primarily consist of notes and accrued interest. The Company's financial position has not changed significantly from prior quarters with liabilities continuing to increase as the Company has no revenue to offset against ongoing expenses. The Company has minimal assets and is currently in the process of looking for business opportunities to merge with or acquire. During the next twelve months, the Company will need to raise additional capital through private funding to meet the financial needs of being a reporting company and to meet the obligations of the current accounts payable.
On June 15, 2006, 1,220,000 shares of common stock that were issued pursuant to a conversion of debt prior to the acquisition have been cancelled and the debt, totaling $296,304, has been reinstated on the books and records of the Company.
RESULTS OF OPERATIONS
For the six months ended June 30, 2006 and 2005, the Company incurred $2,000 and $131,157, respectively, in general and administrative expenses. Interest expenses for the six months ended June 30, 2006 and 2005, were $8,238 and $0, respectively. The increase in interest is due to the debt conversion being reinstated onto the books and records of the Company. The net loss for the six months ended June 30, 2006 and 2005, was $10,233 and $2,298,573, respectively.
The Company has little or no operations and no funds with which to develop operations. The Company is currently in the process of seeking short term capital while it investigates business opportunities to merge with or acquire. The Company currently has no agreement or arrangement of merger or acquisition.
There is NO guarantee that the Company will be successful in developing any business opportunities or acquiring any operational capital. Any investment in the Company would be a highly speculative investment and should only be made by those investors who are capable of bearing the risk of losing the entire value of their investment.
PLAN OF OPERATIONS
Effective June 7, 2006, the Company rescinded the acquisition of Inncardio, Inc., a Delaware corporation, which occurred in February 2005. As a result of the rescission, 13,500,000 shares issued in the acquisition have been cancelled and Inncardio, Inc., a Delaware corporation, is no longer a subsidiary of the Company. Additionally, on June 15, 2006, 1,220,000 shares that were issued pursuant to a conversion of debt prior to the acquisition have been cancelled and the debt, totaling $296,304, has been reinstated on the books and records of the Company.
Due to the Rescission, the Company is no longer pursuing the business operations conducted by Inncardio, Inc., a Delaware Corporation. The Company is currently searching for a new business opportunity to merge with or acquire . There can be no guarantee that the company will be successful in completing any new acquisition or merger.
Additionally, contemporaneously with the rescission, Eric Ray Thatcher, was appointed to the Board of Directors and as President of the Company, and all other officers and directors of the Company have resigned.
The Company will be looking for business opportunities to acquire or merge with. In seeking a business opportunity to merge with or acquire, management is reviewing various business plans. Management has not limited their review of plans or exploration of acquisitions to any particular industry or service sector. There is no guarantee that management will be successful in finding such an opportunity.
Made a mistake -
forgot to enter shogun78 as short - so he actually won
sorry aiki14, you didn't win!
Separate names with a comma.