Can YOU find the revenue??? In our previous post (here) we asked the question… WHERE is the revenue? It seems inconceivable that after spending millions and millions of investor funds… that there was not even $1.00 of revenue generated in fiscal year 2013. But is that accurate ??? Mr. Steven Samblis, CEO of IC Punch Media, Inc reports, and attests to by his signature on the most recent 10-K filing, that there was NO revenue generated in FY 2013. Again we ask… HOW can that be ?
Below is a great post from an investor asking the same thing (click to enlarge). Kudos to this investor for asking THEE most important question about WHERE is the revenue. As we pointed out in our last post, we are not talking profitability here… we’re talking simple revenue… i.e. were any funds paid by clients/customers/affiliates as a result of any of the public company’s activities or investments.
As many know, there are a lot of issues surrounding this company, from the apparent misrepresentations in the SEC filings (details here) to the controversy surrounding the departure of the president… but none are more important to investors than the money ! Many investors could care less if the CEO lies (or even lies to them), as long as he is making them money. BUT… mess with their money, and you will see investors get mean !
Working from the presumption that revenue is being generated (how could it not be)… WHERE is it at ??? For example… it’s been stated many times that the company doesn’t become “profitable” until the 5th airport comes on-line with the Clearvision deal. If that is an accurate statement… then where is the “revenue” from the first 4 ??? In order to become “profitable” you need revenue to overcome expenses… but revenue just doesn’t appear at the break-even point… it accumulates from the beginning. WHERE is the revenue being generated by the first 4 airports ?
All other questions (and there are many) surrounding this company and the business practices of the CEO Mr. Steven Samblis, are trivial when compared to the question of where is the revenue, and is it being diverted to another portion of Mr. Samblis’s business activities that are outside of the public company. Again… Kudos to Mr. Milesblue42 for asking the most important question ! Perhaps a governmental agency, like the SEC or IRS, will soon be asking the same questions as Mr. Milesblue42 is asking. It’s doubtful Mr. Steven Samblis will be able to put them off like he puts off his investors.