The long awaited (and long overdue) IC Places, Inc. SEC 10-Q filing has finally been filed. Mr. Steven Samblis, CEO of IC Places, Inc and ImaginationTV certainly must be proud!
WOW… a quick read of the most recent quarterly filing, seen here, is quite a scary read. These are just a few of the many items that appeared to jump off the page as you read through the document.
First up… Revenue and Operating Loss. As you can see by the graphic below (click to enlarge), this is yet another filing (in a long line) that reports NO revenue… not even $1.00. And… it also reports… drum-roll please… a 10-million dollar operating LOSS ! WOW… sure makes an investor want to run right out and throw some hard-earned money at this company ! One has to ask themselves… what kind of talent does it take to work for 2-years and make no money, and, run up a 10-Million dollar operating loss ???
Next up… $14,250 wasted on a “late filing” fee due to the late filing of the report. Must be nice to have that kind of money to throw down the toilet because you were too busy doing something else to get the report in on time. Oh wait… it’s not your money… it’s INVESTOR money !
Next up… and you’re going to love this… the Flagship effort of the company of late, namely the ImaginationTV endeavor, was GIVEN to IC Places, Inc for “no consideration“. As stated in the document, the assets were “given” to the company “given the nominal value of these assets“. Weren’t investors told that the ImaginationTV effort was going to lead this company back on the road to profitability? Seems like investors were sold a bill of goods that was, now admittedly, worthless.
Next up… debt, debt, and more debt ! The company issued so much convertible debt, that if/when sold into the market, would exceed the authorized share count (which investors thought was way too high anyway), by a little over 40-Billion shares. Yes folks… that a “B” for BILLION ! Wait, what… 40-BILLION over? How do you miss a hard stop by 10-fold ??? Truly amazing. It takes a special kind of CEO to accomplish a feat like that ! Way to go Mr. Steven Samblis !
As Meadow2009 points out in his post below… that would make the company have a market cap of over 52-Million dollars. WOW… 52-million for a company who’s primary focus of late is admittedly worth “nominal value“. Seems like a slight disconnect there, wouldn’t you agree?
So folks, there you have it. Read the report yourself and you will be amazed how any investor could, even in their wildest dreams, consider this company a viable investment. In fact Mr. Samblis admits in the document that the issues raised in the report “raise substantial doubt about the Company’s ability to continue as a going concern.”. These are just heartwarming and reassuring words, coming from the CEO himself, that would make an investor run right out and plunk down some hard earned cash for a few shares of the company stock. Oh wait… a few shares would only cost you about a penny at the current PPS.