Happy Valentine's Day TAG!
Feb 16, 2014 14:22:23 GMT
Post by factchecker on Feb 16, 2014 14:22:23 GMT
Well, along with the standard delivery of Valentine's cards, 14th Feb also saw the release of the latest accounts for Oxford City Football Club Inc., covering the three months to 31st December 2013.
The highlights are:
Sales:$142,749
Pre-tax loss in the 3 months of $1,146,969
Officer compensation paid: $741,000
Cumulative deficit: $7,054,344
So, Mr Guerriero pays himself five times as much as the company brings in. Nice work if you can get it!
The most worrying statements for OCFC fans come under the revenue sections. For example:
"Our sales revenue increased by $92,799 and $197,055 for the three months and six months ended December 31, 2013, respectively, as compared with the three months and six months ended December 31, 2012. The increase in revenue is primarily due to the acquisition of Oxford City Football Club, Inc. on July 1, 2013. From our operations of the Oxford City Football Club we earn revenues from gate receipts, concessions, advertising, sponsorship and grants."
This is a clear statement that OCFC Inc is actually taking money out of the football club. How many fans are aware of this? Has this question been asked of the City hierarchy? How much actual financial investment has been made in the football club by TAG? How much sponsorship etc has actually been brought to the club as a result of his involvement? And how much money has been taken out of the club by him?
As an aside, I don't understand the "acquisition" of OCFC Inc - this entity came into being by a name change from WMX Group, not from an "acquisition".
The accounts also contain this nugget:
"Cash from Financing Activities
We generated $923,700 in cash from the issuance of common stock during the six months ended December 31, 2013.
As of December 31, 2013, we have insufficient cash to operate our business at the current level for the next twelve months and insufficient cash to achieve our business goals. The success of our business plan beyond the next 12 months is contingent upon us obtaining additional financing. We intend to fund operations through debt and/or equity financing arrangements, which may be insufficient to fund our capital expenditures, working capital, or other cash requirements. We do not have any formal commitments or arrangements for the sales of stock or the advancement or loan of funds at this time. There can be no assurance that such additional financing will be available to us on acceptable terms, or at all"
So, they have managed to raise nearly $1m dollars in selling this junk stock to gullible individuals. A pat on the back to the lads and lasses in the boiler room!
Then we have the usual "Going Concern" warning:
"The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. We have incurred losses since inception and have a cumulative retained deficit of $7,054,344 as of December 31, 2013. We require capital for our contemplated operational and marketing activities. Our ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of our contemplated plan of operations, and our transition, ultimately, to the attainment of profitable operations are necessary for us to continue operations. The ability to successfully resolve these factors raise substantial doubt about our ability to continue as a going concern. Our financial statements do not include any adjustments that may result from the outcome of these aforementioned uncertainties.
In order to mitigate the risk related with this uncertainty, we plan to issue additional shares of common stock for cash and services during the next 12 months."
Again, TAG's master plan to finance the company is to sell more shares. But, of course, it's not a boiler room scam at all.....
The highlights are:
Sales:$142,749
Pre-tax loss in the 3 months of $1,146,969
Officer compensation paid: $741,000
Cumulative deficit: $7,054,344
So, Mr Guerriero pays himself five times as much as the company brings in. Nice work if you can get it!
The most worrying statements for OCFC fans come under the revenue sections. For example:
"Our sales revenue increased by $92,799 and $197,055 for the three months and six months ended December 31, 2013, respectively, as compared with the three months and six months ended December 31, 2012. The increase in revenue is primarily due to the acquisition of Oxford City Football Club, Inc. on July 1, 2013. From our operations of the Oxford City Football Club we earn revenues from gate receipts, concessions, advertising, sponsorship and grants."
This is a clear statement that OCFC Inc is actually taking money out of the football club. How many fans are aware of this? Has this question been asked of the City hierarchy? How much actual financial investment has been made in the football club by TAG? How much sponsorship etc has actually been brought to the club as a result of his involvement? And how much money has been taken out of the club by him?
As an aside, I don't understand the "acquisition" of OCFC Inc - this entity came into being by a name change from WMX Group, not from an "acquisition".
The accounts also contain this nugget:
"Cash from Financing Activities
We generated $923,700 in cash from the issuance of common stock during the six months ended December 31, 2013.
As of December 31, 2013, we have insufficient cash to operate our business at the current level for the next twelve months and insufficient cash to achieve our business goals. The success of our business plan beyond the next 12 months is contingent upon us obtaining additional financing. We intend to fund operations through debt and/or equity financing arrangements, which may be insufficient to fund our capital expenditures, working capital, or other cash requirements. We do not have any formal commitments or arrangements for the sales of stock or the advancement or loan of funds at this time. There can be no assurance that such additional financing will be available to us on acceptable terms, or at all"
So, they have managed to raise nearly $1m dollars in selling this junk stock to gullible individuals. A pat on the back to the lads and lasses in the boiler room!
Then we have the usual "Going Concern" warning:
"The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. We have incurred losses since inception and have a cumulative retained deficit of $7,054,344 as of December 31, 2013. We require capital for our contemplated operational and marketing activities. Our ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of our contemplated plan of operations, and our transition, ultimately, to the attainment of profitable operations are necessary for us to continue operations. The ability to successfully resolve these factors raise substantial doubt about our ability to continue as a going concern. Our financial statements do not include any adjustments that may result from the outcome of these aforementioned uncertainties.
In order to mitigate the risk related with this uncertainty, we plan to issue additional shares of common stock for cash and services during the next 12 months."
Again, TAG's master plan to finance the company is to sell more shares. But, of course, it's not a boiler room scam at all.....