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Post by ITK on Jun 14, 2013 10:39:10 GMT
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Post by tag on Jun 14, 2013 10:56:18 GMT
Thanks for that link ITK - as funny as the analyst's views were, I am sad that Oxford City FC appears to be just another salvo in the "throw enough feces against the wall and some of it is bound to stick" approach to business that Mr Guerriero follows.
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Post by tag on Jun 14, 2013 11:07:36 GMT
And this from the latest SEC filing for WMX / Oxford City Football Club, Inc
"The Company has plans to raise additional money to fund the operations of the Oxford City Football Club and to provide for working capital. Specifically, the Company hopes to raise a maximum of $10,000,000 in the next twelve months. The Company currently has insufficient cash to operate its business at the current level for the next twelve months and insufficient cash to achieve its business goals. The success of the Company beyond the next 12 months is contingent upon obtaining additional financing. The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital, or other cash requirements. The Company dos not have any formal commitments for the sales of stock at this time. There can be no assurance that such additional financing will be available to the Company on acceptable terms, or at all."
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Post by tag on Jun 14, 2013 11:26:55 GMT
Another nugget from the SEC filing:
April 29, 2013, the Company acquired all of the issued outstanding membership interests of Oxford City Football Club,LLC (“Football Club”). Football Club on March 27, 2013 acquired 49% of the outstanding capital stock of Oxford City Football Club (Trading) Limited which operates the Oxford City Football Club located in the City of Oxford, England. For consideration, the Company transferred 6,250 shares of common stock of WMX Group Holdings, Inc. (WMXG: OTC BB), a Florida corporation. The shares were valued at $35,000 based on the closing price of $5.60 per share.
So no cash appears to have changed hand, just some shares in Mr Guerriero's company. Those shares last closed at $1.99 per share so the holding is now only worth $12,400ish.
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Post by tag on Jun 14, 2013 11:27:43 GMT
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Post by tag on Jun 14, 2013 11:33:43 GMT
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Post by Tommy on Jun 14, 2013 11:37:39 GMT
No this can't happened didn't I read somewhere he is working 24 hours a day on this project ! Or maybe he has more surprises in store ! No he needed a new innertube for his scooter, and had to change a lightbulb give him time :)
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Post by tag on Jun 14, 2013 11:41:51 GMT
One last extract
NOTE 3 – INVESTMENT IN OXFORD CITY FOOTBALL CLUB (TRADING) LIMITED
On March 27, 2013, the Company entered into a Share Exchange Agreement (the “Agreement”) with Oxford City Youth Football Club, Limited (“Youth Football Club”) to acquire 49% of the issued and outstanding share capital of Oxford City Football Club (Trading) Limited. For consideration, the Company transferred 6,250 shares of common stock of WMX Group Holdings, Inc. (WMXG: OTC BB), a Florida corporation. The shares were valued at $35,000 based on the closing price of $5.60 per share on the date of the Agreement. Pursuant to the Agreement, Youth Football Club owns 51% of the Football Club.
The Company accounts for its investment in the Football Club under the equity method of accounting. At April 29, 2013, the Football Club reported current assets of $818,000, non-current assets of $0, current liabilities of $240,000, noncurrent liabilities of $1,115,000 and a net deficit of $537,000. Revenue, gross profit and net loss reported by the Football Club for the period from March 27, 2013 to April 29, 2013 was $53,000, $41,000 and $8,000, respectively.
On March 27, 2013, the difference between the Company’s investment in the Football Club of $35,000 and 49% interest in the Football Club’s net deficit of $259,000 (49% of $529,000) is $294,000. The difference is recognized as an intangible asset comprising trade name and league membership, and is being amortized on a straight-line basis over its estimated life of 12 months. This results an additional amortization expense of $25,000 per month.
During the period from March 27, 2013 to April 29, 2013, the Company recognized losses under the equity method totaling $29,000, representing a $4,000 share of losses of the Football Club (49% of $8,000) and $25,000 of amortization expense, reducing the carrying value of the investment to $6,000.
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Post by ITK on Jun 14, 2013 17:11:32 GMT
After reading through all of that and with info I have put up , beginning to see the bigger picture Did not notice a "get out clause ". Did you tag?
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Post by ITK on Jun 14, 2013 18:06:52 GMT
Or is its ' estimated life of 12 months ' does that mean a review date for the contract/share exchange not sure there.
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Post by tag on Jun 14, 2013 19:38:25 GMT
After reading through all of that and with info I have put up , beginning to see the bigger picture Did not notice a "get out clause ". Did you tag? Not that I could see. If you scroll down to the bottom, there are some unaudited accounts for the actual football club. Reading them, I can see why not too many questions were asked. Curious as to why the debtors and creditors due after one year have increased so much over this season. Worrying!
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Post by jet on Jun 14, 2013 20:25:55 GMT
Any chance of that in layman terms
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Post by ITK on Jun 14, 2013 22:50:06 GMT
Normal service is resumed on .com site , the bill has been paid !
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Post by Tommy on Jun 14, 2013 23:29:13 GMT
But the shirts are no longer framed and are back to £25 $35.....
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Post by hedges on Jun 15, 2013 9:53:43 GMT
Hindsight being a wonderful thing, just wondering what the alternative would have been. Its seems the club have rolled the dice and gone with the Yank, seemingly under pressure to hit the deadline for the regulations on the ground and secure that extra bit of finance to do so.
IF say they hadn't gone with the yank, which we all kind of wish they had not perhaps now. Would the relevant footballing authorities actually have kicked us out of this league?...its not like our ground was a million miles away from the regs anyway. Two extra turnstiles which is the most piss balling thing ive ever heard of (possibly so we can in theory segregate), but still, never gonna get used...EVER!! and the row of seats in a stand ive never actually seen full.
Oviously they will threat it, and of course carry out the threat of kicking teams out who's ground is no where near up to scratch, but thats in extreme cases and our ground is certainly not an extreme case. But should have the club just ignored the clip board wielding bellends in march, got it done when they could and take the Gamble that the authorities would not relegate us this season.
If the authorities chose to make an example and did kick us out, what would peoples reaction have been then?
Selling a nice chunk of the clubs soul to who is on the face of it a conman to meet the regs probably wasn't worth the gamble.
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Post by Deleted on Jun 15, 2013 10:19:39 GMT
The ground criteria ruling means if you don't get up to standard in your first season then you are not eligible for promotion. Brackley were literally passed fit 2 weeks before when in the playoffs, if they had not passed the grading,if they had won Halifax would have been promoted instead. Its the next season you have to get your act together, we are OK now on ground issues. Meanwhile the .com city Facebook page is coming to life availible via the become a fan link at the top of the .com page, we are in Australia at the moment trying to get sponsors, not the team, Just the USA side!
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Post by ITK on Jun 15, 2013 22:57:11 GMT
He managed to get the hang glider over to OZ ? I hope he sends a post card !
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Post by hedges on Jun 16, 2013 10:54:52 GMT
He managed to get the hang glider over to OZ ? I hope he sends a post card ! My god even the forum is like Facebook, it has like buttons......and this comment amused me!
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Post by Steve Bateman on Jun 17, 2013 17:42:32 GMT
This is a shambles, I just hope we don't end up going the same way as Barry & Llanelli did last week!
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Post by ITK on Jun 18, 2013 14:58:35 GMT
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Post by factchecker on Jun 18, 2013 15:16:00 GMT
I love this nugget in the document relating to potential risks to the business:
"Our officers have no experience in managing a public company, which increases the risk that we will be unable to establish and maintain all required disclosure controls and procedures and internal controls over financial reporting and meet the public reporting and the financial requirements for our business."
So, this most respected Wall Street CEO etc etc, and so on and so forth, has NO EXPERIENCE IN MANAGING A PUBLIC COMPANY. And, as a result, he might not be able to meet the requirements for financial reporting and disclosure.
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Post by ITK on Jun 18, 2013 16:02:39 GMT
Just to draw your attention to Information statements [revised pref 14c} page 19 at the bottom of share price first document. Description of background of officers, did not realise his relation father or uncle, Anthony Guerriero was Director of marketing age 60, he has a more checkable background and looks quite sound if the information is accurate.....
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Post by DavidJ on Jun 18, 2013 16:03:57 GMT
I know I should not be surprised any more but the document mentioned by factchecker makes 'interesting' reading (page 10 onwards): www.advfn.com/news_Information-Statements-revised-prer14c_57846188.html Selected extracts: 'The Company plans to raise money to build a new stadium that will bring revenue to the club not only from being a world class venue to watch the Oxford City Football Club but hopefully an attractive option as a home ground to other professional teams and other sports like rugby. Also the Company intends to generate revenue by using its new stadium for concerts and an array of events. ' 'We have incurred cumulative net losses of $4,033,898 since inception to March 31, 2013. We have recurring losses and are dependent upon obtaining financing or generating revenue from operations to continue operations for the next twelve months. As of March 31, 2013, we had cash in the amount of $21,915. Our future is dependent upon our ability to obtain financing or upon future profitable operations. We reserve the right to seek additional funds through private placements of our common stock and/or through debt financing. Our ability to raise additional financing is unknown. We do not have any formal commitments or arrangements for the advancement or loan of funds. For these reasons, our auditors stated in their report that they have substantial doubt we will be able to continue as a going concern. As a result, there is an increased risk that you could lose the entire amount of your investment in our company.' 'There could be an increase in the relative size of wage bills or transfer costs. It is important that the Club is able to employ suitable playing and coaching staff. As a result, the Club is obliged to pay wages in line with the Club’s competitors in the UK. In the event that the Club is competing against the premier teams, and upper division clubs in UK and across Europe, the Club may be required to pay higher player wages in order to secure players, which would reduce profitability.' I realise the last sentence is true, but it is such a remote possibility - City in Europe! A lot of the accountancy stuff goes over my head, but I did notice Mr Guerriero paid himself a very nice salary. Not sure how that is justified from reading the accounts, but I have probably misunderstood them.
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Post by ITK on Jun 18, 2013 16:30:37 GMT
This is the only guy I could find, of that name sorry his age should have read 65. Not sure wether this is the chappy here is the link anyway manhattanmiami.com/about/our-team/If it is he looks good for 65.
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Post by factchecker on Jun 18, 2013 19:56:21 GMT
A lot of the accountancy stuff goes over my head, but I did notice Mr Guerriero paid himself a very nice salary. Not sure how that is justified from reading the accounts, but I have probably misunderstood them. Nope, don't think you've misunderstood them at all. This is a company which has burnt through a huge pile of cash whilst Mr Guerriero takes a huge sum out of the company. What is interesting in the accounts is the list of stock sales. Selling large chunks of stock in an apparently worthless company at wildly different prices in a short space of time (from memory a range of approx $2 to $20 in a matter of days) smacks of a boiler room outfit - especially when the stock price at the same time is listed as being a tiny fraction of a cent. The ongoing silence from the club really is deafening now.
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Post by ITK on Jun 18, 2013 21:43:11 GMT
The trouble is if half of what is being said on here is true, what would you do? And I wonder if his two books tell you to conduct your business this way ? And before anyone asks NO I AM NOT BUYING ONE to find out!
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Post by ELM on Jun 18, 2013 22:38:00 GMT
Has anyone seen this? Do you think this is what he's doing in Oz, drumming up customers for his Sports College? Looks well dodgy. www.oxfordcityfc.com/sports-college/$250 to apply for a place at "Oxford City Sports College", $12,000 tuition, $12,000 housing. It says: "About Our Sports College Oxford City Sports College thrives on providing student-athletes a comprehensive year-round curriculum administered in collaboration with the most well respected and accomplished firms in both footballand academics. Our goal is to provide student-athletes superb education and extraordinary football training. The Oxford City Sports College specializes in developing professional football players by scouting and training high quality football talents from around the world through our global network of affiliates."
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Post by jet on Jun 19, 2013 7:08:45 GMT
First new sponsor announced I see.
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Post by Deleted on Jun 19, 2013 8:53:49 GMT
First new sponsor announced I see. Who was it said "There was no such thing as bad publicity.' See there logo is going on the shirts, not sure whether facilitas are still on board. The more sponsorship the better, we will need it.
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Post by ITK on Jun 19, 2013 9:07:55 GMT
Yes announced today, a huge press release pump ATECO Se. Into Google, he has a good PR engine about ten links came up!
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