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      /  Term Sheet for New Acquisition of Amiga Games Inc.
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PosterThread
number6 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 14-Nov-2014 16:18:58
#241 ]
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Joined: 25-Mar-2005
Posts: 9802
From: In the village

@Darrin

nah. He's prolly a member here now:

http://amigalinux.freeforums.org/

and possibly here:

http://www.amigaforum.de/

#6

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number6 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 17-Nov-2014 14:03:19
#242 ]
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Joined: 25-Mar-2005
Posts: 9802
From: In the village

@thread

Well, the big announcement weekend has come and gone and neither I nor the investor's hub posters can see where anything happened.

So if anyone finds this mysterious web link that was promised, please post it here.

Just to be clear, the event was "championship weekend event Homestead-Miami Speedway"

And the promises were:

(1)an App Store and Steam-like point-of-purchase architecture via www.RetroInfinity.com and www.AmigaGamesInc.com that will help bring their titles directly to consumers.
(2)introduce its new software product, the Retro Infinity Player
(3)a web-link to the project

Source 1

Source 2

#6

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Darrin 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 17-Nov-2014 15:01:47
#243 ]
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Joined: 14-May-2003
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From: Lake Charles, USA

@number6

They were probably smoozing around the racetrack, showing people a link to AMISTORE, claiming it was theirs and asking people to invest in WRIT.

Last edited by Darrin on 17-Nov-2014 at 03:02 PM.

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number6 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 17-Nov-2014 15:07:07
#244 ]
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From: In the village

@Darrin

That suggests facts not in evidence, such as any of them having money for plane tickets from L.A. to Florida.
I can't even substantiate proof of cab fare.

#6

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Darrin 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 17-Nov-2014 16:24:14
#245 ]
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From: Lake Charles, USA

@number6

LOL. They hitch-hiked!

I really hope that NASCAR driver asked for cash and not a cheque or shares.

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CritAnime 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 19-Nov-2014 13:44:28
#246 ]
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Joined: 27-Jun-2011
Posts: 734
From: UK

@Darrin

Well the writ quarterly is out.

http://quicktake.morningstar.com/stocknet/secdocuments.aspx?symbol=writ

Quote:
NOTE 2 – GOING CONCERN

As reflected in the accompanying consolidated financial statements, the Company has an accumulated deficit of $455,281, which includes a loss of $875,304 at September 30, 2014 and a working capital deficiency of $392,508. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The consolidated financial statements have been prepared on a going concern basis and do not include any adjustments that might result from outcome of this uncertainty.

Although management is currently attempting to implement its business plan, and is seeking additional sources of equity or debt financing, there is no assurance these activities will be successful.


So they are really needing that kickstart money lol.

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Darrin 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 19-Nov-2014 14:31:36
#247 ]
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From: Lake Charles, USA

@CritAnime

Thanks for the link. Wow, that is not good. Massive losses and there appears to be a sad attempt to inflate their worth by claiming that their "software assets" have increased in the six figure range!

There's a lot of payments being made in shares rather than cash:

Quote:
During the six months ended September 30, 2014, the Company issued 14,270,803 shares to employees and third party consultants as compensation at their fair value of $546,415.

During the six months ended September 30, 2014, the Company issued 169,460 shares to one employee to settle accrued compensation of $8,473. The fair value of the shares was determined to be $8,473, resulting in no loss on settlement

During October 2014, the Company issued 589,130 common shares for services.

During November 2014, the Company issued 1,080,122 common shares for services.

During October 2014, Magna Group converted debt principal of $6,500 into 784,158 common shares.


I guess that gives some people reason to pump the stock and then try and dump it in small quantities each day. This probably explains the 1c-3c see-saw in stock price we witness.

This is interesting:

Quote:
During the six months ended September 30, 2014, the Company incurred $253,524 in software development costs to upgrade the acquired software.

In addition, the Company paid another $25,275 for intangible assets, the majority of which is for purchase of a software license for $25,000.


A quarter of a million dollars for what? And then a $25,000 license?

and in summary:
Quote:
Revenues. No revenues were recognized for the three months ended September 30, 2014 and 2013.

Wages and benefits. Wages and benefits expenses increased by $63,500 and 1,588% for the three months ended September 30, 2014 as compared to the same period in 2013. The increase is mainly due to an increase in compensation policy.

Audit and accounting. Audit and accounting expenses increased $2,021 and 13% for the three months ended September 30, 2014 as compared to the same period in 2013. The increase in the audit and accounting expense is related to recurring business services.

Other general and administrative expenses. Other general and administrative expenses of $594,266 increased by $464,935 and 359% for the three months ended September 30, 2014 as compared to the same period in 2013. Those expenses consist primarily of company’s business development including a new advertising and promotion program, consulting fees and other expenses incurred in connection with general operations.

Loss from operations. Our loss from operations was $686,717 for the three months ended September 30, 2014 and a loss of 159,144 for the same period in 2013.


I assume the attempt to win over investors at the NASCAR track is in with that $594,266 "general and administrative expenses".

This is very suspicious:
Quote:
Loss from operations. Our loss from operations was $820,147 for the six months ended September 30, 2014 and $249,399 for the same period in 2013. The increase is mainly related to the net effect of an increase in the company’s business development including a new advertising and promotion program and the increase in the compensation policies

Is it just me, or does the wording leave out "software development" or "product development" as a reason for the loss? It appears that the notable causes were "promotions and advertising" (NASCAR?) and "compensation".

It appears that they exist to simply attract investment cash, take out loans and then spend the money. I'm confused on how so many "successful" individuals (looking at their CVs on the WRIT page) can earn a living from this company.

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Boot_WB 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 21-Nov-2014 9:35:35
#248 ]
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Joined: 14-Feb-2006
Posts: 1134
From: Kingston upon Hull, UK

@Darrin

That was pretty much my interpretation also, on all points. I also get the impression that the capital assets/depreciation figures probably just refer to Eric's Macbook.

$25,000 paid out for software licensing? There's a joke in there somewhere.

Interesting to note that, as per the comments, Gregg now appears to be trying to pump the stock of a different company. When even the rats have left, it can't be long before the ship finally sinks.

Last edited by Boot_WB on 21-Nov-2014 at 09:41 AM.

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number6 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 21-Nov-2014 12:53:38
#249 ]
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Joined: 25-Mar-2005
Posts: 9802
From: In the village

@Boot_WB

Referring back to post #157

Is Elysian Labs even promoting this anymore?

Also I note "Amiga Anywhere 2 is the next step in the development of the new Amiga Operating System"

So they can't call it AmigaOS, but they CAN call it the new "Amiga Operating System". Don't you just love semantics?

http://elysianlabs.com/about/

In other news...paid stock hawking trolls (QS) has made their valiant attempt at damage control, carefully avoiding the topic of the failed promises:

outlined here

We're back to using last year's excuse now about the holiday season.
instant replay from last year

And I see they are desperately throwing out the name Microsoft again and more talk about their line of credit again. Blah. Blah. Lame.

#6

Last edited by number6 on 21-Nov-2014 at 01:51 PM.

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pavlor 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 21-Nov-2014 15:29:05
#250 ]
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Joined: 10-Jul-2005
Posts: 8416
From: Unknown

@number6

Quote:
Also I note "Amiga Anywhere 2 is the next step in the development of the new Amiga Operating System"


That sounds like Bill McEwen´s words form 2007.

Quote:
So they can't call it AmigaOS, but they CAN call it the new "Amiga Operating System". Don't you just love semantics?


Not, if they are also bound by September 30 2009 Settlement Agreement. (4. Non-Interference and Non-Compete on p. 6)

I think these are only copy/paste words from older Amiga.Inc page. Don´t search more in it.

Edit: I found it, it was 2008. Still close.

AmigaAnywhere2 announcement

Last edited by pavlor on 21-Nov-2014 at 03:32 PM.

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number6 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 25-Nov-2014 15:29:18
#251 ]
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Joined: 25-Mar-2005
Posts: 9802
From: In the village

@thread

Any stock investors out there?

For 2 days:

http://www.nasdaq.com/symbol/writ
is showing "WRIT: This is an unknown symbol"

I found little helpful info on this on the net beyond it basically not being a good thing.

What usually generates this message for an extended period of time?

#6

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Darrin 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 25-Nov-2014 21:25:56
#252 ]
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Joined: 14-May-2003
Posts: 1930
From: Lake Charles, USA

@number6

It shows up on Fox Business as being traded all week. It even managed one if its famous leaps to 3 cents followed by the usual crash to under 2.

http://quote.foxbusiness.com/symbol/writ#chart

It really does look like abandoned stock.

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number6 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 25-Nov-2014 21:32:36
#253 ]
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Joined: 25-Mar-2005
Posts: 9802
From: In the village

@Darrin

Again, not my field, but here's what I've found.

First it flatlined at about zero. I saw the chart earlier.

Then I got curious about the message I've seen for a while "WRIT: This is an unknown symbol" which seemed to mean no longer a Nasdaq listing.

That took me to this explanation:

http://www.investopedia.com/ask/answers/05/delistingofsharesowned.asp

ok. So if true, then it can move to a less regulated OTC.

That led me here:

http://ih.advfn.com/exchanges/USOTC/WRIT/stock-price

So does this mean they traded on OTC, which would kinda confirm they did not trade on Nasdaq?

#6

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Darrin 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 18-Dec-2014 17:01:38
#254 ]
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Joined: 14-May-2003
Posts: 1930
From: Lake Charles, USA

@number6

Just checked in again.

I did a bit of Googling and I believe you're right in that stocks in that price range don't use the NASDAQ and less regulated (which I'm sure suits them).

It seems to have hit a new low of 1 cent exactly with current bids at half a cent. Are sub-penny stocks allowed to trade for long?

I just had to laugh at QualityStocks' (hell, their name makes me laugh) attempt to mislead readers with another dodgy headline"

"WRIT Subsidiary Sees Growth in Entertainment Content in 3D "

To the casual reader, it might suggest that WRIT has had a sales growth in its 3D Entertainment products. Instead it means that "someone" thinks that the general 3D market might grow. "Someone" is actually "No-one" as it is just the usual QS paid marketing BS.

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number6 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 18-Dec-2014 17:23:50
#255 ]
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Joined: 25-Mar-2005
Posts: 9802
From: In the village

@Darrin

Indeed "00.0100" is a new record low.

Someone else asked your question concerning how low it can go, on investor's hub. I really don't care.

And yes. Quality Stocks had to turn their focus to spamming about their earlier failure to deliver 3d content, since it's the lessor of the two evils given the games side of the "business" has been a biblical level disaster.

#6

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number6 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 19-Dec-2014 15:57:05
#256 ]
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Joined: 25-Mar-2005
Posts: 9802
From: In the village

@Darrin

Quote:
It seems to have hit a new low of 1 cent exactly


Another new record low close yesterday methinks.

Quote:
0.0065


Source

#6

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CritAnime 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 19-Dec-2014 17:52:08
#257 ]
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Joined: 27-Jun-2011
Posts: 734
From: UK

@number6

Amiga curse?

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Darrin 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 19-Dec-2014 19:36:38
#258 ]
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Joined: 14-May-2003
Posts: 1930
From: Lake Charles, USA

@CritAnime

No curse here. It was the whole scheme that was to blame and I think it played out exactly as intended, with the exception that they probably hoped the NASCAR thing would have attracted a couple of investors and strung it out a bit longer.

I wonder just how much was "invested" by people not in the loop.

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number6 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 17-Feb-2015 20:16:38
#259 ]
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Joined: 25-Mar-2005
Posts: 9802
From: In the village

@thread

Not much to report lately. Continued losses, but by now anyone can safely assume that much.

But today, I see what was expected from those still posting...the delay:

Quote:
Notification That Quarterly Report Will Be Submitted Late (nt 10-q)

Date :

02/17/2015 @ 2:27PM


Source

#6

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number6 
Re: Term Sheet for New Acquisition of Amiga Games Inc.
Posted on 19-Feb-2015 17:05:07
#260 ]
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Joined: 25-Mar-2005
Posts: 9802
From: In the village

@thread

THIS

might be pointing at a much deeper issue at Amiga Games Inc. than "simply" requiring Amiga Roms...

#6


Last edited by number6 on 19-Feb-2015 at 05:07 PM.

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