posted on May 15, 2001 06:22:30 PM new
Whow, spent another million over the last two-3 months, from their initial filing. ROFLMAO
Really like to know whose pockets are getting lined here. LOLROFLMAO
And from their new SB-2/A filing:
BECAUSE MR. XXXXXX WILL OWN 52.7% OF OUR OUTSTANDING CAPITAL STOCK FOLLOWING THE OFFERING, FUTURE CORPORATE DECISIONS WILL BE CONTROLLED BY HIM AND PURCHASERS MUST RELY ON HIS DECISIONS
IF INVESTORS IN OUR PREVIOUS PRIVATE OFFERING BECOME DISSATISFIED WITH THEIR INVESTMENT, WE MAY BECOME SUBJECT TO SECURITIES LITIGATION THAT WOULD RESULT IN A HARMFUL DIVERSION OF OUR BUSINESS RESOURCES
In 2000, BidBay.com conducted a private offering through which it raised approximately $4,500,000.
*Looked these over, several times, very different numbers suddenly, another million, just appeared, yeah right.*
CURRENT ASSETS:
Cash $ 60,247
Employee receivables 7,245
Promotional inventory 47,545
Related-party receivable 167,352
Other current assets 2,075
------------
Total Current Assets 284,464
PROPERTY AND EQUIPMENT, net 201,611
*****INTANGIBLE ASSETS:
Registered user names, 4,968,068***********
------------
Total Assets: $ 5,454,143
Next;
(1) Each of these persons is an officer and/or director of BidBay.com. (usual suspects)
(2) Mr. xxxxxxx holds a 60% interest in xxxxxx xxxxxxx and Affiliates, Inc. which owns a 59% interest in BidBay.com. This figure does not include that indirect ownership interest.
And:
Directors are elected by the shareholders annually. (out voted every year too)
xxxxxx xxxxxxx, EA, is a former IRS Agent who specializes in taxation and related financial matters. He graduated with honors from Regis University in Denver, Colorado, and owned and operated several diverse businesses before joining the Internal Revenue Service. From 1995 to the present, Mr. xxxxxxx has been the president of xxxxxxx xxxxxxxxx & Affiliates Inc., a tax consulting and preparation firm. In January, 2000, he also became the chief executive officer and a director of BidBay.com, positions which he continues to hold. Mr. xxxxxx has lectured extensively at the college level on career planning in the areas of taxation and financial issues, and how they impact individuals, partnerships, and corporations. He has been honored by the IRS with certificates of merit for his work with the elderly and indigent, and for his work with the victims of the Los Angeles riots.
crychek ============ The End,
all Biddybay members and shareholders, are expendable, you will be assimulated, or drink the Koolaide now..............
[ edited by crychek on May 15, 2001 06:30 PM ]
[ edited by crychek on May 15, 2001 06:37 PM ]
[ edited by crychek on May 15, 2001 06:39 PM ]
posted on May 15, 2001 06:24:40 PM new
Double edited post, just like being their.
crychek ============ The End
[ edited by crychek on May 15, 2001 06:32 PM ]
posted on May 15, 2001 08:15:32 PM new
No wonder they don't want to delete our personal information!!! They are all about numbers to make it look like hey actually have members..
>^,,^^,,^<
MEOW pft pft
posted on May 16, 2001 05:05:17 AM new
They don't have 5 million members because they forgot to delete me. That would make it one less, right?
This was my favorite part of the whole thing:
FUTURE CORPORATE DECISIONS WILL BE CONTROLLED BY HIM AND PURCHASERS MUST RELY ON HIS DECISIONS
So there will be no board of directors to make decisions? No need for a CEO then, right? Wonder if they have to bow down or salute when they go to work?
Why did BidBay feel it necessary to accurately disclose the number of auction listings to the Securities and Exchange Commission, while at the same time continuing the fuzzy math with number of auction items at its auction site?
MARKET
The concept of the online auction has been in existence on the world-wide-web for sometime. The members of the organization have decided to take that concept and enhance it using their combined expertise to create an auction service that is unique, reasonable in price, service oriented and facilitates the creation of a true auction community. In order to achieve their objectives, they continuously conduct market research. In addition to analyzing the competition, they review input received from their members. Email is often sent to members to survey their satisfaction with the company's services and soliciting feedback on improvements and services they would like to see offered by BidBay.com. In "chat", members have the opportunity to communicate with other members for feedback on auction techniques or suggestions. In addition, the company makes available to members at no extra charge, a useful book which was authored by the CEO and describes ways in which members might benefit from conducting auction sales.
To establish a successful online auction community requires millions of dollars in advertising, and highly experienced software engineering and web design talent. BidBay.com has made an investment to enter this marketplace and is confident of its ability and drive to compete with companies such as eBay.com, Yahoo ! and Amazon.com. BidBay.com hopes to become a household name in this industry. The Company has focused its attention in three key areas: Sellers, Buyers and Advertisers. The Sellers include transactions involving consumer to consumer, business to consumer as well as business to business, also known as "B2B". The Company has conducted extensive research along the lines of these three key areas and understands the industry practices. Although the Company takes pride in the gathering of new members by word of mouth, it continues to direct its energy and efforts in bringing in new members on a continuous basis. This is accomplished by advertisement in various media such as television, radio, newspaper and other print; banners or tiles in other popular websites, which contain links to BidBay.com; and purchasing space in other websites to promote the opportunity for visitors to register as members of BidBay.com. Furthermore, the Company believes it will attract advertisement revenue from other websites. As such organizations become more aware of the traffic entering our site, they may be willing to contract with our Company for the placement of their banners or tiles on our website pages.
DESCRIPTION OF PROPERTY
We incurred leasehold improvements of $26,543 in 2000. We have no other real property interests. The Company is renting its headquarters on a month to month basis from George Tannous & Affiliates Inc., a corporation whose majority shareholder is George Tannous, a director and the chief executive officer of BidBay.com. The space is adequate at the present time for housing the operations of BidBay.com. However, if the operations of BidBay.com increase at the rate projected by management, it will become necessary to relocate or find additional office space. Management does not believe that it will be difficult to obtain additional office space suitable to the needs of BidBay.com. Rent paid on the present space is $2,200 per month. The offices are located at 7209 Foothill Blvd., Tujunga, CA 91042.
OUR FAILURE TO MANAGE GROWTH
COULD HARM US
We currently are experiencing
a period of expansion in our
business, and we anticipate
that further expansion will be
required to address potential
growth in our customer base
and number of listings, and
our expansion into new
geographic areas, types of
goods and alternative methods
of sale. This expansion has
placed, and we expect it will
continue to place, a
significant strain on our
management, operational and
financial resources. The areas
that are put under strain by
our growth include the
following:
- The Website. We must
constantly add new
hardware, update software
and add new engineering
personnel to accommodate
the increased use of our
website and the new
products and features we
are regularly introducing.
If we are unable to
increase the capacity of
our systems at least as
fast as the growth in
demand for this capacity,
our website may become
unstable and may cease to
operate for periods of
time. We may experience
periodic unscheduled
downtime. Unscheduled
downtime would harm our
business and also could
anger users of our website
and reduce use.
- Customer Support. We must
expand our customer
support operations to
accommodate the increased
number of users and
transactions on our
website. If we are unable
to hire and successfully
train sufficient employees
or contractors in this
area, users of our website
may have negative
experiences, and current
and future use of our
website could suffer.
My goodness, yeah right, no blame for the PTB, somebodies scared, the spell checking lawyer speak Is really good
posted on May 16, 2001 04:17:34 PM new
Litigation - The Company has been named as a co-defendant in a lawsuit
involving a former employee of the Company. The President, other
business entities of the President and the Company have been named in
the suit. The Company has filed suit against the same former employee
alleging that the former employee gained illegal access to certain of
the Company's proprietary intellectual information for the purpose of
doing harm to the Company and to steal customers from the Company.
The Company is in negotiations with the former employee and is hopeful
that a settlement can be reached. [See Note 16].
Litigation - During April 2001, the Company has negotiated a settlement
with a former employee regarding litigation against and by the Company.
Although the agreement is not yet signed, the Company expects the
settlement to include the Company paying $30,000 and issuing 100,000
shares of common stock valued at $500,000 or $5.00 per share to the
former employee. The Company also expects to receive the rights to two
websites currently operated by the former employee. The Company has
recorded a contingent liability in the amount of $530,000.
posted on May 16, 2001 04:59:26 PM new
"Email is often sent to members to survey their satisfaction with the company's services and soliciting feedback on improvements and services they would like to see offered by BidBay.com."
Really? Anyone get an email survey? Oh darn, that's right, we're not in the clique!
"To establish a successful online auction community requires millions of dollars in advertising, and highly experienced software engineering and web design talent.."
Doesn't take much talent to hop on over to AW and take the templates, does it? Or how about buying the site that's already predesigned.
"In addition, the company makes available to members at no extra charge, a useful book
which was authored by the CEO and describes ways in which members might benefit from conducting auction sales."
This is very cute. The CEO mentioned in the above quote has never even run any auctions on ebay. His "me" page contained nothing but advertising for BidBay (which btw was closed down by ebay) and he had many two feedbacks for buying. This is experience? This can write a book on conducting auction sales? Hope he had a proofreader, cause the spelling must have been something else to read.
