AuctionCities Reports 2005 Revenues of $501 and Expenses of $833,342

[bargainbloodhound]

Yes, you read the subject right.  Revenues of only $501 (all from listing fees) :blinkie: and expenses of $833,342  :blinkie:

AuctionCities full year 2005

Income
3025 · Listing Fees 501.92
Total Income 501.92

Expense
5010 · Advertising 110,818.72
5050 · Auto Expense 6,221.00
5055 · Bank Charges 50.00
5060 · Bonus 1,490.00
5075 · Cleaning Service 1,411.04
5090 · Computer Repairs 643.30
5095 · Consulting 53,000.00
5110 · Contributions 850.00
5115 · Credit Card Expense 68.67
5210 · Dues & Subscriptions 7,296.89
5270 · Gifts 428.85
5300 · Insurance
5301 · Health 4,345.30
Total 5300 · Insurance 4,345.30
5310 · Interest & Finance Charges 114.70
5315 · Internet 452.96
5320 · Marketing 294,231.35
5400 · Office Expense 7,809.91
5490 · Parking 10.00
5500 · Payroll Service 81.11
5505 · Postage & Delivery 13,213.74
5510 · Professional Fees
5512 · Legal 18,264.00
Total 5510 · Professional Fees 18,264.00
5515 · Printing & Reproduction 10,486.26
5520 · Promotion 417.00
5550 · Rent 45,060.68
5600 · Repairs & Maintenance 4,467.80
5650 · Salaries - Office 87,894.07
5680 · System Services 8,975.00
5730 · Taxes Payroll 9,779.75
5750 · Telephone 15,934.83
5790 · Transfer Agent Fees 46,711.00
5795 · Travel & Entertainment
5796 · Meals & Entertainment 330.93
5797 · Travel 1,000.00
Total 5795 · Travel & Entertainment 1,330.93
5800 · Trust Company Fees 81,483.32
Total Expense 833,342.18

Net Income (-832,840.26)

The company also issued a going concern warning:

The Company’s ability to continue as a going concern is contingent upon the successful completion of additional financing arrangements and its ability to achieve and maintain profitable
operations. Management plans to raise equity capital to finance the operating and
capital requirements of the Company. Amounts raised will be used to further develop the
Company’s products, to provide financing for marketing and promotion, to secure
property and additional equipment and for other working capital purposes. While the
Company is expending its best efforts to achieve the above plans, there is no assurance
that any such activity will generate funds that will be available for operations. The
conditions raise substantial doubt about the Company’s ability to continue as a going
concern.

full 2005 earnings release: https://www.otcstockinfo.com/repository/...9_FR28.pdf

[dnc_ont]

LOL where can I get a job with a company that pays out bonuses at a rate of 2x revenue??

[bargainbloodhound]

Bonuses aren't the only thing they pay out.  During the past 2 years they doled out 130 million shares of stock for "consulting fees" and "services provided".

http://community.tuliptools.com/index.ph...375.0.html

[Nat]

5010 · Advertising 110,818.72

5320 · Marketing 294,231.35

All that money spent on advertising and marketing?  But I don't even remember seeing any advertising for that place.  :o

[amy]

[quote author=Nat link=topic=2902.msg10359#msg10359 date=1141547482]

5010 · Advertising 110,818.72

5320 · Marketing 294,231.35

All that money spent on advertising and marketing?  But I don't even remember seeing any advertising for that place.  :o

[/quote]

They did a lot of Google AdWords and last October they ran TV ads on CNN Headline News in LA and NYC, and on the morning show on Channel 5 in LA.

You can watch their TV commercials online here: http://www.auctioncities.com/page/misc/mediacenter

[landofsmiles]

I think it was the cleaning bills that did them in. They should never have hired those naked cleaning ladies. They're much too expensive and they don't clean anything that they have to bend over for. 

[sandiburger]

well they raised better than 15 million - what happened? I don't think naked cleaning ladies cost that much!