iBill/IBDs Financial State and Future
 

A few highlights from their 10QSB

NET LOSS. Net loss increased from $962,483 for the three months ended September 30, 2004 to $1,565,020 for the three months ended September 30, 2005.

NET LOSS. Net loss increased from a loss of $1,866,740 for the nine months ended September 30, 2004 to $2,453,525 for the nine months ended September 30, 2005.

At September 30, 2005 we had cash of $467,180 and a working capital deficit of $21,873,649. We currently believe that operating cash flows from our iBill operation, current cash balances and borrowings will be adequate to meet its operating needs and capital requirements for the remainder of 2005. However, we have past due obligations, including but not limited to client payouts of $18,361,221 less processor reserves of $5,328,550, leaving a net deficit of client payouts of $13,032,671. We require additional financing to satisfy past due obligations.

We have adopted objectives of improving liquidity and sustaining profitability by implementing the following:
Settling remaining outstanding obligations at a discount with payments to be made over time;

...we must obtain additional financing to facilitate our expansion of the iBill operations. In the absence of financing we may be unable to satisfy past due obligations.

Sounds like a company I want to entrust my hard earned dollars with :1orglaugh

Not looking good for them at all.

Does this include gcard?

hm. sounds like a thread for the IBill folks to jump in promising for us to 'trust them' again. Reminds me of someone falling off a tall office building and on the 3rd floor down they are heard saying, "see Im still alive, safe so far"

"Settling remaining outstanding obligations at a discount with payments to be made over time"

What does this mean? 10 cents on the dollar? This is illegal unless they declare bankruptcy, isn't it?

Dead parrot company and was since the day they accquired it and agreed to take on it's debts - which they didn't.

It starts with trust and competency and both were deficient. How can any bank trust a company that is owned/managed/manipluated by a family with fraud and drug manufacting connections and the Mexican "Doc" who still owes taxes in that country?

People that try to buy malls and whatever by dumping several million in cash on the table are not to be trusted. :winkwink:

Only my :2 cents: worth - but there is plenty money floating about - more than iBill's deficit and forecast to be in the region of $300mill but that can't be shown either because it's the proceeds of another Galanis fraud where loads of people were milked out of their homes.

It's only a matter of time before shit comes home to roost.

the whole reason this is happening is becuase the monthly subscription model is not working. Surfers do not want to go for that shit anymore and I think that soon,, this entire way of doing biz will be gone.

"In the absence of financing we may be unable to satisfy past due obligations."

The precursor to a bankruptcy declaration... namely, an insolvent company.

I promise i won't cum in your mouth

Their stock is up 10 per cent today on news that they will not be paying off their outstanding obligations. Maybe this is a good time to buy the stock ? IBDI

Especially when ya know the owners of IBD are the cream of US commerce? :winkwink:

doesnt ibill own part of xvid ? how well is that doing, i heard it was going good.

and of course they aren't paying out the reserve payments and have now decided to deduct a shitload of chargebacks all at once. Seems to me they're scrapping up whatever cash they can to keep afloat.

ibill is shit

Say what you will, the stock is up significantly today (12 per cent). Wall Street likes Ibill's plan to pay pennies on the dollar.

It wouldn't be the first time Ibill is doing something illegal

You are a moron.

Good question. What exactly are all of the other ventures that Ibill has a hand in or owns completely?

Interesting thought:

Ibill.com owes money to every porn pusher in the world. Id be shittin bricks if I was them.

It's a scam simple as that and should be shut down and let a 3rd party give whatever is left as fairly as they can to who is owed.

Les tabarnakes me doient une couple de MILLES STIE !!!!!!!!!

Online since 96 here
Fuck hem, like REALLY FUUCCCCCCKKKKKKKKK YOU Ibill


oH YEAH, don't try to translate the sentence in Quebecois

Its obvious even to a blind person that Iball's is going down. I still have not seen a post for any program saying they have been paid in full.

For anyone who isn't aware of Iball's and the shit they have been up to over past years i have this piece of advice. Get out now! don't sign up with them don't send them joins and don't don't don't sign up with any program that use them as a billing solution. Your money is as good as lost don't throw any more down the shitter......

"On March 31, 2005, we acquired a minority equity interest in Interactive Television Networks, Inc., formerly XTV, Inc.,...

We acquired 6,250 shares of XTV, Inc., currently known as Interactive Television Networks Inc., common stock from XTV Investments, LLC. Our investment represents a 25% equity ownership of ITVN, in exchange for 4,000 shares of Convertible Preferred Stock Series H, which will convert into 40,000,000 shares of IBD common stock, and $1,700,000 in cash. Forty million stock purchase warrants were also issued to certain parties affiliated with this transaction with an exercise price of $.50 per share."

I think that says it all.