Re: Oxford Cty
Posted: Tue Aug 11, 2015 1:48 pm
And more good news ... http://www.hertsad.co.uk/sport/st-alban ... _1_4188261
Every time I read this, I just marvel at the matter of fact nature of these accounts and comments.ty cobb wrote:Going Concern
At March 31, 2015, we had deficit accumulated of $17,468,089 and as noted throughout this report and our financial statements and notes thereto, our independent auditors have expressed their substantial doubt as to our ability to continue as a going concern as of June 30, 2014. We anticipate incurring significant losses in the future. We do not have an established source of revenue sufficient to cover our operating costs. Our ability to continue as a going concern is dependent upon our ability to successfully compete, operate profitably and/or raise additional capital through other means. If we are unable to reverse our losses, we will have to discontinue operations.
The financial statements included in this quarterly report have been prepared assuming that we will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business.
Management's plans include the raising of capital through the equity markets to fund future operations, seeking additional acquisitions, and generating of revenue through our business. However, even if we do raise sufficient capital to support our operating expenses and generate adequate revenues, there can be no assurances that the revenue will be sufficient to enable us to develop business to a level where we will generate profits and positive cash flows from operations. These matters raise substantial doubt about our ability to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.
And loaned him straight back to Reading. That's thirty something players they've got out on loan at other clubs, many of which cost them millions of pounds to buy. Ridiculous way to run a football club.Snake wrote:Chelsea just paid £4m for him today.
I guess the answer is whoever has been dumb enough to buy shares in OCFC Inc. Speaking of which, their annual accounts should be appearing very shortly...Hog wrote:TAG's back! I wonder who paid for his taxi this time?
Alllllrighty, then!"The Company was unable to compile the necessary financial information required to prepare a complete filing. Thus, the Company would be unable to file the periodic report in a timely manner without unreasonable effort or expense."
How do you think that would go down with HRMC for those that fail to submit their self-assessment on time then? (Not that I have such burdens being a loyal public servant!)Myles Francis wrote:OCFC Inc's annual accounts should have been filed on Monday, but TAG has filed a "Notification of inability to timely file" the accounts, so has a 15 day extension. The reason for not being able to file on time:Alllllrighty, then!"The Company was unable to compile the necessary financial information required to prepare a complete filing. Thus, the Company would be unable to file the periodic report in a timely manner without unreasonable effort or expense."
OCFC Inc owns 50% of Oxford City FC (Trading) Ltd, which is the entity through which the senior football club is run. The other 50% is still owned by the "charitable" Oxford City Youth Football Club Ltd.Hog wrote:Hang on, I'm confused! Isn't OCFC Inc the US-based company that The Yank has been 'losing' millions of dollars with and nothing directly to do with the original OCFC charity-based football club? I thought the real OCFC are safe from his international dealings?
I think (hope) it is more of an accounting thing, consolidating the football club into the "group" accounts.Myles Francis wrote:OCFC Inc owns 50% of Oxford City FC (Trading) Ltd, which is the entity through which the senior football club is run. The other 50% is still owned by the "charitable" Oxford City Youth Football Club Ltd.Hog wrote:Hang on, I'm confused! Isn't OCFC Inc the US-based company that The Yank has been 'losing' millions of dollars with and nothing directly to do with the original OCFC charity-based football club? I thought the real OCFC are safe from his international dealings?
In the accounts for OCFC Inc, they claim that they receive gate receipts and other earnings from the football club. So whilst the charitable body may be "safe" from TAG, it would appear that he is taking money out of the football club and into his own business (if the submitted accounts are to be believed).