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[Bullenschwein]

Sollte es wieder Richtung Norden gehen??? Auch ohne E-Net Phantasien?

EMB CORP (BB:EMBU) files SEC Form 10QSB

ITEM 2. MANAGEMENT`S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS. GENERAL

In fiscal 1998, the Company expanded its mortgage banking operations through its acquisitions of Investment Consultants, Inc. ("ICI") and Preferred Holding Group, Inc. ("PHG"). In fiscal 1999, the Company ceased its mortgage banking operations of EMB Mortgage Corporation and divested itself of ICI due to an economic downturn in the mortgage banking industry. Later in fiscal 1999, the Company recommenced its mortgage banking operations through acquisitions of American Residential
Funding ("AMRES") and Residential Mortgage Corporation ("RMC"). Effective September 1999, EMB Mortgage was no longer in operation.

t the time of its acquisition by the Company, AMRES operated four company- owned offices and licensed 10 Net Branch offices, all of which were located in Southern California. With respect to company-owned offices, AMRES pays all operational expenses and retains all of the income generated from that office. A Net Branch differs in that AMRES entered into an agreement with an independent, third party mortgage or real estate broker, licensing it to use the AMRES name and to operate an AMRES-branded branch. The owner-manager of the
Net Branch pays all expenses of the Net Branch, including a payment to AMRES of a pre-established fee for each closed mortgage loan. All net income is retained by and all net loss is borne by, the Net Branch owner-manager. The amount of the fee paid to AMRES varies depending upon the loan type and amount. In addition, AMRES receives various costs for associated with the loans which are charged to the borrower(s). As of December 31, 1999, AMRES had four Company owned offices located in Southern California. In addition, it had
approximately 50 Net Branch offices which were located in Southern California, Hawaii, Arizona and Florida.

Prior to its acquisition by the Company in May 1999, RMC had not actively engaged in business for approximately one year. The Company has been engaged in reactivating RMC`s warehouse lines of credit of RMC and renewing RMC`s approvals with the various government and government-affiliated lenders: FHA, VA, FNMA ("Fannie Mae") and FHLMC ("Freddie Mac"). The Company intends for RMC to operate as a traditional mortgage banker, funding loans brokered to it by AMRES and other independent mortgage brokers. In addition, the RMC
currently operates an Internet-based, direct-to-consumer retail mortgage operation. Upon completion of the announced sale of both AMRES and RMC (see Note 5 to the Company`s Consolidated Financial Statements, above) the Company intends to change the focus of its operations from a financial services company to a natural resources development company, through development of possible oil and water reserves associated with its real property located in Monterey County, California,
and through acquisitions of other properties, including interests in producing oil and gas and/or water properties. (see Note 5 to the Company`s Consolidated Financial Statements, above). LOAN ORIGINATIONS AND PURCHASES The Company decreased its funded mortgage loan volume to $39,000,000 during the three month period ended December 31, 1999. The prior year period is not comparable inasmuch as the prior year period pertained to the operations of EMB Mortgage Corporation and the current year period is for the
operations of American Residential Funding, Inc.

RESULTS OF OPERATIONS Three months ended December 31, 1999 compared with three months ended December 31,1998. It should again be noted that the prior year covers, primarily, operations of EMB Mortgage Corporation, which operated as wholesale mortgage banker in approximately 30 states, and the current year period is, primarily, for the operations of American Residential Funding, Inc. which is a Net Branch- based retail mortgage broker operating in only 4 states: Mortgage loan revenues, net of commitment fees, decreased 60% to $1,374,504 in the three month period ended December 31, 1999, from $3,493,990 in 1998. Revenues were generated primarily from loan processing and resale of mortgage loans. The decrease of revenues is due to the change in business model as discussed in the foregoing paragraph. Loan origination costs, commissions and other fees decreased 34% to $989,492 during the three months ended December 31, 1999 versus 1998, and such costs represented 72% and 43% of revenues, respectively. The increase in these expenses is due to the change in business model as discussed above. General and administrative expenses decreased 42% to $1,674,847 in the three month period ended December 31, 1999 from $2,874,706 in 1997. This increase is principally attributable to the change in business model as discussed and a reduction in staff for the corporate operations of the Company. Included in general and administrative expenses are consulting fees satisfied through the issuance of common stock amounting to $990,500 and $343,511 during the three months ended
December 31, 1999 and 1998, respectively. Interest income net of interest expense for the three months ended December 31, 1999 was $3,771. Interest income net of interest expense for the three months ended December 31, 1998 was ($99,766). The net loss was $1,291,835 during the three month period ended December 31, 1999, as compared with a loss of $1,466,871 during the same period of 1998, due primarily to a decreases of revenues resulting from the change in business model, as discussed above, but accompanied by a lesser percentage decrease in general and administrative expenses. LIQUIDITY AND CAPITAL RESOURCES The Company`s capital resources have historically been provided by cash from financing activities, primarily from the sale of its preferred stock and warrants, and through convertible debt instruments and warrants. Due to the extended losses incurred by the Company, its cash was being depleted rapidly from operations. At December 31, 1998, the Company had a working capital deficit of $5.0 million. The Company reduced its operation on or about December 22, 1998 to significantly reduce the losses and cash flows from operations. The Company began originating loans through its acquisition of AMRES in May 1999. AMRES is originating approximately $17 million in loans per month. Management is currently funding its operations through loans from affiliates and/or officers. No cash flows have been generated through the sale of common or preferred stock, or convertible debt securities in fiscal 1999 and management does not believe such capital will be
available to them. Management currently believes its sole source of repayment of its obligations will come from the sale of its AMRES and RMC subsidiaries.

There are no assurances that the sale will be completed, if at all. These factors raise substantial doubt about the Company`s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. To view the full document, go to: EMB CORP 10QSB For other Edgar reports on EMB CORP (EMBU), go to: List of Edgar-Online reports for EMBU


Bullish Trades wünscht Euch

Bullenschwein

[St.broderik]

geb` uns doch bitte auch noch die Quelle dieses Texts an ...!

[Enno72]

Angebliche News sind vom 22.02. Also keine Neuigkeiten. Die
wird es erst nächste Woche geben. Am Dienstag gibt es eine HV,
enenfalls von E-Net. Die sind sowieso schon fast eins denn es
wird über Aktientausch beschlossen. Nach meinem derzeitigen
Kenntnisstand gibt es für 4 EMBU 1ENNT-Aktie. Jetziger Vorstand James E. Shipley wird demnächst Vorstand von ENNT(z.ZT. Michael Roth)
Ich denke am Dienstag gibt`s große Neuigkeiten die die Kurse treiben werden. Sollte man schon in EMBU einsteigen? Die Charts beider
Unternehmen sind absolut deckungsgleich. Da bei ENNT aber gestern die 10$ unterschritten wurden, ist mir das alles noch ein bißchen zu heiß,zumal ich mit ENNT eh schon im Minus stehe.(KK 12,70)

Gruß Enno 72

[Bullenschwein]

Hallo St.Broderik,

die Info habe ich über: http://www.quote.com/quotecom/livecharts/default.asp?symbols…

Die Amis haben fertig, ich auch...

ENNT: 9,375
EMBU: 0.875

Wann kommen endlich die Bullen???

Bullenschwein

[Bullenschwein]

ES IST SOWEIT!!!!!!!!!!!!!

JETZT GEHT´S LOS!!!!!!!!!!!!

Vorbörslich auch in Amiland gewaltige Auswärtstendenz. Der 4 : 1 Splitt steht bevor, d.h. EMB geht noch locker bis 2,5 €.

Schönes Wochenende uns viel Spass beim Lesen der News nach der PK am Diestag.


Bullenschwein