International Monetary Systems Increases Revenue 89%
International Monetary Systems (OTCBB:INLM), has filed its second
quarter report on Form 10-QSB. During this period, IMS recorded
substantial trade volume and revenue growth.
The
company converted $200,000 of its debt to equity and continued the
commitment to its recently implemented �Best Practices� program. In
an effort to increase organic growth, the firm also expanded its
outside sales force and spent substantial funds on new state-of-the
art equipment, web site development, and an expanded workforce.
During the quarter ended June 30, 2007, IMS processed more than $27
million in trade transactions, which generated gross revenues of
$3,420,662, compared to revenue of $1,810,654 in the second quarter
of 2006, an increase of 89%.
Total expenses increased 104%, from $1,722,046 in the second quarter
of 2006 to $3,507,521 in the current period. The expanded sales
force produced more than 800 new clients during the quarter.
The
company also received a sizable deferred tax benefit, representing
the adjustment to the deferred tax liability, which arises from the
differences in basis of acquired membership lists for financial
reporting versus tax reporting. After adjustments for taxes, the net
loss for the current quarter was $64,090, compared to a net loss of
$46,482 last year.
Year-to-date gross revenue for the six-months ended June 30, 2007,
totaled $6,721,671, compared to $3,552,990 for the same period in
2006, an increase of 89%. Total expenses for the six months ending
on June 30, 2007 were $6,857,187, compared to $3,435,649 for the
corresponding period in 2006, an increase of 100%.
Total year-to-date net loss, before the income tax benefit, for the
first six months of 2007 was $307,439, compared to a loss of $22,597
for the same period in 2006. After tax adjustments, the net losses
for six months were $127,362 for 2007 versus $68,597 for 2006.
Year-to-date operating profit or EBITDA (earnings before interest,
taxes, depreciation and amortization) totaled $597,763, an increase
of 20% over the $498,513 reported for the same period last year.
For
the first six months of 2007, the company had positive cash flow of
$621,582 compared to just $279,525 for the same period of 2006, an
increase of 122%. Total assets have increased to $18,117,110, from
$15,203,887 at the end of 2006, with stockholders' equity increasing
to $8,774,976 from $7,779,357.
At
the end of the second quarter of 2007, the company's cash balance
had increased to $1,419,409 from $930,962 at the end of 2006.
For
more information on IMS see �Site Sponsors� at top of page.
Second Franchisee Acquires Rights To Manage Former Intagio Members
For $500,000
ITEX Corporation (OTCBB:ITEX) reported it has executed an
agreement with Roger Boroway, ITEX franchise owner based in
Fairfield (CT), granting for $500,000 the right and license to
manage approximately 500 of the recently acquired former Intagio
members located in Connecticut and Massachusetts.
On August 1, 2007, ITEX announced it had acquired the commercial
trading system previously operated by Intagio Corporation for
$3,137,000. As a result of the acquisition, ITEX added 2,800 members
and now has more than 24,000 on its roster.
Through the purchase, Boroway, whose ITEX franchise regularly
ranks within the top offices, has almost doubled his membership to
well over 1,000 members. The collective member base is expected to
generate nearly $750,000 in cash transactions and subscription fee
revenue annually, and to conduct $10 million per year in transaction
volume ... making it the third largest franchise in the ITEX trading
community.
At the time that Intagio was acquired, ITEX reported that NYTO
Trade Incorporated, a franchise operated by John Castoro in New York
and New Jersey, obtained approximately 200 former Intagio clients
under similar terms for $200,000.
�Our top priority is acquiring members, followed by increasing
transaction volume between the business members in our community,�
said ITEX Chairman and CEO Steven White.
�The Intagio acquisition advances our first objective; it is now
the task of Mr. Boroway�s team to increase transaction volume within
this member base. Roger operates a very efficient and productive
franchise, and I am confident he will provide these new trading
partners with exceptional service.�
Boroway commented, �I am pleased to have reached this agreement
with ITEX. Expanding my franchise operations has been an ongoing
goal and this acquisition has afforded me the opportunity to double
in size overnight.
�We expect only positive results from the addition of these new
members into our client base. My goal is to redouble my franchise
over the next three years, becoming the top ITEX franchisee in the
country.�
For more information on ITEX see �Site Sponsors� at top of page.
Domain Name Swapping Marketplace
Launched
SwapNames (www.swapnames.com)
is a newly launched free marketplace for trading domain names and
web sites. With SwapNames, domain name owners can search out domains
of interest, offer their own domains to swap, and receive swap
offers from other domain owners.
Additionally,
the site acts as a domain name marketplace where users have the
option of buying or selling valuable e-properties. All listings on
SwapNames have both a fixed selling price and a trade value, which
creates valuable exposure to easily market and sell or trade
domains.
Presently,
there are no open, free-for-all marketplaces just for domain name
barter trading. All other domain name marketplaces are either
auction houses or for sale listing sites. With the launch of
SwapNames, the domain name industry now has its very own barter
trading portal.
The idea for
the site was inspired by Kyle MacDonald who traded one red paperclip
for a different item, and continued trading his items until, 14
trades later, he owned a house. SwapNames' founder Koay Al Vin,
after reading about the One Red Paperclip project, immediately
related the idea to the hundreds of domain names he had invested in.
�Most of my
lesser quality domain names could not be sold, and were left
undeveloped and gathering �digital dust.� I could not properly
monetize the names, and renewal dates were drawing nearer,� Koay
disclosed.
�Because of the
circumstances, I had to actively search out fellow domain owners to
barter (trade) my names with theirs. Today, every domain owner in
the same boat can actively trade-up their domains and that is an
extra alternative instead of just letting their domains expire,� he
added.
�I knew that
this industry was really in need of a platform for people to swap
their existing domains. Now, everyone can diversify their portfolio
of domains the way Kyle MacDonald did, but this time it will be for
virtual pieces of properties: domain names.�
Malaysian-based
domain investor and entrepreneur Koay Al Vin, incorporated SwapNames
in Delaware, USA, and operates from a tiny, but beautiful, island in
Malaysia called Penang.
Rules Differ For Tax-Free Exchanges On Vacation Homes
The Federation
of Exchange Accommodators is a national trade organization formed in
1989 to represent those who are directly involved in Section 1031
Exchanges. At the organization�s midyear conference attendees shared
common challenges they faced regarding their property...vacation
homes topped the list.
Section 1031 of
the IRS code allows a property held for business or investment to be
exchanged tax free for another �like kind� property of equal or
greater value if the exchange adheres to specific guidelines. Which
category one�s property falls under is usually determined by how
many personal days you use the property for vacation.
If your
vacation home is an investment property, the rule is that personal
days must not exceed 14 a year, or 10% of rental days, whichever is
greater. If you want to use the vacation home in a tax-deferred
exchange, it must be used as a rental at least for the entire
previous year and rented out at fair market value. Homeowners can
flip-flop the status of the vacation home each year.
When planning a
1031 exchange, make sure the home held investment status for at
least the previous year before attempting an exchange. Although
there are no absolute rules as to how long the property should be
held as an investment, accountants suggest that the property show up
as a rental on at least two consecutive tax returns.
The consecutive
part is vital. If the property reverts back to a second home in the
year before the exchange, it would not be eligible for a 1031 trade.
A popular tax
strategy is to convert the second home to a primary residence. Say a
couple retire and sell their longtime family home, pocketing
$500,000 tax free from its sale. The couple move to their vacation
home, making it their primary residence. Two years later, they can
sell the place, move to an apartment and pocket up to $500,000 tax
free again because it had become their primary residence.
Although
vacation homes can certainly help with your financial picture, make
sure you are clear on the status before you attempt to trade or
sell.
Universal Law-Of-Reciprocity Key To Trade Exchange Success
Every trade
exchange owner in the world should not only be aware of the
law-of-reciprocity, but using it, in the operation of their
business.
Trade
exchange owners are invited to e-mail
bmeyer@barternews.com
for more information on how you can become �the exchange of choice�
in your area. When e-mailing Bob Meyer, put �Law of Reciprocity� in
the subject line.
Hotel
General Managers
Here�s
The Easiest $100,000 You�ll Ever
Bring To The Bottomline!
Collect
cash, as usual, from the guest accounts staying at your
facility that require the use of professional AV services.
And rather than shouldering your ongoing employee costs, or
your current vendor�s cash agreement for AV services,
here�s a much better alternative:
Work
with a proven national vendor (a sterling 25-year track
record) who will provide all of the AV services for your
hotel on a 100% TRADE BASIS! (Payment to be in the form of
hotel rooms and/or trade dollars.)
Your hotel�s annual AV billings must be a minimum of $200,000, and this
offer is available only in the continental United States.
For a
confidential introduction contact Bob Meyer via e-mail:
bmeyer@barternews.com.
(Please type in AV Services On Trade in the subject
line of your e-mail.)
Attention Trade Exchange Owners:
If your
member hotel(s) have a minimum of 10,000 sq. feet of meeting
space and annual billings of at least $200,000 for AV
services this is a great opportunity to earn substantial
cash service fees on the hundreds of thousands of trade
dollars your hotel member will be paying the vendor. Contact
Bob Meyer at the above e-mail. |
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The Growth and Use of Secondary Capital (New Money) Creates
Unprecedented Wealth In Today�s New Age Of Possibility
There are
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