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Prospector
Profile
07.1480
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| Family Room Entertainment Corp. |
NAICS |
512110 |
| 8530 Wilshire Boulevard, Suite 420
Beverly Hills, CA 90211 |
Description |
Movie Production |
| (310) 659-9411 |
Employees |
5 |
| http://www.fmlyroom.com/ |
Revenue |
(mil) |
1.6030 |
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Income |
(mil) |
-3.2410 |
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Assets |
(mil) |
7.4140 |
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Liability |
(mil) |
10.0740 |
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(for the year ended 2007-06-30) |
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Category:
Audit Concerns
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Event:
PMB Helin Donovan LLP raised substantial doubt about the ability of Family Room Entertainment Corporation to continue as a going concern after it audited the company's financial statements for the fiscal year ended June 30, 2007. The auditor reported that the Company experienced a significant net loss in the year ending June 30, 2007, and generated negative cash flows from operating activities, and as of June 30, 2007, has an accumulated deficit of $23,275,354. The Company posted a $3,241,279 net loss on $1,603,345 of revenues
for the year ended June 30, 2007, as compared with a $1,301,676 net loss on $3,432,532 of net sales in the prior year. At June 30, 2007, the Company's balance sheet showed $7,414,375 in total assets and $10,074,845 in total liabilities, resulting in $2,660,470 stockholders' deficit.
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Intellectual Property:
The Company produced “Good Advice” in 2000 and subsequently licensed the US distribution rights to Lions Gate Films for a period of 25 years and the foreign distribution rights to Myriad Pictures in perpetuity. These license agreements included up-front film guarantee compensation totaling $4,500,000. The agreement also called for a $60,000 payment from Lions Gate for video royalties. [SEC Filing 10-KSB 10-15-07]
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Description:
The Company operates in the motion picture entertainment industry in the United States and Canada.
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Officers:
George Furla (Co-Chair, Pres. & CEO); Randall Emmett (Co-Chair, COO & Sec.); Stanley Tepper (EVP & CFO)
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Auditor:
Ham Langston & Brezina LLP
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Securities:
Common Stock-Symbol FMLYE.OB; OTC BB;
1,999,299,994 common shares outstanding as of June 30, 2007.
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