Kingdom Ventures looking for salvation
Executives of Kingdom Ventures Inc.
last week were looking for capital to keep the Minden-based company afloat.
Publicly held Kingdom Ventures, which owns a Christian newspaper and sell Christian-oriented products, said in a filing with the Securities and Exchange Commission that it had no cash in the till on April 30.
Without an infusion of equity or the proceeds of a debt offering, Kingdom Ventures said its cash from operations won’t meet its needs during the next 90 days.
The company said it’s confident, however, that its newspaper the 30,000-circulation monthly Christian Times Today and its Christian-oriented products are close to turning a corner.
And its management said it has “reasonable assurance” that it will be able to raise cash through an additional offering of common stock.
Gene Jackson, the company’s president, didn’t return a phone call asking for further details last week.
In a press release on June 1, he said, “After a difficult first year of publicly trading in 2003, Kingdom Ventures has now clearly focused and executed its business strategy in the past several months.We understand our core mission and vision as a media and products conglomerate in the Christian marketplace.”
In the quarter ended April 30, the company issued 1.4 million shares of stock to pay consultants and provide financing.
The stock, which has traded as high as 50 cents a share within the past year, was trading at 13 cents last week.
In northern Nevada, the company’s holdings include Mr.
Roy Productions, a Carson City silk-screen and embroidery company.
Kingdom Ventures said it plans next month to roll out JoBasic, a Web site that will help nonprofit groups raise money through e-commerce.
The company’s disclosed its search for cash at the same time that it reported a loss of $1.4 million on revenues of $131,096 in the quarter ended April 30.
This compares with a loss of $2.6 million on revenues of $125,846 in the comparable quarter a year ago.
About $880,000 of the loss earlier this year resulted from the company’s decision to completely write off the value of trademarks, trade names and goodwill.
The company didn’t explain the writeoffs other than to say they were based on the future cash flow projected from the assets.
“If you’re going to produce roughly 80,000 ounces (of gold) a year at $800 an ounce … and gold is at $1,900 or $2,000 per ounce, that’s going to create a tremendous amount of cash flow.”