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  1. #1
    Join Date
    Oct 2006
    Posts
    260

    YTB has to restate an annual report AGAIN!

    SO apparently YTB has found more mistakes in their accounting.... Apparently they forgot about some stock warrents they gave out worth over a million dollars....

    http://biz.yahoo.com/e/070226/ytbl.pk8-k.html

    I can't keep track of how many times they have had to re-state their quarterly and annual reports...
    Just take a look - anything with /A at the end of the form is amended...
    http://finance.yahoo.com/q/h?s=YTBL.PK

    A great snipped at forbes.com about the company:
    YTB International (other-otc: YTBL - news - people ) didn't make any quarterly filings for 2006, prompting an o-t-c bulletin board delisting last summer. Yet shares trade in the Pink Sheets at a recent $7.90, nearly six times their price a half-year ago, for a $194 million market cap. This rise came as the Wood River, Ill. firm, which went public via a 2004 reverse merger, announced a restatement that doubled its accumulated deficit to $13 million. That action also accompanied its admission of a "lack of independence" from its previous auditor. YTB runs a Web site called yourtravelbiz.com, catering to work-at-home travel agents who are solicited by a network of 100,000 commissioned sales reps. YTB tells FORBES the missing quarterlies will be filed while suggesting gung-ho travel agents are bidding up the stock. In January YTB Chairman J. Lloyd Tomer sold 1 million shares, roughly 25% of his holding (to repurchase his "dream home," a press release stated). A testimonial posted on the Web site lauds YTB as "the opportunity of a lifetime." --Matthew Rand http://www.forbes.com/free_forbes/20...rtner=yahoomag

  2. #2
    Join Date
    Jun 2006
    Posts
    3,120

    Re: YTB has to restate an annual report AGAIN!

    If I understand this correctly, YTB running two schemes at the same time. First, it is MLM where YTB manages to lose money with so many reps and their sign up fees. Second, they are pushing their own stocks on reps.

    One thing can not be denied, these schemers are smart. Unless it gets shut down by government, both schemes can last for a long time.

  3. #3

    Re: YTB has to restate an annual report AGAIN!

    Quote Originally Posted by mj363
    SO apparently YTB has found more mistakes in their accounting.... Apparently they forgot about some stock warrents they gave out worth over a million dollars....

    http://biz.yahoo.com/e/070226/ytbl.pk8-k.html

    I can't keep track of how many times they have had to re-state their quarterly and annual reports...
    Just take a look - anything with /A at the end of the form is amended...
    http://finance.yahoo.com/q/h?s=YTBL.PK

    A great snipped at forbes.com about the company:
    YTB International (other-otc: YTBL - news - people ) didn't make any quarterly filings for 2006, prompting an o-t-c bulletin board delisting last summer. Yet shares trade in the Pink Sheets at a recent $7.90, nearly six times their price a half-year ago, for a $194 million market cap. This rise came as the Wood River, Ill. firm, which went public via a 2004 reverse merger, announced a restatement that doubled its accumulated deficit to $13 million. That action also accompanied its admission of a "lack of independence" from its previous auditor. YTB runs a Web site called yourtravelbiz.com, catering to work-at-home travel agents who are solicited by a network of 100,000 commissioned sales reps. YTB tells FORBES the missing quarterlies will be filed while suggesting gung-ho travel agents are bidding up the stock. In January YTB Chairman J. Lloyd Tomer sold 1 million shares, roughly 25% of his holding (to repurchase his "dream home," a press release stated). A testimonial posted on the Web site lauds YTB as "the opportunity of a lifetime." --Matthew Rand http://www.forbes.com/free_forbes/20...rtner=yahoomag
    So what?

    According the New York State Society of CPAs, about 1 out every 12 U.S. listed companies filed RESTATEMENTS for 2005 and around 14 PERCENT of those RESTATEMENTS were filed WITHOUT amended filings, 8-K filings or other public announcements.

    http://www.nysscpa.org/cpajournal/20...nfocus/p12.htm

    Unlike YTB's.
    Patrick in California

    http://www.travelpropower.com/paradoxmagnus

    "If the world should blow itself up, the last audible voice would be that of an expert saying it can't be done."--Peter Ustinov

  4. #4
    Join Date
    Aug 2006
    Posts
    110

    Re: YTB has to restate an annual report AGAIN!

    Quote Originally Posted by Patrick in California
    So what?

    According the New York State Society of CPAs, about 1 out every 12 U.S. listed companies filed RESTATEMENTS for 2005 and around 14 PERCENT of those RESTATEMENTS were filed WITHOUT amended filings, 8-K filings or other public announcements.

    http://www.nysscpa.org/cpajournal/20...nfocus/p12.htm

    Unlike YTB's.
    I think his point that YTB already has a business practice that could be construed as a pyramid scheme, and it's inability to accurately report their financial information does not lend any additional credibility to this company.

  5. #5
    Join Date
    Oct 2006
    Posts
    260

    Re: YTB has to restate an annual report AGAIN!

    Well last year there was a bing stink about there financials. They couldn't get the 2005 financials done... There was a problem with their auditor. They had to get a new accounting firm. It took them around 10 months to get the 2005 financials done.

    So how many firms had their finances so screwed up that they were actually delisted from their stock exchange? And after all that- they didn't even get the annual report right?

    It seems like almost everything they do needs to be "re-stated" Even their CEO had to re-state his use of stock to buy a house...

    So yes their inability to accurately report their financial information does not lend any additional credibility to this company.

  6. #6
    Join Date
    Oct 2005
    Posts
    657

    Re: YTB has to restate an annual report AGAIN!

    What gets me is people are still buying what I believe is an over valued stock, that will soon crash back to the under a buck price.

    In addition - all these thousands and millions of shares of the "free" stock type has all but been sold when the price peaked, and now what?

    Who will be left holding all these shares should the stock crash?

  7. #7

    Re: YTB has to restate an annual report AGAIN!

    Quote Originally Posted by mj363
    SO apparently YTB has found more mistakes in their accounting.... Apparently they forgot about some stock warrents they gave out worth over a million dollars....

    http://biz.yahoo.com/e/070226/ytbl.pk8-k.html

    I can't keep track of how many times they have had to re-state their quarterly and annual reports...
    Just take a look - anything with /A at the end of the form is amended...
    http://finance.yahoo.com/q/h?s=YTBL.PK

    A great snipped at forbes.com about the company:
    YTB International (other-otc: YTBL - news - people ) didn't make any quarterly filings for 2006, prompting an o-t-c bulletin board delisting last summer. Yet shares trade in the Pink Sheets at a recent $7.90, nearly six times their price a half-year ago, for a $194 million market cap. This rise came as the Wood River, Ill. firm, which went public via a 2004 reverse merger, announced a restatement that doubled its accumulated deficit to $13 million. That action also accompanied its admission of a "lack of independence" from its previous auditor. YTB runs a Web site called yourtravelbiz.com, catering to work-at-home travel agents who are solicited by a network of 100,000 commissioned sales reps. YTB tells FORBES the missing quarterlies will be filed while suggesting gung-ho travel agents are bidding up the stock. In January YTB Chairman J. Lloyd Tomer sold 1 million shares, roughly 25% of his holding (to repurchase his "dream home," a press release stated). A testimonial posted on the Web site lauds YTB as "the opportunity of a lifetime." --Matthew Rand http://www.forbes.com/free_forbes/20...rtner=yahoomag

    Thanks so much for posting this information from Forbes. I'm really thankful that I didn't let myself get persuaded into ever buying any YTB stock.

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