Martinas B.

A size of one boat Medina International Holdings Inc (MIHI) trough away money for far from the truth research coverage

by Martinas B. July 31, 2007
newboat.jpgA gang of some analysts from Beacon Equity Research started the day with launching their usual far from the truth research coverage.

A gang of analysts rated the stock of Medina International Holdings Inc., to arrive at a target price of $0.94, which is, we reckon, far from the reality.

The Financial Status

The company incurred total operating expenses of $541,500 for the nine months ended January 31, 2007 as compared to $23,399 for the nine months ended January 31, 2006 ($29,275 and $3,839 for the three months ended January 31, 2007 and 2006, respectively).

The company recognized a net loss of $553,985 for the nine-month period ended January 31, 2007 compared to a new loss of $25,220 for the nine-month period ended January 31, 2006 ($34,135 and $5,102 for the three-month period ended January 31, 2007 and 2006, respectively).

The net loss per share for the nine-months ended January 31, 2007 was $0.0242 compared to $0.0009 for the nine-month period ended January 31, 2006 (net loss per share for the three-month period ended January 31, 2007 was $0.0013 compared to net loss per share of $0.0002 for the three-month period ended January 31, 2006.

As of January 31, 2007, the company had $1,453 in cash and other current assets of $17,999. The company's total current liabilities were $426,034 as of January, 31, 2007.

The company used $23,768 in operating activities during the nine-month period ended January 31, 2007 compared to $21,458 for the nine-month period ended January 31, 2006.

The company used cash of $147,857 in investing activities during the nine-month period ended January 31, 2007 on the manufacturing of molds for the fire and rescue boats.

The company has incurred an accumulated deficit as of January 31, 2007 of $1,691,777. The Company does not have capital sufficient to meet its cash needs, including the costs of compliance with the continuing reporting requirements of the Securities Exchange Act of 1934.

The stock

At the time of polishing up this article the company’s stock really went up, but this could be the best to what the heads of this company could have expected.

The stock arrived at a price of $0.55. As of January 31, 2007, there were 28,988,391 shares of the registrant's sole class of common stock issued and outstanding, which put’s the company’s value to $15.94 millions.

mihi-chart.jpg


In the report, the analyst writes, "MIHI is targeting an underserved niche market, valued at $2.4 billion, which focus on specialized boats used by the Coast Guard, offshore patrol agencies, local fire and police departments and the military for rescue missions on lakes, inter-coastal waterways and rivers."

The Product

PRJ_1500_Patrol_4.jpgBased in Rancho Cucamonga, California, Medina International Holdings, Inc., a development stage company, engages in the manufacture and sale of recreational and commercial boats in the United States.

It intends to offer recreational, commercial rescue, commercial rescue and fire, and commercial fire and rescue boats.

The company was founded in 1998 under the name Colorado Community Broadcasting, Inc. and changed its name to Medina International Holdings, Inc. in 2005.

And finally, instead of reading this far from the truth research coverage, we suggest you to read OUR.

Key executives of Medina International Holdings Inc.(MIHI)

Name Age Position
Adelisa Shwayder 67
Treasurer
Daniel Medina 52 Pres
Madhava Rao Mankal  55 Chief Financial Officer, Sec.


A few References

http://www.beaconequityresearch.com
http://www.medinaih.com

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