$OCFN: Look out, a HUGE NEWS is going to hit the w
Post# of 98045
Omega Commercial Finance Corporation (OTCQB: OCFN), a publicly traded financial holding company, reports financial results led by a strengthened Balance Sheet for the third quarter and nine months ending September 30, 2013 and the receiving of a $40,643,208 cash investment to help garner its growth.
-- First and foremost liquidity is a measure of a company's ability to meet potential cash requirements. On September 30, 2013 OCFN had total assets of $3,184,298 compared to $253,031 on December 31, 2012, which is an increase of $2,931,267 (1,158.54%). -- The increase was primarily attributable to $3,000,000 of restricted cash received and $160,000 in Other Assets, partially offset by an $88,043 reduction in cash. The cash that is identified as "restricted" is more defined as capital designated for M&A expansion for OCFN's lending operations and financial services. -- The $3-million cash investment was from a September 4th 2013 Direct Pubic Offering sale of 30 million common stock shares at a fixed price of $0.10 sold to three (3) private investors for the use as explained herein. -- OCFN reported total stockholders' equity of $559,993 on September 30, 2013 compared to the deficit of stockholders' equity of $2,255,663 on December 31, 2012, a reduction in the deficit of $2,815,656 -- OCFN reported a Common stock and Preferred stock offering of $40,643,208 completed and fully funded as of October 4, 2013 as a "Subsequent Event" that has been received into their restricted cash account. -- This $40,643,208 can be identified on the Balance Sheet and is classified as a "Preferred Receivable" that consisted of 900 Series A Preferred shares sold at $42,344 per share with Common Stock Warrants with an average price per share of $1.42. -- OCFN also reported on their 'Cash Flow from Operations' statement in the 'Other Non-Cash Financing Activities' an ending balance increase to $2,911,958
To summarize, OCFN reached a record high of $43,643,208 of investment capital, which is a key fundamental driver for any small cap growth company. Jon S. Cummings IV, states "I am ecstatic about this past quarter and glad to have negotiated $43-million in cash investments. More importantly, we thank all our colleagues who have supported us through this process and who believe and trust in our business model and growth initiatives. It's my job to prudently ensure that we continue this momentum forward."
A Recent Accomplishment
OCFN core lending subsidiary Omega Capital Street LLC signed a Sublease to expand its CMBS-style and bridge-lending operations in a 6,200sq./ft. office space by staffing proven CRE finance advisor's, originators, and a credit team . The move-in date is on January 1, 2014 at the 701 Bank of America Class A Office building on the prestigious Brickell Avenue located in the heart of Miami Florida's financial district said to be known as the "Wall Street of the South".
(0)
(0)