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Case 1: Purchase Point Media Corporation (PPMC)

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Case 1: Purchase Point Media Corporation (PPMC) Please highlight all source information per the instructions (ALL SOURCE INFORMATION USED WILL NEED TO BE HIGHLIGHTED AND WEBSITE LINKS NEED TO BE PROVIDED TO BE ABLE TO VERIFY EACH SOURCE). Case 1: Purchase Point Media Corporation (PPMC) INTRODUCTION This case is based on actual financial projections developed and provided by a publicly traded firm, Purchase Point Media Corporation (PPMC). Carefully examine the PPMC projections, which are presented in a sequence and format suitable for break-even calculation and analysis. After you calculate the break-even point, use additional, publicly available informa- tion to come to a decision with respect to market potential. The increase in the price per share of PPMC stock suggests that, over time, the market may have reacted to their results and analyses, using a comparable methodology. OBJECTIVES When you complete this case, you’ll be able to • Identify discernable errors, irregularities, and impropri- eties in style and format within publicly reported data • Meet financial statement presentation requirements for a specific “real world” example • Determine whether financial information provided follows generally accepted accounting principles (GAAP) or is presented in “good form” • Distinguish between the substance and form of financial statements • Estimate variable and fixed costs for a publicly traded company • Assess publicly disseminated information from publicly traded companies to determine the feasibility of market potential and market penetration • Exercise enhanced critical-thinking skills CASE BACKGROUND Purchase Point Media Corporation (Pink Sheets: PPMC) is what some refer to as a thinly traded “corporate shell.” The firm held patents in the United States, Canada, United Kingdom, and Germany for a shopping-cart display device, but was a nonreporting and nonoperating entity. On March 18, 2002, PPMC reported its intention to sell these patents and related trademarks. The initial estimates sug- gested a stock price of nearly $2.50 per share, before related per-share deductions for sale-related broker’s commissions and legal fees. At the time of the news release, the firm’s stock was trading at $0.04 per share. In less than 60 days the stock was trading at more than $0.60 per share (Cataldo 2003, 55–60), for a 1,400 percent increase in price per share. (Note that investors and speculators alike would view this as a very risky investment, and the price per share for PPMC stock would be expected to fall short of or sell at a significant discount to the “anticipated” selling price for the firm’s intan- gible assets. See Arbel and Strebel 1982 and 1983; Arbel, Carvell and Strebel 1983; and Arbel 1985 for guidance on thinly traded or “neglected” firms.) While this initial news release attracted speculators, causing the stock price to rise, after months without any additional news releases, the stock price drifted down again. On August 20, 2003, PPMC again announced its intention to sell the firm’s intangible assets (Business Wire 2003). In the second announcement, PPMC management referred interested investors to their corporate Web site. Among the data provided, PPMC included a financial projection and other items they felt might be of interest to potential pur- chasers of the firm’s intangible assets (see Exhibit 1, Purchase Point Media Corp. statement, which follows). To begin this case, review and comment on the “form” of the public disclosure circulated by PPMC. Then use the “substance” of this information to develop per-unit, sales- based contribution margins and break-even points for the first year of operations. Last, gather other publicly available information to determine the market feasibility of achieving its break-even point. SUPPLEMENTAL INFORMATION Brand Name versus Generic Stocks Brand Name Stocks Generic Stocks Less information risk More information risk Higher quality of information Lower quality of information Large sample of consensus Small or no sample of consensus estimates estimates Monitoring service or fee No monitoring service or fee Lower return Higher return Higher price (premium) Lower price (discount) Lower uncertainty Higher uncertainty More consistency Less consistency Graphs Supplemental information is provided in Figures 1 and 2. Figure 1 illustrates the price per share for PPMC common stock for the time period August 20, 2003 through September 27, 2004. The latter date represents the specific event when PPMC filed their 10QSB. Figure 2 compares the PPMC price per share with comparable index measures, such as the Dow Jones Industrial Average, Standard and Poor’s 500, NASDAQ, and Russell 2000 indices, for the same period of time. FIGURE 1—The price per share for PPMC common stock, August 20, 2003 through September 27, 2004, when PPMC filed their 10QSB FIGURE 2—Comparison of the PPMC price per share over comparable index measures, such as the Dow Jones Industrial Average, Standard and Poor’s 500, NASDAQ, and Russell 2000 indices, for the same time period References Arbel, A. 1985. Generic Stocks: An old product in a new package. The Journal of Portfolio Management 68: 4–13. Arbel, A., Carvell, S., and Strebel, P. 1983. Giraffes, Institutions and Neglected Firms. Financial Analysts Journal 39: 57–63. Arbel, A., and Strebel, P. 1982. The Neglected and Small Firm Effects. The Financial Review: 201–18. Arbel, A., and Strebel, P. 1983. Pay attention to neglected firms! The Journal of Portfolio Management 9: 37–42. Business Wire. 2003. Purchase Point Media Corp.: Corporate Update (August 20). Cataldo, A. Information Asymmetry: A Unifying Concept for Financial and Managerial Accounting Theories (including illustrative case studies). Studies in Managerial and Financial Accounting 13, 2003. Oxford, England: Elsevier Science (JAI). Series Editor: Marc Epstein. PROJECT REQUIREMENTS The project requires three steps to be presented. Step 1 – Identify Form and Substance Errors. Step 2 – Compute the Purchase Point Media (PPMC) break-even points in terms of carts and stores. Step 3 – Determine the number of grocery stores for various food chains. In one Word document, provide individual sections for each Step. This Word document along with the Excel file (described below for Step 2) will be uploaded). MUST PROVIDE FORMULAS FOR ALL CALCULATIONS AND A DETAILED EXPLANATION OF THE FORMULA The knowledge and skills required for this project include English Composition, Financial Accounting, Managerial Accounting, Information Literacy and the abilities to think critically, do research and to present your work in a professional manner. Substance versus Form and Critical Thinking Step 1 In the infamous Enron bankruptcy case, the form of the financial statements prepared by the Enron Corporation and WorldCom was very professional; however, the substance was lacking, leading to audit and market failures and the eventual bankruptcy of both of these big-cap, or large- capitalization firms. PPMC represents a reverse case, in which the form of the data contained in the PPMC news release and corporate Web site was very poor. To begin, read the PPMC report, focusing on problems with the form of the report. (“Form” means spelling, punctuation, and capitalization are correct and that the text is grammatically correct. Also, form means that the format of the text as far as font, bold, underlining, indents, and so on are correct.) Prepare a typed, clearly communicated summary of all errors or weaknesses you find in the form of this report. This should be a numbered list. There are well over 30 form errors in the document. (The way to go about doing this for this step is to think of yourself as an English Composition instructor and a student has turned in a required paper that was written.) Although the PPMC report isn’t well-written, don’t attempt to rewrite the report. Only present a numbered list of the errors found. To report the numbered list of form errors for this step, each error should have three components: 1. The location of the error. 2. What the error is. 3. How the text should have been written correctly. Here is an example of how you’ll present the form errors. Summary of Errors in the Form of the PPMC Report 1. Location: The first page of Exhibit 1, the last sentence of the first paragraph states “You should independently investigate and fully understand all risk before making investment decisions.” Error: The word risk is singular. It should be plural. Correction: It should have been written “You should independently investigate and fully understand all risks before making investment decisions.” Next, reread the PPMC report, focusing on problems with the substance of the report. (“Substance” means the figures and data that are being reported and making sure the math is correct.) Identify the obvious errors or problems first by focusing on the addition or math errors. Prepare a typed, clearly communicated summary of all errors you find in the substance of this report. These should be presented in a numbered list. To report the numbered list of substance errors for this step, each error should have three components the same as the presentation of the form errors: 1. The location of the error. 2. What the error is. 3. How the text should have been written correctly. The heading for the substance errors should be “Summary of Errors in the Substance of the PPMC Report”. Do not take this step lightly. The data and figures found in the report are used to calculate the beak-even analysis for Step 2. As presented, the data is incorrect and therefore, the break-even analysis would be incorrect. Therefore, it is important that you find “all” of the substance errors and correct them as these corrected figures will be what you use to make the break-even calculations for Step 2. Step 2 The PPMC Notes in the document appear to be organized by cost behavior. This is similar to the approach you used in your Managerial Accounting course.
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