-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KXo/ib8RNxwJWrwsgBYj1mMSfMk97H17kbDg6Rumi+YNBCKey+q0dAAWPjtwPxy4 8LgSOJ9+TxtpTFUQWBgefg== 0001401327-07-000014.txt : 20070814 0001401327-07-000014.hdr.sgml : 20070814 20070814164722 ACCESSION NUMBER: 0001401327-07-000014 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20070814 FILED AS OF DATE: 20070814 DATE AS OF CHANGE: 20070814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EIGER TECHNOLOGY INC CENTRAL INDEX KEY: 0001040702 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 000000000 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-29320 FILM NUMBER: 071056110 BUSINESS ADDRESS: STREET 1: 144 FRONT STREET WEST STREET 2: SUITE 700 CITY: TORONTO STATE: A6 ZIP: M5J 2L7 BUSINESS PHONE: 4162168659 MAIL ADDRESS: STREET 1: 144 FRONT STREET WEST STREET 2: SUITE 700 CITY: TORONTO STATE: A6 ZIP: M5J 2L7 FORMER COMPANY: FORMER CONFORMED NAME: ALEXA VENTURES INC DATE OF NAME CHANGE: 19970610 6-K 1 eiger07q3.htm EIGER TECHNOLOGY, INC. 6-K FOR THE QUARTER AND NINE MONTHS ENDED 06/30/07 eiger07q3.htm



 
UNITED STATES
 
 
SECURITIES AND EXCHANGE COMMISSION
 
 
Washington, D.C. 20549
 
 
FORM 6-K
 
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
 
 
UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the month of August, 2007
 
 
Commission File No. 0-29320
 
 
EIGER TECHNOLOGY, INC.
 
 
(Exact name of Registrant as specified in its charter)
 
 
144 Front Street, Suite 700
 
 
Toronto, Ontario M5J 2L7
 
 
(Address of principal executive offices)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
 
 
x Form 20-F   ¨ Form 40-F
 
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
 
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
 
 
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
 
Yes ¨ No x
 
 
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _________
 







 
SUMBMITTED HEREWITH
 
 
Exhibts
 
    
 






 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
Eiger Technology, Inc.
 
(Registrant)
     
Date: August 14, 2007
By:
/s/ Gary Hokkanen
     
   
Gary Hokkanen
 
Title:
Chief Financial Officer
 

 



EX-99.1 2 exhibit99-1.htm PRESS RELEASE DATED AUGUST 14, 2007 exhibit99-1.htm
 
 
 


EIGER FILES THIRD QUARTER RESULTS ON SEDAR

Toronto, August 14, 2007 - Eiger Technology, Inc. (TSX: AXA OTCBB: ETIFF) ("Eiger") announces that the consolidated financial statements for the fiscal quarter ended June 30, 2007 with Management Discussion and Analysis has been filed on SEDAR (www.sedar.com).

Eiger Technology, Inc., headquartered in Toronto, Ontario is a publicly traded company listed on the Toronto Stock Exchange. For more information please call (416) 216-8659 or refer to www.sedar.com.

The management of the company, who take full responsibility for its content, prepared this press release. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This press release contains forwardlooking statements relating to future events and results that are based on Eiger's current expectations. These statements involve risks and uncertainties including, without limitation, Eiger's ability to successfully develop and market its products, consumer acceptance of such products, competitive pressures relating to price reductions, new product introductions by third parties, technological innovations, and overall market conditions. Consequently, actual events and results in future periods may differ materially from those currently expected.

For more information contact:
Jason Moretto, President and CEO, Eiger Technology, Inc., Telephone: (416) 216-8659, Ext. 302 jmoretto@eigertechnology.com



EX-99.2 3 exhibit99-2.htm FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED JUNE 30, 2007 exhibit99-2.htm


             
             
             
             
             
             
             
             
             
             
             
             
             
             
                            EIGER TECHNOLOGY, INC.
           
             
             
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
       
             
             
                                                                                            As at June 30, 2007
                                                                                                         with
                                                                         Comparative figures as at September 30, 2006
                                                                                                         and
                                                                   For the nine months ended June 30, 2007 and 2006
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
                                        Unaudited, prepared by Management
           
                                 (Stated in Canadian Dollars)
           
             
                                 The unaudited interim consolidated financial statements of Eiger Technology, Inc. (the "Company") have
not been reviewed by the auditors of the Company. This notice is being provided in accordance with
     
section 4.3(3)(a) of the National Instrument 51-102 Continuous Disclosure Obligations.
       
             




                   
EIGER TECHNOLOGY, INC.
 
Consolidated Balance Sheet
 
                   
   
June 30
         
September 30
 
   
2007
         
2006
 
   
(Unaudited)
         
(Audited)
 
                     
Assets
 
                       
Current
                     
  Cash and Marketable Securities
   $
37,000
             $
102,000
 
  Accounts Receivable
   
115,000
             
262,000
 
  Prepaid Expenses
   
27,000
             
34,000
 
  Income Tax Recovery
   
-
             
7,000
 
                         
     
179,000
             
405,000
 
                         
Equity Investment (Note 4)
   
489,000
             
-
 
Property and Equipment (Note 5)
   
53,000
             
986,000
 
Advance to Related Corporations (Note 6)
   
3,047,000
             
31,000
 
Licensing Rights
   
-
             
1,479,000
 
                         
     $
3,768,000
             $
2,901,000
 
                         
                         
Liabilities and Shareholders' Deficit
 
                         
Current
                       
  Accounts Payable and Accrued Charges
   $
1,401,000
             $
1,077,000
 
  Other payables
   
-
             
699,000
 
  Deferred revenue
   
-
             
458,000
 
                         
                         
                         
     
1,401,000
             
2,234,000
 
                         
Non-Controlling Interests in Subsidiaries
   
-
             
695,000
 
                         
                         
Shareholders' Equity (Deficit)
                       
  Share Capital (Note 8)
   
44,375,000
             
43,839,000
 
  Stock-Based Compensation
   
1,264,000
             
1,705,000
 
  Deficit
    (43,272,000 )             (45,572,000 )
                         
     
2,367,000
              (28,000 )
                         
     $
3,768,000
             $
2,901,000
 
                         
On Behalf of the Board:
                       
                         
"John Simmonds"
 
Director
                 
John Simmonds
                       
                         
"Jason Moretto"
 
Director
                 
Jason Moretto
                       
 
 
 

 
 


EIGER TECHNOLOGY, INC.
 
Consolidated Statement of Operations and Deficit
 
                                           
For the period ended June 30
 
2007
         
2007
         
2006
         
2006
 
   
Current Quarter
         
Year-to-Date
         
Quarter
         
Year-to-Date
 
   
(Unaudited)
         
(Unaudited)
         
(Unaudited)
         
(Unaudited)
 
                                                   
Revenues
   $
-
             $
-
             $
1,082,000
             $
3,130,000
 
                                                         
Cost of Revenues
   
-
             
-
             
583,000
             
1,965,000
 
                                                         
Gross Profit
   
-
             
-
             
499,000
             
1,165,000
 
                                                         
Expenses
                                                       
  Selling, General and Administrative
   
1,041,000
             
1,440,000
             
346,000
             
1,104,000
 
  Amortization of Property and Equipment
   
3,000
             
9,000
             
80,000
             
242,000
 
  Interest and Bank Charges
   
1,000
             
2,000
             
47,000
             
148,000
 
                                                         
     
1,045,000
             
1,451,000
             
473,000
             
1,494,000
 
                                                         
Income (Loss) from Operations
    (1,045,000 )             (1,451,000 )            
26,000
              (329,000 )
                                                         
Other Income
                                                       
  Interest income (expense)
   
1,000
             
1,000
             
-
             
-
 
  Earnings (Loss) from Equity Investments
    (229,000 )             (155,000 )            
-
             
-
 
  Gain (Loss) on Sale of Investment in Subsidiary
   
-
              (569,000 )            
-
     
 
     
-
 
  Gain (Loss) on Dilution - (Note 2)
   
4,479,000
             
4,479,000
             
-
             
-
 
     
4,251,000
             
3,756,000
             
-
             
-
 
                                                         
Earnings (Loss) from Continuing Operations
                                                       
Before Income Taxes
   
3,206,000
             
2,305,000
             
26,000
              (329,000 )
  Provision (Recovery) of Income Taxes
   
-
             
5,000
             
-
                 
                                                         
Earnings (Loss) from Continuing Operations
   
3,206,000
             
2,300,000
             
26,000
              (329,000 )
                                                         
Stock-Based Compensation
   
-
             
-
             
429,000
             
438,000
 
Non-Controlling Interests
    (31,000 )            
-
             
36,000
              (8,000 )
                                                         
Net Earnings (Loss)
   
3,175,000
             
2,300,000
              (439,000 )             (759,000 )
                                                         
                                                         
Retained Earnings (Deficit), Beginning of Period
    (46,447,000 )             (45,572,000 )             (45,126,000 )             (44,806,000 )
                                                         
Retained Earnings (Deficit), End of Period
   $ (43,272,000 )            $ (43,272,000 )            $ (45,565,000 )            $ (45,565,000 )
                                                         
                                                         
                                                         
Earnings (Loss) Per Weighted Average Number of Shares Outstanding - Basic and Diluted:
                 
                                                         
Continuing Operations
   $
0.08
             $
0.06
             $
0.00
             $ (0.01 )
                                                         
Net Earnings (Loss)
   $
0.08
             $
0.06
             $ (0.01 )            $ (0.02 )
                                                         
                                                         
Weighted Average Number of Shares Outstanding - Basic and Diluted:
                                         
                                                         
     
41,372,146
             
39,670,085
             
38,819,054
             
38,819,054
 
                                                         
                                                         

 

 



EIGER TECHNOLOGY, INC.
Consolidated Statement of Cash Flows

   
2007
Current Quarter
(Unaudited)
     
2007
Year-to-Date
(Unaudited)
     
2006
Current Quarter
(Unaudited)
     
2006
Year-to-Date
(Unaudited)
 
 
Cash Flows from Operating Activities:
                       
    Net Earnings (Loss) for the Period    $
3,175,000
     $ 2,300,000      $ (439,000 )    $ (759,000 )
    Adjustments for:                                
        Stock-Based Compensation     -             429,000        438,000   
        Dilution gain     (4,479,000 )       (4,479,000)              
        Loss on sale           569,000               
        Loss of equity accounted investee     229,000      
155,000 
             
        Amortization     3,000       9,000        80,000        242,000   
                                 
      (1,072,000)       (1,446,000)       70,000        (79,000)  
 Changes in Non-Cash Working Capital:                                
       Accounts Receivable     207,000        (104,000)       139,000        308,000   
       Prepaid Expenses      (16,000)       (17,000)       31,000        (123,000)  
       Income tax recovery           7,000               
      Advances to Corporations         (1,001,000)       (1,099,000)              
      Accounts Payable     768,000        1,665,000        63,000        (413,000)  
      Other Payable           (699,000)       (273,000)       (237,000)  
      Deferred Revenue                 (392,000)       9,000   
                                 
      (1,114,000)       (1,693,000)       (362,000)       (535,000)  
 Cash Flows from Investment Activities:                                
    Sale (Purchase) of Property and Equipment                 (1,485,000)       (1,662,000)  
    Goodwill and Other Assets                       20,000   
                  (1,485,000)       (1,642,000)  
 Cash Flows from Financing Activities;                                
    Long-Term Debt                                
    Sale of Common Shares                       (82,000)  
    Non-Controlling Interests     536,000        536,000               
      438,000        1,119,000        1,531,000        2,264,000   
                                 
      974,000        1,655,000        1,531,000        2,182,000   
                                 
 Net Increase (Decrease) in Cash     (140,000)       (38,000)       (316,000)       5,000   
                                 
 Cash and Cash Equivalents - Beginning of Period     177,000        75,000        354,000        33,000   
                                 
 Cash and Cash Equivalents - End of Period    $ 37,000       $
37,000 
     $ 38,000       $ 38,000   
                                 
                                 
                                 
                                 
                                 
                                 
                                 

 
 
 

 

 
EIGER TECHNOLOGY, INC.
Notes to the Consolidated Financial Statements
For the nine months ended June 30, 2007
           
           
           
1.  Organization and Nature of Business:
         
           
Eiger Technology, Inc. (the "Company" or "Eiger") was originally incorporated as Alexa Ventures Inc.
on September 8, 1986 under the laws of British Columbia. Currently, the Company is in good standing,
operating under the laws of Ontario.  The Company is listed as an issuer on the TSX.
           
2.  Significant Accounting Policies:
         
           
These interim financial statements have been prepared using the same accounting principles and the
same methods of application as were used in the preparation of the Company's annual financial
statements for the year ended September 30, 2006. However, Eiger's interest in Newlook decreased from
85% to 42% during the second quarter of 2007, resulting in Eiger changing its accounting for Newlook
from consolidation to equity accounting. As a result of this, the company has recognized a dilution
gain of $4,479,000. During the third quarter of 2007, Eiger's interest in Racino Royale, Inc.
decreased from 50%to 45%, resulting in Eiger changing its accounting for Racino to equity accounting.
These interim financial statements may not contain all of the disclosures necessary to be fully in
accordance with Canadian generally accepted accounting principles, and should, therefore, be read in
conjunction with the annual financial statements for the year ended September 30,2006.
 
           
3.  Going Concern:
         
           
The accompanying consolidated financial statements have been prepared on a going concern basis, which
assumes that the Company will continue in operation for the foreseeable future and will be able to realize
its assets and discharge its liabilities and contingencies in the normal course of operations.  The
Company's ability to continue as a going concern is dependent upon the Company's ability to raise
additional capital, to increase sales and sustain profitable operations.  Should the Company be unable to
continue as a going concern, it may be unable to realize the carrying value of its assets and to meet its
liabilities as they become due.  The Company believes that future shares issuance and certain sales related
efforts will provide sufficient cash flow for it to continue as a going concern in its present form,
however, there can be no assurances that the Company will achieve such results. Accordingly, the
consolidated financial statements do not include any adjustments related to the recoverability and
classification of recorded asset amounts or the amount and classification of liabilities or any other
adjustments that might be necessary should the Company be unable to continue as a going concern.
           
4.  Equity Investment:
         
           
The Company's equity investments consist of an ownership interest in Newlook Industries Corp. and
Racino Royale, Inc. The carrying value of investments is summarized as follows:
   
           
                                                 Racino Royale, Inc.
       
489,000
                                                 Newlook Industries Corp.
       
0
           
         
489,000
           
5.  Property and Equipment:
         
           
         
Net Book
         
Value
                         
                                                Furniture and fixtures
       
49,000
                                                Computer software
       
4,000
           
         
53,000
           
6.  Advance to Corporation:
         
           
                                              Newlook Industries Corp.
       
862,000
                                              OnlineTel
       
1,613,000
                                             Racino Royale, Inc.
       
229,000
                                             Alexa Properties
       
156,000
                                             Club Connects
       
2,000
                                             ADH
       
185,000
           
         
3,047,000
           
Advances noted above are unsecured, non-interest bearing and have no specific repayment terms.
           
           
           
           
7.  Commitments and Contingencies:
         
           
The Company is obligated under an office premise lease until February 2011. Under the terms of
the agreement, the Company is committed to rental payments as follows:
     
           
   
2007
   
38,500
   
2008
   
102,000
   
2009
   
102,000
   
2010
   
102,000
   
2011
   
34,000
           
         
378,500
           
8.  Share Capital:
         
           
Authorized:  100,000,000 Common Shares without par value.
       
           
Issued:  42,389,054 Common Shares.
         
           
Stock Options Issued:  3,556,000 Options.
         
           
           
           







EX-99.3 4 exhibit99-3.htm MD&A FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2007 exhibit99-3.htm

 

 


MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED JUNE 30, 2007
August 14, 2007

The following discussion and analysis of operating results and financial position is supplementary to, and should be read in conjunction with the unaudited financial statements for the three and nine months ended June 30, 2007 and the audited financial statements of Eiger Technology, Inc. (“Eiger” or “the Company”) for the year ended September 30, 2006.  The consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in Canada. All monetary amounts are expressed in Canadian dollars.


FORWARD-LOOKING INFORMATION

The discussion and analysis and other sections of this report contain forward-looking statements. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause results to differ materially from those contemplated by these forward-looking statements. Eiger considers the assumptions on which these forward-looking statements are based to be reasonable at the time the statements were prepared, but cautions the reader that they could cause actual results to differ materially from those anticipated.


COMPANY OVERVIEW

Eiger Technology, Inc.

Eiger Technology, Inc. is a holding company with two main investments; Racino Royale, Inc. (“Racino”) and Newlook Industries Corp. (“Newlook”). Racino is listed on the Nasdaq OTCBB under the symbol “RCNR”. Newlook is listed on the TSX Venture Exchange under the symbol “NLI”. Eiger is a public company listed as symbol “AXA” on the Toronto Stock Exchange and as “ETIFF” on the Nasdaq OTCBB. Eiger’s head office is located in Toronto Ontario and has five staff.

Racino Royale, Inc.

Racino’s mandate is the conduct of horseracing and horseracing track development opportunities.  During the nine month period ended June 30, 2007, Eiger disposed of part (1,400,000 common shares) of its investment in Racino thereby reducing its ownership stake to approximately 45%.  Subsequent to the end of the current quarter on August 8, 2007, Eiger disposed of its remaining interest in Racino.


Newlook Industries Corp.

Newlook is a telecommunications company that has a portfolio of products and services through its wholly-owned subsidiary, Onlinetel Corp., whose operations have been serving the Canadian market for over 13 years.  Beginning in March 2007 and ending in June 2007, Newlook completed an acquisition of a 53% equity stake in Wireless Age Communications, Inc., a telecommunications company listed on the NASD OTCBB under the symbol “WLSA”.  Going forward, Newlook anticipates more acquisitions to enhance its position in the telecommunication services industry. Newlook currently has 15 staff and is listed on the TSX Venture Exchange under the symbol “NLI”.

On February 28, 2007, Eiger disposed of a portion (6,000,000 common shares) of its investment in Newlook to a group of independent investors and granted an option to the same investors on its remaining investment. Pursuant to the terms of the option the investors have the option to acquire seven blocks of common shares beginning on March 15, 2007 and ending on March 15, 2010. At June 30, 2007, Eiger held a 42% equity position in Newlook.  It is anticipated that the options will be exercised and the proceeds will be used for investment purposes.  It is projected that the complete Newlook divestiture will enhance Eiger's treasury by an estimated $2 million.


RESULTS OF OPERATIONS

Due to the decline in Eiger’s ownership interest in Newlook to 42% and in Racino to 45% it no longer consolidates the operating results of these two entities. Eiger equity accounts or records its share of earnings or losses in these investees.

Consolidated revenues for the quarter ended June 30, 2007, were nil, compared to $1,082,000 in the prior year. Gross profit was nil in the current quarter compared to $499,000 for the prior year. As mentioned above the year over year reduction in revenue and gross profit is a result of changing from consolidation accounting to equity accounting for it’s investments in Newlook and Racino.

Expenses increased from $473,000 during the three month period ended June 30, 2006 to $1,045,000 in the current quarter. The current quarter included a severance provision for the Company’s former CEO.

The Company recorded losses of $229,000 as its share of Newlook and Racino operations during the current quarter and nil in the comparative period in the prior year.

Due to the divestiture of a portion of its interest in Newlook the Company recorded a dilution gain of $4,479,000, representing the disposal of its share of previously consolidated losses.

The Company also recorded a loss of $31,000 attributable to non-controlling interests in Racino during the three month period ended June 30, 2007 compared to $36,000 for Newlook and Racino in the comparative period in the prior year.

For the three month period ended June 30, 2007, consolidated net earnings were $3,175,000 ($0.08 per share), compared to a loss of $439,000 ($0.01 per share) during the three month period ended June 30, 2006. The current years earnings is attributable to a dilution gain arising from the Company’s disposal of part of its investment in Newlook.

Eiger has entered into agreements to dispose of its investments in Racino and Newlook and intends to use proceeds from the disposal for investment purposes.


SUMMARY OF QUARTERLY RESULTS

The following table presents selected financial data of the Company for its last eight quarters as reported in the particular period:
 
Fiscal Qtr – Month End
 
Q3-6/07
 
Q2-3/07
 
Q1-12/06
 
Q4-9/06
 
Q3-6/06
 
Q2-3/06
 
Q1-12/05
 
Q4-9/05
   
Fiscal Year
2007
2007
2007
2006
2006
2006
2006
2005
 
Revenues
0
0
840,000
629,000
1,082,000
1,026,000
1,022,000
651,000
 
Income (Loss) From Operations
 
(1,045,000)
 
(231,000)
 
(170,000)
 
851,000
 
(439,000)
 
(148,000)
 
(172,000)
 
(515,000)
 
Net Earnings (Loss)
3,175,000
(800,000)
(170,000)
851,000
(439,000)
(148,000)
(172,000)
694,000
 
Earnings Per Share from Operations
 
(0.03)
 
(0.01)
 
 
 
       0.00               0.01
 
          (0.01)
 
            0.00
 
            0.00
 
         (0.01)
Net Earnings Per Share
0.08
(0.02)
0.00
0.01
(0.01)
0.00
0.00
0.02
 


LIQUIDITY

Cash, cash equivalents and short-term investments at June 30, 2007 was $37,000 compared to $102,000 at September 30, 2006.  Eiger has no bank debt facilities.  The Company’s working capital deficit improved from $1,829,000 at September 30, 2006 to $1,222,000 at June 30, 2007. The change is primarily the result of no longer consolidating the balance sheets of Newlook and Racino.

On May 14, 2007, the Company closed a non-brokered private placement of 3,570,000 units of its securities at a price of $0.15 per unit. Each unit is comprised of one share and three share purchase warrants. The warrants, each of which is convertible to one common share, are exercisable for a period of three years at various exercise prices. The Company received proceeds of $536,000. If the warrants are fully exercised, the Company will receive additional cash proceeds of $5,355,000.

The Company’s consolidated financial statements for the quarter ended June 30, 2007 have been prepared on a going concern basis, in accordance with Canadian generally accepted accounting principles and accounting principles generally accepted in the United States of America. The going concern basis of presentation assumes that the Company will continue in operations for the foreseeable future and will be able to realize its assets and discharge its liabilities and contingencies in the normal course of operations.

There is doubt about the Company's ability to continue as a going concern as the Company has a working capital deficit of $1,222,000 and an accumulated deficit of $43,272,000 as at June 30, 2007. The Company's ability to continue as a going concern is dependent upon the Company's ability to raise additional capital, to realize on its agreements to dispose of investments and sustain profitable operations. Should the Company be unable to continue as a going concern, it may be unable to realize the carrying value of its assets and to meet its liabilities as they become due.

The Company believes that future shares issuance and proceeds received from the divestiture of its investments will provide sufficient cash flow for it to continue as a going concern in its present form, however, there can be no assurances that the Company will achieve such results. Accordingly, the consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amount and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern.


OFF-BALANCE SHEET ARRANGEMENTS

Eiger had no off-balance sheet arrangements as at June 30, 2007.


TRANSACTIONS WITH RELATED PARTIES

All transactions within the corporate group listed in note 16 of the consolidated financial statements for the year ended September 30, 2006, are in the normal course of business and are recorded at the carrying value. Inter-company transactions and balances are eliminated upon consolidation. Service fees charged by directors, officers or corporations owned by management personnel during the quarter totaled $75,000.


PROPOSED TRANSACTIONS

The Company has no proposed asset or business acquisition or disposition that the board of directors or senior management has decided to proceed with at the present time.


CRITICAL ACCOUNTING ESTIMATES

The Company’s consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles ("GAAP") which, except as noted in note 18 of the consolidated financial statements for the year ended September 30, 2006, are consistent in all material respects with accounting principles generally accepted in the United States of America. However, the Company’s interest in Newlook and Racino have been reduced to 42% and 45%, respectively. The critical accounting policies followed by the Company are as follows:

Fair Value of Financial Instruments

Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from the financial instruments. The fair value of the financial instruments approximates their carrying values, unless otherwise noted.

Credit Risk

The Company's financial assets that are exposed to credit risk consist primarily of short-term investments, accounts receivable, and advance to corporation.

The Company, in the normal course of business, is exposed to credit risk from its debtors. Management believes that sufficient allowance has been made for bad debts based on a review of accounts on an individual basis. The concentration of credit risk in trade accounts receivable is not considered to be significant.


CHANGES IN ACCOUNTING POLICIES

Stock-Based Compensation

Executives and certain senior managers of the Company participate in the stock-based compensation plan, as described in note 14 to the consolidated financial statements for the year ended September 30, 2006. Effective October 1, 2004, the Company adopted, on a retroactive basis, the recommendations of CICA Section 3870, “Stock-based Compensation and Other Stock-based Payments”. These recommendations require that compensation for all equity based awards made to non-employees and employees be measured and recorded in the consolidated financial statements at fair value. The fair value of stock based compensation is determined using the Black-Scholes option pricing model. The resulting value is charged against income over the vesting periods of the option.

For fiscal years prior to 2005, the Company applied the intrinsic value based method of accounting for share-based compensation awards granted to employees, as permitted by GAAP. As the Company has selected the retroactive application without restatement method, the impact on net income of adopting the fair value based method in the comparative period is disclosed in note 15(c) of the consolidated financial statements for the year ended September 30, 2006.


FINANCIAL INSTRUMENTS AND OTHER INSTRUMENTS

Earnings and cash flow are subject to volatility stemming mainly from movements in the U.S./Canadian dollar exchange rate and interest rates.  Eiger does not hedge its foreign currency as it deals almost exclusively in the domestic currency.  As at June 30, 2007, the Company had no financial instruments.


OTHER MD&A REQUIREMENTS

Annual Information Form

Additional information relating to the Company, including the Company’s Annual Information Return, may be found on SEDAR at www.sedar.com.

Disclosure of Outstanding Share Data

As at June 30, 2007, the Company had authorized 100,000,000 Common Shares without par value and had issued 42,389,054 Common Shares. If all options were exercised the number of Common Shares outstanding would be 53,099,054.






EX-99.4 5 exhibit99-4.htm FORM 52-109F -CERTIFICIATION OF INTERIM FILINGS (CEO) exhibit99-4.htm
    

Form 52-109F2 - Certification of Interim Filings


I, John G. Simmonds, Chief Executive Officer, certify that:

1. I have reviewed the interim filings (as this term is defined in Multilateral Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings) of Eiger Technology, Inc., (the issuer) for the interim period ending June 30, 2007;

2. Based on my knowledge, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings;

3. Based on my knowledge, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date and for the periods presented in the interim filings;

4. The issuer's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures and internal control over financial reporting for the issuer, and we have:

(a) designed such disclosure controls and procedures, or caused them to be designed under our supervision, to provide reasonable assurance that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which the interim filings are being prepared; and

(b) designed such internal control over financial reporting, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP; and

5. I have caused the issuer to disclose in the interim MD&A any change in the issuer's internal control over financial reporting that occurred during the issuer's most recent interim period that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting.


Date: August 14, 2007


signed

/s/ John G. Simmonds

____________________
John G. Simmonds
Chief Executive Officer


 




EX-99.5 6 exhibit99-5.htm FORM 52-109F-CERTIFICATION OF INTERIM FILINGS (CFO) exhibit99-5.htm
 
 
 
Form 52-109F2 - Certification of Interim Filings


I, Gary N. Hokkanen, Chief Financial Officer, certify that:

1. I have reviewed the interim filings (as this term is defined in Multilateral Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings) of Eiger Technology, Inc., (the issuer) for the interim period ending June 30, 2007;

2. Based on my knowledge, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings;

3. Based on my knowledge, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date and for the periods presented in the interim filings;

4. The issuer's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures and internal control over financial reporting for the issuer, and we have:

(a) designed such disclosure controls and procedures, or caused them to be designed under our supervision, to provide reasonable assurance that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which the interim filings are being prepared; and

(b) designed such internal control over financial reporting, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP; and

5. I have caused the issuer to disclose in the interim MD&A any change in the issuer's internal control over financial reporting that occurred during the issuer's most recent interim period that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting.


Date: August 14, 2007


signed

/s/ Gary N. Hokkanen

____________________
Gary N. Hokkanen
Chief Financial Officer
 
 
 

 


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-----END PRIVACY-ENHANCED MESSAGE-----