Due to/from related party -During 2004, the Company was repaid
approximately $795,000 of amounts loaned to Plasticon International
("Plasticon"), a company which the Company's Chief Executive Officer was
officer and significant owner. The repayment was in the form shares of
common stock of Plasticon. In 2004, the Company issued these shares of
common stock of Plasticon to certain individuals in satisfaction of notes
payable approximating $795,000 which represented 65% of the original
principal balance (the remaining 35% of these notes payable remain
outstanding as of December 31, 2004 and are listed in Note 5).
As of December 31, 2004, due to related parties totaling $289,737
represent advances from three business entities which the Company's Chief
Executive Officer has an ownership interest. The advances are unsecured,
bearing no interest and are due on demand.
Acquisition of assets of Show Me Ink, LLC - As discussed in Note 1, on
December 10, 2003, the Company purchased the assets of Show Me Ink, LLC,
an entity owned by the Company's Chief Executive Officer and majority
stockholder in exchange for $450,000, which was contributed by the Chief
Executive Officer to the Company. In addition, the Company forgave debt
owed by Show Me Ink, LLC totaling $1,588,521.
secinfo.com
Telcoblue Inc · 10KSB · For 12/31/4 · p. 19 |
