looks like ther is nothing left but previous bad debt
"v) the Registrant assigned its interest in certain telecommunications
systems to Affinity, with Affinity assuming debt on such equipment, pursuant to
an Absolute Assignment of Intangible Assets and Assumption by Assignee of
Certain Obligations by and between the Registrant and Affinity dated February
28, 2001 and transferred its office furniture and equipment to Affinity pursuant
to a Bill of Sale by and between the Registrant and Affinity dated February 28,
2001 in exchange for: (1) forgiveness by Affinity of $260,000 owed by the
Registrant to Affinity; (2) payment of $52,000 by Affinity to the Registrant on
February 28, 2001; (3) $34,000 to be disbursed by Affinity to pay the
Registrant's directors and officers liability insurance; and (4) $66,000 to be
disbursed by Affinity to cover the Registrant's employees' salaries, other
associated payroll expenses and the cost of accountants and filing expenses for
the Registrant's next report on Form 10-KSB;"
AND THE KICKER,rofl!!
"the parties affirmed that a demand promissory note in the amount
of $416,026.13 plus accrued interest, shall remain due and owing by the
Registrant;"
Since they have no offices or furniture anymore..Where is the CEO's office? In a corner closet? Doesn't sound to cushy to me<g> "retaining the right to certain office space rent free for the balance of the
current term of the lease" |
