DEPI -- SEC FORM 10-QSB -- August 14, 2002
Excerpt:
The Company also has a two year lease for office space for a subsidiary in Alberta, Canada.
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The Company has entered into joint venture partnership on April 16,2002 with a complementary enterprise to launch a Limited Liability Corporation ("LLC") that will generate revenue from the marketing and sale of pure Alaskan Humus.
Revenue from this venture will be used to fund the Company's business plan. The Company has fulfilled their end of the agreement and has arranged for a barge to transport the humus soil at a more economical rate than was previously stated to the Company. The Company has also been working on setting up the marketing of the humus product worldwide. The Company has sent letters to inform APC Exports that the barge is ready to pick up the Humus in Alaska, and to bring it to the Seattle area. APC Exports has indicated to the company that they do not acknowledge that there is an agreement in place. The Company has obtained a legal opinion that the Agreement is a binding agreement that was done in good faith by both parties. It has become apparent to the Company that APC is looking for financing for their company to carry on with their business, while not acknowledging the agreement with the
Company.
If this is the case the Company will be forced to use take legal action to defend their position. The Company still wants to move forward with this endeavor.
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Rent of $132,882, which is owed to Brampton Holdings Ltd., has accrued for office space and furnishings. Brampton is owned by Sharon Branconnier and Jolene Fuller, wife and daughter, respectively, of an individual considered by the SEC to possibly be the founder of the Company.
Rent of $80,239, which is owed to Sanclair Holdings Ltd., has accrued on research and development facilities. Sharon Branconnier is the owner of Sanclair and wife of an individual considered by the SEC to possibly be the founder of the Company.
On January 1, 2002, the Company entered into a 36-month Technology, Operations, Maintenance, Research & Development, Engineering and Training consulting contract with Earthscape Maintenance Inc., a company owned by Jolene Fuller and Fred Fuller, daughter and son-in-law of an individual considered by the SEC to possibly be the founder of the Company. Under this contact, Earthscape Maintenance has earned fees of $382,092 to June 30, 2002.
While the Company organized its in-house office, administration, and accounting department, it entered into a 4-month Office, Accounting & Administration contract with Brampton Holdings Ltd., owned by Sharon Branconnier and Jolene Fuller, wife and daughter, respectively, of the individual considered by the SEC to be the possible founder of the Company. Brampton Holdings earned fees of $126,692 to June 30, 2002.
On April 19, 2002, the Company issued 250,000 common shares to James Florio a director of the company. These common shares where paid for by a reduction in consulting fees of $15,000.
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