These monies were lent to the Company by LEXREAL, LLC, a Kentucky formed LLC, of which James N. Turek is the Operating Manager.
III.
RELATED PARTY TRANSACTIONS
As of September 30, 2005, telcoBlue, Inc.’s liabilities exceeded its assets by approximately $1,900,000. On September 20, 2005, Plasticon International, Inc., a Wyoming corporation, (formally Wicklund Holding Company (“WHC”)), forgave a debt of $140,507 owed to WHC by telco Blue, Inc. James N. Turek, the President and CFO of telcoBlue, Inc. is also the President of Plasticon International, Inc. and WHC.
During the period ended September 30, 2005, the Company has used cash in the amount of $219,247 in its operating activities. These monies were lent to the Company by LEXREAL, LLC, a Kentucky formed LLC, of which James N. Turek is the Operating Manager.
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Telcoblue Inc · 10QSB · For 9/30/5 |
