For the three month period ended June 30, 2006, the Company sustained a net loss of $6,936,326, or $.001 per share (basic and diluted) on revenue of $1,639,299, as opposed to a loss of $510,515, or $.000 per share (basic and diluted) on revenue of $52,874 for the quarter ended June 30, 2005.....
Total liabilities and stockholder's deficit for the quarter ended June 30, 2006 was $8,196,588 as opposed to $6,293,238 for the quarter ended June 30, 2005......
On January 3, 2006, Jim Turek Sr., the Company's president and majority shareholder, forgave approximately $5,980,000 of obligations consisting of notes payable, accrued interest, and accrued salaries and bonuses.
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