Ha-ha! Don’t plan on trading anytime in the near future.
From reading the FORM 10-QSB, PART 1 - FINANCIAL INFORMATION, Item 2. Management’s ( A.K.A.Thomas Megas) Discussion and Analysis or Plan of Operation (funniest one I’ve ever seen),
There are 1,075,084,637 shares now outstanding:
525,035,229 validly issued shares
243,842,000 invalidly shares identified previously
306,207,408 additional invalidly issued shares held by brokerage firms on behalf of various beneficial owners.
So, Part 1 of the plan is >50% dilution and all us naked shorts now have shares to cover.
Part 2 is a ~ 1 for 200 reverse split.
Before they can do that:
In order to undertake the contemplated reverse stock split and our name change, the Board of Directors intends to call a meeting of our shareholders as soon as soon as practicable following the date that the Company becomes current in its reporting obligations under the Securities Act of 1934, which requires us to file our quarterly reports on Form 10-QSB for the third quarter of 2007, along with any other current reports on Form 8-K that may be required.
So they need to do the impossible because:
Item 3. Controls and Procedures.
We do not maintain formal disclosure controls and procedures to ensure that information required to be disclosed by us in the reports filed under the Securities Exchange Act, is recorded, processed, summarized and reported within the time periods specified by the SEC’s rules and forms. We currently are unable to fund the design development of such disclosure controls and procedures. Further, if disclosure controls and procedures were designed, we are currently unable to adequately staff and supervise the implementation of such controls and procedures. As a result, our current circumstances could lead to the untimely identification and resolution of accounting and disclosure matters and the failure to perform timely and effective reviews.
As a result and based upon his evaluation as of the end of the period covered by this report, our Chief Executive Officer and Acting Chief Financial Officer concluded that our disclosure controls and procedures are not effective to ensure that information required to be included in our periodic SEC filings is recorded, processed, summarized, and reported within the time periods specified in the SEC rules and forms.
No corrective actions were taken to correct the material weaknesses in our disclosure controls and procedures because of the lack of required financial resources necessary to correct such weaknesses.
They can't even get anyone to sign off on what they already submitted:
PART II - OTHER INFORMATION
LIEBERMAN & ASSOCIATES P.A.
CERTIFIED PUBLIC ACCOUNTANT
We conducted our review in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquires of persons responsible for the financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
So, if you didn't figure it out yet:
2. GOING CONCERN
The Company has incurred net losses of approximately $4,856,022 and $4,945,117 for the six months ended June 30, 2007 and June 30, 2007. Additionally, the Company has working capital deficiencies of approximately $397,043 and $486,138 at June 30, 2007 and 2006 respectively. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.
MONEYMADE, please show me anything that indicates that this is "a real company". Ha-ha! Have a nice day. |
