CEO Dexter failed to reveal a defaulted loan and a lawsuit in the 10-Q filed yesterday. The lender blows the whistle in I-Hub post. (Some dates should read 2009)
Posted by: jchristiang Date: Thursday, August 13, 2009 11:21:32 AM
In reply to: swb173 who wrote msg# 14532 Post # of 14592
In response to the many queries on this site I'd like to clarify a few things.
First item the audited financials included in the December 31, 2008 10-K filed on May 8th, 2009 contained false or misleading information and that fact was communicated both to Moore & Associates, and Labwire in a certified letter dated June 8th, 2009.
The lender was Northamerican Energy Group, Inc. the interest rate was 1% payable every 15 days.
In addition Moore & Associates and Labwire's were informed that the 10-K failed to recognize or inform the stockholders, the SEC, and the public that the Promissory Note was in default on April 1st, 2008 and should have been disclosed as a later day information since the filing did not occur until May 8th, 2009.
On May 28th, 2008 Northamerican Energy Group Inc. filed a lawsuit in the 506th District of Waller County, Texas (Cause No. 09-05-19819) to recover the principal and interest due Northamerican Energy under the defaulted note and that fact was not properly disclosed in Item 1. Part II Legal Proceedings of the 10-Q just filed.
Northamerican Energy has, and did not, seize the collateral as stated in the 10-Q by Labwire and that stock certificate is being held by a mutually agreeable 3rd Party pending disposition of Northamerican's lawsuite against Labwire to recover the principal and past due interest.
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