shades, as far as I know there is only one shipping vessel. They did at on time own 3 other boats, but nolonger.
"CARIBBEAN CHARTERS LTD.
On August 21, 1995, the Company acquired 100% of the sellers interest
in Caribbean Charters Ltd. This acquisition was evidenced by a
convertible promissory note in the amount of $750,000 convertible
into the Company's common shares at a price of $2.50 per share.
Since the assets of Caribbean Charters Ltd. consisted of three
boats, the purchase price was attributed entirely to property,
plant and equipment.
This acquisition was also with a related party. Current management
has been unable to determine whether the acquisition was made at
"arms length" and therefore whether amounts recorded in the financial
statements properly reflect the fair values of the assets acquired.
During March 1996, the Company exchanged 750,000 common shares for
the $750,000 convertible note.
In December 1995, one of the boats was sold for $35,000 resulting in
a loss of $140,000. In October 1995, a second boat was sold for
$60,000 resulting in a loss of $165,000. In May 1996, the third boat
was repossessed by a secured lender resulting in a loss of $210,000.
Accordingly, as of June 30, 1996, all of the assets of Caribbean
Charter Ltd had been disposed of."
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