I do not believe the story regarding intellectual property that the spugsmeister was promoting. As I recall, figures went as high as $16,000,000. lol
From the filing, the deal with Lorrichio and Abracel was original booked for $5000. It has been restated by the new unidentified auditors for $7,400,000. This number was arrived by multiplying the price shares were trading for at that time x's 5,000,000 + or -...
It was a stock market valuation issue, not an intellectual property issue.
This transaction of course further diluted the individual shareholders
% of ownership significantly. The troubling point besides the dilution is that the company then wrote off the assets immediately.
I would suggest those interested to consider,...subsequent events rules regarding asset impairment.
How did that asset which caused 5,000,000+ shares to be issued so quickly become impaired?
I wonder how withholding was handled?
The cost of "intellectual property" comes high. <g> Did we ever hear what value the SEC allowed for Lorrichio as an "intellectual property" ? |
