Read the filings....Okay, I did, and this is what I take of it:
New registration of securities in the newest 10SB12G is the third one and each time the dilution grows as does the insider sells, and I believe the comment process now starts all over again. Funny how this stock is only about the issuance and selling of shares ... or so it appears. Here are some highlights:
Total New Issued 1,483,010 ... OS now 211,582,554
From the filings on the dilution just through 11/02/1999 what 60 days maybe how much more is forthcoming :
11/24/99 424,343 Daniel Mendez Settlement of Claim(6) 25,000 4(2)
11/24/99 282,884 Albert Figueroa Settlement of Claim(6) 16,666 4(2)
11/24/99 282,884 Deng Shan Settlement of Claim(6) 16,666 4(2)
11/24/99 169,737 Bernard Kruer Settlement of Claim(2) 10,000 4(2)
11/24/99 113,147 Gymar, Inc. Settlement of Claim(2) 6,666 4(2)
11/24/99 68,023 Daniel Mendez Conversion of Loan (7) 3,190 4(2)
11/24/99 50,649 Albert Figueroa Conversion of Loan (7) 2,375 4(2)
11/24/99 11,343 Deng Shan Conversion of Loan (7) 532 4(2)
11/24/99 20,000 Todd Ream Services (2) 1,876 4(2)
11/24/99 60,000 Fred N. Smith Services (2) 5,628 4(2)
Footnotes:
-(2) The stock issuances signified by Footnote (2) were negotiated at arms-length, and not tied to any specific price per share value.
-(6) Stock issuances signified by Footnote (6) on 11/24/99 were issued pursuant to a settlement agreement for past services performed over the period 10/1/99 through 11/30/99. The shares were valued at closing marketprice of the stock at the end of each month during which services wereperformed, discounted by 50%.
-(7) Stock issuances signified by Footnote (7) on 11/24/99 for "conversion of loan"; were for loans made prior to 9/30/99 and
were valued at closingmarket price on 9/30/99, discounted by 50%.
ALSO a consultant agreement with Deng Shan .... Funny a director is a paid consultant with a bottomless debenture in coverting fees to stock ....
a. Consultant's compensation and remuneration for services performed under this Agreement shall be $100,000 per year.
b. Consultant may, at the option of the Consultant, elect to accept common stock of the Company in lieu of cash. The value of the shares shall be subject to negotiation and agreement between the Consultant and the Client. (Is this not a floorless debenture?)
c. Client shall reimburse the Consultant for all expenses incurred in connection with the performance of his duties and responsibilities for Client including, but not limited to, air travel, car rental, hotel accommodations, meals, and other expenses directly related to the rendering of services pursuant to this Agreement.
ALSO they are not in Y2K compliance....
Outside of manual backup, the Company does notplan to implement further contingency plans.
What about the salaries and the dilution of stock from that since no cash was paid / makes you wonder about the IRS and taxes on salaries ...
Summary CompensationAnnual Compensation
DanielMendez 1996 138,900
DanielMendez 1997 220,000
DanielMendez 1998 220,000
DanielMendez 1999 137,500
AlbertFigueroa 1996 100,000
AlbertFigueroa 1997 100,000
AlbertFigueroa 1998 100,000
AlbertFigueroa 1999 91,666
DengShan 1997 100,000
DengShan 1998 100,000
DengShan 1999 91,666
-(1) Of the above compensation paid to Daniel J. Mendez, a portion of saidcompensation was paid by the issuance of private
placement stock in lieu ofcash in the following amounts and the agreed values in the respective years indicated:
1996: 2,668,767 shares valued at $138,900
1997: 2,850,000 shares valued at $220,000
1998: 3,304,737 shares valued at $220,000
1999: 2,528,816 shares valued at $137,500
-(2) Of the above
compensation paid to Albert N. Figueroa, a portion ofsaid compensation was paid by the issuance of private placement stock inlieu of cash in the following amounts and the agreed values in therespective years indicated:
1996: 1,921,293 shares valued at $100,000
1997: 1,295,896 shares valued at $100,000
1998: 1,817,449 shares valued at $100,000
1999: 1,689,420 shares valued at $ 91,666
-(3) Of the above compensation paid to Deng Shan, a portion of saidcompensation was paid by the issuance of private placement stock in lieu ofcash in the following amounts and the agreed values in the respective yearsindicated:
1997: 1,295,896 shares valued at $100,000
1998: 1,817,449 shares valued at $100,000
1999: 1,721,403 shares valued at $ 91,666
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