Given Turek is in bankruptcy, there are only two viable ways he can get money: 1) sell stock, and 2) get financing. With no tangible assets, his only realistic option is to sell stock.
Given that Turek was in bankruptcy prior to the events described below, where did the $450,000 come from?
on December 10, 2003, the Company purchased the assets of Show Me Ink, LLC, an entity owned by the Company's Chief Executive Officer and majority stockholder in exchange for $450,000, which was contributed by the Chief Executive Officer to the Company. In addition, the Company forgave debt
owed by Show Me Ink, LLC totaling $1,588,521.
Telcoblue Inc · 10KSB · For 12/31/4
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RELATED PARTY TRANSACTIONS
Due to/from related party -During 2004, the Company was repaid
approximately $795,000 of amounts loaned to Plasticon International
("Plasticon"), a company which the Company's Chief Executive Officer was
officer and significant owner. The repayment was in the form shares of
common stock of Plasticon. In 2004, the Company issued these shares of
common stock of Plasticon to certain individuals in satisfaction of notes
payable approximating $795,000 which represented 65% of the original
principal balance (the remaining 35% of these notes payable remain
outstanding as of December 31, 2004 and are listed in Note 5).
As of December 31, 2004, due to related parties totaling $289,737
represent advances from three business entities which the Company's Chief
Executive Officer has an ownership interest. The advances are unsecured,
bearing no interest and are due on demand.
Acquisition of assets of Show Me Ink, LLC - As discussed in Note 1, on
December 10, 2003, the Company purchased the assets of Show Me Ink, LLC,
an entity owned by the Company's Chief Executive Officer and majority
stockholder in exchange for $450,000, which was contributed by the Chief
Executive Officer to the Company. In addition, the Company forgave debt
owed by Show Me Ink, LLC totaling $1,588,521.
5. LOANS PAYABLE
Loans payable consists of the following as of December 31, 2004:
· Download Table
Promissory note payable to an individual, unsecured, bearing interest at
8%, due in semi-annual interest payments of
$25,791, which matures March 2009 $225,672
Promissory note payable to an individual, unsecured, bearing
interest at 9.6%, due in semi-annual interest payments of
$9,414, which matures March 2008 68,646
Promissory note payable to an individual, unsecured, bearing
interest at 6%, due in quarterly interest payments of
$2,702, which matures January 2009 63,057
Promissory note payable to an individual, unsecured, bearing
Interest at 6%, due in quarterly interest payments of
$210, which matures September 2004 (past due maturity) 1,225
Promissory note payable to an individual, unsecured, bearing
Interest at 10%, due in semi-annual interest payments of
$9,955, which matures January 2011 69,685
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428,285
Less amounts due within one year: 1,225
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Long-term portion of loan payable: $427,060
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On December 10, 2003 prior to the TBLU Transaction, Promotional Containers Manufacturing, Inc. purchased the assets of Show Me Ink, LLC, an entity owned by the Company's Chief Executive Officer and majority stockholder in exchange for $450,000, which was contributed by the Chief Executive Officer to the Company. In addition, the Company forgave debt owed by Show Me Ink, LLC totaling $793,134.
Telcoblue Inc · 10KSB · For 12/31/4
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