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.
Telcoblue Inc • 10KSB • For 12/31/4. secinfo.com
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.
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.
secinfo.com
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.
secinfo.com
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.
secinfo.com
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.
secinfo.com
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has suffered recurring losses from operations and has an accumulated deficit as of December 31, 2004, which raises substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.
/s/ De Joya & Company
De Joya and Company.
Henderson, Nevada
June 1, 2005
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Show Me Ink, LLC debt forgiven by Promotional Containers Manufacturing, Inc.: $1,588,521
Promotional Containers Manufacturing, Inc. debt forgiven: $793,134
Difference $795,387
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