(Unaudited)
sec.gov
6.Subsequent Events
On October 10, 2005, the Company increased its authorized shares of common stock from 3,000,000 shares with a par value of .05 to 5,000,000,000 shares with a par value of .001. All common stock activity has been adjusted to the .001 par value in the accompanying financial statements.
In December 2005, the Company acquired all the stock of Pro Mold, Inc. (Pro Mold), an injection molding facility in the Midwest. The purchase terms are payment of $2,500,000 in cash with the balance, $1,000,000 in the form of a 7% promissory note, a five year term, secured by Pro Mold’s assets purchased by the Company.
During 2005, the Company received approximately 5,771,180 in funding from Lexreal and approximately $213,278 in funding from PCI both of which are owned by James N. Turek Sr. the Company’s president and majority shareholder. The funds were significantly utilized to pay for expenses on behalf of the company.
On January 3, 2006, James Turek Sr., the Company’s president and majority shareholder, forgave $5,799,849 of obligations consisting of notes payable, accrued interest, and accrued salaries and bonuses of which $5,447,113 in amounts due to James Turek Sr, have been reflected in the financial statements for the three months ended June 30, 2005.
(Unaudited)
6. Subsequent Events, Continued
On January 3, 2006 James Turek II, the Company’s operating officer, forgave $344,034 of obligations consisting of notes payable, accrued interest, and accrued salaries and bonuses of which $348,625 in amounts due to James Turek II have been reflected in the financial statements for the three months ended March 31, 2005
On January 3, 2006 James Bonn, the Company’s secretary, forgave $344,034 of obligations consisting of notes payable, accrued interest, and accrued salaries and bonuses of which $216,250 in amounts due to James Bonn have been reflected in the financial statements for the three months ended March 31, 2005
On January 15, 2006, the Company acquired all the stock of SEMCO Manufacturing (SEMCO), a Nevada business that manufactures and sells concrete coating products. The purchase price of $2,750,000 consisted of $650,000 in cash and $2,000,000 in performance payments plus Plasticon’s restricted common stock with a valuation of $100,000. The number of shares to be issued will be based on the market value of the shares at the date of issuance. |
