To all AGTI shareholders that give a damn:
The important parts of the following "mud" are:
1) interest payments are due every month from these cornballs
2) the principal payments better show up or I will personally start a class action lawsuit.
3) Dan Scott better get some very nasty collectors working on this problem immediately.
Here's an excerpt from a 10KSB/A; July, 97.......; reads like a "how to" manual written by Jimmy Hoffa...!!
ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Firoz Lakhani, the President, Chief Operating Officer, Secretary and a Director of the Company, borrowed an aggregate principal amount of $444,000 from the Company, pursuant to
(i) a promissory note in the principal amount of $250,000 dated January 30, 1996 and due on or before January 29, 2001,
(ii) a promissory note in the principal amount of $90,000 dated January 18, 1996 and due on or before January 18, 2001
and
(iii) a promissory note in the principal amount of $104,000 dated January 3, 1996 and due on or before January 2, 2001 (the "Lakhani Notes"). Interest is paid monthly on the Lakhani Notes at the United States Base Rate as may be set from time to time. At March 31, 1997, the United States Base Rate was eight and one half percent (8 1/2%).
Robert C. Silzer, Sr., the Chairman, Chief Executive Officer and a Director of the Company, borrowed an aggregate principal amount of $597,800 from the Company, pursuant to
(i) a promissory note in the principal amount of $357,000 dated January 30, 1996 and due on or before January 29, 2001,
(ii) a promissory note in the amount of $150,000 dated January 18, 1996 and due on or before January 17, 2001 and
(iii) a promissory note in the principal amount of $72,800 dated January 2, 1996 and due on or before January 17, 2001 (the "Silzer Notes"). Interest is paid monthly on the Silzer Notes at the United States Base Rate as may be set from time to time. At March 31, 1997, the United States Base Rate was eight and one half percent (8 1/2%).
During the fiscal year ended December 31, 1996, the Board of Directors held approximately 64 meetings. Mr. Pak Cheung, who resigned on March 27, 1997 to pursue other business commitments, attended fewer than 75% of all meetings of the Board of Directors.
The Company does not have a standing audit committee, nominating committee or compensation committee. <<GEE, I WONDER WHY...??>>
ITEM 13. EXHIBITS, AND REPORTS ON FORM 8-K
(a) The following documents are filed as part of this report.
1. Financial Statements Page (?) Report of Robison, Hill & Co., Independent Certified Public Accountants
F-1 Page Consolidated Balance Sheets as of December 31, 1996, and 1995
F-2 Consolidated Statements of Operations for the years ended December 31, 1996, and 1995
F-4 Consolidated Statement of Stockholders' Deficit for the year ended December 31, 1995
F-5 Consolidated Statement of Stockholders' Deficit for the year ended December 31, 1996
F-6 Consolidated Statements of Cash Flows for the years ended December
31, 1996, and 1995
F-7 Notes to Financial Statements
F-92. Financial Statement Schedules
The following financial statement schedules required by Regulation S-X are included herein. All Schedules are omitted because they are not applicable or the required information is shown in the
financial statements or notes thereto.
3. Exhibits
The following exhibits are included as part of this report:
Exhibit Number
Exhibit
2.1 Articles of Amendment to Articles of Incorporation of the Company dated July 16, 1996.
1)2.2 Articles of Amendment to Articles of Incorporation of the Company dated June 17, 1996.
(1)2.3 Articles of Amendment of Auto N Corporation.
(1)2.4 Articles of Amendment of MacTay Investment Co.
(1)2.5 Articles of Incorporation of MacTay Investment Co.
(1)2.6 Bylaws of the Company
1)6.1 Leasing and Service Agency Agreement dated September 15, 1996 with the Edward Thompson Group.
(1)6.2 Letter of Intent with Sega Gaming Technology, Inc. dated May 13, 1996.
(1)6.3 Agreement, dated July 17, 1996, with Fortune Entertainment Corporation.
(1)6.4 Share Purchase Agreement, dated September 26, 1994 among the Company, Prisms and the Shareholders of Prisms.
(1)6.5 Agreement of Sale dated February 9, 1995 between the Company and the Shareholders of Executive Video Systems, Inc.
(1)6.6 Agreement and Plan of Reorganization by and among the Company,
Branson Signature Resorts, Inc. and certain shareholders of Branson, dated June 1, 1995.
(1)6.7 Letter of Agreement, dated December 17, 1996, by and between the Company and Y.K.L. Corp.
(1)6.8 Joint Venture Agreement, dated August 1996, between Palace
entertainment Limited and Hainan Bosun Tourism & Amusement Co. Ltd.
(1)6.9 Joint Venture Agreement dated January 1996, between the Company and Hainan Xin Dao Trading Limited.
(1)6.10 Employment Agreement with Robert Silzer
(1)6.11 Employment Agreement with Firoz Lakhani
(1)6.12 Employment Agreement with Robert C. Silzer, jr.
(1)6.13 $250,000 Promissory note of Firoz Lakhani dated January 30, 1996.
(1)6.14 $90,000 Promissory Note of Firoz Lakhani dated January 18, 1996.
(1)6.15 $104,000 Promissory Note of Firoz Lakhani dated January 3, 1996.(1)6.16
$150,000 Promissory Note of Robert Silzer dated January 18, 1996.
(1)6.17 $375,000 Promissory Note of Robert Silzer dated January 30, 1996.
(1)6.18 $72,800 Promissory Note of Robert Silzer dated January 2, 1996.
(1)8.1 Consent of Accountants.
(1) Incorporated by reference to the Registrant's registration statement on Form 10-SB filed on January 16, 1997.
27.1 Financial Data Schedule
(b) No reports on Form 8-K were filed.
(c) The exhibits listed in Item 14(a)(3) are incorporated by reference.
(d) No financial statement schedules required by this paragraph are
required to be filed as a part of this form.
SIGNATURES
****************************************
For those with the patience to wade through this horsehockey; more:
****************************************
ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Firoz Lakhani, the President, Chief Operating Officer, Secretary and a Director of the Company, borrowed an aggregate principal amount of $444,000 from the Company, pursuant to
(i) a promissory note in the principal amount of $250,000 dated January 30, 1996 and due on or before January 29, 2001,
(ii) a promissory note in the principal amount of $90,000 dated January 18, 1996 and due on or before January 18, 2001
and
(iii) a promissory note in the principal amount of $104,000 dated January 3,
1996 and due on or before January 2, 2001 (the "Lakhani Notes").
Interest is paid monthly on the Lakhani Notes at the United States Base Rate as
may be set from time to time. At March 31, 1997, the United States Base Rate
was eight and one half percent (8 1/2%). Robert C. Silzer, Sr., the
Chairman, Chief Executive Officer and a Director of the Company, borrowed an
aggregate principal amount of $597,800 from the Company, pursuant to (i) a
promissory note in the principal amount of $357,000 dated January 30, 1996 and
due on or before January 29, 2001, (ii) a promissory note in the amount of
$150,000 dated January 18, 1996 and due on or before January 17, 2001 and (iii)
a promissory note in the principal amount of $72,800 dated January 2, 1996 and
due on or before January 17, 2001 (the "Silzer Notes";). Interest is
paid monthly on the Silzer Notes at the United States Base Rate as may be set from time to time. At March 31, 1997, the United States Base Rate was eight and one half percent (8 1/2%). During the fiscal year ended December 31, 1996, the Board of Directors held approximately 64 meetings. Mr. Pak Cheung, who resigned on March 27, 1997 to pursue other business commitments, attended fewer than 75% of all meetings of the Board of Directors.
The Company does not have a standing audit committee, nominating committee or compensation committee. << NO SHIT, JACK...!>>
ITEM 13. EXHIBITS, AND REPORTS ON FORM 8-K (a) The following
documents are filed as part of this report.1. Financial Statements
PageReport of
Robison, Hill & Co., Independent Certified Public Accountants F-1
PageConsolidated
Balance Sheets as of December 31, 1996, and 1995 F-2Consolidated
Statements of Operations for the years ended December 31, 1996, and 1995
F-4Consolidated Statement of Stockholders'
Deficit for the year ended December 31, 1995
F-5Consolidated Statement of Stockholders' Deficit for the
year ended December 31, 1996
F-6 Consolidated Statements of Cash Flows for the years ended December
31, 1996, and 1995 F-7Notes to
Financial Statements F-92.
Financial Statement Schedules The following financial statement schedules
required by Regulation S-X are included herein. All Schedules are omitted
because they are not applicable or the required information is shown in the
financial statements or notes thereto.3. Exhibits The following exhibits
are included as part of this report:Exhibit Number
Exhibit 2.1 Articles of Amendment to Articles of Incorporation of the Company dated July 16, 1996.
1)2.2 Articles of Amendment to Articles of Incorporation of the Company dated June 17, 1996.
(1)2.3 articles of Amendment of Auto N Corporation.
(1)2.4 Articles of Amendment of MacTay Investment Co.
(1)2.5 Articles of Incorporation of MacTay Investment Co.
(1)2.6 Bylaws of the Company
(1)6.1 Leasing and Service Agency Agreement dated September 15, 1996 with the Edward Thompson Group.
(1)6.2 Letter of Intent with Sega Gaming Technology, Inc. dated May 13, 1996.
1)6.3 Agreement, dated July 17, 1996, with Fortune Entertainment Corporation.
(1)6.4 Share Purchase Agreement, dated September 26, 1994 among the Company, Prisms and the Shareholders of Prisms.
(1)6.5 Agreement of Sale dated February 9, 1995 between the Company and the Shareholders of Executive Video Systems, Inc.
(1)6.6 Agreement and Plan of Reorganization by and among the Company, Branson Signature Resorts, Inc. and certain shareholders of Branson, dated June 1, 1995.
(1)6.7 Letter of Agreement, dated December 17, 1996, by and between the Company and Y.K.L. Corp.
(1)6.8 Joint Venture Agreement, dated August 1996, between Palace
entertainment Limited and Hainan Bosun Tourism & Amusement Co. Ltd.6.9 Joint Venture Agreement dated January 1996, between the Company and Hainan Xin Dao Trading Limited.6.10 Employment Agreement with Robert Silzer
(1)6.11 Employment Agreement with Firoz Lakhani
(1)6.12 Employment Agreement with Robert C. Silzer, jr.6.13 $250,000 Promissory note of Firoz Lakhani dated January 30, 1996.
(1)6.14 $90,000 Promissory Note of Firoz Lakhani dated January 18, 1996.
(1)6.15 $104,000 Promissory Note of Firoz Lakhani dated January 3, 1996.
(1)6.16 $150,000 Promissory Note of Robert Silzer dated January 18, 1996.
(1)6.17 $375,000 Promissory Note of Robert Silzer dated January 30, 1996.
(1)6.18 $72,800 Promissory Note of Robert Silzer dated January 2, 1996.
(1)8.1 Consent of Accountants. (1) Incorporated by reference to the Registrant's registration statement on Form 10-SB filed on January 16, 1997.
27.1 Financial Data Schedule
(b) No reports on Form 8-K were filed.
(c) The exhibits listed in Item 14(a)(3) are incorporated by reference.
(d) No financial statement schedules required by this paragraph are
required to be filed as a part of this form.
SIGNATURE
************************************
WHERE ARE THE INTEREST PAYMENTS..................??
WHERE IS THE PRICINCIPAL.........................??
WHEN ARE THESE BOGUS NOTES GOING TO BE CALLED....??
There's enough money due here to float AGTI's boat, and it needs to be collected in THE MOST AGRESSIVE MANNER POSSIBLE.
Pick up your phones folks.....!
What court in Vegas is preciding over this crap....?
Does the Judge know that the abovelisted clowns owe the company all this money..?
Whoever is closest to Vegas needs to jump on their Vespa and start attending the court sessions and asking questions..!!
John :-)
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