This is really a shame.
Unfortunately for investors, the SEC is to busy to look at this Company and probably say based on the dollar volume that is traded, it is not worth their effort to shut this puppy down.
If bullsh_t was music, Steve Scamblis would be a brass band,
Forget his past announcements which were not true.
Forget the fact that he boasts a relationship with Marc Cuban and Daymond John of Shark Tank.
Forget his ownership of preferred stock which assures that this conman controls the Company.
Forget the fact that he finances this Company with Asher Financial whose predatory interest rates and discount to the market on the conversion of their debt is disgraceful. (For example, with a 50% discount, and assuming that the stock stayed at .0009 per share, for every $1,000 of debt, Asher could end up with 2,000,000 shares. Now multiply that by 100 (i.e $100,000), and they (the Company) now issues 200,000,000 shares.
Look at his balance sheet. If an auditor looked at it, they would be writing down the fixed assets and the prepaid expenses. What is in prepaid expenses? How could the Company have any prepaid items when they have no cash.
According to the footnotes they don't spend anything on R&D (Which should be expensed), advertising, salaries, insurance, taxes or anything that is typically prepaid.
Where is the revenue. He has none. All of his announcements are not true. Where is the revenue from all the advertisements from the sponsors of IC Places.
Steve Samblis has proven over the years that he could even screw up a wet dream. Despite the fact that he probably is dreaming about his Russian girlfriend.
Thus, this purported Company was, is and always will be a shell.
Whoever invests in this Company is betting that Scamblis can hype this up, get some volume and you can flip your shares.
Who would want to buy this shell? What would they be getting other than an accumulated deficit, a stock that is in the toilet and, in order to get listed onto a legitimate market needs to raise $3,000,000.
My suggestion, everybody bombard the SEC with a letter and hope they make an example of this Company and all Companies like this and throw them out, and the principals in jail,
While their at it, look at their accounting Firms and eliminate them from Firms that can audit public companies, as it is painfully obvious that they are not doing their job.
Anyone that believes you can build a company with one man who acts as Pres, Chairman, CFO and Secretary is nuts.
Good luck to all.
