Ingen Technologies Inc (IGNT)

[mythical_phenix]

Anyone else still waste their time reading Bustlin' Ingen's filings? Annual report out. Same ole Same ole.

Who thought the ATMC aquisition was consumated and that 'Ingen Accounting for Profits From Telecom Wireless Division' was happening? [not me]:

On April 29, 2013, the Registrant and its Board of Directors, and majority shareholder(s) adopted the PURCHASE and AGREEMENT OF ACQUISITION (the "Acquisition") dated April 29, 2013, with ATMC Inc., a Nevada corporation (“ATMC”).
ATMC Inc. (A Nevada Corporation) is an Inter
...
As of May 31, 2014, the Company is considering abandoning this acquisition

Who thought the AJW debt had been settled? [actually, I did. Silly me]:

Third Party accredited investor has agreed under the AGREEMENT FOR SETTLEMENT, RELEASE, AND ASSIGNMENT OF NOTES to acquire the Notes, in full for $300,000 and to make payments on behalf of Ingen to the Funds to induce the Funds to discontinue and/or release claims they have or may have against Ingen. Both parties have agreed to resolve this agreement once Ingen has resolved its matter with DTCC regarding removing DTCC “Chill”. The Company has hired legal counsel that has satisfied the DTCC request and is now waiting for DTCC to remove the “Chill”.

Chill? LOL! They've been 'global locked'. That's a total freeze out.


Who thought the annual report, which winds up 31 May 2014, might mention some subsequent events?

Subsequent Events

Ingen evaluated subsequent events through the date these financial statements were issued for disclosure purposes.

Who knew Sand was still on the dole?

On February 4, 2014, the Company entered into an employment agreement with Mr. Sand issuing him a convertible note in the amount of $100,000 in exchange for employment services over a 12 month period. The note bears an interest rate of 12% and is convertible into the Company’s common stock at a discount rate of 50% to the market trading price of the security at the time of conversion. The Company booked this issuance as a prepaid expense and is deducting the $100,000 over a 12 month period. As of May 31, 2014, the prepaid amount for the services is $66,667 and the Company has accrued $4,000 in interest on the note

Who knows this company has trouble with figures?

 
 NOTE 4 - PROPERTY AND EQUIPMENT 
 Property and equipment is summarized as follows: 
 Dies, Molds & Tooling           143,908 
 Leasehold Improvements           44,796 
 --------------------------------------- 
                                 285,359 
 Less accumulated depreciation ( 143,908) 
 --------------------------------------- 
 Property and Equipment, net $ - 0 - 
 

--