Conman should be in jail...just scroll down the list of scams he pulled off with ecoblu to fill his pockets and bolt...and now he can run yet another scam...atleast hes not a pubco..yet !!! (these are from posted Q)
As of December 31, 2015, the Company owed $825,578 in past due payroll taxes and accrued penalties. The Company has made an arrangement with the IRS for monthly payments for a $651,999 portion of the liability. However, the Company is in default with this agreement. These amounts are recorded within payroll and taxes payable on the accompanying consolidated balance sheet.
On October 6, 2015, the landlord for the former Vista, CA location filed a complaint against us in the Superior Court of California, County of San Diego for a Breach of Contract for a Promissory Note that we issued to him in connection with unpaid lease payments that we owed in the amount of $151,272.65 under the terms of the lease that we entered into for our Vista, CA location.
The Company is a co-defendant in a legal action filed October 22, 2015 for past-due fees for professional services in the amount of $194,569. Due to the early stage of this suit, the outcome cannot be determined at this time.
9. Subsequent Events
From December 31, 2015 to February 22, 2016, the Company issued to investors a total of 3,083 Preferred D shares for total cash of $308,333.
From December 31, 2015 to February 22, 2016, the Company issued to investors a total of 116,666,667 common shares converted from 70 preferred C shares.
From December 31, 2015 to February 22, 2016, the Company issued 150,000,000 of common shares from conversions of debt amounting $7,500.
In February, 2016, the Company consolidated its coating services only (CSO) operations in Augusta, GA, closing the Tacoma WA and Fair Lawn NJ plants.
In February, 2016, the Company moved its headquarters from Vista CA to San Diego CA.
Accrued Liabilities
As of December 31, 2015, the Company owed $825,578 in past due payroll taxes and accrued penalties. The Company has made an arrangement with the IRS for monthly payments for a $651,999 portion of the liability. However, the Company is in default with this agreement. These amounts are recorded within payroll and taxes payable on the accompanying consolidated balance sheet.
The balance of this note at December 31, 2015 is $944,902, inclusive of original issue discount of $76,515. Accrued interest at December 31, 2015 is $250,980.
The balance of this note at December 31, 2015 is $55,800 plus accrued interest of $7,575.
The balance of this note at December 31, 2015 is $14,167 plus accrued interest of $435.
The balance of this note at December 31, 2015 is $13,889 plus accrued interest of $8.
Auto Loan
The Company entered in an auto loan agreement on July 21, 2014 to purchase a vehicle. The principal amount of the loan is $83,821 and the interest rate 5.49%. The loan is due on November 13, 2019. The Company is currently paying auto payments of $1,671 per month. Future short term minimum payments due total $27,064 and future long term minimum payments total $60,262 for fiscal years 2016 through 2020.
The lender is claiming the amount owed is $360,000, which the Company disputes.
The balance of the note as of December 31, 2015 is $183,456 plus accrued default interest of $37,892. This note has not been renewed at the six month anniversary. No payments have been made after December 31, 2015.
No repayments have been made during the six months from June 30, 2015 to December 31, 2015, leaving a balance of $151,275 due at December 31, 2015 plus accrued default interest of $7,626.
The balance due is $85,911 at December 31, 2015 plus the additional $45,000 as accrued interest. No payments have been made after December 31, 2015.
The balance due is $150,000 at September 30, 2015 plus the additional $36,300 as accrued interest. No payments have been made after December 31, 2015.
The balance due is $20,000 at December 31, 2015 plus $1,474 of accrued interest. No payments have been made after September 30, 2015. Additionally, the Company borrowed an additional $3,000 from this same party at 0% and no terms of repayment.
The balance due is $60,000 at December 31, 2015 plus $4,291 of accrued interest. No payments have been made after December 31, 2015.
The balance due is $275,000 at December 31, 2015.
The Company elected to repay $120,750 at the Alternative Daily Amount of $1,038, which gives the agreement the character of a $73,500 note. The interest rate was imputed at 184.23% and the $102,750 purchase price was paid off in July 2015.
The Company has accounted for this agreement as a note payable with a maturity date of March 9, 2016 and an imputed interest rate of 123%. The balance of the note is $87,164 at December 31, 2015.
The Company has accounted for this agreement as a note payable with a maturity date of February 18, 2016 and an imputed interest rate of 177%. The balance of the note is $11,917 at December 31, 2015.
The Company has accounted for this agreement as a note payable with a maturity date of April 5, 2016 and an imputed interest rate of 98%. The balance of the note is $78,165 at December 31, 2015.
The note was due on September 14, 2015 but, to date, has not been paid off and is currently in default. The note incurs additional default interest of 6%. The balance of the note at December 31, 2015 is $85,000 plus accrued interest of $10,182.
The balance due is $100,000 at December 31, 2015 plus $11,852 of accrued interest. No payments have been made after December 31, 2015.
At December 31, 2015, the Company had interest bearing notes payable due to its Chief Technical Officer with a balance of $2,000. During the six months ending December 31, 2015, the Company made payments totaling $43,000 under this note.
