Wowio Inc. (WWIO)

[stockmasterflash]

WWIO is in default to it's noteholders

for $450,000

and is delinquent with the IRS for $350,000

On March 18, 2016, CBK Consultants, Inc. (“CBK”) filed a Notice of Motion for Summary Judgment in Lieu of Compliant against us (CBK Consultants, Inc. a/k/a CBK, Inc. v. Wowio, Inc., Supreme Court of the State of New York, County of Nassau), seeking the repayment of $450,000 of principal from a promissory note we given CBK along with $20,000 of interest along with costs and attorney fees. We are scheduled to appear in court on April 22, 2016 and we are currently evaluating our options with respect to the Motion for Summary Judgment.

In January, March and April 2016, various convertible note holders converted total of $8,506 in principal into 201,610,167 shares of common stock.

https://www.sec.gov/Archives/edgar/data/1559754/000161577416004957/s102951_10k.htm

WWIO In default for payroll taxes

NOTE 12 – WITHHELD PAYROLL TAXES

Since its inception, the Company made several payments to employees for wages that were net of state and federal income taxes. Due to cash constraints, the Company has not yet remitted all of these withheld amounts to the appropriate government agency. Accordingly, the Company has recorded $358,477 and $345,214, related to this obligation in accrued compensation and related costs in the accompanying consolidated balance sheets as of December 31, 2015 and 2014, respectively, including estimated penalties and interest.

https://www.sec.gov/Archives/edgar/data/1559754/000161577416004957/s102951_10k.htm

ITEM 3. LEGAL PROCEEDINGS

On October 7, 2013, Steve Timmerman (“Timmerman”), a former employee, filed a complaint against us and Brian Altounian and his wife (Timmerman v. WOWIO, Brian Altounian and “Jane Doe” Altounian, Superior Court of the State of Washington), seeking past due wages of $57,096, damages and attorney’s fees. The Company has accrued the amount of past due wages in its financial statements. A judgment was entered into on March 18, 2016 for an amount of $162,475, which includes interest of $14,005. The Company accrued the remaining amount of $91,374 and related interest of $8,529 in accounts payable and accrued expenses as of December 31, 2015.

On March 18, 2016, CBK Consultants, Inc. (“CBK”) filed a Notice of Motion for Summary Judgment in Lieu of Compliant against us (CBK Consultants, Inc. a/k/a CBK, Inc. v. Wowio, Inc., Supreme Court of the State of New York, County of Nassau), seeking the repayment of $450,000 of principal from a promissory note we given CBK along with $20,000 of interest along with costs and attorney fees. We are scheduled to appear in court on April 22, 2016 and we are currently evaluating our options with respect to the Motion for Summary Judgment.

https://www.sec.gov/Archives/edgar/data/1559754/000161577416004957/s102951_10k.htm

Showing signs of an imminent reverse split

Just like last year in May

100's of millions of shares of volume out of nowhere. Few trades at .0002. enormous firehose full of shares at .0001 and below.

Look at the posts then. eerily similar

http://investorshub.advfn.com/Wowio-Inc-WWIO-28310/?NextStart=3193

one week later reverse split.

after the reverse split it dropped back to no bid in just over 1 month

The company is in default to it's noteholders. It is in default to the IRS. The founder Brian altounian has tax problems of his own.

https://www.sec.gov/Archives/edgar/data/1559754/000161577416004957/0001615774-16-004957-index.htm

Oh, and Brian Altounian, played this game previously with another company he founded: PDOS

http://investorshub.advfn.com/Platinum-Studios-PDOS-11814/

A third company he founded, IMGG, got busted by the SEC.

The guy is desperate and has a taint