OMG this is way worse than what even I expected
Per the report
Despite a return to operations, the Company has posted significant losses in each of the past two fiscal years.
The Company’s balance sheet contains certain notes payable, which are currently in default/were due February 28, 2008
We may require additional financing to complete any merger, but we are uncertain whether such financing will be available to us.
As of December 31, 2015, there are outstanding securities convertible into or exchangeable for an aggregate of approximately 25,179,598,731 shares of our common stock as of December 31, 2015, which, if converted or exchanged, will substantially dilute our existing stockholders.
We may be subject to liability for failure to comply with the requirements of Regulation 14C under the Securities Exchange Act of 1934 (the “Exchange Act”).
We are not current on our filings with the SEC.