Ngen Technologies Holdings Corp. (fka NGRP)

[Det_Robert_Thorne]

3Q/16 10-Q: $0 Revenue, $43K loss, fresh convertibles

The 10-Q for LIBE's 3Q/16 (quarter ending June 30, 2016) was just filed, and is as bad as expected.

Revenue: $0

SG & A: $43K (Brian gets part of his $36K/quarter salary, I guess, while the rest part of Accounts Payable?).

Net loss: $43K

Cash: $2.7K

Convertible Notes payable: $415.8K

Outstanding shares remains unchanged at 2,759,155,725. Hard to convert notes to shares with the stock at no bid.

https://www.sec.gov/Archives/edgar/data/1503161/000143774916037940/libe20160819_10q.htm

LIBE acquired a few shiny new convertibles during the quarter, and a couple of notes were issued in July that were shown in the "Subsequent Events" section. I'm sure that part of these will be used to pay Conway's salary.

On May 17, 2016 the Company issued a Convertible Note Craig Savin for a principle amount of $15,000 with an interest rate of 12% per annum. The note matures on March 14, 2017. The note is convertible by the holder at a discount of 45% of the lowest trading price of the Company’s stock for the 20 days prior to the conversion.

On May 26, 2016 the Company issued a Convertible Note to LG Capital Funding, LP for a principle amount of $17,000 with an interest rate of 12% per annum. The note matures on March 14, 2017. The note is convertible by the holder at a discount of 50% of the lowest trading price of the Company’s stock for the 20 days prior to the conversion. Net proceeds to the Company are $15,000 after deduction of legal fees of $2,000.

On June 14, 2016 the Company issued a Convertible Note Craig Savin for a principle amount of $5,000 with an interest rate of 12% per annum. The note matures on March 14, 2017. The note is convertible by the holder at a discount of 45% of the lowest trading price of the Company’s stock for the 20 days prior to the conversion.


NOTE 7 – SUBSEQUENT EVENTS

On July 6, 2016, the Company adopted a 1-for-3,500 reverse split of the Company’s common stock. The company is proceeding with the necessary filings to affect the reverse split.

On July 25, 2016, the Company issued a Convertible Note to Carebourn Capital, LP for a principle amount of $23,000 with an interest rate of 12% per annum. The note matures on July 25, 2017. The note is convertible by the holder at a discount of 45% of the lowest three trading price of the Company’s stock for the 20 days prior to the conversion.

https://www.sec.gov/Archives/edgar/data/1503161/000143774916037940/libe20160819_10q.htm

According to the filing, the 1:3,500 reverse is still on the table.


A couple of oddities in the filing:

1) Despite listing a corporate address on Elvis Blvd in Chester, NY for the Form 14 filings, the 10-Q uses the old Coleman Court address. I assume this is bad proofreading.

2) While the company overview lists as one of its goals "... an additive to convert water into a high BTU energy source.", which has been shown for a couple of years now, there is nothing in the filing about sausages seasoned with weed, AKA, Weed Sausages.

Nor is there any discussion of a BBQ addition to the Guard Lite.