Microelectronics Technology Co. (fka MELY)

[johnnycomelately9]

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11309968

In September they said they were working on an update but still no word. From last January:

The company has completed the selection of a new independent Auditor.
The engagement of the new Auditing Firm will be the subject of an 8K filing providing back ground and other information prior to January 22, 2016.
The company is working diligently to bring current the Delinquent filings: 10 k for the period ended 6/30/2014, 10K for the period ended 6/30/2015, 10Q for the period ended 9/30/2015, and the 10Q for the period ended 12/31/2015.
The company anticipates that the filings will be completed over the next 90 days and will be current moving forward from that time.
Share Structure:
The Company currently has a total of 7,500,000,000 Authorized shares of Common with 1,424,273,167 issued and outstanding.
Currently the reserves provided to the convertible note holders of record prohibit the reduction of the Authorized common share capital at this time.
The Company has 50,000,000 preferred shares Authorized with 110,000 series A issued, 1000 Series B voting issued and 1500 Series C issued. Series C is convertible into 100,000 common shares per preferred share, convertible 12 months from the date of issue. (Dividend Shares).
The Company has a significant amount of convertible debt on its balance sheet at this time and is currently in negotiations with a Majority note holder to implement a stand still agreement for the next 12 months to limit the conversion of certain notes in an effort to minimize the dilutive effect upon conversion. It is anticipated that an agreement will reached prior to months end.
The Company is analyzing the effects of a share consolidation however no decision has been determined at this time. The Company’s share price and financing capabilities will determine if a consolidation is required in order to further advance its business goals.
BTCPOOLPARTY:
The company has determined that it will not pursue the business model of operating a public Bitcoin mining pool.
During the initial beta stages of development, the company built out an effective platform for the purposes of mining Bitcoin on a large scale, however due to circumstances beyond the company’s control, the required critical mass of mining Hash rate was never achieved both by the Company or by third party miners. This in turn compromised the BTCPOOLPARTY in its effectiveness and success in mining Bitcoin from the block chain.
The company has determined that in order to be relatively successful the pool must have a minimum of 5 Petahash mining in order to be competitive in the mining pool arena.
The Company will continue to operate the BTCPOOLPARTY website as a communication tool and ultimately provide tracking of the Companies miners in the near future.
Bellingham Facility:
The Company is in the process of winding down the Bellingham facility and is currently in negotiations for a new facility with less expensive power costs.
The company is also in the process of replacing the existing 100 Bitmain Antminer S-2 miners with the current edition Bitmain Antminer S7 miners.
This will allow for significant savings of power consumption with additional hash rate providing for higher BTC production and potential profitability.
Looking Forward:
The Company is looking to 2016 as a rebuilding year where the Company will capitalize on the miss-steps made over the last two years in an industry that is new and without any established formula for success.
With the price of Bitcoin now back to a reasonable level, the company believes that it has the ability to rebuild a successful, profitable, BTC mining operation for the future.
For further Information:
Microelectronics Technology Co.
President:
Mr. Brett Everett
1-949-436-9382
[e-mail]
www.melypk.com