iTalk Inc. (fka TALK)

[Huggy Bear]

The issue is TALK claimed to acquire UMS in the Feb 2 2016 8-K filed. And in subsequent filings as well, such as the BK of UMS 8-K, and others.

In addressing these financial reporting requirements, management continues on a path focused toward fully integrating the recent acquisition United Mobile Solutions, United Prepaid and TouchPoint, which is expected to result in increased profitability and liquidity for the Company.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11434545

iTalk Inc. (the “Company”) expects to report a significant decrease in revenue for United Mobile Solutions Corp., a wholly owned subsidiary of the Company (“UMS”), for the year ended December 31, 2015, compared to the revenues reported in the audited combined financial statements for UMS for the years ended December 31, 2014 and 2013, and the unaudited condensed combined financial statements for UMS for the six months ended June 30, 2015 and 2014 (collectively, the “UMS Financial Statements”), as filed as Exhibits 99.1 and 99.2 to the Company’s current report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on February 9, 2016. The expected decrease was attributable to the Company’s difficulty in obtaining additional inventory financing to facilitate continued growth. UMS revenues for the year ended December 31, 2015 are anticipated to approximate $10.2 million, compared to $17.1 million in 2014.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11440309

On July 21, 2016, iTalk Inc. (“iTalk”) issued a press release announcing that United Mobile Solutions, LLC, an indirect wholly owned subsidiary of iTalk, filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Georgia. A copy of the press release is furnished herewith as Exhibit 99.1.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11497657

According to the testimony of Dea to the bankruptcy court, TALK never acquired UMS. Dea's testimony directs contradicts all the previous statements of TALK in their own SEC filings.

https://drive.google.com/drive/folders/0B1YS40W9OLSHVkJlUTZ1M3h1VlU

This is the issue. And a serious one at that.