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$SQCC IS A HIJACKED INSIDER ENRICHMENT SCHEME
From “Note 1: Basis of Presentation and Summary of Significant Accounting Policies” under Organization:
On March 5, 2018, Small Cap Compliance, LLC was appointed Custodian of the Company by the Eighth Judicial
District Court of Clark County, Nevada.
On April 1, 2018, the Company entered into a Consulting Agreement with Jimmy Wayne Anderson for a term of one month. Mr. Anderson completed the services to be completed under the Agreement on April 30, 2018. On April 30, 2018, the Company issued Mr. Anderson a Promissory Note in the amount of Thirty Thousand and NO/100 Dollars ($30,000) for the compensation due Mr. Anderson for completion of his services.
On March 6, 2018, the Custodian of the Company appointed Jeffrey J Parker as the Company’s sole officer and director. All past officers and directors were terminated from their position for abandonment of the Company.
On July 22, 2013, the Company entered into a Regulation S Stock Purchase Agreement (“Agreement”) with a group of 34 non-US individual purchasers (“Purchasers”). Under the Agreement, the Company issued a total of 125,788,400 shares of common stock to Purchasers for a total price of $628,943 ($0.005 per share). The issuance of the 125,788,400 shares is pursuant to the exemption provided by Regulation S. None of the Purchasers is a US person and the transactions underlying the Agreement are carried out outside US. Accordingly, July 29, 2013 125,788,400 shares of common stock have been issued.
This man and his business partner Jitendra "jitu" banker are both frauds. Do a FULL background check on these men including ALL RECORDS. They conduct fraudulent business, close down the companies, then take off with your money. They have a LOT of lawsuits against them. Do you due diligence please!
On March 7, 2018, the Company filed a Certificate of Designation to its Amended and Restated Articles of Incorporation for a new series of preferred stock titled Series B Super Voting Preferred Stock whose par value is $.001. Under the terms of the designation, the Company is authorized to issue 10,000 shares and the holder of the Series B Super Voting Preferred Stock has voting rights equal to 20 times the sum of: i) the total number of shares of Common stock which are issued and outstanding at the time of voting, plus ii) the total number of shares of all Series of Preferred stocks which are issued and outstanding at the time of voting. As of December 31, 2018, there are 10,000 shares of Series B Preferred stock issued and outstanding.
In March 2018, the Company issued 10,000 shares of its Series B Preferred stock to an officer for services rendered on behalf of the Company.
1. Donald Yu v. M Line Holdings, Inc., et al.; Case No. 30-2012-00574019-CU-BC-CJC
This is an employment dispute asserted by a former employee against M Line Holdings and two corporate insiders, Jitu Banker and Anthony Anish, in their respective individual capacities. The action was filed in Orange County Superior Court on June 4, 2012. The parties entered into a settlement agreement and stipulation for judgment against M Line Holdings, only, on about May 12, 2013. Pursuant to the terms and conditions of the settlement agreement, M Line agreed to pay $21,450.00 in three (3) equal installments. M Line Holdings failed to make payment on a timely basis, and plaintiff filed a stipulated judgment against M Line Holdings on June 12, 2013. Plaintiff also filed default judgments against Messrs. Banker and Anish.
In response, defendants filed a motion to set aside the defaults and vacate the default judgments against Messrs. Banker and Anish as well as renegotiate the terms of the prior settlement with Plaintiff. On or about September 30, 2013, the parties entered into a supplemental settlement agreement and mutual release wherein the Company agreed to pay plaintiff the sum of $24,000 in two (2) equal installments. The first installment of $12,000 has already been paid.
The final installment of $12,000 was due on or before October 30, 2013, and has not been paid at this time. A judgment remains outstanding against the Company in the sum of $12,000 as of December 31, 2018.
2. Can Capital Asset Servicing, Inc. v. E.M. Tool Company, Inc., et al.; Case No. 30-2014-00727606- CU-CL-CJC
This is a breach of contract and related claims arising out of a business loan that alleges that E.M. Tool failed to pay Can
Capital all amounts due under the loan agreement in the principal sum of $58,313, plus interest, costs and attorneys’ fees.
On or about November 2014, the parties entered into a settlement agreement and stipulated judgment. Pursuant to the terms and conditions of the settlement agreement, the Company agreed to pay plaintiff the sum of $50,000 in installments on or before May 15, 2015.
As of May 13, 2015, the defendants have made partial payments, and still owe plaintiff $25,500. Plaintiff provided notice of its intent to file the stipulated judgment on May 7, 2015, and commence collection efforts if payment of $10,000 is not paid prior thereto and those payments have been made. Since May, a payment of $1,500 has been made. The balance as of August 17, 2015 and as at December 31, 2018 is $24,000.
3. Fadal Machining v. All American CNC Sales, et al., Los Angeles Superior Court, Los Angeles, California,Case No. BC415693.
The Complaint was filed on June 12, 2009.
The Complaint alleges causes of action for breach of contract and common counts against All American CNC seeking damages in the amount of at least $163,579 and arises from a claim by Fadal that All American failed to pay amounts due. On June 26, 2009, Fadal amended the complaint to include M Line Holdings, Inc. as a defendant.
A settlement agreement in the amount of $60,000 was signed on May 31, 2011.
The Company had made a provision in the sum of $210,000 in the financial statements as of September 30 and June 30, 2014 as no payments that were due under the settlement agreement have been made. Judgment was entered on June 16, 2011, and a Writ was issued on February 24, 2012. The balance outstanding as of December 31, 2018 is $210,000.
4. C. William Kircher Jr. v. M Line Holdings, Inc. Orange County Superior Court Case No. 00397576
A former attorney for M Line Holdings, Inc. has sued seeking damages for failure to pay legal fees in the amount of
$120,166.
The parties reached a settlement. The terms of the settlement call for 12 payments of $5,000 per month commencing August 25, 2011 and the issuance of 150,000 shares of common stock. The Company has issued the 150,000 shares of common stock and made two payments to date. The Company has a provision in the sum of $50,000 in the financial statements as of December 31, 2018 and June 30, 2018.
The Company currently is in default of its payment obligations under the settlement. Plaintiff currently is seeking to obtain a judgment as a result of the breach of the settlement agreement.
5 Timothy D. Consalvi v. M Line Holdings, Inc. et.al., Orange County Superior Court Case No, 00308489.
A former president of All American CNC Sales, Inc. has filed suit against the Company seeking payment on an alleged severance obligation by the Company. The Complaint does not specify the damages sought. The parties then reached a settlement in the principal sum of $40,000 to be documented in due course. Meanwhile a default was entered against the Company, which management believes was in error because a settlement was already reached by the principal parties involved. The default has since been vacated, and the Company has answered the complaint and has filed a motion for leave to file a cross complaint.
A settlement of $50,000 was reached in this case, requiring payments commencing on March 11, 2011 for 10 months. The first two month’s payments were made; however, the Company currently is in default of the terms of this settlement agreement. Mr. Consalvi filed his stipulated judgment on March 5, 2012. Abstract of judgment and Writ were issued on March 13, 2012.
A provision in the sum of $40,000 has been made in the financial statements as of December 31, 2018 and June 30, 2018. To date there has been no further action on this case,
6. TCA Global Credit Master Fund, L.P. vs M LI ne Holdings, Inc. EM Tool Company, Inc. dba Elite Machine Tool, Precision Aerospace and Technologies, Inc., Anthony Anish and Jitendra Banker case # CACE-14-012871
Plaintiff filed this case on July 1, 2014 in Broward County, Florida.
The complaint alleges that the Company owes the Plaintiff the amount due under the revolving note, and is claiming foreclosure of the collateral, breach of the credit agreement and a claim against the individuals under the validity agreement due to the non-payment.
The Plaintiff obtained a default judgment however due to a settlement agreement reached on September 5, 2014 ceased any further legal activity. The Defendants were unable to honor the agreement and Plaintiff continued to obtain sister state judgments in California and Nevada.
In June 2016 a agreement was reached between the parties under which plaintiff agreed to dismiss the current action and rewrite the loan. The loan was written at a lower rate of interest. Further details are included in the subsequent events section.
The Company has accrued $2,786,030 and 2,633,030 in the financial statements that includes all interest and fees due to Plaintiff through December 31, and June 30, 2015.
Due to the loss of documentation that was removed from the building by a lender (see the going concern and subsequent events notes) it is possible that there is litigation that is not included in this list.
The Company has accrued $3,245,030 and 3,245,030 in the financial statements that includes all interest and fees due to Plaintiff through December 31, 2018 and June 30, 2018.
Litigation is subject to inherent uncertainties, and unfavorable rulings could occur. If an unfavorable ruling were to occur in any of the above matters, there could be a material adverse effect on the Company’s financial condition, results of operations or liquidity.
The related provisions for these litigations are reported under litigation payable, accounts payable and accrued expenses and other in the consolidated balance sheets.
All documents and files relating to lawsuits were removed by TCA.
Companies report negative retained earnings as accumulated deficit in the balance sheet. The accumulated deficit is a note to the original retained earnings account. For any more asset and operation losses, companies continue to report them in retained earnings to increase the accumulated deficit, while maintaining the balances of other capital accounts as initially recorded. However, the accumulated deficit is compared to balances of the contributed capital accounts. A company could be in an imminent danger of bankruptcy if the accumulated deficit has exceeded the amount of contributed capital.
Look at the gap between trades and the gap between bid and offer. Market orders?
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DD pack courtesy of Joe Cazz:
St. Petersburg, FL , Oct. 25, 2018 (GLOBE NEWSWIRE) -- Square Chain Corporation (OTC Markets: SQCC) is pleased to update shareholders on recent corporate activities.
The Company’s new corporate address is listed below. You may visit our new website at www.squarechain.io
New Corporate Address
Square Chain Corporation
501 1st Ave N, Suite 901
St. Petersburg, FL 33701
About Square Chain Corporation
In March 2018, the Board of Directors elected to shift the Company’s business model to concentrate on business opportunities that might benefit from blockchain technology business applications. Square Chain has designed a multi-faceted business model to take advantage of the significant emerging opportunities being developed utilizing blockchain technology, and to invest in projects that can help define those opportunities. The initial opportunity we have identified is the DRTV industry.
The company has established a Twitter account and a Facebook account. We will utilize both social media accounts to disseminate corporate information.
https://www.facebook.com/Square-Chain-Corporation-315436295677273
https://twitter.com/ChainSquare
Forward Looking Statements and Disclaimer
Statements made in this press release that express the Company or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. The words "believe," "expect," "intend," "estimate," "anticipate," "will" and similar expressions are intended to further identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. The Company cannot guarantee future financial results; levels of activity, performance or achievements and investors should not place undue reliance on the Company's forward-looking statements. No information contained in this press release should be construed as any indication whatsoever of the Company's future financial performance, future revenues or its future stock price. The forward-looking statements contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to update or revise such forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. No information in this press release should be construed as any indication whatsoever of the Company's future revenues or results of operations.
AI
Square Chain Corporation - Contact Information: Square Chain Investor Relations (727)510-9525 info@squarechain.io 
