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10k of 2013 claimed ‘COPYRIGHT’ asset of 865K
Then in the 10K for 2014 this is zeroed our!!
What did they do with this asset?
More like a share selling SCAM
I am - like Ripley - believe it or not
Besides the employee that sued and got a judgement, Kalo owes wages to at least another 9 x employees.
Web designer supplier has sued them for non payment. They had another web designer that sued them a few years ago
They teamed up with Dell, then dropped dell and teamed up with IBM. Had ITD as their builder of clinics ... now no ITD they r talking about FORTES.
Not made a single sale and blew over 7million $! Keep changing so called ‘financial partners’ with no explanation. MedicTrust, Seagam or something and now someone else.
CEO’s schizophrenia is becoming obvious!
Dearbard, u said it right.
THIS IS A SCAM. Get the h out!
Again from page 16. They want more capital!!!
Need for additional capital
We have incurred operating losses since inception and has an accumulated deficit and a working capital deficit at December 31, 2017. We expect to incur additional losses as it executes its go to market strategy. This raises substantial doubt about the Company's ability to continue as a going concern.
We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a business enterprise, including limited capital resources and possible cost overruns due to price increases in services and products.
To become profitable and competitive, we have to sell our products and services in sufficient volumes and with margins that may allow us to achieve profitability. We cannot assure you or anyone that we will be successful in these efforts.
There is no guaranty that we will obtain sufficient additional financing on a timely basis and on reasonable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop, or expand our operations. Any equity financing will likely result in immediate and substantial dilution of existing stockholders.
Results of operations
December 31, 2017 compared to December 31, 2016
Revenues
We did not generate any revenues during the year ended December 31, 2017 or 2016. We are pursuing numerous sales opportunities
Page 10 of 10K
ITEM 3. LEGAL PROCEEDINGS.
On April 21, 2017, an ex-employee of Kallo obtained a judgement ordering Kallo to pay Canadian $ 135,959 for unpaid wages and expenses relating to services performed in 2016. The full amount has been accrued for in the financial statements of Kallo.
On October 24, 2016, a consultant obtained a judgement ordering Kallo to pay Canadian $25,000 for unpaid fees. The full amount has been accrued for in the financial statements of Kallo.
On October 6, 2017, Thornley Fallis Communications Inc. ("Thornley") commenced a third party claim against Kallo concerning monies that Kallo allegedly owed to Thornley for redesign of a website and public relation services. Thornley is seeking damages in the amount of Canadian $169,345 plus interest on the amounts outstanding and indemnification of the costs of the action. An amount of Canadian $134,960 has been accrued for in the financial statements of Kallo.
While we believe that we may be successful in resolving these claims, we cannot assure that the outcome will not have a material adverse effect upon us.
From page 8 in the latest 10K:
‘We are also insolvent since our total liabilities exceed our total assets’
Secondly, no income has been generated ever by this company.
Third CEO regularly has breakdowns on social media.
Going ... Going ... GONE.
Hey I was (yawn) awake...u guys don’t like my comments & told me to go to sleep!!.....zzzzzzzzzz
Agreed Ohmyohmy. I get a bit upset when I heart that personal loans were converted to stock from treasury of a company that v all own. But anyway....
I have invested good money in this company. Good money that is now destroyed & burnt that I have no hope of recovering
?? lol! Also most of the chefs have left now, and the kitchen (office) does not exist!! All that is left is a moron chef de partie (CEO)!! Lol
Yes and senior executives of the company got paid for a job they don’t do, borrow money from others, repay in stock from treasury which they later diluted and screwed the lender!!
Yes CEO in no uncertain terms said that 50million+ $ contract in on the bag
Come on dude, education background is immaterial. U r a businessman & savvy one. I recently met someone who was Kallo finance guy he loaned CEO money personally & was repaid in company shares that r now reverse split!!!!!! Fraud!!
My question is should that be considered scamming or fraud?
Sorry I don’t get it
Regarding GREED I have a general question.
If the CEO of a public company personally borrows money from an employee (controller or someone senior like that) and repays them by issuing stock from company treasury. What would this be considered?
I think so too. Look at it today & over the last few weeks. Someone is intent at keeping it over .05. Volume @.05 is extremely thin and slightly thicker at about .03. That means demand is greater at ~.025.
Someone is trying to pump
Nice one king koopa. If u check their filings since Q3 2012, they are recycling the same information, by changing/increasing the countries. Also they recycle the financing party. None of these financing parties have had a verifiable reference financing project they have done. One example was a company called Medictrust or something like that who was to bring in 1.2 billion US! That financing company did not even have a website!!! Check it out it is in their filings & press releases
This company has been existing since 2006, NO REVENUE at all, letters of intent for HUGE $ amounts, financing commitments from entities that have NEVER financed any publicly known projects, go dead silent for 2 years almost, reverse split and minimalist all shareholders, issue stock to some & make those select few whole....hanky panky?...Watson I think so!!!!
So I just took a look at the trading over the last few days, and this is what’s bothering me:
If someone invested $1 million @ .05 cents before reverse split, they would have had 20million shares. After reverse split this become 33,334 shares.With just today’s trading a million dollars of pre-RS shares has been sold for $2,167.
Two questions arise:
Why r they selling at such a loss?
Who has so much stock to sell?
Yes!! Run for the hills is right
That is probably why cecil got FIRED from his job at Sun Microsystems
Who has been prepaid expenses of $57,001? Why?
From their filings:
Contingencies
On April 21, 2017, an ex-employee of Kallo obtained a judgement ordering Kallo to pay Canadian $135,959 for unpaid wages and expenses relating to services performed in 2016. The full amount has been accrued for in the financial statements of Kallo.
On October 24, 2016, a consultant obtained a judgement ordering Kallo to pay Canadian $25,000 for unpaid fees. The full amount has been accrued for in the financial statements of Kallo.
https://www.sec.gov/Archives/edgar/data/1389034/000172171617000017/kalo10q-06302017.htm
Court judgements were obtained. Did they comply? .... no they just accrued for it!!!!
So how many others have they not paid?
Lloydm Kallo has a director named Lloyd call him up and ask. Or call the CEO ask direct questions c what they tell u
Why does that matter? U do ur diligence and find out too. The info is easily available just have to be resourceful!!
Don’t know exactly when, but they r not in that office since the first quarter sometime
I also understand that employees who have resigned have not been paid their salaries for 6-18 months. And Kallo is refusing to pay them. CEO is not answering their calls and also avoiding calls from Canada Revenue Agency!!! BAD BAD BAD!
They have been locked out of their Markham office for non payment of rent. I think they’ve been kicked out in March or so of this year...I understand rent has not been paid for a year!!!
Is his family really looking for him?
Does anyone know if there is a legal way for us to force the CEO to give shareholders an update?
The Ebola epidemic was declared over in 2015. It is more likely Kalsi CEO is Ebola infected!!
Yeah an Sage usually has some positive information. Sage anything?
Does anyone know what they did with that ‘international healthcare award’ they bought two years ago?
Yep then he preaches how holy he is on LinkedIn to get god to support him and impress more people at whose cost he can buy those things and luxury cars
Oh! his family knows very well what he’s been up to. After all he bought them dinners, lunches Mercedes cars, holidays and trips, Swarovski jewellery, designer handbags, watches etc. He has no money where do u think he got the money to buy these?
10,000,000/600 = 16,666.67. But they have set themselves to be issued more post rs shares. They have issued themselves before. They will do it again. This is a pump and dump scam
FINRA, SEC & FCPA needs to look at scumbag crook Cecil's expenses. Expense fraud is a go to jail card.
Destroyed by a schizophrenic CEO and impotent BOD