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Agreed....he is not the honest Abe type..and has profited from this scam...............my comment was limited to the TAX issue......Kendrick IMO, is not an authorized signatory for Expo or D&D accounts.....and Kendrick's role did not include directing the paymeny of debt....
Really? The IRS filed Tax liens against D&D Displays in order to buy shares of Exph? Really??
I happen to think you were and are 100% correct. Kendrick can not be stupid enough to jump into the role of CEO...NO WAY. Does he have an email address posted anywhere on the expo site? TIA
Much Appreciated SBB
Correct Mike.....below are the IRS debts belonging to Builders Choice- note the tax period ended and identifying numbers columns.
http://www.secretary.state.nc.us/taxliens/Taxlien.aspx?EventId=17889255
http://www.secretary.state.nc.us/taxliens/Taxlien.aspx?EventId=19137504
IMO...Not a chance in the world Kendrick takes the CEO title...NO WAY.
And I think he is either already out the door ..or soon to be.
EXPH-JBII....DD is important and I think this board proves it.
I have a question for anyone and everyone. what is worse?
1) A WELLS NOTICE
2) Federal payroll tax liens
Mods...could we set up a poll regarding this question?
TIA Great Board!
Kudos...SBB!
perhaps an IRS whistleblowers application...filled out with complete details...covering everything..including the housing of the now defunct yet still indebted to the IRS Builders Choice crew....perhaps a scammed shareholder or two could recoup a portion of their losses by expanding the IRS's field of VISION in this case?
yes renee....and the IRS may take an interest in the conversion ratio JD and Glenn enjoyed when taking their preferred shares back to common....there very well could be additional tax implications which were...*er*...over-looked by JD and Glenn.
And of course the shareholder advances...could be a BIG problem for the 2 wizards of wilkesboro.....
Is "Diplomatic Immunity" a legal defense option for Werewolves?
He may actually be somewhat clean regarding the IRS tax assessments on file against D&D displays....did he have the authority to sign checks? Did he possess the authority to direct the payment of debt? Was he aware of the tax issue? If so....when?
LOL...just imagine...a shareholder meeting set up within days of the NEXT ASSESSMENT....it should hit in September..
What happens first....the cancellation of the SM or the resignation of Kendrick?
SBB...unless this issue is dealt with HEAD-ON and in IMMEDIATE fashion:
"not just factoring,every penny coming in from expo from every source" 100% Correct
"Including their little sub-lease deal.." 100% Correct
and yes....Personal finances will indeed be..*er*...*VETTED*
"will those possible rental kickbacks show up anywhere..."
Absolutely...the sale of the land and buildings will be traced to the current..owner NAFE...any and all rental/lease or lease-back agreements will be fair game and....*vetted*.
Wilkes Holdings LLC will be *VETTED* as will the sale of shares along with share ownership...salaries and of course the SHAREHOLDER ADVANCES...the IRS subscribes to the DUCK theory regarding sham advances/loans...and yes....generally speaking...if the IRS can prove FRAUD there is NO statute of limitations.
"All those cash side businesses...."
yes...the Brown family Hardware store, Chicken Investors, and Home Handi-man included....it's all fair game.
IMO...screenshots and pdf files could come in handy if JD does not satisfy the IRS pronto...including the shareholder udate list of messages on the Expo site...for example...the recently posted "$50,000 in long term debt paid off(Southern Community bank)"....a big NO-NO.
as for becoming enemies with you?? .. Not a chance!....I tend to pick my battles wisely!..LOL
well stated Basser1....the first Director/officer to jump ship will be KENDRICK...look for his resignation-removal soon.
LOL...yeah Mike....The IRS would certainly fall for a pink sheet PR explanation..NOT! LOL
Absolutely correct.....and that is why Factoring companies require companies with tax liens to get the IRS to issue a subordination to the factoring company.
Thanks Stock_barber!
SBB......if JD fails to deal with this 941 tax lien issue in quick order.... Invoice factoring arrangements could be affected in a negative way.
Has JD informed his current factoring source-(Commercial Capital Lending) of the company's 941 tax issue? What is Commercial Capital's policy?
Actually...the only shareholders with any worries will be those that also have control of the day to day running of the company..t
every Director and Officer/insider will be...*er*...*VETTED*
shareholders without knowledge of the delinquent taxes...and shareholders who do not possess the authority to sign checks or direct the payment of debts along with those lacking access to such information will not be pursued IMO
IMO, "shareholder advances" will come up for *vetting* if JD and Glenn fail to clear up the Federal tax issue ....PRONTO.
Of course the IRS may be interested in the June pronouncement:
"The Company paid down it's long term debt(TO SOUTHERN COMMUNITY BANK) by $50,000 as released on JUNE 1, 2011. This payment was made from CASH FLOW and was made on or before the date released."
So....if the $50K went to Southern Community Bank instead of the IRS...well...UH-OH .....on the other hand...if the $50K did go to the IRS....then JD LIED about "Southern Community Bank debt........either way...not a good scenario.
yes indeed Renee....IRS Code Sec. 6672. worth a read IMO
http://www.goodattorneysatlaw.com/employment-tax-trust-fund-penalty.html
Jerry...In the Builders Choice Situation...the Business it's doors.... assets were sold off .....inroads were made towards satisfying the outstanding tax amount due...
not pretty!
Thank you jerry!
You are NOT dreaming....more to come...bet on it!
Lets see....what theories/excuses will be offered up?
Who or what can be blamed regarding the $127,139.77 federal withholding tax liens on file against D&D Displays?
hmmm...the ROUTER?- Nope...JD ceased remitting withholding taxes 7 months before the "router" episode.
I know.....it's the IRS....the IRS is linked to shorty.. yeah..that's it!..... evil shorty is actually an IRS agent disguised as a market-maker ...on a mission to cellar box JD and steal his dead patent & trademark applications along with the dog cages and houses......
This way...the evil agent/MM/IRS Agent will have no competition and ...each and every owner of each and every abandoned hardware store will be begging for product.....agent-shorty... code named- "MM" will be able to name his price!
Given the $127K in federal withholding tax liens on file...
how's the balance sheet clean-up looking? TIA
Look for the..*er*...shareholder advances to bite JD and Glenn... Just as FINRA has a whistle-blower program...so does the IRS. OUCH
veno....is it common for a successful-growing company to NOT remit payroll taxes for over a year and counting? TIA- LOL
JD sold the land...sold the buildings...sold shares ..
sold assets...sold shares...oversaw taxes being deducted from employee pay-checks....yet he forgot to remit withholding taxes?
what a FARCE...this SCAM is in..."winding-down" mode.
EXPH....Expo Holdings *update*....specifically regarding D&D Displays.
Great board!!
http://www.secretary.state.nc.us/taxliens/Taxlien.aspx?EventLogId=19777626
I wonder if an IRS representative will be attending the SM? LOL
LMAO!...I agree....failure to submit payroll taxes can often times trigger a full blown IRS AUDIT!
Perhaps the IRS would take an interest in the Shareholder ADVANCES?
Seriously...how on earth could ANYONE defend officers of a publicly traded company who looted the company for $400K in *advances* while the company's subsidiary failed to submit withholding taxes which were DEDUCTED from hard working employees paychecks?!
Brutal
Perhaps you could ask JD why he has failed to disclose the Federal Payroll-tax liens?
941= withholding tax......company deducts tax from EMPLOYEES check and is obligated to forward the deductions to the IRS....
same scenario played out with Builder's Choice Cabinets-now CIMA.
Here's the *er*....*rub*.......JD/Glenn had to be aware of the situation.... yet OTHER debts were paid according to June's PR/website update....willful failure to submit deducted payroll taxes is frowned upon by the IRS.....perhaps the IRS would appreciate a copy of JD's $50,000 debt reduction announcement?
SBB...here's the $127,139.77 Question...
JD announced he was stepping down from the company's highest held position....did this *decision* have anything to do with the following?:
"NOTICE OF FEDERAL TAX LIEN"
"As provided by sections 6321, 6322, and 6323 of the Internal Revenue Code, we are giving a notice that TAXES(including interest and penalties) have been assessed against the following- named taxpayer. WE HAVE MADE A DEMAND FOR PAYMENT OF THIS LIABILITY, BUT IT REMAINS UNPAID. THEREFORE, THERE IS A LIEN IN FAVOR OF THE UNITED STATES ON ALL PROPERTY AND RIGHTS TO PROPERTY BELONGING TO THIS TAXPAYER FOR THE AMOUNT OF THESE TAXES, AND ADDITIONAL PENALTIES, INTEREST, AND COSTS THAT MAY ACCRUE."
Name of Taxpayer(s)
D & D Displays, Inc.
Residence: PO Box 1809 North Wilkesboro,NC 28659
Kind of Tax-941 Tax period ended- 3/31/2010- amount $2,035.14
Kind of Tax-941 Tax Period ended- 9/30/2010- amount $46,065.82
Kind of Tax-941 Tax period ended-12/31/2010- amount $46,562.16
Kind of Tax-941 Tax period ended- 3/31/2011- amount $32,476.65
according to my calculations:
grand total- $127,139.77
Perhaps this will put an end to the "Company is operating at break-even"......and the "company is remarkably transparent" CRAP.....Brutal!
http://www.secretary.state.nc.us/taxliens/Taxlien.aspx?EventLogId=19777626
SBB..it's all semantics....the individual shares retired stay retired...however the available Authorized increases in equal increment.
example:
8/2/2011 Company - 1000 A/S
8/3/2011 Company issued 500 shares...this leaves 500 shares now outstanding and 500 available for issue in the A/S.
8/4/2011 Company purchases then "retires" 200 previously issued and outstanding shares.....this leaves 300 shares outstanding and 700 available for issue.
If they were Returned to the Treasury as opposed to "Retired" then these SAME shares can be re-issued.
A neat trick pulled by scamming insiders is where they have the company purchase the very same shares they hold...restrictions and all!
SBB...retired shares simply revert back to AUTHORIZED/unissued status and absolutely can be issued again.....technically speaking the ACTUAL certificate(s)/sequential# being retired can not be re-issued....a new certificate/sequential# can be re-issued in it's place.
Since restricted/insider shares are not considered part of the float.
SBB....i'll send you an email...same address?
jeremiah....
document# on file in Nevada: 20070748639-16
Amendment-creating the 50ml preferred shares: Filed the same date as the DESIGNATION- document# 20070748641-59...i think you'll find the DESIGNATION rather interesting.
jeremiah....retired shares are no longer part of the issued or outstanding...these shares are not returned to the treasury..my bad!...they can be re-issued in the sense that the A/S is not reduced. :)