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OKAY_ UPLIST COMIN ! Its gettin hot in here !
OKAY_ UPLIST COMIN ! Its gettin hot in here !
NUBL. Going UP > Nice ENtry Point for Power HOUR
HERE WE GO.Power Hour Comin! Buy all U can !
I have heard of additional RM - Rumors. Could that be? Anny Opinions ?!
OPTZ GOING UP! MASSIVE PUMP !
super 8k comin????
BIG Hedge FUND BUYIN IN from Germany !
LETS HAVE SOM FUN ! I thin ICOA is good chance an Winner for 2011 ! Let us hope THE BEST !
here in Germany there are in some boards talks about rumors of merger with a china based company. This is not for sure. But at the moment many companies merge toghether.
LOOK AT INBG ! for exaample
We have a real good run. NOW.
I think the conf.call next week will push us MORE north !
As i mentionned earlier.
Merger Rumors!
I have heard of MERGER Rumors ! Lets have some fun with this !
THATS AMAZING ! So we will all get a nice gift for Christmas, this thing will run hard North next days!
The attorney stated PRE-SPlit Numbers.
Hey guys !
Im have no real Time here on Ihub. Sth. is wrong !
Where do u get the realtime?
Germans are coming onboard.
The institutional Part of this story is beginning. Relax Guys and Girls. take it easy. This will move to $ 1
40 mins till LIFT OFF !!!!!!!!!!!!!!
hello my american friends,
i have pretty definitive informations that a MM (Hedge Fund) from germany will executs more orders.
That will give us a nice momentum. So .... 4 hours left till opening.
Wish all Americans an nice Morning.
German - Diggie !
Dear fellows !
10Q out: at Yahoo:
Negotiations with INBG and FHH Sino are confirmed! Have a great day !
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Form 10-Q for INTERNATIONAL BUILDING TECHNOLOGIES GROUP, INC.
--------------------------------------------------------------------------------
12-Nov-2010
Quarterly Report
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
CAUTIONARY FORWARD - LOOKING STATEMENT
The following discussion should be read in conjunction with our financial statements and related notes.
Certain matters discussed herein may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties include, but are not limited to, the following:
* the volatile and competitive nature of our industry,
* the uncertainties surrounding the rapidly evolving markets in which we compete,
* the uncertainties surrounding technological change of the industry,
* our dependence on its intellectual property rights,
* the success of marketing efforts by third parties,
* the changing demands of customers and
* the arrangements with present and future customers and third parties.
Should one or more of these risks or uncertainties materialize or should any of the underlying assumptions prove incorrect, actual results of current and future operations may vary materially from those anticipated.
RESULTS OF OPERATIONS - THREE MONTHS ENDED SEPTEMBER 30, 2010 COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 2009
Since discontinuing the prior business and re-entering the development stage as of April 1, 2007 the Company's results of operations has changed. There are no revenues during the current development stage as we are in the process of starting our manufacturing process.
For the quarter ended September 30, 2010, Operating Expenses for current operations totaled $100,435 is less than the quarter ended September 30, 2009's Operating Expenses of $175,571. The decrease of $75,136 in Operating Expenses between quarters ended 2010 and 2009 was mostly attributed to the decrease in accounting fees.
One of the significant changes in our results of operations is interest Expense which was $20,085 for the quarter ended September 30, 2010 and for the quarter ended September 30, 2009, Interest Expense was $289,068. The $268,983 drop in Interest Expense was due to the change in beneficial conversion feature of the notes. There is also a significant change in the fair value of derivative. As of September 30, 2010, change in fair value of derivative resulting in an increase from $494,000 to $1,081,454. This increase in the fair value of derivative is resulted from the liability of derivative that was less than that at September 30, 2010. The change in the fair value of derivative is resulted from the common stock equivalents of the Company on all convertible debentures and preferred stock exceeded the total common stock available for issuance by approximately by 26,312,402,156 shares. The Company's Chief Executive Officer, Kenneth Yeung, holds 2,000,000 shares of Series C Preferred Stock that are convertible into 21,164,021,164 common shares of the Company. Unless and until there is enough authorized common stock available to cover all common stock equivalents, Mr. Yeung will not convert any of his preferred shares. Furthermore, the stock is only convertible upon management's discretion. Management currently does not intend on converting such stock. Also, warrant options are not included in common stock equivalents since the exercise price of $0.25 for the warrant exceeds the fair value of common stock of $0.0002 per share on September 30, 2010. The remaining common stock equivalent of 5,148,380,992 shares has been accounted for as a derivative liability. The fair value of the derivative of $1,024,376 was determined by utilizing the Black-Scholes valuation model.
LIQUIDITY AND CAPITAL RESOURCES
Our future success and viability is primarily dependent upon our ability to increase operating cash flows and develop new business opportunities.
During the next 12 months, the Company's foreseeable cash requirements will relate to continual development of the operations of its business, maintaining its good standing and making the requisite filings with the Securities and Exchange Commission, and the payment of expenses associated with reviewing or investigating any potential business ventures.
Additionally, we may experience a cash shortfall and be required to raise additional capital. In the three months ended September 30, 2010 we relied on funds from the investor deposit. Management may raise additional capital through future public or private offerings of our stock or through loans from private investors, although there can be no assurance that we will be able to obtain such financing. Our failure to do so could have a material and adverse affect upon us and our shareholders.
The Company has entered into negotiation with a private owned company in China for a possible merger and joint venture and will announce the terms and condition of such merger or joint venture if the transaction proceeds and when there is a signed LOI, MOU or a binding agreement.
The chart below summarizes our debt (see Note 4 - Notes Payable & Debt Discounts of the Consolidated Financial Statements - Notes Payable and Beneficial Conversions):
Terms Amount
----- ------
Short Term Notes Payable to Shareholders:
12% Interest; principal of $6,597; convertible to common stock
based on 75% of average price; due on 9/3/2009, net of
unamortized discount related to the debt discount of $0 $ 6,597
12% Interest; principal of $18,307; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discounted related to the debt discount of $0 18,307
12% Interest; principal of $11,000; convertible to common stock
based on 75% of average price; due on 10/9/2009, net of
unamortized discount related to the debt discount of $0 11,000
12% Interest; principal of $31,925; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discounted related to the debt discount of $0 31,925
12% Interest; principal of $10,269; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discounted related to the debt discount of $0 10,269
12% Interest; principal of $12,500; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discount related to the debt discount of $0 12,500
12% Interest; principal of $15,000; convertible to common stock
based on 75% of average price; due on 8/1/2009, net of
unamortized discount related to the debt discount of $0 15,000
12% Interest; principal of $1,070; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discount related to the debt discount of $0 1,070
12% Interest; principal of $333; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discounted related to the debt discount of $0 333
12% Interest; principal of $3,023; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discount related to the debt discount of $0 3,023
12% Interest; principal of $9,458; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discounted related to the debt discount of $0 9,458
12% Interest; principal of $37,133; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discounted related to the debt discount of $0 37,133
12% Interest; principal of $5,000; convertible to common stock
based on 75% of average price; due on 10/28/2009, net of
unamortized discount related to the debt discount of $0 5,000
12% Interest; principal of $10,000; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discount related to the debt discount of $3,271 10,000
12% Interest; principal of $13,000; convertible to common stock
based on 75% of average price; due on 8/1/2009, net of
unamortized discount related to the debt discount of $0 13,000
12% Interest; principal of $7,209; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discounted related to the debt discount of $0 7,209
12% Interest; principal of $23,847; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discounted related to the debt discount of $0 23,847
12% Interest; principal of $20,000; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discount related to the debt discount of $0 20,000
12% Interest; principal of $25,000; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discount related to the debt discount of $0 25,000
12% Interest; principal of $70,000; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discount related to the debt discount of $0 70,000
12% Interest; principal of $36,867; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discounted related to the debt discount of $0 36,867
12% Interest; principal of $73,975; convertible to common stock
based on 75% of average price; due on 7/1/2009, net of
unamortized discount related to the debt discount of $0 73,975
12% Interest; principal of $1,112; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discounted related to the debt discount of $0 1,112
12% Interest; principal of $10,000; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discount related to the debt discount of $0 10,000
12% Interest; principal of $15,000; convertible to common stock
based on 75% of average price; due on 10/29/2009, net of
unamortized discount related to the debt discount of $0 15,000
12% Interest; principal of $50,240; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discount related to the debt discount of $0 50,241
--------
Total Short Term Notes Payable to Shareholders $517,866
========
Short Term Notes Payable:
12% Interest; principal of $50,000; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discount related to the debt discount of $0 $ 50,000
12% Interest; principal of $50,000; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discount related to the debt discount of $0 50,000
12% Interest; principal of $15,000; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discount related to the debt discount of $0 15,000
12% Interest; principal of $10,000; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discount related to the debt discount of $0 10,000
12% Interest; principal of $20,500; convertible to common stock
based on 75% of average price; due on 12/31/2009, net of
unamortized discount related to the debt discount of $0 20,500
--------
Total Short Term Notes Payable $145,500
========
NINE MONTHS ENDED SEPTEMBER 30, 2010
As of September 30, 2010, the Company's current assets were $19,088 and its current liabilities were $2,535,204, resulting in a working capital deficit of $2,516,116. As of September 30, 2010, current assets were comprised of (i) $18,077 in cash; (ii) $1,011 in other current assets.
As of September 30, 2010, current liabilities were comprised of (i) $1,024,376 in derivative liability; (ii) $517,866 in notes payable to stockholders and $145,500 in notes payable; (ii) $301,639 in accounts payable and accrued expenses and $314,177 of other amounts due to shareholders.
As of September 30, 2010, the Company's total assets were $21,088 and its total liabilities were $2,535,204, with a net stockholder's deficit of $2,514,116.
For the nine months ended September 30, 2010, net cash flows used in operating activities were $281,567 compared to net cash flows used in operating activities of $123,375, before the net cash used in and provided by discontinued operations, for the quarter ended September 30, 2009. The increase of $158,192 during the twelve-month period ended September 30, 2010 was primarily due to the change in fair value of derivative liability.
For the nine months ended September 30, 2010 and September 30, 2009, net cash flows used in investing activities were both $0.
For the nine months ended September 30, 2010, net cash flows provided by financing activities was $290,000 compared to net cash flows provided by financing activities of $122,501 for the nine months period ended September 30, 2009. Cash inflow for in 2010 consisted of the investor deposit of $230,000 and sale of preferred stock while cash inflows in 2009 consisted of the sale of preferred stock.
Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classifications of liabilities that might be necessary should we be unable to continue our operations.
As of the date of this Annual Report, the Company has generated no revenues from operations since it entered the development stage on April 1, 2007. Therefore, the Company's auditors have expressed substantial doubt about the Company's ability to continue as a going concern. Management believes that it can maintain its status as a going concern based on its ability to raise funds pursuant to future public and private offerings and to obtain advances and minimize operating expenses by not duplicating or incurring needless expenses.