Thanks for the all the spam that led me to GRNE!
The SEC filings were a hoot!!!
A bankrupt publically traded company with two hair salons in Utah financed with toxic debentures and convertible preferred stock!
I especially like the series B preferred recentlly issued for $.56 which converts to $5 of common!!!
Oh, when current liabilities far exceed current assets, a firm is essentially bankrupt. But I guess all of you already know that!
from SEC FILINGS:
Liquidity and Capital Resources
Cash and Investments in marketable securities As of March 31, 2014, our principal source of liquidity consisted of $135,081 of cash, compared to $105,984 as of December 31, 2013. Our primary sources of cash during the three month period ended March 31, 2014 were customer payments for salon services and products and proceeds from issuance of convertible series B preferred stock. Our primary uses of cash during the three month period ended March 31, 2014 were payments relating to salaries, rent, and other general operating expenses as well as payments of notes payable.
Working Capital
We had a working capital deficit of $911,070 as of March 31, 2014. Our current assets were $300,267, which consisted of $135,081 in cash, $12,176 in accounts receivable, and $153,010 in inventory. Our total assets were $826,656, which included $447,049 in property and equipment (net), and $79,340 in other assets. Our current liabilities were $1,211,337, including $425,549 in accounts payable and accrued expenses, $170,914 in amounts due to related parties, $400,002 in the current portion of convertible notes and notes payable and capital leases payable, $55,346 in deferred revenue, and a $47,333 derivative liability. Our long-term liabilities were $2,250,447. Our total stockholders' deficit at March 31, 2014 was $2,635,128.
TOXIC FINANCING
8% Series A Senior Subordinated Convertible Redeemable Debentures On April 30, 2008, we entered into a stock transfer agreement with our parent company Nexia and Nexia's wholly-owned subsidiary DHI whereby they would each sell their holdings in Landis and Newby in exchange for an 8% Series A Senior Subordinated Convertible Debenture with a face amount of $3,000,000. Interest on the debenture commenced on December 30, 2008. The debenture holder has the option, at any time, to convert all or any amount over $10,000 of principal face amount and accrued interest into shares of Common stock, $0.0001 par value per share, at a conversion price equal to 95% of the average closing bid price of the common stock three days prior to the date we receive notice. In February of 2011, DHI transferred the Debenture to Nexia in exchange for the release of debt obligations owed to Nexia by DHI and Nexia is the current holder of the Debenture
On March 28, 2014, the Company authorized the issuance of 113,469 shares of Series B Preferred Stock to Akron Associates, Inc. in exchange for the release and settlement of $300,000 in debentures and accrued interest owed to Akron. The shares will be issued with a restrictive legend to Akron.
On March 28, 2014, the Company authorized the issuance of 75,654 shares of Series B Preferred Stock to Desert Vista Capital LLC in exchange for the release and settlement of $200,000 in debentures and accrued interest owed to Desert Vista. The shares will be issued with a restrictive legend to Desert Vista.
The shares of Series B Preferred Stock to be issued are each convertible into $5.00 of common stock, based upon the average of the average closing price for the common stock of the Corporation as reported by OTCmarkets for the five trading days prior to the conversion.
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