From the 10Q for the quarterly period ended March 31, 2014:
NOTE 5. NOTES PAYABLE
During the period ended March 31, 2014 we accrued $54,000 of penalty expense, and $5,000 of financing costs related to shares issuance as an inducement to enter into a short-term commercial financing agreement. As of March 31, 2014, our outstanding notes payable balance was $121,918 and $138,500 in convertible note agreements net of debt discount, of which $48,085 are in default as of March 31, 2014. The individual notes in default carry daily interest penalties between $100 and $500. Balance of notes payable at December 31, 2013 totaled $48,085 and $128,246 of convertible debt, net of discount.
On February 20, 2014, the Company entered into a short-term commercial financing agreement for the placement of dredging machinery in country in the amount of $20,000 due and payable in monthly installments of $4,000 per month or 15% of net profit from operations, whichever is greater over the next six months until $24,000 is repaid.
On March 7, 2014, the Company entered into a short-term commercial financing agreement for the placement of dredging machinery in country in the amount of $25,000 due and payable in monthly installments of $5,000 per month or 15% of net profit from operations, whichever is greater over the next six months until $30,000 is repaid. The Company issued 5,000,000 common shares $0.001 as incentive to the lien holder to enter into the financing arrangement.
On March 11, 2014, the Company entered into a short-term commercial financing agreement for the placement of dredging machinery in country in the amount of $20,000 due and payable in monthly installments of $4,000 per month or 15% of net profit from operations, whichever is greater over the next six months until $24,000 is repaid.
On March 17, 2014, the Company entered into a short-term commercial financing agreement for the placement of dredging machinery in country in the amount of $25,000 due and payable in monthly installments of $5,000 per month or 15% of net profit from operations, whichever is greater over the next six months until $30,000 is repaid. The lender has 30 days from the date of the agreement to provide the full $25,000. As of March 31, 2013, the lender has provided $10,000 of the $25,000 financing agreement to the Company.
SNEY keeps good books they just haven't booked any revenue yet.
The interesting thing is that the financing agreements called for monthly installments of a set amount or a percentage from operations. SNEY anticipated cash flow from operations yet we haven't seen any evidence from them yet.
