Clarification on Jim Ryan
Please find below attached a press release from the company published at on August 15 2014.
As of current date in the internal review process of American Senior Association Holding Group, Inc.’s financial documents, the company would like to issue to following updates to press released issued last week.
The two office employees of the company have elected to maintain their employment with the company.
On August 7th at 1:22 PM funds were withdrawn for $6,000 from the bank account of American Senior Association in the form of a cashier’s check. Those funds were re-deposited to the bank account of the company at 2:45 PM.
Upon review of the company lease, a former officer of the company renewed a $3,550.00 per month lease, Mr. Ryan had no involvement in the negotiation of the lease. The company is in the process of paying the July rent and has not paid the August rent.
Mr. Ryan’s shares were purchased prior to him becoming CEO of the company through an arm’s length transaction.
The delinquent payroll taxes occurred in a period prior to Mr. Ryan becoming CEO of the company. The company failed to disclose and/or accrue the delinquent taxes in the quarterly financial report of the company. The payment plan negotiated by the company has not been paid for the months of July and August. It is the intent of the company to pay the past due payment plan as soon as possible.
As of August 14th, based up the yourmembership.com website, where all membership data is held on behalf of the company. The company had membership of 154,528 members, 9,683 non-members with website access and 1,128 emails to members. The company is still in the process of reconciling cash receipts for the year.
