MyECheck, Inc. (fka MYEC)

[WhiteFish]

Per financials:

9/30/2012 Ed owned 956,970 shares (39%)
12/31/2012 Ed now owned 3,000,956,970 (90%)

It appears the 3 billion shares were issued for "management services". This was only booked at a $30K expense (.00001 PPS) on the 2012 annuals.

Weird, PPS was between .10 and .05 in Q4 2012. This would mean the income Ed should have recognized and the expense MYEC should have booked for this issuance should have been between $300MM and $150MM.

Wonder how the audit will justify such a low value since GAAP requires stock based services to be booked at FMV.


IRS and FTB may think there is some explaining to do.