I still think you are looking at this wrong although I appreciate you clarifying earlier remarks.
From the Q3 Quarterly Report-
Shares authorized & outstanding decreased by 1,939,000,000
Shareholders’ Equity:
Common stock, $.00001 par value; 30,000,000,000 shares authorized; 28,060,999,468 shares issued and outstanding
Note 5. Stockholders’ Equity
Common Stock
The holders of the Company's common stock are entitled to one vote per share of common stock held
As of September 30, 2014 the Company had 28,060,999,468 shares issued and outstanding.
From the Q2 Quarterly Report-
Beneficial Owners:
Name
Position
Securities Owned
Angel Stanz
Chief Executive Office
3,500,000 shares Series A Preferred
Salvatore Tuzzolino
Control Shareholder
26,655,792,728 shares common stock
From the Q3 Quarterly Report-
Beneficial Owners:
Name
Position
Securities Owned
Angel Stanz
Chief Executive Office
3,500,000 shares Series A Preferred
Salvatore Tuzzolino
Control Shareholder
24,716,792,728 shares common stock
Well, what do you know? Sal’s Control Shares were reduced by 1,939,000,000. Sal hasn’t sold 1 of his control shares over the past year he has owned them. Clearly, the previously announced buyback involved RIGH buying back a portion of Sal’s Control Shares. This should be viewed as a very positive update for shareholders, you do NOT buy back shares at any price if you plan on a RS. Angel has communicated to a number of shareholders that there will not be a RS, this action supports previous communications.
Now this part is a little fuzzy, it appears those shares may have been purchased for $10,000. I don’t really know but if that was the case, one might expect that we could buy back all of Sal’s shares for a measly $127,471. This is purely speculation.
Cash Flows from Financing Activities
Proceeds from notes payable 15,000 -
Satisfaction of notes payable (15,000) -
Treasury stock (10,000) -
This part is also a little fuzzy, we don’t know who bought the shares in Genius Biotech but I’ve always believed that Sal’s interest here is Genius Biotech. My earlier speculation was that Sal’s Control Shares would be used to gain significant ownership in the new entity via share dividend, than RIGH Control Shares returned to the treasury. That may still happen but I believe what you see here is Sal beginning to transfer his ownership from RIGH to the new entity. This should be no cause for concern in fact, the opposite. This means the new entity is close to being set up, those who know more about it than us are happy to buy into it…..this is an awesome update for RIGH shareholders!
On or about February 24, 2014, the Issuer sold a ten (10%) percent convertible promissory note in the principal amount of $15,000
(the “Note”). The Note has been satisfied in full through a private placement with a third party that plans to receive unregistered
shares of stock in Genius Biotech Corporation.”
Last, overall performance improved significantly within the last quarter. We have a long ways to go but this is progress!
Revenue-$32,385 was earned in the past 3 months compared to $54,684 in the past 9 months.
Revenue Recognition
Revenue is derived from sales of products to distributors and consumers. Revenue is recognized in accordance with Staff Accounting
Bulletin (“SAB”) No. 101, “Revenue Recognition in Financial Statements,” as revised by SAB No. 104. As such, the Company
recognizes revenue when persuasive evidence of an arrangement exists, title transfer has occurred, the price is fixed or readily
determinable, and collectability is probable. Sales are recorded net of sales discounts and terms are recorded by contract.
Accounts receivable is reported at the customers’ outstanding balances, less any allowance for doubtful accounts. Interest is not
accrued on overdue accounts receivable.
You will find similar results for Gross Profit & Net Loss…..positive!
