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Saturday, January 10, 2015 11:20:04 AM
In regards to the new EDGAR filing, you probably know this but others here may not:
When a company files a Form 10, it doesn't just sit there for those 60 days. There is a behind-the-scenes back and forth between the SEC and the company. The SEC reviews the filing and submits questions and concerns to the company who then responds. The new filing is an updated (Amended) version of the Form 10, those 96 million shares are one example of this process.
Original filing:
NOTE 12 - SUBSEQUENT EVENTS
In April 2014, the Company issued 96,000,000 shares of restricted common stock valued at $24,000 for various consulting services to an outside third party advisory group.
Certain literary rights were purchased on behalf of the Company and the rights were assigned to a third party in exchange for passive participation in exploitation of the rights.
Amended filing (located within the audited financials which were separated from the main document):
NOTE 12 - SUBSEQUENT EVENTS
In April 2014, the Company issued 96,000,000 shares of restricted common stock valued at $24,000 for various consulting services to an outside third party advisory group.
Certain literary rights were purchased on behalf of the Company on September 3rd, 2014 and the rights were assigned to the third party responsible for said purchase in exchange for passive participation in exploitation of the rights. The third party entity controls the rights of which the Company will receive 12.5% of net proceeds, if any, from exploitation of rights, if any, by the third party entity. The Company has a passive stake in the proceeds, if any, and is not required to fulfill any further objectives or conditions otherwise to secure its position. The Company will request Quarterly statements from the third party entity to ensure accountability throughout the relationship.
Notice the discussion of those shares is more in depth than in the original filing.
I have not compared the original to the amended yet, so I don't know what other areas the SEC may have been concerned with; but investigating the discussion of those shares was an easy example.
Also notice that the financials for Q3 are included with the amended filing, so we are current again. (At least until the EOY financials are due, which should be audited again.)
In case I forgot to mention it above, Always Just My Very Humble Opinion
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