As in "DeKett and Daddona co-robber-ated with David Foley in defrauding people and companies."
Speaking of which, note that DaDavey had DeKett act as a stooge for the stolen MOJO used to pass off as "NTEK's NP-1".
shajandr Friday, 04/10/15 02:11:13 AM Re: None Post # of 324509
LOL - ironic as hell!!! Davey "Felonious Monk" Foley was involved with one of his convicted co-conspirators, Robert DeKett, in a corporation called, of all things - MOJO ENTERTAINMENT!! How ironic that many years later Davey rips off a product from a totally unrelated San Diego company, MadCatz, and that product is called - the MOJO!!!!
An investment in shares of our common stock is very risky. You should carefully consider the following factors before deciding to invest.
Risks Relating to This Offering
Risk of investing in a Company with limited operating history could result in a loss of a shareholder's entire investment.
MoJo Entertainment, Inc., a Nevada corporation ("Company"), was organized on December 29, 2003. The business office of the Company is located at 328 North Market Street #338 San Jose, CA 95110.
The Company operates on a calendar year.
Currently, the Company has no employees and is being operated by the director Robert DeKett who serves in the capacity of President and Chief Financial Officer. Mr. DeKett is also acting as a consultant to the Company and is continuing to expand the website and software associated with the arcade games. The Company is in its initial stages of development with no revenues or income and is subject to all the risks inherent in the creation of a new business. Since the Company's principal activities to date have been limited to organizational activities, it has no record of any revenue-producing operations. Consequently, there is no operating history upon which to base an assumption that the Company will be able to achieve its business plans.
If we are unable to obtain adequate financing, the Company could fail, and a shareholder could lose his or her entire investment.
The Company does not currently have enough cash to begin its operations of on-line subscriptions and pay its expenses for the next 12 months.
The funds available to the Company from the first four private offerings has been adequate for it to implement its website development and the demonstration software of six arcade games on the Company's website. The Company had working capital (deficit) of ($14,937) at September 30, 2006, and ($569) and $25,687 at December 31, 2005 and 2004, respectively. However, the Company will require an additional $75,000 in order to develop further arcade games and software projects and therefore will depend upon its ability to raise additional funds through bank borrowings, equity or debt financing, or asset sales over the next 12 months. There is no assurance that the Company will be able to obtain additional funding when needed, or that such funding, if available, can be obtained on terms acceptable to the Company. If the Company cannot obtain needed funds, it may be forced to curtail or cease its activities. If we are unable to raise capital from the sale of securities, loans, or industry partnerships in the future, we will have to scale back our operations and may, at some point, become insolvent. The Company raised another $25,000 during November 2006.
We are dependent upon certain officers, key employees, and consultants; therefore, a loss of any these individuals could result in the failure of the Company.
The Company is substantially dependent upon the efforts of a few key officers, directors, and consultants to the Company. Should any of these individuals cease to be affiliated with the Company for any reason before qualified replacements could be found, there could be material adverse effects on the Company's business and prospects. We are dependent on the services of Robert DeKett (President) of MoJo Entertainment, Inc. Loss of the services of Mr. DeKett could have a material adverse effect on the Company's operations.
During 2004 the Company entered into a consulting agreement with Wannigan Capital Corp. to provide assistance in its day-to-day operations. Specifically, they assisted in the following:
designing and developing the Company website;
providing introductions to the hosting webmaster and daily interaction with Mr. DeKett on design suggestions and content;
providing short lists of and initial contact with SEC approved auditors and attorneys;
providing ongoing office space, secretarial services and duplicate storage of corporate records and documents;
providing assistance in the regulatory submissions required for this registration; and
assisting Robert DeKett with strategies to expand the software program to develop additional game-play products.
This agreement terminated in 2005, and was not renewed, however they continue to provide office and secretarial services as needed at no charge to the Company. We have not entered into employment agreements with any of these individuals, and do not maintain key-man life insurance on any MoJo officers or employees.
We are thinly staffed, and if our employees and consultants are unable to to manage the affairs of the Company, the Company could fail and an investor could lose his or her entire investment.
The day-to-day activities are being executed by the directors of the Company. Unless and until additional employees are hired, our attempt to manage our projects and obligations with such a limited staff could have serious adverse consequences, including without limitation, a possible failure to meet a material, contractual, or SEC deadline. As of the date of this filing, the Company had no full-time employees. The Company utilizes the services of various individuals on a consulting basis , however, none have contracts with the Company. The two main consultants the Company depends upon are Robert DeKett and David Foley of Hyperware Technologies Inc. Robert DeKett has received $3,500 for consulting and website development, but no management salary to date. On September 20, 2006 Mr DeKett informed the Company that he would be unable to provide the amount of time commitment previously anticipated for the Company but would instead only be able to provide the amount of time and effort normally expected from an officer and director in his position. As such, his original consideration of 200,000 common shares par value $0.001 (pre-forward split 3.5:1 on January 20, 2004) issued for future services and reimbursement for the $200 advanced by Mr. DeKett for incorporation fees were returned to the company. Mr DeKett will be reimbursed for the $200 incorporation fees and the Company agreed to pay Mr. DeKett an additional $3,300 for his services to date. In the future Mr. DeKett will be paid on an as needed consulting basis.
Mr. Foley receives his compensation from HyperWare Technologies Inc and has not received any compensation from the Company. HyperWare may be a supplier to the Company in the future.
The Internet video game industry is highly competitive, and there is no assurance the Company can compete. If the Company cannot compete, an investor could lose his or her entire investment
The Online Classic Arcade industry is highly competitive. Most of our current and potential competitors have far greater financial resources and a greater number of experienced and trained managerial and technical personnel than we do. We can provide no assurance that we will be able to compete with, or enter into cooperative relationships with any such firms. Such competition could have a material adverse effect on the Company's ability to execute its business plan as well as profitability.
There presently is no market for the Company's stock, so a Shareholder may not be able to sell his or her share s
Most of our outstanding shares will be free trading and, if sold in large quantities, may adversely affect the market price for our common stock.
1,046,000 of the 2,601,000 shares of common stock issued and outstanding as of September 30, 2006 will be free trading or are eligible for resale under Rule 144 under the Securities Act. Although the resale of certain of these shares may be subject to the volume limitations and other restrictions under Rule 144, the possible resale of the remaining shares may have an adverse effect on the market price for our common stock.
At present, no market exists for the Company's Common Stock. Upon the filing of this Registration Statement, the Company intends to commence trading on the NASDAQ Over-the-Counter Bulletin Board ("OTC/BB"). There can be no assurance that trading will commence on the OTC/BB or that the OTC/BB will provide adequate liquidity or that a trading market will be sustained. A purchaser of stock may, therefore, be unable to resell shares purchased should the purchaser desire to do so. Furthermore, it is unlikely that a lending institution will accept the Company's securities as pledged collateral for loans unless a trading market develops providing necessary and adequate liquidity for the trading of shares.
The Company will need to sell shares to raise capital, and existing shareholders' ownership interest in the Company will be diluted and the shareholder's value could be diminished.
MoJo Entertainment Inc has authorized capital of 75,000,000 shares of common stock, par value $0.001 per share, and no shares of preferred stock. As of the date of this filing, there were 2,601,000 shares of common stock issued and outstanding. Our board of directors has authority, without action or vote of our shareholders, to issue all or part of the authorized but unissued shares. Any issuance of shares described in this paragraph will dilute the percentage ownership of our shareholders and may dilute the book value of the common stock. The sale of Common Stock by the Selling Shareholders pursuant to this Prospectus will be at negotiated prices for individual transactions or at the trading price for the Common Stock at the time of the sale, which will vary. Any purchaser of the Common Stock will be buying such stock at a value substantially in excess of the per share book value. If additional shares were issued to obtain financing, current shareholders may suffer a dilutive effect on their percentage of stock ownership in the Company.
We have not paid any dividends and do not expect to pay dividends in the near future.
We have not paid, and do not plan to pay, dividends on our common stock in the foreseeable future, even if we become profitable. Earnings, if any, are expected to be used to advance our activities and for general corporate purposes, rather than to make distributions to shareholders.
Due to our losses and lack of capital and revenues, there is substantial doubt as to our ability to continue as a going concern and a shareholder could lose his or her entire investment.
The Company has incurred losses since its inception and has not yet been successful in establishing profitable operations. These factors raise substantial doubt about the ability of the Company to continue as a going concern. This could result in the entire loss of investment. The Company has not realized revenues from its planned principal business purpose and is considered to be in its development stage in accordance with SFAS 7, " Accounting and Reporting by Development Stage Enterprises."
The Company has not yet sold any subscription nor has it entered into any contracts with game publishers and therefore has no revenues to date. The website of the Company has links to demonstrations of the arcade games "JOUST," "FROGGER," "SPACE INVADERS," "PAC-MAN," "DUCK HUNT," and "ASTEROIDS," which are six of many games planned for the website. A prospective subscriber may access these demonstration games and experience the classic arcade game, however these demo games are still at no charge and do not contribute revenues to the Company at this time.
Umm, only David and Dekett's MOJO didn't have licenses to those arcade games - oops, whoops.
