TALK - 2012 TALK went from $26,656 in sales to over $662,636 in 2013. Partnered with Sprint and built an wireless. Company was also fully audited and in debt.
We deliver mobile broadband wireless data transmission services primarily under the iData brand to subscribers through our mobile virtual network operator (MVNO) agreement with a sub provider on Sprint's nationwide network that utilizes third generation (3G) & fourth generation (4G) code division multiple access (CDMA) technologies.
2013 Overview
For the year ended August 31, 2013, total revenue increased to $195,339 from $0 in fiscal 2012. The overall increase in revenue during fiscal 2013 is entirely due to new revenue from network services from acquisitions.
For the year ended August 31, 2013, operating expenses increased to $662,636 as compared to $ 26,656 in fiscal 2012. The increase in operating expenses in fiscal 2013 as compared to fiscal 2012 is primarily related to cost of network services initiated from operations of acquisitions.
Our net loss in fiscal 2013 increased to $ 655,397 compared to $26,656 in fiscal 2012. In fiscal 2011, we accumulated net operating loss carry-forwards and have recorded no provision for income tax.
In their report dated December 16, 2013, our independent registered public accounting firm stated that our consolidated financial statements for the year ended August 31, 2013 were prepared assuming that we would continue as a going concern. However, they expressed substantial doubt about our ability to do so. We also had a working capital deficit of $614,717 at August 31, 2013 and cash on hand of $42,370. We also expect to incur additional losses for at least the years of fiscal 2013-2014.
Company issued shares to obtain and bond. Bad judgtment but not criminal or a scam. deal did not go through. So where the SCAM?
On October 15, 2013, the Company issued 49,999,995 shares of its Series B Preferred Stock to acquire a U.S. government bond. In order to obtain additional working capital, the company is currently attempting to monetize a U.S. government bond with the assistance of the holder of the bond. While we can have no assurance that we will be able to achieve this goal, in the event we are unable to monetize the bond to a certain level the holder of the bond will be required to return to the Company all shares of the Company’s Series B Preferred Stock.
Audit fees billed by Liggett, Vogt & Webb, P.A. (“LVW”) for the audit of our financial statements included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2013, and Seale & Beers (“S&B”) for review of the financial statements included in our Quarterly Reports on Form 10Q for the periods ended March 31, 2012, June 30, 2012, and September 30, 2012 filed with the SEC for last year totaled $27,000 which are classified as audit fees. LVW and S&B did not bill any fees related to audit related, tax or other fees for the year ended August 31, 2013.
Nothing I state is intended to be a recommendation to buy or sell, opinion only. Readers are solely responsible for how they use the information.
