Anything that breaks the pattern at this point should be noteworthy; for good or bad. Who knows what Toomeys real intentions are, but if you track the money being spent on this shell, it tells you a partial story.
By my count, Toomey's loaned $230,000 of his own money to the company, and as of Dec 31, 2015 converted that at $1.00 a share into 244K shares. 244K shares are currently worth $780 bucks for a net loss of $229K -for what purpose? Anyone assuming he's up to something nefarious doesn't have much of a basis when his own money's on the line.
This isn't the right sort of shell game for tax relief... He may be able to claim a capital gains loss on loans, but I think if this were the only purpose, it'd be easier to just give income away to charity or a Trust Fund. It's easier and at least your Trust can "loan" it back it you at 1%.
My personal assumption is to read the intent as it's stated. I don't think these guys are connected in anyway with the other 95% hucksters and shucksters that run the OTC (at least I haven't found any hint of relationships to date). I have to assume that Toomey intends to recuperate that $229K loss, knowing he owns close to 70% of the O/S (close to 85M shares), and based on his history I wonder if this guy is hungry for a second chance.
From the Q filed Dec 31, 2015:
On October 21, 2013, Mr. James K. Toomey, a director of the Company ("Mr. Toomey"), advanced a loan to the Company in the amount of $10,000
On November 13, 2013, Mr. Toomey advanced a loan to the Company in the amount of $10,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $10,000.
On January 13, 2014, Mr. Toomey advanced a loan to the Company in the amount of $10,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $10,000.
On April 24, 2014, Mr. Toomey advanced a loan to the Company in the amount of $20,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $20,000.
On May 22, 2014, Mr. Toomey advanced a loan to the Company in the amount of $20,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $20,000.
On September 17, 2014, Mr. Toomey advanced a loan to the Company in the amount of $20,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $20,000.
On December 19, 2014, Mr. Toomey advanced a loan to the Company in the amount of $60,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $60,000.
On March 5, 2015, Mr. Toomey advanced a loan to the Company in the amount of $20,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $20,000.
On March 16, 2015, Mr. Toomey advanced a loan to the Company in the amount of $40,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $40,000.
On September 8, 2015, Mr. Toomey advanced a loan to the Company in the amount of $20,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $20,000.
On December 7, 2015, Mr. Toomey advanced a loan to the Company in the amount of $20,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $20,000
From the 8K filed Dec 31, 2015
On December 31, 2015, Mr. Toomey elected to convert, at a conversion rate of $1.00 per share, the outstanding principal and accrued interest on each of the following issued and outstanding convertible promissory notes: An aggregate of 244,946 shares of common stock of the Company issued were issued to Mr. Toomey, effective on December 31, 2015, as a result of these conversions.
