CURRENT ASSETS: Cash $ 698 ----------------------- Total current assets 698 -----------------------
TOTAL ASSETS $ 698 =======================
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
CURRENT LIABILITIES: Accounts payable $ 190,056 Accounts payable - related parties 410,754 Dividends payable 33,750 Accrued salaries 401,200 Accrued expenses 254,736 Accrued interest 344,827 Notes payable 38,400 Notes payable, current portion - related parties 1,002,454 ----------------------- Total current liabilities 2,676,177 -----------------------
Total liabilities 2,676,177
Financial Position
The Company had $698 in cash as of June 30, 2006 and no other assets. The Company's liabilities were $2,676,177 and it had a working capital deficit of ($2,675,479). During the three months ended June 30, 2006 the Company had no revenues and it had no revenues for the comparable period from the prior year. During the six months ended June 30, 2006, the Company had general and administrative expenses of $97,038 and interest expenses of $50,487, and net losses of $147,525, compared to general and administrative expenses of $72,682 and interest expenses of $42,472, and net losses of $98,487, for the comparable period from the prior year.
The Company does not have sufficient funds to execute its business plan or pay its current liabilities. There is no assurance that the Company will be successful in developing its electronic system to provide solutions for the prescription drug and healthcare industry or the Veriscrip(TM) System.
$698 in cash left after various "donations" by parties, an undeveloped/ non patented/ product that doesn't belong to them anymore, and $millions in liabilities and stock owed with no way to repay it.
Said all that 3 years ago.
Good luck.
I talk about stocks on stock message boards. No compensation. No fee is worth preying on the gullible or the unaware.
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