My client informed me that GRILLiT (Keith Wilkerson) defaulted on the "Sooner Bread Company" Lease and never paid the previous owner. So what "Credit Advances" did they pay off with the 700K?
This CEO and new CFO are using this company to steal money from shareholders. Just like previous CEO's and "Advisers".
Remember this "Based on the latest year-end financials, the combined revenues of these two restaurants is slightly over $2 Million per year. ("the Full Moon Café in Broken Arrow, into the Company, with average yearly sales of $1.25 million) leaves 750K for "Sooner Bread Company". Now Full Moon Café and White Flag have a combined 613K YTD through Sept 30th. People can easily sue Mr. Keith Wilkerson for these false statements. Who buys a company to never run it? A con-artist....
Let's summarize....
"On March 18, 2016, the Company purchased the stock of another Tulsa, Oklahoma restaurant renaming it the Sooner Bread Company. The restaurant is well known for family and take out dining. Of note is that all of the dough used in the operation’s menu fare is made in house. Since May, 2016, the restaurant has been closed pending capitalization of remodeling."
ALSO
"As part of the purchase of Sooner Bread Company, the Company signed a promissory note with the former owner for a total of $133,648. Terms on this obligation are still being determined." (It takes 9 months to determine "terms" on a closed restaurant?)
OR
"In addition to liquidating loans to those locations, the TCA loan paid off several of the credit advances to Full Moon Café and Sooner Bread Company."
So did they purchase Sooner Bread Company? What Credit Advances did they pay off if they never purchased it? I bet most of the 700K a check was cut to the CEO and Advisers.
