Below is a copy of a complaint filed with the SEC:
This complaint concerns Platforms Wireless International Corporation (PLFM, CUSIP 72765A-10-1).
There are discrepancies and errors in the most recent SEC filing, the 10K annual report for the fiscal year ended June 30, 2016.
ONE: On page 2 of the 10K, under ITEM 3 SECURITY INFORMATION, it states that the number of shares issued and outstanding is 1,162,613,362 and then on page 4, under ISSUANCE HISTORY it states that “The company has not executed any securities offering, either public or private, and has not had any in the past five years.”. But on the 10Q form filed on May 18, 2016, the issued and outstanding is stated as 1,112,613,362 shares, a 50,000,000 share difference between the March 31, 2016 and June 30, 2016 filings. By their own filings, the ISSUANCE HISTORY statement in the 10K is materially false.
TWO: The Balance Sheet section in the 10K is rife with false statements. On page 2 of the 10K it states that the authorized is 2,400,000,000 shares, contradicting the Balance Sheet statement of 1,200,000,000. The Balance Sheet issued and outstanding amounts are obviously false, based upon section ONE above (i.e., using an incorrect number of shares). The amount listed for 2015 Stockholders Equity is false, since it is based on the false number of shares issued and outstanding. This error then is propagated throughout the remaining Balance Sheet figures, rendering them all false. The Statement of Stockholders Equity on page 8 is obviously false for the same reasons for 6/30/12, 6/30/13, 6/30/14, and 6/30/15 because they all use the same incorrect number of shares.
THREE: On page 10, ITEM 6. DESCRIBE THE ISSUER’S BUSINESS, PRODUCTS AND SERVICES there is at least one false statement. Under section A. DESCRIPTION OF ISSUER’S BUSINESS OPERATIONS it states
“The Company Travel Mix Group. – (Travelmix.ca - Travelmix.com). Is a Canadian based online travel Agency with sales/marketing offices throughout Canada and Affiliates in Las Vegas, USA. Which provides Canadian, American and International travelers with all possible travel related services online via World Wide Web and also telephone travel agents.
Travel Mix offers real time bookings and reservations on packaged vacations. Our web-site has travel related helpful information links and all the necessary travel related content with air tickets, last minute deals, car rentals, hotel reservations, cruises, travel insurance, tickets, attractions and more.”
But on the same page, section E. PRICIPAL PRODUCTS OR SERVICES AND THEIR MARKETS it states
“The Company focuses its efforts on acquisition and development of various alternative and exotic energy products to the general public. The Company is actively pursuing development and testing of various energy products and expects to secure products for manufacture and marketing in the near future. Because of management expertise and business alliances the Company expects to succeed in future ventures in growth industries with vast potential within the domestic U.S. market.”
The 10K thus offers two completely different statements on what the company is doing.
FOUR: On page 11, Boris Golan is listed as CEO and Director, and Bill Schaefer is listed as President and Director. But then on page 13, Boris Golan creates a conflict when he signs the CERTIFICATIONS item of the 10K on August 10, 2016 as President.
FIVE: Pump and Dump aspects. Since June 30, 2016, an additional 809,500,000 shares, or an increase of over 69% of newly issued shares has been revealed by the Transfer Agent. Based on the mistake-ridden 10K, trading volume in the past few months after the 10K has exploded to over 450 million shares, or about ¼ of all the issued and outstanding shares and 100% of float. The price of the stock quadrupled, only to collapse back to a level lower than before the filing of the error-filled 10K. There have been no press releases or news from the company since April, only the required 10Q and 10K, which contain false statements.
SIX: The March 31, 2016 10Q filing does have a Balance Sheet that uses the correct number of shares (as reported), but the 10K filing uses a Balance Sheet that had to be re-engineered to reflect the correct number of additional newly issued shares, which was then ignored for issuance history.
