DD Support Board and Research Team

[stockmasterflash]

Tax guys--question

From the IGNG 10Q. Am I correct in assuming these guys are going to be DEEP in arrears to the IRS as a result of this refinancing? They are already on a payment plan as a result of an IRS settlement.


Results of Operation for the Three Months Ended March 31, 2017 Compared to the Three Months Ended March 31, 2016

We had revenues in the first quarter of 2017 of $4,785 compared to $11,627 in 2016. The decrease in revenue is due to decreased sales.

Our cost of revenue was $0 in the first quarter of 2017 compared to $5,377 in the first quarter of 2016. The decrease in cost of revenue was as a result of decreased sales. We had a gross profit in the first quarter of 2017 of $4,785 compared to $6,250 in the first quarter of 2016. Again, lack of sales had a direct impact on decreased gross profit margin. Our operating expenses increased to$349,015 in the first quarter of 2017 as compared to $22,261 in the first quarter of 2016, primarily due to stock based compensation. Our loss on operations increased to $344,230 in the first quarter of 2017 compared to $16,011 in the first quarter of 2016. Our net income was $4,516,324 in the first quarter of 2017 compared to a net loss of $101,414 in the first quarter of 2016 as a result of a derivative liability adjustment and gains on the extinguishment of debt.

https://www.sec.gov/Archives/edgar/data/1205181/000149315217005687/form10-q.htm