Imperative future shareholders know CEO is an embezzling con man. Embezzled $250,000 of company funds to his wife. Failed fiduciary responsibilities and embezzlement both punishable crimes!
Wolves can @ will feed on MYLI whales, & the one thing in the OTC that is verifiable is #TCWP as are our results in either direction. There is one who does not know who they are dealing with & it is not DP.
Alpha Howling w/ pride his young Alpha
Imperative future shareholders know CEO is an embezzling con man. Embezzled $250,000 of company funds to his wife. Failed fiduciary responsibilities and embezzlement both punishable crimes!
NOTE 3 - DEPOSITS FOR ACQUISITION OF INTANGIBLE ASSETS
During the years ended May 31, 2016 and 2015 the Company paid $59,000 and $158,000, respectively, to the wife of the chief executive officer as deposits for certain trademarks and other intellectual property to be assigned to the Company. Under the agreement, if the Company failed to pay a total of $250,000 by December 31, 2015, the Company was to forfeit all rights, title and interest in the trademarks and intellectual property unless extended by her. As of the date of this filing, the agreement has not been extended but the Company continues to use the intangible assets and is in negotiations to extend the agreement.
At May 31, 2016, it was not certain whether the intangible assets will ultimately be assigned to the Company. Further, it was not more likely than not that the Company will be able to generate sufficient future cash flows from these assets to recover any or all of the $243,000 deposits balance. Accordingly, the Company recognized a provision for impairment expense of $243,000 at May 31, 2016 and reduced the net carrying balance of the deposits for acquisition of intangible assets to $-0-.
Alpha Male always Caribbean Wolf Pack Strong The Society of Slayers...
