A complete lie in the 10-K
So, UBIQ adds a paragraph saying that Carmichaels had loaned the company $14MM in 2015 and 2014. Yet, nowhere in the cash flow statements or balance sheets does this money appear. It is a complete fraudulent statement - have fun lawyers.
Also, that same paragraph says that he filed a UCC to secure his loans. Yet in a subsequent paragraph it says:
The Company had certain notes payable outstanding to related parties as of December 31, 2015 and 2014. During the years ended December 31, 2015 and 2014, the Company borrowed $1,204,905 and $225,000 from Chris Carmichael for which payments were made of $599,732 and $225,000, respectively. As of December 31, 2015 and 2014, Christopher Carmichael was owed $605,172 and $0, respectively. The amounts were unsecured, incurred interest at 8% per annum and due on demand.
This directly contradicts the paragraph claiming he loaned the company money and now he claims he is secured. They cannot both be correct.
