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Monday, August 21, 2017 6:25:06 PM
From the 10-Q:
Some really good stuff!
As of August 14, 2017, the Company had 545,031,216 shares of Common Stock issued and outstanding.
12. Subsequent Events:
During July 2017 the Company issued 30,372,528 common shares to third party creditors for a debt conversion.
On August 8, 2017, the Company issued 15,000,000 common shares to a third party creditor for a debt conversion.
On July 26, 2017, the Company acquired 100% of the issued and outstanding shares of capital stock of Big Red LTL Transport, Inc. and CIN-SAN Leasing, Inc. (“Big Red”) through a stock purchase agreement in the amount of $504,000 payable through a seven year unsecured promissory note. Big Red is headquartered in Great Meadows, NJ, and operates Hubs in Netcong, NJ and Chicago, IL. Big Red operates a fleet of 27 trucks and 38 refrigerated trailers, and is expected to provide synergies with current customers and afford valuable hub locations in the Northeast. The Company is still in the process of evaluating Big Red’s accounting systems for integration with the Consolidated Financial Statements of the Company for future reporting. Future filings will have included the acquisition at fair value and the financial position and results of operations from the acquisition date forward.
3. Liquidity and capital resources:
The Company is actively negotiating significant discounts on debt through an exchange of debt for both preferred A and B shares as well as negotiated settlements for early payoffs resulting in significant debt reductions and future interest savings. While its current lenders continue to support the progress of the Company, the Company is exploring consolidation of its debt.
Management’s goal is to discontinue or sell all business units other than the transportation group by year-end, thereby significantly reducing cost and reducing debt. This will not only reduce costs, but it will allow management to focus exclusively on building the transportation sector.
Along with, and similar to its recent acquisition of Big Red, the Company intends to continue to pursue additional acquisitions that add strategic synergies for its current hubs and customer base. The Company is also exploring strategic locations in the Northeast for its cold storage facility of approximately 150,000 square feet. These actions along with acquisitions made will allow for significant growth of sales and a return to profitability.
Management remains confident in its position in the transportation sector and believes we will continue to gain market share due to its recent acquisitions.
Blessings and best wishes,
LoveAndLight
Some really good stuff!
As of August 14, 2017, the Company had 545,031,216 shares of Common Stock issued and outstanding.
12. Subsequent Events:
During July 2017 the Company issued 30,372,528 common shares to third party creditors for a debt conversion.
On August 8, 2017, the Company issued 15,000,000 common shares to a third party creditor for a debt conversion.
On July 26, 2017, the Company acquired 100% of the issued and outstanding shares of capital stock of Big Red LTL Transport, Inc. and CIN-SAN Leasing, Inc. (“Big Red”) through a stock purchase agreement in the amount of $504,000 payable through a seven year unsecured promissory note. Big Red is headquartered in Great Meadows, NJ, and operates Hubs in Netcong, NJ and Chicago, IL. Big Red operates a fleet of 27 trucks and 38 refrigerated trailers, and is expected to provide synergies with current customers and afford valuable hub locations in the Northeast. The Company is still in the process of evaluating Big Red’s accounting systems for integration with the Consolidated Financial Statements of the Company for future reporting. Future filings will have included the acquisition at fair value and the financial position and results of operations from the acquisition date forward.
3. Liquidity and capital resources:
The Company is actively negotiating significant discounts on debt through an exchange of debt for both preferred A and B shares as well as negotiated settlements for early payoffs resulting in significant debt reductions and future interest savings. While its current lenders continue to support the progress of the Company, the Company is exploring consolidation of its debt.
Management’s goal is to discontinue or sell all business units other than the transportation group by year-end, thereby significantly reducing cost and reducing debt. This will not only reduce costs, but it will allow management to focus exclusively on building the transportation sector.
Along with, and similar to its recent acquisition of Big Red, the Company intends to continue to pursue additional acquisitions that add strategic synergies for its current hubs and customer base. The Company is also exploring strategic locations in the Northeast for its cold storage facility of approximately 150,000 square feet. These actions along with acquisitions made will allow for significant growth of sales and a return to profitability.
Management remains confident in its position in the transportation sector and believes we will continue to gain market share due to its recent acquisitions.
Blessings and best wishes,
LoveAndLight
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