ALL YOU NEED TO KNOW: Notes from the latest SEC filings:
They are increasing the number of shares by 400%.......
"Increase in Authorized Shares
On February 6, 2017, the shareholders approved an amendment to the Company’s articles of Incorporation to increase the number of authorized common stock to
20,000,000,000 shares from 5,000,000,000 shares. "
They have multiple judgements against the company for outstanding debt (on top of the mountain of debt they currently have)
"NOTE J – Commitments and Contingencies
Various creditors have brought legal proceedings for collections of their claims against the Company. Judgments payable at June 30, 2017 and December 31, 2016
are $1,147,203.
"
They are running at a loss:
"Three Months Ended June 30, 2017 Compared With Three Months Ended June 30, 2016
Net revenues for the three months ended June 30, 2017 and 2016 was $-0- and $427, respectively. Cost of goods sold were $-0- and $312 for the three months
ended June 30, 2017 and 2016, respectively. Net loss for the three months ended June 30 2017 was ($25,398) compared to net loss of ($80,140) for the three
months ended June 30, 2016."
The company they just merged with a year ago broke off from SoOum
"Spin-Off
On July 28, 2017, the Company signed a Separation Agreement (the “Agreement”) with Ms. Joy Gillespie pursuant to which Ms. Gillespie exchanged her
445,000,000 shares of common stock of SoOum Corp. for 100% of the ownership interests of Western Grade, LLC (“WG”), which were owned by SoOum Corp.
In effect, this transaction reverses the prior acquisition of Western Grade by SoOum Corp., which occurred on October 06, 2016. The Separation Agreement
entered between the parties contains other terms common to a transaction of this nature. Accordingly, the Company's financial statements will not include the
operations of WG from effective date of January 1, 2017, and the related transaction was accounted for as a spin-off of WG as of the effective date. Based on the
consideration received (shares of common stock) and the net assets surrendered, the Company recorded a loss on spinoff of approximately $2,600,000, which has
been included in loss on discontinued operations in the accompanying statement of operations for the period ended June 30, 2017.
Due to the Agreement, the Company will no longer report WG as the Company's "Predecessor" and all historical financial information of the Company will be that
of SoOum Corporation. WG was only consolidated with SoOum Corporation's financial statements for the period from October 6, 2017 (date of acquisition)
through December 31, 2016. The Proforma financial information included below discloses the effects as if the acquisition of WG was not included in the
consolidated balance sheet at December 31, 2016 included herein."
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