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Re: None

Friday, 06/15/2018 10:29:58 PM

Friday, June 15, 2018 10:29:58 PM

Post# of 15704
Found the tax stuff- it’s filings and payroll taxes not income- they have $83 million in NOLs so we’re good on the income tax for a while- the delinquency for filing may have been handled already and as far as I’m concerned isn’t a concern.

“The Company is currently delinquent with its federal and applicable state tax return filings, payments and certain Federal and State Unemployment Tax filings. Some of the federal income tax returns are currently under examination by the U.S. Internal Revenue Service (“IRS”).

The Company has entered an agreed upon payment plan with the IRS for delinquent payroll taxes.

The Company is currently in process of setting up a payment arrangement for its delinquent state income taxes with the State of Georgia and the returns are currently under review by state authorities.

“Although the Company has been experiencing recurring losses, it is obligated to file tax returns for compliance with IRS regulations and that of applicable state jurisdictions.”


At March 31, 2018 and December 31,
2017, the Company has approximately $82.9 million of net operating losses. This net operating loss will be eligible to be carried forward for tax purposes at federal and applicable states level. A full valuation allowance has been recorded related the deferred tax assets generated from the net operating losses.”

idleness is the only refugee of weak minds

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