QuoteMedia Inc (QMCI)

[laraz5]

I know there is Zero Interest in a company that does business with itself but does anyone actually read these bogus POS filings and not laugh?


On December 28, 2017, the Company entered into Debt Exchange and Debt Forgiveness Agreements with Bravenet Web Services, Inc. (“Bravenet”), and Harrison Avenue Holdings Ltd. (“Harrison”). David M. Shworan, the President and Chief Executive Officer of QuoteMedia, Ltd., a wholly owned subsidiary of Quotemedia, Inc., is a control person of Bravenet and Harrison. Also effective December 28, 2017, the Company entered into a Compensation Agreement with David M. Shworan. As a result of these agreements and transactions, all of our related party debt was eliminated effective December 28, 2017; therefore no related party interest expense was incurred for the three or six months ended June 30, 2018. Interest was accrued at 10% on outstanding balances owed to related parties in the comparative period resulting in $285,183 and $561,497 in interest expenses for the three and six months ended June 30, 2017, respectively. Refer to Note 6, “Stockholders’ Deficit” for additional information.


This dude is actually reporting business between various companies he owes?

What kind on nonsensical pyramid scheme is this, where is the reporting of income from other companies besides what Shady Shworan owns?


Thank goodness there is zero interest by anyone is this POS? people would not be happy this possible pyramid scheme?


IMO