TREP used to be STTN - same business, same con, and BONAR businesses still owe millions in taxes, unemployment and SS taxes that were collected from businesses and their employees who contracted with his various personnel cons but were never remitted to the proper government agency. I'd still like to know why BONAR isn't in prison.
Here's a blast from the past that should be a warning to any one who invests in anything connected with BRIAN BONAR or any of his many affiliated crooks:
STTN some research inspired by the filing of the last 10Q on November 21, 2011
The stock started to plummet the day before the 10Q filing (maybe some insiders with advanced knowledge that the 10Q was going to be brutal decided they better start getting out early?)'s a
Before we get to that a quick rundown on the events that have happened over the past few months:
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Starting shortly after the former Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer and founder of the company, Perry Law, tendered his resignation from his last remaining position of Director effective immediately on June 3, 2011 things have taken a very bad turn for the worse.
On June 9, 2011, Brian Bonar signed a toxic financing agreement with La Jolla which included a $500,000 debenture agreement and the right for La Jolla to purchase up to $5,000,000 worth of stock at 80% below the market price. To date this agreement has not been executed.
On June 15, 2011, Brian Bonar issued himself 21,897,999 shares at no cost. According to the recently filed 10Q those shares were issued for $218,979 in compensation owed. On June 15, 2011, STTN closed at $.071/share making the actual value of those shares $1,554,757.93.
On July 29, 2011, Brian Bonar and Owen Naccarato met at the Rancho Bernardo Inn and used their 24,897,999 shares to elect themselves as the new Directors for the STTN shell.
On October 17, 2011, Brian Bonar brought his son, Colin Niven Bonar (aka C. Niven Bonar aka C N Bonar), into the picture by purchasing a group of companies which were all wholly owned subsidiaries of American Marine LLC, a company controlled by both Brian Bonar and C. Niven Bonar, for $50,000 and a $500,000 debt Note.
Owen Naccarato (STTN Director) served as the legal counsel for the signed agreement between father and son.
C. Niven Bonar and Brian Bonar were previously linked with Dalrada Financial Corp (DFCO). Both C. Niven Bonar and Brian Bonar's daughter, Pauline Bonar, were initial shareholders in Dalrada Financial Corp back in 1999 while Brian Bonar was the CEO. Not so coincidentally Owen Naccarato was and still is the legal counsel for Bonar linked Delrada Financial Corp.
APRO was (I used past tense because that company is basically dead now) a PEO company just like STTN is now.
APRO even uses the same address as STTN
11838 Bernardo Plaza Ct. Suite 240 San Diego, CA 92128
Which is in shouting distance from American Marine LLC
11838 Bernardo Plaza Ct Suite 210 San Diego, CA 92128
And is within walking distance from Dalada Financial Corp
11956 Bernardo Plaza Drive #516 San Diego, CA 92128
John Capezzuto who works with Brian Bonar with APRO also worked with Brian Bonar with scam company Warning Management Services Inc. (WNMI) which was revoked by the SEC on May 22, 2009
Allegiant Professional Business Services, Inc. (APRO) Blackbird International Corporation Oakville Canada (BBRD) --- This was added to the original post --- Com-Guard.com, Inc. (CGUD) Dalrada Financial Corp. (DFCO) Diverse Media Group, Inc. (DVME) DPOLLUTION International Inc. (RMGX) eMamba International Corp. (EMBA) Family Room Entertainment Corp. (FMYR) Genco Corp. (GNCC) Global Digital Solutions, Inc. (GDSI) Icon Media Holdings, Inc. (ICNM) ITonis, Inc. (ITNS) Lexico Resources International, Inc. (LXXI) Markray Corp. (RVBR) Quad Energy Corp (CDID) Ree International, Inc. (REEI) Smart-Tek Solutions, Inc. (STTN) South Shore Resources, Inc. (SSHO) TapSlide, Inc. (TSLI) Velocity Energy Inc. (VCYE)
This link draws some interesting past connections between Corey Ribotsky and many companies that used Owen Naccarato as legal counsel
Then on November 21, 2011, the STTN 10Q for the 3rd quarter came out and it was ugly.
Cash on September 30, 2011 - $270,048 Cash on June 30, 2011 - $882,069
STTN lost $612,021 in cash during the 3rd quarter
Accounts payable and accrued liabilities on September 30, 2011 - $8,384,307 Accounts payable and accrued liabilities on June 30, 2011 - $3,256,689
STTN added $5,127,619 in accounts payable and accrued liabilities during the 3rd quarter
The accounts payable and accrued liabilities for the 2nd quarter was only $82,477
$5,127,619 is $2,129,070 more than STTN had in accounts payable and accrued liabilities for its entire existence from 1995 - through the 2nd quarter of 2011.
Why the $5,127,619 in accounts payable and accrued liabilities all in just a 3 month period? Who is all that money owed to?
Gross profit on September 30, 2011 (for 3rd quarter) - negative $155,177 Gross profit on June 30, 2011 (for 2nd quarter) - $1,685,183
STTN went from a profitable business to a company with a failing business. The cost of revenue for the 3rd quarter of 2011 was higher than the revenues themselves. They would have been better off not doing business in the 3rd quarter.
Subtract away the operation costs/expenses and
Overall operating loss on September 30, 2011 (for 3rd quarter) - $2,963,852 Overall operating loss on June 30, 2011 (for 2nd quarter) - $599,161
STTN's operating losses increased by $2,364,691.
During the 1st quarter of 2011 (the period ending March 31, 2011), STTN didn't have an operation loss. They had an operating gain of $363,354 after subtracting away all the costs of operations from the revenues for the quarter. It is obvious the direction that STTN is headed, and it is not good.
A further break down of the Selling, general and administrative expenses helps partially explain why STTN is headed down the toilet.
Overall Selling, General, and Administrative Expenses 1st quarter - $1,272,515 2nd quarter - $1,685,183 3rd quarter - $1,997,439
Since revenues dropped by 28% from the 2nd quarter to the 3rd quarter why did commissions increase by 235% during that same stretch?
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The most disturbing parts of the recent STTN filings:
#1) Brian Bonar paying himself $1,554,757.93 in shares for a $218,979 balance that was owed to him then writing off the payment in the books as a $218,979 stock expense.
#2) Brian Bonar issuing himself and his son a $500,000 debt Note for a group of revoked business entities.
#3) The $5,127,619 in accounts payable accrued during the 3rd quarter alone. Who is all that money owed to?
#4) STTN went from a positive balance sheet at the end of the 1st quarter to a failing business whose revenues cost more than what they make.
#5) The past connections and histories of the main players involved in STTN.
