12 Retech Corp (fka RETC)

[VST7]

Great Post-Quote;

Sharp's legal argument is abandonment of corporation, hence forfeiture of right to do business as of 09/2019 under NRS 78.347 1(b). The company made acquisitions before 09/2019 as a delinquent corporation which should not be confused with a revoked corporation.

Did/does $RETC have any OPERATING companies between 09/2019 and 1Q of 2020 or have they all been closed down pre-COVID?

Let's examine the last 10-K for year ended 2019:

*Red Wire Group, LLC: CLOSED via BK 03/06/2020 - pre-COVID
*Blu Wire Group: CLOSED 3 locations as of 02/2020, other locations on month to month or lease not renewed - pre-COVID
*Rune NYC: Lease expired 02/2020, month to month thereafter pre-COVID
*Social Decay: Factory CLOSED during 1Q 2020, Sisca quit 04/1/2020, lawsuit pending
*Emotion Fashion Group: With Retech virtual office, their operating activities uncertain
*12 Japan - CLOSED this is a sales office, not an operating group
*12 Europe - CLOSED 09/2019 BK

If $RETC had intentions to continue operations as a GOING CONCERN, why is there no long term lease commitments but instead shut down of operating companies as clearly notated on their 10-K? This is PRE-COVID decision by management.

It is my view that 10Q/2020 was intentionally not filed bc it would have exposed that all operating units have indeed CLOSED, NOT due to COVID but due to lack of revenues or declining revenues from NEWLY acquired operating companies of 2019.

Management conveniently discloses in "subsequent events" that they promptly CLOSED all locations of BluWire due to COVID & laid off a majority of employees but made PPP applications stating that they had close to 80 employees in 2020 & even more in 2021 when according to the testimony of the 1099 contractor comptroller, they have 15 subsidiaries & 6 employees. Evidenced by what's been disclosed on the 10-K, RETC does not have 15 subsidiaries.

In the 10-K, the number with regard to employees is an ambiguous 3 bc "employees/contractors" is used. Is it CEO/CFO and one contractor? CFO is also CEO of another company so part time or is he the contractor?

At any rate, Sharp can argue that after the corporation was revoked in 09/2019 & it forfeited its right to do business, management started closing operating companies (even the one they acquired in 02/2019) which can serve as intent behind allowing the revocation to stand for 18 months. These are not the actions of management planning to operate as a going concern but the opposite which is to wind their business down.

$RETC