Lifeline Biotechnologies Inc (LLBO)

[GetSeriousOK]

Upon further review of the final 2015 KATX balance sheet....

They listed a $1.9 million item called "Investment-Jeep" and a balancing debit of $1.9 million called "Long Term Loan." Neither item was there at year-end 2014, or even on the Februrary 2015 filing, but I don't see an explanation of what they did... Looks like they borrowed money to buy stock, and since they subsequently went dark, they probably defaulted on that loan and surrendered the "investment."

The Mineral Properties worth $373,394 have disappeared though.

The definition of "shell" dictates that it's only a shell after the assets are sold off and the debts are settled. Acropolis states in the KATX Form 10 that KATX is now a shell and they paid off the KATX debts.... meaning they probably sold the mineral rights to pay the debt.

The same thing is most likely going to happen to LLBO. Guess we'll have to wait until they file the Form 10 to find out.