During the nine months ended September 30, 2021, we issued:
220,978,521 shares in conversion of $910,000 of principal and $38,446 of interest. We realized no gain or loss on the conversion.
198,125,000 shares to pay contractors for marketing campaigns. As a result, we charged general and administrative expenses with $1,981,125.
5,500,000 to a creditor as an enticement to enter into two convertible promissory notes in the amount of $520,000 each, for a total of $1,040,000. The shares were valued at $52,525 and are accounted for as a debt discount.
15,000,000 to a contractor for marketing campaigns. We valued the shares at $130,500 and included that sum in general and administrative expenses.
1,000,000 shares to Frank Antenori for signing on to our Board of Directors. We valued the shares at $6,900 and included it in general and administrative expenses. Mr. Antenori will be compensated 1,000,000 per quarter as long as he serves on the Board.
During the nine months ended September 30, 2021, we had the following stock payable transactions:
We accrued $220,050 to a system development contractor per our contract with them.
The 198.125 million shares to contractors for "marketing campaigns" is the SRAX deal, obviously. SRAX are undeniably paid promoters. They even admit it themselves, which is in accordance with Section 17(b) of the Securities Act of 1933, as amended.
So TTCM calls their promoters contractors in the filings with the SEC. This is as plain as day. However, unlike SRAX the other contractors are not in compliance with federal laws on disclosure to the public.
Upon further detailed review of the 10-Q, I answered my own question as to where the contractors expenses disappeared to in the balance sheet financials. TTCM now lumped the expenses into General and Administrative expenses. I hardly consider paying contractors to illegally promote TTCM a general and administrative expense but whatever. Slight of hand is ever present in this endless con game.
At September 30, 2021 we owed $103,539 in related-party loans consisting of $98,539 to the 22nd Trust and $5,000 owed to a related-party Board member .
The 22nd Trust is the Nugent family. The founder of this scam is Michael Nugent. He imported this fraud to the US after it was busted in Australia.
The magnetic engine scam exposed in these articles from the Sydney press was also imported to the US from Australia as Novagen, NOVZ. That security has since been revoked by the SEC and is no longer in existence.
Michael Nugent has a son, named Sonny Nugent. He is also involved in this fraud. Back when KlickZie was the the promoted fairy tale TTCM paid Polybia Studios 350K to flesh out Dr. Leonard's KlickZie concept, but that never happened and the focus of the scam shifted to the non disclosing promoter turned company insider David LaMountain's ARknet scam.
Polybia Studios is a fantasy creation of Sonny Nugent, and a way to launder more public money into the Nugent family accounts.
Convertible notes payable – related party, net
Short-term portion - At September 30, 2021, we owed $70,942 of related-party notes which are convertible into common stock, of which $69,973 is owed to David LaMountain, Our Chief Operating Officer
This is rather self-explanatory. However, the discount to market price is not mentioned.
During the nine months ended September 30, 2021, we issued the following promissory notes:
we issued a promissory note in the amount of $220,000, receiving proceeds of $208,000. The note matures February 17, 2022 and bears interest at 8% (24% default rate). They are convertible at 63% of the lowest closing bid price during the twenty days preceding the conversion.
we issued a promissory note in the amount of $520,000, receiving proceeds of $500,000 with a discount of $136,844. The note matures September 3, 2022 and bears interest at 8%. They are convertible at 63% of the lowest closing bid price during the twenty days preceding the conversion. We recorded a discount of $344,816 upon issuance consisting of 28,875 for the fair value of the 2,750,000 shares issued to entice the lender, an original issue discount of $20,000 and the initial derivative of $295,941. We amortized $60,720 of this discount to interest expense during the nine months ended September 30, 2021.
we issued a convertible note to a software developer to convert $247,426 of outstanding accounts payable into a convertible note. The initial derivative associated with this instrument was $109,247 of which we have amortized $36,332 as of September 30, 2021. The note is convertible at $0.008265 and is due September 3, 2022.
we issued a promissory note in the amount of $520,000, receiving proceeds of $500,000. The note matures August 17, 2022 and bears interest at 8%. They are convertible at 63% of the lowest closing bid price during the twenty days preceding the conversion. We recorded a discount of $338,842 upon issuance consisting of 23,650 for the fair value of the 2,750,000 shares issued to entice the lender, an original issue discount of $20,000 and the initial derivative of $295,192. We amortized $31,263 of this discount to interest expense during the nine months ended September 30, 2021.
None of these owners of the recent convertible debt notes are named in this filing with the SEC, which shows total disdain for the SEC laws governing SEC registrant securities full disclosure laws. All of these parties could be the Nugents, Leonard, LaMountain, and I suspect they are.
On October 10, 2017, the Company received a letter from the lawyer of Eric L McRae (“McRae”) a person whose association with the Company was terminated by the Company on June 16, 2017. The letter demanded payment of 850,000,000 unrestricted Tautachrome common shares to forestall his filing a laundry list of complaints in a variety of government agencies including with the US District Court in Kansas with complaints of contract breaches and fraud by silence, with the EEOC with complaints of termination by racial discrimination, with the OSHA with complains of termination for reasons of his being a whistleblower under Sarbanes-Oxley provisions, and with various regulatory agencies with accusations of an unspecified nature.
On May 5, 2020 the Company settled with the McRae estate for 50million common shares. We valued the shares at the settlement date (May 5, 2020 on which date our closing price was $0.0029) and recorded a Gain on Litigation in the amount of $105,000, a reduction of the amount of the liability to $145,000 as a result of that revaluation. We issued the shares on May 18, 2020.
TTCM settled the dispute with the family of the deceased Eric L. McRae to keep quiet about the matter to "various regulatory agencies", presumably the SEC and the DOJ. In other words, hush money paid.
We had general and administrative expenses of $2,648,982 for the nine months ended September 30, 2021 versus $445,053 for the same period in 2020. The reason for the vast increase is that we entered into a contract with an internet marketer whose fee was payable all in stock (see Note 7) on which we expensed $1,980,000. Without that charge to expense, general and administrative expenses for the nine months ended September 30, 2021 would have been $668,982.
In other words, TTCM has pre-paid a promotional group, SRAX, 1.98 million dollars worth of stock for a promotion blitz. Expect to see that come into effect as soon as these shares come off Rule 144 restrictions.
As explained in Note 5, we fully reserved a loan we made to Akumen Industries, Inc. resulting in bad debt expense of $150,760. There was no such expense in 2020.
On June 8, 2021 we lent Akumen Industries Corp. (“Akumen”) $150,000 at with interest at 5% (10% penalty rate) for seven days in exchange for a promise to provide $3 million in equity capital. As of the balance sheet date, repayment of this note has been delayed. Since the note is overdue, we have reserved the entirety of the balance of $150,760 to bad debt expense.
That money is gone. Aasim Saied is a well known fraudster. TTCM had a fraudster on the Board of Directors, until the calls for his head on a platter from shareholders became overwhelming. Everyone associated with TTCM is a con artist.
Aasim Saied, a well known con artist who served on the Board of Directors. Akyumen Industries is misspelled in this 10-Q, but that is par for the course with sloppy con artists who fancy themselves above federal US law.
Our research and development expenses increased due to increased development activity during the nine months ended September 30, 2021 versus 2020. R&D costs were $812,680 and $636,805, respectively.
There are no further disclosures on the Research and Develop expenses detailed in this filing with the SEC. Nothing regarding what in particular is being researched, nor developed. Another 812.6 thousand of shareholders equity that was deposited "somewhere".
During the nine months ended September 30, 2021, we had a foreign exchange gain of $58,038 versus a loss of $15,673 during the same period in 2020, all of which are currency translation effects resulting from the fluctuation of exchange rate differences between the U.S. and Australian dollars.
Where is this "company" based in reality?
We had minimal revenues for the three months ended September 30, 2021 and 2020 as we are just launching our product.
TTCM has been "just launching our product" since the days of RDSH and Michael Nugent as the CEO on paper, until he was fully exposed as the con artist he is in reality.
We had general and administrative expenses of $192,513 for the three months ended September 30, 2021 versus $153,285 for the same period in 2020. Most of the increase is attributable to increases in professional services (an increase of $13,000) and promotional activities (an increase of $25,000).
"professional services". Oh, that is prime. Probably refers back to the contractors expenses now lumped into G&A expenses on the balance sheets.
At September 30, 2020, the Company had 332,043 in current assets and current liabilities totaling $4,925,677 resulting in negative working capital of $4,593,634. We are currently seeking financing to attain our business goals, but there is no guarantee that we will obtain such financing or, upon obtaining it, that we will be able to invest in productive assets that will result in positive cash flows from operations.
The current assets are almost all in cash derived from convertible debt financing, all of which is shady in and of itself. As I have pointed out from the filing itself, is unspecified and in distinct disregard for the federal laws which TTCM regards as not applying to them.
TTCM is ripe and long overdue for federal enforcement actions by both the SEC and DOJ.
Note to the feds: Interview the McRae family and get the skinny of what all was going on prior to 2017.
All text in quotes comes directly from the TTCM Q3 filing for 2021 as found here and on EDGAR.
