Music Licensing Inc (SONG)

[trader59]

Weird.
First, PMR tried to do an S-1. I looked through the original and revisions, and they hadn't put in the 2 years of audited financials that are required. They withdrew that S-1.
Then they did a Reg A offering to sell some stock to somebody.
Then they decided to RM into this shell. When they published their financials, they showed $432M of "accounts receivable" offset by $432M of "deferred income" on the balance sheet. Accounts receivable are usually amounts owed to the company for services/products delivered and billed, but not yet paid for. Deferred income is usually where someone has paid in advance, but the company hasn't yet delivered the products or services. To show receivables for products/services you have not delivered isn't OK, and the amounts are humorous, at best. It's no wonder the financial reports remain unaudited.
NUVG is sitting at 6 cents, and the CEO awarded himself 3.5B shares, or $210M worth, for his ownership in a company that had real income of $35k for the quarter published.
It's no wonder even the OTC isn't buying this.