Southern Concepts Restaurant Group Inc (RIBS)

[OMOLIVES]

Last one failed due to this:

Presently, the Company’s Chief Executive Officer is keeping the Company active in anticipation of
being able to acquire a United Kingdom affiliated business which has revenue and operations. Whether that acquisition occurs will depend upon whether the Company is able to obtain audited financial statements for the years ended December 31, 2020 and 2021. While that will await the efforts and judgment of the Company’s independent auditors, the Company believes it can be done. Because of certain matters including the Company’s 2019 revenues and the absence of records, an audit for 2019 is not practicable. Assuming the audited financial statements are issued, the Company intends to acquire the related party entity for an unknown number and type of securities; however, any such acquisition will be very dilutive to existing shareholders since the Company is a shell with no operations and the affiliated entity owns an active business with revenues and operations.

Whether that acquisition occurs will depend upon whether the Company is able to obtain audited financial statements for the years ended December 31, 2020 and 2021. While that will await the efforts and judgment of the Company’s independent auditors, the Company believes it can be done. Because of certain matters including the Company’s 2019 revenues and the absence of records,an audit for 2019 is not practicable. However, the outcome of management’s plans cannot be determined with any degree of certainty

https://www.otcmarkets.com/otcapi/company/financial-report/351326/content