VirTra Inc (VTSI)

[ByloCellhi]

The full SEC filing

http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?dcn=0001332489-07-000013&Type=HTML

A few events from the quarter:

As of March 31, 2007, the Company had $891,823 accrued for various payroll tax liabilities. In May 2006, the Company received notices from the IRS of tax liens that have been filed related to these accrued amounts, and in April, 2007 the Company received further notices of intent to levy by the Internal Revenue Service.


In February, 2007 the Company entered into an agreement with Charter Capital Partners, LLC to repay $184,100 in amounts that had been advanced by other companies during the course of 2006. As of April 30 2007 the Company was in default on this note to the extent of approximately $107,000.


In the first quarter of 2006, a judgment was entered against the Company in a lawsuit brought on by one of the leaseholders, Edward Slagle. As part of the agreement, the plaintiff agreed to wait one year for payment. The Company has not yet been able to pay, and in February, 2007 the Company received notice from the plaintiff’s lawyer that the plaintiff intends to enforce the judgment. The amount owed is approximately $90,000 and has been accrued for on the books.

On April 27, 2007 the Chief Executive Officer dismissed J. David Rogers, the Company’s Chief Financial Officer. General Dalby assumed the dual role of CEO and CFO. As of May 10, 2007, no accountant had yet been hired or contracted.