BB's Stock Haven

[STEPIN]

NNTN now T/A is gagged? uh-oh LOL
They have been incresing O/S everyday with 10billion A/S.



Posted by: timhyma
In reply to: RockJohny who wrote msg# 32173 Date:10/11/2007 7:15:38 PM
Post #of 32189

I hope you guys took the money and ran <bg>. Just pulled up the summary of the 10-K- and I say: Ugly


On May 23, 2006, our Board of Directors approved a 1 for 25 reverse split of our common stock. All references to our common stock in this document are stated in shares after the reverse split.

On March 22, 2006, the Company completed an agreement in lieu of foreclosure (the "Agreement") with Bio One Corporation ("Bio-One") and received the stock of INII, along with other assets and claims, in return for the forgiveness of $9,887,959 in debt and accrued interest of Bio-One which is now being treated as an investment in INII. INII is currently being operated by PriceWaterhouseCoopers ("PWC") as Receiver and Manager pursuant to Section 246(2) of the Bankruptcy and Insolvency Act of Canada, after being requested to do so by Nesracorp Inc

Management is attempting to obtain an extension of the expired agreement, but there can be no assurances that this will occur. No reserve has been established for a loss on this transaction, as the Company believes its claims are meritorious and have a reasonable probability of prevailing in a Court of law, or of entering into a mutually agreeable settlement. We have reduced our investment by $350,000 in 2006 and an additional $100,000 in the first quarter of 2007 for proceeds from the sale of an asset. However, should the Company fail to prevail or settle its claims against the Seller's, the Company will be required to write down its entire investment of $9,437,959 in INII. Shareholders are cautioned that the loss of this investment could result in the complete failure of the Company and foreclosure of its remaining assets by its lender.

RESULTS OF OPERATIONS

Three Months Ended March 31, 2007 and March 31, 2006

We had no leasing income for the three months ended March 31, 2007

http://biz.yahoo.com/e/070907/nntn.ob10qsb_a.html