A bit of DD reveals the following with December 28 and December 31,2007 being key dates.One must interpret the information below for oneself:
Outstanding shares
December 31,2006 5.7 million
March 31,2007 5.7 million
September 30,2007 5.7 million
December 31,2007 6.1 million
March 31,2008 16.1 million
on IHUB BB 18.6 million
From May 27, 2008 SEC 10QSB filing for quarter ending March 31, 2008.
"On December 28, 2007 the board of directors approved the issuance of the 200,000 common shares to Spreelast A.G. valued at $20,000 which was capitalized as the cost of the license. In addition, the board of directors approved and issued 9,600,000 common shares valued at $960,000 to various individuals for assistance during the license purchase agreement. The value of these 9,600,000 shares was charged to consulting expense. All shares were valued at the market price as of December 28, 2007."
note : market price as of end December 28, 2007 was ~$0.10.
"Effective December 31, 2007, Mr. Chad Curtis resigned as the Chief Executive Officer, President,and a Director of the Company. Mr.Curtis will continue to serve as a consultant to the Company"
"During the six month period, the Company issued 200,000 shares to acquired licensing agreement valued at $20,000, and 10,676,324 shares for consulting and other services valued at $1,710,257."
"............Furthermore, the Company has a deficit net worth of $446,354 as of March 31, 2008."
"The future success of the Company is dependent on its ability to attain additional capital funds to purchase equipment and construct facilities to fulfill its current contractual commitments, and, ultimately attain future profitable operations. There can be no assurance that the Company will be successful in obtaining such financing, or that it will attain positive cash flow from operations. In addition, the Company was delinquent on $250,000 in notes payable."
"Subsequent to the three month period ended March 31, 2008, the Company sold and issued $500,000 of its convertible promissory notes and warrants to two investors in reliance upon Section 4(2) under the Securities Act of 1933, as amended."
"On January 29, 2007, and again on February 17, 2007, the Company signed $100,000 convertible promissory notes with a company named “A Perfect Time For A Change, Inc.” with interest payable semi-annually at the rate of 8% per annum. These notes matured on January 31, 2008 and are currently delinquent. ............On May 9, 2008, these note holders received a judgment against the Company for the principal amount of the loan plus accrued interests and legal fees. The Company will appeal the judgment."
