Windswept Environmental Systems, Inc. (fka WEGI)

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IMO all you have to do is read the recent disclosures:

IRS intends to seize accounts, They have NOTHING left to sell for capital, the have already pledged all but a few of the 150,000,000 autohrized shares , Pledged ALL of the assets in the company, Now per last night the CEO had to pledge his personal boat to induce the debt holders to hold off on collections of payments they are behind on and get enough cash for maybe 2-3 months normal operating. He had to issue a demand loan @ 20% backed by his personal boat , nothing left to sell at WEGI, Plus Laurus has an effective filing in place for nearly 7 million shares to SELL, PLUS MILLIONS of shares at sub penny prices underlying thre O/S. I dont see how you can be surprised? imo WEGI is in dire shape. Read the disclosures they have made lately.....

PLUS I found this VERY Interesting:
5. The Company hereby further consents and agrees to provide the Agent, no later than September 15, 2008, with written documentation indicating the hiring of an advisor to help the Company pursue strategic alternatives, including but not limited to, a potential sale of the Company.
http://www.sec.gov/Archives/edgar/data/814915/000114420408052353/v126195_ex10-1.htm

To induce the Holders to purchase the Demand Notes, Michael O’Reilly, Chairman of the Board, President and Chief Executive Officer of the Company, in his individual capacity (“Guarantor”), entered into a Guaranty (“Guaranty”), dated September 3, 2008, with the Holders and the Agent, which is secured by a ship owned by Guarantor. Pursuant to the Guaranty, the Guarantor unconditionally guarantied to the Holders the prompt payment when due of all present and future obligations and liabilities arising out of the Demand Notes.
http://www.sec.gov/Archives/edgar/data/814915/000114420408052353/v126195_8k.htm

CASH ON HAND PER LAST 10Q FILING = $ 102,673
CASH IRS INTENDS TO LEVY PER RECENT 8K = $89,536
http://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=wegi&filenum=&State=&SIC=&owner=include&action=getcompany

Per the most recent S1/a
As of June 30, 2008, our authorized shares of common stock were 150,000,000 shares, of which 44,113,709 shares were issued and outstanding, 103,702,220 shares were reserved under options, warrants and a convertible note and 2,184,071 shares were available for further issuance.
http://www.sec.gov/Archives/edgar/data/814915/000114420408044881/v122495_s1a.htm

The shares of common stock of Windswept covered by this prospectus may be sold from time to time by PSource Structured Debt Limited, Valens U.S. SPV I, LLC and Valens Offshore SPV I, Ltd., the selling stockholders. This prospectus relates to up to 6,800,000 shares of common stock of Windswept which are issuable upon conversion of the principal and interest of a secured convertible term note due June 30, 2009 held by the selling stockholders. We will not receive any of the proceeds from the sale of our common stock by the selling stockholders.
http://www.sec.gov/Archives/edgar/data/814915/000114420408044881/v122495_s1a.htm

In furtherance of the foregoing, the undersigned hereby agrees as follows:
1. No Impairment. The Creditor Parties may at any time and from time to time, either before or after the maturity thereof, without notice to or further consent of the undersigned, extend the time of payment of, exchange or surrender any collateral for, renew or extend any of the Obligations or increase or decrease the interest rate thereon, or any other agreement with the Company or with any other party to or person liable on any of the Obligations, or interested therein, for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the terms thereof or of any agreement between any Creditor Party and the Company or any such other party or person, or make any election of rights the Creditor Parties may deem desirable under the United States Bankruptcy Code, as amended, or any other federal or state bankruptcy, reorganization, moratorium or insolvency law relating to or affecting the enforcement of creditors’ rights generally (any of the foregoing, an “Insolvency Law”) without in any way impairing or affecting this Guaranty. This Guaranty shall be effective regardless of the subsequent incorporation, merger or consolidation of the Company, or any change in the composition, nature, personnel or location of the Company and shall extend to any successor entity to the Company, including a debtor in possession or the like under any Insolvency Law.
http://www.sec.gov/Archives/edgar/data/814915/000114420408052353/v126195_ex10-4.htm