Here ya go Doc, looks like they already "spent" the majority of the KFA money, and the balance is listed as a LIABILITY (???)
emphasis added:
"""We are accounting for this agreement pursuant to EITF 07-01, “Accounting for Collaborative Arrangements”. We have expended $436,791 towards the development of the initial CTL facility and KFA has provided $625,000 in funding. We have reported $436,791 of the payment as payments received pursuant to collaborative agreements and the balance of $188,209 as a current liability as advance payments received."""
PS: I take back my original accusations of "money circle", I think "money maze" is more appropriate now......
PPS: hey, at least DB finally paid the $75K many months after she was issued the stock.....WOW, that is some debt for equity deal there, get your stock, then pay back when you get around for it.....I guess it has something to do with incurring all that risk.....oh, I wonder if the Co charged DB interest, like she has been doing all these years?????
what a JOKE, except this isn't too funny anymore:
"""During April 2008 we issued 865,476 shares to Denise Barbato for proceeds of $75,000. The proceeds were received in the third quarter."""
