here's an eye opener.. from JNIP's 10Q
ZERO assets, Zero revenue.. what you're seeing in reclassification of debentures showing as income, that's a result of moving them from one side of the balance sheet to the other..
$23,000,000+ in liabilities between notes owed, accounts payable and debentures.. OUCH!
they were even overdrawn on their checking account by over $10k..
ASSETS
Current Assets
Cash $ - $ 7
Accounts receivable-trade (net of allowance) - -
Costs in excess of billings on uncompleted projects - -
Prepaid expenses $ 12,067 $ 24,575
12,067 24,582
Film licenses 123,538 123,538
Property and equipment net 41,499 37,531
TOTAL ASSETS $ 177,104 $ 185,651
LIABILITIES AND SHAREHOLDERS’ DEFICIENCY
Current Liabilities:
Bank Overdraft $ 10,932 $ -
Accounts payable and accrued expenses 1,841,154 1,698,600
Notes payable and capitalized leases - current portion 1,432,167 1,395,796
Preferred stock dividend payable 42,590 41,068
Due to officer 710,676 686,127
Due To shareholders & related parties 95,930 56,038
Total current liabilities 4,133,449 3,877,629
Notes payable and capitalized leases, less current portion 1,620,908 1,488,671
Derivative liability related to convertible debentures 17,616,944 62,033,078
Warrant liability related to convertible debentures 87,538 360,2043
Total liabilities $ 23,458,839 $ 67,759,582
Revenues:
Broadband Installation and Wireless Infrastructure Services $ -----0 (2009) $ 280,820 (2008)
