Comjoyful International Co. (KJFI)

[StockJoker]

This is what I find interesting

On November 28, 2006, the Board of Directors of Registrant acting by written consent, issued 43,000,000 restricted common shares of the Company in full and final settlement of indebtedness in the total amount of $28,752 owed by the Company to Daniel Wettreich its President and Director. 87.33%


On November 20, 2009, Jeffrey Rochlin entered into a Stock Purchase Agreement with Danny Wettreich pursuant to which Mr. Wettreich sold 42,753,819 shares of common stock of the Company to Mr. Rochlin, representing approximately 86.83% of the total issued and outstanding shares of common stock of the Company for a total purchase price of $8,000.

Not only did he give this one away. He took a loss on it or did he?

Is he still holding 246,181 shares, or was those shares added to the float
He owned 87.33%
He sold 86.83% to Jeffrey Rochlin


With 49,236,106 O/S

Considering the float should be 6,482,287
Market Cap 1,477,083

At April 30, 2009, the Company has approximately $26,000,000 of unused Federal net operating loss carryforwards, which expire in the years 2008 through 2027.

Operating loss carry forward

The use of these operating loss carryforwards to offset future taxable income will be limited pursuant to Internal Revenue Code Section 382 as a result of any proposed change of control of the Company, including the ownership change which occurred in November 2006.
http://www.nysscpa.org/cpajournal/1999/1299/d601299a.html
http://www.taxalmanac.org/index.php/Sec._382._Limitation_on_net_operating_loss_carryforwards_and_certain_built-in_losses_following_ownership_change