Artfest International, Inc (fka ARTS)

[Mustache_rider]

I sadly have to agree with you guys...

In my honest opinion, it looks like this purchase/sale agreement is about as useful as a one legged cat trying to bury a turd on a frozen lake.
http://www.sec.gov/Archives/edgar/data/1168738/000143209310000299/ex2-1.htm

In all seriousness, I believe it has been said numerous times before...ARTS can’t possibly own the Picasso statue since it is not reflected in any of their quarterly financial statements. Further, from the 8k filed in May, everything is contingent upon the owner obtaining funds ($2.5M and fifty million shares at $1 per share).

Essentially, these warrants are worthless unless ARTs gets above a $1… either through a R/S or share buyback. Wicker would never exercise these warrants unless the stock is above $1 (if they had actually been issued). Am I missing something here?

Also, does anyone know anything about their independent auditing firm? It is puzzling that the “statue purchase” is not disclosed as a subsequent event in the 3/31 10Q nor as a purchase commitment in the most recent 10Q. I wonder how they pay these guys since they can’t pay them in stock to remain independent.