Buzz Technologies (BZTG)

[Slojab]

Not exactly a great IPO to get into. Did it not go through?

HOUSTON -- PGI Energy Fund I Series 2010 Inc. plans to raise $4.25 million by selling up to 85 million shares at 5 cents apiece in an initial public offering, according to an SEC filing.

The Houston-based company, which plans to acquire oil and gas properties and serve as a holding company for such assets, intends to use a $100 million funding, pledged by New York-based Kodiak Capital Group LLC, as operational capital.

Between Feb. 18, the date of its inception, and April 30, PGI Energy reported a loss of $109,698. It has no oil and gas assets yet and has recorded no revenue.

Founder Robert Gandy holds an 18 percent stake, while CEO Marcellous McZeal owns 17 percent of the company.

S-1 filing: http://tinyurl.com/3xvjbll

YIKES! Look at this!

As of April 30, 2010, we had current assets in the amount of $1,000 and current liabilities in the amount of $18,000. We had an accumulated deficit as of April 30, 2010. Our current working capital is not sufficient to enable us to implement our business plan described in this prospectus. For these and other reasons, our independent auditors have raised substantial doubt about our ability to continue as a going concern. Accordingly, we will require financing in addition to the net proceeds we are able to raise in this prospectus.