Wait a minute - "a new company"? Where do you get that from. Read the 10K! All the accumulated losses of over $7million are still there!
The consolidated financial statements presented are those of Timeshare Holdings, Inc. during the year 2010 with the primary results occurring in November and December. On November 12, 2010 the Company signed a Stock Acquisition Agreement with Global Renewable Energy Systems Inc., a privately held Oregon Corporation for the purchase of Fifty Two Million (52,000,000) shares of TimeShare Holdings, Inc. stock.
The purchase price was for Twenty Thousand (20,000) Dollars. Additional provisions included the resignations of two (2) members of the Board of Directors and the appointment of two (2) new directors.
So GRES paid $20,000 for 52,000,000 shares of stock. How much is that per share? That is so sub penny my calculator can't handle it!
The agreement included that the new Board of Directors would agree that the company would assume One Hundred Thirty Five Thousand (135,000) Dollars of accrued payables and Five Hundred Forty Seven Thousand Three Twenty Four (547,324) Dollars of accrued short term notes.
That's $682,324 in debt.
The Company has issued Promissory Notes to corporate officers, directors and investors that are also shareholders of Timeshare Holdings, Inc. The Notes bear interest at rates of 0% and are due on November 12, 2011 with a one year roll over upon payment of 10% of the balance due. The notes are secured with stock shares of the Company that would be issued in case of default. The combined amount of the notes equals $727,526.
As reported in the financial statements, the Company has incurred losses of $7,550,355 from inception of the Company through December 31, 2010. The Company’s stockholders’ deficit at December 31, 2010 was $1,237,742. To date, there have been no revenues from operations.
Still no information on the insider holdings. How many shares do Doug and Kent own? How did they get them?
Just the facts - all from the 10K.
lmcat
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