Pegasus Tel Inc (PTEL)

[nodummy]

The poor suckers that follow Anthony Dibiase supporting his shells.

Dibiase only cares about Dibiase

From the 10Q today:

On July 14, 2011 2,400,000,000 shares were issued to Anthony Dibiase for services valued at market of $.0069 per share, resulting in an expense of $16,560,000.

Anthony Dibiase gave himself $16,560,000 worth of stock on July 14, 2011 for service just barely more than 3 months after taking over the shell.

What did Dibiase do to earn 2,400,000,000 shares of stock? Even at the $.0001/share that is still $240,000.

Since the last 10Q was filed on August 22, 2011 this very material event should have showed up in the subsequent events from that last 10Q, but Anthony Dibiase hid the fact that he issued himself 2,400,000,000 shares.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8113037



Assets? I thought that PTEL was supposed to own music matrix now. Why doesn't it show up as an asset?

PTEL only has $525 in assets total.



Debt Notes have grown from $166,759 on June 30, 2011 to $414,635 on September 30, 2011.

That's an increase of almost $250,000.

So where did the increase of $250,000 come from?

Flash Funding, Inc (Joseph Ciccarelli) already owned virtually all of the original $166,759 which was purchased from the original Note holders (Cobalt Blue LLC, Joseph Passalaqua, and Mary Passalaqua) before the shell was passed to Anthony Dibiase.

http://sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=P10000103675&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=FLASHFUNDING&names_filing_type=

Where did the other $250,000 in debt Notes come from?

From ENTI.

On June 6, 2011 the Company acquired certain assets and certain liabilities of Encounter Technologies, Inc. for the issuance of 6,995,206 shares of series B preferred stock. At September 30, 2011 the amounts owed on the assumed liabilities are as follows: MP Power for $2,000, V-2 for $160,000, V-mix for $7,500, and Spire for $75,000.

MP Power - $2,000
V-2 - $160,000
V-mix - $7,500
Spire - $75,000

That's $244,500 total in debt Notes that PTEL inherited from ENTI


So Dibiase took a shell with only

$212,905 in liabilities
20,215,136 outstanding shares
$307,599 accumulated deficit

and he turned it into a shell with

$511,715 in liabilities
2,810,496,677 outstanding shares
$19,341,173 accumulated deficit

all in just 6 months


Completely killed the shell all before the promised dividend could ever take place. The dividend may never end up taking place. At this point it doesn't matter though. If the dividend ever did take place most people would never be able to sell their shares because PTEL would quickly get stuck on no bid. Plenty of reason for Dibiase to hope the dividend never happens so that insiders will have a chance to make more money off of the shell before it is completely dead.

I feel bad for all those people that bought ENTI stock at close to $.001/share all because of the promised dividend then held their ENTI stock while it was diluted back down to close to $.0001/share by Richard and Anthony Dibiase just to make sure they had the stock in hand for the record date. They ended up with worthless ENTI shares and no PTEL shares while Richard Dibiase converted and sold his preferred shares and walked away with a big wad of cash.

I knew Dibiase was going to kill PTEL, but I have to admit even I didn't expect him to destroy the shell so quickly.

I guess the only question left is when will Dibiase get involved in another shell to run his family's dilution scam all over again.

SREH - DEAD
ENTI - DEAD
DUTV - ALMOST DEAD
PTEL - ALMOST DEAD