From the 10K 1/30/2012
2011 year in review
"We dramatically improved our financial position by decreasing our debt and operating expenses while increasing working capital and cash flow"
Was this BS or what?
Notes payable to 17 entities due Feb. 1 2012 = 691,903
From the 8K 2/9/2012 eight days later.
Two Notices of default, total= 48,277
That leaves 643,626
So you have to wonder, did they convert all this into stock for the "entities" only to one day later declare BK or did those notes not default? The 10K also states the CEO in december of 2011 "refunded to the company all of the 2011 salary compensation he had been paid" His 2011 compensation was listed as 125,385.
Seems strange clear out your notes and then declare BK thus seemingly leaving everyone holding worthless stock.
