Bless your heart for being so optimistic. Let me help you out on the financial reality:
Quarterly report carnage – a few notable quotes:
Total assets (cash and prepaid expenses) = $7k
Total liabilities = $612k
G&A for the quarter = $390k
Obscene Interactive has no assets or liabilities. Company has negative working capital of $602,430. The Company has not emerged from the development stage. The company believes that this cash will satisfy our operating requirements for approximately one month.
The Company does not have the resources at this time to repay its credit and debt obligations, make any payments in the form of dividends to its shareholders or fully implement its business plan. Without additional capital, the Company will not be able to remain in business.
We have no revenues; have incurred losses since inception, have no operations, have been issued a going concern opinion from our auditors and rely upon the sale of our securities to fund operations.
The company has a convertible note of $79k payable at $0.01/share (equal to a potential dilution of about 7.9 million shares. Since then, the holder has converted $51k (5.1 million shares) into the market. The company has another $513k of advances that are owed to 3rd party lenders. It is unclear if they will enter a toxic debt conversion on that amount.
Management does not plan to hire any employees at this time. The CEO is "part-time" at best, splitting his time between OBJE's offices in Florida, and GTSOD's offices in California while he tries to make it big in the Rare Earth Mining operations in Mongolia, Indonesia, and Central African gold mines. Pretty amazing for a one man operation - I can't make this stuff up - go read the headlines!
Pretty black and white, this is headed to the greys....
