Attitude Drinks Inc. (fka ATTD)

[BigBake1]

One cannot defend a public company when the company provides the ammunition for it’s own demise. The company has made a series of PRs that have added nothing to the share price here, the last 4 have resulted in further downward pressure and closing red on the each day a PR has been released. This has been supported by the fact that debt conversion has continued to sell into these PRs, to the tune of 600 million shares in the past few months and it is going to continue.

The DTCC has chilled this stock the company now has no means of capital raising through debt conversion. It has also failed to disclose this to it’s latest financing and in fact claims DWAC capability when it clearly does not have access to such service. Must be in CNS to use DWAC. The company also failed to disclose it’s non DTC eligibility to it’s newest investors, this will result in a breach of contract.

The company is currently on default with one note for $115,000, and is soon to be in default on 20 other notes in about 20 days for a total of $3.4 million. They have no cash on hand to pay this and profits after the last 9 months of operation resulted in $7800 from $131,00 in revenue - $123,000 in overhead costs. This has increased the deficit here substantially by nearly 130%, so $7800 of profit has resulted in $12 million more in deficit for a total of $22 million in deficit since inception.

The exact company wording of this current financial environment form the last Q:

The accompanying financial statements have been prepared on a going concern basis, which assumes the Company will realize its assets and discharge its liabilities in the normal course of business. As reflected in the accompanying financial statements, the Company had insignificant revenues for the nine months period ended December 31, 2011, a working capital deficit of $12,014,997 as of December 31, 2011 and has incurred losses to date resulting in an accumulated deficit of $22,480,071, including derivative income and expense. These factors create substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and pay its liabilities when they come due. Management’s plan includes obtaining additional funds by debt and/or equity financings; however, there is no assurance of additional funding being available.

The soon to be defaulted loans: