Thursday, March 22, 2012 8:15:13 AM
The Internal Revenue Service has placed a federal tax lien on all of the assets of the Company and has designated the balance owed as uncollectible at this time. The Company is currently negotiating a payment plan with the State of New York.
As of January 31, 2012, the New A.C. LaRocco had filed to do business in the State of Washington and had unpaid payroll taxes payable to the Internal Revenue Service and the State of Washington of approximately $35,000 including estimated penalties and interest for non-filing and non-payment. The New A.C. LaRocco has filed all of the 2011 quarterly unemployment reports and has not made the requisite tax payments to the State of Washington.
As of January 31, 2012, New A.C. LaRocco continued to have unpaid payroll taxes payable to the Internal Revenue Service. As of January 31, 2012, the New A.C. LaRocco does not have any payroll as all employees have been terminated.
If we are unable to resolve these tax liabilities such failure could have a material adverse effect on our business, consolidated financial condition, results of operations or liquidity.
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