critical e-mail to CEO has not been answered except that he said he would read it that evening and reply.
E-mail to CEO:
Hello Arne
Please tell me which post is correct
MAX NORTON Member Profile MAX NORTON Member Level
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Thursday, April 12, 2012 1:21:49 PM
Re: luigi23 post# 48576
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Post # of 48583
The Acquisition Note and Five Year Note bear interest at the rate of 6% per annum and may not be assigned or negotiated without our consent. Interest under the Acquisition Note is due monthly in arears. The principal amount of the Acquisition Note is due in three installments as follows: $200,000 on or before May 6, 2011; $150,000 on or before August 6, 2011; and $150,000 on or before November 6, 2011. The principal amount and accrued interest under the Five Year Promissory Note are due on April 6, 2016.
The offering of the foregoing securities in connection with the Acquisition was and will be made exclusively to an accredited investor pursuant to Section 4(2) of the Securities Act of 1933, as amended (the "Securities Act"), and Rule 506 of Regulation D promulgated thereunder.
Total Amount Sold $1,100,000 USD (to an accredited investor!) Done deal!
Ariel Way has total control of Gov-Buy
Also: We agreed to pay Mr. Block a base salary of $12,900 per month and to provide a 50% annual bonus in the event certain performance criteria are met. In addition, Mr. Block shall participate in a commission plan for an additional 20% of the gross margin of revenue generated from sales or services originated by Mr. Block which bonus shall be paid on a quarterly basis in arrears and in all cases subject to Mr. Block's collection of the proceeds from such sale or provision of services. Also, Mr. Block may participate in our employee benefit and welfare plans and in our employee stock option plan.
luigi23 Member Profile luigi23
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Thursday, April 12, 2012 3:34:42 PM
Re: MAX NORTON post# 48577
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Post # of 48583
Max, I think "done deal" and "total control" are a bit heavy handed and misleading. The fact that it says total amount sold (past tense) doesn't mean everything's paid for. The form D (form D)talks about "amount sold" even though it is talking about payments that are to be made in the future (the three payments due in 2011)
Also from form D: "Total Amount Sold represents principal amount of the notes issued"
As far as I can tell Gary Block holds promissory notes in the amount of 1.1M $500,000 of which was already supposed to have beed paid off. To boot, Gary has the right to repurchase his Gov-Buys stock if Arne fails to make the agreed to payments. I haven't seen anything that confirms that payments have been made. I am certainly not bashing, as I am long several million shares and want to see this thing succeed as much as anyone else, but i think you are reading into this more than is there.
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Have the 3- 2011 payments been made? If not, what happened to the $1,1 Million USD?
Best Regards,
_______________________________________________________________
First reply:
xxxxx, sorry for not responding earlier. I have been travelling and can not get to the info until late today.
Best Regards
Arne Dunhem
