Quarterly report thru June 30th filed today:
On June 30, 2012, ADBI had total assets of $10,901 consisting of $3,551 in cash and $7,350 in prepaid expenses. Total current liabilities of $107,332 consisting of $20,496 in accrued interest and a convertible note in the amount of $86,836.
They issued 7.05 million shares at $0.01 to settle a $50,000 debt due a former party plus associated accrued interest of $20,500 - an increase of total outstanding shares by about 10% (77 million total).
On January 30, 2012 ADBI relinquished its 100% ownership and all rights to Centriforce Technology Corporation and its 50% ownership in Sub Sea Oil Technologies, Inc. The underlying assets of both Centriforce and SubSea had no value at that time.
Translated: the company has no remaining business and the business they used to have was never even worth anything.
