Inca Designs, Inc. (fka IDGI)

[nuron]

By now they're most certainly using funds generated by sales to fund operations. I don’t expect them to be 100% self-funding at this point because they’ve said they won’t be profitable until late 2012.

As to the loans by Evan made on June 20, 2007, October 2, 2007 and November 30, 2007 they were made less than one month from the formation of Inca as a company. I doubt Evan is in the habit of giving away free money to businesses without remuneration, hence the conversion of debt into shares. I’m not sure what the relationship was between Stacy and Evan at that time so I can’t comment on that.

DESCRIPTION OF OUR COMPANY
The Company was formed in Nevada on November 28, 1998 under the name of Accident Prevention Plus, Inc. In December 2004, the Company changed its name to Transportation Safety Technology, Inc. and in March 2007 in anticipation of the Acquisition of S2, changed its name to INCA Designs, Inc. On May 21, 2007, the Company acquired 100% of the stock in S2 New York Design Corp. that now operates as its wholly owned subsidiary. S2 was incorporated as a New York corporation on November 1, 2006 and designs, contracts for the manufacture of, markets, retails, and distributes resort wear and swimwear. INCA intends for the business of S2 to be its sole line of business. http://www.sec.gov/Archives/edgar/data/1084702/000114420407054085/v090118_8k.htm

Item 3. Source and Amount of Funds or Other Consideration.
PF-Personal Funds.
On June 20, 2007 and October 2, 2007, a limited liability company solely owned by Mr. Kaye, Golden Ventures, LLC (“Golden”), loaned the Company $200,000 and $250,000 respectively. The Company issued Convertible Promissory Notes to Golden (the “Notes”). The remaining principal and accrued but unpaid interest due under the Notes of $360,894 was converted into 360,894,500 shares. Golden assigned the shares to Jade Consulting, LLC, which is wholly owned and controlled by Mr. Kaye.
On November 30, 2007, Golden loaned the Company $70,000 and the Company issued a Convertible Promissory Note to Golden (the “Note”). Golden subsequently assigned $50,000 of the principal of the Note to an unaffiliated third party. The remaining principal and accrued but unpaid interest of approximately $58,159 (calculated through September 30, 2010) is convertible into 58,159,670 shares of the Company’s Common Stock.

http://sec.gov/Archives/edgar/data/1084702/000119312510228969/dsc13d.htm

GLTA