Treaty Energy Corp. (fka TECO)

[tdbowieknife]

Dept free? Not according to the last 10-Q...

TOTAL LIABILITIES 3,025,787.00

http://www.sec.gov/cgi-bin/viewer?action=view&cik=1075773&accession_number=0001354488-12-004853&xbrl_type=v#


And look at all these shares that Treaty gave away last year...

Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities

The following is a list of unregistered sales of securities for the year ended December 31, 2011. For the accounting treatment of these issuances, see Note 7 to the financial statements.

? On February 14, 2011, we issued 10,296,609 shares for cash and received $60,750.


? On March 16, 2011, we issued 4 million shares to a previous director.


? On April 6, 2011 we issued 1.5 million shares to a consultant for commissions on our Belize acquisition.


? On April 8, 2011, we issued 6 million shares to the seller of one of our Texas acquisitions (see Note 5). .


? On May 10, 2011, we issued 3.2 million shares for conversion of tranches 1 and 2 associated with our Texas leases.


? On May 12, 2011, we issued 1 million shares to our President and Chief Operating Officer as a signing bonus.


? On June 22, 2011, we issued 2,367,886 to certain creditors of a company controlled by our Chairman and Chief Executive Officer, Andrew Reid.


? Also on June 22, 2011 we issued 11 million shares to the same company controlled by our Chairman and Chief Executive Officer, Andrew Reid in conversion of the outstanding balance of $664,190.


? Also on June 22, 2011, we issued 2.5 million shares to two creditors who loaned us money to acquire the leases in Tennessee to convert their debt balances to equity.


? Also on June 30, 2011, we issued 8.25 million shares to convert certain notes payable for debts we owed in connection with our Tennessee and Belize acquisitions.


? Also on June 22, 2011, we issued 450,000 shares in connection with our acquisition of certain heavy equipment.

·
? Also on June 22, 2011, we issued 5,670,000 shares to several accredited investors for $137,000 in cash.


? Also on June 22, 2011, we issued an affiliate 77,258,753 shares as reimbursement for personal shares the affiliate used in various deals in Belize, Tennessee, Louisiana and Texas.


? On July 1, 2011, we contracted to provide a broker with 20,000,000 shares at a discounted price over a period of nine months. On the same date, we issued 11,000,000 million of those shares from Treasury stock that we acquired from a related party.


? On July 13, 2011, we issued 1,530,000 shares to various consultants for services.


? Also on July 13, 2011, we issued 2,000,000 shares to a consultant for services.


? On June 25, 2011, the Company issued 2,625,000 shares to convert related party liabilities owed of $105,000.


? Also on July 13, 2011, we issued 2,090,119 shares to various investors who paid a total of $48,000.


? On July 19, 2011, the Company issued 8,625,000 shares to convert the acquisition liability owed to C&C Petroleum of $285,000.


? Also on July 19, 2011, the Company issued 500,000 shares to a consultant for services.


? Also on July 19, 2011, we issued 76,548 shares to an investor who paid $2,000.


? On August 12, 2011, we issued 1,400,000 shares to an individual for both cash payments and reduction of an advance.


? Also on August 12, 2011, we issued 23,912 shares to a vendor who had provided services to a related party.


? Also on August 12, 2011, we issued 3,068,165 shares to investors who had paid a cash total of $98,000.


? On August 16, 2011, we issued 1,750,000 shares to a consultant for services.


? On November 30, 2011, we issued 350,000 shares to a consultant for services.

http://www.sec.gov/Archives/edgar/data/1075773/000135448812003207/teco_10k.htm


And last July...


On July 31, 2012, the Company authorized the issuance of 24,115,950 shares of stock of which 1,000,000 shares was issued for consulting expenses, and the balance for the retirement of amounts owed to a related party.

Note 14

http://www.sec.gov/Archives/edgar/data/1075773/000135448812004138/teco_10q.htm


All these shares out to pay off dept are not helping the PPS.