Citadel EFT Inc (fka CDFT)

[Croireavenir]

It's corrected by the 10K! I told you I don't like typos but there is no need to file an amendment when the latest filing has the necessary corrections.

NOTE 4. SUBSEQUENT EVENTS

On October 11, 2012, Citadel entered into an initial asset purchase agreement with Art to Go, Inc., a New York Corporation for the purchase of various sports memorabilia. In exchange for the assets, Citadel agreed to issue 1,200,000 Series C preferred stock. On October 24, 2012, Citadel entered into a second asset purchase agreement with Art to Go, Inc. for the same assets and which was finalized on October 24, 2012. Additional consideration of 2,800,000 Series C preferred stock. A total of 4,000,000 Series C stock was issued in November 2012. Based on an independent valuation of the assets purchased, the fair market value of the assets was $10,389,046.

http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=9020940-873-107210&type=sect&dcn=0001091818-13-000030

Now the 10 Million figure was what it was insured for. I suggest you look at the Dotty Scott evaluation report to see exactly why the assets were valued at < 3 million. First they discounted the price due to liquidation then discounted them again because of the dilution of the Preferred Shares. That is why the CEO is retiring his Preferred and Common shares! Otherwise it was a little over 4 million without the Preferred Share Discount.

http://www.scribd.com/doc/125703811/Citadel-Assets-Valuation-Report