QS - you stated in your post that RBCC has a Joint Venture with N3D and then continue to direct investors to visit the corporate website for more information regarding this JV. The website states again that they have an alleged JV with N3D.
However, the financials show a different picuture.....
On March 13, 2012, we entered into a stock purchase agreement (“N3D Stock Purchase Agreement”) with Nano3D Biosciences, Inc. (“N3D”), a Texas corporation that has developed a unique concept in three dimensional cell research tools. Under the terms of the N3D Stock Purchase Agreement, we have agreed to acquire 604 shares of common stock of N3D, representing approximately 5% of the outstanding shares on the date of the agreement, for a price of $413.62. The total purchase price of $249,826 will be paid by making weekly payments of $5,000 until fully paid. We may discontinue payment of the purchase price at any time by providing written notice to N3D. This would result in our owning fewer than 604 shares. Rainbow Biosciences, LLC will continue to research opportunities into the bioscience markets.
Further review of the financials show no such $5000 weekly payments having been made.
So we have two issues that perhaps you can help clear up:
1. The equity ownership in N3D could be as little as $413.62 and as much as $249,826 (5% stake). The financials clearly show that no money has been expended in the last year, leading one to conclude that the only ownership is in the initial $413.62 (0.0018% stake) - can you help clear up this issue?
2. Your post, RBCC's multiple press releases, and its Corporate website refer to having a Joint Venture with N3D. This would imply a sharing of potential revenues (and costs) - yet clearly from the excerpt provided above from the financials, there is only an equity stake in N3D with no mention of sharing of revenues (or costs). Can you help clear up this issue once and for all, as it would appear that RBCC is lying about its relationship with N3D.
