First off there is no way they can merge with anyone, they are in default with NEVSOS, they would have to a financial audit,they would have to find a new CEO, and directors, They have to get an office, which they don't have one anywhere in the USA or Canada, 2nd they don't have anything to merge for.
from 10K/A may 18th 2012
On October 14, 2011 AIS terminated all of its remaining employees except for its CEO/CFO as it was unable to meet payroll commitments. Based on the notice of termination on October 14, 2011, AIS is responsible for approximately $50,000 in severance payments by virtue of employment agreements with 4 key employees that provide for one month salary in lieu of notice requirements. However, none of the effected employees have made any claims against the Company or AIS to date and the Company believes that such potential claims are not likely.
NO OFFICE LEASE IN KIRKLAND, WASHINGTON, AND TORONTO,ONTARIO. no office in USA or Canada
(A) Lease obligations
Restricted cash has included amounts held by a bank as a collateral security for a letter of credit issued in favor of the lessor of its factor Kirkland facility and an escrow required pursuant to a loan guarantee agreement. In 2010, the funds were used to settle amounts owed under the agreements.
The Company previously leased office space in Kirkland, Washington (to April 2011), Bellevue, Washington (to May 2011), and Toronto, Ontario. Total lease expense was $101,431 and $780,870 for the years ended December 31, 2011 and 2010, respectively. In April 2011, the Company terminated its Kirkland lease and agreed to a settlement amount of $180,000 payable in monthly installments over a 36 payment period starting in July 2011. The Company is currently in default under the conditions of this settlement agreement.
On November 9, 2011, the Company entered into an agreement to assign its last remaining office lease commitment to a third party
On November 9, 2011, the Company entered into an agreement with a third party (with the consent of the landlord) to assign its rights relating to its Toronto office lease for the remaining term through May 2014 at the same monthly rate of approximately $7,810 per month. The assignment provides that, in the event that the third party is unable to meet the rent obligations, the Company will continue to be responsible for the amounts due under the original lease (aggregating $226,478 at December 31, 2011).
from final 10Q may 21th 2012:
8. Discontinued Operations (Looks and sounds like out of business to me)
On March 13, 2012, the Company divested its subsidiary AIS pursuant to a Stock Transfer Agreement (the “STA”) with Rocmar Farms Limited (“Rocmar”). The STA provided for the Company’s delivery of all of its AIS shares to Rocmar in exchange for the Company’s delivery of a promissory note payable to Rocmar in the amount of $100,000. The STA also provided that the Company agreed to be responsible for certain liabilities (approximately $3,130,000 of notes and loans payable, including approximately $1,976,000 due to the controlling stockholder of the Company, and approximately $2,004,000 of accrued compensation) of AIS.
On March 13, 2012 a majority of the board of directors of the Company approved the divesture of the Company’s subsidiary, Airline Intelligence Systems Inc.
From amended 10KA May 18, 2012
On September 7, 2011, Dynamic Intelligence Inc. (“ Dynamic” ) provided the Company with a Notice of Non-Renewal, pursuant to an Intellectual Property Agreement (the “ Agreement ”) entered into by the parties on December 9, 2005. Pursuant to the terms of the provided notice of non-renewal at least ninety (90) days before the end of the then-current term. Due to Dynamic’s Notice of Non-Renewal, the Agreement ceased on December 9, 2011.
In 2011, due to the September 7, 2011 notice of non-renewal from Dynamic Intelligence Inc. (“Dynamic”), the November 9, 2011 assignment of its lease, and the inability to sell the respective assets, the Company recorded a loss from impairment of property and equipment of $201,183 to reduce the net book value of property and equipment to $10,000, the estimated recovery amount of the respective assets at December 31, 2011.
The Agreement provided the Company with an exclusive and perpetual license to Dynamic’s intellectual property, which permitted the Company to use proprietary technology to develop a unique proprietary business platform for the airline industry that is comprised of systems and mathematical algorithms capable of generating significant improvements in strategic planning capabilities, resource scheduling, revenue management and integrated operations. Since September 7, 2011, the Company has been seeking other business opportunities to acquire.
AI
