Ceo abandoned this company after raising the A/S in May 2012, and now has a new job.
8.
Discontinued Operations
On March 13, 2012, the Company divested its subsidiary AIS pursuant.
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.
There is no assurance that the Company will be able to raise the necessary funds to continue operations as envisioned or that such funds can be raised on favorable terms to existing stockholders. This could result in significant dilution or a loss of investment to any current or future stockholders.
No offices in USA or Canada:
(A) Lease obligations
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 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.
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
On April 5, 2012, the Company increased its authorized shares of common stock, $0.001 par value, from 300,000,000 shares to 750,000,000 shares. May 21, 2012 raised the authorized shares of common stock, $0.001 par value from 750,000,000 shares to 5,000,000,000 shares.
Has been revoke by NVSOS March 2014 after not paying fees and listing of no company officers for over 2 years
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