Maybe the IRS will come and take the rig....I pay my taxes out of my own pocket, surely AMEP can dump some shares to pay their's????
The Company has included $61,297 of unpaid Federal payroll taxes and employee withholdings and related penalties and interest in its accrued expenses as of September 30, 2005. Such amounts are subject to potential federal tax liens.
Sure hope they make enough revs to pay the CEO...
Effective July 1, 2003, the Company entered into a salary and equipment rental agreement with its president and sole director. Under the terms of the agreement, the Company will pay a salary of $10,000 per month and $3,500 in equipment rental per month for the use of the Company’s president’s personal pickup truck, car, pulling unit, winch truck, backhoe and water truck used in the field operations. Additionally, the president and sole director has from time to time, advanced expenses of the Company from his personal funds. At December 31, 2003, the accrued balance owed to the president and sole director was $220,455. During the year ended December 31, 2004, the Company accrued $162,000 of expense related to the salary and rental agreement, composed of $120,000 for compensation and $42,000 for equipment rental fee. During the nine months ended September 30, 2005, the Company has accrued 90,000 for compensation. Additionally, the president and sole director advanced $26,270 of funds on behalf of the Company and the Company has repaid $335,000 resulting in an accrual balance of $82,725 as of September 30, 2005, classified as a component of Due To Related Parties in the accompanying Financial Statements.
And the best....
We have determined that we may be out of compliance with certain of the rules and regulations governing the business and affairs, financial status, and financial reporting items required of BDCs. We are making every effort to determine our compliance as soon as is practicable with the relevant sections of the 1940 Act and are working with our counsel to accomplish our review of that compliance. While we are seeking to comply with the 1940 Act, we cannot provide any specific time frame for our review to determine compliance. We cannot predict with certainty what, if any, regulatory consequences may result from the foregoing.
Our review may result in certain contingent liabilities to the Company as a result of potential actions by the SEC or others against the Company. Management as of the date of this report could not reasonably estimate such contingent liabilities, if any.
The outcome of the above matter could have a significant impact on our ability to continue as a going concern.
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