Here's your "HUGE News" - take your pick:
On November 4, 2014, we were named as a defendant in a civil breach of contract lawsuit filed by Darling Capital, LLC, (“Darling”) a creditor of ours, in the New York Supreme Court, County of New York. The plaintiff filed a Motion For Summary Judgment in Lieu of Complaint the same day. The plaintiff alleges, among other things, that we defaulted on our obligations under a Convertible Promissory Note held by Darling. The complaint seeks, among other relief, judgment against us in the amount of $57,627.
Sales decreased to a meager $5692 on cost of sales of $13,988, resulting in a negative gross margin of ($8296). For the nine months of 2014, the gross margin was negative $1
Shares outstanding as of November = 68.3 million (an increase of 42.4 million or 164% increase since the last quarterly report)
The working capital deficit (i.e. the immediate money the company needs to run its business which measures the true health of the Company), is now at $5.4 million (up from $4.5 million or up 19% from the last quarterly statement.
At September 30, 2014, the convertible debentures and related accrued interest payable were convertible into approximately 241,019,000 shares of our common stock. As of September 30, 2014, several of the convertible debentures are delinquent.
The Company issued a total of 19,433,774 shares of their common stock for debt conversions of $34,825 (converted at $0.0018/share!!) - was this your $34,500 compensation fee?? Inquiring minds still want to know!
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