Replies to post #19385 on Praxsyn Corp (PXYN)

[John_Langston]

That shouldn't have a huge effect since the float is 350 million; correct? Unless they dump all at one time.

[Richpou]

ah .. Dont forget.. they owe the company a million dollars first before they get any shares.. and they were late paying.. They might never get the shares.

[Lighthouse]

Not likely... Either 60,000,000 shares will go back into treasury, or $960,000 in liabilities will come off the balance sheet.... Win, win for company...


Liabilities of discontinued operations totaling $961,831 represent the liabilities of our interest in our subsidiary Pet Airways, Inc. On March 26, 2014, we issued 60,000,000 common shares to a company controlled by two former officers of our Company in exchange for the former officers’ agreement to purchase our interest in Pet Airways and to forgive their unpaid wages. The former officers’ agreement to purchase our interest in Pet Airways was meant to relieve us of these debts. As of September 30, 2014, the former officers had not fulfilled their obligation to purchase our interest in Pet Airways, and other matters between the parties are in dispute.

We have endeavored to resolve our disputes with the former officers, including their fulfillment of their obligation to purchase the interest in Pet Airways, but to date have been unsuccessful. Subsequent to September 30, 2014 we agreed to participate in non-binding mediation for the matters in dispute. If we are unable to come to a satisfactory resolution through this process, we will likely pursue litigation.

Because of the foregoing factors, we have continued to recognize these liabilities in the accompanying consolidated balance sheets.

[dippyfloppity]

If you read through the 10Q you would know that they aren't going to get all 60million shares or any of them because they didn't hold up their end of the bargain to PXYN by paying off debt.