Can't see how this is nice:
1. A total consideration of $7.9m spent on iWorld Services in November 2013, but within just months of the acquisition "The Company suspended operations in iWorld Services as the business was unsustainable", so with all operations completely suspended this gives NO revenue going forward, but $2m is still owed to TCA "As of November 30, 2014, the Company had $1,999,385 due to TCA under the Credit Facility"
How's that going to be paid back as they will want their money back!
Also note that the company "paid total finder’s fees of $450,000" for that POS company - someone must be laughing there.
2. Numerous settlements using stock options for debts, considerations and services, notes and various other debts everywhere.
3. No assets - the $60,000 entry for Axiologix Ltd. is an expectation and not yet paid. Is that legal to be accounted for in this Quarterly report, when it hasn't been actually received yet - where is the description of the terms of the transaction? And if it is paid, it goes straight to TCA "These proceeds will be used to pay down our debt with TCA when received"
4. Collapsing revenues - down 50% on the 12-months prior & this is still the quarter where iWorld and Axiologix Ltd were making revenue contributions. So what is the forecast for this quarter covering December 2014, January and February 2015, with no owned product technologies, no IP and no established/retained customer base, given that Axiologix Ltd was placed into liquidation and the assets sold off, and iWorld Services closed - a big fat ZERO I would imagine.
Oh yeah - and a complete change in the direction of the company, following the total failures of the last 2 years, into a market serving the 'unbanked' communities i.e. persons with no financial standing or credit rating, a proposition that requires huge volumes from customers with no loyalty, only 3rd party licensed technology and no revenue to fund any business or marketing activities. Good luck with that one.
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