Let me show you what a douche bag this CEO is......
He came out with a press release announcing an a/s share reduction. He also announced a share buy-back in order to reduce the shares outstanding.
On December 9th he filed an amendment with the State of Florida to reduce the a/s from 10 billion to 5 billion shares and then immediately filed an 8K with the SEC.
You can look up at the ihub information box and see both the announcement and the 8K filing which he has YET to take down.
He really hyped up the stock based on this information and got it up to .0008 cents in the month of December.
However, this scam-artist knew that after lowering the a/s he would not have enough shares to convert all the outstanding notes and, in fact, took out even more convertible debt just two weeks after reducing the a/s.
He then conveniently failed to notify the transfer agent (TA) about the share reduction so that the TA would continue to issue out shares for his conversions.
By January 27, 2015 this company actually had more shares outstanding (over 5.1 billion) than authorized. Once the TA realized what Rico did he cut him off and stopped issuing stock which prompted the KBM lawsuit.
Rico then tried to cover his tracks by back-dating a new amendment on 2/25/15 to 1/23/15 INCREASING the a/s to 9.5 billion shares. He attempted to do this so the SEC wouldn't find out that for several weeks this company had more shares outstanding than was authorized.
However, that backfired when the state denied the amendment because the back-dating was over 30 days old!
Either way, Mr. Rico was obligated to file an 8K within 3 days of the filing date of the amendement. Which should have been by February 28th.
Instead Rico kept it a secret and even in his PR refused to tell us what the increase to the a/s was. We had to look it up for ourselves through the state.
Who wants to trust a CEO with their hard earned money when they do business this way?
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