After the quarter ended September 30th, 2014 and during the quarter ending Dec. 31st 2014 the company had an existing contractual deadline to meet by Oct. 15th to close the target pest control acquisition mentioned publicly in the second quarter. For various reasons the company was unable to meet this deadline in a timely manner. After unsuccessful attempts in gaining an extension from the selling party and having a non-refundable deposit in escrow and in jeopardy in the amount of $42,500 we sought legal advice. It was the belief of Enviro-Serv and our attorney’s that the seller committed serious “GOOD FAITH” and contractual infractions whereby filing a lawsuit was seriously considered. After weeks of legal maneuvering and the hiring of a litigation attorney Enviro-Serv, Inc. decided to accept the seller’s offer to return 50% or $21,250 of the $42,500 deposit. Ultimately we felt it was in the shareholders’ best interest to not file this lawsuit and accept this deposit and move forward. Additionally on Oct. 8th, 2014 the 10% stock dividend declared in the previous quarter was distributed in full to all qualifying shareholders. On Nov. 4th Gary Cole our VP of Pest Control and licensed operator for X-Terminate Inc. resigned for personal reasons. Management is actively seeking his replacement and feels strongly this will occur by the end of the year. On Nov. 5th management was notified by MaCallan Partners investment group the lender of our aforementioned bridge loans that Enviro-Serv, Inc. was in default for repayment of $57,000 in loans. On November 6th they foreclosed on the collateralized stock holdings given by CEO Trina for security purposed and on Nov. 14th were issued from our transfer agent 120,000,000 of free-trading shares of EVSV common stock. The total amount due to Macallan partners to settle this debt fully is 225,000,000 shares. In October management signed a LOI to acquire a South West Florida based fully licensed pest control operation. Due diligence formally commenced on both the targeted AC and pest control company Nov. 13th and management is confident that both companies will have definitive agreements in place with Enviro-Serv, Inc. by the beginning of the new year once all due diligence is finalized. On November 13th the SEC received our revised and amended REG-A filing with responses from Sept. 3rd SEC comments. It is the belief of our attorney’s and management a high likelihood (although we can make no assurances) that our newly amended REG-A offering should be SEC qualified by the end of 2014 making possible the commencement of funding at the beginning of 2015.
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