What you don't understand is that the history follows. It does not go poof. Convertible notes and all the wonderful debt and bad actors continue on. This issuer is not audited as I mentioned earlier.
Also, they put up unaudited financials for 2014 but with 2011 - 2013 notes that do not match.
A common misconception, and one that is almost never true.
First of all, they are not registered with the SEC. That is a massive red flag. They are also a Canadian company, but yet not registered in Canada, either. Red flag number two. How convenient they are purportedly located in Quebec, which exempts them from having to comply with Canadian reporting.
And yet their "legal counsel" is on the other side of the continent in Vancouver, Washington? One with ties to the old management, and quite a questionable history, too. Another red flag.
I think this "new company" isn't really new at all, and all the red flags are more than enough to disqualify it is an investment of any kind. Especially because as a non-SEC registrant, they do not provide the information necessary to conduct even basis due diligence.