A delinquent company cannot possibly meet the State of Nevada requirements for buying back shares, because they cannot prove their financial status. It is pretty simple.
As for the excuse that KJ used for not buying back shares, I don't know where he ever said anything. Someone posted here yesterday that he "halted" the share buyback program because of the audit. I am not sure where that info came from, but halting something implies that it started. Yet, how can it ever start if it is plainly illegal?
The other thing to note is that the 8-K never promised a single share would ever be bought back. And, the program expired at the end of this year. So, it may all be a moot point.
But, it brings up the question of where the rest of the $1.15 million went, since none of it apparently went to share buybacks. Some of it pay off the lawsuit. Some of it to pay off notes. What about the rest?
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