When Talbot ran this it was a complete fraud. They claimed ownership of assets they did not own at all. They issued notes to buddies and let the notes be convertible for as little as .0001. The notes continued to accrue interest, so despite the never ending conversions at .0001, the balances on the notes continued to increase. It was a never ending payday. How much more of the note balances can still be converted at .0001? What obligations is the company liable for? The purported financials seem to just wipe this all clean, as if starting from zero. But when Talbot walked away and left this trading it was not a clean shell by any means. The same folks who controlled this when it was a fraud under Talbot still control the company now. The purported financials acknowledge one preferred series A share. That one series A preferred share gives voting control. It's in the articles of incorporation. I can understand the appeal of a clean shell as a vehicle for doing business. But why pick a shell that has baggage and billions of shares outstanding? Maybe frontloading?
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