Replies to post #198178 on Enzolytics Inc (ENZC)

[sspalmo]

From the Attorney Letter:

In its Annual Report for the year ended December 31, 2023, the Company reported assets valued at
$361,206,609.00 and sales of $52,796.00. Moreover, the Company appears to have an identified
business plan and a management team in place. Therefore, I conclude that the Company is not
currently a “shell company.”

https://www.otcmarkets.com/otcapi/company/financial-report/402947/content

Why are there $365,269,046.00 listed as liabilities?
https://www.otcmarkets.com/otcapi/company/financial-report/402246/content

What Is a Shell Corporation?
A shell corporation is a corporation without active business operations or significant assets. These types of corporations are not all necessarily illegal, but they are sometimes used illegitimately, such as to disguise business ownership from law enforcement or the public. Legitimate reasons for a shell corporation include such things as a startup using the business entity as a vehicle to raise, funds, conduct a hostile takeover or to go public.

https://www.investopedia.com/terms/s/shellcorporation.asp

If the assets are less than the liabilities, and the operations were sold to SAGA then why is it not considered a "shell company"?
This is not an attempt to bash. I'm just curious to why a corporation without assets or active business operations is not a shell. My best guess is the "sales of $52,796.00" for 2023. I'm sure the lawyer knows better than me since they've been here at least since the Eco-Petroleum Solutions, Inc. days.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=121715682

If the legal counsel has been involved well before the SPAC deal, why didn't they catch some of the problems with SAGA? The SAGA deal should have been shut down long before it went from non-binding to binding.

Those that are curious about the service providers can go here:
https://www.otcmarkets.com/stock/ENZC/profile
and click on their names and see who they represent. I'm not accusing any of them of doing anything wrong, but there are some questionable names that they represent.