Good afternoon AP, your take on the $500,000 from Paul Graham is inaccurate. The filings reveal that these funds were used “On November 7, 2007, WiseBuys Stores, Inc. ("WiseBuys"), a wholly-owned subsidiary of Seaway Valley Capital Corporation ("Seaway Valley"), purchased all of the outstanding capital stock of Patrick Hackett Hardware Company, a New York corporation ("Hacketts")”. (Note Paul L. and Anaflor Graham two individuals)
My DD on this 8-K showed that most dilution comes from all these different convertible debentures.
In regards to the earnings of $3.2 million dollars of Seaway Valley Fund, LLC during 2006-07, the 8-K/A on 10/26/07 showed a value of $1,414,544 in the form of stock and cash. If the Convertible Debenture form Paul L. and Anaflor Graham in the principal amount of $500,000 as not included that brings the total to $1,914,544. Minus the initial payment for "Hacketts" and all that’s left is $414,544 plus any profits and losses. Note the balance 0f the fund is reflected on the "WiseBuys" balance sheets as per filings.
The funds left will be needed for the subsequent notes to fully purchase "Hacketts" unless it will be flipped in less then 6 months when the next payment is due.IMO
Form 8-K on November 7th 2007 disclosed
In exchange for the capital stock of Hacketts, WiseBuys paid a total of six million dollars ($6,000,000), as follows:
$1,500,000 at closing; . . . . . . . . . . . . . . . . . . . . . . . . . Approximately $1.5 million of the acquisition funding resulted from the sale of publicly traded securities held by WiseBuys' wholly owned subsidiary, the Seaway Valley Fund, LLC. The remaining funds were contributed by Seaway Valley Capital Corporation from the proceeds of its sale to Paul L. and Anaflor Graham of a Convertible Debenture in the principal amount of $500,000. The Convertible Debenture bears interest at 8% per annum, which is payable in the form of common stock issued by Seaway Valley.
From 10QSB on November 14th 2007
Note 8 - DEPOSIT ON IVNESTMENT
In September 2007, the company entered into a $500,000 debenture agreement with two individuals (see Note 4). The proceeds received were deposited into a Seaway Valley Fund, LLC account as an advance deposit of the pending transactions with Wisebuys Stores, Inc. Seaway Valley Fund, LLC is a wholly owned subsidiary of Wisebuys Stores, Inc. The funds were subsequently used in November 2007 during the acquisition of Hacketts (see Note 9).
Note 4 - CONVERTIBLE DEBENTURES PAYABLE - LONG TERM
On September 18, 2007, the Company entered into a $500,000 Convertible Debenture("September 2007 Debenture") Agreement with two individuals ("Holders").. . . . . . . . . . . . . . . . . . . . . . . . The $500,000 proceeds from the September 2007 debenture were received by Seaway Valley Fund, LLC ("Seaway"), a related party to the Company, as a deposit on the investment (see Note 8). Seaway is a wholly owned subsidiary of WiseBuys Stores Inc ("WiseBuys"). WiseBuys acquired Seaway in 2006 from Thomas Scozzafava and Dierdre Scozzafava. Thomas Scozzafava owned approximately 50% of the capital stock of WiseBuys prior to the acquisition of WiseBuys by the Company on October 23, 2007. The Company plans to use the proceeds from the debentures to assist with the Hackett transaction (See Note 9).
If I missed something let me Know
I hope the grammar is to everyone’s satisfaction, its good to see they had no problem with the content, just the typographical error. I hope not to incur any (further) embarrassment from a typo. ;-)
PS don’t delete just because I don’t see what others claim?
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