No money? That´s not right!
Homepage is in work, they allready have several url´s. They received $175.000 from Travel Engine Solutions. 50k in November and the Company received the Additional Consideration in December 2009 (look in the last 8k).
Last 10Q:
In November 2009, Travel Engine Solutions, LLC subscribed for 1,000 shares of Velocity’s Series A Preferred Stock for aggregate consideration of $175,000. A total of $50,000 of the funds for the Series A Shares was received immediately and pursuant to the terms of the Subscription Agreement, Velocity issued Travel Engine one share of the Series A Preferred Stock. The share is to be held in trust until such time as Travel Engine has paid the remaining $125,000 due pursuant to the terms of the Subscription Agreement. In the event the Additional Consideration is not paid, other than because Velocity failed to meet the requirements described below, the Series A Preferred Share is to be redeemed for $100 and Velocity is entitled to retain the $50,000 initial payment in liquidated damages. While held in trust, Travel Engine has the right to vote the Series A Preferred Share (which has the right to vote 51% of the Company’s outstanding voting securities).