You are correct, but at least the company did not loose any money. The venture just didn't happen. I believe the company can better focus their funds on the core business, BPO. The Korean venture capital investment sounded like a joke to begin with.
On the bright side they are raising a considerable amount of capital from current and new investors.
1. Inter Asset Japan LBO No 1 Fund
"Under the terms of the Amended Agreement, the Company sold to the investor 18,383,750 shares of Common Stock for $735,350. In addition, the parties agreed to terminate the Stock Purchase Agreement dated August 17, 2009 and the Amendment to the Stock Purchase Agreement dated January 26, 2010.
The Investor had the option, but did purchase, on or before March 31, 2010, an additional 50,000,000 shares of common stock at a purchase price of US$.04 per share, or an aggregate price of US$2,000,000. "
2. MGVJ Co Ltd
"Under the terms of the Amended Agreement, the Company sold to the New Investor 1,300,000 shares of Common Stock for $60,000. In addition, the parties agreed to terminate the Stock Purchase Agreement dated January 26, 2010.
On January 26, 2010, Company received a $480,000 funding commitment under a Stock Purchase Agreement from New Investor. Under the terms of the Agreement, the Company had agreed to issue and sell to the New Investor 9,600,000 shares of the Company’s common stock for an aggregate purchase price of $480,000, or $0.05 per share."
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