This was actually a "Disclosure Statement" that Lovatt filed with Pink Sheets that is claimed to be part of the quarterly report, the financial portion of which hasn't yet been released.
Lovatt seems to imply ignorance of or innocence in the actions of Big Apple Consulting (BAC). He also details dilution by the former CEO, Brian Barrett, probably claiming non-involvement in those actions.
Because BAC and its principals are being sued by the SEC for sales of millions of unregistered shares, being complicit with fradulent PR claims and other SEC rule violations with another stock, I wonder if Lovatt was contacted by the SEC regarding BAC's actions. It's possible this could have prompted the amazing public disclosure report. See: http://www.sec.gov/litigation/complaints/2009/comp21305.pdf
I think it's possible that Lovatt issued these detailed disclosures detailing MASSIVE dilution as part of an agreement to avoid or reduce an SEC action against him. Because he's located in the UK, I'm not sure how easy it would be for the SEC to sue him.
Market Data 
Markets 
AI
