Here's my Due Diligence, Per the companies own 10-Q,
Until May 26, 2010, we were a development stage company that had no operations, no revenue, no financial backing and limited assets. We had originally planned to develop our property in San Jose, Costa Rica, to rent two three-bedroom apartments to middle income families. Recently, the Company has decided to redirect its business focus towards identifying and pursuing options regarding the development of a new business plan and direction.
On May 26, 2010, the Company entered into an Asset Purchase Agreement (the “Agreement”) with Blu Vu Deep Oil & Gas Exploration, Inc., a Nevada corporation (Blue Vu”). The acquisition of Blu Vu is being treated as a reverse recapitalization, with Blu Vu’s wholly owned subsidiary Elasco becoming the accounting acquiror for financial reporting purposes.
On August 4, 2010, the Company entered into an agreement with Radikal, AS (“Radikal”), the owner of intellectual property involving rebreather technology, to purchase its intellectual property involving said technology (the “Radikal Agreement”). The Radikal Agreement requires the Company to pay a per unit fee for at least 500 units per year for 2 years, after which the obligation to Radikal will be fulfilled.
If the per unit fee payments are not made when due, Radikal has the right to the return of the intellectual property transferred.
Balance - June 30, 2010, unaudited Common Stock # of Shares -678,478,980
Accumulated Deficit- (2,978,009)
Totals - (996,763)
As of June 30, 2010 the company had a net deficit in retained earnings of $(2,978,009) and a net loss of $(260,008) for the six months then ended. These matters create substantial doubt about the Company’s ability to continue as a going concern. For the six months ended June 30, 2010, the Company is able to pay its obligations to vendors from fund raised from shareholders. The Company intends on financing its future development activities from the same sources, until such time that funds provided by operations are sufficient to fund working capital requirements.
Concurrent with the sale of Elasco to Blu Vu, the previous owner agreed to exchange his outstanding demand note, with an outstanding balance of $856,750, for a 10 year note at 5% for $600,000. The difference of $256,750 was recorded as a gain in Other Income. Total interest paid or accrued for the shareholder for the six months ending June 30, 2010 was $14,692 and the balance of the note as of June 30, 2010 was $587,684. Payments have not been made on this note since July 2009. There is approximately $29,000 of accrued interest at June 30, 2010.
The same party received a promissory note for the stock of Elasco for $540,000. The note is due in monthly payments of $10,000 and bears interest at 4.23%. The note is secured by the stock of Elasco. Total interest paid or accrued for the shareholder for the six months ending June 30, 2010 was $10,732 and the balance of the note as of June 30, 2010 was $507,425. Payments have not been made on this note since August 2009. There is approximately $19,000 of accrued interest at June 30, 2010.
Well if you've read this far, you'd see this company is not generating 20-30 mil in revenue, it's deeply in debt and has not paid on it's loans. The company is only able to pay it's debts through dilution of the stock, which it clearly states they will continue to do so until the start making enough profit to cover all unpaid expenses.
Good luck to all who've been filled with the latest cool-aide.
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