Dear Mr. Thomas....I am confused by parts of your email too. Not the questions...the answers. If the vast majority of the loan made to Harrs and Brown was from D&D Displays as a private entity and Expo Holdings assumed the assets and the debt of D&D Displays and is showing the entire "shareholder advance" on their balance sheets (even as late as 12-31-2009 where it had risen from the original $346,606 to $399,117) then the LOAN is from Expo Holdings to Harrs and Brown and it doesn't make a DAMN when and where the thing was sourced.
You have been fed a misleading crock of **** my friend. Doublespeak in triplicate. The reason you didn't get the terms are because that loan may be being serviced as to the interest rates it bears by the shareholders of Expo Holdings, Inc....just like they may have been being serviced out of the pockets of the shareholders of the private company D&D Displays...who were Brown and Harrs ONLY. That loan, IMHO, was nothing more than a bailout of Harrs and Brown by the shareholders of Expo Holdings, Inc. and that can be further evidenced by the loan taken by Expo Holdings bearing interest at $10K per month when the company was first formed and they assumed (restructured) the portion of that loan from D&D. Write Brown and ask him these questions:
1) What is the detailed definition of "other various uses"? It is irrelevant when and where the loan was sourced. The entire advance and it's history are now entirely an asset of a public corporation I own part of and I have a right to know precisely what the money was lent to you and Harrs for. In fact, I'd like a detailed accounting.
2) Was this "loan" of $302,990.00 that was absorbed by Expo Holdings "taken over" from D&D from a conventional lending institution? Or was it simply an asset of cash lent from the assets of D&D to the two officers that was transferred during the reverse merger from one balance sheet to the other? If the advance was sustained by a conventional loan borrowed by D&D, was any or all of that "loan" "paid off" by Expo Holdings and/or restructured? If so, how?
3) There was a relatively similar amount of money ($462,500) borrowed from a line of credit opened by Expo Holdings at an interest rate of $10K per month very early in the corporation's formation. What specific correlation(s) to that line of credit is this "shareholder advance" to Harrs and Brown? Did Harrs and/or Brown receive any portion of that $462,500 (beyond the $75K+/- "advance applicable to Expo Holdings only previously mentioned) for any reason relating to the $303K "advance" transferred from D&D's balance sheet to Expo's?
4) Has there been an interest rate imposed or negated on the advance to Brown and Harrs since it's assumption by Expo Holdings? If there is an interest rate, are the officers paying this interest rate IN FULL? What factor(s) are responsible for the fluctuation in the balance of the "shareholder advance" between 12-31-2006 and 12-31-2009 the last date at which we have a verifiable accounted balance ($399,117) for it? Is it due to Brown and Harrs tapping into the advance for additional personal cash? Paying down an ever increasing total due to interest accumulation? What exact reason(s)?
Once again, being a shareholder of a corporation which has assumed this entire "advance" as well as it's history, I feel I have a right to know this information.
It don't pass the fish smell test with me, big guy. You need to push a little harder on this one. Go Jerry....
All IMHO.
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