they've lost money EVERY year. In the first 6 months of 2011, they lost $96,477. In fact, according to their own documentation, "The Company has incurred losses since inception and has an accumulated deficit of $1,610,462 at June 30, 2011, which raises substantial doubt about their ability to continue as a going concern. "
This company owns NO PARKING LOTS - not in NY, not anywhere. The sum of their "Property and Equipment" (page 10) consists of $13,500 in "Machinery and Equipment" and $3,500 worth of "Signs." Seriously.. signs?
The had $177,375 of "General and Administrative expenses" in just the first 6 months of 2011 - more that TWICE their revenues. I assume this includes the stock awareness campaigns - or perhaps that's being paid for in stock? It's not clear from the documentation. BTW - revenues from the "gold mine" are decreasing from last year.
They specifically state that they're going to fund themselves by raising "additional equity capital" (page 7) - i.e. stock sales, i.e dilution.
"At June 30, 2011, we had total assets of $55,456 consisting of fixed assets of $9,956 and intangible assets of $45,500. At June 30, 2011, our total liabilities were $1,471,968 consisting of accounts payable and accrued expenses of $ 56,124 , loans due to related parties of $ 414,133" (Page 14)
"We have $ 315 of cash on hand at June 30, 2011." (page 14)
"our disclosure controls and procedures are not effective... This deficiency may affect management’s ability to determine if errors or inappropriate actions have taken place." (Page 15)
"This deficiency is the result of the Company’s limited number of external board members. This deficiency may give the impression to the investors that the board is not independent from management. " (Page 15)
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