Read it in the 10Q filing....
Cost of revenue for the three months ended September 30, 2011 was $177,000 and was attributable to the operations of iSafe which were acquired on March 22, 2011. This amount is not representative of the ongoing operations of that business and, as iSafe was acquired on March 22, 2011, there was no comparable amount for the period ended September 30, 2010.
Gross profit (loss) for the three months ended September 30, 2011 was a loss of $68,000 and was attributable to the operations of iSafe which were acquired on March 22, 2011. This amount is not representative of the ongoing operations of that business and, as iSafe was acquired on March 22, 2011, there was no comparable amount for the period ended September 30, 2010. This loss is attributable to a decline in iSafe revenue during the three months ended September 30, 2011 and is expected to continue through the end of 2011. Such decline in revenue was the result of unanticipated management issues, including the resignation of the Chief Executive Officer.
On November 18, 2011, we accepted an offer and entered into a definitive sales agreement for the sale of the iSafe Entities with a company controlled by our majority shareholder for a cash payment of $250,000 plus 130,000 shares of Heartland Bridge Capital, Inc. ("HBC") common stock (restricted under Rule 144) and warrants for the purchase of 50,000 shares of HBC common stock with an exercise price of $3.05. As this transaction is with a related party, the gain from the sale of iSafe will be recorded as a direct addition to the Company's equity.
We determined that this transaction was in the best interests of our shareholders as events occurring subsequent to our purchase of the iSafe Entities, including but not limited to the resignation of iSafe's Chief Executive Officer, would likely have resulted in an operating situation requiring significantly more attention by us than the investment warranted. It is our opinion that our shareholders would be better served by having our time, attention, and resources focused on maximizing numerous other opportunities at hand.
In the end it looks like peanuts and I would assume it was Tishner based on them announcing he was the CEO. Looking back at this filing, they resold iSAFE internally so it appears to be nothing more than a paper shuffle.
I'm rather more excited about the Skineez product with all the star power!!
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