Well that depends on who the Note holder is for that Debt. If it is the CEO who holds the Notes, then it can clearly be used as evidence that the books were being cooked at the shareholders expense. Is it just sloppy book keeping? No, some errors are to be expected but there are clearly entries placed into the documents in an attempt to hide the massive over issuance of shares here, that 580,000,000 is clearly such an entry, as it wasn’t until she went to prepare these "copy and paste" Q2 2010 filings and turn them into Q3 2011 filings. That is also why there was a hasty PR sent out about retiring 500,000,000 shares, but without a TA it was never going to happen here.
The last issue is of course the fact that these are NON AUDITED filings, so they are “as is”, so it all depends on what other evidence could be gathered from other sources to make a case. But just using these alone would not get very far, you would need the Transfer Agent files to actually present a case that would have a chance to win. The SEC however may have enough evidence to do something with this, but no one here will have any clue as to what they have gathered to date.
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