Probably so with a proviso. ADIA Inc is the new name for PIVX Inc. However, as you mention, ADIA has this to say regarding PIVX obligations.
"The balance sheet shows the old obligations of PiVX, the predecessor company. Most of those obligations are more than 5 years old. Although we have been working to resolve these issues many of the creditors no longer exist or have written down many of these liabilities due to their age. 2. We have been unable to locate records behind the assets of PiVX, and will therefore assume they are valueless. 3. The liabilities and assets will be revalued upon audit." [...]
"As of the date of this filing (i.e., Feb 24, 2012), there are 69,646,206 share outstanding."
Confirms no change in O/S.
"1. The $31,094 of revenue for the year ended December 31 represents sales of Orange Flavored probiotic powder from June 2011 through the end of the year. In August, we introduced our probiotic chews, and in September we introduced our Berry flavor. In December, we introduced our unsweetened Green Tea and Lemon-Lime sport flavors. 2. We sold more than 2,400 units last year, split almost equally between chews and powders. We are expecting sales for the first 2 months to surpass all of last year by a good margin. 3. Salary expense should decrease, as we switched one full time employee for an hourly accountant. 4. Product development expenses are one time, and represent the cost to develop our powders, chews and bars. 5. Professional fees represent the legal costs incurred in taking over the shell, registering the Adia trademark and filing fees. (ed. Also a one-off expense) 6. As of the date of this filing, there are 69,646,206 shares outstanding."
From a cursory view, everything looks quite normal and above board. Very encouraging comments regarding 2012 sales thus far and effect on the bottom line given that some large expenses like legal and product development are a one-time event and salary expense cut going forward.
There's good reason not to worry about old PIVX debts impinging with any significance on ADIA. When Wen Peng took over the PIVX shell, all the cards would have been on the table. Every liability would have been known and visible. At that point, it comes down to the math. Had PIVX liabilities been much of an impediment, a different shell would have been sought for ADIA. They must have known that many of liabilities were no longer an issue. The math and the economics looked good enough to stay with the PIVX shell. Therefore, I put much credence in Wen Peng's statement in the 8-K, to wit,
1. The balance sheet shows the old obligations of PiVX, the predecessor company. Most of those obligations are more than 5 years old. Although we have been working to resolve these issues many of the creditors no longer exist or have written down many of these liabilities due to their age.
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