Sykes IRYS PROMO looks like INSIDER ENRICHMENT SCAM:
On July 12, 2011, iTrackr Systems, Inc. (the “Company”) acquired 100% of the issued and outstanding membership interests (the “Units”) of RespondQ, LLC, a Florida limited liability company from Idamia, LLC, a Florida limited liability corporation (“Idamia”) and Iselsa II, LLC (“Iselsa”), a Delaware limited liability corporation. The purchase price for the Units was an aggregate of five million (5,000,000) shares of restricted common stock of the Company and promissory notes (the “Promissory Notes”) in the aggregate principal amount of $100,000. Iselsa owns 70% of the Units and Idamia owns 30% of the Units being sold.
The Promissory Notes bear interest at 10% per annum and all principal and interest is due and payable on October 12, 2011. Upon an occurrence of an Event of Default, the Promissory Notes are convertible into to shares of the Company’s common stock at $0.10 per share unless the Company between issuance date of the Promissory Note and its maturity date shall have sold its capital stock in a financing in which the Company has received gross proceeds of an excess of $1,000,000 at a differing price (“Subsequent Financing”). The Subsequent Financing shall exclude certain permitted issuances.
The owner of Idamia, LLC is Radosveta Rizzo. Ms. Rizzo is the wife of the Company’s Chief Executive Officer.
Aside from that 75 million possible dilution, NO CASH, huge liabilities, tons of convertible notes, also the other thing is why is there no concrete auditor/lawyer/etc info on otc markets? What a POS SCAM....
Common stock, no par value 100,000,000 shares authorized; issued and outstanding 25,819,997 and 20,319,997 at September 30, 2011 and December 31, 2010, respectively.
Room for 75 million in dumping during this campaign.
Sykes claims to be trying to make this industry transparent. If he was doing that...wouldn't he pick a better company to promo?
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