You should try some reading too. I said nothing about officers or directors. But guess who bought the building for a loss on what was paid for it ? Guess who was the previous owner ? Guess who was owed for the remodeling of the building ? And guess who is now the largest shareholder of FDMF ?
Why the answer to all those questions is MR. Robert W. Carteaux
Yes. it's all in the filings. A person just has to read them.
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The headquarters of the Company are located in Fort Wayne, Indiana. On August 9, 2006 the Company signed an agreement to purchase real property located at 6615 Brotherhood Way, Fort Wayne, Indiana 46825. The Company moved into the new office space in December 2006. The building is approximately 16,000 square feet. The purchase price of the property was seven hundred thousand dollars ($700,000) in addition to equity in the Company. In connection with the purchase of the property the Company also entered into a loan agreement with Tower Bank & Trust Company (the “Bank”) in which the Bank provided a loan for $700,000.
On September 30, 2006, the Company executed an Amended and Restated Building Purchase Offer (the “Purchase Agreement”) which replaced the August 9, 2006 agreement. The terms of the Purchase Agreement called for the
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Company to issue Class C convertible preferred shares of stock in the amount of six hundred thousand (600,000) shares as partial payment for the property. The Class C preferred shares were to be convertible into common stock of the Company at 85% of the price set forth in the Company offering. The holders of the Class C shares entered into a registration rights agreement with the Company which, if the Company filed a registration statement, required the Company to register all of the common stock into which the Class C Preferred Shares may be converted. Additionally, the Purchase Agreement provided for, as additional consideration, warrants to purchase shares of common stock, at the price set forth in the Company offering, in an amount equal to 150% of the number of shares the Class C preferred shares could be convertible into as of the closing date of the Company Offering Period. Further, the common stock underlying the warrants had piggyback registration rights.
Subsequently, in December 2006, the terms of the Purchase Agreement were renegotiated. The terms of the Second Amended and Restated Purchase Agreement call for the Company to issue 300,000 Class C convertible preferred shares of stock as partial payment for the property. The remainder of the terms remained the same.
Additionally, and in connection with the Purchase Agreement, the Company entered into a personal guarantee agreement which granted Robert W. Carteaux (“Carteaux”) 150,000 warrants to acquire common stock, at 85% of the Company offering price, in exchange for the personal guarantee of Carteaux on the loan made to the Company by the Bank. The common stock underlying the warrants has piggyback registration rights.
The Company occupies approximately 8,000 square feet of the building space and renovations on the space were completed in December 2006. The cost of the renovation was approximately $100,000. The Bank loaned the Company the funds for the renovation.
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