I can understand why OBJE waited until the final minute to file their 10-K. It is even worse than I imagined.
Why would their one employee need office space in Sarasota, FL and in Houston?
We incurred a net loss of $860,301 for the year ended August 31, 2013, and had a working capital deficit of $93,502 as of August 31, 2013. We do not anticipate having positive net income in the immediate future. Net cash used by operating activities for the year ended August 31, 2013 was $391,707. These conditions create an uncertainty as to our ability to continue as a going concern.
We incurred interest expense of $407,267 for the year ended August 31, 2013 compared to $278,959 for the comparable period of 2012.
We anticipate needing approximately $120,000 to fund our operations and to effectively execute our business plan over the next eighteen months.
On July 9, 2012, we revised the Joint Venture Agreement (the “Revised Joint Venture Agreement”) with Source Street. Under the terms of the Revised Joint Venture Agreement, we are required to provide oversight and management toward the development of online and social games. Source Street will identify and coordinate the development team. We will provide funding for the joint venture in the amount of $2,500 per week during the period of development of the first game. Ownership of the game and profits and losses will be split 80% to OBJE and 20% to Source Street. The Revised Joint Venture Agreement can be terminated by a 30-day notice from either party. We have paid $137,500 to Source Street pursuant to the Revised Joint Venture Agreement. We developed Phantasmic and Creature Taverns with Source Street.
On October 4, 2013, OBJE purchased Source Street’s interest in Novalon and Source Street’s rights to 20% of the game and profits that resulted from the Revised Joint Venture Agreement. The total consideration for the purchase was $25,000.
To date the Company has been able to fund operations through the sale of stock and by obtaining cash advances.
During the year ended August 31, 2013, the Company issued 14,626,300 shares of common stock for conversion of Convertible Notes Payable in the amount of $479,860.
On October 8, 2013, the holder of the Convertible Note Payable, dated January 31, 2013, elected to convert principal in the amount of $60,000 into 600,000 shares of common stock.
DILUTION TRAIN RUNNING AT FULL SPEED HERE.
THIS IS A ONE MAN OPERATION - Paul can do whatever he wants with no limits.
The name, address, age and position of our sole officer and director is set forth below:
Paul Watson
677 N. Washington Blvd.
Sarasota, FL 34236
Age 38
President; Secretary/Treasurer; Principal Executive Officer; Principal Financial Officer and sole member of the board of directors
Mr. Watson is paid $5,000 per month for his services to the Company. He does not have a written employment agreement with the Company.
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