Well Orvis someone sent me a note on the IAUS I got that looked pretty negative so I sold it 1.09 here....this was the text: IAUS - from most recent filing
NOTE 4 - LEGAL CONTINGENCIES
Legal Contingencies — On September 23, 1998, the Company was notified by the U.S. Securities and Exchange Commission (SEC) of formal action against the Company, its president, and members of his family for possible securities violations. The action stems from alleged material misrepresentations by the Company and the Company’s employees regarding new technology developed by the Company. The Company reached a settlement agreement with the SEC in the amount of $50,000, which has been finalized, paid and signed by the Court as of January 2005.
The Company was notified of two claims related to deposits for equipment and the Company’s automated self-service restaurant technology. The claims request that $130,000 of deposits be refunded and that liquidating damages be paid. These claims were settled with $30,000 of the deposits being refunded in cash and the Company’s president agreeing to give 204,081 of his personal shares valued at $93,877 or $0.46 per share for full settlement of $100,000 of deposits.
Payroll Tax Contingency —The Company has unpaid federal and state withholding tax liabilities from prior periods which are substantially past due. The Company was also assessed penalties by the IRS related to the filing of their 1999 W-2’s. As of September 30, 2005, the remaining delinquent balance assessed by the federal and state agencies, including penalties and interest, was approximately $100,000. As of September 30, 2005 current and delinquent payroll taxes totaled approximately $155,000.
Sorry about that...tuna
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