Re: SFMI ..10-Q ....
in response to
by
posted on
May 21, 2014 10:25AM
(Edit this Message from the "Fast Facts" Section)
Since OCTOBER 15, 2007 (INCEPTION) TO MARCH 31, 2014,
· SFMI total revenue is a whopping $373,843.
· Roughly $4855 a month.
We are in default on substantially all of our accounts payable.
· As of March 31, 2014, the Internal Revenue Service had filed tax liens for various withholding taxes totaling $252,088 against us and Pierre Quilliam, our chief executive officer;
· the Idaho Department of Labor and Idaho Tax Commission had filed tax liens for $55,247;
· two creditors (not including Earll Excavation, Inc.) had judgment liens for $197,226.
As of March 31, 2014, the Company had outstanding notes payable to various investors in the original principal amount of $1,901,518.
· All of the notes are convertible into shares of Class A Common Stock at the election of the holder at conversion prices ranging from $0.0012 to $0.275 per share. The conversion price of the notes is set at the market price of the Class A Common Stock on the date of issuance. The notes mature at various dates ranging from April 12, 2014 to March 30, 2016.
· At March 31, 2014, an aggregate of 1,228,973,500 shares of Class A Common Stock were issuable upon conversion of the notes.
· $53,328 owed to Iliad Research & Trading, LP. As of May 14, 2014, we were not in default to Iliad;
· $848,286 owed to JMJ. We settled litigation with JMJ on December 13, 2013. Under our settlement, we were supposed to begin paying off the balance through fourteen equal monthly payments starting on April 14, 2014. We did not make the first two payments. Instead, JMJ and we have orally agreed that JMJ may convert and sell up to $3,500 of shares per day until the debt is paid.