Jim,
Can I take issue with some of what you posted here? My previous response not withstanding...
It had no money and no assets.
The 2004 Net Fixed Assets were $519,043
The 2005 Net Fixed Assets were $4,046,485
"...Total Assets for 2005, vs. Total Assets for 2004. Regarding the 2005 year-end December 31st, please note the increase in Assets from $659,549.00 in 2004 to $6,684,730.00 in 2005. This represents an increase of over 1000% in Total Assets."
Are you saying this report is misleading regarding assets?
Look at the acquisitoins. They were purchased with stock snd debt.
Are you saying that acquisitions purchased with stock and debt should not be made if the contract is suspended and they have dramatically reduced revenues? How can you do that if the LOI's are in place?
Look at JT's bankruptcy. He has listed stock as collateral and his homes, which were already mortgaged, for more cash to get by, plus stock to guarantee his personal guarantees.
As an accountant yourself, how could he keep the company from folding without doing what he did?
There has never been an operating corporation except TBLU.
What about PCI, Inc and Lex Real??
How the money got from one corporations stock sale to another could happen through wages paid to JT from stock sales. 6 billion shares over two years, plus TBLU stock and whatever other stock that was sold before the other shells were taken into PLNI.
The way I read the report the Beneficial Interest in 2004/05 was paying back loans from 1989-2001. That seemed to be the vast majority of the stock sales. Am I wrong?
I guess that what I believe is that the sale of stock has been the sole source of capital for JT.
Are you basing that on this report? Was he getting salary from TBLU, PCI, and Lex Real? Didn't PCI have contracts in place when it was merged in? I think I read that...
I realize that there isn't a whole lot of data in the financials, but seems to me there is more explaination than your post indicated.
Tell me where I'm wrong. Not trying to slam your opinion, just need the facts.
TIA
rrm
► Any comment provided is my personal assessment/opinion of the indicated stock. "When the gods wish to punish you, they grant your wishes. Therefore be careful of what you wish for."
