SKTO. It's understandable the general counsel and puppet president Mayor avoided the uncomfortable problem of the troubling 2014 Quarterly during the Q&A by filing the Q1 after the questions were submitted. A typical ploy of the veteran manipulators at iequity + Burke pulling the strings.
Benz sounded like he would rather have been somewhere else, anywhere else, than in this stew. Poor guy; he walked into a den of thieves with his eyes closed. If he walks away from the debacle as did Choo, Allyn, Laughlin, and Jones (wisely so), his exit will confirm SKTO as the fraud that it is. So he stays on with unhappy reluctance and discomfort that his voice and demeanour clearly telegraph.
4Bil (iequity consulting fees conversion $1mil @ 0.0003) + 1.25Bil (est 1 Bil O/S) + 60% of total O/S (iequity preferred conversion) = ca. 8Bil O/S.
iequity will therefore own ca. 7Bil out of the 8Bil shares.
2014 Q1:
"There are currently 5 million shares of the Company issued and outstanding as
Series A Voting Convertible Preferred Shares."
"I Equity Corp. is now the controlling shareholder of the Company."
Both statements above contradicted later in the 2014 Q1:
"The Series A Preferred Share certificates have not yet been issued [...] which is expected to be by May 31, 2014. At that time (i.e., expected May 31), I Equity Corp. will be the controlling shareholder. Henry Jan is the Chief Executive Officer of I Equity Corp."
===
"...there were a total of 737,940,303 common shares issued and outstanding at December 31, 2013."
"...there were a total of 867,940,303 common shares issued and outstanding at March 31, 2014."
They added 130,000,00 to O/S in just 3 months ( 43.3 million per month).
At that rate of accretion, another 87 million shares would be added by May 31, 2014, making O/S 955 million at month end.
Note: Transfer agent gagged.
===
1) "During the quarter ended March 31, 2014, a total of 130,000,000 common shares were issued in conversion of principal amounts due on outstanding convertible promissory notes. As a result, there were a total of 867,940,303 common shares issued and outstanding at March 31, 2014."
2) "The price at which the shares were offered, and the amount actually paid to the issuer: As noted above, the shares issued during the quarter ended March 31, 2014 were issued for principal note conversions of $39,000."
Ergo, $39,000 / 130,000,000 = 0.0003 per share conversion rate.
"Through the quarter ended March 31, 2014, a total $57,375 in principal of the note was transferred to unrelated third parties, leaving a balance due on the original note held by I Equity at $392,625. On January 1, 2014, an additional $600,000 in accrued consulting amounts payable to IEquity Corp. was converted into a promissory note in that amount, which remains outstanding."
As of March 31, 2014, a total of $1,070,466 in short term convertible notes remained outstanding, on which a total of $83,437 had accrued as interest. In addition, two notes in the amount of $30,000 each, dated October 1, 2013 and January 1, 2014, payable for consulting services previously rendered, remained outstanding as long-term liabilities, on which a total of $2,236 in interest had accrued as of March 31, 2014.
$1,070,466 + 83,437 + 60,000 + 2,236 = $1,216,139
3,953,796,666 new shares added by conversion @ 0.0003/sh
4 billion + 1.25 billion A/S = 5.25 billion
===
"For the quarter ended March 31, 2014, the Company has suspended any further accruals under the contractual arrangements with 10 of these
collectives, pending the further development of their business operations."
"PCG is a multi-faceted consulting firm specializing in breeding, mapping and cataloging unique heirloom and land race medical cannabis genetics, with specific emphasis on developing and implementing sustainable, organic, highly efficient cultivation infrastructures, technologies, methodologies and techniques for the growing medical cannabis industry. PCG is comprised of seasoned medical cannabis growers and operators, botanists, scientists, horticulturists, and researchers that collectively have been consulting primarily in California for over 15 years."
"...on May 19, 2014, the Company signed a definitive agreement to acquire Paragon Consulting Group (“PCG”) for 25,000,000 shares of the Company. Monthly revenues of PCG that will flow to SK3 are estimated to be approximately $1.34 million."
There was no evidence presented by SK3 that this firm (PCG) actually exists as described. No information given that could trace its verity. No sane firm with est. $1.34m per months would sell out for a pittance of 25m SKTO shares get into bed with a firm that has fraud written all over it. It would be like boarding a boat that has a rotted hull and is also wanted by the coast guard for smuggling activity. Not to mention, no revenue collected to date, a painful history of accounting sleight of hand if not outright fraud, and an O/S of ca. 8Bil coming down the pike with the conversions.
A definitive agreement means nothing.They've substituted a new con for the old con that had ceased being credible or explainable. In time they'll drop PCG when that ruse outlives its usefulness to them".
===
Q1 2014 Net income before other income (expense) (12,749,036)
Consulting fees 367,655
Benz sounded like he would rather have been somewhere else, anywhere else, than in this stew. Poor guy; he walked into a den of thieves with his eyes closed. If he walks away from the debacle as did Choo, Allyn, Laughlin, and Jones (wisely so), his exit will confirm SKTO as the fraud that it is. So he stays on with unhappy reluctance and discomfort that his voice and demeanour clearly telegraph.
4Bil (iequity consulting fees conversion $1mil @ 0.0003) + 1.25Bil (est 1 Bil O/S) + 60% of total O/S (iequity preferred conversion) = ca. 8Bil O/S.
iequity will therefore own ca. 7Bil out of the 8Bil shares.
2014 Q1:
"There are currently 5 million shares of the Company issued and outstanding as
Series A Voting Convertible Preferred Shares."
"I Equity Corp. is now the controlling shareholder of the Company."
Both statements above contradicted later in the 2014 Q1:
"The Series A Preferred Share certificates have not yet been issued [...] which is expected to be by May 31, 2014. At that time (i.e., expected May 31), I Equity Corp. will be the controlling shareholder. Henry Jan is the Chief Executive Officer of I Equity Corp."
===
"...there were a total of 737,940,303 common shares issued and outstanding at December 31, 2013."
"...there were a total of 867,940,303 common shares issued and outstanding at March 31, 2014."
They added 130,000,00 to O/S in just 3 months ( 43.3 million per month).
At that rate of accretion, another 87 million shares would be added by May 31, 2014, making O/S 955 million at month end.
Note: Transfer agent gagged.
===
1) "During the quarter ended March 31, 2014, a total of 130,000,000 common shares were issued in conversion of principal amounts due on outstanding convertible promissory notes. As a result, there were a total of 867,940,303 common shares issued and outstanding at March 31, 2014."
2) "The price at which the shares were offered, and the amount actually paid to the issuer: As noted above, the shares issued during the quarter ended March 31, 2014 were issued for principal note conversions of $39,000."
Ergo, $39,000 / 130,000,000 = 0.0003 per share conversion rate.
"Through the quarter ended March 31, 2014, a total $57,375 in principal of the note was transferred to unrelated third parties, leaving a balance due on the original note held by I Equity at $392,625. On January 1, 2014, an additional $600,000 in accrued consulting amounts payable to IEquity Corp. was converted into a promissory note in that amount, which remains outstanding."
As of March 31, 2014, a total of $1,070,466 in short term convertible notes remained outstanding, on which a total of $83,437 had accrued as interest. In addition, two notes in the amount of $30,000 each, dated October 1, 2013 and January 1, 2014, payable for consulting services previously rendered, remained outstanding as long-term liabilities, on which a total of $2,236 in interest had accrued as of March 31, 2014.
$1,070,466 + 83,437 + 60,000 + 2,236 = $1,216,139
3,953,796,666 new shares added by conversion @ 0.0003/sh
4 billion + 1.25 billion A/S = 5.25 billion
===
"For the quarter ended March 31, 2014, the Company has suspended any further accruals under the contractual arrangements with 10 of these
collectives, pending the further development of their business operations."
"PCG is a multi-faceted consulting firm specializing in breeding, mapping and cataloging unique heirloom and land race medical cannabis genetics, with specific emphasis on developing and implementing sustainable, organic, highly efficient cultivation infrastructures, technologies, methodologies and techniques for the growing medical cannabis industry. PCG is comprised of seasoned medical cannabis growers and operators, botanists, scientists, horticulturists, and researchers that collectively have been consulting primarily in California for over 15 years."
"...on May 19, 2014, the Company signed a definitive agreement to acquire Paragon Consulting Group (“PCG”) for 25,000,000 shares of the Company. Monthly revenues of PCG that will flow to SK3 are estimated to be approximately $1.34 million."
There was no evidence presented by SK3 that this firm (PCG) actually exists as described. No information given that could trace its verity. No sane firm with est. $1.34m per months would sell out for a pittance of 25m SKTO shares get into bed with a firm that has fraud written all over it. It would be like boarding a boat that has a rotted hull and is also wanted by the coast guard for smuggling activity. Not to mention, no revenue collected to date, a painful history of accounting sleight of hand if not outright fraud, and an O/S of ca. 8Bil coming down the pike with the conversions.
A definitive agreement means nothing.They've substituted a new con for the old con that had ceased being credible or explainable. In time they'll drop PCG when that ruse outlives its usefulness to them".
===
Q1 2014 Net income before other income (expense) (12,749,036)
Consulting fees 367,655
