I've read 10's of 1000's of pages of these 10q's/1
Post# of 151
Posted On: 05/01/2015 12:37:33 PM
I've read 10's of 1000's of pages of these 10q's/10k's etc on 1000's of stocks
As usual a number of misleading statements have been made on basher boards
1st this is an SEC reporting company now current
very common for these pennies to be late in filings-they often dont have in house accountants and contracted accountants and auditors work at their own pace
also very common for these co's prior to revenue to have these problems -
thats why some prey on these boards taking advantage of these common problems trying to hold each low penny to the standards of a blue chip-
if u want blue chip performance- including the much slower on average chance of appreciation then pay 50000 times more/share
they are public which means they by definition issue stock or acquire debt until revenues- this is a logical given
people invest e.g as here because pps does not reflect the value of the underlying fundamentals
and on a historical basis NEWC is close to turning the corner to revenue
the KBM default is NOT due to failure of NEWC to pay -its a technical default declared by note holder due to NEWC being late in 10K by 15 days-ridiculous games -the 10K has been filed now
NEWC only paid part of the contracted price on the farm and is suing the other party re NEWC's interest
''On November 19, 2014, the Company received a default notice from KBM Worldwide, Inc., stating that the Company was in default under two convertible notes. The Company has since repaid one note in full, and entered into a second note with KBM Worldwide, Inc. On April 15, 2015, the Company received a Notice of Default from KBM Worldwide, Inc., which states that due to the Company’s failure to file its Annual Report on a timely basis, the Company is in default under Convertible Promissory Notes held by KBM Worldwide, Inc. As a result, the related outstanding principal balance, which amounted to a total of $68,500 prior to default, was increased by 150% to $102,750. This default balance, along with accrued default interest, is due to KBM Worldwide, Inc. In addition, KBM Worldwide, Inc. has the right to convert the default balance into common shares of the Company’s stock.
In July of 2013, the Company entered into an agreement to purchase a 50% interest in a farm in Colombia. The purchase price for the 50% interest was $600,000. In order to complete the transaction, the Company was required to pay an initial $200,000 in cash on or before December 31, 2014, with the remaining $400,000 to be paid in the Company’s common stock. The Company was unable to pay the entire cash payment of $200,000, but did make payments in an aggregate amount of approximately $29,200 through April of 2014. The Seller has entered into a separate sales contract with a third party, effectively removing the Company from the transaction. The Company is entering litigation; depositions took place on March 24, 2015 in Colombia.
Plan of Operation
b]Our plan for the twelve months beginning January 1, 2015 is to operate at a profit or at break even. Our plan is to acquire additional coal mining locations in Colombia in order to become profitable in our operations.
We are currently focusing our attention on the coal mining industry in Colombia. We are also focused on the hemp and legal medical cannabis industry.
During 2014, the Company sold an aggregate of 38,400,001 common shares to third parties. The aggregate purchase price was $290,500. [not 42 million ]
Stock Options
During 2011, an aggregate of 5,000,000 options with a fair value of $50,000 were issued to John Campo, President, as part of his employment agreement. The shares have a strike price of $0.10/share and the options have no expiration date. The options vest equally over three years. During 2013, 20,000,000 options held by two former officers of the Company were cancelled. For the year ended December 31, 2014, $4,167 was expensed as stock-based compensation. For the year ended December 31, 2013, $16,668 was expensed as stock-based compensation.
On October 21, 2014, the Company entered an option agreement with a third party, for up to a total of $300,000 with 6,000,000 fully paid and non-assessable shares of common stock at the price of $0.05 per share. This option may be exercised at any time commencing on January 10, 2015 to and include December 31, 2015.
On October 21, 2014, the Company entered an option agreement with a third party, for up to a total of $250,000 with 25,000,000 fully paid and non-assessable shares of common stock at the price of $0.01 per share. This option may be exercised at any time commencing on October 25, 2014 to and include March 31, 2015.
On October 21, 2014, the Company entered an option agreement with a third party, for up to a total of $220,000 with 36,666,667 fully paid and non-assessable shares of the common stock at the price of $0.006 per share. This option may be exercised at any time commencing on November 1, 2014 to and include February 28, 2015.
During 2014, an aggregate of 15,500,000 options with weighted average exercise price $0.01 per share were exercised. For the year ended December 31, 2014, exercisable option balance was 65,166,667
[Ca 36.67 million of these options expired Feb 28 as I reported before elsewhere]
and average price of options was ca 2c
The following table summarizes the Company’s stock options:
Weighted Average
Remaining Life
Balance, December 31, 2012
25,000,000
$ .10
250,000
9,583,333
No Expiration
Granted
Expired
Exercised
Cancelled
(20,000,000)
0.10
Balance, December 31, 2013
5,000,000
$
0.10
4,583,333
No Expiration
Granted
75,666,667
0.01
Expired
Exercised
(15,500,000)
0.01
Cancelled
Balance, December 31, 2014
65,166,667 [over 1/2 of these options have now expired,whether exercised or not]
$
0.02 [average price of options]
65,166,667
average life of
0.33 years [ over 1/2 expired]
Item 11. EXECUTIVE COMPENSATION
Summary Compensation
The following table discloses, for the fiscal years ended December 31, 2014, 2013, certain compensation paid and accrued to our named executive officers and our former executive officers.
John Campo, President and Director
2014
$60,000
2013
$60,000
Cherish Adams, Former Sec/Treasurer and Director
2014
$0
2013
$0
Kyle Gotshalk, former CEO and Director
2014
$0
2013
$0
These amounts are accrued and unpaid per the employment agreements with the Company.
John is only salaried person and his pay is apparently deferred until co has revenue or net income?
(3)
John Campo is the President and director of the Company. John Campo also owns 10,000,000 shares of Series A Preferred Stock. The Preferred A Stock is convertible into 51% of the outstanding shares of the Company, and holds voting rights of 66 2/3% of the outstanding shares of common stock.
CERTIFICATION PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT 0F 2002
In connection with the Annual Report of New Colombia Resources, Inc. (the Company"
on Form 10-K for the period ended herein as filed with the Securities and Exchange Commission (the "Report", I. John Campo, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act of 2002, that:
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fully presents, in all material respects, the financial condition and results of operations or the Company.
New Colombia Resources, Inc.
Date: April 28, 2015
By:
/s/ John Campo
John Campo
Chief Financial Officer
As usual a number of misleading statements have been made on basher boards
1st this is an SEC reporting company now current
very common for these pennies to be late in filings-they often dont have in house accountants and contracted accountants and auditors work at their own pace
also very common for these co's prior to revenue to have these problems -
thats why some prey on these boards taking advantage of these common problems trying to hold each low penny to the standards of a blue chip-
if u want blue chip performance- including the much slower on average chance of appreciation then pay 50000 times more/share
they are public which means they by definition issue stock or acquire debt until revenues- this is a logical given
people invest e.g as here because pps does not reflect the value of the underlying fundamentals
and on a historical basis NEWC is close to turning the corner to revenue
the KBM default is NOT due to failure of NEWC to pay -its a technical default declared by note holder due to NEWC being late in 10K by 15 days-ridiculous games -the 10K has been filed now
NEWC only paid part of the contracted price on the farm and is suing the other party re NEWC's interest
''On November 19, 2014, the Company received a default notice from KBM Worldwide, Inc., stating that the Company was in default under two convertible notes. The Company has since repaid one note in full, and entered into a second note with KBM Worldwide, Inc. On April 15, 2015, the Company received a Notice of Default from KBM Worldwide, Inc., which states that due to the Company’s failure to file its Annual Report on a timely basis, the Company is in default under Convertible Promissory Notes held by KBM Worldwide, Inc. As a result, the related outstanding principal balance, which amounted to a total of $68,500 prior to default, was increased by 150% to $102,750. This default balance, along with accrued default interest, is due to KBM Worldwide, Inc. In addition, KBM Worldwide, Inc. has the right to convert the default balance into common shares of the Company’s stock.
In July of 2013, the Company entered into an agreement to purchase a 50% interest in a farm in Colombia. The purchase price for the 50% interest was $600,000. In order to complete the transaction, the Company was required to pay an initial $200,000 in cash on or before December 31, 2014, with the remaining $400,000 to be paid in the Company’s common stock. The Company was unable to pay the entire cash payment of $200,000, but did make payments in an aggregate amount of approximately $29,200 through April of 2014. The Seller has entered into a separate sales contract with a third party, effectively removing the Company from the transaction. The Company is entering litigation; depositions took place on March 24, 2015 in Colombia.
Plan of Operation
b]Our plan for the twelve months beginning January 1, 2015 is to operate at a profit or at break even. Our plan is to acquire additional coal mining locations in Colombia in order to become profitable in our operations.
We are currently focusing our attention on the coal mining industry in Colombia. We are also focused on the hemp and legal medical cannabis industry.
During 2014, the Company sold an aggregate of 38,400,001 common shares to third parties. The aggregate purchase price was $290,500. [not 42 million ]
Stock Options
During 2011, an aggregate of 5,000,000 options with a fair value of $50,000 were issued to John Campo, President, as part of his employment agreement. The shares have a strike price of $0.10/share and the options have no expiration date. The options vest equally over three years. During 2013, 20,000,000 options held by two former officers of the Company were cancelled. For the year ended December 31, 2014, $4,167 was expensed as stock-based compensation. For the year ended December 31, 2013, $16,668 was expensed as stock-based compensation.
On October 21, 2014, the Company entered an option agreement with a third party, for up to a total of $300,000 with 6,000,000 fully paid and non-assessable shares of common stock at the price of $0.05 per share. This option may be exercised at any time commencing on January 10, 2015 to and include December 31, 2015.
On October 21, 2014, the Company entered an option agreement with a third party, for up to a total of $250,000 with 25,000,000 fully paid and non-assessable shares of common stock at the price of $0.01 per share. This option may be exercised at any time commencing on October 25, 2014 to and include March 31, 2015.
On October 21, 2014, the Company entered an option agreement with a third party, for up to a total of $220,000 with 36,666,667 fully paid and non-assessable shares of the common stock at the price of $0.006 per share. This option may be exercised at any time commencing on November 1, 2014 to and include February 28, 2015.
During 2014, an aggregate of 15,500,000 options with weighted average exercise price $0.01 per share were exercised. For the year ended December 31, 2014, exercisable option balance was 65,166,667
[Ca 36.67 million of these options expired Feb 28 as I reported before elsewhere]
and average price of options was ca 2c
The following table summarizes the Company’s stock options:
Weighted Average
Remaining Life
Balance, December 31, 2012
25,000,000
$ .10
250,000
9,583,333
No Expiration
Granted
Expired
Exercised
Cancelled
(20,000,000)
0.10
Balance, December 31, 2013
5,000,000
$
0.10
4,583,333
No Expiration
Granted
75,666,667
0.01
Expired
Exercised
(15,500,000)
0.01
Cancelled
Balance, December 31, 2014
65,166,667 [over 1/2 of these options have now expired,whether exercised or not]
$
0.02 [average price of options]
65,166,667
average life of
0.33 years [ over 1/2 expired]
Item 11. EXECUTIVE COMPENSATION
Summary Compensation
The following table discloses, for the fiscal years ended December 31, 2014, 2013, certain compensation paid and accrued to our named executive officers and our former executive officers.
John Campo, President and Director
2014
$60,000
2013
$60,000
Cherish Adams, Former Sec/Treasurer and Director
2014
$0
2013
$0
Kyle Gotshalk, former CEO and Director
2014
$0
2013
$0
These amounts are accrued and unpaid per the employment agreements with the Company.
John is only salaried person and his pay is apparently deferred until co has revenue or net income?
(3)
John Campo is the President and director of the Company. John Campo also owns 10,000,000 shares of Series A Preferred Stock. The Preferred A Stock is convertible into 51% of the outstanding shares of the Company, and holds voting rights of 66 2/3% of the outstanding shares of common stock.
CERTIFICATION PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT 0F 2002
In connection with the Annual Report of New Colombia Resources, Inc. (the Company"
on Form 10-K for the period ended herein as filed with the Securities and Exchange Commission (the "Report", I. John Campo, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act of 2002, that: (1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fully presents, in all material respects, the financial condition and results of operations or the Company.
New Colombia Resources, Inc.
Date: April 28, 2015
By:
/s/ John Campo
John Campo
Chief Financial Officer
(0)
(0)New Colombia Resources, Inc. (NEWC) Stock Research Links
Scroll down for more posts ▼