I'm not sure if this will past well but I'll try. If not I pulled this straight from the 10q -- your email says no debt, which is great. But the 10q says over a million of debt and just 11,000 of assets as of 10/2016. That's simply two months post that correspondence. And if I go back further I can assure you there is and always has been debt.
So I'm not sure what that correspondence would claim other wise ? Please let me m ow what I'm missing.
April 30, October 31,
2017 2016
(Unaudited)
ASSETS
Current assets
Cash $ 8,865 $ 7,277
Inventories 4,760 –
Advance to related party 2,735 –
Prepaid expenses 5,000 –
Total current assets 21,360 7,277
Non-Current assets
Office equipment, net of accumulated depreciation of $6,508 and $5,906, respectively 1,898 2,500
Security deposit 1,584 1,584
Total non-current assets 3,482 4,084
Total assets $ 24,842 $ 11,361
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
Current liabilities
Accounts payable and accrued expenses $ 703,069 $ 713,469
Customer deposit 4,180 –
Income taxes payable 1,951 1,951
Accrued salary and payroll taxes 20,433 20,433
Accrued interest payable 1,360 –
Other payables - related parties 60,000 61,217
Redeemable preferred stock - Series C 9,500 –
Convertible note payable, currently in default 260,000 260,000
Convertible note payable, net of discount of $37,500 45,500 –
Derivative liabilities - conversion option 139,914 –
Total current liabilities 1,245,907 1,057,070
Total liabilities 1,245,907 1,057,070
Commitments and Contingencies
Payables to related parties 211,311 211,311
Stockholders' (deficit)
Preferred stock, par value $0.001, 5,000,000 shares authorized:
4,695 and 15,063 shares of Series A issued and outstanding at April 30, 2017 and October 31, 2016, respectively 4 15
1,500 and 0 shares of Series B issued and outstanding at April 30, 2017 and October 31, 2016, respectively 2 –
Common stock, par value $0.001, unlimited number of shares authorized. 6,169,880,936 and 4,199,880,936 shares issued and outstanding at April 30, 2017 and October 31, 2016, respectively 6,169,880 4,199,880
Additional paid-in capital 19,499,678 20,584,870
Preferred stock to be issued 39,700 18,000
Common stock to be issued 64,093 83,593
Accumulated Deficit (26,372,100 ) (25,383,090 )
Total Trans-Pacific Aerospace Company Inc. stockholders' equity (598,743 ) (496,732 )
Non-controlling interest in subsidiary (833,633 ) (760,288 )
Total stockholders' (deficit) (1,432,376 ) (1,257,020 )
Total liabilities and stockholders' (deficit) $ 24,842 $ 11,361
See accompanying notes to consolidated financial statements
So I'm not sure what that correspondence would claim other wise ? Please let me m ow what I'm missing.
April 30, October 31,
2017 2016
(Unaudited)
ASSETS
Current assets
Cash $ 8,865 $ 7,277
Inventories 4,760 –
Advance to related party 2,735 –
Prepaid expenses 5,000 –
Total current assets 21,360 7,277
Non-Current assets
Office equipment, net of accumulated depreciation of $6,508 and $5,906, respectively 1,898 2,500
Security deposit 1,584 1,584
Total non-current assets 3,482 4,084
Total assets $ 24,842 $ 11,361
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
Current liabilities
Accounts payable and accrued expenses $ 703,069 $ 713,469
Customer deposit 4,180 –
Income taxes payable 1,951 1,951
Accrued salary and payroll taxes 20,433 20,433
Accrued interest payable 1,360 –
Other payables - related parties 60,000 61,217
Redeemable preferred stock - Series C 9,500 –
Convertible note payable, currently in default 260,000 260,000
Convertible note payable, net of discount of $37,500 45,500 –
Derivative liabilities - conversion option 139,914 –
Total current liabilities 1,245,907 1,057,070
Total liabilities 1,245,907 1,057,070
Commitments and Contingencies
Payables to related parties 211,311 211,311
Stockholders' (deficit)
Preferred stock, par value $0.001, 5,000,000 shares authorized:
4,695 and 15,063 shares of Series A issued and outstanding at April 30, 2017 and October 31, 2016, respectively 4 15
1,500 and 0 shares of Series B issued and outstanding at April 30, 2017 and October 31, 2016, respectively 2 –
Common stock, par value $0.001, unlimited number of shares authorized. 6,169,880,936 and 4,199,880,936 shares issued and outstanding at April 30, 2017 and October 31, 2016, respectively 6,169,880 4,199,880
Additional paid-in capital 19,499,678 20,584,870
Preferred stock to be issued 39,700 18,000
Common stock to be issued 64,093 83,593
Accumulated Deficit (26,372,100 ) (25,383,090 )
Total Trans-Pacific Aerospace Company Inc. stockholders' equity (598,743 ) (496,732 )
Non-controlling interest in subsidiary (833,633 ) (760,288 )
Total stockholders' (deficit) (1,432,376 ) (1,257,020 )
Total liabilities and stockholders' (deficit) $ 24,842 $ 11,361
See accompanying notes to consolidated financial statements
2
