from Delaware Secretary of State:
Annual Report
File No: 3397838
Name: ON4 COMMUNICATIONS, INC.
Entity is inactive. Payment of tax does not restore the entity to good standing . Please contact General Information at (302) 739-3073, Option 2 for further assistance.
Tax Year
Action
2015
File Annual Report
2016
File Annual Report
Quarterly Tax Payments
Pay
Description
Amount Due
Tax Year
Due Date
Overdue Tax, Penalty and Interest
$329,519.62
2016
Past Due Date
===================================
So they need to file at least two Annual Reports and theoretically may have to file 2017 and 2018 as well which could double the amount owed. Annual reports must include amount of common and preferred shares issued. It doesn't appear there is any way to negotiate their way out of the franchise tax plus the penalties and interest.
The problem is DE listed 5 billion shares issued way up from the 600 million reported 6/30/15. SB would probably claim On4 had no assets in 2015 and therefore the calculation of taxes is not applicable but the problems is the tax is mostly based upon authorized shares which clearly states in On4's 2015 and 2016 Annual Report as 5.03 billion shares.
https://corp.delaware.gov/frtaxcalc.shtml
https://corp.delaware.gov/taxfaq.shtml
SB has a big problem which doesn't appear to have any easy answer to it. Especailly when the State won't take stock as a form of ayment.
Annual Report
File No: 3397838
Name: ON4 COMMUNICATIONS, INC.
Entity is inactive. Payment of tax does not restore the entity to good standing . Please contact General Information at (302) 739-3073, Option 2 for further assistance.
Tax Year
Action
2015
File Annual Report
2016
File Annual Report
Quarterly Tax Payments
Pay
Description
Amount Due
Tax Year
Due Date
Overdue Tax, Penalty and Interest
$329,519.62
2016
Past Due Date
===================================
So they need to file at least two Annual Reports and theoretically may have to file 2017 and 2018 as well which could double the amount owed. Annual reports must include amount of common and preferred shares issued. It doesn't appear there is any way to negotiate their way out of the franchise tax plus the penalties and interest.
The problem is DE listed 5 billion shares issued way up from the 600 million reported 6/30/15. SB would probably claim On4 had no assets in 2015 and therefore the calculation of taxes is not applicable but the problems is the tax is mostly based upon authorized shares which clearly states in On4's 2015 and 2016 Annual Report as 5.03 billion shares.
https://corp.delaware.gov/frtaxcalc.shtml
https://corp.delaware.gov/taxfaq.shtml
SB has a big problem which doesn't appear to have any easy answer to it. Especailly when the State won't take stock as a form of ayment.
