Unfortunately, you will not find financials from 2
Post# of 96900
(Total Views: 610)
Posted On: 10/28/2019 10:14:04 PM
Re: Counselor Brad #93961
Unfortunately, you will not find financials from 2017 to present from either NTEK or NTGL. You can go here and look up both:
https://www.otcmarkets.com/stock/NTEK/financials.
NTGL was spun off from Gaming Labs a subdivision of NTEK. So NTEK is really not the parent company. As part of the spin off, NTEK transferred some assets, including patents and brand name, to NTGL. As compensation for this transfer NTEK received 15 million shares of NTGL (now 150 million due to forward split). Shareholders of NTEK were to benefit from the spin off as these shares were to be distributed as a dividend to shareholders of record as of Feb 2015. However, NTGL, has never transferred the 150 million shared to NTEK. This is a note to NTGL financials ending June 30, 2015 which describes the situation.
NOTE: The Company has been notified by NTEK management that all or part of the NTEK Shares will be requested to be listed in the Company’s Form S-1 as a spin-off to the shareholders of NTEK, with such amount to be decided by the board of directors of NTEK upon further discussions with its corporate securities counsel specifically regarding the SEC requirements for such a transaction as set forth in “SEC Staff Legal Bulletin No. 4” issued on
September 16, 1997. The NTEK Shares will not be distributable to the shareholders of NTEK until such time as: (1) a formal request for inclusion of the NTEK Shares (and amount of distribution) is received by the Company from NTEK management; (2) the Form S-1 is filed with the SEC; and (3) the Form S-1 is cleared without further comment by the SEC. Upon the Form S-1 being cleared without further comment by the SEC, all securities transactions as detailed in the Form S-1 shall be consummated according to the material terms fully disclosed therein. At the time of this filing, the Company cannot provide a definitive time table for the corporate action described in this note (e.g. the spin-off of NTEK Shares) as there are too many factors that could affect such calculation.
As a side note NTEK does carry the value of the 150 million shares in it's Consolidated Balance Sheet. So any increase in value of NTGL increases the value of NTEK, until the shares are ultimately distributed.
That's all I have.
https://www.otcmarkets.com/stock/NTEK/financials.
NTGL was spun off from Gaming Labs a subdivision of NTEK. So NTEK is really not the parent company. As part of the spin off, NTEK transferred some assets, including patents and brand name, to NTGL. As compensation for this transfer NTEK received 15 million shares of NTGL (now 150 million due to forward split). Shareholders of NTEK were to benefit from the spin off as these shares were to be distributed as a dividend to shareholders of record as of Feb 2015. However, NTGL, has never transferred the 150 million shared to NTEK. This is a note to NTGL financials ending June 30, 2015 which describes the situation.
NOTE: The Company has been notified by NTEK management that all or part of the NTEK Shares will be requested to be listed in the Company’s Form S-1 as a spin-off to the shareholders of NTEK, with such amount to be decided by the board of directors of NTEK upon further discussions with its corporate securities counsel specifically regarding the SEC requirements for such a transaction as set forth in “SEC Staff Legal Bulletin No. 4” issued on
September 16, 1997. The NTEK Shares will not be distributable to the shareholders of NTEK until such time as: (1) a formal request for inclusion of the NTEK Shares (and amount of distribution) is received by the Company from NTEK management; (2) the Form S-1 is filed with the SEC; and (3) the Form S-1 is cleared without further comment by the SEC. Upon the Form S-1 being cleared without further comment by the SEC, all securities transactions as detailed in the Form S-1 shall be consummated according to the material terms fully disclosed therein. At the time of this filing, the Company cannot provide a definitive time table for the corporate action described in this note (e.g. the spin-off of NTEK Shares) as there are too many factors that could affect such calculation.
As a side note NTEK does carry the value of the 150 million shares in it's Consolidated Balance Sheet. So any increase in value of NTGL increases the value of NTEK, until the shares are ultimately distributed.
That's all I have.
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