Univec: Dalton has ran this scam for 21 years, never intending to make it a legitimate business. I will be making several post the next 3-4 days showing facts that he has not changed just used different narratives at different times to bring in new investors pump the PPS up while he was selling shares.
Univec was a business before Dalton got involved but soon turned into a Verified Shell Company fast with the help of Univec's lawyer at this time, Gregg Jaclin. Jaclin previously co-owned a law firm, Anslow & Jaclin, where he allegedly issued false SEC filings for the public shell companies named in the government’s complaint..
I'M NOT TELLING ANYONE TO BUY/SELL I'M JUST PUTTING OUT FACTS ABOUT DALTON, EVERYONE CAN DECIDE FOR THEMSELF
This comment by the SEC shows the true scumbag character of David Dalton.
*** UNVC was a scam whereby UNVC bought product from a company owned by Dalton and then sold it to a different company owned by Dalton. ****
Note 4. Significant Accounting Policies, page F-7
-Revenue Recognition, page F-8
10. Please refer to prior comment 15. You previously disclosed
that
98% and 91% of your revenue for 2004 and 2003, respectively, was
derived from sales to one customer that is owned by your
president.
We have the following specific questions regarding your response:
* You state in your response that you have latitude in
establishing
the price of goods. You also state that you have discretion in
supplier selection and that that you retain absolute control over
which product is provided to the user. We note that your
president
is also the owner of your primary group purchasing operations
customer, PSI. In addition, we note your disclosure on page 9
that
Univec employs only four persons and that you utilize employees of
PSI to provide certain administrative services. Please provide us
with a revised analysis that takes into account the related party
nature of these transactions in evaluating the factors specified
in
EITF 99-19.
* Your response to prior comment 15 discusses latitude in
establishing prices in the context of the relationship between you
and the supplier. Please note the guidance in EITF 99-19 in this
regard refers to the establishment of prices between you and the
customer. Please provide us with a revised analysis of this
factor as it relates to the relationship between you and your customer.
Your analysis should include specific discussion of how the
related party nature of your negotiations with PPSI impacts this factor.
https://www.sec.gov/Archives/edgar/data/10298...ename1.txt
Note 17. Concentrations, page F-15
11. Please refer to prior comment 14. You state that Pharmacy
Services, Inc. is not a related party as defined in SFAS 57. You
further state that PSI is an affiliated private company wholly
owned
by the President of Univec. Please note the definition of related
party in Appendix B of SFAS 57 includes affiliated parties, which
are
defined as "parties that, directly or indirectly through one or
more
intermediaries, control, are controlled by, or are under common
control with an enterprise." We note from your disclosures on
page
18 of the Form 10-K/A that your president is the single largest
shareholder of Univec, owning 39.4% of the outstanding common
stock
of Univec as of August 31, 2004. Based on these facts, it appears
that PSI is a related party as defined in SFAS 57. Please revise
to
provide the required disclosures of paragraphs 2-4 of SFAS 57.
/filename1.txt
0
We have relied on capital contributed by related parties, and such capital may not be available in the future.
During the years ended December 31, 2006 and 2005, Univec has repaid an aggregate of $455,517 to Pharmacy Services, Inc., Health Resources, Inc. and other companies all owned by Dr. David Dalton, President and Chief Executive Officer. These loans are repayable on demand at 10%, per annum. These repayment funds were primarily provided by notes and loans payable — long term. At December 31, 2006 and 2005, the aggregate balance outstanding was $123,283 and $815,510, respectively. Since 2004, PPSI shared office space and other administrative expenses with affiliated companies owned by Dr. Dalton. These expenses have not been allocated between the companies, but PPSI’s portion is insignificant.
Our future cash requirements will depend on many factors, including new acquisitions and distribution agreements. We do not expect to generate a positive cash flow from operations until we complete successful acquisitions and distribution agreements. We intend to seek additional funding through public or private financing transactions. Successful future operations are subject to a number of technical and business risks, including our continued ability to obtain future funding, satisfactory product development and market acceptance for our products.
Although we have been paying back these loans from Dr. Dalton and his affiliated companies, we may be unable to repay the remainder as planned and may have to look again to Dr. Dalton and his affiliated companies for assistance in financing if we are unable to obtain future financing. There is no guarantee that Dr. Dalton or his affiliated companies will have financial resources available to assist in our funding.
We have relied heavily on one customer owned by related parties, and such reliance may not be available in the future.
What Products Univec has none in inventory
For the year ended December 31, 2006, our largest customer, Pharmacy Services, Inc., a company owned by Dr. David Dalton, our President and Chief Executive Officer, purchased goods which generated net revenues of $40,605 from PPSI’s GPO. This transaction represented 50% of total revenue. There is no guarantee that this customer will continue to buy our products. If this customer stops buying our products, or if we do not find additional customers to buy our products, then our future business prospects will be significantly limited and, as a result, it will have a material adverse effect on our business, results of operations and financial condition, and as a result, our business could fail and the trading price of our common stock would likely decline significantly.
https://www.sec.gov/Archives/edgar/data/10298...univec.htm
Univec was a business before Dalton got involved but soon turned into a Verified Shell Company fast with the help of Univec's lawyer at this time, Gregg Jaclin. Jaclin previously co-owned a law firm, Anslow & Jaclin, where he allegedly issued false SEC filings for the public shell companies named in the government’s complaint..
I'M NOT TELLING ANYONE TO BUY/SELL I'M JUST PUTTING OUT FACTS ABOUT DALTON, EVERYONE CAN DECIDE FOR THEMSELF
This comment by the SEC shows the true scumbag character of David Dalton.
*** UNVC was a scam whereby UNVC bought product from a company owned by Dalton and then sold it to a different company owned by Dalton. ****
Note 4. Significant Accounting Policies, page F-7
-Revenue Recognition, page F-8
10. Please refer to prior comment 15. You previously disclosed
that
98% and 91% of your revenue for 2004 and 2003, respectively, was
derived from sales to one customer that is owned by your
president.
We have the following specific questions regarding your response:
* You state in your response that you have latitude in
establishing
the price of goods. You also state that you have discretion in
supplier selection and that that you retain absolute control over
which product is provided to the user. We note that your
president
is also the owner of your primary group purchasing operations
customer, PSI. In addition, we note your disclosure on page 9
that
Univec employs only four persons and that you utilize employees of
PSI to provide certain administrative services. Please provide us
with a revised analysis that takes into account the related party
nature of these transactions in evaluating the factors specified
in
EITF 99-19.
* Your response to prior comment 15 discusses latitude in
establishing prices in the context of the relationship between you
and the supplier. Please note the guidance in EITF 99-19 in this
regard refers to the establishment of prices between you and the
customer. Please provide us with a revised analysis of this
factor as it relates to the relationship between you and your customer.
Your analysis should include specific discussion of how the
related party nature of your negotiations with PPSI impacts this factor.
https://www.sec.gov/Archives/edgar/data/10298...ename1.txt
Note 17. Concentrations, page F-15
11. Please refer to prior comment 14. You state that Pharmacy
Services, Inc. is not a related party as defined in SFAS 57. You
further state that PSI is an affiliated private company wholly
owned
by the President of Univec. Please note the definition of related
party in Appendix B of SFAS 57 includes affiliated parties, which
are
defined as "parties that, directly or indirectly through one or
more
intermediaries, control, are controlled by, or are under common
control with an enterprise." We note from your disclosures on
page
18 of the Form 10-K/A that your president is the single largest
shareholder of Univec, owning 39.4% of the outstanding common
stock
of Univec as of August 31, 2004. Based on these facts, it appears
that PSI is a related party as defined in SFAS 57. Please revise
to
provide the required disclosures of paragraphs 2-4 of SFAS 57.
/filename1.txt
0
We have relied on capital contributed by related parties, and such capital may not be available in the future.
During the years ended December 31, 2006 and 2005, Univec has repaid an aggregate of $455,517 to Pharmacy Services, Inc., Health Resources, Inc. and other companies all owned by Dr. David Dalton, President and Chief Executive Officer. These loans are repayable on demand at 10%, per annum. These repayment funds were primarily provided by notes and loans payable — long term. At December 31, 2006 and 2005, the aggregate balance outstanding was $123,283 and $815,510, respectively. Since 2004, PPSI shared office space and other administrative expenses with affiliated companies owned by Dr. Dalton. These expenses have not been allocated between the companies, but PPSI’s portion is insignificant.
Our future cash requirements will depend on many factors, including new acquisitions and distribution agreements. We do not expect to generate a positive cash flow from operations until we complete successful acquisitions and distribution agreements. We intend to seek additional funding through public or private financing transactions. Successful future operations are subject to a number of technical and business risks, including our continued ability to obtain future funding, satisfactory product development and market acceptance for our products.
Although we have been paying back these loans from Dr. Dalton and his affiliated companies, we may be unable to repay the remainder as planned and may have to look again to Dr. Dalton and his affiliated companies for assistance in financing if we are unable to obtain future financing. There is no guarantee that Dr. Dalton or his affiliated companies will have financial resources available to assist in our funding.
We have relied heavily on one customer owned by related parties, and such reliance may not be available in the future.
What Products Univec has none in inventory
For the year ended December 31, 2006, our largest customer, Pharmacy Services, Inc., a company owned by Dr. David Dalton, our President and Chief Executive Officer, purchased goods which generated net revenues of $40,605 from PPSI’s GPO. This transaction represented 50% of total revenue. There is no guarantee that this customer will continue to buy our products. If this customer stops buying our products, or if we do not find additional customers to buy our products, then our future business prospects will be significantly limited and, as a result, it will have a material adverse effect on our business, results of operations and financial condition, and as a result, our business could fail and the trading price of our common stock would likely decline significantly.
https://www.sec.gov/Archives/edgar/data/10298...univec.htm
6
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