MMTE's financial report out.
https://www.otciq.com/otciq/ajax/showFinancia...?id=108193
Total shares authorized: Common Voting: 24,995,000,000
Total shares outstanding: At June 30, 2013 19,901,220,896
Total number of free trading shares At June 30, 2013 9,277,348,701
Total number of shareholders: 1,265
Total shares authorized: Preferred Series “C” 5,000,000
The company recognizes revenues when it is received. During the six months ended June 30, 2013 the Company had net losses of $706,502, of which $8,918 were for the three months ended June 30, 2013, as compared to the three (3) months ended March 31, 2013 in which the Company had net losses of $ 694,586, and for the twelve months ended December 31, 2012 net losses of $(224,496.00) bringing the accumulated deficit to $ (1,987,914) as compared an accumulated deficit of $(1,290,643) for the year ending December 31, 2012.
As of June 30, 2013, the Company has a net deficit in retained earnings of $ (1,321,990) and working capital of $97,288. The company is able to pay its obligations to vendors from funds provided by loans. The Company intends on financing its future development activities from the same sources, until such time that funds provided by operations are sufficient to fund working capital requirements.
In March 2013, the Company moved its jurisdictional state from Nevada to Wyoming amending its articles to increase the authorized capital stock of the Company to 25,000,000,000 with a par value of $0.0001. Of the this authorization the Company authorized 5,000,000 shares designating as Preferred Series “C”, with a par value of $0.001. These Preferred Shares “C” have the same rights and warranties as the 24,995,000,000 designated common shares with no preference as to dissolution, but a conversion to common of 2000 common for each Preferred C share.
On July 16, 2013 the company formally dissolved its Nevada Corporation.
As of approximately July 18, 2013, the company has formally submitted to FINRA a reversal of its common stock. The company in its current Capital structure is unable to operate and has serious implications as a going concern. The company has changed its articles to Wyoming as the state fees of Nevada have had a serious impact on the ability for the company to move itself forward. The company expects once the reversal of its common stock is complete, to immediately change its authorized share structure in Wyoming and to amend the Articles of Incorporation. The company expects to have an authorized share structure congruent to the marketplace for its securities that is both reasonable and expected in today’s securities market upon completion of the reverse.
The Company shares office space in New York on a rent fee basis. It owns no real property, equipment limited to office equipment.
