Each one in plain English, with the numbers worked through for a shareholder.
18 May 2012quarterly activities report▼ Bad
IFCI International Corp's Q1 2012 10-Q reported a $5,973 quarterly net loss, up slightly from $4,797 a year earlier, pushing its since-inception deficit to $121,591 - consistent with the "additional business opportunities" search disclosed in the FY2011 10-K, still with no operating business or revenue.
The FY2011 10-K confirmed the December 13, 2011 rename to IFCI International Corp. - the fourth name for this shell since 2007. Still $0 revenue on 55,500,000 shares outstanding, cumulative losses grew to $115,618, funded solely by officer/director loans, with the company now looking for "additional business opportunities" after the web-based savings-system plan also appears to have gone nowhere.
The Connect Corp's Q3 2011 10-Q reported nine-month net losses of $24,384, up from $18,930 a year earlier, pushing its since-inception deficit to $98,628, still on zero revenue - filed two months before the company's next rename to IFCI International Corp.
A purely technical amendment to the Q2 2011 10-Q, filed only to attach the XBRL-formatted financial data (Exhibit 101) - no change to the reported figures or disclosures.
The Connect Corp's Q2 2011 10-Q reported six-month net losses of $15,897, up slightly from $14,188 a year earlier, pushing its since-inception deficit to $90,141 against negative working capital of $8,235.
The Connect Corp's Q1 2011 10-Q reported a $4,797 quarterly net loss, down from $5,487 a year earlier, pushing its since-inception deficit to $79,041 - by now Ken Waters was the company's sole officer and director.
The FY2010 10-K showed no revenue, cumulative losses of $74,244 and a going-concern opinion, with 55,500,000 shares unchanged since the 2009 forward split. The web-based savings launch was put on hold for lack of capital, and the company said it would explore other opportunities.
The Connect Corp's Q3 2010 10-Q reported nine-month net losses of $18,930, down from $24,175 a year earlier, pushing its since-inception deficit to $67,163.
The Connect Corp's Q2 2010 10-Q reported six-month net losses of $14,188, down from $20,083 a year earlier, pushing its since-inception deficit to $62,421.
14 June 2010director officer appointment▼ BadMajor
Michelle Pannoni resigned as President and a director effective June 11, 2010, with no disagreements with the company. The 8-K was signed by Ken Waters as Chairman.
The Connect Corp's Q1 2010 10-Q reported a $5,487 quarterly net loss, down from $13,301 a year earlier, pushing its since-inception deficit to $53,720.
The FY2009 10-K showed $48,207 in expenses for the year on zero revenue; despite the company having no operating business beyond its abandoned mineral claim, its stock (ticker CNNC.OB) had run up from $0.10 in late 2008 to as high as $1.02 by year-end 2009, held by just 30 stockholders of record.
Ken Waters stepped down as President/CEO on December 28, 2009 (remaining a director); Michelle Pannoni returned as President/Director, and Dr. Lyn DaSylva was appointed Vice President, Treasurer, Secretary and Director.
The Connect Corp's Q3 2009 10-Q reported nine-month net losses of $24,175 (up from $19,846 a year earlier, though the Q3-only figure of $4,092 was actually down from $7,047), pushing its since-inception deficit to $46,771.
The Connect Corp's Q2 2009 10-Q reported six-month net losses of $20,083, up from $12,799 a year earlier, pushing its since-inception deficit to $42,679, still with zero revenue.
25 June 2009director officer appointment● NeutralMajor
Both Pannoni and CEO David Saltrelli resigned all positions effective June 22, 2009; the filing itself was signed by Ken Waters as the company's new President/CFO, though no separate filing in this company's SEC record discloses when or how Waters was appointed.
The Connect Corp's Q1 2009 10-Q, its first quarterly filing under the new name, showed a $13,301 net loss for the quarter (more than double the $5,619 a year earlier), pushing its since-inception deficit to $35,897.
Michelle Pannoni, whose background is in web-based marketing and member-based savings systems, was appointed Secretary/Treasurer/Vice President/Director on April 19, 2009; separately, the company had already renamed itself from Iron Head Mining Corporation to The Connect Corporation on March 17, 2009 - the first sign of a pivot away from mineral exploration.
The FY2008 10-K showed a $22,396 net loss for the year ($22,596 cumulative since the April 2007 inception), still $0 revenue, and 9,250,000 shares outstanding - purely an exploration-stage shell centered on the Keoni1 claim.