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  • voicesofreason123 voicesofreason123 Nov 14, 2011 2:03 PM Flag

    Annual Report out on ONYX

    The report is basically an update thru July (prior to the change in direction to solar) which is largely showing the ongoing ATM business:

    Cash = $6.7k
    Assets = 47.6k
    6 Month operating loss = $52.6k
    Malcom has updated his age from 4 to 40
    Corporate office has been updated for move to Colorado (ONYX still maintains the Liverpool, NY address for maintaining the ATM machines).

    Most notable and glaring item from this report:
    Increase of Outstanding Shares jumped from 4.3 million to 22.3 million between July and November of this year. There was no description on where these new 18 million shares went to. We do know from previously filed 8-K's, that 11 million went for SGPC. There were also an additional 5 million shares set aside for the $0.10 options for corporate incentive pay. These leaves 2 million shares unaccounted for.

    The 10-K also fails to show an update to who the beneficial owners are with the previous noted change when SGPC was acquired - nor does it show any "subsequent events" regarding their solar business and projects in Honduras, Peru, Louisiana, and North Carolina. In summary, this is NOT an annual report in my opinion and looks to be more of just a quarterly report, as it would appear to lack many of the items typically required for an annual report.

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