Mr. Weber's Map VI Acquisitions Holdings Are So Extensive That Public Reports Are Required By The SEC. Recently Weber's Company Changed Its Name From Map VI Aquisitions To Blue Star Media.
Talk About Red Flags:
Jeff Weber's Company Had No Money, But Was Able To Buy WGCH And The Business Talk Radio Network.
Why Did Jeff Weber's Company Take Two Years File These Reports To The SEC About Map VI Acquisitions?
On September 21, 2009 Weber's Company Filed This SEC Report 2 Years Late:
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of
MAP VI ACQUISITION, INC. (A Development Stage Company)
We have audited the accompanying balance sheet of Map VI Acquisition, Inc. (A Development Stage Company) as of December 31, 2007 and the related statements of operations, changes in shareholders' deficit and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provided a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Map VI Acquisition, Inc, (A Development Stage Company) as of December 31, 2007, and the results of their operations and their cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
These financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has operating and liquidity concerns, and has incurred net losses approximating $18,000 as of December 31, 2007. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. In this regard, Management is proposing to raise any necessary additional funds through loans and additional sales of its common stock. There is no assurance that the Company will be successful in raising additional capital.
/s/ Jewett, Schwartz, Wolfe & Associates
Jewett, Schwartz, Wolfe & Associates
Hollywood, Florida
September 8, 2009
To the Board of Directors and Stockholders of
MAP VI ACQUISITION, INC. (A Development Stage Company)
We have audited the accompanying balance sheet of Map VI Acquisition, Inc. (A Development Stage Company) as of December 31, 2007 and the related statements of operations, changes in shareholders' deficit and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provided a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Map VI Acquisition, Inc, (A Development Stage Company) as of December 31, 2007, and the results of their operations and their cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
These financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has operating and liquidity concerns, and has incurred net losses approximating $18,000 as of December 31, 2007. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. In this regard, Management is proposing to raise any necessary additional funds through loans and additional sales of its common stock. There is no assurance that the Company will be successful in raising additional capital.
/s/ Jewett, Schwartz, Wolfe & Associates
Jewett, Schwartz, Wolfe & Associates
Hollywood, Florida
September 8, 2009
MAP VI ACQUISITION, INC.
(A Development Stage Company)
BALANCE SHEETS
December 31 | ||||||||
2007 | 2006 | |||||||
ASSETS: | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ | - | $ | 901 | ||||
Total current assets | - | 901 | ||||||
TOTAL ASSETS | $ | - | $ | 901 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT: | ||||||||
CURRENT LIABILITIES: | ||||||||
Accrued professional fees | $ | 3,750 | $ | 2,500 | ||||
Total current liabilities | 3,750 | 2,500 | ||||||
Loan payable - stockholder | - | 1,263 | ||||||
Total liabilities | 3,750 | 3,763 | ||||||
STOCKHOLDERS' DEFICIT: | ||||||||
Preferred stock, $.0001 par value, 10,000,000 shares authorized; zero issued and outstanding | - | - | ||||||
Common stock, $.0001 par value, 75,000,000 shares authorized; 2,500,000 issued and outstanding as of December 31, 2007 and 2006, respectively | 250 | 250 | ||||||
Additional paid-in capital | 14,263 | - | ||||||
Accumulated deficit during this development stage | (18,263 | ) | (3,112 | ) | ||||
Total stockholders' deficit | (3,750 | ) | (2,862 | ) | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT: | $ | - | $ | 90 | ||||
MAP VI ACQUISITION, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
AND FOR THE PERIOD FROM NOVEMBER 22, 2006 (INCEPTION) THROUGH DECEMBER 31, 2007
For the Period | ||||||||||||
from November 22, 2006 | ||||||||||||
(inception) through | ||||||||||||
2007 | 2006 | December 31, 2007 | ||||||||||
REVENUES: | $ | - | $ | - | $ | - | ||||||
EXPENSES: | ||||||||||||
Formation and other costs | - | 3,112 | 3,112 | |||||||||
Filing fees | 2,266 | - | 2,266 | |||||||||
Professional accounting fees | 12,825 | - | 12,825 | |||||||||
State taxes | 60 | - | 60 | |||||||||
Total expenses | 15,151 | 3,112 | 18,263 | |||||||||
NET LOSS | $ | (15,151 | ) | $ | (3,112 | ) | $ | (18,263 | ) | |||
NET LOSS PER SHARE: | ||||||||||||
Basic and diluted: | $ | (0.01 | ) | $ | (0.00 | ) | ||||||
WEIGHTED AVERAGE OF SHARES OUTSTANDING: | ||||||||||||
Basic and diluted | 2,500,000 | 2,500,000 | ||||||||||
MAP VI ACQUISITION, INC.
( A Development Stage Company)
STATEMENTS OF STOCKHOLDER' DEFICIT
FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
AND FOR THE PERIOD FROM NOVEMBER 22, 2006 (INCEPTION) THROUGH DECEMBER 31, 2007
Accumulated | ||||||||||||||||||||||||||||
Deficit in this | ||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional | Development | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | paid-in captial | Stage | Total | ||||||||||||||||||||||
Balance at November 22, 2006 (inception) | - | $ | - | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Common shares issued | - | - | 2,500,000 | 250 | - | - | 250 | |||||||||||||||||||||
Net loss | - | - | - | - | - | (3,112 | ) | (3,112 | ) | |||||||||||||||||||
Balance at December 31, 2006 | - | $ | - | 2,500,000 | 250 | $ | - | $ | (3,112 | ) | $ | (2,862 | ) | |||||||||||||||
Conversion of shareholder loans into company's capital contribution | - | - | - | - | 14,263 | - | 14,263 | |||||||||||||||||||||
Net loss | - | - | - | - | - | (15,151 | ) | (15,151 | ) | |||||||||||||||||||
Balance at December 31, 2007 | - | $ | - | $ | 2,500,000 | $ | 250 | $ | 14,263 | $ | (18,263 | ) | $ | (3,750 | ) | |||||||||||||
MAP VI ACQUISITION, INC.
( A Development Stage Company)
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
AND FOR THE PERIOD FROM NOVEMBER 22, 2006 (INCEPTION) THROUGH DECEMBER 31, 2007
For the Period | ||||||||||||
from November 22, 2006 | ||||||||||||
(inception) to | ||||||||||||
2007 | 2006 | December 31, 2007 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net Loss | $ | (15,151 | ) | $ | (3,112 | ) | $ | (18,263 | ) | |||
Increase in accrued professional fees | 1,250 | 2,500 | 3,750 | |||||||||
Net cash used in operating activities | (13,901 | ) | (612 | ) | (14,513 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Proceeds from the sale of common stock | - | 250 | 250 | |||||||||
Proceeds from loan payable - stockholder | 13,000 | 1,263 | 14,263 | |||||||||
Payments on loan payable - stockholder | - | - | ||||||||||
Net cash provided by financing activities | 13,000 | 1,513 | 14,513 | |||||||||
| - | ||||||||||||
DECREASE IN CASH | (901 | ) | 901 | - | ||||||||
CASH, BEGINNING OF YEAR | 901 | - | - | |||||||||
CASH, END OF YEAR | $ | - | $ | 901 | $ | - | ||||||
Supplemental disclosure informaiton | ||||||||||||
Cash paid for interest | $ | - | $ | - | ||||||||
Cash paid for taxes | $ | - | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities | ||||||||||||
Conversion of shareholder loans into company's capital contribution | $ | 14,263 | $ | - | ||||||||
Now Here Is The Punch Line.
It's In The Background Notes .....
MAP VI ACQUISITION, INC.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2007 and 2006
AND THE PERIOD FROM NOVEMBER 22, 2006 (INCEPTION) THROUGH DECEMBER 31, 2007
NOTE 1 – BACKGROUND
MAP VI Acquisition, Inc. (the “Company”) was incorporated in Delaware with the objective to acquire, or merge with an operating business. On December 20, 2006, the Company sold 2,500,000 shares of common stock for consideration of $250.
Looks Like WGCH's Jeff Weber Had Better Get A Real Good Lawyer
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With regard to your article concerning my involvement with Blue Star Media Group, I'd like to offer a few corrections:
ReplyDeleteFirst, I am not a "major" stockholder in the company. My stock holdings as outlined in your article are of a minority interest and pale in comparison to those who own much more than I. In fact, you even mention several individuals who own 7-32% of the stock. My holdings are even less than the 7% of another individual. That is hardly major.
I am not a member of the board of directors of the company and as such had no input or decision making authority with regard to the name change of Map VI, its implementation or anything related to it.
Any decision for this company to go public would be made by the board, not me.
You identified me in your headline as a "hustler." Would you please clarify who exactly I have "hustled?"
WGCH does not broadcast from a "small room packed with high-tech equipment." Our 1500 square foot facility may be unassuming but it gets the job done.
Your comment that WGCH is a "money losing radio station" that "lost even more listeners" is interesting. What information do you have to back that up?
The description of WGCH as World's Greatest Communications Hoax is an insult to the hard working employees of the radio station.
You reference radio station WCTE as one we "sealed a deal to buy" but I am not familiar with that radio station. I believe you got the call letters wrong.
You indicate several times in your article that I planned to "sucker gullible investors."
I am deeply offended by this statement for which there is no basis in fact. Additionally, I have never been involved in the recruitment of investors in any shape or form.
Your efforts to align me with two individuals who have been charged with a variety of illegal activities is an unfair characterization of me.
Those who know me, know that the statements about me do not reflect who I am. Those who don't know me, will unfortunately have to make their own decision based on the way you defined me in an article that seems "out to get" me as one of my friends described it.
Why you would choose to do that, I have no idea.
Dear Mr. Weber,
ReplyDeleteGreenwich Roundup has reponded to your comments here:
http://greenwichroundup.blogspot.com/2010/05/050810-wgchs-jeff-weber-responds-to.html