Item 8.01 Other Events
The following transactions occurred during the year ended 2019.
· The company has successfully renegotiated a settlement for the State tax
outstanding. The State filings are in process of being updated and finalized.
The current sum of
· The company is recapitalizing to reduce its authorized share structure from 10
billion shares to under 1 billion shares.
· The current outstanding shares reflected with the company transfer agent and
the transfer agent is about 411 million shares. The shares in the "street name" is about 230 million shares. The difference or 180 million shares was lost by the beneficiary. These shares were in the process of being returned to the treasury for a non-completed transaction, when the loss occurred. The insurance or bond expenditure is too cost prohibitive for the company to acquire the bond. Because of these shares' restrictive nature and all sides in agreement of the loss it is in the managements opinion that this 180 million share tranche will most likely never enter the market.
· The current float and outstanding shares in the street name is about 230
million shares.
· The interim management control the company through preferred shares only. The
management has no common shares under its control or direction. The preferred shareholder is on a 120 day sign back with the previously announced targeted purchaser for the control block of the preferred shares.
· The company has reached a settlement with other service providers which removed
the long outstanding overhang and allows the company to move forward with meaningful operations. The company creditorEmry Capital acquired all of ADSV current and outstanding debt of about$340,000 in a private transaction.
· The company has entered into a resale agreement with a transport type industry
co to generate revenues as it continues to seek out new management.
· The company was successful in reconstructing its financials which will be
reported on OTC markets.
· All of these material events will allow the company to return to OTC Markets
updating status of its financials and other corporate actions.
· The company corporate web site is https://adsvcorporate.com
· The company social media account is https://twitter.com/AdsvCorporate
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