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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Signet International Holdings Inc (PK) | USOTC:SIGN | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.202 | 0.225 | 0.4477 | 0.00 | 01:00:00 |
Delaware
|
16-1732674
|
|
(State of incorporation)
|
(IRS Employer ID Number)
|
|
205 Worth Avenue, Suite 316, Palm Beach, Florida 33480
|
||
(Address of principal executive offices)
|
||
(561) 832-2000
|
||
(Registrant's telephone number)
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
x
|
Page Number
|
||
Part I
|
||
Item 1
|
Business
|
1
|
Item 1A
|
Risk Factors
|
6
|
Item 1B
|
Unresolved Staff Comments
|
6
|
Item 2
|
Properties
|
6
|
Item 3
|
Legal Proceedings
|
6
|
Item 4
|
Revised and Reserved
|
6
|
Part II
|
||
Item 5
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
7
|
Item 6
|
Selected Financial Data
|
12
|
Item 7
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
12
|
Item 7A
|
Quantitative and Qualitative Disclosures About Market Risk
|
16
|
Item 8
|
Financial Statements and Supplementary Data
|
16
|
Item 9
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
16
|
Item 9A
|
Controls and Procedures
|
17
|
Item 9B
|
Other Information
|
18
|
Part III
|
||
Item 10
|
Directors, Executive Officers and Corporate Governance
|
18
|
Item 11
|
Executive Compensation
|
20
|
Item 12
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
21
|
Item 13
|
Certain Relationships and Related Transactions, and Director Independence
|
21
|
Item 14
|
Principal Accountant Fees and Services
|
22
|
Part IV
|
||
Item 15
|
Exhibits and Financial Statement Schedules
|
22
|
Signatures
|
24 |
1.
|
A New display media technology for 2-D, 3-D and 4-D imaging in an ambient light environment. It allows the simultaneous display of many multiples of High Definition images (still or moving) on the same display without overlapping. The total number of possible displays is classified; however it is substantially greater than 100. To enable the reader to comprehend the implausible resolution of the new media, we offer the following example: if hundreds of people were all watching the same screen, they could choose to see from hundreds of totally different 3/4-D or standard 2-D motion pictures all playing at the same time on the same screen, naturally headsets would be required to separate the audio. This new display, in conjunction with the second invention described below, can also be incorporated as an attachment to a regular desktop computer. A lab prototype of the display elements has been finalized and it has confirmed the feasibility and viability that, as configured, it meets the level of resolution required to perform as described
1
.
|
2.
|
A new method of 4-D data processing and a multi-dimensional input device. By the use of our new “source selection technology”, this invention revolutionizes the way we communicate with computers. 4-D data processing replaces the conventional very slow process of data retrieval and makes this process a minimum of ten times faster even when working with existing computers. This technology and its device can be offered as an attachment on all of today’s regular flat-screen computers.
|
High
|
Low
|
|||||||
Fiscal year ended December 31, 2011
|
||||||||
Quarter ended March 31, 2011
|
$
|
0.50
|
$
|
0.50
|
||||
Quarter ended June 30, 2011
|
$
|
0.07
|
$
|
0.01
|
||||
Quarter ended September 30, 2011
|
$
|
0.50
|
$
|
0.30
|
||||
Quarter ended December 31, 2011
|
$
|
0.20
|
$
|
0.20
|
||||
Fiscal year ended December 31, 2012
|
||||||||
Quarter ended March 31, 2012
|
$
|
0.20
|
$
|
0.07
|
||||
Quarter ended June 30, 2012
|
$
|
0.07
|
$
|
0.05
|
||||
Quarter ended September 30, 2012
|
$
|
0.51
|
$
|
0.05
|
||||
Quarter ended December 31, 2012
|
$
|
0.50
|
$
|
0.05
|
(1)
|
Caution Regarding Forward-Looking Information
|
(2)
|
Results of Operations
|
(3)
|
Plan of Business
|
(4)
|
Capital Resources and Liquidity
|
(5)
|
Critical Accounting Policies
|
(6)
|
Effect of Climate Change Legislation
|
Name
|
Age
|
Position Held and Tenure
|
||
Ernest W. Letiziano
|
63
|
President, Chief Executive Officer
Chief Financial Officer and Director
|
●
|
the subject of any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;
|
|
●
|
convicted in a criminal proceeding or is subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);
|
●
|
subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; or
|
|
●
|
found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law.
|
Name and
Principal Position
|
Year
|
Salary
($)
|
Bonus
($)
|
Stock
Awards
($)
|
Option
Awards
($)
|
Non-Equity
Incentive Plan
Compensation
($)
|
Change in
Pension
Value and
Nonqualified
Deferred
Compensation
Earnings
($)
|
All Other
Compensation
($)
|
Total
($)
|
||||||||||||||||||||||||||||
Ernest W. Letiziano
Principal Executive
Officer
|
2012
2011
2010
|
$
$
$
|
90,000
90,000
70,000
|
$
$
$
|
-0-
-0-
-0-
|
$
$
$
|
-0-
-0-
-0-
|
$
$
$
|
-0-
-0-
-0-
|
$
$
$
|
-0-
-0-
-0-
|
$
$
$
|
-0-
-0-
-0-
|
$
$
$
|
-0-
-0-
-0-
|
$
$
$
|
90,000
90,000
70,000
|
Name and address
|
Number of
Shares
|
Percentage
|
||
Common Stock
|
||||
Letiziano, Ernest W (2) (7)
|
1,000,000
|
11.25%
|
||
Donaldson, Thomas (2)
|
601,000
|
6.76%
|
||
Hillabrand, Hope E (3)
|
501,000
|
5.63%
|
||
Grad, Richard (4)
|
401,000
|
4.51%
|
||
Cestari, Arnold J (5)
|
389,285
|
5.79%
|
||
Imperiali Media Relations(6)
|
1,000,000
|
11.25%
|
||
Preferred Stock
|
||||
Letiziano, Ernest W (2)
|
2,500,000
|
50.00%
|
||
Donaldson, Thomas (2)
|
1,000,000
|
20.00%
|
||
Hillabrand, Hope E (3)
|
1,500,000
|
30.00%
|
||
Officers and Directors as a group
|
||||
Common Stock
|
1,000,000
|
11.25%
|
||
Preferred Stock
|
2,500,000
|
50.00%
|
(1)
|
Based on 6,725,000 shares of common stock and 5,000,000 shares of preferred stock issued and outstanding at December 31, 2011.
|
(2)
|
The address for Mr. Letiziano and Mr. Donaldson is 205 Worth Avenue, Suite 316, Palm Beach, Florida 33480.
|
(3)
|
The address for Ms. Hillabrand is 205 Worth Avenue, Suite 316, Palm Beach, FL 33480.
|
(4)
|
The address for Mr. Grad is 205 Worth Avenue, Suite 316, Palm Beach, FL 33480.
|
(5)
|
The address for Mr. Cestari is 205 Worth Avenue, Suite 316, Palm Beach, FL 33480.
|
(6)
|
The address for Imperiali Media Relations is 205 Worth Avenue, Suite 316, Palm Beach, FL 33480.
|
(7)
|
Of these 1,000,000 shares, Mr. Letiziano owns 900,000 shares directly. The remaining 100,000 shares are held by Signet Entertainment Corp, our wholly owned subsidiary. Because Mr. Letiziano is our sole officer and director, he has investment control over these 100,000 shares of our common stock held by Signet Entertainment Corp.
|
(8)
|
None of the individuals listed in this table qualify as a beneficial owner under Securities Act Release No. 33-4819. Mr. Letiziano, Mr. Donaldson, Ms. Hillabrand, and Mr. Grad do not have any spouses or minor children that hold shares in the Company.
|
Year Ended
|
Year Ended
|
||||||||
December 31, 2012
|
December 31, 2011
|
||||||||
1
|
Audit Fees
|
$
|
23,300
|
$
|
16,200
|
||||
2
|
Audit-related feed
|
-
|
-
|
||||||
3
|
Tax Fees
|
1,000
|
1,000
|
||||||
4
|
All other feeds
|
-
|
-
|
||||||
Totals
|
$
|
24,300
|
$
|
17,200
|
2.1
|
Stock Purchase Agreement dated July 8, 2005 between Scott Raleigh and Signet Entertainment Corporation. (1)
|
2.2
|
First Amendment to Stock Purchase Agreement and Share Exchange dated September 8, 2005 between Signet International Holdings, Inc. and Signet Entertainment Corporation. (2)
|
2.3
|
Final Amendment to Stock Purchase Agreement and Share Exchange dated September 8, 2005 between Signet International Holdings, Inc. and Signet Entertainment Corporation.(3)
|
3.1
|
Restated Certificate of Incorporation of Signet International Holdings, Inc. (3)
|
3.2
|
By-Laws (4)
|
3.3
|
Resolution regarding pre-incorporation contracts (5)
|
4.1
|
Certificate of Designation for Preferences and Rights of Series A Convertible Preferred Stock of Signet International Holdings, Inc. (7)
|
10.1
|
Management Agreement with Triple Play Media, Inc. (3)
|
10.2
|
Management Agreement with Big Vision, Inc. (4)
|
10.3
|
Screenplay Purchase Agreement with FreeHawk Productions, Inc. (rescinded) (4)
|
10.4
|
Mutual Agreement to Rescind Agreement with FreeHawk Productions, Inc. (3)
|
10.5
|
Landlord Letter (3)
|
10.6
|
Consulting Agreement with Merriam Joan Handy (5)
|
10.7
|
Agreement with FreeHawk Productions, Inc. - 20 half-hour episodes (7)
|
10.8
|
Agreement with FreeHawk Productions, Inc. - 30 half-hour episodes of “Border Patrol” (7)
|
10.9
|
Agreement with John E. Derhak (7)
|
14.1
|
Code of Ethics (6)
|
21.1
|
List of Subsidiaries
|
31.1
|
Certification pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
(1)
|
Incorporated by reference to the Company’s Current Report on Form 8-K (File No. 000-51185) filed on July 12, 2005.
|
(2)
|
Incorporated by reference to the Company’s Current Report on Form 8-K (File No. 000-51185) filed on March 3, 2006.
|
(3)
|
Incorporated by reference to the Company’s Amended Registration Statement on Form SB-2/A (File No. 333-134665) filed on September 22, 2006.
|
(4)
|
Incorporated by reference to the Company’s Registration Statement on Form SB-2 (File No. 333-134665) filed on June 2, 2006.
|
(5)
|
Incorporated by reference to the Company’s Amended Registration Statement on Form SB-2/A (File No. 333-134665) filed on November 6, 2006.
|
(6)
|
Incorporated by reference to the Company’s Annual Report on Form 10-KSB (File No. 000-51185) filed on March 27, 2007.
|
Page
|
||
Report of Independent Registered Certified Public Accounting Firm
|
F-1
|
|
Consolidated Financial Statements
|
||
Consolidated Balance Sheets as of December 31, 2012 and 2011
|
F-2
|
|
Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2012 and 2011 and for the period from October 17, 2003 (date of inception) through December 31, 2012
|
F-3
|
|
Consolidated Statement of Changes in Shareholders' Equity for the period from October 17, 2003 (date of inception) through December 31, 2012
|
F-4 to F-9
|
|
Consolidated Statements of Cash Flows for the years ended December 31, 2012 and 2011
and for the period from October 17, 2003 (date of inception) through December 31, 2012
|
F-10
|
|
Notes to Consolidated Financial Statements
|
F-11 - F-23
|
December 31,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash in bank
|
$
|
107,373
|
$
|
22,507
|
||||
Prepaid Expenses
|
38,500
|
25,000
|
||||||
Total Current Assets
|
145,873
|
47,507
|
||||||
Other Assets
|
||||||||
Option agreement
|
600,042
|
600,042
|
||||||
Broadcast and intellectual properties,
|
||||||||
net of accumulated amortization of $-0-
|
4,007,249
|
4,007,249
|
||||||
Total Other Assets
|
4,607,291
|
4,607,291
|
||||||
Total Assets
|
$
|
4,753,164
|
$
|
4,654,798
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
|
||||||||
Liabilities
|
||||||||
Current Liabilities
|
||||||||
Note payable
|
$
|
-
|
$
|
-
|
||||
Accounts payable - trade
|
161,358
|
168,158
|
||||||
Other accrued liabilities
|
790,860
|
675,072
|
||||||
Accrued officer compensation
|
694,683
|
604,683
|
||||||
Total Current Liabilities
|
1,646,901
|
1,447,913
|
||||||
Commitments and Contingencies
|
||||||||
Shareholders’ Equity (Deficit)
|
||||||||
Preferred stock - $0.001 par value
|
||||||||
50,000,000 shares authorized
|
||||||||
5,000,000 shares designated,
|
||||||||
issued and outstanding, respectively
|
5,000
|
5,000
|
||||||
Common stock - $0.001 par value.
|
||||||||
100,000,000 shares authorized.
|
||||||||
8,893,400 and 6,725,000 shares
|
||||||||
issued and outstanding, respectively
|
8,893
|
6,725
|
||||||
Common stock subscribed
|
40
|
|||||||
Additional paid-in capital
|
6,056,727
|
5,728,525
|
||||||
Deficit accumulated during the development stage
|
(2,964,397
|
)
|
(2,533,365
|
)
|
||||
Total Shareholders’ Equity (Deficit)
|
3,106,263
|
3,206,885
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
4,753,164
|
$
|
4,654,798
|
Period from
|
||||||||||||
12-Oct-03
|
||||||||||||
Year ended
|
Year ended
|
(date of
inception)
through
|
||||||||||
December 31,
|
December 31,
|
December 31,
|
||||||||||
2012
|
2011
|
2012
|
||||||||||
Revenues
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Expenses
|
||||||||||||
Organizational and formation expenses
|
-
|
-
|
89,801
|
|||||||||
Officer compensation
|
90,000
|
90,000
|
701,670
|
|||||||||
Other salaries
|
100,500
|
128,600
|
838,225
|
|||||||||
Other general and administrative expenses
|
240,532
|
96,294
|
1,325,201
|
|||||||||
Total expenses
|
431,032
|
314,894
|
2,954,897
|
|||||||||
Loss from operations
|
(431,032
|
)
|
(314,894
|
)
|
(2,954,897
|
)
|
||||||
Other income (expense)
|
||||||||||||
Interest expense
|
0
|
0
|
(9,500
|
)
|
||||||||
Loss before provision for income taxes
|
(431,032
|
)
|
(314,894
|
)
|
(2,964,397
|
)
|
||||||
Provision for income taxes
|
-
|
-
|
-
|
|||||||||
Net Loss
|
(431,032
|
)
|
(314,894
|
)
|
(2,964,397
|
)
|
||||||
Other Comprehensive Income
|
-
|
-
|
-
|
|||||||||
Comprehensive Loss
|
$
|
(431,032
|
)
|
$
|
(314,894
|
)
|
$
|
(2,964,397
|
)
|
|||
|
||||||||||||
Loss per share of common stock
outstanding computed on net loss - basic and fully diluted
|
$
|
(0.05
|
)
|
$
|
(0.05
|
)
|
$
|
(0.60
|
)
|
|||
Weighted-average number of shares
outstanding - basic and fully diluted
|
8,202,311
|
6,404,720
|
4,919,537
|
Deficit
|
||||||||||||||||||||||||||||||||
accumulated
|
||||||||||||||||||||||||||||||||
Additional
|
during the
|
Stock
|
||||||||||||||||||||||||||||||
Preferred Stock
|
Common Stock
|
paid-in
|
development
|
subscription
|
||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
capital
|
stage
|
receivable
|
Total
|
|||||||||||||||||||||||||
Stock issued at formation of
|
||||||||||||||||||||||||||||||||
Signet International
Holdings, Inc.
|
-
|
$
|
-
|
100,000
|
$
|
100
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
100
|
||||||||||||||||||
Effect of reverse merger transaction
|
||||||||||||||||||||||||||||||||
with Signet
Entertainment Corporation
|
4,000,000
|
4,000
|
3,294,000
|
3,294
|
33,416
|
-
|
-
|
40,710
|
||||||||||||||||||||||||
Capital contributed to
support operations
|
-
|
-
|
-
|
-
|
3,444
|
-
|
-
|
3,444
|
||||||||||||||||||||||||
Net loss for the period
|
-
|
-
|
-
|
-
|
-
|
(59,424
|
)
|
-
|
(59,424
|
)
|
||||||||||||||||||||||
Balances at
December 31, 2003
|
4,000,000
|
4,000
|
3,394,000
|
3,394
|
36,860
|
(59,424
|
)
|
-
|
(15,170
|
|||||||||||||||||||||||
Common stock sold pursuant
to a private placement
|
-
|
-
|
70,000
|
70
|
34,930
|
-
|
(35,000
|
)
|
-
|
|||||||||||||||||||||||
Capital contributed to
support operations
|
-
|
-
|
-
|
-
|
20,492
|
-
|
-
|
20,492
|
||||||||||||||||||||||||
Net loss for the year
|
-
|
-
|
-
|
-
|
-
|
(111,492
|
)
|
-
|
(111,492
|
)
|
||||||||||||||||||||||
Balances at
December 31, 2004
|
4,000,000
|
4,000
|
3,464,000
|
3,464
|
92,282
|
(170,916
|
)
|
(35,000
|
)
|
(106,170
|
)
|
|||||||||||||||||||||
Issuance of preferred stock
for services
|
1,000,000
|
1,000
|
-
|
-
|
8,519
|
-
|
-
|
9,519
|
||||||||||||||||||||||||
Common stock sold pursuant
to an August 2005 private
placement
|
-
|
-
|
57,000
|
57
|
513
|
-
|
-
|
570
|
||||||||||||||||||||||||
Adjustment for stock sold at
less than “fair value”
|
-
|
-
|
-
|
-
|
56,430
|
-
|
-
|
56,430
|
||||||||||||||||||||||||
Common stock sold pursuant
to a September 2005 private
placement memorandum
|
-
|
-
|
366,000
|
366
|
365,634
|
-
|
-
|
366,000
|
||||||||||||||||||||||||
Cost of obtaining capital
|
-
|
-
|
-
|
-
|
(10,446
|
)
|
-
|
-
|
(10,446
|
)
|
Deficit
|
||||||||||||||||||||||||||||||||
accumulated
|
||||||||||||||||||||||||||||||||
Additional
|
during the
|
Stock
|
||||||||||||||||||||||||||||||
Preferred Stock
|
Common Stock
|
paid-in
|
development
|
subscription
|
||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
capital
|
stage
|
receivable
|
Total
|
|||||||||||||||||||||||||
Collections on stock
subscription receivable
|
-
|
-
|
-
|
-
|
-
|
-
|
35,000
|
35,000
|
||||||||||||||||||||||||
Capital contributed to
support operations
|
-
|
-
|
-
|
-
|
9,875
|
-
|
-
|
9,875
|
||||||||||||||||||||||||
Net loss for the period
|
-
|
-
|
-
|
-
|
-
|
(231,767
|
)
|
-
|
(231,767
|
)
|
||||||||||||||||||||||
Balances at
December 31, 2005
|
5,000,000
|
5,000
|
3,887,000
|
3,887
|
522,807
|
(402,683
|
)
|
-
|
129,011
|
|||||||||||||||||||||||
Common stock sold pursuant
to a September 2005 private
placement memorandum
|
-
|
-
|
15,000
|
15
|
14,985
|
-
|
-
|
15,000
|
||||||||||||||||||||||||
Purchase of treasury stock
|
-
|
-
|
(50,000
|
)
|
(50
|
)
|
(49,950
|
)
|
-
|
-
|
(50,000
|
)
|
||||||||||||||||||||
Common stock issued for
consulting services
|
-
|
-
|
250,000
|
250
|
249,750
|
-
|
-
|
250,000
|
||||||||||||||||||||||||
Net loss for the year
|
-
|
-
|
-
|
-
|
-
|
(521,252
|
)
|
-
|
(521,252
|
)
|
||||||||||||||||||||||
Balances at
December 31, 2006
|
5,000,000
|
5,000
|
4,102,000
|
4,102
|
737,592
|
(923,935
|
)
|
-
|
(177,241
|
)
|
||||||||||||||||||||||
Common stock sold pursuant
to a September 2005 private
placement memorandum
|
-
|
-
|
19,300
|
19
|
19,284
|
-
|
-
|
19,303
|
||||||||||||||||||||||||
Issuance of common stock
for broadcast and intellectual
properties
|
-
|
-
|
383,662
|
384
|
3,931,865
|
-
|
-
|
3,932,249
|
||||||||||||||||||||||||
Net loss for the year
|
-
|
-
|
-
|
-
|
-
|
(307,051
|
)
|
-
|
(307,051
|
)
|
||||||||||||||||||||||
Balances at
December 31, 2007
|
5,000,000
|
5,000
|
4,504,962
|
4,505
|
4,688,741
|
(1,230,986
|
)
|
-
|
3,467,260
|
Deficit
|
||||||||||||||||||||||||||||||||
accumulated
|
||||||||||||||||||||||||||||||||
Additional
|
during the
|
Stock
|
||||||||||||||||||||||||||||||
Preferred Stock
|
Common Stock
|
paid-in
|
development
|
subscription
|
||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
capital
|
stage
|
receivable
|
Total
|
|||||||||||||||||||||||||
Balances at
December 31, 2007
|
5,000,000
|
$
|
5,000
|
4,504,962
|
$
|
4,505
|
$
|
4,688,741
|
$
|
(1,230,986
|
)
|
$
|
-
|
$
|
3,467,260
|
|||||||||||||||||
Issuance of common stock
for services
Common stock sold pursuant
to a June 2008 private
placement memorandum
|
-
|
-
|
3,000
|
3
|
797
|
-
|
-
|
800
|
||||||||||||||||||||||||
an August 2008 private
placement memorandum
|
-
|
-
|
5,000
|
5
|
2,995
|
-
|
-
|
3,000
|
||||||||||||||||||||||||
an August 2008 private
placement memorandum
|
-
|
-
|
174,000
|
174
|
54,826
|
-
|
-
|
55,000
|
||||||||||||||||||||||||
Common stock issued for
Purchase Option Agreement
|
-
|
-
|
20,000
|
20
|
99,980
|
-
|
-
|
100,000
|
||||||||||||||||||||||||
Net loss for the year
|
-
|
-
|
-
|
-
|
-
|
(310,630
|
)
|
-
|
(310,630
|
)
|
||||||||||||||||||||||
Balances at
December 31, 2008
|
5,000,000
|
5,000
|
4,706,962
|
4,707
|
4,847,339
|
(1,541,616
|
)
|
-
|
3,315,430
|
|||||||||||||||||||||||
Common stock sold pursuant
to a private placement
in May 2009
|
-
|
-
|
25,000
|
25
|
24,975
|
-
|
-
|
25,000
|
||||||||||||||||||||||||
Common stock issued for
payment of consulting fees
in August 2009
|
-
|
-
|
1,000
|
1
|
999
|
-
|
-
|
1,000
|
||||||||||||||||||||||||
Common stock as a deposit
on an Asset Purchase
Agreement in September
2009
|
-
|
-
|
100,000
|
100
|
499,900
|
-
|
-
|
500,000
|
||||||||||||||||||||||||
Common stock sold pursuant
to a Registration Statement
on Form SB-2 in October 2009
|
-
|
-
|
89,260
|
89
|
31,152
|
-
|
-
|
31,241
|
||||||||||||||||||||||||
Less cost of raising capital
|
-
|
-
|
-
|
-
|
(5,300
|
)
|
-
|
-
|
(5,300
|
)
|
||||||||||||||||||||||
Net loss for the year
|
-
|
-
|
-
|
-
|
-
|
(296,313
|
)
|
-
|
(296,313
|
)
|
||||||||||||||||||||||
Balances at
December 31, 2009
|
5,000,000
|
$
|
5,000
|
4,922,222
|
$
|
4,922
|
$
|
5,399,065
|
$
|
(1,837,929
|
)
|
$
|
-
|
$
|
3,571,058
|
Preferred Stock
|
Common Stock
|
Additional
paid-in
|
Deficit
accumulated
during
the
development
|
Stock
subscription
|
||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
capital
|
stage
|
receivable
|
Total
|
|||||||||||||||||||||||||
Common stock issued in private
|
||||||||||||||||||||||||||||||||
transactions for payment of consulting fees in April 2010
|
447,050
|
447
|
178,373
|
178,820
|
||||||||||||||||||||||||||||
Common stock issued in consideration
|
||||||||||||||||||||||||||||||||
of binding agreement in May 2010
|
100
|
42
|
42
|
|||||||||||||||||||||||||||||
Common stock issued pursuant to Registration
|
||||||||||||||||||||||||||||||||
Rights agreement dated November 5, 2007 issued August 2010
|
14,000
|
14
|
4,669
|
4,683
|
||||||||||||||||||||||||||||
Common stock sold pursuant to a
|
||||||||||||||||||||||||||||||||
private placementplacement in September 2010
|
90,030
|
90
|
30,027
|
30,117
|
||||||||||||||||||||||||||||
Common stock rescission pursuant to
|
||||||||||||||||||||||||||||||||
Court Finding in September 2010
|
(146,000
|
) |
(146
|
) |
146
|
-
|
||||||||||||||||||||||||||
Common stock issued for
|
||||||||||||||||||||||||||||||||
payment of legal fees in October 2010
|
50,000
|
50
|
12,450
|
12,500
|
||||||||||||||||||||||||||||
Common stock sold pursuant to a private
|
||||||||||||||||||||||||||||||||
placement placement in December 2010
|
6,000
|
6
|
2,494
|
2,500
|
||||||||||||||||||||||||||||
Less cost of raising capital
|
||||||||||||||||||||||||||||||||
Net loss for the year
|
(380,542
|
)
|
(380,542
|
)
|
||||||||||||||||||||||||||||
Balances at December 31, 2010
|
5,000,000
|
$
|
5,000
|
$
|
5,383,402
|
$
|
5,383
|
$
|
5,627,266
|
(2,218,471
|
)
|
$
|
-
|
$
|
3,419,178
|
Deficit accumulated
|
||||||||||||||||||||||||||||||||
Additional
|
during the
|
Stock
|
||||||||||||||||||||||||||||||
Preferred Stock
|
Common Stock
|
paid-in
|
developmental
|
subscription
|
||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
capital
|
stage
|
receivable
|
Total
|
|||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Common stock sold pursuant
to private placements in March 2011
|
108,400
|
108
|
9,692
|
9,800
|
||||||||||||||||||||||||||||
Common stock issued for
payment of consulting fees fees in March 2011
|
1,000,000
|
1,000
|
24,000
|
25,000
|
||||||||||||||||||||||||||||
Common stock sold pursuant
to a private placement in April 2011
|
6,000
|
6
|
6,994
|
7,000
|
||||||||||||||||||||||||||||
Common stock sold pursuant
to a private placement in May 2011
|
10,000
|
10
|
7,790
|
7,800
|
||||||||||||||||||||||||||||
Common stock sold pursuant
to a private placement in June 2011
|
100,000
|
100
|
24,900
|
25,000
|
||||||||||||||||||||||||||||
Common stock sold pursuant
to a private placement in August 2011
|
10,500
|
11
|
1,989
|
2,000
|
||||||||||||||||||||||||||||
Common stock sold pursuant
to a private placement
in October 2011
|
100,000
|
100
|
24,900
|
25,000
|
||||||||||||||||||||||||||||
Common stock sold pursuant
to a private placement in December 2011
|
6,698
|
7
|
994
|
1,001
|
||||||||||||||||||||||||||||
Net loss for the year
|
(314,894
|
)
|
(314,894
|
)
|
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Balances at
December 31, 2011
|
5,000,000
|
$
|
5,000
|
6,725,000
|
$
|
6,725
|
$
|
5,728,525
|
$
|
(2,533,365
|
)
|
$
|
-
|
$
|
3,206,885
|
Deficit
|
||||||||||||||||||||||||||||||
accumulated
|
||||||||||||||||||||||||||||||
Additional
|
during the
|
Stock
|
||||||||||||||||||||||||||||
Preferred Stock
|
Common Stock
|
paid-in
|
development
|
subscription
|
||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
capital
|
stage
|
receivable
|
Total
|
|||||||||||||||||||||||
Common stock sold pursuant
to a private placement in March 2012
|
250,000 | 250 | 37,250 | 37,500 | ||||||||||||||||||||||||||
Common stock sold pursuant
to a private placement in April 2012
|
570,000 | 570 | 90,025 | 90,595 | ||||||||||||||||||||||||||
Common stock sold pursuant
to a private placement in May 2012
|
1,167,900 | 1,168 | 174,017 | 175,185 | ||||||||||||||||||||||||||
Common stock issued for
payment of consulting fees in June 2012
|
50,000 | 50 | 7,540 | 7,590 | ||||||||||||||||||||||||||
Common stock issued for
payment of contracts in June 2012
|
30,000 | 30 | 4,470 | 4,500 | ||||||||||||||||||||||||||
Common Stock Subscribed
in June 2012
|
40,000 | 40 | 40 | |||||||||||||||||||||||||||
Common stock issued for
payment of consulting fees in August 2012
|
50,000 | 50 | 7,450 | 7,500 | ||||||||||||||||||||||||||
Common stock issued for
payment of consulting fees in September 2012
|
50,000 | 50 | 7,450 | 7,500 | ||||||||||||||||||||||||||
Net loss for the year
|
(431,032 |
)
|
(431,032 | ) | ||||||||||||||||||||||||||
Balances at
December 31, 2012
|
5,000,000 | $ | 5,000 | 8,933,400 | $ | 8,933 | $ | 6,056,727 | $ | (2,694,397 |
)
|
$ | - | $ | 3,106,263 |
Period from
|
||||||||||||
17-Oct-03
|
||||||||||||
(date of inception)
|
||||||||||||
Year ended
|
Year ended
|
through
|
||||||||||
December 31,
|
December 31,
|
December 31,
|
||||||||||
2012
|
2011
|
2012
|
||||||||||
Cash Flows from Operating Activities
|
||||||||||||
Net loss for the period
|
$
|
(431,032
|
)
|
$
|
(314,894
|
)
|
$
|
(2,964,397
|
)
|
|||
Adjustments to reconcile net loss
|
||||||||||||
to net cash provided by operating activities
|
||||||||||||
Depreciation and amortization
|
-
|
-
|
-
|
|||||||||
Organizational expenses paid
|
||||||||||||
with issuance of common stock
|
-
|
-
|
50,810
|
|||||||||
Expenses paid with issuance of common stock
|
27,130
|
347,060
|
||||||||||
(Increase) Decrease in
|
||||||||||||
Prepaid Assets paid with issuance of common stock
|
(13,500
|
)
|
(25,000
|
)
|
(38,500
|
)
|
||||||
Increase (Decrease) in
|
||||||||||||
Accounts payable - trade
|
(6,800
|
)
|
12,528
|
86,360
|
||||||||
Accrued liabilities
|
115,788
|
146,614
|
790,859
|
|||||||||
Accrued officers compensation
|
90,000
|
90,000
|
694,683
|
|||||||||
Net cash used in operating activities
|
(218,414
|
)
|
(90,752
|
)
|
(1,033,125
|
)
|
||||||
Cash Flows from Investing Activities
|
-
|
-
|
-
|
|||||||||
Cash Flows from Financing Activities
|
||||||||||||
Proceeds from note payable
|
-
|
-
|
95,000
|
|||||||||
Repayment of note payable
|
-
|
-
|
(95,000
|
)
|
||||||||
Proceeds from sale of common stock
|
303,280
|
102,600
|
1,172,430
|
|||||||||
Cash paid to acquire capital
|
(15,747
|
)
|
||||||||||
Purchase of treasury stock
|
-
|
-
|
(50,000
|
)
|
||||||||
Capital contributed to support operations
|
-
|
-
|
33,815
|
|||||||||
Net cash (used in) financing activities
|
303,280
|
102,600
|
1,140,498
|
|||||||||
Increase (Decrease) in Cash
|
84,866
|
11,848
|
107,373
|
|||||||||
Cash at beginning of period
|
22,507
|
10,659
|
-
|
|||||||||
Cash at end of period
|
$
|
107,373
|
$
|
22,507
|
$
|
107,373
|
||||||
Supplemental Disclosure of
|
||||||||||||
Interest and Income Taxes Paid
|
||||||||||||
Interest paid for the year
|
$
|
-
|
$
|
500
|
$
|
9,650
|
||||||
Income taxes paid for the year
|
$
|
-
|
$
|
-
|
$
|
-
|
1.
|
Cash and cash equivalents
|
2.
|
Organization costs
|
3.
|
Research and development expenses
|
4.
|
Advertising expenses
|
5.
|
Income Taxes
|
6.
|
Earnings (loss) per share
|
7.
|
Pending and/or New Accounting Pronouncements
|
Period from
|
||||||||||||
October 17, 2003
|
||||||||||||
(date of inception)
|
||||||||||||
Year ended
|
Year ended
|
through
|
||||||||||
December 31,
|
December 31,
|
December 31,
|
||||||||||
2012
|
2011
|
2012
|
||||||||||
Federal:
|
||||||||||||
Current
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Deferred
|
-
|
-
|
-
|
|||||||||
-
|
-
|
-
|
||||||||||
State:
|
||||||||||||
Current
|
-
|
-
|
-
|
|||||||||
Deferred
|
-
|
-
|
-
|
|||||||||
-
|
-
|
-
|
||||||||||
Total
|
$
|
-
|
$
|
-
|
$
|
-
|
Period from
|
||||||||||||
October 17, 2003
|
||||||||||||
(date of inception)
|
||||||||||||
Year ended
|
Year ended
|
through
|
||||||||||
December 31,
|
December 31,
|
December 31,
|
||||||||||
2012
|
2011
|
2012
|
||||||||||
Statutory rate applied to income before income taxes
|
$ | (146,500 | ) | $ | (107,000 | ) | $ | (861,300 | ) | |||
Increase (decrease) in income taxes resulting from:
|
||||||||||||
State income taxes
|
- | - | - | |||||||||
Officers compensation and other accrued
|
||||||||||||
expenses not deductible until paid
|
70,000 | 81,000 | 505,000 | |||||||||
Non-deductible consulting fees related to issuance
|
||||||||||||
of common stock at less than “fair value”
|
- | - | 62,000 | |||||||||
Other, including reserve for deferred tax
|
||||||||||||
asset and application of net operating loss carryforward
|
76,500 | 26,000 | 294,300 | |||||||||
Income tax expense
|
$ | - | $ | - | $ | - |
December 31,
2011
|
December 31,
2011
|
|||||||
Deferred tax assets
|
||||||||
Net operating loss carryforwards
|
$
|
356,000
|
$
|
296,000
|
||||
Officer compensation and other
|
||||||||
accrued expenses deductible when paid
|
505,000
|
503,000
|
||||||
Less valuation allowance
|
(861,000
|
)
|
(799,000
|
)
|
||||
Net Deferred Tax Asset
|
$
|
-
|
$
|
-
|
Voting:
|
Holders of the Series A Super Preferred Stock shall have ten votes per share held on all matters submitted to the shareholders of the Company for a vote thereon. Each holder of these shares shall have the option to appoint two additional members to the Board of Directors. Each share shall be convertible into ten (10) shares of common stock.
|
Dividends:
|
The holders of Series A Super Preferred Stock shall be entitled to receive dividends or distributions on a pro rata basis with the holders of common stock when and if declared by the Board of Directors of the Company. Dividends shall not be cumulative. No dividends or distributions shall be declared or paid or set apart for payment on the Common Stock in any calendar year unless dividends or distributions on the Series A Preferred Stock for such calendar year are likewise declared and paid or set apart for payment. No declared and unpaid dividends shall bear or accrue interest.
|
Liquidation
Preference:
|
Upon the liquidation, dissolution and winding up of the Company, whether voluntary or involuntary, the holders of the Series A Super Preferred Stock then outstanding shall be entitled to, on a pro-rata basis with the holders of common stock, distributions of the assets of the Corporation, whether from capital or from earnings available for distribution to its stockholders.
|
Signet International Holdings, Inc.
|
|||
Dated: March 29, 2013
|
By:
|
/s/
Ernest W. Letiziano
|
|
Ernest W. Letiziano
|
|||
President, Chief Executive Officer
|
|||
Chief Financial Officer and Director
|
Signet International Holdings, Inc.
|
|||
Dated: March 29, 2013
|
By:
|
/s/
Ernest W. Letiziano
|
|
Ernest W. Letiziano
|
|||
President, Chief Executive Officer
|
|||
Chief Financial Officer and Director
|
1 Year Signet (PK) Chart |
1 Month Signet (PK) Chart |
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