Nature of business and organization | Note 1 - Nature of business and organization ConectiSys Corporation (the “Company”) was incorporated in Colorado on February 2, 1986 under the name Coastal Financial Corp. On December 5, 1994, Coastal Financial Corp. changed its name to BDR Industries, Inc. which changed its name on October 16, 1995, to Conectisys Corporation. The Company was engaged in the development of a low-cost automatic meter reading, or AMR, solution until it ceased all business activity in 2008. Conectisys was an SEC reporting company until 2008. Its last Form 10-K, for the fiscal year 2007, was filed on Jan 4, 2008; its last Form 10-Q, for the three and nine months ended June 30, 2008, was filed on Sep. 15, 2008. As of June 30, 2008, Conectisys had notes payable aggregating $ 6,633,312 Of this total, several five-year notes aggregating $ 3,082,655 In the 3rd quarter of 2008 Conectisys was in default on its obligations to NIR by (1) failure to pay interest and (2) failure to maintain an active SB-2 filing for issuance of the convertible shares. In 2009, Conectisys failed to timely file its 2008 10-K Report. Conectisys was removed from trading on the OTC and began trading on the Pink Sheets. The balance of the convertible notes, aggregating $ 3,550,657 All the notes were due at various times from 2002 to 2008. There were no repayments and, after the six-year statute of limitations, all the notes and the related accrued interest, $ 498,132 Conectisys was a victim of predatory lending by Corey Ribotsky and his NIR Group, as evidenced by a civil complaint filed by the U.S. Securities & Exchange Commission (“SEC”) against Mr. Ribotsky, NIR and others on September 28, 2011 in Federal Court in the Eastern District of New York. To settle the SEC's related administrative proceedings, Ribotsky consented to be barred from any future association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization. The statute of limitations to sue in contract matters or debt collection is 6 years in the State of New York which was the agreed upon jurisdiction by both Conectisys and NIR. Further, NIR and all its affiliates ceased to operate as a result of the SEC enforcement actions. As of April 2017, all obligations, notes, debt, warrants, and options are past their due dates and barred from any collection efforts since the time frame allowed by the statute of limitations for a legal action has expired. From November 2002 to March 2008, Conectisys issued an aggregate of 67,620,000 All such warrants and all stock options expired unexercised. All assets as of June 30, 2008, $ 172,581 As of June 30, 2008, the Company had $ 2,418,148 40,174 Accounts payable and other current liabilities were either partially paid or became null and void after the six-year statute of limitations. From its inception in 1986 through June 30, 2008, Conectisys had aggregate revenues of approximately $ 524,000 Operations: None Customers: None Employees: None |