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("Carmel") in the Superior Court of California, Orange County, in accordance with, and upon our default of, a settlement agreement we entered into with Carmel on May 5, 2009, and a judgment was entered against us on October 26, 2009 in the amount of $72,852, plus accruing interest from that date at the rate of $20 per day and post judgment costs incurred in enforcing the judgment.
−Removed: As of March 31, 2011, the financial statements contain a payable amount of $60,000 in relation to this action.
+Added: As of December 31, 2010, the financial statements contain a payable amount of $60,000 in relation to this action.
Our management is confident that the lower amount will be more reflective of the end settlements amount.
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We are currently negotiating a payment schedule with AT&T that management is confident will result in a structured plan to allow us pay the remaining balance.
−Removed: As of March 31, 2011, the financial statements contain a payable amount of $440,672 in relation to this action.
+Added: As of December 31, 2010, the financial statements contain a payable amount of $440,672 in relation to this action.
Our management is in active discussions with AT&T to agree a phased payment of this amount over two years and is confident that this outcome will result from those discussions.
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A motion for default judgment was filed on October 11, 2010 against us for the amount of $200,000 plus interest, attorney’s fees and costs.
−Removed: As of March 31, 2011, we have accrued $200,000 in the accounts in relation to this action.
+Added: As of December 31, 2010, we have accrued $200,000 in the accounts in relation to this action.
Management has opened discussions with representatives of the plaintiff to discuss a phased payment of the amount due.
4 unchanged sentences
Burbank sought and received a judgment for damages in the amount of $190,000 plus interest, attorney’s fees and costs.
−Removed: As of March 31, 2011, we have accrued $195,623 in the accounts in relation to this action to include interest and penalties.
+Added: As of December 31, 2010, we have accrued $195,623 in the accounts in relation to this action to include interest and penalties.
Management intends to enter into renewed discussions with Mr.
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CHVC sought and received a judgment for damages in the amount of $82,742 plus pre-judgment interest of 18% per annum starting September 1, 2010, plus $500,000 as an additional liquidated damage, post judgment interest, costs and attorney’s fees.
−Removed: As of March 31, 2011, we have accrued $2,182,676 in the financial statements in relation to this action to include interest and penalties.
+Added: As of December 31, 2010, we have accrued $2,182,676 in the financial statements in relation to this action to include interest and penalties.
In the interim, a large proportion of this amount as been assigned to a third party by CHVC and management is in active discussions with that party to agree new payment terms.
On November 10, 2010, Abovenet Communications filed a complaint against us in US District Court for the Southern District of New York, alleging breach of contract and seeking $87,761 in damages, plus interest, attorney’s fees and costs.
−Removed: As of March 31, 2011, we have accrued $16,000 in the financial statements in relation to this action, which is the amount of services used from Abovenet prior to its action.
+Added: As of December 31, 2010, we have accrued $16,000 in the financial statements in relation to this action, which is the amount of services used from Abovenet prior to its action.
It is too early in the process for management to accurately estimate the full contingency amount attached to this legal action.
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Davis and Flint, and seeking damages in the amount of $2,230,000.
−Removed: As of March 31, 2011 the financial statements include $1,126,875 in loans and accrued interest and $1,530,000 in preferred shares in relation to Mr.
+Added: As of December 31, 2010 the financial statements include $1,126,875 in loans and accrued interest and $1,530,000 in preferred shares in relation to Mr.
Management remains confident that suitable terms can be reached with Mr.
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Management does not expect the outcome on these inquiries to have a material impact on our operations or financial condition.
+Added: Other than the matters outlined above, we are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations.
+Added: There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.
RISK FACTORS.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.