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Price
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These terms and conditions govern your use of the website alphaminr.com and its related services.
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x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended April 30, 2014
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|
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from __________ to __________.
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|
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Commission file number:
0-9483
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|
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SPARTA COMMERCIAL SERVICES, INC.
|
|
(Exact name of registrant as specified in its charter)
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|
NEVADA
|
30-0298178
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|
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(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
|
370 Lexington Ave., Suite 1901, New York, NY
|
10017
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
Common Stock, par value $0.001
|
|
(Title of class)
|
|
Large accelerated filer
o
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Accelerated filer
o
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|
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
x
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Page
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||
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PART I
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||
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Item 1.
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3
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Item 1A.
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12
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Item 1B.
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15
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|
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Item 2.
|
15
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|
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Item 3.
|
15
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Item 4.
|
15
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|
|
PART II
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||
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Item 5.
|
16
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|
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Item 6.
|
18
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Item 7.
|
18
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Item 7A.
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22
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|
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Item 8.
|
23
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|
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Item 9.
|
47
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|
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Item 9A.
|
47
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|
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Item 9B.
|
47
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|
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PART III
|
||
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Item 10.
|
48
|
|
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Item 11.
|
50
|
|
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Item 12.
|
52
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|
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Item 13.
|
54
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|
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Item 14.
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54
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|
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Item 15.
|
55
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|
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57
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||
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·
|
iPhone
|
|
·
|
iPad
|
|
·
|
Android devices
|
|
·
|
Kindle Fire
|
|
·
|
Prevent the introduction or reintroduction of stolen motor vehicles into interstate commerce
|
|
·
|
Protect states, consumers (both individual and commercial), and other entities from fraud
|
|
·
|
Reduce the use of stolen vehicles for illicit purposes including funding of criminal enterprises
|
|
·
|
Provide consumer protection from unsafe vehicles
|
|
·
|
For the three-month average period ending March 2013, 234 million Americans (
75% of the U.S. population)
age 13 and older used mobile devices
|
|
·
|
More than 106 million people in the U.S.
(34% of the U.S. population)
owned smart phones during the three months ending in March 2013, up 9% versus December 2011
|
|
·
|
82 percent of time spent with mobile media happens via apps
|
|
·
|
By the end of Q1 2014, m-commerce (smartphone and tablet) had grown 31% year over year with 11% ($5.9 billion) of all retail digital commerce now coming from mobile platforms
|
|
·
|
Annual sales of used motorcycles: ~ 2.5 million units
|
|
·
|
Annual sales of used Recreational Vehicles: ~ 640,000 units
|
|
·
|
Annual sales of used cars: ~ 39 million units
|
|
·
|
Annual sales of used trucks, classes 3-8: ~650,000 units
|
|
Fiscal Year Ended
|
||||||||
|
April 30,
|
April 30,
|
|||||||
|
2014
|
2013
|
|||||||
|
Revenues
|
$
|
122,372
|
$
|
203,997
|
||||
|
Net loss
|
$
|
(280,441
|
) |
$
|
(880,210
|
) | ||
|
·
|
Fair Debt Collection Practices Act. The Fair Debt Collection Practices Act and applicable state law counterparts prohibit us from contacting customers during certain times and at certain places, from using certain threatening practices and from making false implications when attempting to collect a debt.
|
|
·
|
Truth in Lending Act. The Truth in Lending Act requires us and the dealers we do business with to make certain disclosures to customers, including the terms of repayment, the total finance charge, and the annual percentage rate charged on each contract.
|
|
·
|
Consumer Leasing Act. The Consumer Leasing Act applies to any lease of consumer goods for more than four months. The law requires the seller to disclose information such as the amount of initial payment, number of monthly payments, total amount for fees, penalties for default, and other information before a lease is signed.
|
|
·
|
The Consumer Credit Protection Act of 1968. The Act required creditors to state the cost of borrowing in a common language so that the consumer can figure out what the charges are, compare costs, and shop for the best credit deal.
|
|
·
|
Equal Credit Opportunity Act. The Equal Credit Opportunity Act prohibits creditors from discriminating against loan applicants on the basis of race, color, sex, age, or marital status. Pursuant to Regulation B promulgated under the Equal Credit Opportunity Act, creditors are required to make certain disclosures regarding consumer rights and advise consumers whose credit applications are not approved of the reasons for the rejection.
|
|
·
|
Fair Credit Reporting Act. The Fair Credit Reporting Act requires us to provide certain information to consumers whose credit applications are not approved on the basis of a report obtained from a consumer reporting agency.
|
|
·
|
Gramm-Leach-Bliley Act. The Gramm-Leach-Bliley Act requires us to maintain privacy with respect to certain consumer data in our possession and to periodically communicate with consumers on privacy matters.
|
|
·
|
Soldiers' and Sailors' Civil Relief Act. The Soldiers' and Sailor's Civil Relief Act requires us to reduce the interest rate charged on each loan to customers who have subsequently joined, enlisted, been inducted or called to active military duty, if requested to do so.
|
|
·
|
Electronic Funds Transfer Act. The Electronic Funds Transfer Act prohibits us from requiring our customers to repay a loan or other credit by electronic funds transfer ("EFT"), except in limited situations that do not apply to us. We are also required to provide certain documentation to our customers when an EFT is initiated and to provide certain notifications to our customers with regard to preauthorized payments.
|
|
·
|
Telephone Consumer Protection Act. The Telephone Consumer Protection Act prohibits telephone solicitation calls to a customer's home before 8 a.m. or after 9 p.m. In addition, if we make a telephone solicitation call to a customer's home, the representative making the call must provide his or her name, our name, and a telephone number or address at which our representative may be contacted. The Telephone Consumer Protection Act also requires that we maintain a record of any requests by customers not to receive future telephone solicitations, which must be maintained for five years.
|
|
·
|
Bankruptcy. Federal bankruptcy and related state laws may interfere with or affect our ability to recover collateral or enforce a deficiency judgment.
|
|
·
|
Dodd-Frank Wall Street Reform and Consumer Protection Act. The Dodd-Frank Wall Street Reform and Consumer Protection Act authorized the creation of a Bureau of Consumer Financial Protection. The impact on the Company of the newly-created agency is unknown at this time as the agency is yet to be formed.
|
|
High
|
Low
|
|||||||
|
Fiscal Year 2014
|
||||||||
|
First quarter (May 1, 2013 – July 31, 2013)
|
$
|
0.70
|
$
|
0.39
|
||||
|
Second quarter (August 1, 2013 – October 31, 2013)
|
$
|
0.74
|
$
|
0.41
|
||||
|
Third quarter (November 1, 2013 – January 31, 2014)
|
$
|
1.29
|
$
|
0.45
|
||||
|
Fourth quarter (February 1, 2014 – April 30, 2014)
|
$
|
1.32
|
$
|
0.93
|
||||
|
Fiscal Year 2013
|
||||||||
|
First quarter (May 1, 2012 – July 31, 2012)
|
$
|
1.75
|
$
|
0.86
|
||||
|
Second quarter (August 1, 2012 – October 31, 2012)
|
$
|
1.30
|
$
|
0.54
|
||||
|
Third quarter (November 1, 2012 – January 31, 2013)
|
$
|
0.75
|
$
|
0.48
|
||||
|
Fourth quarter (February 1, 2013 – April 30, 2013)
|
$
|
0.62
|
$
|
0.32
|
||||
|
Fiscal Year Ended
|
||||||||
|
April 30,
|
April 30,
|
|||||||
|
2014
|
2013
|
|||||||
|
Revenues
|
$
|
122,373
|
$
|
203,997
|
||||
|
Net loss
|
$
|
(280,441
|
)
|
$
|
(880,210
|
)
|
||
|
·
|
seeking institutional investors for equity investments in our company; and
|
|
·
|
initiating negotiations to secure short term financing through promissory notes or other debt instruments on an as needed basis.
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|
Page
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||
|
24
|
||
|
25
|
||
|
26
|
||
|
27
|
||
|
28
|
||
|
29 - 46
|
||
|
As of
|
||||||||
|
April 30, 2014
|
April 30, 2013
|
|||||||
|
ASSETS
|
||||||||
|
Cash and cash equivalents
|
$
|
70,456
|
$
|
38,213
|
||||
|
Accounts receivable
|
182,343
|
153,847
|
||||||
|
Property and equipment, net of accumulated depreciation and amortization of $199,367 and $194,795, respectively (NOTE B)
|
9,974
|
14,546
|
||||||
|
Goodwill
|
10,000
|
10,000
|
||||||
|
Other assets
|
60,992
|
57,907
|
||||||
|
Deposits
|
40,568
|
40,568
|
||||||
|
Total assets from continuing operations
|
374,333
|
315,081
|
||||||
|
ASSETS FROM DISCONTINUED OPERATIONS (NOTE C)
|
90,024
|
109,669
|
||||||
|
Total assets
|
$
|
464,357
|
$
|
424,750
|
||||
|
LIABILITIES AND DEFICIT
|
||||||||
|
Liabilities:
|
||||||||
|
Accounts payable and accrued expenses
|
$
|
1,259,368
|
$
|
1,333,187
|
||||
|
Notes payable net of beneficial conversion feature of $296,384 and $105,029, respectively (NOTE D)
|
2,019,879
|
2,004,475
|
||||||
|
Loans payable-related parties (NOTE E)
|
385,853
|
393,260
|
||||||
|
Derivative liabilities
|
601,000
|
378,802
|
||||||
|
Total liabilities from continuing operations
|
4,266,100
|
4,109,724
|
||||||
|
LIABILITIES FROM DISCONTINUED OPERATIONS (NOTE C)
|
130,421
|
189,720
|
||||||
|
Total liabilities
|
4,396,521
|
4,299,444
|
||||||
|
Commitments and contingencies
|
-
|
-
|
||||||
|
Deficit:
|
||||||||
|
Preferred stock, $0.001 par value; 10,000,000 shares authorized of which 35,850 shares have been designated as Series A convertible preferred stock, with a stated value of $100 per share, 125 and 125 shares issued and outstanding, respectively
|
12,500
|
12,500
|
||||||
|
Preferred stock B, 1,000 shares have been designated as Series B redeemable preferred stock, $0.001 par value, with a liquidation and redemption value of $10,000 per share, 157 and 157 shares issued and outstanding, respectively
|
1,570
|
1,570
|
||||||
|
Preferred stock C, 200,000 shares have been designated as Series C redeemable, convertible preferred, $0.001 par value, with a liquidation and redemption value of $10 per share, 0 and 0 shares issued and outstanding, respectively
|
-
|
-
|
||||||
|
Common stock, $0.001 par value; 750,000,000 shares authorized, 20,987,353 and 14,131,242 shares issued and outstanding, respectively
|
20,987
|
14,131
|
||||||
|
Common stock to be issued, 283,777 and 625,340, respectively
|
284
|
625
|
||||||
|
Preferred stock B to be issued, 72.48 and 56.80 shares, respectively
|
72
|
57
|
||||||
|
Additional paid-in-capital
|
41,738,613
|
38,483,198
|
||||||
|
Subscriptions receivable
|
(2,118,309
|
)
|
(2,118,309
|
)
|
||||
|
Accumulated deficit
|
(44,257,306
|
)
|
(40,991,658
|
)
|
||||
|
Total deficiency in stockholders' equity
|
(4,601,588
|
)
|
(4,597,885
|
)
|
||||
|
Noncontrolling interest
|
669,424
|
723,191
|
||||||
|
Total Deficit
|
(3,932,164
|
)
|
(3,874,694
|
)
|
||||
|
Total Liabilities and Deficit
|
$
|
464,357
|
$
|
424,750
|
||||
|
Year Ended
|
||||||||
|
April 30,
|
||||||||
|
2014
|
2013
|
|||||||
|
Revenue
|
||||||||
|
Information technology
|
$
|
476,022
|
$
|
413,602
|
||||
|
Cost of goods sold
|
154,961
|
145,863
|
||||||
|
Gross profit
|
321,061
|
267,739
|
||||||
|
Operating expenses:
|
||||||||
|
General and administrative
|
2,240,154
|
1,692,403
|
||||||
|
Depreciation and amortization
|
4,572
|
6,953
|
||||||
|
Total operating expenses
|
2,244,726
|
1,699,356
|
||||||
|
Loss from operations
|
(1,923,665
|
)
|
(1,431,617
|
)
|
||||
|
Other (income) expense:
|
||||||||
|
Other income
|
(77,190
|
)
|
(72,978
|
)
|
||||
|
Interest expense and financing cost, net
|
337,688
|
335,828
|
||||||
|
Non-cash financing costs
|
113,260
|
240,522
|
||||||
|
Amortization of debt discount
|
417,291
|
854,569
|
||||||
|
(Gain) loss in changes in fair value of derivative liability
|
166,932
|
(66,041
|
)
|
|||||
|
Total other (income) expense
|
957,981
|
1,291,900
|
||||||
|
Net loss from continuing operations
|
$
|
(2,881,646
|
)
|
$
|
(2,723,517
|
)
|
||
|
Net loss from discontinued operations
|
$
|
(280,441
|
)
|
$
|
(880,210
|
)
|
||
|
Net Loss
|
$
|
(3,162,087
|
)
|
$
|
(3,603,727
|
)
|
||
|
Net loss attributed to Noncontrolling interest
|
53,767
|
34,962
|
||||||
|
Preferred dividend
|
(157,328
|
)
|
(157,758
|
)
|
||||
|
Net loss attributed to common stockholders
|
$
|
(3,265,648
|
)
|
$
|
(3,726,523
|
)
|
||
|
Basic and diluted loss per share from continuing operations
|
$
|
(0.16
|
)
|
$
|
(0.24
|
)
|
||
|
Basic and diluted loss per share from discontinued operations
|
$
|
(0.02)
|
$
|
(0.08)
|
||||
|
Basic and diluted loss per share attributed to
common stockholders
|
$
|
(0.19
|
)
|
$
|
(0.33
|
)
|
||
|
Weighted average shares outstanding
|
17,637,942
|
11,139,632
|
||||||
| Series A | Series B | Series B |
Common Stock
|
Additional
|
Non- | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Stock |
Preferred Stock
|
Shares to be issued
|
Common Stock
|
to be issued
|
Subscriptions
|
Paid in
|
Accumulated
|
controlling
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Receivable
|
Capital
|
Deficit
|
Interest
|
Total
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Balance April 30, 2012
|
125 | $ | 12,500 | 157 | $ | 1,570 | 42 | $ | - | 8,668,123 | $ | 8,668 | 1,125,099 | $ | 1,125 | $ | (2,118,309 | ) | $ | 35,209,835 | $ | (37,265,135 | ) | $ | 703,154 | $ | (3,446,591 | ) | ||||||||||||||||||||||||||||||||
|
Reverse split correction
|
5,000 | 5 | (1,000 | ) | (1 | ) | (235 | ) | (231 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Preferred dividend to be issued
|
15 | 156,985 | 157,042 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Derivative liability reclassification
|
852,853 | 852,853 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Sale of common stock
|
2,420,560 | 2,420 | 22,460 | 22 | 864,333 | 866,775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Shares issued for financing cost
|
341,190 | 342 | (8,090 | ) | (8 | ) | 234,918 | 235,252 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Shares issued for conversion of notes and interest
|
2,036,950 | 2,037 | (504,230 | ) | (504 | ) | 597,043 | 598,575 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Stock compensation
|
650,520 | 650 | 390,787 | 391,437 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Purchase of assets for stock
|
8,899 | 9 | (8,899 | ) | (9 | ) | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Employee options expense
|
176,679 | 176,679 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Sale of subsidiary's preferred stock
|
55,000 | 55,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net loss
|
(3,726,523 | ) | (34,962 | ) | (3,761,486 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Balance April 30, 2013
|
125 | $ | 12,500 | 157 | $ | 1,570 | 57 | $ | - | 14,131,242 | $ | 14,131 | 625,340 | $ | 625 | $ | (2,118,309 | ) | $ | 38,483,198 | $ | (40,991,658 | ) | $ | 723,191 | $ | (3,874,694 | ) | ||||||||||||||||||||||||||||||||
|
Correcting
|
(40 | ) | - | (85,826 | ) | (87 | ) | 12 | (75 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Preferred dividend to be issued
|
15 | - | - | - | - | - | 156,554 | 156,569 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Derivative liability reclassification
|
518,379 | 518,379 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Sale of common stock
|
3,883,899 | 3,884 | (72,201 | ) | (72 | ) | 1,295,165 | 1,298,977 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Shares issued for financing cost
|
158,766 | 158 | 16,677 | 17 | 113,085 | 113,260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Shares issued for conversion of notes, interest and accounts payable
|
1,886,804 | 1,887 | (205,713 | ) | (205 | ) | 775,004 | 776,686 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Stock compensation
|
926,682 | 927 | 5,500 | 6 | 386,008 | 386,941 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Employee options expense
|
11,208 | 11,208 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net loss
|
(3,265,648 | ) | (53,767 | ) | (3,319,415 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Balance April 30, 2014
|
125 | $ | 12,500 | 157 | $ | 1,570 | 72 | $ | - | 20,987,353 | $ | 20,987 | 283,777 | $ | 284 | $ | (2,118,309 | ) | $ | 41,738,613 | $ | (44,257,306 | ) | $ | 669,424 | $ | (3,932,164 | ) | ||||||||||||||||||||||||||||||||
|
FY ENDED
|
||||||||
|
APRIL 30,
|
||||||||
|
2014
|
2013
|
|||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
|
Net Loss
|
$
|
(3,265,648
|
)
|
$
|
(3,726,523
|
)
|
||
|
Adjustments to reconcile net loss to net cash used in
operating activities:
|
||||||||
|
Adjustments
|
(75
|
)
|
(190
|
)
|
||||
|
Dividend on preferred stock
|
156,569
|
157,758
|
||||||
|
Loss allocable to non-controlling interest
|
(53,767
|
)
|
(34,962
|
)
|
||||
|
Depreciation and amortization
|
4,572
|
6,953
|
||||||
|
Change in fair value of derivative liabilities
|
166,932
|
(66,041
|
)
|
|||||
|
Amortization of debt discount
|
417,291
|
854,569
|
||||||
|
Shares issued for finance cost
|
113,260
|
235,252
|
||||||
|
Shares issued upon conversion of interest
|
-
|
4,448
|
||||||
|
Equity based compensation
|
398,149
|
568,116
|
||||||
|
(Increase) decrease in operating assets:
|
||||||||
|
Accounts receivable
|
(28,496
|
)
|
-
|
|||||
|
Prepaid expenses and other assets
|
(3,084
|
)
|
(31,376
|
)
|
||||
|
Increase (decrease) in operating liabilities:
|
-
|
-
|
||||||
|
Accounts payable and accrued expenses
|
217,692
|
277,735
|
||||||
|
Net cash used in operating activities
|
(1,876,605
|
)
|
(1,754,262
|
)
|
||||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
|
Net cash provided by investing activities
|
-
|
-
|
||||||
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
|
Net proceeds from sale of subsidiary stock
|
-
|
55,000
|
||||||
|
Net proceeds from sale of common stock
|
1,298,977
|
866,775
|
||||||
|
Net proceeds from convertible notes
|
966,433
|
698,910
|
||||||
|
Net payments on convertible notes
|
(309,500
|
)
|
(27,125
|
)
|
||||
|
Net proceeds from other notes
|
65,000
|
6,500
|
||||||
|
Net payment on other notes
|
(65,000
|
)
|
-
|
|||||
|
Net payment on related notes
|
(7,407
|
)
|
-
|
|||||
|
Net cash provided by financing activities
|
1,948,503
|
1,600,061
|
||||||
|
Cash flows from discontinued operations:
|
||||||||
|
Cash provided by (used in) operating activities of discontinued operations
|
(39,655
|
)
|
86,528
|
|||||
|
Cash provided by investing activities of discontinued operations
|
-
|
384,474
|
||||||
|
Cash provided by (used in) financing activities of discontinued operations
|
-
|
(297,726
|
)
|
|||||
|
Net Cash flow from discontinued operation
|
(39,655
|
)
|
173,276
|
|||||
|
Net Increase in cash
|
32,243
|
19,075
|
||||||
|
Unrestricted cash and cash equivalents, beginning of period
|
38,213
|
19,138
|
||||||
|
Unrestricted cash and cash equivalents , end of period
|
$
|
70,456
|
$
|
38,213
|
||||
|
Cash paid for:
|
||||||||
|
Interest
|
$
|
11,438
|
$
|
65,954
|
||||
|
Income taxes
|
$
|
5,600
|
$
|
5,340
|
||||
|
Non cash investing and financing activities ( see: Note L)
|
||||||||
|
·
|
Level 1 —
Quoted prices for identical instruments in active markets. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain securities that are highly liquid and are actively traded in over-the-counter markets.
|
|
·
|
Level 2 —
Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which all significant inputs and significant value drivers are observable in active markets.
|
|
·
|
Level 3 —
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value measurements. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques based on significant unobservable inputs, as well as management judgments or estimates that are significant to valuation.
|
|
Leasehold improvements
|
3 years
|
|
Furniture and fixtures
|
7 years
|
|
Website costs
|
3 years
|
|
Computer Equipment
|
5 years
|
|
2014
|
2013
|
|||||||
|
Computer equipment, software and furniture
|
$
|
209,341
|
$
|
209,341
|
||||
|
Less: accumulated depreciation
|
(199,367
|
)
|
(194,795
|
)
|
||||
|
Net property and equipment
|
$
|
9,974
|
$
|
14,546
|
||||
|
Fiscal Year Ended
|
||||||||
|
April 30,
|
April 30,
|
|||||||
|
2014
|
2013
|
|||||||
|
Revenues
|
$
|
122,373
|
$
|
203,997
|
||||
|
Net loss
|
$
|
(280,441
|
)
|
$
|
(880,210
|
)
|
||
|
2014
|
2013
|
|||||||
|
Motorcycles and other vehicles
|
$
|
60,686
|
$
|
152,157
|
||||
|
Less: accumulated depreciation
|
(5,016
|
)
|
(36,687
|
)
|
||||
|
Motorcycles and other vehicles, net of accumulated depreciation
|
55,670
|
115,470
|
||||||
|
Less: estimated reserve for residual values
|
(4,252
|
)
|
(8,880
|
)
|
||||
|
Motorcycles and other vehicles under operating leases, net
|
$
|
51,418
|
$
|
106,590
|
||||
|
Year ending April 30,
|
||||
|
2015
|
$
|
51,418
|
||
|
2016
|
-
|
|||
|
Total
|
$
|
51,418
|
||
|
2014
|
2013
|
|||||||
|
Secured, subordinated individual lender (a)
|
$
|
117,508
|
$
|
181,258
|
||||
|
Secured, subordinated individual lender (b)
|
12,912
|
14,337
|
||||||
|
Total
|
$
|
130,420
|
$
|
195,595
|
||||
|
(a)
|
The Company had financed certain of its leases and RISCs through two third parties. The repayment terms are generally one year to five years and the notes are secured by the underlying assets. The weighted average interest rate at April 30, 2014 is 15.29%.
|
|
(b)
|
On October 31, 2008, the Company purchased certain loans secured by a portfolio of secured motorcycle leases (“Purchased Portfolio”) for a total purchase price of $100,000. The Company paid $80,000 at closing, $10,000 in April 2009 and agreed to pay the remaining $10,000 upon receipt of additional Purchase Portfolio documentation. As of April 30, 2014, no such documents have been received. Proceeds from the Purchased Portfolio started accruing to the Company beginning November 1, 2008. To finance the purchase, the Company issued a $150,000 Senior Secured Note dated October 31, 2008 (“Senior Secured Note”) in exchange for $100,000 from the holder. Terms of the Senior Secured Note require the Company to make semi-monthly payments in amounts equal to all net proceeds from Purchased Portfolio lease payments and motorcycle asset sales received until the Company has paid $150,000 to the holder. To finance the purchase, the Company issued a $150,000 Senior Secured Note dated October 31, 2008 (“Senior Secured Note”) in exchange for $100,000 from the holder. Terms of the Senior Secured Note require the Company to make semi-monthly payments in amounts equal to all net proceeds from Purchased Portfolio lease payments and motorcycle asset sales received until the Company has paid $150,000 to the holder. The Company was obligated to pay any remainder of the Senior Secured Note by November 1, 2009 which was extended to May 1, 2013, and has granted the note holder a security interest in the Purchased Portfolio. On January 31, 2013, the holder converted $50,000 of the outstanding balance of the Note into 60,606 shares of the Company’s restricted common stock. The note, which had an outstanding balance of $12,912 at April 30, 2014, has been extended to October 13, 2014.
|
|
Year ended April 30,
|
Amount
|
|||
|
2015
|
$
|
130,420
|
||
|
2016
|
-
|
|||
|
Total Due
|
$
|
130,420
|
||
|
Notes Payable
|
April 30,
2014
|
April 30,
2013
|
||||||
|
Notes convertible at holder’s option (a)
|
$
|
1,901,263
|
$
|
1,694,504
|
||||
|
Notes with interest only convertible at Company’s option (b)
|
390,000
|
360,000
|
||||||
|
Non-convertible notes payable (c)
|
25,000
|
55,000
|
||||||
|
Subtotal
|
2,316,263
|
2,109,504
|
||||||
|
Less, Debt discount
|
(296,384
|
)
|
(105,029
|
)
|
||||
|
Total
|
$
|
2,019,879
|
$
|
2,004,475
|
||||
| Significant Assumptions: | ||||
|
Risk free interest rate
|
Ranging from
|
0.03 % to 1.22 % | ||
|
Expected stock price volatility
|
98 % | |||
|
Expected dividend payout
|
0 | |||
|
Expected options life in years
|
Ranging from
|
1.59 years to 3.7 years |
| Significant Assumptions: | ||||
|
Risk free interest rate
|
Ranging from
|
0.04 % to 0.05 % | ||
|
Expected stock price volatility
|
98 % | |||
|
Expected dividend payout
|
0 | |||
|
Expected options life in years
|
Ranging from
|
0.4 years to 1 year |
|
April 30,
2014
|
||||
|
Opening balance
|
$
|
378,802
|
||
|
Derivative liability reclassified to additional paid in capital
|
(518,379
|
) | ||
|
Derivative financial liability arising on the issue of convertible notes
|
323,286
|
|||
|
Fair value adjustments
|
417,291
|
|||
|
Closing balance
|
$
|
601,000
|
||
|
·
|
Sold 3,655,459 shares of common stock to 35 accredited investors for $1,298,977 of which 119,170 shares were classified as to be issued at April 30, 2014.
|
|
·
|
Issued 576,586 shares which were classified as to be issued at April 30, 2013.
|
|
·
|
Issued 926,682 shares, valued at $386,941 pursuant to consulting agreements.
|
|
·
|
Issued 158,766 shares of common stock, valued at $113,260 pursuant to terms of notes payable.
|
|
·
|
Issued 190,000 shares of common stock in payment of $111,483 in accounts payable, 20,000 shares were to be issued at April 30, 2014.
|
|
·
|
Issued 1,333 shares pursuant to an employment agreement and 21,476 shares in lieu of salary to an officer of the Company
|
|
·
|
Issued 1,347,325 shares upon conversion of $639,998 of notes and accrued interest thereon, 122,430 shares remain to be issued at April 30, 2014.
|
|
Amount
|
||||
|
Balance at April 30, 2012
|
$
|
703,154
|
||
|
Issuance of Series C Preferred Stock
|
55,000
|
|||
|
Noncontrolling interest’s share of losses
|
(34,963
|
)
|
||
|
Balance at April 30, 2013
|
$
|
723,191
|
||
|
Noncontrolling interest’s share of losses
|
(53,767
|
) | ||
|
Balance at April 30, 2014
|
$
|
669,424
|
||
|
Fair Value at
|
Fair Value Measurement Using
|
|||||||||||||||
|
April 30,
|
||||||||||||||||
|
2014
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
|
Derivative liability
|
$
|
601, 000
|
-
|
-
|
$
|
601,000
|
||||||||||
|
Derivative liability
|
$
|
601,000
|
-
|
-
|
$
|
601,000
|
||||||||||
|
April 30,
|
||||||||
|
2014
|
2013
|
|||||||
|
Noncurrent:
|
||||||||
|
Net operating loss carry forward
|
$
|
8,976,606
|
$
|
8,068,092
|
||||
|
Valuation allowance
|
(8,976,606
|
) |
(8,068,092
|
)
|
||||
|
Net deferred tax asset
|
$
|
- |
$
|
-
|
||||
|
Options Outstanding
|
Options Exercisable
|
|||||||||||||||||
|
Number
Outstanding
|
Weighted Average
Remaining Contractual
Life (Years)
|
Weighted
Average
Exercise
Price
|
Number
Exercisable
|
Weighted
Average
Exercise
Price
|
||||||||||||||
|
360, 001
|
1.79
|
$
|
2.41
|
360,001
|
$
|
2.41
|
||||||||||||
|
Number
of Shares
|
Weighted Average
Price
Per Share
|
|||||||
|
Outstanding at April 30, 2012
|
394,000
|
$
|
3.77
|
|||||
|
Granted
|
-
|
|||||||
|
Exercised
|
-
|
-
|
||||||
|
Canceled or expired
|
(14,333
|
)
|
(18.91
|
)
|
||||
|
Outstanding at April 30, 2013
|
379,667
|
$
|
3.20
|
|||||
|
Granted
|
-
|
-
|
||||||
|
Exercised
|
-
|
-
|
||||||
|
Canceled or expired
|
(19,666
|
)
|
(20.05
|
)
|
||||
|
Outstanding at April 30, 2014
|
360,001
|
$
|
2.41
|
|||||
|
Warrants Outstanding
|
Warrants Exercisable
|
|||||||||||||||||||||
|
Exercise
Prices
|
Number
Outstanding
|
Weighted
Average
Remaining
Contractual Life
(Years)
|
Weighted
Average
Exercise
Price
|
Number
Exercisable
|
Weighted
Average
Exercise
Price
|
|||||||||||||||||
|
$
|
1.275
|
25,938
|
1.86
|
$
|
1.275
|
25,938
|
$
|
1.275
|
||||||||||||||
|
$
|
0.8475
|
290,267
|
1.99
|
$
|
0.8475
|
290,267
|
$
|
0.8475
|
||||||||||||||
|
$
|
0.80
|
20,000
|
3.67
|
$
|
0.80
|
20,000
|
$
|
0.80
|
||||||||||||||
|
$
|
0.75
|
21,680
|
2.30
|
$
|
0.75
|
21,680
|
$
|
0.75
|
||||||||||||||
|
$
|
0.60
|
40,000
|
3.16
|
$
|
0.60
|
40,000
|
$
|
0.60
|
||||||||||||||
|
397,885
|
2.13
|
$
|
0.87
|
397,885
|
$
|
0.87
|
||||||||||||||||
|
Number
of
Shares
|
Weighted
Average
Exercise Price Per Share
|
|||||||
|
Outstanding at April 30, 2012
|
513,172
|
$ |
5.25
|
|||||
|
Granted
|
330,268
|
0.82
|
||||||
|
Exercised
|
||||||||
|
Canceled or expired
|
(404,244
|
) |
(2.40
|
) | ||||
|
Outstanding at April 30, 2013
|
439,196
|
1.27
|
||||||
|
Granted
|
||||||||
|
Exercised
|
-
|
-
|
||||||
|
Canceled or expired
|
(41,311
|
)
|
(5.40
|
)
|
||||
|
Outstanding at April 30, 2014
|
397,885
|
$
|
1.99
|
|||||
|
2014
|
2013
|
|||||||
|
Significant assumptions (weighted-average):
|
||||||||
|
Risk-free interest rate at grant date
|
-
|
0.48
|
%
|
|||||
|
Expected stock price volatility
|
-
|
194
|
%
|
|||||
|
Expected dividend payout
|
-
|
-
|
||||||
|
Expected option life-years
|
-
|
3 years
|
||||||
|
|
·
|
Issued 567,240 shares of common stock which were classified as to be issued at April 30, 2013.
|
|
|
·
|
Issued 158,766 shares of common stock valued at $113, 260 pursuant to the terms of various notes.
|
|
|
·
|
Derivative liability reclassification of $518,379.
|
|
|
·
|
Shares issued for conversion of notes, interest, and accounts payable of $776,686.
|
|
|
·
|
issued two warrants to purchase an aggregate of 40,000 shares of common stock to a consultant valued at $33,801.
|
|
|
·
|
issued 8,899 shares of common stock, which were classified as to be issued at April 30, 2013, for purchase of assets.
|
|
|
·
|
issued pursuant to notes and penalty provisions of notes, 341,190 shares of unregistered common stock, valued at $235,252.
|
|
|
·
|
issued 20,000 shares of common stock, valued at $6,200, to a note holder as inducement.
|
|
|
·
|
Sold 884,181 shares of restricted common stock to eleven accredited investors for $262,671.
Of these shares,
162,906 shares were unissued as of July 31, 2014.
|
|
|
·
|
Issued 17,140 shares of restricted common stock valued at $10,000 to two note holders pursuant to the terms of their notes.
|
|
|
·
|
Issued 96,300 shares of restricted common stock valued at $56,115 to two consultants 4,500 of which were classified as to be issued at April 30, 2014.
|
|
|
·
|
Issued 260,992 shares restricted common stock which had been classified as to be issued at April 30, 2014.
|
|
|
·
|
Issued 22,500 shares of common stock in partial settlement of $19,953 of accounts payable.
|
|
|
·
|
Issued 51,400 shares of common stock to a note holder upon conversion of $22,500 of notes payable.
|
|
|
·
|
Issued 31,780 shares of common stock to three employees valued at $14,301 in exchange for their outstanding stock options.
|
|
|
·
|
Borrowed $60,000 from a current note holder and added that amount to the outstanding balance of his 8% convertible note (convertible at $0.495).
|
|
|
·
|
Repaid a$27,500 convertible note.
|
|
|
·
|
Borrowed a $42,500, 8% note due February 9, 2015 and a $37,500 8% note due April 2, 2015. Both notes are convertible at the note holder’s option at a variable conversion prices such that during the period during which the notes are outstanding, with all notes convertible at 58% multiplied by the average of the three lowest closing bid prices for the common stock during the ten trading day period ending one trading day prior to the submission date of the conversion notice by the note holder to the Company (the “Discount Conversion Rate”). The Company had reserved up to 1,135,000 shares of its common stock for conversion pursuant to the terms of the notes. In the event the notes are not paid when due, the interest rate is increased to twenty-two percent until the note is paid in full.
|
|
|
·
|
Borrowed a $50,000, 8% convertible note due December 20, 2014. The Conversion Price is a 42% discount from the average of the three lowest closing prices during the ten trading days immediately previous to the day the conversion notice is delivered to the Company. The Company had reserved 340,000 shares of its common stock for conversion.
|
|
●
|
lack of documented policies and procedures;
|
|
|
●
|
we have no audit committee;
|
|
|
●
|
there is a risk of management override given that our officers have a high degree of involvement in our day to day operations.
|
|
|
●
|
there is no effective separation of duties, which includes monitoring controls, between the members of management.
|
|
Name
|
Age
|
Position
|
||
|
Anthony L. Havens
|
60 |
Chief Executive Officer, President, and Chairman
|
||
|
Kristian Srb
|
59 |
Director
|
||
|
Jeffrey Bean
|
61 |
Director
|
||
|
Anthony W. Adler
|
74 |
Executive Vice President and Principal Financial Officer
|
||
|
Richard P. Trotter
|
71 |
Chief Operating Officer
|
||
|
Sandra L. Ahman
|
51 |
Vice President, Secretary and Director
|
|
Stock
|
Option
|
All Other
|
||||||||||||||||||||||||
|
Salary
|
Bonus
|
Awards
|
Awards
|
Compensation
|
Total
|
|||||||||||||||||||||
|
Name and Principal Position
|
Year
|
($)(a)
|
($)
|
($)(b)
|
($)(b)(b)
|
($)(c)
|
($)
|
|||||||||||||||||||
|
Anthony L. Havens
|
2014
|
280,000
|
-
|
-
|
106,615
|
386,615
|
||||||||||||||||||||
|
Chief Executive Officer
|
2013
|
280,000
|
42,723
|
-
|
-
|
30,498
|
353,221
|
|||||||||||||||||||
|
Anthony W. Adler
|
||||||||||||||||||||||||||
|
Executive Vice President and
|
2014
|
185,000
|
-
|
-
|
-
|
-
|
185,000
|
|||||||||||||||||||
|
Principal Financial Officer
|
2013
|
185,000
|
-
|
-
|
-
|
-
|
185,000
|
|||||||||||||||||||
|
Richard P. Trotter
|
2014
|
100,000
|
-
|
-
|
-
|
-
|
100,000
|
|||||||||||||||||||
|
Chief Operating Officer
|
2013
|
129,167
|
-
|
-
|
-
|
-
|
129,167
|
|||||||||||||||||||
|
(a)
|
For Mr. Adler includes accrued; unpaid net salary of $119,025, $120,081 and $22,593 at year end 2014, 2013 and 2012, respectively. For Mr. Trotter, includes accrued; unpaid net salary of $88,523 and $7,835 at year end 2014 and 2013, respectively
|
|
(b)
|
Represents the stock-based compensation recognized in accordance with ASC 718. Stock-based awards are valued at the fair value on the grant date using a Black-Scholes model. Assumptions made in the valuation of stock-based awards are discussed in Note J to the consolidated financial statements.
|
|
(c)
|
This column reports the total amount of perquisites and other benefits provided, if such total amount exceed $10,000. In fiscal 2014 and 2013, for Mr. Havens, this includes $106,615 for garage rental, life and health insurance and reimbursement of unused vacation time for the years 2010 through 2013, and $30,498 for health insurance, garage and storage rental, respectively.
|
|
|
·
|
a change in voting power, due to a person becoming the beneficial owner of 50% or more of the voting power of our securities and our largest stockholder;
|
|
|
·
|
during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors, including later approved directors, ceasing to constitute a majority of the board;
|
|
|
·
|
a merger or consolidation of our company with a third party, after which our stockholders do not own more than 50% of the voting power; or
|
|
|
·
|
a sale of all or substantially all of our assets to a third party.
|
|
Option Awards
|
Stock Awards
|
||||||||||||||||||||
|
Name
|
Number of
securities
underlying
unexercised
options
(#)
Exercisable
|
Number of
securities
underlying
unexercised
options
(#)
Unexercisable
|
Option
exercise
price
($)
|
Option
expiration
date
|
Number of
shares or units
of stock that
have not vested
(#)
|
Market value
of shares or
units of stock
that have
not vested
($)
|
|||||||||||||||
|
Anthony L. Havens (1)
|
88,967
|
-
|
1.875
|
5/12/2015
|
-
|
-
|
|||||||||||||||
|
Anthony W. Adler (2)
|
16,000
|
-
|
14.355
|
9/21/2014
|
|||||||||||||||||
|
Anthony W. Adler (1)
|
53,267
|
-
|
1.875
|
5/12/2015
|
-
|
-
|
|||||||||||||||
|
Richard P. Trotter (1)
|
53,550
|
-
|
1.875
|
5/12/2015
|
-
|
-
|
|||||||||||||||
|
(1)
|
Granted pursuant to an option agreement dated May 12, 2011. The options are exercisable, subject to vesting, for a period of five years from the grant date at $1.875 per share.
|
|
(2)
|
Granted pursuant to an option agreement dated September 22, 2006. The options are exercisable for a period of five years from the vesting date at $14.355 per share.
|
|
Plan category
|
Number of securities to be
issued upon exercise of
outstanding options,
warrants and rights (a)
|
Weighted-average exercise
price of outstanding options,
warrants and rights (b)
|
Number of securities
remaining available for
future issuance under
equity compensation plan
|
|||||||||
|
Equity compensation plans
approved by securities holders
|
32,666
|
$
|
2.37
|
80,666
|
||||||||
|
Equity compensation plans not
approved by security holders
|
327,335
|
$
|
2.41
|
n/a
|
||||||||
|
Total
|
360,001
|
$
|
2.41
|
80,666
|
||||||||
|
(a)
|
For purposes of the table, does not include shares issued and outstanding pursuant neither to the Company’s 2009 Consultant Stock Plan, nor 1,334 shares vested pursuant to a restricted stock grant.
|
|
(b)
|
Calculation excludes shares issued pursuant to stock grants.
|
|
Name (a)
|
Number of Shares
Beneficially Owned
|
Percentage of Class
Beneficially Owned
|
||||||
|
Anthony L. Havens (1)
|
348, 085
|
1.57%
|
||||||
|
Kristian Srb (2)
|
485,977
|
2.19%
|
||||||
|
Jeffrey Bean (3)
|
31,031
|
0.14%
|
||||||
|
Anthony W. Adler (4)
|
121,832
|
0.55%
|
||||||
|
Richard P. Trotter (5)
|
120,804
|
0.54%
|
||||||
|
Sandra L. Ahman (6)
|
49,678
|
0.22%
|
||||||
|
All current directors and named officers as a group (6 in all)
|
1,157,408
|
5.14%
|
||||||
|
(a)
|
Unless indicated otherwise, the address for each person named in the table is c/o Sparta Commercial Services, Inc., 370 Lexington Avenue, Suite 1901, New York, NY 10017.
|
|
(1)
|
Mr. Havens' minor son owns approximately 50,000 shares of common stock in a trust account. Mr. Havens is not the trustee for his son's trust account, and does not have the sole or shared power to vote or direct the vote of such shares. Mr. Havens disclaims beneficial ownership of such shares held in his son's trust account.
|
|
|
Includes 88,967 vested options, all exercisable at $1.875 per share until May 12, 2015.
|
|
(2)
|
Includes 834 shares of common stock held by Mr. Srb's minor daughter, for which Mr. Srb may be deemed to have beneficial ownership of such shares. Includes 32,867 vested options, all exercisable at $1.875 per share until May 12, 2015. And, 13,333 vested stock options, all exercisable at $0.60 until November 22, 2016.
|
|
(3)
|
Includes 1,333 vested stock options, exercisable at $9.0 per share until October 23, 2014, and 12,750 vested options all exercisable at $1.875 per share until May 12, 2015. And, 13,333 vested stock options all exercisable at $0.60 until November 22, 2016.
|
|
(4)
|
Includes 16,000 vested stock options, exercisable at $14.355 per share until September 22, 2014, and 44,445 shares held by The Anthony W. Adler Irrevocable Trust, dated October 1, 2009. Includes 53,267 vested stock options, exercisable at $1.875 per share until May 12, 2015.
|
|
(5)
|
Includes 1,667 vested shares and 44,445 shares held by The Richard and Kay Trotter Trust Established March 18, 2009. Includes 21,476 shares to be issued to Mr. Trotter in lieu of salary. Includes 53,550 vested stock options, all exercisable at $1.875 per share until May 12, 2015.
|
|
(6)
|
Includes 41,993 vested stock options, all exercisable at $1.875 per share until May 12, 2015.
|
|
Exhibit Number
|
Description of Exhibit
|
||
|
3(i)(1)
|
Articles of Incorporation of Tomahawk Oil and Minerals, Inc. (Incorporated by reference to Exhibit 3(i) (1) of Form 10-KSB filed on August 13, 2004)
|
||
|
3(i)(2)
|
Certificate of Amendment of Articles of Incorporation, November 1983 (Incorporated by reference to Exhibit 3(i) (2) of Form 10-KSB filed on August 13, 2004)
|
||
|
3(i)(3)
|
Certificate of Amendment of Articles of Incorporation for name change, August 2004 (Incorporated by reference to Exhibit 3(i) of Form 8-K filed on August 27, 2004)
|
||
|
3(i)(4)
|
Certificate of Amendment of Articles of Incorporation for increase in authorized capital, September 2004 (Incorporated by reference to Exhibit 3(i) of Form 8-K filed on September 17, 2004)
|
||
|
3(i)(5)
|
Certificate of Amendment of Articles of Incorporation for decrease in authorized capital, December 2004 (Incorporated by reference to Exhibit 3(i) of Form 8-K filed on December 23, 2004)
|
||
|
3(i)(6)
|
Certificate of Designation for Series A Redeemable Preferred Stock, December 2004 (Incorporated by reference to Exhibit 3(i) of Form 8-K filed on January 4, 2005)
|
||
|
3(i)(7)
|
Certificate of Designation for Series B Preferred Stock (Incorporated by reference to Exhibit B to Preferred Stock Purchase Agreement, dated as of July 29, 2009 (see Exhibit 10.21 below)
|
||
|
3(i)(8)
|
Certificate of Amendment of Articles of Incorporation for increase in authorized capital, September 21, 2009 (Incorporated by reference to Exhibit 3(i)(8) of Form S-1 filed on October 2, 2010)
|
||
|
3(i)(9)
|
Certificate of Designations of Series C Convertible Preferred Stock (Incorporated by reference to Exhibit 5.03(i) of Form 8-K filed on November 19, 2009)
|
||
|
3(ii)(1)
|
By-laws (Incorporated by reference to Exhibit 3(ii) (1) of Form 10-KSB filed on August 13, 2004)
|
||
|
3(ii)(2)
|
By-laws Resolution (Incorporated by reference to Exhibit 3(ii) (2) of Form 10-KSB filed on August 13, 2004)
|
||
|
3(ii)(3)
|
Board of Directors Resolutions amending By-laws (Incorporated by reference to Exhibit 3(ii) of Form 10-QSB filed on December 15, 2004)
|
||
|
10.1+
|
Form of Employment Agreement with Anthony Havens (Incorporated by reference to Exhibit 10.4 of Form 10-KSB filed on August 13, 2004)
|
||
|
10.2+
|
Stock Option Agreement with Jeffrey Bean, dated October 23, 2006 (Incorporated by reference to Exhibit 10.1 of Form 8-K filed on October 24, 2006)
|
||
|
10.3+
|
2005 Stock Incentive Compensation Plan (Incorporated by reference to Exhibit 4 of Form 10-KSB filed on August 13, 2004)
|
||
|
10.4
|
2010 Consultant Stock Plan (Incorporated by reference to Exhibit 99.1 of Form S-8 filed on May 12, 2010)
|
||
|
10.5
|
Form of Promissory Note (Incorporated by reference to Exhibit 10.3 of Form 10-QSB filed on December 18, 2006)
|
||
|
10.6
|
Form of Promissory Note (Incorporated by reference to Exhibit 10.4 of Form 10-QSB filed on December 18, 2006)
|
||
|
10.7
|
Preferred Stock Purchase Agreement, dated as of July 29, 2009, by and among Sparta Commercial Services, Inc. and Optimus Capital Partners, LLC (Incorporated by reference to Exhibit 10.1 of Form 8-K filed on July 30, 2009)
|
||
|
14.1
|
Code of Ethics (Incorporated by reference to Exhibit 14.1 of Form 10-K filed on August 15, 2013)
|
||
|
21.1*
|
|||
|
23.1*
|
|||
|
31.1*
|
|||
|
31.2*
|
|||
|
32.1*
|
|||
|
32.2*
|
|||
|
101.INS*
|
XBRL Instance Document
|
||
|
101.SCH*
|
XBRL Taxonomy Extension Schema
|
||
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase
|
||
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase
|
||
|
101.LAB*
|
XBRL Taxonomy Extension Label Linkbase
|
||
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase
|
||
|
SPARTA COMMERCIAL SERVICES, INC.
|
|||
|
By:
|
/s/ Anthony L. Havens
|
||
|
Anthony L. Havens
|
|||
|
Chief Executive Officer
|
|||
|
Date: August 13, 2014
|
|||
|
By:
|
/s/ Anthony L. Havens
|
||
|
Anthony L. Havens
|
|||
|
Chief Executive Officer, President
|
|||
|
and Chairman of the Board
|
|||
|
Date: August 13, 2014
|
|||
|
By:
|
/s/ Anthony W. Adler
|
||
|
Anthony W. Adler
|
|||
|
Executive Vice President, and
|
|||
|
Interim Principal Financial Officer
|
|||
|
Date: August 13, 2014
|
|||
|
By:
|
/s/ Sandra L. Ahman
|
||
|
Sandra L. Ahman
|
|||
|
Vice President and Director
|
|||
|
Date: August 13, 2014
|
|||
|
By:
|
/s/ Kristian Srb
|
||
|
Kristian Srb
|
|||
|
Director
|
|||
|
Date: August 13, 2014
|
|||
|
By:
|
/s/ Jeffrey Bean
|
||
|
Jeffrey Bean
|
|||
|
Director
|
|||
|
Date: August 13, 2014
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|