Camelot Entertainment Group
 | This article contains wording that promotes the subject in a subjective manner without imparting real information. (December 2012) |
| Industry | Entertainment |
|---|---|
| Location | 8001 Irvine Center Drive, Suite 400, Irvine, California 92618 |
| Key People | Robert P. Atwell, Chairman and CEO Steven Istock, President, COO, and CFO |
Camelot Entertainment Group (OTC: CMGR), is a publicly traded company with three subsidiaries: Camelot Film Group, including Camelot Distribution Group, Camelot Studio Group, and Camelot Media Services Group. Camelot is building a different kind of motion picture studio infrastructure by redefining the development, financing, production, and distribution process in the motion picture industry. Camelot plans to integrate early studio models, education, new technologies and fiscal responsibility to acquire, develop, finance, produce, market and distribute commercial motion pictures, television and digital media.
Camelot Distribution Group Films
The 34th Battalion (2013)
Wiener Dog Nationals (2013)
Pythagoras (2013)
The Escape (2013)
Privacy (2012)
Webdultery (2012)
A Warrior's Heart (2011)
The Dish & The Spoon (2011)
Eliminate: Archie Cookson (2011)
Skateland (2010)
The Gundown (2010)
Norman (2010)
Skateland (2010)
Fink! (2010)
The Understudy (2009)
The Perfect Game (2009)
Next of Kin (2008)
Mothers and Daughters (2004)
DarKnight Pictures Films
Scavengers (2012)
You Can't Kill Stephen King (2012)
Deliver Me to Hell (2012)
Attack of the Herbals (2011)
Wreckage (2010)
Never Sleep Again: The Elm Street Legacy (2010)
Sugar Boxx (2009)
Screwball: The Ted Whitfield Story (2009)
Samurai Avenger: The Blind Wolf (2009)
Documentaries
I Am Nancy (2011)
About Face: The Story of the Jewish Refugee Soldiers of World War II (2011)
Never Sleep Again (2010)
From Silence to Sound (2007)
Unaudited Financial Information
The following unaudited financial information is subject to adjustment upon completion of the Company's annual audits for the fiscal years listed below.
As of December 31, 2012, the Company had generated gross sales of $635,042. For the year ended December 31, 2011, the Company generated $1,700,000 in gross sales. For the year ended December 31, 2010, the Company generated $1,200,000 in gross sales. Gross sales are determined by the contracted sales price amount for films sold by the Company.
As of December 31, 2012, the Company had collected $972,978 in gross revenues thus far for the year ending December 31, 2012. For the year ended December 31, 2011, the Company collected $1,405,608 in gross revenue. For the year ended December 31, 2010, the Company collected $677,000 in gross revenue. In accordance with accounting standards for realizing gross revenue, the Company can only record gross revenues after meeting all of the applicable accounting requirements, including the receipt of funds and the air or release date of the film having occurred.
As of June 6, 2013, the total issued and outstanding shares were 5,750,000,000. The total shares held in street name, also known as CEDE, were 346,746 shares. The total non-restricted shares held, including those non-restricted shares held by affiliates that are not currently available for resale, were 2,126,294,556 (including those held in CEDE). There were 3,623,705,444 restricted shares, of which 2,402,219,378 restricted shares were held by affiliates and 1,221,486,066 restricted shares were held by non-affiliates of the Company. Of the 1,221,486,066 restricted shares held by non-affiliates of the Company, 1,221,486,066, or 100%, of those shares may be eligible for resale if and when applicable exemptions are available to the respective holders. As of June 6, 2013, there were 230 stockholders of record of the Company’s common stock, representing over 6500 stockholders. As of June 6, 2013, there were a total of 65,060,486 preferred shares issued and outstanding in the Company’s Class A, B, C, D, E, F and G Convertible Preferred Stock.
The Company has been working toward completing the filing of its annual reports on Form 10-K and the subsequent quarterly reports on Form 10-Q. The Company continues to be unable to resolve certain items that would have a direct impact on the information required to be disclosed and the Company’s ability to file the report. These and other factors has created a heavy reporting burden on the Company, requiring management to spend excessive time and effort preparing and reviewing old information instead of focusing on business operations and requiring the Company to spend more money on outside counsel and auditors to help prepare the reports. Because obtaining certain third-party information required has been not readily available to the Company in part due to circumstances beyond the Company’s control and the unreasonable effort and expense necessitated as a result thereof, the Company will be requesting approval from the Security and Exchange Commission’s (“SEC’s”) Office of Chief Accountant at the Division of Corporate Finance to file a single comprehensive Form 10-K and Form 10-Q reports for only the current year instead of all the individual previous reports, with all of the audited and review information from those previous reports to be included in the comprehensive report.
As a result, the Company now expects to have its 2010 Form 10-K filed during the third quarter of 2013 along with the 2012 Comprehensive Form 10-K and the 2013 quarterly reports. In the event that the SEC does not approve the Company’s request, the Company may need to secure additional funding and personnel to complete all of the historical reports. If the Company is unable to do so, the reports may be delayed further. Once these reports are filed, the Company expects no further delays in its annual and quarterly reports during the remainder of fiscal year 2013.
The Company was initially delayed in filing these reports due to a number of unforeseen factors that impacted its ability to collect and prepare the required information and audit confirmations from third parties, delays connected with the acquisition, maintenance and divesture of the Liberation Film Library, the availability of certain professionals crucial to the timely completion of the annual and quarterly filings, the availability of funds, the acquisition and location of certain files and documents, operational issues, and the resolution of certain contemplated and filed legal actions by both the Company and by third parties, most of which were related directly and/or indirectly to the Liberation Film Library transaction. The Company had made recent financial and legal arrangements which management believes should allow it to complete and file the annual and quarterly reports in a timely manner.
In addition to the filings discussed above, the Company is also preparing additional filings to be filed with OTC Markets. Further, the Company anticipates holding its annual stockholder meeting during the fourth quarter of 2013, with a specific location and specific date and time still to be determined. During this time, the Company has provided updated company and share information on its website at www.camelotent.com, through these Form 8-K filings and at www.otcmarkets.com.
The Company announced on July 23, 2013 that its stock had been temporarily halted from trading for a period of 10 days starting July 23, 2013 and ending on August 5, 2013. Camelot’s stock will resume trading on Tuesday, August 6, 2013. The trading halt is in connection with a public administrative hearing instituted by the Securities and Exchange Commission (”SEC”) because Camelot, a Delaware corporation located in Irvine, California with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g), is delinquent in its periodic filings with the SEC, having not filed any periodic reports since it filed a Form 10 for the period ended September 30, 2010, which reported a net loss of $8,026,537 for the prior nine months. As of July 18, 2013, the common stock of Camelot was quoted on OTC Link, had ten market makers, and was eligible for the “piggyback” exception of Exchange Act Rule 15c2-11(f)(3).
Camelot has been and is in the process of preparing and bringing its filings current with the SEC. Once Camelot is served with the order notifying the company of the proposed hearing, Camelot’s counsel will file a response with the SEC, notifying them of the progress being made on the filings and requesting an extension which would allow Camelot the time to properly complete its periodic filings and file them with the SEC.
On August 8th, 2013, the Securities and Exchange Commission revoked the shares of Camelot Entertainment Group "pursuant to Section 12(j) of the Securities and Exchange Act of 1934."[1] As a result, Camelot Entertainment Group currently does not trade publicly as of August 8th, and all outstanding shares were rendered worthless.