Legal

Angel Labs MYT� Engine Frequently asked questions

  • When was Angel Labs formed?
  • In 2001.

  • Where was it organized?
  • Nevada.

  • Is it qualified to do business in California?
  • Yes.

  • Has it filed all required tax returns?

    Yes.

  • How is it capitalized?
  • Most of the equity is owned by Angels World, LLC. Some equity is reserved for a traditional stock option pool. Less than five percent is owned by outside investors.

  • Who are its managers or principals?
  • Angel Labs, LLC is headed by Raphial as a co-founder and CEO.

  • Are there any stock voting agreements or other forms of control?

    No. See the Operating Agreement for Angel Labs, LLC.

  • Are there any stock voting agreements or other forms of control?

    No. See the Operating Agreement for Angel Labs, LLC.

  • How many employees are there?

    Staffing has ranged from one to ten.

  • Is there a stock option plan and how large is it?

    Five percent of the equity in Angel Labs has been set aside in the plan. There are currently no options outstanding.

  • What are the assets of Angel Labs?

    They are primarily the intellectual property rights associated with the inventions contributed by Raphial, including patents. There is also some miscellaneous equipment.

  • What is the status of patent or trademark protection?

    A worldwide patent program is underway to extend the US patent on the MYT� engine internationally.

Where is Angel Labs bank account and who are the signatories?

Bank of America . Raphial.

What are the liabilities of Angel Labs?

Primarily a $2M bridge loan due in 2007.

Are there financial statements?

Acampo, California.

Is there any plan to relocate?

Yes, when sufficiently capitalized, Angel Labs will likely relocate to Nevada.

Who is Angel Labs legal attorney?

Jim Given.

Who is Angel Labs patent attorney?

Ted Wright.

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