Surprised no discussion of today's revised registration statement.
Go to www.secfilings.com, and you can easily find.
No PR about the filing, so we can only speculate as to why the refiling. The only significant change I saw, was that BCCI announced that the sports bar acquisition, and related 8 state master franchise deal with BMOC, is dead.
No surprise to me, given the lack of performance, but certainly a negative for those hoping for logical sports bar brand extension.
Stock went down -- but given the newly announced terms of the acquisition, a good thing for the company. Consider:
- total acquisition price for a money losing property, 1.2M.
- price included $275K of cash (closing plus delinquent taxes -- where did BCCI think they were going to get this??), plus $739KK+ in shares (pps not stated, but at .05/share would be about 15M shares, which the company does not have available without new shares which some posters have advised that per Mr. Henthorn, would not happen).
The biggest negative, maybe responsible for the pps drop today, is why the company would pay the legal and due diligence costs to enter into such a negative proposition in new geography without the cash to pay for it?? Hard to have faith in management on this one.
The cynics might say, the plan was to do a 'pump and dump' -- but I tend to view people as 'legal' and so for me just pure management incompetence. Take your choice -- or suggest a third alternative.
Looking at other things, the company's business discussion continues to say NOTHING about ice cream as part of the product portfolio. Talks about 'new revenue streams,' but nothing about ice cream -- much less the recently announced cigarette, etc. sales. $125K of ice cream intangibles continue on the Balance Sheet, have to believe a write-off in the next audit.
In fairness, perhaps not required to update the items in the above paragraph with this Amendment, I don't know the rules.
There is reference to the reality show, saying it will 'continue to air...over the next few weeks on we.' However, today's search of "Seattle" on the we.tv schedule again shows no planned airings (other than Sleepless in Seattle, a fine movie but irrelevant here)-- but in fairness the initial airing could not be found on the we.tv schedule and it was seen by some, albeit not at BCCI's announced time in much of the company (I am west coast; company announced 9AM, I saw it at 6am).
