Friday, December 19, 2014 5:25:05 PM
The deal signed by BCCI with BMOC in May involved the purchase of a sports bar -- to be rebranded as Baristas and operated by BMOC -- as well as an 8 state master franchisor agreement, with the initial franchise to be opened by October 1 (per the agreement -- but it also said within six months of agreement signature, which would have meant November, 2014).
Page 4 of the Amended Registration Statement Form 10-12G/A, filed on November 13, 2014, disclosed that the deal was dead, as did page 6.
However, I can understand your confusion:
- A different section of that same Amended Registration Statement, page 19, seemed to indicate the deal was still alive, as it spoke about the risk of whether sufficient funds could be raised to make the BMOC franchises happen.
- The Q3 14 financial statement, issued just a few days later (???), had virtually identical funding risk verbiage (page 20).
I expect the audited 2014 annual financial statements, due out in April, to have no ambiguity on this subject. It is unfortunate that recently released documentation is inconsistent, but TBH that can happen when a VERY small company ($1.3M annual revenue) is doing its best to meet very complex, very laborious, SEC filing requirements.
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