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Here is some history on DVFI's Debt history. Before I am labelled a basher, here are my positive thoughts on $DVFI:
- Given such a low AS of 400m, and no financials since this publication, this is still a relatively low float.
- Even if there is 2-3m in estimated debt, a quality Reverse Merged company will have no problem paying this amount to be current.
- There is a good chance that some of these debts went into default. This is because there are no PRs stating payment and it has been 15yrs since last stated payments.
1) 2006 Current & Long term debts:
- As see in this screenshot, $114,121 of Current Debt and $482,597 in Longterm debts. Note this for later.
2) To continue investments, Biogenerics issued another $743,357 in debt:
3) Now onto the daughter companies. Biogenerics owned 37.5% of Tyche Energy Inc:
4) Tyche has debt owing of $262,500:
- Given that Biogenerics owned 37.5%, this means that they have a debt of $98,437.50.
- This screenshot also shows Shareholder debts payable at a rate of 6.5% interest.
- It also a long term lease through GMAC at 6.5% per year and $1190.84/month in payables.
5) Finally, The last updated AS/OS is as shown:
- 280m OS : 400m AS
- Maximum dilution: 119,090,985 shares (AS-OS).
Given this information, and since there has not been any PRs/Filings/Updates, this is the outstanding debt:
Using an interest rate calculator from March.16,2006 (date of filing), to the present month, we get:
Length of time: 15yrs, 4months.
- N = 184periods.
Interest Rate: 6.5% Annual, compounded monthly.
Par Value for Convertible debt: 0.001
Value of Debts:
Current Debts: $114,121 (unknown debt agreement)
Long Term Debt: $1,304,273.22
- Given shares are converted at 0.001, a 6.5% interest rate compounded monthly and 184-periods.
Issued Debts (2006): $743,357 (unknown debt agreement)
Tyche Debt: $98,437.50. (unknown debt agreement)
GMAC Debt/Lease:
Payment Total: $219,114.56
*- Assuming Lease payment includes 6.5% interest*
DEBT TOTAL: $2,380,865.78
Interesting thing is that given the 119,090,985 shares available for dilution, if the company fully diluted to a 400m AS, that is only equivalent to $119,090.99 worth of debt payment. That leaves an estimated balance of $2,261,774.80.
Remember this is a conservative estimate of outstanding debts as the payments for the 2006 Current debts, Issued Debts and Tyche debt are unknown. Since they are unknown, I left them each item as there 2006 value.
Conclusion:
- Overall, if DVFI has no unannounced AS/OS Increases, and has settled these past debts, this will be a good shell to Reverse Merge into.
- Given minimal volume over the last 10years (bar early 2020), I do not expect the maximum dilution.
Full report can be found here:
https://backend.otcmarkets.com/otcapi/company/financial-report/6939/content
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