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All other stinky pinks company's do not advertise. This one has had five infomercials promoting what are this point simply proposed methods for applications that run on Amazons product without any disclosure about efficacy. I see nothing developed for the corporate governance or the what they are calling "Digital Funding of Securities" on a blockchain. They have managed to get method patents for these items but have not develop anything that can be monetized. They could have been developing something under patent applied but for years have not from what I see. As for the method patent for the trading platform we know that it isn't allowed to operate due to rules governing securities so it is untested.
In the annual Blackstar states "We believe that the BDTP™ platform is compatible with the Depository Trust Company’s (DTC) Deposit and Withdrawal at Custodian (DWAC) service..." We believe? They can't say more because the trading platform is not operational. What more, the DTC is moving to tokenized stocks and acquired Securrency in December 2023 which has tokenization software. Read about Project Ion below. Trading tokenized stocks legally on a blockchain is already being done and the CEO stated this himself in the first infomercial this year. Link to that infomercial in post# 12668 below.
Bubae
Re: Joe DiMaggio post# 12658
Monday, April 01, 2024 10:43:53 AM
Post# 12668 of 13782
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174150905
The INX Digital Company INC | April 8, 2024
https://www.inx.co/learn/beginners/tokenized-stocks-the-future-of-stock-trading/#:~:text=A%20tokenized%20stock%20is%20a,versions%20of%20well%2Dknown%20companies.
Stock exchanges have been the cornerstone of traditional finance, giving investors the ability to buy and sell shares. A new innovation has emerged in how stocks are issued and managed called tokenized stocks. Tokenization involves the issuance of digital security tokens on a blockchain. These tokens can represent various things, from loyalty points to real estate ownership.
Dec 11, 2023 • Press Releases
DTCC Comments on Acquisition of Securrency
https://www.dtcc.com/news/2023/december/11/dtcc-comments-on-acquisition-of-securrency
Today, DTCC announced it has closed on the transaction to acquire Securrency Inc. (“Securrency”), a leading developer of institutional-grade, digital asset infrastructure. DTCC announced the signing of the definitive agreement to acquire Securrency in October.
DTCC completes acquisition of tokenization solution Securrency
December 11, 2023by Ledger Insights
https://www.ledgerinsights.com/dtcc-completes-acquisition-of-tokenization-securrency/
Meanwhile, last year DTCC launched Project Ion, a post trade stock settlement solution. It runs in parallel with DTC’s classic settlement system which remains the system of record, presumably to adhere to SEC requirements. That solution runs on R3’s Corda enterprise blockchain.
For the fiscal year ended December 31, 2023
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594924000044/begi-20231231.htm
Page 5
COMPANY OVERVIEW
References throughout this registration statement to “digital shares” and similar terms refers to the typical way securities are held and traded and is the same as DTCC eligible book entry securities. We are not attempting to “tokenize” securities, but intend our concept to use distributed ledger technology to execute and record securities transactions with higher efficiency and lower cost, which is essentially a back-office function.
Page 17
We believe that the BDTP™ platform is compatible with the Depository Trust Company’s (DTC) Deposit and Withdrawal at Custodian (DWAC) service, which provides participants with the ability to make electronic book-entry deposits and withdrawals of eligible securities into and out of their DTC book-entry accounts using a Fast Automated Securities Transfer service (FAST) transfer agent as the distribution point. We have designed our technology to be fully compatible with the DWAC system – i.e. shares of stock in uncertificated (book-entry) form can be moved into or out of the DWAC system just as with certificated shares of stock through a company’s existing transfer agent and existing broker-dealers.
Page 38
The Company does not operate in the crypto asset markets, does not have crypto asset holdings, and is not proposing to participate in the crypto asset industry, including crypto securities, crypto currencies, and tokens. The use of a blockchain in our proposed platform often gets conflated with crypto asset markets due to blockchain’s use in those industries as well.
New 8K out. What we already knew, another method patent penciled into the original template. Time for another infomercial.
FORM 8-K
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594924000080/blackstar8k52124v2.htm
On May 20, 2024, the Company issued a press release entitled “BlackStar will Receive a Patent on the Digital Funding of Securities on a Centralized Blockchain.” A copy of the press release is attached hereto as Exhibit 99.
Got a chuckle out of that Janet. After years of promoting this loser of a stock that you now know will go bust, you have a couple of more to recommend. 😆
I always like the ignore user posts for those so self involved to believe anyone cares. Those sharing real due diligence here do so for those conducting their own who represent the new money needed for the conversions . Most who read these boards are bag holders who like the hand holding from those who constantly promote no matter the facts of the matter. Marc has been promoting heavily since this was at its 52 week high of $0.0128. Those who ignored the dilution posts in December fell victim to the more than 70% sell off at the end of the year. No one now is denying the potential conversions for the defaulted debt and the fact that the CEO himself is heavily involved in the promotion of the share sales though the infomercials. What is also well known now is that the trading platform is unable to operate due to regulatory rules governing securities and that the new method patents are nothing but paper at this point. This CEO has been selling shares for years off this narrative.
Savannah-Marc
Re: None
Tuesday, February 20, 2024 3:35:45 PM
Post# 11777 of 13844
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173885877&txt2find=board%2Bseat
Re: ice trader post# 4303
Wednesday, November 29, 2023 10:33:21 PM
Post# 4442 of 13310
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173325037
Bubae
Re: Short Squeeze post# 13808
Monday, May 13, 2024 7:36:24 PM
Post# 13817 of 13844
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174409805
The OTC site now shows that Blackstar is delinquent in their reporting. That was pretty much expected.
NT 10-Q
https://www.sec.gov/Archives/edgar/data/1483646/000106594924000069/blackstarnt10qmarch2024.htm
...The Registrant intends to file the subject Quarterly Report on Form 10-Q on or before the fifth calendar day following the prescribed due date, however, given the extraordinary circumstances, the filing may be further delayed.
Judge for yourself. I know that the November updates weren't capture for the two OS updates in December. I have already pointed out that the number for the float has consistently been wrong. The current float shows 1,606,723,782 shares dated October 31st 2023 but we know according to the Q3 filing that the outstanding share count was 1,244,572,435 shares November 1st shown on page 1 of the Q3 and shows the same number in the chart on page 5 for September 30th 2023. I have always assumed the number on the OTC site were accurate but now I see that they should be verified.
Bubae
Re: None
Tuesday, April 09, 2024 9:16:59 AM
Post# 12825 of 13894
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174202842&txt2find=new%2BSeptember
New update this morning for the OS showing zero increase back dated again to the 17th. It looks to me like the 20 window would have been closed by the 16th for the $0.00065 conversion price but I may be wrong because the back date to the 17th may be for a reason. Remember, they converted in November according to the annual and indicated in the two updates in December that the share count had not increase since September 30th. I we see another infomercial I would assume they have new shares to move.
Bubae
Re: None
Thursday, May 16, 2024 9:06:50 PM
Post# 13866 of 13894
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174436131&txt2find=OTC%2Bsite
That dilution isn't fake and you don't see any dilution deniers anymore. We know now from the annual report that they were issuing new shares in November though they didn't report the increases with two subsequent share count updates on the OTC site. Everyone complains about the toxic shares dumps buy no one says anything about the CEO personally promoting the sales with the infomercials since the beginning of the year. I guess G.S. Capital needed some help moving the more than 257 million shares with a conversion price of only $0.00006. 🙄 We know that 495,744,512 shares have been added since September 30th 2023.
JohnnyRothrock
Re: gshores post# 5077
Monday, December 04, 2023 2:55:34 PM
Post# 5081 of 13894
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173354842
Re: None
Thursday, May 16, 2024 9:06:50 PM
Post# 13866 of 13894
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174436131&txt2find=OTC%2Bsite
It is pretty easy to push this around right now Marc. It doesn't look like they are pushing those new shares out right now and we won't know if anyone converted until we see the Q1. Until then I would assume they will dump some with the next promotion. That $584,079 in potential defaulted debt conversions isn't going away on its own and will hang over this like a wet blanket. We also know that the 153 million or so in restricted to pay some bills will be vested by the end of June.
Bubae
Re: Short Squeeze post# 13808
Monday, May 13, 2024 7:36:24 PM
Post# 13817 of 13891
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174409805
The SEC has been taking action against these toxic note holders for failure to register as deals for some time. This hasn't discouraged the obscene conversions for this stock. It would appear that these note holders have not been observing the Rule 144, 180 day holding period for unregistered shares. The SEC has been working on Rule 144 holding period amendments for some time. These amendments were to be formalized first in April 2022, then April 2024 and are now scheduled for October 2024. This rule 144 holding period amendment will codify what the SEC has been enforcing since 2022 charging toxic lenders with failing to register as dealers. I however wouldn't hold my breath because these predatory lenders have plenty of money to fund the lobbyists.
1800 Diagonal Lending got out in front of the patent acceptance news receiving 591,386,247 of the 698 million shares issued in the first nine months of 2023 priced at an average of only $0.00017 a share. 698 million shares only bought Blackstar $116,725 in debt relief. All but 104 million of the nearly 600 million came during Q2 and Q3 2023.
Adar Alef executed a partial conversion of $13,455 principal into 62,100,00 shares of the Company’s common stock at a price of $0.0002167 per share back in November when the stock was on its way to a penny. At only $0.005 they could have banked more than $300K off that $13K conversion. Adar Alef still has $364,079 left on that note.
Looks like G.S. Capital received a partial conversion of 257,704,832 shares priced at $0.00006 a share that became available after the stay expired on February 15th. G.S. Capital likely made more than $500K on that $15,462 worth of debt relief. The company in their lawsuit counter claim states $600K made from those conversions.
SEC Publishes Fall 2023 Regulatory Agenda
Posted on December 7, 2023
https://www.knowntrends.com/2023/12/sec-publishes-fall-2023-regulatory-agenda/
Selected Proposed Rules. In this Regulatory Agenda, the SEC has moved the target date for proposing rules for Corporate Board Diversity and the Rule 144 Holding Period, from April 2024 to October 2024,...
Stock Issuers & SEC Taking the Fight to ‘Toxic’ Lenders
Agency bringing actions against convertible noteholders for failing to register as dealers
by Howard Mulligan August 15, 2023 in Financial Services
https://www.corporatecomplianceinsights.com/sec-toxic-lenders/#:~:text=Since%20early%202020%2C%20the%20SEC,required%20by%20the%20Securities%20and
Since early 2020, the SEC has been investigating purchasers of convertible notes of issuers trading on OTC Markets Group and has initiated several enforcement actions against these noteholders for violations of federal securities laws, particularly failure to register as a “dealer,” as is required by the Securities and Exchange Act of 1934, as amended.
For the quarterly period ended September 30, 2023
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594923000100/begi-20230930.htm
Page 10
NOTE 5 – STOCKHOLDERS’ DEFICIT
Common Stock
During the nine months ended September 30, 2023, the Company issued shares of its common stock as follows:
Bubae
Re: None
Saturday, May 04, 2024 6:02:41 PM
Post# 13663 of 13884
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174358707
Bubae
Re: Savannah-Marc post# 13457
Wednesday, May 01, 2024 12:41:56 PM
Post# 13466 of 13884
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174338327
The company's two previous press releases for January and February were about new financing. Looks like what they got were bridge loans for $1.2 million. Shawn Leon is boasting about a $5 million equity raise but he will be doing good to get a couple of million off that regulation "A" offering. The offering is what he was selling potential investors in January and February. That leaves $525,000 who's disposition we won't know of until we see the quarterly.
We know that they handed $625,000 over to Lawrence Hawkins for this 25% stake in ATHI. The company had a $250,000 note mature on March 15th so that could have been paid. Bottom line is that these are short term bridge loans and we Shawn Leon hasn't revealed the terms for these loans. The only way he pays for this is with the offering in my opinion which will only be viable after the split. That August 9th note has an automatic conversions feature. The split and the qualification for the amended offering should likely be in place before then.
For the quarterly period ended September 30, 2023
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000792935/000190359623000912/grst_10q.htm
8. Short-term Convertible Notes (continued)
Joshua Bauman
On August 9, 2023, the Company issued a convertible promissory note to Bauman, in the aggregate principal amount of $150,000. The note bears interest at 10.0% per annum and matures on August 9, 2024. The note is convertible into shares of common stock at a conversion price at the option of the holder at $0.001 per share, adjusted for anti-dilution provisions. The note is convertible into common stock at the option of the holder after the expiration of six months from the issuance date, in addition, should the note reach its maturity date, August 9, 2024, the note will automatically convert into shares of common stock at the conversion price, subject to anti-dilution provisions.
9. Subsequent events
On November 15, 2023, the Company, entered into a senior secured Promissory Note in the aggregate principal amount of $250,000 for net proceeds of $223,500 after an original issue discount and fees of $26,500. The note earns interest at 10% per annum and matures on March 15, 2024.
Ethema Acquires 25% Minority Stake in ARIA Subsidiary
https://finance.yahoo.com/news/ethema-acquires-25-minority-stake-134910442.html
The Company presented at a series of three investor conferences beginning in the middle of January and ending in the middle of March and a webinar at the end of March. The plans presented at these events included a plan to raise bridge loan funds to fund both the purchase of the aforementioned minority interest and an additional location in Boca Raton. The Company has raised $1,200,000 in bridge loan funding to date and lined up an additional $300,000 to fund the expansion into the Boca Raton location when that is finalized.
Thanks for that. 🤣 You are right, wrong board.
The company's two previous press releases for January and February were about new financing. Looks like what they got were bridge loans for $1.2 million. Shawn Leon is boasting about a $5 million equity raise but he will be doing good to get a couple of million off that regulation "A" offering. The offering is what he was selling potential investors in January and February. That leaves $525,000 who disposition we won't know of until we see the quarterly.
We know that they handed $625,000 over to Lawrence Hawkins for this 25% stake in ATHI. The company had a $250,000 note mature on March 15th so that could have been paid. Bottom line is that these are short term bridge loans and we Shawn Leon hasn't revealed the terms for these loans. The only way he pays for this is with the offering in my opinion which will only be viable after the split. That August 9th note has an automatic conversions feature. The split and the qualification for the amended offering should likely be in place before then.
For the quarterly period ended September 30, 2023
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000792935/000190359623000912/grst_10q.htm
8. Short-term Convertible Notes (continued)
Joshua Bauman
On August 9, 2023, the Company issued a convertible promissory note to Bauman, in the aggregate principal amount of $150,000. The note bears interest at 10.0% per annum and matures on August 9, 2024. The note is convertible into shares of common stock at a conversion price at the option of the holder at $0.001 per share, adjusted for anti-dilution provisions. The note is convertible into common stock at the option of the holder after the expiration of six months from the issuance date, in addition, should the note reach its maturity date, August 9, 2024, the note will automatically convert into shares of common stock at the conversion price, subject to anti-dilution provisions.
9. Subsequent events
On November 15, 2023, the Company, entered into a senior secured Promissory Note in the aggregate principal amount of $250,000 for net proceeds of $223,500 after an original issue discount and fees of $26,500. The note earns interest at 10% per annum and matures on March 15, 2024.
Ethema Acquires 25% Minority Stake in ARIA Subsidiary
https://finance.yahoo.com/news/ethema-acquires-25-minority-stake-134910442.html
The Company presented at a series of three investor conferences beginning in the middle of January and ending in the middle of March and a webinar at the end of March. The plans presented at these events included a plan to raise bridge loan funds to fund both the purchase of the aforementioned minority interest and an additional location in Boca Raton. The Company has raised $1,200,000 in bridge loan funding to date and lined up an additional $300,000 to fund the expansion into the Boca Raton location when that is finalized.
Anyone familiar with this ticker should recognize the familiar narrative in the latest press release. The story since 2020 has been Ethema Health's acquisition of this Evernia treatment center which has a share structure of its own held by American Treatment Holdings, Inc (ATHI). Ethema has claimed 75% ownership but if you distill out what they can actually claim free and clear it doesn't add up to much. The bulk of the 75% ownership in ATHI is used to secure debt with the five year options. Now the story continues the same with Ethema Health claiming to own 100%. This story has always had the added spice on the ever on going letters of intent to acquire a stake in another treatment center. The Globenewswire link below to Ethema's press release history going back to 2018 is littered with these statements and not a one was ever completed.
We need to go back to the Q3 2021 filing to see the percentages assigned to the options because by Q1 2022 they dropped the percentages. The $655,000 listed by Leonite becomes $396,000 by Q1 2022. So part of my question of how Ethema was able to put up all the assets of both Ethema and ATHI to secure the new $1 million in revolving credit line was answered by the buy out of Lawrence Hawkins 25%. Now what about the options that secures debt. These holders are entitled to 50% ownership of the original option after the debt is paid.
Ethema Acquires 25% Minority Stake in ARIA Subsidiary
https://www.streetinsider.com/NewMediaWire/Ethema+Acquires+25%25+Minority+Stake+in+ARIA+Subsidiary/23244310.html#:~:text=WEST%20PALM%20BEACH%2C%20FL%20%2D%20(,it%20did%20not%20already%20own.
...is pleased to announce that on May 16, 2024, it closed on a deal to acquire the 25% share (the “Interest”) of American Treatment Holdings Inc. (“ATHI”) that it did not already own. This brings the total holding in ATHI to 100%.
The cash component of the acquisition was $625,000 and the balance was funded with a promissory note of $475,000 given to the Seller which will be paid over 18 months.
Ethemqa Health Globe News Wire Press Release History
https://www.globenewswire.com/en/search/organization/Ethema%2520Health%2520Corporation?page=1&pageSize=50
For the quarterly period ended September 30, 2021
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000792935/000172186821000835/f2sgrst10q111721.htm
ETHEMA HEALTH CORPORATION
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
22. Commitments and contingencies
c. ATHI Option agreements
On July 12, 2020, the Company entered into a five year option agreement with Leonite Capital LLC (“Leonite”) and other investors (collectively the “Transferees”), the Company agreed to sell to Leonite a portion of the total outstanding shares of ATHI from the shares of ATHI held by the company. The Company provided Leonite an option to purchase 33% of ATHI from the Company for a purchase consideration of $0.0001 per share, based on the advances that Leonite made to the Company totaling $655,000. Leonite shall share in all distributions by ATHI to the Company, on an as exercised basis, equal to the advances made by Leonite to the Company, thereafter the option will be reduced to 50% of the shares exercisable under the option.
On September 14, 2020, the Company entered into a five year option agreement with Ed Blasiak (“Blasiak”) whereby the Company agreed to sell to Blasiak a portion of the total outstanding shares of ATHI. The Company provided Blasiak an option to purchase 2.5% of ATHI from the Company for a purchase consideration of $0.0001 per share, based on the advances that Blasiak made to the Company totaling $50,000. Blasiak shall share in all distributions by ATHI to the Company, on an as exercised basis, equal to the advances made by Blasiak to the Company, thereafter the option will be reduced to 50% of the shares exercisable under the option.
On October 29, 2020, the Company entered into a five year option agreement with First Fire whereby the Company agreed to sell to First Fire a portion of the total outstanding shares of ATHI. The Company provided First Fire an option to purchase 6.25% of ATHI from the Company for a purchase consideration of $0.0001 per share, based on the advances that First Fire made to the Company totaling $125,000. First Fire shall share in all distributions by ATHI to the Company, on an as exercised basis, equal to the advances made by First Fire to the Company, thereafter the option will be reduced to 50% of the shares exercisable under the option.
On October 29, 2020, the Company entered into a five year option agreement entered into with Bauman, so that the Company agreed to sell to Bauman a portion of the total outstanding shares of ATHI. The Company provided Bauman an option to purchase 6.25% of ATHI from the Company for a purchase consideration of $0.0001 per share, based on the advances that Bauman made to the Company totaling $125,000. Bauman shall share in all distributions by ATHI to the Company, on an as exercised basis, equal to the advances made by Bauman to the Company, thereafter the option will be reduced to 50% of the shares exercisable under the option.
I'm so sure that you are correct with that analysis. 🙄 Looks like they sucked in a few new bag holders in who believe the same as you. Pay attention to what bridge loans actually are and the fact that this company is just juggling financing until it can get some cold hard cash from the hapless retail who will be buying this crap after the split. They will amend the offering because they must. look for the amended offering at $0.12 a share it will get qualified within as little as two weeks because the language would essentially be the same as 100 units priced at $0.0012. The press release says by the end of June but we know Shawn Leon has never met time frame projections in the past for anything. Before then they must split to make the offering viable and to make the OTC uplist attempt. Shawn Leon's comment July 2023 "...there are no near term plans to do so. I can only see that happening in conjunction with an up-listing when that time comes, and I believe it will come..."
Ethema Acquires 25% Minority Stake in ARIA Subsidiary
https://www.streetinsider.com/NewMediaWire/Ethema+Acquires+25%25+Minority+Stake+in+ARIA+Subsidiary/23244310.html#:~:text=WEST%20PALM%20BEACH%2C%20FL%20%2D%20(,it%20did%20not%20already%20own.
The Company’s $5,000,000 Reg A+ offering has not been successful to date and the offering will be withdrawn or amended by the end of June.
The Company will be seeking an up-listing to a senior exchange in conjunction with the equity raise.
Regulation "A" offering last amendment October 2023 and qualified in November.
https://www.otcmarkets.com/filing/html?id=16997473&guid=7iQ-kF3pD-GaJth
We expect that the fixed initial public offering price per Unit will be $0.12 (equivalent of per share of Common Stock will be $0.0012) upon qualification of the Offering Statement of which this Offering Circular is a part by the United States Securities and Exchange Commission (“SEC”).
Ethema Executes Two Real Estate Transactions and Major Debt Repayment
July 17, 2023 09:34 ET
https://www.globenewswire.com/en/news-release/2023/07/17/2705721/0/en/Ethema-Executes-Two-Real-Estate-Transactions-and-Major-Debt-Repayment.html
Mr. Leon further added, “I have been questioned often about what our plans are to consolidate the stock and I can report that there are no near term plans to do so. I can only see that happening in conjunction with an up-listing when that time comes, and I believe it will come, based on our much stronger financial position, fantastic opportunities, and our vast experience in the addiction treatment industry.”
Hey Paul, what do you think happens after Shawn Leon unloads a little debt on this latest promo? Remember my post January? Stay tuned because that is what I bet happens, and soon. 🤣
Bubae
Re: N-13 post# 49520
Wednesday, January 10, 2024 2:23:58 PM
Post# 49524 of 49781
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173601160
[color=red]So I am looking for a 1:2400 reverse split because once announced you can bet it will be trading at $0.0001 in a flash. No one will want to hold these shares into a split knowing that it is a setup for the offering. This is why you should do the split first in my opinion. 🙄 So I'm thinking 1: 2400 gets the new price to $0.24 then sell the units, or really shares, priced at $0.12 for the discount to market. This will also fit Shawn Leon's narrative of an uplist effort in the event of a reverse split. He will need to maintain a trading price above a penny for that to have a chance.[/color]
Looks like Lawrence Hawkins is getting bought out of his 25% stake in the treatment center and where does the money come from. This guy made out like a bandit off of Ethema Health shareholders over the years. The press release is typical Shawn Leon BS. He teases the possibility of investors but no one is going to invest in this mess that is Ethema Health. Like all his press releases parse out what is actually being said. Focus on ...may be amended by the end of June. for the regulation "A" offering and up-list attempt in conjunction with the equity raise. Translation, amended offering from 100 units of their stock priced at $0.12 a share to simply $0.12 a share which is the same thing and will get qualified quickly for that reason. I said this when they amended the regulation "A" offering last year to include the units of 100 language. No uplist possibility without a split. Up next like I have said, look for a 2400:1 reverse split to support the amended offering which will be priced at $0.012 a share. So what is he trying to do with this little promo? Remember my last post about the convertible debt that is due.
Ethema Acquires 25% Minority Stake in ARIA Subsidiary
https://www.streetinsider.com/NewMediaWire/Ethema+Acquires+25%25+Minority+Stake+in+ARIA+Subsidiary/23244310.html#:~:text=WEST%20PALM%20BEACH%2C%20FL%20%2D%20(,it%20did%20not%20already%20own.
The Company’s $5,000,000 Reg A+ offering has not been successful to date and the offering will be withdrawn or amended by the end of June.
The Company may not need to use the Reg A+ offering..🤣.
The Company will be seeking an up-listing to a senior exchange in conjunction with the equity raise.
Bubae
Re: None
Friday, May 17, 2024 2:26:16 AM
Post# 49885 of 49887
https://invhttps://investorshub.advfn.com/boards/read_msg.aspx?message_id=174436874
Some of the new debt below. They have a $250K six month note that matured March 15th and another for $150K that was convertible starting in February. Of course having a convertible note with this share current structure is hopeless. Where does Shawn Leon expect to get all this cash from? He should be at the end of the line after personally guaranteeing the crazy leaseback scheme. This stock is a disaster for existing shareholders in my opinion.
That regulation "A" offering should have been done a year and half ago and won't go far to pay the new bills. Where is Shawn's quarterly promotional press release? I guess it would be in bad taste to roll out another BS promo press release just before flushing this with the split. Don't let the two notes concern anyone, all recent notes have gone into default. he just pays the premium with a new refinance scheme and kicks the can down the road. That road must be coming to an end very soon. See that automatic conversion feature with anti-dilution language dated August 9th? That automatic feature is unusual and might give you an idea of the time frame for the reverse split because you sure as he77 wouldn't want it to happen before. 😆
For the quarterly period ended September 30, 2023
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000792935/000190359623000912/grst_10q.htm
8. Short-term Convertible Notes (continued)
Joshua Bauman
On August 9, 2023, the Company issued a convertible promissory note to Bauman, in the aggregate principal amount of $150,000. The note bears interest at 10.0% per annum and matures on August 9, 2024. The note is convertible into shares of common stock at a conversion price at the option of the holder at $0.001 per share, adjusted for anti-dilution provisions. The note is convertible into common stock at the option of the holder after the expiration of six months from the issuance date, in addition, should the note reach its maturity date, August 9, 2024, the note will automatically convert into shares of common stock at the conversion price, subject to anti-dilution provisions.
9. Subsequent events
On November 15, 2023, the Company, entered into a senior secured Promissory Note in the aggregate principal amount of $250,000 for net proceeds of $223,500 after an original issue discount and fees of $26,500. The note earns interest at 10% per annum and matures on March 15, 2024.
This business model is only workable as long as Ethema Health (GRST) can carry the ever increasing debt to support the treatment center (ATHI) which has investors and a share structure of its own. You can see just the effect of a partial year of increased rent expense is after the property purchase, sale, leaseback scheme to refinance that defaulted debt. We will get a clean picture of their quarterly cash burn in the Q1 soon.
Shawn Leon has packed on so much new debt since the refinance deal that the regulation "A" offering will only help them limp along a bit longer. He will be lucky to raise a couple of million off of it after the split. He has committed all the assets of Ethema Health which is really nothing at this point and that of ATHI the holding company for the treatment center to secure the $1 million credit line. How did he manage to do that when Ethema Health can only claim 75% of the treatment center ownership and the bulk of that is held in options to secure debt. What is he telling these other stake holders?
For the fiscal year ended: December 31, 2023
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000792935/000190359624000279/grst_10k.htm
Page 5
Revenue
Revenue was $5,344,976 and $4,820,747 for the years ended December 31, 2023 and 2022, respectively, an increase of $524,229 or 10.9%.
Operating Expenses
Operating expenses was $5,886,896 and $4,331,630 for the years ended December 31, 2023 and 2022, respectively, an increase of $1,555,266 or 35.9%. The increase in operating expenses is attributable to:
Operating (loss) profit
The operating (loss) profit was $(541,920) and $489,117 for the years ended December 31, 2023 and 2022, respectively, an increase in loss of $1,031,037 or 210.8%. The increase in loss is due to the increase in operating expenses of $1,555,266, discussed in detail above,...
The share updates on the OTC site for Blackstar are not to be trusted in my opinion, so be careful. According to the annual in November 2023, Adar Alef converted $13,455 principal into 62,100,00 shares of the Company’s common stock at a price of $0.0002167 per share. The updates for the OTC site, screen shots in post# 13663 liked below, shows that the outstanding share count remained unchanged from September 30th through December 22nd. We also know that the float currently listed as 1,606,723,782 shares dated October 31st 2023 is also false. The outstanding share count per the Q3 filing shows that as of November 1st the number was 1,244,572,435 shares. The same Q3 filing on the chart in page 5 you can see that the outstanding shares count as of September 30th was also 1,244,572,435 shares.
Bubae
Re: None
Saturday, May 04, 2024 6:02:41 PM
Post# 13663 of 13865
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174358707&txt2find=OTC%2Bsite
For the quarterly period ended September 30, 2023
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594923000100/begi-20230930.htm
Page 1
As of November 1, 2023, there were 1,244,572,435 shares of the registrant’s common stock, $0.001 par value, issued and outstanding,...
It is bad enough when OTC traders are ambushed by the conversions. In this case we know what is available an we know what they have been doing for months. I define longs in the OTC as those who failed to flip and got trapped. One deeply trapped they are resigned to hope. Most who survive the OTC come to understand that none of these stinky pink tickers are to be considered anything but a short term flip. This is a story stock with no path to generate revenue in the near term from what I see.
That's the way its done, dump it down and walk it back up and wait for the next bid build. Share update on the OTC site this morning showing zero increase backdated to the 10th and we know the $0.00065 conversions could have been had until the15th. We have seen this move before by Blackstar with a couple of zero increases followed by the share conversions.
Could be day one from what I see of what is likely a single tranche of what could be nearly 87 million shares. I see a six million share dump today that is suspect. we will see, but I'm counting starting today until we see otherwise. You buy now for support and I will when they go to reset at "...calculated at 50% of the average of the three lowest closing bid prices..." If they are coming with the new shares you won't be able to keep it out of the trips this time from what I see. GS Capital farmed the high teens while they converted more than 257 million shares priced at $0.00006 in February and March. This CEO will need to roll out those infomercials again for a repeat. Could happen, OTC traders are suckers for buying promotion.
Bubae
Re: moondogaz post# 13846
Thursday, May 16, 2024 7:55:43 AM
Post# 13847 of 13855
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174428819
Marc, What Happened!?! Your comment didn't even last a day. That six million share take down from $0.0022 to $0.0015 was a bit too hot to handle. 😆 They could use a little help walking it back up for another go.
Wow, they had to take it down to $0.0015 to unload five million shares. Weak support so it will be tough going for any new conversions. I can't believe so many watched the high 3s come and go without exiting or profiting. Past time for another infomercial to support this. The CEO needs to break that suit out again. 😆
See that filing date of December 2021 for that one? Like the corporate governance method patent they don't appear to have done any work toward developing these ideas into a working application. You don't need a patent to work on the application because it can be done with protection as patent pending. We know that they have been working on the trading platform idea but it is not allowed to operate due to rules governing the trading of securities. Blackstar at this point has nothing to point to in terms of potential revenue. Right now they are hemorrhaging cash defending this lawsuit which I believe will be their undoing. Bench trial scheduled for January 2025.
Bubae
Re: ericdude post# 13784
Sunday, May 12, 2024 8:55:38 PM
Post# 13788 of 13847
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174403108
The situation is fluid and I haven't seen the evidence that they someone has taken their conversions. We have a new update on the OTC site this morning showing a zero increase. However it is back dated to the 10th and we know that the twenty trading days window for those cheap conversions was through the 15th. The news lately isn't getting any traction but it appears that they are rolling out yet another method patent promo. The media contract runs though the end of May and we now know that we won't see the quarterly for a while due to the accounting firms inability to operate per the SEC action.
I would assume someone will be converting a tranche during this period which could be as much as 4.99% of the OS which is nearly 87 million shares for each lender. Adar Alef and SE Holdings base their conversion price "...calculated at 50% of the average of the three lowest closing bid prices..." So I am looking for a sell down that lasts three days to price in the next tranche for these two. So the good news is the tree day window makes it easier to see the reset from which they will want to walk it up again for the setup for the CEO's next infomercial. All GS Capital needs is a single days lowest trading day to calculate their 60% discount to market. They have a ton of defaulted debt to move so I would expect the media efforts to continue through 2024. Play they game the way they are from what I see. Someone will be paying off that debt at a steep discount to market and it won't be me. 😆
Bubae
Re: None
Wednesday, May 01, 2024 6:11:13 PM
Post# 13480 of 13846
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174341318
We know Marc, your love of this stock is legendary. 🙄 From your claim to own a ...sizeable amount of the float... when this was trading above a penny in November to your quest to buy a seat on the nonexistent board in February. Your timing is fantastic. We all know about the hundreds of millions of shares dumped in late 2023 to spoil your float ownership. Your post on February 20th just a few days after GS Capital had 257,704,832 shares to dump priced at $0.00006 after the stay expired on February 15th. Might need to mortgage the house because the two defaulted notes that matured two years ago held by Adar Alef and SE Holdings total $584,079 in principle earning 24% interest and have been in default since 2022. We also know that these toxic lenders have been dumping their shares immediately.
Savannah-Marc
Re: None
Tuesday, February 20, 2024 3:35:45 PM
Post# 11777 of 13844
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173885877&txt2find=board%2Bseat
Re: ice trader post# 4303
Wednesday, November 29, 2023 10:33:21 PM
Post# 4442 of 13310
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173325037
Re: Short Squeeze post# 13808
Monday, May 13, 2024 7:36:24 PM
Post# 13817 of 13844
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174409805
It is a bit of a stretch to continue to call this a start-up. I would say that the trading platforms time is up at this point and the future, which is now, is tokenized stock on a blockchain which is not what Blackstar does. The best evidence is the fact that the CEO no longer talks about overcoming the issues preventing the proposed trading platform from operating. Five infomercials so far for 2024 and not word on any progress because it would seem to be a fact that their “BDTP ™” product will never be used in the market.
For the fiscal year ended December 31, 2023
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594924000044/begi-20231231.htm
Page 5
BlackStar Digital Trading Platform TM (“BDTP ™”): a digital Electronic Fungible Shares trading platform enabling the trading of BlackStar common shares in electronic fungible form. (The BDTP™ has not been approved by any regulatory agency or broker dealer and is not currently operational.)
Page 36
Our plan to operate the BlackStar Digital Trading Platform ™ relies on our ability to enter into a license agreement with a broker dealer or an alternative trading system (“ATS”).
BlackStar's Digital Trading Platform Concept Receives SEC Guidance in Q3 2020
Wednesday, 16 September 2020 02:00
https://www.accesswire.com/606207/BlackStars-Digital-Trading-Platform-Concept-Receives-SEC-Guidance-in-Q3-2020
BlackStar's Blockchain Equity Trading Proprietary Software May Be Innovative Solution for Regulators, U.S. Broker Dealers and Investors
Wednesday, 21 July 2021 10:03
https://www.accesswire.com/656459/blackstars-blockchain-equity-trading-proprietary-software-may-be-innovative-solution-for-regulators-us-broker-dealers-and-investors
New to The Street TV Signs BlackStar Enterprise Group, Inc. to a 3-Month TV Series
June 02, 2022 09:00 ET
https://www.globenewswire.com/en/news-release/2022/06/02/2455264/0/en/New-to-The-Street-TV-Signs-BlackStar-Enterprise-Group-Inc-to-a-3-Month-TV-Series.html
BlackStar Enterprise Group, Inc. Provides Corporate Update
Wednesday, 21 December 2022 12:00
https://www.accesswire.com/732798/BlackStar-Enterprise-Group-Inc-Provides-Corporate-Update
BlackStar Enterprise Group, Inc. Provides Registration Statement Update
Wednesday, 15 March 2023 10:30
https://www.accesswire.com/743761/blackstar-enterprise-group-inc-provides-registration-statement-update
Blockchain First Infrastructure Designed to Enable Public Company Common Shares to Trade as Digital Securities
Monday, 11 September 2023 09:29
https://www.accesswire.com/782422/blockchain-first-infrastructure-designed-to-enable-public-company-common-shares-to-trade-as-digital-securities
How convenient. We may not see the Q1 for some time due to Blackstar using what appears to be a corrupt accounting firm.
NT - 10Q
https://www.sec.gov/Archives/edgar/data/1483646/000106594924000069/blackstarnt10qmarch2024.htm
As part of the settlement, Borgers agreed to a permanent ban on appearing or practicing before the SEC. As a result of Borgers’ settlement with the SEC, the Company dismissed Borgers as its independent accountant.
The Registrant intends to file the subject Quarterly Report on Form 10-Q on or before the fifth calendar day following the prescribed due date, however, given the extraordinary circumstances, the filing may be further delayed.
There is no team at BEGI. It is a one man show producing infomercials, selling shares, back by a couple of consultants. There is no real business being conducted. He has however been fairly successful helping these toxic lenders realize obscene profits.
For the fiscal year ended December 31, 2023
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594924000044/begi-20231231.htm
Page 14
NUMBER OF PERSONS EMPLOYED
As of December 31, 2023, we have no full-time employees and 2 independent consultants who act as our officers and directors on a part-time basis of up to 40 hours per week.
My posts are for those new conducting their own due diligence. The words of the company can be powerful and those who have been promoting this for months are at a loss as to how to respond. Looking forward to the Q1 to see if anyone requested their conversions. I expect that they will file a late notice to hold off revealing what has been going on for as long as possible. One thing we have learned for certain since the beginning of the year is that this CEO has been working closely with these lenders to get the new shares into the market for the highest price possible. Blackstar on the other hand has been getting a pittance of debt relief relative to the profits being banked by these lenders.
Three conversion possibilities for this period to the end of June when those restricted shares that were issued in Q4 2023 are ready. The Adar Alef and SE Holdings notes total $584,079 in principle earning 24% interest and have been in default since 2022. Those two notes have until the 15th to lock in their conversions at $0.00065 based on 50% discount to market based on conversion language for the past twenty trading days. After which the price has been rising so to does the conversion price. The balance of the GS Capital note plus interest which has a 50% discount to market based on the lowest trading price of the previous twenty days should also be available. Then there is the 52 million restricted that has vested which could be shares from the Form "D" registration filed in May 2023.
Bubae
Re: None
Wednesday, May 01, 2024 6:11:13 PM
Post# 13480 of 13815
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174341318
Re: None
Monday, May 13, 2024 8:36:38 AM
Post# 13792 of 13814
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174404187
Re: burner67 post# 13724
Tuesday, May 07, 2024 10:14:24 PM
Post# 13728 of 13814
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174376080
No wild goose chase because I stated myself that the videos no longer are available This isn't misinformation, I know what I'm talking about. The fact is that Blackstar ran a promotional campaign in 2022 using the same model that they have deployed since the first of the year. Post# 10650 with links. I would characterize what Blackstar is doing as disinformation. Despite the disclosure in the filings that the trading platform is not allowed to operate this is not clearly communicated in the infomercials. We also know that the CEO is selling those conversions with these paid video spots with the revelation in the annual that GS Capital had more than 257 million shares with conversion price of $0.00006 to sell after the stay expired on February 15th . By definition these are infomercials. I don't see anyone here promoting based on the company's own print. Most understand what the company promotes can be revealed to be disinformation using the filings.
Re: AKATITUS post# 10648
Wednesday, January 24, 2024 7:48:45 PM
Post# 10650 of 13807
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173697663&txt2find=2022%2Binfomercials
Someone is making nice bank today selling into the strength. Hope that is retail. 6,773,980 in the sell column and 2,075,053 on the buy side as of 11:39. I see fools buying as high as $0.033 who are already down 27% 😆 They are finding new money somewhere.
I can read filings and I know a share selling scheme when I see one so you would be wrong about my contributing to the losses here. My posts below on November 27th when this was trading at the 52 week high of $0.0128 while everyone was hyperventilating over this. Do you realize the scale of retail losses here that went directly into the accounts of these toxic lenders converting as low as $0.00006?
Bubae
Re: AKATITUS post# 3859
Monday, November 27, 2023 12:01:19 AM
Post# 3862 of 13802
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173298613&txt2find=think%2Bpass
Re: dinogreeves post# 4025
Monday, November 27, 2023 6:47:51 PM
Post# 4026 of 13802
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173305774&txt2find=Kool
Re: starkd748 post# 4001
Monday, November 27, 2023 4:51:21 PM
Post# 4007 of 13802
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173305051
This CEO is in full blown method patent promotion mode. Anyone see the latest press release dated May 9th? Helps to explain where the new money is coming from. Looks like a modification of the trading platform to promote. Never mind that they aren't allowed to use it or that they never mention it in their adds anymore. The quarterly will likely be filed late. They won't show their hand until they absolutely need to. Looking forward to what conversions he is promoting now. The game with the OS updates several days apart makes more sense with the context of the new press release. As in December they update showing zero shares before they issue more. Expect another infomercial because he has more shares to move. We are either looking at the large defaulted Adar Alef and SE Holdings notes or more of the GS Capital note that is the subject of the lawsuit.
BlackStar will Receive another Patent on its Revolutionary Digital Trading Platform: A Blockchain Encrypted Infrastructure Designed to Enable Securities to Trade on a Blockchain
Thursday, 09 May 2024 09:00 AM
BlackStar on 05/06/2024 received a ‘Notice of Allowance' from the United States Patent and Trademark Office (USPTO), U.S. Patent Application No. 18/415,938 Title: "Systems And Methods For Using A Digital Trading Platform To Trade Securities On A Blockchain."
For the fiscal year ended December 31, 2023
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594924000044/begi-20231231.htm
BlackStar Digital Trading Platform TM (“BDTP TM”): a digital Electronic Fungible Shares trading platform enabling the trading of BlackStar common shares in electronic fungible form. (The BDTP TM has not been approved by any regulatory agency or broker dealer and is not currently operational.)
Bubae
Re: None
Monday, May 06, 2024 7:31:53 PM
Post# 13706 of 13799
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174368518&txt2find=share%2Bupdate
Today they updated the share count again dated for Friday the 3rd showing a zero increase. So why not on Friday the 3rd did they not date it the 3rd rather back date it to April 26th.
Maybe you should read my post. They did run the series. I linked to a post during that time period which had a link to one of the videos. I guess I fabricated that as well. 🙄 You also need to catch up because there were no infomercials for 2023. They have done five now since the beginning of the year to move the new conversions. I conduct actual due diligence and have been on top of this pointing out the dilution since I arrived at the 52 week high of $0.0128.
Peter Penny
Re: None
Friday, October 28, 2022 9:15:34 PM
Post# 1886 of 13779
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=170318584
Judge for yourself. 🙄 "The BDTP™ has not been approved by any regulatory agency or broker dealer and is not currently operational" This has been the case for years. But it doesn't deter the CEO from promoting it in the infomercials. Maybe he should add that disclaimer before saying what they plan to do with it? Maybe? Hmmmm 🤔 Meanwhile they have a media contract through the end of May so lets get some new shares sold.
For the fiscal year ended December 31, 2023
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594924000044/begi-20231231.htm
Page 5
Definitions
As used throughout this Report, capitalized terms used but not defined herein shall have the meanings assigned to such terms in the filing. The following terms shall have the meanings set forth below, unless the context clearly indicates otherwise:
BlackStar Digital Trading Platform TM (“BDTP ™”): a digital Electronic Fungible Shares trading platform enabling the trading of BlackStar common shares in electronic fungible form. (The BDTP™ has not been approved by any regulatory agency or broker dealer and is not currently operational.)
BlackStar Enterprise Group, Inc. Provides Registration Statement Update
Wednesday, 15 March 2023 10:30 AM
https://www.accesswire.com/743761/blackstar-enterprise-group-inc-provides-registration-statement-update
However, there can be no assurance that such regulatory approvals will be obtained in a timely manner or at all.
We believe it may take an additional six to nine months to address SEC comments and questions, and there is no assurance that we will be successful in our shares being approved or cleared for trading on our BDTP™ platform. The BDTP™ is not yet functional and may never be functional.
Aside from the two defaulted convertible notes held by Adar Alef and SE Holdings I see no reason why GS Capital couldn't request conversions for the balance of their principle plus interest on their October 11th 2021 note which is the subject of the lawsuit. That note converts at 60% discount to the lowest trading price of the previous 20 trading days. Going back 16 days we have a low of $0.0013 which would give them a conversion price of $0.00052.
GS Capital October 2021 note
https://www.sec.gov/Archives/edgar/data/1483646/000106594921000193/ex10_4.htm
Bubae
Re: moondogaz post# 13729
Tuesday, May 07, 2024 10:36:11 PM
Post# 13732 of 13791
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174376152
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594924000044/begi-20231231.htm
Page 57
Liquidity and Capital Resources
.... the Company issued, as partial consideration, 25,000,000 shares of its common stock (valued at $100,000) to a media consulting firm for investor relations services under a six-month agreement through May 2024.
I had to laugh when I read this. I just posted yesterday about tokenized stocks already traded on a blockchain. I had not heard of Securrency and when I looked it up I found that the DTCC has acquired it as of December 2023? So why would a broker / dealer ever partner with Blackstar to trade securities on the form Blackstar proposes. Trading stocks on a blockchain in the traditional form is clearly not only not allowed but it is not the future from what I see. people who don't understand this needs to look up who the DTC is. 😆
Dec 11, 2023 • Press Releases
DTCC Comments on Acquisition of Securrency
https://www.dtcc.com/news/2023/december/11/dtcc-comments-on-acquisition-of-securrency
Today, DTCC announced it has closed on the transaction to acquire Securrency Inc. (“Securrency”), a leading developer of institutional-grade, digital asset infrastructure. DTCC announced the signing of the definitive agreement to acquire Securrency in October.
DTCC completes acquisition of tokenization solution Securrency
December 11, 2023by Ledger Insights
https://www.ledgerinsights.com/dtcc-completes-acquisition-of-tokenization-securrency/
Meanwhile, last year DTCC launched Project Ion, a post trade stock settlement solution. It runs in parallel with DTC’s classic settlement system which remains the system of record, presumably to adhere to SEC requirements. That solution runs on R3’s Corda enterprise blockchain.
Bubae
Re: hamchee1026 post# 13781
Saturday, May 11, 2024 8:00:57 PM
Post# 13782 of 13790
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174400319
Another method penciled into the template that runs on Amazon's product. At this point both this one and the corporate governance are nothing but paper to promote the debt conversions. I have found where they did employ a third party software company to develop the application for the trading platform that is not allowed. I have found nothing to suggest the same for either of the new proposed ideas.
Here is what they have been burning cash on instead of product development. Legal and professional fees for the first nine months of 2023 was $116,028 according to the chart on page 4 of the Q3 filing. The 2023 annual reveals a total of for $326,527 legal and professional fees for 2023 which means that Blackstar has burned $210,499 in Q4 alone for these services. Compare that to only $25,140 for Q3 2023. So it would appear that Blackstar is getting crushed by this stupid GS Capital lawsuit filed on November 6th over what was a principle outstanding balance of only $33,682 as of September 30th 2023. Q1 2024 has also been very busy in terms of the lawsuit with their "Motion for Stay Pending Appeal" to the Nevada Supreme Court which was denied. It will be interesting to see what the lawsuit cash burn was for Q1 was.
To put that into perspective Blackstar received "net cash proceeds of $400,000" financing from non-related individuals. $325,000 of the note mature at nine months with the first two written in March 2023. Cash at the end of 2023 was $33,550. We see in the subsequent events section of the annual that they extended two notes that matured in February to December and took on another $139,000 in new notes through April.
Meanwhile these debt conversions are banking many hundreds of thousands for the toxic lenders. Just for 2024 I see 257,704,832 shares issued at $0.00006 for GS Capital that they were free to sell starting February 16th after the extension of the stay was denied. Looking at the trading price activity during this time GS Capital could have easily banked more than $500K off of what would have only been a reduction of $15,462 of the $33,682 in debt principle. In Blackstar's counter suit they claim that GS Capital has profited by $600K. Anyone see a problem here? 🤔 I wonder whos accounts that $600K came from? 😆
For the quarterly period ended September 30, 2023
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594923000100/begi-20230930.htm
Page 16
Results of Operations
Legal and professional fees of $25,140 for the three months ended September 30, 2023 increased by $5,413 from $19,727 for the comparable 2022 period. Fees for the 2023 and 2022 periods were predominately for SEC regulatory and statutory filings, registration statement filings and amendments thereto and auditor related fees for quarterly reviews.
For the fiscal year ended December 31, 2023
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594924000044/begi-20231231.htm
In 2023, we received $400,000 in non-convertible debt financing from non-related individuals, of which $325,000 is due within one year of issuance with interest at 11% per annum, and $75,000 is due from 2025 to 2026 with interest at 5.5% per annum.
Page 56
Results of Operations
Legal and professional fees of $326,527 for the year ended December 31, 2023 increased by $199,135 from $127,392 for the year ended December 31, 2022. During 2023 the Company incurred legal fees for litigation and settlement of issues with convertible debt holders which were not incurred in prior years, in addition to recurring costs for SEC regulatory and statutory filings matters. Fees for 2022 were predominately for SEC regulatory and statutory filings, fees for annual audit and quarterly reviews and filings for a Registration Statement on Form S-1 to register underlying common shares for issuance to investors.