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Two good questions. Unfortunately enforcement is pretty lax in the Pink market. Someone could and should report them to FINRA and the SEC. There is clearly evidence of securities fraud here. The problem is that they do not devote much resource to this space.
As to your first question, i.e., what if BGMO really is sitting on a small mountain of money, there is a zero probability that this is the case. When I say this it is not bear-speak. If you step back and review how they said they acquired the funds it makes no sense whatsoever. The instruments don't exist and or they come from nonexistent companies. If you compare the balance sheets they have published they make no sense under any known accounting system. They say silly things on them that if they were real you would never write.
The issue is offshore profits not offshore capital. BGMO has never made a cent so they have no offshore profits to repatriate.
They also haven't ever published an actual financial statement since they delisted. Which if they had any actual revenues they would have done. The stuff the released are not actual financial statements they are pure fiction.
You will never get certified or audited financial statements for this company. Never. Don't confuse a press release with what a CPA can or will do. Any CPA that looks at what this company has published will walk away.
Please help me understand BGMO's financial statements.
The Bulls on the stock claim that a forthcoming financial statement audit will fully demonstrate that there is real value here. If we look at the last two sets of financial statements and say that they represent the financial condition of the company how does the following math work:
Between the Balance Sheet released on July 11, 2011 and the balance sheet released on February 29, 2012 shares on issue increased by 744,640 and paid in capital in excess of par increased by $150,059,500. This means someone paid $201.52 per share to acquire this stock. Huh??
Over this period the stock price was never above $0.08/share. Why would someone pay over $200?
Further, the balance sheet printed by BGMO in prior periods show the same types of YoY numbers.
Therefore, one can conclude that...
A) They are totally fictitious documents, which they are. And, as previously pointed out they do not conform ao US GAAP.
B) They cannot be audited. No accountant will produce any report related to these if they expect to stay in business. That assumes an accountant has actually been hired.
Hope can trump reality only for so long.
What you are describing is criminal fraud. So you are recommending HH is purposefully doing things that will land him in jail. Love it.
Alternatively, if had any of the money he showed on the supposed Balance Sheet, which of course isn't a real balance sheet, he would pay off the lawsuits as the courts demand. But he would risk being held in contempt. That would be a high quality, ethical strategy.
THERE IS NO MONEY.
Why do you assume they've even been hired? There is exactly zero evidence they've been hired. Why would they work for an insolvent company and put their reputation at risk?
Is BB Solar a real company?
Does anyone know if BB Solar is a real company or more vapor ware, claims about things in this site and a website. Looking at there website it look like vapor to me. No evidence of any real business.
Or, are they just in league with HH. Each saying the other is real. Just like so many other of HH's claims over the years (the now missing public B/D, US Capital Funding, fake banks, etc.)
If BB Solar is real can someone provide some actual evidence other than the website and supposed attestations here.
Very curious.
This is speculating, not investing.
I find it curious that people use the words "investor" or "investment" to describe buying or owning BGMO. Anytime you are buying shares in a company that is on the Pink Sheets and has not filed financial statements for several years you are speculating. Pure and simple. Investors make their decisions based on information, there is only vapor here. So be clear about what you are doing.
Your point.
Don't you understand the forthcoming audit will propel the stock to the stratosphere -- not.
Why let a few facts get in the way of a good, old fashioned healthy, self-delusional fraud.
They're on the internet, therefore they're real.
Your logic is flawed. Any firm, who has money, can hire an accounting firm. The act of hiring someone doesn't mean there is anything there. You also need to know what they were asked to do. If this is a full audit it will take months. If BGMO is just trying to buy credibility the Bradford won't supply it without doing the work as they would then have liability.
Let me restate a fact that has been stated by others many times. The "financial statements" released by BGMO earlier this year are not financial statements. They are garbage. Every claim to financial assets by BGMO has been easily proven to be fraudulent or fictitious. No accounting firm would either touch them, certify them, offer an opinion on them, etc.
Assuming Bradford was in fact hired, and they have no reason or responsibility to confirm or deny this, and given BGMO's track record on announcing things the most likely case is we never hear something. There will be some unexplained delay.
A) FINRA would see right through a "foreign sub"
B) It would raise the specter of AML compliance which would further complicate any deal
C) As you say, where is the 8-K from the "public company"
D) Since BGMO has no money, how do they pay for it?
E) Approval process is a total regulatory pain and takes months to go through change of control
F) The small B-D business is a pretty crappy one to be in, so why?
G) Well, nuff ink wasted for now
While I do not know where these stand, if they remain unsettled it is further proof that BGMO is not buying a B-D as FINRA would never allow someone with this legal track record to be involved with one. They are very strict.
Why Pakistan?
I am surprised that the "believers", despite any actual factual evidence other than a series of press releases that are virtually impossible to verify, accept that this company is developing business in Pakistan.
Have you read the international section of anu major newspaper for the last several months? Pakistan is a total mess and highly corrupt. This makes international business extremely challenging. How would BGMO, a company with exactly zero operating history or international experience actually do business there? How do you get the banks to move money (Pakistan is not sanctioned but the Compliance Department at any bank will look very closely at any fund movement, they have to by law)?
The US Army is having nightmares in Pakistan. BGMO can succeed where the Army with all its resources can't?????
Just another thing about BGMO that makes no sense whatsoever.
I confidently predict that Bradford has never been hired. With exactly what money does BGMO have to pay them? Also, even if hired, they will never issue any meaningful opinion without months and months and months of work. Lastly, why would Bradford waste their time and their reputation on this mess of lies and fictions. They didn't and won't.
Sure. I was introduced into this situation for totally different reasons. It was clear to me on review of various documents what was really happening here. My view was if I could help others the small time commitment is worth it.
I should also point out that it is an oxymoron to call anyone an investor who spends any time on a pink sheet stock, with BGMO's history and market cap. This is all, and only, about trying to guess at buy sell movements. There is nothing to invest in.
So I guess the bottom line is it is some form of civic contribution with a smidgeon of entertainment value.
BGMO is not a prestigious company. It is a total failure and likely a fraud.
This is a company that was delisted years ago. They have never filed actual financial statements. They periodically issue fantastic press releases that prove to be total lies. They have lost lawsuits. For a company that claims to have huge assets they have a market capitalization not statistically different than zero.
How is that in any way, shape or form prestigious?
You are 100% correct. If there was a broker dealer being bought by Bergamo they would have announced it. A simple internet search would find the story. Funny thing, no announcement.
Also, as you point out BGMO would never meet FINRA's requirements to own a B-D. It is all a lie and a continuation of the fraud.
This is of course total nonsense. One, no real company issues "press releases" via Facebook. What a farce.
Second, any real company would be talking about the FINRA approval process. I wonder why BGMO says nothing about this. Simple. There is no B-D acquisition happening.
Agree totally, but there are two issues at play. Everything BGMO says isn't real. So can they concoct some story about acquiring a BD? Sure. But as anyone who knows how the real world functions knows BGMO will not acquire a BD. Why the "believers" put any faith in this is beyond me? Also, why would BGMO want to own a BD, makes no sense other than in their fantasy world.
That said, since BGMO delisted several years back, which should one something, unless someone complains to the SEC BGMO can get away saying almost anything. As the market cap is minuscule, other than prosecuting HH for securities fraud, which certainly appears to be the case, the SEC tends not to deploy resources on situations like this. (This raises a somewhat broader question of why the OTCBB allows this nonsense?)
There is exactly a zero percent chance that the regulators will allow BGMO to acquire a broker-dealer. Laughable that anyone thinks they can. Putting aside that BGMO has no money, a phony balance sheet is not money, the regulatory scrutiny will only make FINRA fall out of their chairs laughing. The only reason they won't is this is another one of BGMO's lies.
Nicely done. The key point is that not only aren't these banks, they don't exist. They are all total fraudulent websites. Nothing more.
You would think these guys could at least get their stories staright.
With all due respect, what Bergamo posted on their website is total nonsense and does not conform to any known and accepted accounting system. It certainly doesn't conform with US GAAP. But beyond that, why is there no auditor's letter, and don't say they just hired one. Next the SEC doesn't audit financial statements and no one would ever say "subject to SEC audit".
And why would the SEC care about BGMO as the company was de-listed years ago other than for the likely case that BGMO is practicing securities fraud. Don't counter with why don't they prosecute, it is incorrect logic and doesn't reflect how the SEC spends its time.
Where are the notes to the Balance sheet? The P&L the posted is a fiction and doesn't tie to the balance sheet. I'm sorry it is not a balance sheet so that last comment is irrelevant.
Finally, if this company really had any assets, and certainly assets totaling over $1 billion then why does the company have a market capitalization of $124,000? Because there aren't any assets.
This isn't a bank. Its a fiction.If you check with the Brazilian bank regulators you will find that it is a made up website. Just like everything else associated with BGMO.
As real CPAs do not audit frauds there will be no impact on the share price of a nonexistent company. BGMO does't have a balance sheet to audit.