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Happy Thanksgiving everyone! May God bless us all
Happy Thanksgiving everyone! May God bless us all
Happy Thanksgiving everyone! May God bless us all
Happy Thanksgiving everyone! May God bless us all
Happy Thanksgiving everyone! May God bless us all
lets GO $XNNHQ
Even though I'm not from the US, Happy Thanksgiving everyone! May God bless us all! to see if one day I travel to your beautiful country, lets GO $BYOC
Lets GO $BYOC
It's an opinion ... the NOLS (fiscally accumulated losses) are 65 million, there is already a tax benefit of approximately 30%, about $ 20 million, then there is the BYOC Business, a company that invoices more than 5 million a year with an extensive portfolio of client and especially DATABASES OF BIG DATA;)
$BYOC will be a very company, be it a BIG DATA or a SHELL to merge with some other maybe CRYPTOMONEDAS or sports betting?
But that other Cryptocurrency or Gaming companies do want to use them, that is why they are interested in merging with BYOC ... the value of $BYOC is more than $ 20 million
For me one of the keys is the NOL's (of about $ 65 million), together with the fact that $BYOC has practically no debt and is a good company that is listed on the stock market generating income, portfolio of investor clients etc ...
The negative part is the TOXIC and abusive lender (which I hope the SEC will sooner or later uncover and condemn), I wonder if GEORGE is allied with these criminals or on the contrary he is also a Victim ...
In my opinion to all this BYOC as a company could have a great value of assets in NOLS, Clients, business etc ... (from 20 to 40 million $) that is why toxic and criminal lenders try to steal our shares
I have read somewhere that they are organizing to sue criminals, toxic moneylenders, can you pass me the address privately?
It seems like a good initiative to me!
the toxic moneylender has released again ...
charles schwab num 1 in the US does not allow to negotiate
I still do not understand why the US brokers continue to block many tickets that are PINK CURRENT for weeks ... does anyone know what happens? like EXLA or JPEX ... On the other hand there are OTC companies that would have to be PINK CURREN like SFIN
I still do not understand why the US brokers continue to block many tickets that are PINK CURRENT for weeks ... does anyone know what happens? like $EXLA or $JPEX ... On the other hand there are OTC companies that would have to be PINK CURREN like $SFIN
great post !! BYOC has a great asset like the NOLs, it seems that someone wants to take full control in Spanish it is called a Hostile OPA
Discover because it sued $BYOC?
Toxic lenders are illegal, sentences are beginning to be passed ¡¡the question in the $BYOC case is whether the objective is to clearly harm the shareholder or there is a large acquisition underway
New York's Highest Court Rules Convertible Notes Subject to Criminal Usury Laws
The Basile Law Firm P.C. has been steadfast in representing our OTC Markets issuer clients in both federal and state courts around the country. To that end, we have been involved in dozens of federal court cases as toxic convertible notes lenders sued our client to try to enforce what are possible illegal contracts. The recent NY Court of Appeals decision, a decision that cannot be further appealed, reflects our long stated and correct legal position from the beginning that a convertible note is not only subject to New York’s usury laws, but the conversion discount (when the debt is converted to stock based on a mathematical formula presenting a discount to the trading price of a public company’s stock) must also be considered interest. The NY Court of Appeals also agreed with us and affirmed that a violation of New York’s criminal usury statute (charging interest 25% or over - Penal Law §190.40) voids such loans; the lender loses both principal and interest, that the loans are void ab initio and must be cancelled by the courts. The Court also agreed with us and reached the conclusion that such a conversion feature does not transform a loan to an equity investment upon conversion for purposes of the application of New York’s usury statute. The court further recognized there is no equitable remedy available to a usurer under NY law. Adar Bays, LLC v. GeneSYS ID, Inc., No. 51, 2021 BL 393765 (N.Y. Oct. 14, 2021).
Prior to the New York Court of Appeals decision, our firm had represented over a dozen OTC Market issuers against EMA Financial LLC, LG Capital Funding LLC, Adar Bays LLC, Blue Citi LLC, Coastal Investment Partners, L.P., Power Up Lending Group, Ltd. and Crown Bridge Partners, LLC, to name a few, raising the defense of violations of the criminal usury statute and we were constantly met with tremendous pushback from the federal courts, coming up with many “reasons” why they shouldn’t reach the conclusions that NY’s highest court just reached and is now the law.
The federal courts, albeit consistent, refused to recognize the conversion discount feature as interest; have held that the loan mysteriously transformed into an equity investment once the loan is converted to stock taking it out of a usury analysis, and if that weren’t the case, the criminal usury statute did not provide relief such as voiding the contract because New York’s civil usury forfeiture statute did not apply. Some law firms and other toxic lenders even tried to use that track record against us in other cases as well and in negotiations with the issuers to extract whatever they could from the company’s, claiming we took frivolous positions and lost. That is certainly not the case anymore as New York’s highest court agreed with us on all legal issues.
Some of our clients are no longer in business as a direct result of these lenders lawsuits. It’s also a direct result of being underfunded, being taken advantage of by toxic lenders with deep pockets and their relentless pursuit to collect on the notes by trying to force repayment with stock, that many federal courts allowed. However, the NY Court of Appeals has now stated what New York law is and has cleared the path for OTC Issuers to fight back hard against those note transactions.
In New York, a note that violates the usury statute is void ab initio. Legally, the effect is as it never was entered into to begin with. Szerdahelyi v. Harris, 490 N.E.2d 517 (N.Y. 1986). “Thus, loans [convertible notes] proven to violate the criminal usury statute are subject to the same consequence as any other usurious loans: complete invalidity of the loan instrument. Adar Bays, LLC v. GeneSYS ID, Inc., No. 51, 2021 BL 393765 at 15-16. See also Christopher Basile, CRIMINAL USURY AND ITS IMPACT ON NEW YORK BUSINESS TRANSACTIONS, 36 Touro L. Rev. 409 (2020).
An important issue identified by the NY Court of Appeals is the borrower’s responsibility to establish "intent". The current law in NY states that if the interest rate can be “gleaned” from the face of the document for payment of more than the legal rate of no greater than 25% interest, then the loan is criminally usurious on its face and intent is implied as a matter of law. See Blue Wolf Capital Fund II, L.P. v. AM. Stevedoring Inc., 961 N.Y.S.2d 86, 90 (N.Y. App. Div. 1st Dep't 2013).
However, the Court of Appeals wasn’t 100% certain about the “option” value (the conversion feature) and said it may have to be determined on a case-by-case basis. The Court went on to identify two court recognized valuation methods that can be used to value the option (conversion feature). And for clarity, if the math demonstrates the rate of interest exceeding 25%, it doesn't matter what the lender "thought". Thats not the "intent" the Court of Appeals was addressing. If the rate exceeds the statutory limits under New York's usury law(s), the transaction is void. Period. Our firm, with the help of experts in the field of options valuations, has already run the numbers under both judicially accepted formulas and the result is always the same – most of the lenders discount conversion features raises the interest rate above NY’s criminal usury rate.
We expect the Second Circuit Court of Appeals, based on the guidance of the New York Court of Appeals, to reverse the lower courts granting of summary judgment on liability and send the case back down to the trial court to litigate the issue of the conversion features value. We are also examining whether the New York Court of Appeals decision should prompt the lower federal courts to vacate all grants of summary judgment wherein the defendants raised the criminal usury defense but were shot down by those lower federal courts for the reasons stated above. The devastation those lawsuits had on these companies cannot be understated. Some judgments called for the continued conversions crippling a company's market cap, others for exorbitant money damages and many executives lives were ruined and shareholders lost on their investments.
To add a modicum of relief, some of these same toxic lenders may also be Securities Act violators as many of them failed to register as dealers as is required by securities laws, and the SEC has started enforcement actions resulting in court findings that buying convertible notes converting those notes to stock, and selling those shares into the public markets are dealer activity requiring registration – and the penalties for not doing so can be disgorgement of all profits made on those sales; cease and desist orders; lifetime penny stock bars; civil penalties and fines, and voiding/cancellation of the remaining notes. The SEC has brought enforcement actions against John M. Fife (Chicago Venture Partners, LP, Iliad Research & Trading, LP, St. George Investments, LLC, Tonaquint, Inc., Typenex Co-Investment, LLC), John D. Fierro (JDF Capital, Inc.), Benjamin Conde (Essex Global Investment Group), Justin Keener (JMJ Financial), Ibriham Almagarby (Microcap Equity Group, LLC), Robert Press (TCA Global Fund) Alexander Dillon (GPL Ventures Inc.) and Ed Liceaga (River North Equity, LLC) claiming securities act violations (dealer registration violations and control person liability). In all of these cases, the SEC has charged the individuals and their companies with failing to register as a dealer, and in one case (Almagarby), a judgment was entered awarding the SEC more than $1,000,000 in disgorgement, penny stock bars, cease and desist, civil fines and cancellation of all remaining securities (including convertible notes) finding that the buying and selling of convertible notes as a business violates the securities act without proper registration. (All parties are presumed innocent until proven otherwise).
New York Penal Law §190.40 prohibits the charge of more than 25% interest on loans under $2.5M, and its civil statute, Gen. Oblig. Law §5-511 voids all usurious loans under New York law. The Securities Act also voids transactions made or performed in violation of the Securities Act 15 U.S.C §78cc. If these lenders were required to register under the Act and didn’t, the Act voids those transactions as well.
It’s no coincidence that the results of violation of state or federal law are consistent. The takeaway is toxic convertible note lenders can be both usurers as well as securities act violators and as a CEO of a public company you may have a fiduciary responsibility to protect your company from these lenders and take action to cancel such transactions before they destroy your company and your shareholders. This is true even if you didn't know such violations existed at the time of making those agreements. The burden for compliance is the responsibility of the lender alone under both state and federal law. You should immediately seek counsel of your choice to discuss your options, whether you have already been victimized or are currently being sued, as to what legal steps are available to you.
If you are the CEO of a public company and have taken convertible floor-less toxic debt, issued warrants, or entered into an equity line of credit and you want to know more about your rights in connection with these new developments and do not have counsel, feel free to reach out to me at mark@thebasilelawfirm.com.
https://www.thebasilelawfirm.com/post/new-york-s-highest-court-rules-convertible-notes-subject-to-criminal-usury-laws
Market Cap $BYOC 5,377,739
Let's see if someone can find the explanation for so much dissolution apart from the toxic lender scam (which I suppose the SEC must be investigating) ... at this rate the company will be worth $ 3 million but will bill double (more than $ 6 million )
Will GEORGE surprise us with some good results? Will BYOC become a debt-free, profitable business?
New York's Highest Court Rules Convertible Notes Subject to Criminal Usury Laws
https://www.thebasilelawfirm.com/post/new-york-s-highest-court-rules-convertible-notes-subject-to-criminal-usury-laws
Caput !! George ????
The best thing about URBF apart from its shareholding structure is that the shares are in the hands of few shareholders ... in my case I have accumulated more than 3 million shares, 1% of the AS or 2% of the OS, I'm not in a hurry, I think that URBF will sooner or later be taken for Merger, my goal is close to 0.1 but it could even reach $ 1 like SOLI hahaha ..
Patents by Inventor Pranav Nawani $PUGE, Someone who understands patents could explain these patents where they are applicable? PUGE has new patent applications in the pipeline ?
Pranav Nawani has filed for patents to protect the following inventions. This listing includes patent applications that are pending as well as patents that have already been granted by the United States Patent and Trademark Office (USPTO).
https://patents.justia.com/inventor/pranav-nawani
Good morning, will this be the key week for $BYOC ?
I think we have to be patient, because of its structure $EXLA can become one of the best OTC plays in recent years, we will see if the management of the company is up to the task (I think so) and rewards its faithful shareholder, Held at DTC 113,002,409 ... my goal is above $, anyway we will see how everything unfolds, good luck to all!
https://www.otcmarkets.com/stock/EXLA/security
Registrar Registration Expiration Date: 2022-05-12T21:28:56Z
the domain is registered and paid until May 2022, another reason is that the new website is about to be published:
https://www.cdmon.com/es/dominios/whois?dom=exlaresources.com
House Approves $1 Trillion Infrastructure Bill, Sending to Biden’s Desk
The measure, months in the making, would fund roads, bridges, rail and expanded broadband access $ITOX
https://t.co/bNaS6PLZHF
where can I see the shorts ? does anyone have a reliable website ?
Thank you, I said it for a company that I have followed for a long time and that has not just stabilized ... specifically BYOC, I think it only has a debt of 5.5 million but 65 million in deficits I suppose that it is tax deductible, my knowledge of 10Q is limited
Every time there is more information hanging in the Cloud, JPEX is a national security company ¡¡
Can someone who has read the 10Q of $JPEX tell me how much it has accumulated for tax purposes?
Can someone who has read the 10Q of $EXLA tell me how much it has accumulated for tax purposes?
chemist72 a question about tax benefits (it's another company), if it has a cumulative deficit of $ 65 million, how much would it be valued approx? Thank you
that's about $ 5.5 million? ... thanks for answering !! I understand that the current dissolution is to buy companies!
sorry, I don't know how to see
I start to see PUGE at 0.5
it seems that $BYOC has NO debt !! after asking 3 times on this board, no one has been able to answer me
anyone knows total BYOC debt?
Thanks