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I believe that Stervc is who posted a very complete explanation of the issue regarding the frozen shares with comments from Josh providing reasons why the suit was not pursued.
Horst, There is a little bit more of a complication here with regard to the shares. Under the previous management a large number of shares (over 1 billon) was paid to a company for marketing and other services. It was later claimed that the services were not delivered and a legal fight broke out between the parties. However there were limited funds available and neither party went forward with the lawsuit prompting the DTC to freeze the shares until the suit is settled. The only way for BLDV to settle the suit would be to buy back the shares that it gave for the services. Unfortunately the amount of money the other company wants is way more than BLVD has or is willing to spend because it claims it fulfilled its obligation under the terms of the deal.
Since nether company has the funds to bring this to a close it has left the issue in a stalemate.
The legal issue with the frozen shares is sort of a mixed blessing. In one way it keeps the Outstanding Share numbers high which keeps the PPS down; but it also prevents Josh from doing a RS because the DTC won't approve it because of the legal issues.
Fortunately neither company involved has the funds to take the issue to court and get a resolution so we are left with what we have.
The RS is only possible if they can settle the legal issues that prevented the RS previously. To do that will take money, something they don't have. As Josh previously explained, he did not see any value in fighting the legal battle for the amount of money it was going to cost since the shares in question could not be sold by the owner anyway.
Unfortunately it keeps the OS amount at a level that makes it hard to get to a penny and stay there.
Horst,
You are correct in your explanation of the share structure, but they will need those 2 billion authorized shares if the preferred shares are converted to common.
Also you have to remember the only reason there was no reverse split is because the DTC didn't allow it when Josh tried to do a 1 for 7 RS a few years ago.
My feeling is that if Josh and Todd can resolve the issue with the DTC and get their blessing, a RS would be in the cards.
I'm keeping my fingers crossed.
It would be great if something positive were to happen by Valentine's day, but highly unlikely for anything to develop till later in the year. I'm thinking May or June at the earliest.
Less than (<) 3 what?
Three dollars; Three cents, .003 cents?
It's already less than all of these, unless you are saying .0003 cents.
I don't see the stock going back into triple zeros with what news has been released, and because so many people have bought at higher prices they will be reluctant to sell at such low numbers.
Until the company actually comes out with either positive or negative news, the PPS will probably stay in the double zero range it's at now.
No I won't. I've learned not to do that with Josh and Todd.
They have a way of really trying your patience.
I think they mean well with their plans and proposals; they're just horrible on execution.
Pretty quiet here today. Looks like everyone is taking a break or there's nothing to say till we hear more from the Todd and Josh.
Hopefully next week brings some good news. It will be interesting to see if the company finally made some money when the annual report is filed.
It depends on if they are able to sign meaningful contracts that actually produce revenue and profits.
So far they have shown an inability to do that. Josh has made mention of plans, projects and contracts over the years, but has never been able to deliver anything that makes money.
Again the PR is vague and without specifics so it can go either way. Hopefully one of these times they can deliver with real results. If that happens then the PPS will go above .01 and stay there. Otherwise Josh's PRs may generate some interest and the PPS may spike like it did last year, but will retreat just as fast when the realization that nothing is materializing sets in.
Remember, because of the number of shares authorized, getting the share price above .01 and staying there will take considerable positive news and RESULTS. Two things that have been lacking till now.
Keep you fingers crossed that this time is the charm and the frog turns into a prince.
It's certainly a nice PR with a positive tone; but it lacks anything of substance.
This is just more of Josh's fluff and general info with no specifics. The proof will be in the annual report and any contracts that actually generate revenue. Of course he has avoided mentioning any projected numbers.
As others here have said, we've seen this play before. It's time to show the beef. It's owed to everyone that has been patiently sticking by the company for years.
Maybe Josh needs to be reminded the year end is over and the annual financials are due.
Because the annuals are due he gets extra time to get them together. That might help in keeping it pink and current.
It depends on what your objective is. If you plan on making a quick profit and move on, then BLDV is probably a dead end and you should look elsewhere.
If you're looking for a long term return, I believe there is hope. Josh and Todd are trying things; unfortunately they can't seem to get the engine started much less running in the right direction. If they had more political influence this stock could be a high flyer. As I have stated previously, the labs hold a great deal of promise from a revenue perspective. Why they haven't highlighted their progress and status is baffling and I believe a mistake on their part.
It also doesn't help that they don't have a product to sell or market. This along with the share structure hurts the PPS. Hopefully they will figure it out and get the ship moving in the right direction.
You made my point. We don't know because they have not kept us informed. You believe the labs will be open in 2022. Josh and Todd have given us no indication that is the case or will be the situation.
For all we know BLDV no longer has any involvement with the labs, since they were not addressed in any of the quarterly reports. BLDV's record on coming thru with plans is not that stellar. How many times in the past has Josh said things were going to happen only to see them fall apart or disappear? I don't have to go thru the list. You've been here a long time, and I'm sure you're well aware of all the failed plans.
My question is if they are still involved with the labs, why haven't they said anything about them in their PR's or reports?
Everyone would like to hear about what's developing with the labs. They were supposed to be opening last year. It's understandable that Covid may have thrown a curveball into those plans, but they still could have given status updates of where the lab/labs stood or how the plans may have changed.
The labs are the only thing they are involved with that can make them reasonable amounts of money, and they don't say anything about them. They prefer to talk about associations and teaming up with groups to do things that have no real revenue stream connected to them. At some point they have to decide that they need to generate revenue/profits and take the steps that are required to see that happen.
Hopefully 2022 will see a change in direction and the labs come to fruition. Until then there is no reason why they can't provide news or update the situation regarding the labs. As a stockholder, I don't think that's too much to ask for.
Christmas is around the corner, Todd could give us something to cheer about.
What ever happened to the labs that they were building/opening? Josh and Todd have said nothing or given any updates about them in months.
I would think they must be getting tired of going to the conferences, unless their doing it for the free food.
The place where they were going to make money was in the labs and testing. Any news about when the labs are going to open or any progress has evaporated.
There were big expectations regarding the lab/labs about six months ago. Since then no new progress reports. I wonder if they are still involved with the labs or is this another one of Josh's dreams that has turned into a nightmare.
Now all they need to do is figure out how to get the money to buy back the shares.
Hopefully the company is buying back stock at these discounted prices.
BLDV may not have gone silent, but they have said nothing about the status of the labs and their progress to being open and generating revenue.
The lab or labs is really the only area where BLDV has a possibility of making any significant revenue on a consistent and reoccurring basis.
If anyone has heard from Josh or Todd regarding the labs and their status, please post any news.
I hope the labs are not some fantasy that Todd and Josh came up with while smoking a joint.
New PR from Ryan;
New distribution agreement will put products in 500 stores in Southeast by end of Q2.
This will be interesting to watch if this actually materializes.
Lets hope that this is a sign of bigger and better things to come.
There's no excuse for a company not to do the simple things that signify them as being a legitimate entity. Doing those things goes a long way with investors, especially investors with serious amounts to invest.
If they keep up with the reporting requirements and stay current, it's only a matter of time before the company gets noticed; especially if they can show revenue and profits.
Hopefully patience here will payoff.
Pink current today, and if they don't issue the 3rd qtr report in the next few days, by next Tues the Yield sign will be back.
Keeping my fingers crossed that Josh will not let that happen, but he missed his Nov 5th date.
Not only did Josh tell someone he would file by the 5th, he also posted that date in his reply on social media. So the date come directly from Josh not the poster.
I just hope he does what he says he will do. Too many times he has failed to deliver on his promises. Under normal circumstances a CEO would be held accountable. Since he holds all the power there's not much that can be done.
You are right technically the company has till the 15th to file, but it was posted on this board by someone that Josh had told him personally that he would file by the 5th.
The question is, will Josh be a man of his word?
Josh said that the third quarter report would be issued by the fifth (tomorrow).
Lets see if he's a man of his word.
Josh said the third quarter report would be issued this week. Let's see if he keeps his word.
The only thing to do now is wait and see if Todd and Josh make good on their declaration that the quarterly will be issued when they said.
If it is issued, hopefully there will be something positive in that report along with information regarding any buyback program or how they plan to bring the outstanding shares down to a reasonable level. Additionally it would be nice if they offered an update on any audit of the financials and how they plan to get the share price above one cent.
There won't be any big move until
1. They get rid of the YIELD sign, get current, and show they can stay current.
2. They release financials that show they can make profits and repeat making profits consistently.
3. They get the share structure under control. With so many shares available and outstanding the stock will churn at these low numbers while flippers get in and out and in taking profits whenever they can, but also keeping the PPS low. There may be some spikes with news, but like before the PPS will retreat if news is not something of substance.
Did they say how they were going to get the DTC to approve the RS? Last time they tried to do a RS the DTC denied them.
They might be. They have a history of selling shares then doing a reverse split. I think they have done that three times in the past.
You're right my error.
Hope they do as they say and get the report out in November.
I thought they hired someone recently to take care of the filings (new CFO). Looks like he's doing a bang up job.
As you said the OTCQB will be much more stringent regarding the filings, But to get there they need to get the PPS up to .01 cents for a thirty day period. They're a long way from that price right now, plus unless they are current and in good standing they won't be allowed to up-list.
The next few weeks will tell the story of where the company is heading. Keep your fingers crossed.
I'm not sure where Josh gets the November date. The third quarter ended Sept 30. As far as I know you have 45 days after that date to file your report. You do get extra time for the annual report, but this is not an annual report. Forty five days is up tomorrow. Maybe he filed for an extension, which he could do, but nothing is shown that he filed an extension.
Has anyone heard anything regarding the quarterly report or the opinion letters that are due? Unless they are issued soon expect to see a STOP sign within the next few days.
These negative signals are all needless and avoidable with a little effort on Josh's part. But, since he's not interested in making money it doesn't come as a surprise. Because he is late reporting again, it's probably because there is nothing to report. It would be nice to be proven wrong.
I'm not hoping for the worst. I hope they can somehow succeed. That's why I haven't sold any of my shares even though I am showing a 350,000 profit. It does concern me that management keeps making these miss-steps with things that are so simple and easy to avoid.
This sloppiness is inexcusable for people that want to up-list and be leaders in their industry. How can they gain the confidence from customers and others in their industry when they make such stupid errors?
The YIELD sign is still up and now is in danger of staying up or going to a STOP sign because of their lax attitude toward the required reporting regulations. If they are not going to file on time next week they should know that now and file for an extension which would give them extra time. But they have never done that in the past and are not likely to do it now either. Another example of their laziness/incompetence.
In spite of all this criticism I do think they can still make progress. Maybe they can bring in professionals to help fix their issues. The frustrating part is these issues are not hard to fix.
Except that our shares don't carry any voting power. Josh and Todd have super voting power so they can always issue more or if the DTCC lets them do a reverse split.
The other block of shares that are supposed to be returned, are the 500MM shares from Jeff King. This is also not a traditional share repurchase as Mr. King is receiving a premium for his shares. Even at today's prices Mr. King is getting almost twice what the market price per share is.
Had BLDV repurchased shares on the open market when the deal with Mr. King was first announced, BLDV would have been able to purchase many times more shares than the number of shares that it will get from Mr. King for the same amount of money. The regular shareholders are not able to participate in this offer.
From information that is available, the reason that BLDV is willing to pay King a premium is because they actually owe Mr. King the money, and this is the deal that they worked out with him.
So far I have not seen this deal finalized, but hope it will be soon and that the 500MM gets retired as well like the 700MM.
Even with these retirements the share structure is still too large. I don't see them buying shares back on the open market because they don't have the funds to do that. Instead I see them entering into deals that will retire preferred stock that can be converted into common, which they may be able to do without spending a lot of cash.
All this means nothing of course if they can't stay current.
All will be revealed when the next quarterly report is issued. That will show how much the company sold in dollars, and how much profit the company made from these advance sales.
The PR from Ryan doesn't say anything, because it doesn't tell you how much was actually sold. If they sold out of product, but only sold a dozen units, then they won't be reporting significant revenue or profit.
The truth will be in the numbers. He only has a few days left to get the third quarter report out, or a YIELD sign will appear.