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Great news this morning. The company has issued two catch-up 10-Q's to cover the third and fourth quarters of last year. We still need the 10-Q for the first quarter of this year, and then we will be current. The 10-K annual report issued after the second quarter will not be due until 90 days after the second quarter ended on June 30, 2018. So all we need right now to go current again is the 10-Q for the first quarter of this year. Victoria Rudman is delivering on what she said in her letter to shareholders last week!
Not bad! Up 220% yesterday and almost 19% more today on a Friday. And we have something to look forward to:
LOL! I know! :0D
It was Valafeld who first posted it this morning.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=142797007
You can always call Investor Relations for confirmation. Several on the board today said they phoned and received confirmation.
Investor Relations
Dennis Furman
(352) 458-4961
(800) 292-8991
And earlier this morning a Form RW was filed:
https://www.otcmarkets.com/filing/html?id=12904129&guid=CK_EUnHfIS7CY3h
Yes, today's news does indeed point to more good news in the near future.
It sure is!
Yes, quite nice!
Yes indeed.
Thank you, Stanley. So your LinkedIn conversation with Victoria Rudman that you reported last month has been borne out. Good work!
Yes, how about that!
Life Clips Issues Letter to Shareholders
https://www.einpresswire.com/article/458149692/life-clips-issues-letter-to-shareholders
AVENTURA, FLORIDA, UNITED STATES, August 9, 2018 /EINPresswire.com/ -- Life Clips, Inc. (OTC PINK:LCLP) (the “Company”) wishes to update shareholders as to recent events and to prepare them for several exciting activities that will transform Life Clips into a revenue producing, profitable company in the cannabis business. Life Clips is in discussions with a private company in the cannabis industry regarding an acquisition that will transform Life Clips into a quick growing cannabis company that investors will be proud to be a part of and to grow with.
Since becoming part of Life Clips, Inc. Management in January 2017, I have worked to execute the Company’s defined plan to expand into the cannabis businesses.
We believe cannabis is the most important medicinal plant on Earth and has the power to transform human health and wellness. With medical research and clinical data validating cannabis’ medicinal value, coupled with patients seeking safe alternatives for addictive prescription opioids and the American public wanting legal access, the future for Life Clips looks bright.
I want to take this opportunity to thank everyone at Life Clips, Inc. who has worked on identifying and selecting the new acquisition candidate that will bring exponential growth and value. And thank our shareholders for your patience and continued support during this process. Your time is now.
Aside from that, we have been working diligently with our accountants and legal representation to update our filing information on OTC Markets Pink to return the company to a "current" filing status and provide full transparency to our shareholders. A process that will be complete in the near future.
Safe Harbor Statement
In addition to statements of current and historical fact, this Press Release contains forward-looking statements. The words "forecast," "will," "intend," "anticipate," "project," "intend," "expect," "should," "believe" and similar expressions are intended to identify forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Press Release, we caution you that these statements are based on a combination of facts and factors currently known by Life Clips and its projections of the future, about which it cannot be certain. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors, including those discussed in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Life Clips' annual report on Form 10-Q and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission (the "SEC"), as well as matters discussed in Life Clips' financial statements and related notes and other filings with the SEC, which may cause its actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Accordingly, all forward-looking statements should be evaluated with an understanding of their inherent uncertainty. Except as required by law, Life Clips assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. All distribution agreements call for minimum quarterly quotas. There is a risk that the distributor will not meet these quarterly quotas. In the event the quotas are not met the agreements are in breech which could void the agreement. Therefore the dollar volumes may not be attained.
Contact Information:
Dennis Furman
Investor Relations
(352) 458-4961
(800) 292-8991
Victoria Rudman
Life Clips, Inc.
Chief Executive Officer
e-mail us here
Good catch, 2dollarbill! That's an important find. The website had been down for a long time. I see it has been redesigned, too. Something is definitely happening.
Very thoughtful post. I'd like to see us do well.
I've never expressed an opinion on any merger one way or the other. I suppose it's possible. What I think will happen is us going current again. And of course I can't be certain of that either. But things certainly point in that direction. Beyond that I don't know.
Yes, that's right. Easy mistake to make. Hoping she gets this thing current again soon.
She's certainly capable. I'd like to see her get us current.
Oh, didn't see this post before I posted a reply. Thanks. No problem. Anyway, she's still our interem CEO, and she's interem CFO, Treasurer and Secretary of Kalytera.
Interesting. I have Linkedin saying this about Victoria Rudman:
Victoria Rudman is no longer CFO of Kaya. It's now Craig Frank. She is CFO of Kalytera, however.
https://www.linkedin.com/in/victoria-d-rudman-8b66958
https://www.otcmarkets.com/stock/KAYS/profile
Here's hoping!
Yes to all that, plus the recent filings which point to the company likely trying to go current again.
I highly suspect that we will indeed go current again. The fact that the company is filing again points in that direction. I just question the rumor that we will go current by August 15th. No one has reported where that rumor has come from. There's a suggestion that some people have been in contact with Victoria Rudman, and I suppose the implication is that the info came from her. But no one has specifically said that. It seems very unsubstantiated. I'm not saying it's false. It's just that the "I'm hearing" kind of rumors sometimes lead to expectations that later get dashed and cause all kinds of unnecessary flack that I'd rather not see. But if anyone does have anything to substantiate the August 15th rumor, I'd love to hear it.
About that rumor. There was a suggestion earlier on the board that the next 10-Q would be due by August 5th, but if the company were current, then the next thing due would be the 10-K on September 28th. However there are still three 10-Q's overdue from last year and earlier this year. But I've seen nothing to substantiate any rumors about us going current by August 15th.
Why August 15th?
You're welcome!
The company had been staying current until the departure of Huey Long threw things into a dither. They were late filing last year's 10-K annual report, but the good news is that they did finally file it last April. And they amended it just two weeks ago. It certainly gives the appearance that they intend to go current again. Our Investor Relations guy indicated that he felt they were working toward going current again, which makes perfect sense, as some big investors would at the very least want their money back. And then of course there are Interim CEO Victoria Rudman's connections with other companies that have led to speculation about the possibility of mergers, with one unconfirmed report that she indicated a merger is in the works. So who knows.
Our fiscal year just ended on the last day of June, so the 10-K annual report would be due on September 28th. The company could then file for a 15-day extension, making it due on October 13th. The thing is, we only just filed last year's 10-K this past April, and the following three 10-Q quarterly reports for the third and fourth quarter of last year and the first quarter of this year have yet to be filed.
There's a good explanation at the SEC site. Life Clips is in the of "Non-Accelerated Filer" category because the float is less than $75 million. So the deadline for filing 10-K annual reports is 90 calendar days after the end of the second quarter each year, with an optional 15-day extension. The deadline for filing 10-Q quarterly reports is 45 calendar days after the end of the first, third and fourth quarters, with an optional 5-day extension.
Really nice to hear that, Daverz. Thanks.
The company dropped the cameras some time ago. It has also dropped the global sourcing. I know it's confusing because OTC Markets shows an older profile for the company that includes the global sourcing. However if you check the latest 10-K, you'll see that the company's stated focus is on Mobeego. I'm sure OTC Markets will update the profile when LCLP goes curent again, assuming that it will. I suspect it will, since it has been filing recently.
Here is the most recent filing. Check out "Recent Developments" on page 4.
Excellent work, StanleyO! Thank you so much for posting that. Very exciting!
That part wasn't amended. The same language appeared in the previous version filed last April, and in all previous 10-K's. It's standard boilerplate language. Only the dates change.
From today's filing:
Anything could happen at this point. Fingers crossed. I really do believe they intend to go current again. In what form, we shell see.
From the 10-K filed on 4/4/18:
"We plan to reengage in these initiatives as we seek potential new distributors, joint venture and strategic alliance partners and additional sources of financing to enable us to pursue marketing and future development and commercialization activities related to the Mobeego."
"Our core product is Mobeego batteries."
"Direct sales
In addition to the evaluation of our international sales model, we are evaluating the feasibility of selling directly to large and small retailers in the United States, directly to some retail outlets. Elements of the plans we are evaluating include:
Independent specialty retailers. Potential use a network of location-based independent manufacturer representatives to sell our products to independent specialty retailers focused on action sports markets. Our representatives would provide highly personalized service to these retailers, including assisting with product mix planning, channel marketing and in-store merchandising, taking orders and providing clinics to educate retail sales personnel about Mobeego products.
Big box retailers. Potential sales to large retailers with a national presence, including Amazon.com, Inc., Best Buy, Target Corporation and Wal-Mart, Inc.
Mid-market retailers. Potential sales to retailers with a large regional or national presence, often focused on specific verticals such as consumer electronics, sporting goods, military, hunting and fishing and motor sports, which we refer to as our “mid-market” channel.
Ecommerce channel. Sales of our Mobeego products directly to consumers around the world through an online store. We will evaluate ways to drive consumers to our website through online and offline advertising, as well as marketing promotions carried out at tradeshows and sponsored events. "
I don't think there's anything sinister about OTCM linking a news story to LCLP. The story mentions LCLP through the Victoria Rudman connection, so it's probably just automatic.
You're right, though, that the website is no longer functioning. Last time I checked it was. And if you take out the "s" from "https" and instead enter http://lifeclips.com/ it forwards you to the Mobeego website, which still lists LifeClips as the contact. Interesting.
I have Fidelity as well. They don't allow buy orders on Pink Sheet stocks that are not current, unfortunately. They allow sells, but no buys. So if we use Fidelity we'll have to wait until after this goes current again. And I'm not sure how instantaneous their process of reallowing buy orders is once we go current.
Power minute! Almost ate up the 4's.