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Life Clips' purchase of Hong Kong Ascenda was announced last June. What David Kugelman was referring to was the difficulties of completing the audit because of time zone differences.
8-K from June 27, 2017
We could use that crystal ball! ;0)
Okay, we are now one month delinquent on the 10-K annual report, and the 10-Q report for the third quarter is due tomorrow. So the clock is ticking louder and louder.
Fingers crossed here too. (making it hard to type.)
I emailed him last week. Here is his reply:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=135924839
Here is his info if anyone wants to contact him:
David Kugelman
Atlanta Capital Partners, LLC
(404) 856-9157
(866) 692-6847 Toll Free - U.S. And Canada
dk@atlcp.com
Atlanta Capital Partners LLC
235 Peachtree Street NE
Suite 400
Atlanta, GA, 30303
You're welcome. There's the potential that the 10-K will be a blockbuster. But who knows? Time will tell, I guess. And the third quarter report is due in five days, so lots of potential to report good news, if indeed it's out there.
We're expecting the 10-K annual report which is overdue. The company always files, but sometimes is late. As of today we're 27 days delinquent which is the latest they have ever been. The IR guy has responded to email questions saying that they are working on it with the auditor, but delays involve the difficulties involved with time zone differences between here and China.
Response from Investor Relations
And then the third quarter 10-Q report will be due on November 14th.
My fortune cookie last night said not to sleep in this morning. Looks like it was right!
Interesting. Well thank you for your report.
But she did indicate that they have an acutal suite, I hope, and that they are physically present on occasion?
Okay. If you go up to the 7th floor, check at reception near the elevator. Suite 700 may be the generic address for all suites on that floor.
Scroll down for 7th Floor floor plan
Looking forward to your report. The building is not called the Harbor Center? That's what shows at that address in Google Maps.
18851 N.E. 29th Ave., Aventura, Fla
Harbor Center
Whereas our accounting is done in Cornelius, N. Carolina, near Charlotte.
L & L CPAs PA
19720 Jetton Road
Cornelius, NC, 28031
Greentree Financial Center
Harbour Centre
18851 NE 29th Ave.
Suite 700
Aventura, FL 33180
Aventura is in the outskirts of Miami. I went to school close by in Opa Locka. Using Google Maps you can view a photos of the building.
Harbor Center
http://www.harbourcentreaventura.com/
Interactive walking map of the neighborhood
Share Structure
Market Value1
$41
a/o Nov 03, 2017
Authorized Shares
Not Available
Outstanding Shares
4,054,505
a/o Mar 31, 2006
-Restricted
Not Available
-Unrestricted
Not Available
Held at DTC
Not Available
Float
Not Available
Par Value
0.001
Share Structure
Market Value1
$149,686
a/o Nov 03, 2017
Authorized Shares
20,000,000,000
a/o Dec 15, 2009
Outstanding Shares
14,968,578,256
a/o Dec 15, 2009
-Restricted
Not Available
-Unrestricted
Not Available
Held at DTC
Not Available
Float
13,853,983,958
a/o Dec 15, 2009
Par Value
0.0001
LOL. A hemi-demi-semi-annual. :0D
Okay, we have broken our previous record and are now 23 days delinquent. But according to David Kugelman of Atlanta Capital Partners, our investor relations firm, the 10-K is coming. So fingers crossed. Clearly this is going to be our most complicated annual report yet because of company expansion. Hopefully in the future they will start the process earlier. The third quarter 10-Q will be due on November 14th.
From: David L. Kugelman <dk@atlcp.com>
Sent: Thu 11/2/2017 8:30 PM
To: xxxxxxxx
You may certainly post my reply. I talked to Huey Long today and I can tell you management is working on the audit and trying to get the 10-K filed. Even though we are all in a hurry to get the 10-K filed, the auditor wants to do their job and make sure everything is correct before they sign off on it. The fact LCLP purchased a Chinese company has further complicated things. Not so much because of the accounting, but because of the time difference. When the auditor has questions at 1:00 in the afternoon, it’s 1:00 in the morning in China, which means our guys at LCLP are having some late nights.
Tick tock indeed.
You're welcome. Hope so.
You're welcome. Fingers crossed.
You too, Tony.
Yesterday I emailed a question about the 10-K to David Kugelman of Investor Relations, and got a reply from him last evening. Here it is with his reply on top:
From: David L. Kugelman <dk@atlcp.com>
Sent: Thu 11/2/2017 8:30 PM
To: xxxxxxxx
You may certainly post my reply. I talked to Huey Long today and I can tell you management is working on the audit and trying to get the 10-K filed. Even though we are all in a hurry to get the 10-K filed, the auditor wants to do their job and make sure everything is correct before they sign off on it. The fact LCLP purchased a Chinese company has further complicated things. Not so much because of the accounting, but because of the time difference. When the auditor has questions at 1:00 in the afternoon, it’s 1:00 in the morning in China, which means our guys at LCLP are having some late nights.
~~~~~~~~~~~
From: xxxxxxxx
Sent: Thursday, November 02, 2017 2:40 PM
To: dk@atlcp.com
Subject: LCLP
Hi David,
Is there any information you can share about LCLP, especially concerning the overdue 10-K? And may I post your reply to the IHub LCLP message board?
Thanks,
I'm not quite sure what you meant by several of those, Bud, but I do have to agree with #4. We haven't heard any more about Ed Schmidt. Hoping to see something relating to him in the 10-K. Now, we have been late on some of our filings, but we've also met some of the filing deadlines in the past, or met the extended deadlines. And Mobeego products are still available on Amazon, and I've checked. Sometimes Amazon shows that it is running out of some of the Mobeego products. But then later more of those same products become available which indicates to me that they are selling. Hope the 10-K clears up a lot of questions.
I guess you could say we're almost half-a-quarter late. That would be 45 days late. They have 90 days to file a 10-K, so it was due on September 29th. But on that date they filed for a 15-day extension, so it was then due on October 13th. So that means it is now 33 days "late" from the initial due date, and 19 days "delinquent" after the extended due date. Not good either way. Meanwhile since they only give 45 days to file the 10-Q for the third quarter ending September 30th, it will be due on November 14th, which is coming up fast. We may see that rollercoaster ride continue, but which direction will depend on the 10-K.
Still waiting for that 10-K.
Really looking forward to the 10-K.
Yes. And once the 10-K is posted it will probably be several days before OTCMarkets restores Current status, and then perhaps a few days more before Fidelity allow buy orders again. Oh, well.
That's right. And my funds are in an IRA, so I'm not willing to set up an account elsewhere. Would be great to be able to pick up more shares at this level, but can't.
Wish I could pick up more shares at this level. Unfortunately my broker doesn't allow buys of pink stocks that are not current, and I'm not willing to open an account elsewhere, so I'll just wait out the 10-K. Of course, if it contains good news, by the time I can buy again the pps should be much higher. We're now 19 days delinquent. The previous record was 22 days delinquent, set last February for the fourth quarter 2016 10-Q. Hope we don't set a new record.
Only 2.1 million shares have traded so far today at .0002, despite a massive bid of 232 million at .0002. A lot of people want 2's, but few willing to sell at that level.
David Kugelman was always perfectly polite to me. He never even used all caps. I can vouch for that.
All I know for sure is that he was always polite to me. And when I questioned him once about a late filing he said they were working on it and it would be out soon. And it was. As for any conversations or emails that others may have had with him, I wasn't part of that, so I can't vouch.
I don't know. He was always polite to me.
Anyone is free to contact Investor Relations consultant David L. Kugelman at any time.
404-281-8556
dk@atlcp.com
That's encouraging. Thank you for posting.
Yes it does. This is the third time we have been delinquent. We are now 11 days delinquent, since the extended deadline was the 13th. We were 9 days delinquent with the 10-Q in November of 2016. And last February we were 22 days delinquent with the 10-Q. So who knows how much longer we will have to wait this time. At least they always file, but I hope they don't try to break their delinquency record.
I can agree with all of that. ;0)
Thanks. I think it's a terrible shame that we lost QB status, and now are late with the 10-K filing. It's a terrible shame that the pps has dropped so far from its high more than a year ago. It's been a long, painful ride down. If I'm looking to feel a little better I look at the fact that the company does file, though too often late, and that it filed the NT 10-K in timely fashion, meaning we're overdue on the 10-K by just over a week from the absolute extended deadline which was October 13th. (Friday the 13th!)
As for the dilution I regret that they have to dilute at all, but given the toxic financing under the previous CEO who left only last January, I can see a reason for it. I've described the company as being in "survival mode". How long survival mode will continue depends on the success of our new ventures. That's one of the reasons why I'm looking forward to the 10-K. I really want to see if we're making progress. But who knows? The signs may or may not be there. The 10-K may be a blockbuster, inconclusive, or a bust. The potential is certainly there for Life Clips in my opinion, but that doesn't necessarily mean we will succeed the way I want us to.
As you said, time tells all.