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Last minute $50 trades to paint the tape, desperate times.
Looks like the narrative of a big Chinese company giving their ownership to the bagholders of KRFG isn't holding up too well.
10Q will be due in mid-May, not April.
LOL. That site is nothing. Revenues aren't verified.
No company that "owns" 100 companies with plans to "own" 1000 is going to merge into a stinky pinky shell with 2/3's of the shares issued and outstaning - ie - giving away the ownership of their company to bagholders of a dead business. That's nothing more than fluff like the CEO's other adventures.
LOL. “Pink Current,” meaningless, of course.
“They made filings!!!!” Yeah, they filed a couple years of financials for the dead business confirming that it has done absolutely nothing.
“Wow, an attorney letter!!” Laughable it took 4 tries for the attorney, who merely writes that he read the financials of the dead business and believes (based on multiple caveats) they were prepared correctly. The attorney who can’t even prepare a brief letter correctly believes the financials of the dead business were done correctly.
Big deal.
Form filed in May says "Debtor's estimate of available funds"
That's from May before the SISP process failed to get a bid. Guess the estimate was way off, huh?
Here’s an update:
After that was filed in May of last year, the company went through the SISP seeking a buy-out, financing, investment, reorganization, restructuring, but failed to get a single bid. Then the assets were liquidated for $4.34M. Those proceeds and income from the sale of remaining inventory and accounts receivable only provide a small partial recovery to 2 of the secured creditors, nothing for the rest, and nothing for the unsecured creditors and shareholders. There’s over $80M of debt, and recoveries will be about 5-6% of that. The company is going to disappear once the bankruptcy proceedings are complete.
So, the assets have been sold, but it is not a shell? How’s that work?
A paper company with no assets and no operation, let alone no board, no executives, no employees, is a shell. This one is in debt over $80M and it can’t pay that debt. It’s going to disappear.
Now why in the world would a start up want to show revenue at tax time? Of course there is not going to be revenue. That would be stupid to show revenue when your new company is in development and expansion mode.
Of course he wants a buyout, that's how he gets paid. With 3.8M, he'd probably love to get $5 per share if someone would buy the company right now for $60-70M.
Those market makers are a busy lot, they manipulate every single stock on the OTC and are the sole reason none of them make it big.
What, exactly, do we think happens to a company that is an empty shell with no remaining operations (assets were liquidated, an undeniable fact) that has $80M of debt that it cannot repay and is in bankruptcy proceedings?
What will happen is the judge will discharge the remaining debt and the equity (the shares) and the company will cease to exist. That's how it works. Every time.
And he also gave himself millions of shares to acquire his own company back in the American Idol days when it had done nothing, and exercised warrants he awarded himself for about $1.80 ($0.12 pre-split). He and the other insiders would also have to file before he sold, which would be a clear signal for everyone else to.
Sheesh. Read the 7th monitor’s report, clearly and undeniably the assets were liquidated for $4.34 M.
Except that BIOAQ is an empty shell with no operations and $80M of debt that it cannot pay. Once that debt is discharged with the equity (shares), the company will no longer exist.
The NOL’s are worthless, the IRS will apply rule 269 and disallow their use and everybody knows that.
Honest answer: the company that purchased the plant and other assets is private today and has no reason to purchase the shares/company and take on the $80M debt. That would be really really dumb on their part.
They de-registered in 2009. There’ll be no “super 8k.”
What happens to a company in bankruptcy proceedings that has gone through liquidation of its assets and the proceeds are insufficient to pay its massive debt?
The remaining debt and the equity are discharged by the judge, and the company ceases to exist.
Every time.
There will be no shareholder vote. The monitor controls the company under the authority and oversight of the bankruptcy courts. Anybody here get asked if it was OK to liquidate the assets? Nope.
ANDI has introduced me to a new pump to sell their stock. By promising shares of the fictitious water company (you know, the one that was dead a few months ago and now purports to be working with an investment banker that will give a company with neither money nor assets $30M) to the holders of ANDI stock, they’re hoping to kick off a wave of new buying so they can sell more of their preferred B conversions into the market. The water company from the dead has no posted financials and the proposed acquisitions remain under cover, yet they hope to sell some ANDI stock in advance of any confirmation of a legitimate business happening. Wonder if anybody will fall for that?
Good lowered, the used boat broker is going to try to get a contract!
What a lame attempt at stinky pink fluff.
That’s a crock. They’re back to “capturing” or recycling wasted electricity again. That’s a lie.
Except the documents are very clear, especially the latest two monitor’s reports. Want me to post them up here?
They say directly shareholders get nothing.
They say directly only 2 secured creditors get any recovery.
They say directly the unsecured creditors get nothing.
They say directly the company has not been sold.
Billions of contracts? LOL. Why would a company with those ever go bankrupt??? That smacks against logic.
All the “documents” being touted to sell stock are little snippets, words, and parses of information presented in order to mislead others, nothing more. Reading is fundamental, and one read through the 10th monitor’s report is all it takes to conclude that shareholders will lose 100% of their investment in this stock.
If they achieve “going current,” they still will not be an SEC registrant and will not file an 8k.
And every bit of that is a misrepresentation of the facts.
The KERP charge has not been paid, not one single penny has been paid. That sentence says "amounts owing that are subject to the KERP charge...", and that absolutely does not mean the KERP was paid. The KERP was set up to pay the held over employees from BioAmber who were to assist in the SISP sale, and the program was set up to require that a bid be received that would make the secured creditors whole. They did not meet that requirement, so the program was not used and no payments were made. If you like, I can put up a pretty picture of every cash flow sheet from every monitor's report showing there has never been a payment made for KERP. Like it or not, those are the facts.
The company has not been sold, and the monitor stated that directly, but every shareholder knows that anyway because they still hold shares, and aside from all the reporting requirements of such a sale that haven't happened, a sale of the company would require the shares to be bought. Still have shares? Then the company was not sold. Ignoring the direct words from the monitor that no transaction involving the shares has occurred, choosing instead to glue together a resume from LinkedIn from the CEO who was in charge when the company went bankrupt and a snippet that simply explained a consultant charge on a cashflow sheet paints a completely false narrative of a sale that absolutely has not happened.
And the restructuring is almost complete. It has resulted in an empty shell with $80+M of debt that the company with no operations cannot pay. The completion of the proceedings will restructure BioAmber into oblivion when the remaining unpaid debt and the equity are discharged by the judge.
Anyone stumbling in here simply needs to read the last two monitor's reports and the motion and order for the most recent stay, as they summarize succinctly what has really happened, the facts, and what is left to do.
Shareholders will lose 100% of their investment in this stock, it will happen without warning, and can happen any day.
They aren't an SEC registrant, why in the world would they do an 8K?
All of that, every word/phrase, is false. The company has not sold, and the monitor stated that directly. Only the assets and inventory has been sold. The KERP charge was not paid, and the sentence often cited to mislead about that doesn't say it has been paid. There's not been one single dollar paid for KERP, and all anyone has to do is look at the cash flow sheets on the monitor's reports, and that is because the requirements of the program were not met when not 1 single bid was received during the SISP. BioAmber has been restructured into an empty shell with massive debt. Fact is, they hoped to restructure/refinance/reorganize, but they failed to get a single bid that would allow them to do that, and that failure led to the liquidation of the assets.
Speaking of FACTS that are undeniable, in the latest monitor's reports, they've stated and restated the company has not been sold, and the shares will receive no recovery, they are worthless. Yet, snippets from this report, a few words from another, toss in an unrelated regulation or two and a guy's LinkedIN resume, etc., glued together simply paints a completely false picture in order to sell stock.
This company is dead, and when the books are finally racked up and the checks written, shareholders will lose 100% of their investment in this stock, it will happen without warning, and can happen any day.
As a CEO, I'd agree he's incompetent. I have no way to measure his tech skills except to say his product isn't selling.
He got hoodwinked on this shell by Alessi. The merger hadn't been completed, the 1.5B mystery shares have been there ever since LDSR merged with the Chinese company a decade or so ago, and that Blue Citi note was there that converted into 2.5B shares (1.5B left to go). Very simple to identify all of those with very basic due diligence, and he failed.
No, they were not all included, the only notes included (along with the associated equity purchase agreement and security purchase agreement) were the newer ones entered into in February of last year.
There are 2 listed as outstanding as of the last quarterly, and only the 2nd of those was included in the restructuring:
https://backend.otcmarkets.com/otcapi/company/financial-report/204208/content
NOTE 5: CONVERTIBLE NOTES PAYABLE
The convertible notes payable consist of:
1) Non-interest bearing convertible note held by Blue Citi LLC (“Blue Citi”) for the original
principal of $125,000, payable on demand and convertible at the option of the holder into
common shares at the conversion price of $0.00005 per share. The outstanding principal
for the convertible note was $100,000 and $125,000 as of September 30, 2018 and
December 31, 2017. During the nine-month period ending September 30, 2018, Blue Citi
converted $25,000 of this convertible note into 500,000,000 shares of common stock. The
embedded conversion feature in this note created a BCF totaling approximately $3,088,000
as of September 30, 2018.
2) Convertible note held by Blue Citi for a total principal of $829,680 as of September 30,
2018. The note (i) accrues interest at the rate of 8% per annum; (ii) can be converted into
shares of the Company’s common stock at a 10% discount to the lowest trading price
during the ten consecutive trading days immediately preceding the date of conversion (40%
discount upon an event of default under the note), and (iii) is due and payable upon the 18-
month anniversary of its issuance. The embedded conversion feature in this note created a
BCF totaling approximately $174,000 as of September 30, 2018.
During September 2018, this convertible note was issued to Blue Citi in connection with a
restructuring (the “Convertible Note Restructuring”) of previously outstanding convertible
notes with Blue Citi. Immediately prior to the issuance of this note, various convertible
notes totaling $810,000, which had been issued between February and September 2018,
were outstanding with Blue Citi, along with associated accrued interest totaling $19,680.
Those notes (i) accrued interest at the rate of 8% per annum; (ii) could be converted into
shares of the Company’s common stock at a 25% discount to the lowest trading price
during the ten consecutive trading days immediately preceding the date of conversion (50%
discount upon an event of default under the note), and (iii) were due and payable upon the
12-month or 18-month anniversary of their issuance
Except that the "truth" is APHD acquired Classidocs, and APHD was a publicly traded company:
https://www.prnewswire.com/news-releases/appiphany-technologies-ip-risk-control-acquires-classidocs-619006434.html
https://www.globenewswire.com/news-release/2017/06/20/1026265/0/en/IP-Risk-Controls-ClassiDocs-Releases-Encrypted-File-Detection-Functionality.html
They "broke up" later in the year. Of course APHD's stock price went up, acquisitions are all the rage of hype in the OTC. Then the price went down. Just like with LDSR, price went up, held OK when the hype was how much money was coming in from the GDPR deadline, then when sales revenue remained zero, zip, nada, the price went back down.
That note was not included in the restructuring, it is still intact with its original terms of conversion. The notes that were restructured were the new ones from February of last year, along with the Equity Purchase Agreement and Security Purchase Agreement. The financial notes that were issued with the last quarterly refers to that old note as well, with a separate description of the new notes from February with information about the subsequent restructuring.
That original note continues to convert @ $0.00005, and the last documented conversion happened on November 15th per the registration statement the company submitted in January.
Sorry, but that note still lives and will result in 1.5B shares sold into the O/S. Blue Citi would have to be nuts to give that up.
He "went public" with his product with another ticker, APHD, a couple years ago, and it didn't sell then, either. Software's been around long enough to sell if it was going to, but it hasn't, so I expect he "went public" to monetize and get what he can. Reading the financials and seeing how many shares of stock he's paid himself for the product and his two other companies he merged in may shed some light.
Thanks for this. It aligns more with the financial numbers that were included in the S-1 as well, since 500k users even paying a buck a month for any of their apps would have resulted in substantially more income for the majority of 2018.
"Possible projected potential" strikes again.
Yes, Blue Citi has a convertible note, remaining balance of $75k as of the last quarterly, convertible into 1.5B additional shares. Page 14 of this:
https://backend.otcmarkets.com/otcapi/company/financial-report/204208/content
US BANKRUPTCY LAWS ARE NOT APPLICABLE TO THE CURRENT CCAA PROCEEDINGS. THE CHAPTER 15 PROCEEDINGS ARE TO HELP FACILITATE THIS COMPLEX CROSS BORDER RESTRUCTURING. NO "US BANKRUPTCY LAW" or "THE LAW" WILL CHANGE THAT SHARES WILL SURVIVE! THE COMPANY DOES NOT AUTOMATICALLY BECOME BANKRUPT LIKE MANY CONTINUE TO POST FALSELY
Question for you:
I've been under the impression that VERB/FUSZ could do an S-1 and sell stock all by themselves, and that the Sound Concepts acquisition was simply a "how the funds will be used" thing to help sell the stock. If that is true, then the information that was included in the S-1 prospectus was more than adequate, and even substantially more than I've seen from other OTC tickers that did an S-1. So what could the SEC be asking for that would take 10 days to fetch, provide, and wait for comments on?
Oh, please.
The company makes up a set of Preferred stock out of thin air, then hands it off to Donald Keer (the attorney for ANDI during last year's scam) to "acquire" the dead water company he resurrects from the grave, and now he's going to go public on a larger exchange? And we're calling that "money?"
Hardly. Never ceases to amaze me how lame this company's fluff can be trying desperately to sell more stock.
Stinky pinky CEO speak: “at this time” and “has been approved,” caveated with “it’s the other guys decision.” That CEO has quite the reputation, too.
Of course they’ll RS, it is just a matter of time. No way no how is a legit business going to give ownership of their company to the bagholders of a dead OTC company.
You can’t make this stuff up. So now, the water company with the name carefully selected to nearly match a highly successful one, and that rose from the dead just a few months ago with no assets nor cash, now seeks to enter the public markets on a major exchange by themselves (ie - they’ll not be part of ANDI), but no worries, they’ll flip some stock to ANDI who’ll then flip some of it to their shareholders. I think White is testing to see just how much fluff he can toss out there to sell more of Dustin Secor’s converted preferred shares.
That link shows directly that an SEC registrant that fails to file its financial reports can be suspended for just that. BioAmber is registered with the SEC.
Like it or not, this stock may land in the greys before it is cancelled altogether.