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A little volume today.
Mimi Walters, the wife of the CEO, will be facing a tougher than usual reelection next year.
Life Clips, Inc. Proudly Announces Availability of Mobeego Products on Amazon.com
https://www.otcmarkets.com/stock/LCLP/news/Life-Clips--Inc--Proudly-Announces-Availability-of-Mobeego-Products-on-Amazon-com?id=155753&b=y
Life Clips, Inc. Proudly Announces Availability of Mobeego Products on Amazon.com
Mobeego(TM) one time use charger for mobile devices is now available on Amazon.com
AVENTURA, FLORIDA--(Marketwired - Apr 12, 2017) - Life Clips, Inc. (OTCQB:LCLP) (the "Company") a designer and seller of mobile accessories, announces the availability of Mobeego battery products on Amazon.com Mobeego™ is an affordable, single-use, cordless battery that provides an instant shot of power for your phone, so you can stay mobile whenever and wherever. After use, the battery can be discarded or recycled. Mobeego batteries are great for emergency preparedness, since they can be stored up to 10 years without any power leaking. Each package contains a battery and a reusable smartphone adaptor.
The Mobeego products available from Life Clips on Amazon,com include:
The Mobeego Single Shot Starter Kit that includes an iPhone or USB reusable adaptor and single battery providing up to 4 hours of additional power. Additional batteries are also available in 3 packs and 6 packs.
The Mobeego products are eligible for free shipping with an Amazon Prime membership.
Only 10% of stocks achieve five stars from Morningstar.
Morningstar rating system explained.
And LCLP just did!
LCLP on OTC Markets
Whoa! Five stars from Morningstar!
https://www.otcmarkets.com/stock/LCLP/quote
Don't want to jinx it, though. ;0)
Weeeee!
Good to see the pps on the rise.
Thanks, InTheKnow. That's good news.
http://www.otcmarkets.com/stock/LCLP/news/Life-Clips--Inc--Retires-27-6-Million-Shares?id=155464&b=y
I thought yesterday's news was very good news. Good to see the new CEO's plans for going forward. I'll be looking forward to hearing what agreement has been reached with Mobeego to rectify the default.
The future is certainly looking brighter.
Life Clips, Inc. Announces Expansion into Lucrative Global Sourcing Market
Apr 05, 2017
OTC Disclosure & News Service
-
AVENTURA, Fla., April 05, 2017 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTCQB:LCLP) (the “Company”) a designer and seller of mobile accessories, announced today the launch of two new global services. The first is Global Sourcing Services where Life Clips will work with clients to source products anywhere in the world. The second is Sales and Marketing Services that provide clients a direct path to launch, market and grow sales in multi-channel retail. This expansion is a result of relationships made available by the Company’s new management team and a previously signed strategic alliance with a leading global sourcing and logistics company
Huey Long, President and CEO said, “We are utilizing our incredible resources and decades of experience to develop new technology in global sourcing, logistics and multi-channel sales and marketing to support our own product. It makes sense to offer these innovative services to others who wish to develop products and bring those products to market.”
Our company is focused on 3 synergistic businesses:
>>>Expanding the Mobeego line of Mobile Accessories.
>>>Global Sourcing Services that includes product design, factory identification, negations, compliance qualification, and end-to-end logistics solutions to source products anywhere in the world.
>>>Sales and Marketing Services that provide an efficient path for companies to launch and market product into multi-channel retail and capture the maximum ROI.
The Global Sourcing Services market reached a record $38 Billion in 2016 and is expected to have a CAGR of 20% while the Global multi-channel sales and marketing services were at $32 Billion in 2016 growing over 12% annually.
Our plans call for adding additional mobile accessories focused on portable power, which includes high capacity battery banks, blue tooth headphones, blue tooth speakers, solar chargers, CLA chargers and inverters. The global mobile accessories size is over $80 Billion USD and expected to grow at a CAGR of over 6% globally during the period 2016-2020. In addition, we will be launching into new categories, including expanding our offering in Consumer Electronics and introducing new product in personal care and home goods.
http://www.otcmarkets.com/stock/LCLP/news/Life-Clips--Inc--Announces-Expansion-into-Lucrative-Global-Sourcing-Market?id=155040&b=y
Good point!
Life Clips, Inc. Announces Consolidation and Change in Officers
Life Clips, Inc. Announces Consolidation and Change in Officers
Mar 29, 2017
OTC Disclosure & News Service
-
AVENTURA, Fla., March 29, 2017 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTCQB:LCLP) (the “Company”) would like to provide clarification to shareholders on recent events covered in 8-K filings and the direction of the company.
Management Changes
On January 12, 2017, Robert Gruder resigned as the Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer of the Company. Also on January 12, 2017, both Mr. Gruder and Wayne Thomas resigned from the Company’s Board of Directors. On January 16, 2017 Victoria Rudman was appointed as Chief Financial Officer, Secretary and Treasurer of the Company, as well as to the Company’s Board of Directors. Ms. Rudman has spent most of her career in Fortune 50 global investment banks and retail brokerage firms. She has also served several public and private companies as Chairman, Chief Executive Officer, Chief Financial Officer, Treasurer and Secretary. As part of the transition to new management, on January 25, 2017 Robert Finigan resigned from his position as President of the Company. Additionally, Stuart Posner resigned from his position as a Director on February 1, 2017. Huey Long was named Chief Executive Officer on February 2, 2017 and was named as a Director of the Company to fill the seat on the Board of Directors vacated by Mr. Posner. Mr. Long is a seasoned multi-channel retail and global sourcing executive and turnaround expert. He was responsible for general merchandise operations in his capacity as a Senior Vice President at Walmart Stores, Inc. and as General Merchandise Manager at Walmart’s Sam’s Club. Previously, Mr. Long was an Executive Vice President of Radio Shack Corp., where he was part of the turnaround team. He later became a Director of Radio Shack China. Mr. Long was also responsible for Amazon.com’s global private brands and consumer electronics retail buying operations. William Singer remains in his position as Executive Vice President of Sales and Marketing of the Company, and was named as a Director on March 1, 2017. Mr. Singer is a Multi-Channel Retail Expert, an entrepreneur and investor, and has launched several successful businesses and products in retail, transportation, eCommerce, mobility, and services.
Digital Imaging Market
Previous management of the Company was not able to raise sufficient capital to complete its business plan, or fulfill the commitments to its licensing partner, and enter the Digital Imaging market. As a result, the Board of Directors has voted to cease operations in this market and will not pursue the activities under the trademark license agreement, pursuant to which the Company planned to design, manufacture and sell branded action cameras, 360 cameras, dash cameras and still cameras, as discussed in the Company’s Form 8-K as filed on September 22, 2016. The details associated with terminating this agreement have not been finalized and the Company could be subject to a termination fee.
Mobeego and the Mobile Power Market
Moving forward, the Company will focus on sales of the Mobeego brand emergency cell phone battery and other mobile power supply products we plan to source from a previously signed strategic alliance with Ascenda Corporation, a global sourcing and logistics company. We are seeing increased interest in the Mobeego product. The Mobeego emergency cell phone battery provides an extra 20-40% boost of power to a cell phone without having to be tethered or charged. The batteries have a 10-year shelf life. On July 11, 2016, the Company agreed to purchase Mobeego’s parent company, Batterfly Energy, Ltd. for an initial payment of $500,000 to the Batterfly sellers, with $250,000 being due on October 6, 2016 and $250,000 being due on February 13, 2017. The Company failed to make the payments as required and on January 11, 2017 we received a default notice from the sellers. We are currently in negotiations to cure the default and are optimistic we will be able to reach an agreement; however, there is no guarantee we will be able to do so. We plan to keep shareholders updated on our negotiations.
About Mobeego
The Mobeego brand launched in November 2015, is available within 16 different countries. The Mobeego product is an affordable one-time use battery that plugs directly into one's mobile device, iPad, or action camera. The award winning design makes it wireless and disposable.
I agree with you, Notabadguy. We at last know what is going on, and I'm relieved that negotiations are ongoing to cure the default with Mobeego, and that Mr. Long intends to keep us updated. It's quite important that those negotiations succeed. I'm sorry for the loss of the cameras, but Mobeego is the reason I invested in this company. So I remain hopeful.
On Level 2 someone is trying to buy a million shares at .008.
Good morning, 420mon. Of course. Morningstar rates stocks between one and five stars. They take many factors into consideration. Essentially three stars means that in their view the stock price is essentially where it belongs. Four and five stars means they think the stock is currently undervalued and the price per share should be higher. Fewer than three stars means they consider the current pps too high. They update their ratings daily. LCLP had been bouncing between one and thee stars. When we were delinquent in our SEC filings for several weeks recently, they had lowered us to one or two stars. But since we went current again they raised us at first to three stars, and for about the last week to four stars. I don't recall us being that high before. Certainly not recently.
Our Morningstar ratings appear here at OTC Markets.com.
And here is an explanation of how the Morningstar rating system works.
Same here, Powerbattles. We're current. Morningstar shows us as undervalued. Just waiting on the company and the CEO.
Olive us who?
Olive us who are stuck here!
Good catch, Bishop! Yes, they have updated the Mobeego address to the new Life Clips Florida address, which changed at the same time as the departure of Gruder, the former CEO. Same phone number for both Life Clips and Mobeego as well. OTCMarkets shows the address and phone number for Life Clips was "verified" on 3/3/17. It includes the Life Clips website address with which we are all familiar. However the website is still down. It seems to me that while it was still working after Gruder's departure, they were making some changes to it. But then it went down. They need to fix it.
From OTCMarkets:
Verified Company Profile 3/03/2017
Contact Info
Harbour Centre
18851 NE 29th Ave.
Suite 700
Aventura, FL 33180
Website: http://www.lifeclips.com
Phone: (800) 292-8991
Email: info@lifeclips.com
OTC Markets
Mobeego website
Hi, Bishop,
Thanks for posting that quote. I'm not sure who you were quoting. Who is "the old l r guy"?
I noticed today that Morningstar has upped us to four stars, which would indicate that they feel the stock is considerably under-priced at the moment. Morningstar ratings are updated daily, and this is the first time I've noticed LCLP at four stars. During the recent few weeks when we were delinquent on our filings they had us as low as just one star. This is certainly an improvement.
An explanation of Morningstar ratings
LCLP on OTCMarkets.com
It's possible that dragging up an old post to embarrass someone might not be considered a personal attack if the person in question is incapable of embarrassment.
The weird thing about this stock, as I posted a few years ago, is that I was able to get buy orders through for any amount, even though it is on the gray market. As I understand it, the way the gray market is supposed to work is that since there are no market makers, in order for a trade to go through, a broker has to match a buy order with a sell order that are both identical in terms and in number of shares. But I put in a number of test orders of various amounts, and they all went through with no problem or delay. Plus my orders were routed through the market maker Nite (Knight Equities). So SMAS was behaving exactly like it wasn't on the gray market. I have no idea why. Haven't tried it since. And now of course my brokerage doesn't allow buy orders of gray market stocks. They allow sells, but not buys. But as today proves yet again, some people are able to make buys of this stock. And just last December over 222 million shares traded in one day. So who knows.
My post from three years ago
and a more detailed one
Well, you never know. I keep hoping that someone will buy this shell, and do something with it. But of course, it is still owned by Steve, and Somatics is still in business. So there doesn't seem to be a lot of promise that anything will ever happen. And he would have to do a lot of work to get this thing out of the Grey Market too. I think our best hope is that he just sells it.
Who's there?
I'm still pretty impressed that 222,500,000 shares of this stock traded on 12/27/16. It was the largest volume day in seven years. I wonder what that was about.
Yes, I agree with you.
So the original paragraph was not actually deleted. The eight new paragraphs were simply inserted ahead of it.
Also about this:
Yesterday the company filed it's 10-Q quarterly report. Today the company filed a 10-Q/A amended quarterly report, amending yesterday's report. I ran a document comparison on the two reports and found the changes. Most were minor, such as paragraph numbering and date changes to reflect the new filing date. None of the dollar figures, share counts, etc. were changed. But I did find these changes to page 18 of yesterday's 10-Q in Note 11, Subsequent Events. The first paragraph below which appeared in yesterday's 10-Q was removed from today's 10-Q/A and was replaced with the paragraphs that follow below it.
Original:
On March 1, 2017, in connection with William Singer’s engagement as Executive Vice President of Sales and Marketing of the Company, the Company granted to Mr. Singer a total of 6,000,000 shares of the Company’s unregistered Common Stock. 1,500,000 shares of the Common Stock will vest on March 1, 2018 and thereafter 250,000 shares of the Common Stock will vest each month thereafter.
Replaced with:
On various dates in February 2017, the Company entered into agreements with five third parties to issue up to a total of $450,000 of convertible promissory notes (the “Notes”). $15,000 in principal amount of Notes were issued to memorialize funds that had previously been provided to the Company, and the balance were, or are to be, issued for new funds being loaned to the Company. $135,000 of principal amount of Notes were issued at the initial closings in February, and $100,000 of principal amount of Notes were expected to be issued on March 1, 2017, but were not in fact issued and are currently expected to be issued shortly. The balance of the Notes are expected to be issued on April 3, 2017 ($100,000), May 1, 2017 ($50,000) and June 1, 2017 ($50,000). The Notes were issued pursuant to an exemption available under Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 of Regulation D thereunder.
The Notes carry interest of 10% per year, and are due and payable 1 year from the issuance date. The Company may prepay any amount outstanding under the Notes at a 50% premium, subject to the acceptance of the prepayment by the applicable noteholder.
Noteholders :
Edgestone Associates, Inc.
Longside Ventures, LLC
Summit Trading, Inc.
Susannah Forest
Taconic Group, LLC
Each noteholder has the right to convert the principal and accrued interest under the applicable Note into shares of common stock of the Company, at a conversion price equal to 50% multiplied by the lowest trading price for the common stock on the OTC Marketplace (or whichever market on which the common stock is trading) during the 20 trading-day period ending on the last complete trading day prior to the date of conversion. The Notes also provide that if the Company enters into any subsequent issuances of notes, etc., in which any third party has a conversion right at a lower price, or has a longer look-back period, then the conversion price and/or look-back period, as applicable, under the Notes will be adjusted to match those terms. The conversion is subject to a limitation that the holder may not covert the Note if doing so would result in such holder having beneficial ownership of more than 4.99% of the outstanding shares of common stock, provided that this limitation is waivable by the holder.
14
The conversion price subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Company relating to the Company’s securities or the securities of any subsidiary of the Company, combinations, recapitalizations, reclassifications, extraordinary distributions and similar events.
As long as the Company has any obligations under the Notes, the Company may not, without the consent of each of the noteholders, (i) pay, declare or set apart for such payment, any dividend or other distribution (whether in cash, property or other securities) on shares of capital stock other than dividends on shares of Common Stock solely in the form of additional shares of common stock; (ii) directly or indirectly or through any subsidiary make any other payment or distribution in respect of its capital stock except for distributions pursuant to any shareholders’ rights plan which is approved by a majority of the Company’s disinterested directors; or (iii) redeem, repurchase or otherwise acquire any shares of capital stock of the Company or any warrants, rights or options to purchase or acquire any such shares.
It is an event of default under each Note if, among other items, if (i) the Company fails to pay principal or interest as due and such breach continues for a period of 5 days (ii) the Company fails to reserve a sufficient amount of shares of common stock as required under the terms of the Note and such breach continues for a period of 5 days), fails to issue shares of common stock to the noteholder as required by the Note; (iii) the Company breaches any material covenant or other material term or condition contained in the Note and any collateral documents and such breach continues for a period of 10 days after written notice thereof to the Company from the noteholder; (iv) any representation or warranty of the Company is false or misleading in any material respect when made and the breach of which has (or with the passage of time will have) a material adverse effect on the rights of the noteholder with respect to the Note; (v) the Company or any subsidiary of the Company makes an assignment for the benefit of creditors, or applies for or consents to the appointment of a receiver or trustee for it or for a substantial part of its property or business, or such a receiver or trustee is otherwise appointed; (vi) any money judgment, writ or similar process is entered or filed against the Company or any subsidiary of the Company or any of its property or other assets for more than $25,000, and remains unvacated, unbonded or unstayed for a period of 20 days unless otherwise consented to by the noteholder; (vii) bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for relief under any bankruptcy law or any law for the relief of debtors are instituted by or against the Company or any subsidiary of the Company; (viii) the Company fails to maintain the listing or quotation of the common stock on the OTC Markets, the Nasdaq Global Market, the Nasdaq Capital Market, the New York Stock Exchange, or the NYSE MKT; (ix) the Company fails to comply with the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and/or the Company ceases to be subject to the reporting requirements of the Exchange Act; (x) there occurs any dissolution, liquidation, or winding up of Company or any substantial portion of its business; (xi) the Company ceases operations or admits it is otherwise generally unable to pay its debts as such debts become due; (xii) the Company restates any financial statements filed by the Company with the SEC for any date or period from two years prior to the issuance date of the Note if the result of such restatement would constitutes a material adverse effect on the rights of the noteholder; (xiii) the Company effectuates a reverse split of its common stock without 20 days’ prior written notice to the noteholder; (xiv) the Company replaces its transfer agent, and the Company fails to provide prior to the effective date of such replacement, fully executed Irrevocable Transfer Agent Instructions signed by the successor transfer agent; (xv) the Company breaches or defaults with respect to any covenant or other term or condition contained in any of the other financial instrument issued by the Company to the applicable noteholder (after the passage of all applicable notice and cure or grace periods), provided that a default under this provision is at the option of the noteholder; or (xvi) the lowest trading price of the common stock on the OTC Markets or other applicable principal trading market for the common stock is equal to or less than $0.0001.
Upon any event of default, the Company is required to repay all amounts then due under the Note, at a 50% premium.
On March 1, 2017, in connection with William Singer’s engagement as Executive Vice President of Sales and Marketing of the Company, the Company granted to Mr. Singer a total of 6,000,000 shares of the Company’s unregistered common stock. 1,500,000 shares of the common stock will vest on March 1, 2018 and thereafter 250,000 shares of the common stock will vest each month thereafter.
Yesterday's 10-Q quarterly report
Today's 10-Q/A amended quarterly report
We've regained our "Current" status on OTC Markets, and our Morningstar rating is back to three stars.
OTC Markets
You're welcome. Seems to me that there is both reason for concern and reason for hope. I agree with Shift66 that the company may well be in reset mode. I'm encouraged that they are still at it despite recent difficulties. More information is needed. Fingers crossed.
Thanks, Bishop123. I rely on the public statements released by the company.
This is from page 6 of today's 10-Q:
Really glad to see it!
Lol. And you managed to beat me to it, even though I've been watching every day for weeks. :0\
Okay, so this was the hiring of William Singer as Executive Vice President of Sales and Marketing. I notice however that he has been with the company since April, 2016 in the position of "Senior Vice President of Sales", so this is actually a promotion of sorts. We still of course need the company to file its 10-Q quarterly report in order to become current again.
From today's 8-K:
"On March 1, 2017, Life Clips, Inc., a Wyoming corporation (the “Company”) named William Singer, age 45, as Executive Vice President of Sales and Marketing of the Company, and Mr. Singer was also named as a Director of the Company on the same date, following a resolution of the Board of Directors (the “Board”) of the Company to expand the size of the Board from 3 persons to 4 persons, and to name Mr. Singer to the newly created vacancy, in each case in accordance with the Bylaws of the Company.
"Mr. Singer is a Multi-Channel Retail Expert, an entrepreneur and investor, and has launched several successful businesses and products in retail, transportation, eCommerce, mobility, and services. Mr. Singer’s first startup was when he was 19 in 1991, which he ran for 20 years. It was a bus business called Bill’s Bus with a route from the university town in Santa Barbara to the downtown so that students didn’t drink and drive. He sold the business in 2011. Mr. Singer also worked with legendary investor, Louis Navellier. In his career, William has raised over $50 million.
"In 2012, Mr. Singer was President of Tru Connect LLC, a national provider of wireless voice, messaging, and data services. Mr. Singer’s sole position in the prior 5 years, other than with True Connect LLC (or with the Company), has been as the Managing Member of Summerland Advisors, LLC, a registered investment advisor in California, from 2012 to the present. He became involved with the Company in October 2015 as an advisor, and served as the Company’s vice president of sales from April 2016 through January 2017.
Mr. Singer has successfully launched products into major retailers including RadioShack, Best Buy, Target, Wal-Mart, QVC and Amazon.com. Mr. Singer has global contacts and significant experience in multi-channel retail, business, sales and marketing. The Board believes that Mr. Singer’s extensive experience in executive management and the other factors discussed herein make him uniquely suited and qualified to serve as a member of the Board and as the Company’s Executive Vice President of Sales and Marketing."
You're right, Intheknow1.
8-K filed today
The CEO's wife managed to get re-elected. They never seem to pay a penalty.
I had no idea Monarch Staffing Inc. had a subsidiary called Drug Consultants, Inc.. But apparently they did. Found it about midway down in this old Mimi Walters community property document from 2011. Looks like three subsidiaries, actually.
https://www.scribd.com/document/49985967/R-Walters-Mimi
These things usually do eventually.
New Somatic teacher training class in new location. Now in Wisconsin.
New training class
Me, too, Tripledog. Over time I averaged down, and am still holding quite a few.
You're welcome. Fingers crossed.