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Congrats to you too, Simmons!! And to all longs!
HURRAY!!!!!!!
Yes, the market liked today's news.
That part of today's Letter to Shareholders seems ambiguous to me.
"I want to reiterate our desire to uplift to NASDAQ as soon as possible. Which means the Company currently has no plans to reverse the stock because it believes in its future prospects unless it would be in concert with an application to uplift to NASDAQ."
He seems to be saying that so long as we remain on the OTCQB, no reverse split is contemplated because he believes in the company's future prospects. In other words, he believes the company will do well and the pps will rise, making a reverse split unnecessary. However he is also saying that he wants to up-list to the Nasdaq soon, and a reverse split might be contemplated as part of the application process for up-listing. So he seems to be saying no reverse split, and a possible reverse split. That's ambiguous and should be clarified in my opinion.
Otherwise his letter expresses his optimism, and importantly he mentions "meeting & exceeding our business goals and objectives, which includes generating revenue." And he anticipates "sharing some of this information in the very near future which will publicly validate our efforts as well as build investor confidence."
Hey, 420mon, thanks for posting that info from Investor Relations. I find it encouraging. I am pleased that the company has remained current in its SEC filings. At this point I think Bob Gruder needs to communicate again with the investors.
The Nasdaq has three tiers: Nasdaq Global Select Market, Nasdaq Global Market, and Nasdaq Capital Market. Each tier has three or four different standards, and the price-per-share requirements for listing vary from a bid price of $4.00 to as low as a bid or closing price of $2.00 per share.
https://listingcenter.nasdaq.com/assets/initialguide.pdf
Life Clips is not delinquent. It is correct that what was filed yesterday is not a Q (quarterly report). It is a 10-K annual report. But it is not correct that LCLP is delinquent. Companies are not required to file a quarterly report at the same time that they file their annual report. And you will see that the SEC reporting status of Life Clips on OTC Markets is now listed as "Current". They had listed us as "Current" until yesterday. Yesterday, before the new 10-K was filed, they had changed Life Clip's status to "Delinquent". But after processing yesterday's 10-K filing they returned us to "Current" status once again, as you can see on their website.
At the website you can also see that a year earlier for the quarter ending June 30, 2015 only a 10-K annual report was filed. No 10-Q quarterly report was filed then at the same time either. The company files quarterly reports three times a year for the periods ending March 31, September 30, and December 31. And each year for the quarter ending June 30 the company files its 10-K annual report, just as it did last year. When the annual report is filed, a quarterly report is not necessary. This is the same procedure followed by other company such as Microsoft (MSFT). So Life Clips is not delinquent. And I'm sure in three months it will file its next quarterly report as required, just as it did last year.
"This is not a Q, a 10Q is quarterly report. At the end of November, they will be delinquent in 2 quarters of filings."
NEWS: The 10-K Annual Report was just filed.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11636529
I bought a bunch this morning.
Right, j45, so we can expect the Form 10-K annual report to be filed on or before October 14th. Looking forward to it! Meanwhile our filing status is still current.
Thanks, Simmons. I believe so too.
Thanks, Moved On. I appreciate the complement. Though I wouldn't describe myself as "pro" Bob Gruder or "con" Bob Gruder, but rather as pro Life Clips. I wish him the best with his company and our investment.
So it looks like the Form 10-K annual report will be out on or before Friday, October 14th.
I think like probably most of us, I was expecting a 10-Q quarterly report for the second quarter to come out sometime in late July or August. A quarterly report would have been long overdue by now. But I should have noticed that a year ago no quarterly report was issued after the end of the second quarter. Instead that is when the Company issued its 10-K annual report. So the Company is simply following the same pattern as last year, except this time the 10-K will be late. However the SEC grants more time to file 10-K's than it does to file 10-Q's. (90 days instead of 45.) Since this year's 10-K annual report wouldn't have been overdue until tomorrow, and since an extension was filled today giving us 15 more days, we're still good.
Here's the link for Life Clip's SEC filings:
http://www.otcmarkets.com/stock/LCLP/filings
From today's filing:
"[X] (b) The subject annual report, semi-annual report, transition report on Form 10-K, 10-K, 20-F, 11-K or Form N-SAR, or portion thereof will be filed on or before the 15 th calendar day following the prescribed due date;"
It's looking like everything is still good. Looks like the annual report wasn't overdue until after today. Today's filing gives Gruder 15 more days to file it. Then we'll see.
It's an "uh oh" if he missed the deadline for filing for an extension. But the deadline for filing 10-K (annual reports) is different than for the 10-Q quarterly reports. Gruder just filed an NT 10-K, indicating that his 10-K will be late. But the deadline for filing 10-K's is 60 to 90 days after the end of the reporting period, depending on the category of the company. 60 days would have been August 30th. 90 days would have been today. So if, as it appears, Life Clips is in the 90-day category and was thus required to file its annual report by today, then this extension just filed today was timely, and grants us another 15 days. In which case, we're late, but not in violation, and we can expect the annual report within 15 days. This would also explain why OTC Markets continues to list LCLP's SEC reporting status as "Current".
NEWS: Form NT 10-K just filed - Notification that the annual report will be filed late.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11613972
[X] (a) The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
[X] (b) The subject annual report, semi-annual report, transition report on Form 10-K, 10-K, 20-F, 11-K or Form N-SAR, or portion thereof will be filed on or before the 15 th calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q, 10-QSB, or portion thereof will be filed on or before the fifth calendar day following the prescribed due date; and
(c) The accountants statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
Reason stated:
"Registrant has been unable to complete its Form 10-K for the year ended June 30, 2016 within the prescribed time because of delays in completing the preparation of its financial statements and its management discussion and analysis. Such delays are primarily due to Registrant’s management’s dedication of such management’s time to business matters. This has taken a significant amount of management’s time away from the preparation of the Form 10-K and delayed the preparation of the audited financial statements for the year ended June 30, 2016 . "
I'm noticing that LCLP is still listed as "Current" with its SEC reporting on the OTC Markets website. We all know that Life Clips hasn't yet filed its Form 10-Q for the quarter ending June 30th. The SEC deadline for filing is 40 days after the quarter ends for Accelerated Filers and Large Accelerated Filers, and 45 days after the quarter ends for Non-Accelerated Filers. Those deadlines have passed. However I also notice that in its last filing, LCLP did not file in any of those three categories. Instead, on the first page of its most recent 10-Q filed May 16th, the Company reported under a fourth category called "Smaller Reporting Company". I'm wondering if the rules are different for companies in that category. Though three months before that the Company did file an NT 10-Q, (allowing it to file late,) so probably not. But I'm still wondering. Anyone know?
Well said, Coolhouse.
So did I, Van. Couldn't resist.
How about that! The HP guy who signed the agreement on page 29 is their Director of Consumer Accessories.
I believe it, Van.
You kept saying news was coming, Simmons, and you sure were right!
Done!
Life Clips signs agreement with HP Inc., a successor company to Hewlett-Packard. HP recorded over $57 billion in revenue in 2014. This is definitely not the little leagues, folks!
The agreement (Form 8-K filing)
About HP Inc.
More about HP Inc.
That's what I was thinking!
About HP, Inc., with which Life Clips just entered into an agreement. HP Inc. is a successor company of Hewlett-Packard. HP Inc. recorded over $57 billion in revenue in 2014. This is definitely not the minor leagues, folks!
http://www8.hp.com/us/en/hp-information/index.html
http://www8.hp.com/us/en/hp-information/executive-team/team.html
https://en.wikipedia.org/wiki/HP_Inc.
Here is a link to the 8-K with the Trademark License Agreement included.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11603340
New 8-K form just filed.
http://ih.advfn.com/p.php?pid=nmona&article=72504805&symbol=LCLP
"On September 22, 2016, Life Clips, Inc. entered into a Trademark License Agreement (the “Agreement”) with HP, Inc. (“HP”). Pursuant to the Agreement, the Company has been granted a sublicense to use, reproduce and display the HP trademarks in various territories on HP Branded Products, which are products that HP has approved for sale and distribution. The territories included are the United States, Canada, Australia, New Zealand, Israel, 26 countries in Europe, five countries in Africa, and 38 countries in Latin America. The initial term of the agreement will last until December 31, 2019, and shall automatically renew for an additional two year term, unless the Company provides written notice of non-renewal 180 days prior to the expiration of the initial term. As consideration for the sublicense, the Company shall pay to HP a cash fee of $250,000, consisting of $125,000 due on October 1, 2016 and $125,000 due on April 1, 2017. In addition to the cash payments, the Company shall also pay to HP royalties in amounts of 4% on Hardware for HP Branded Products, 10% on Accessories for HP Branded Products, and 10% on services for the HP Branded Products. The minimum royalties due to HP are $330,000 for the 2017 calendar year, $990,000 for the 2018 calendar year, $1,750,000 for the 2019 calendar year, and $500,000 per quarter during the renewal term, if applicable. The Trademark License Agreement is filed as Exhibit 10.1 to this current information report."
Somatic exercise teacher training program in Chicago in January.
https://we304.infusionsoft.com/app/page/somatic-exercise-teacher-training-20171?
Any time, Tmac. :0D
Well, it relates to the registration of a class of securities pursuant to Section 12(g) of the Exchange Act and is effective pursuant to General Instruction A.(d) so that any form of prospectus filed by the registrant with the Commission pursuant to Rule 424(b) under the Securities Act that constitutes part of the Registration Statement shall by reference be incorporated into the “Description of Securities” filed with the SEC under File No. 333-198828. :0D
Form 8-A12G filed. Anyone want to be first?
http://ih.advfn.com/p.php?pid=nmona&article=72494539&symbol=LCLP
Don't know, MrArchAngel. However Life Clips usually files its 10-Q forms about a month-and-a-half after the quarter ends. That would have been mid August. Hasn't filed yet this time, so we'll see.
Life Clips, Inc. filings
It's still breakfast here, but I'll take it. ;0)
Nice volume. Over half a million shares traded. At these prices that's upwards of $180,000 moving.
Hey, you nailed it, Simmons. A nice 10,000 buy brought us to the high of the day.
Nicely put, Tmac.
Form 8-K filed today.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11574351