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Ray De Motte (ex CEO) and Mike Maclean (ex mine manager )had mine in production in late 2007. It was new management in 2008 (Jim Meek,Roger Van Voorhees)that ran company into the ground by 2009. Now Sunshine Silver can build on what Sterling did pre-2008,but that will require some rehabilitation and cleaning up any property-type issues.
Big potential profit with silver at $40. Under De Motte Sterling had a 1000% return in 5 years !
No rent or salary accruals. Revenue but no associated costs. Receivables that never get collected but do not get written off. Judgment against company at some point but no liability recorded previously. Also, does BTDG consoldiate its portion of subsidiaries that it owns over 50% of ? Or its share of income if it owns over 20% ? Maybe not a big deal but surely CEO must know this is not US GAAP reporting, and therefore BTDG should not claim it is.
CEO over last year has become major shareholder , and other two directors left the company. HIP HOP seems the big new strategy. How does 10% ownership of private company translate to cash flow for BTDG ?
Is CEO employment contract still in force ? Isnt $100k + per year a bit much for a company that had only $2,700 in revenue for the quarter ? Maybe HIP HOP will prove a success- is there any benchmark CEO willing to set, such as a performance target ? Shouldn't CEO at some point deliver profits or stock price appreciation ?
BTDG annual report just posted on otcmarkets.com. Very interesting as usual.Guess BTDG figures that the "reserve" issue no one cares about and isnt material, so never any explanation of that issue.They publish the real estate lease on the building, so it must be a related party item. No word on whether President's salary is accrued for 2010.The story just goes on. The HIP HOP business, mortgage lending/lead generation,and their technology business, quite a diversified company.
Seems SILS getting their house in order(a)first get funds raised through 506 PPM (b)secure initial projects. Probably getting records up to date and preparing to become SEC reporting at some point.
Look at track record of people involved - they did High Plains Uranium, US Silver - so it would appear very likely that sometime this year they will start promoting the stock and moving faster when they are ready. Looking at history of those other companies this group seems quite successful.
The float probably pretty low. My guess this is could be a $.50 to $.75 stock at some point next 12 months, maybe higher.
Are you sure same company that is traded ?
CHMN acquires interest in Senetek (?) PLC
Chester Mining apparently has acquired an interest in a public company with chrome deposit in Idaho and Gold in California.
Chester sitting in catbird seat at the Sunshine Mine.
Sterling just had another bankruptcy hearing and inching towards the new buyer taking full control. The bankruptcy court evidently confirmed Chester's lease.
So Chester's time is coming for the patient !!
I find it curious that month after month you are positive on this stock and rate it a strong buy.
The track record of BTDG the last 15 months is dismal . Declining stock price, inability to implement and profit from deals signed. Poor financial records. Inability to build the business or raise capital.Hundreds of millions of shares being issued. The marketing ability of BTDG is also dismal, and months after stating it had reserves ( whether based on someone else's assertions of not BTDG put out the press release). For a "technology" company it can't even update it's website.
So a company with no capital, no profits, nor apparent experience to raise capital, poor financial reporting, inability to focus on whatever its "core competency" might be. At the very least an inability to present itself to the market that doesn't raise questions at every turn. It seems that the CEO simply has not shown in any area of this business any actions that he has the judgement or experience to run a public company. What has CEO achieved the last year that has worked ?
To CEO's credit got rid of incompetent CFO.
You must have a reason for your buy recommendation, I would be curious as to what it is based on.
Why no disclosure about the reserve issue ?
How many shares does CEO own ? How many does CEO control ?
Why can't CEO just focus on one thing since the multi-business mini conglomerate concept is not working ?
Do you feel BTDG is following the Pink Sheet disclosure guidelines ?
Ultimately, do you feel CEO has any responsibility to improve shareholder value ?
Why does ever post which recommends BTDG never address any of these core issues ?
Stainster,
Let us asume you are corect that BTDG has been scammed. Could you please advise us your opinion on the following
1. If it has been scammed but BTDG put out a press release with reference to reserves, should BTDG not put out a retraction press release or pink sheet filing stating it has no information that would support a claim of reserves ?
2. If it has been scammed or simply misinformed and you are aware of that, why are not other shareholders ? Under the principles of fair disclosure rules, which maybe BTDG not subject to technically, news should be distributed at the same time to all shareholders and not selectively.
3. Looking at the 1 year chart on this company why should CEO and CFO continue in their positions , or is there any evidence the HIP HOP venture is generating cash flow for BTDG ? Or the lead generation-mortgage company ? Maybe these ventures including a Chinese trading company are good ideas, why cant management provide an update ? (My own thoughts are that CEO should get rid of CFO pronto, and update market on his new ventures). To be objective maybe these are great ideas but without information how can one judge ?
Same here but actually I think a positive sign for speculation, i.e. to get in before they start marketing the company. The president was one of guys who originally put together the U.S. Silver deal, so he wouldn't be wasting his time on an OTC company unless he had definitive plans for SILS, IMO.
Yahoofinance message board. I just looked at yahoofinance message board, seems CEO of BTDG actually posting direct to that board. Any opinions on what he has posted ?
There can be fraud without the SEC saying so. The issue tends to revolve around what the intent and knowledge of BTDG management was. There seems to be no debate that BTDG has released incorrect information on numerous disclosures, and "overachiever", "earnestDD" and others have done a lot of due diligence that benefits all shareholders.
No one is denying that there is not information that would tend to make one believe that there may have been a fraud committed though determining intent can be hard to prove of course. As far as knowledge that the information released by BTDG was incorrect you may be right BTDG knew that. You may also be wrong, as their filings do exhibit some rather ridiculous assertions in general. Thus, saying someone who believes that BTDG management is either clinically disturbed, or inexperienced or less than intelligent, (when their filings support any of these opinions) doesn't mean that such a view is "nonsense". Perhaps not probable, and you have certainly argued well your point of view. Your own definition of fraud states clearly there must be intent, and knowledge that assertions were incorrect. I do not think it is a stretch that BTDG management may be mentally deficient, or ignorant and inexperienced.
I am waiting for how they address the 1.5 million ounces of gold reserves before making a final opinion. I respect of course you have definite opinions and your arguements are certainly logical.
Thank you very much for the information you have posted.
-It is clear that there must be knowledge that the information was incorrect, and that there was an intent to de-fraud.
My only point is that the inane filings and actions of BTDG are such that there is a possibility BTDG did not realize the information posted was incorrect, and that it is very hard to know definitively what BTDG's intent was. Therefore an objective person would not be able to state that definitely there was fraud involved, and a fair person would be extremely hesitant to accuse someone of such actions, absent compelling evidence that all the elements of fraud met.
-Therefore with all due respect it is not "nonsense" that perhaps it is incompetence or mental instability that caused BTDG to file such releases. I quite agree though that you may be entirely correct in your opinion as there is a lot of things about BTDG that could one lead one to believe as you do.
The last point is the question has anyone seriously believed what the CEO and BTDG state in their disclosures and bought shares because of it ? I have no way of knowing but find it hard to believe that anyone considering BTDG considers it anything other than sheer gambling.
While we have probably very similar views about the quality of management at BTDG,
In regards to these repeated allegations of fraud that appear on this board simply I have indicated that there may be two alternate explanations , i,e, incompetence and/or mental instability on the part of the CEO and CFO of btdg.
Since you are quite definitive in claiming "total nonsense" you must be fairly sure of what a legal definition of fraud is, and that there is evidence that fraud occurred.So what is that evidence? I quite agree as you point out if BTDG believed that $2 million in financing was available to BTDG, that would provide some incentive for the actions being discussed. So I would be curious, and admit I could be wrong, what the legal definition is, and whether BTDG meets all the necessary legal requirements are to be considered a fraud. My limited understanding is that there had to be intent to defraud, and knowledge the actions undertaken were fraudulent.Looking at the filings BTDG has made, what evidence is there that BTDG management had such an intent , and knew what they filed in disclosures was incorrect ? Since there is a pattern of inane,incorrect disclosures, is it not possible that incompetence and/or mental instability the cause ?
Why is this discussion repeating itself over and over ?
Certainly BTDG has released information that is incorrect and miesleading, anyone reading this board including those who are positive will agree. As you well know a company that states their financial statements are in accordance with GAAP when they are not is either misleading on purpose, or is too incompetent to know the difference. Take your pick.
As far as the accusation of fraud is concerned there is a legal definition of fraud and it would appear that there isnt definitive prooof there has been a fraud according to a legal definition. There is evidence of incompetence or perhaps mental instability though. The fact alone that a comany puts out a release indicating in its headline 1.5 million ounces of gold reserves without ever providing support for such a number could be an indicator (and possibly there are many more) of the potential for fraudulent activity, but doesn't prove there was any.On the other hand certainly BTDG is guilty of incompetent management that doesn't understand proper due diligence, material disclosure or corporate business law 101.
Don't get me wrong, any company that announces it has cancelled shares 12/30 then shows them outstanding on 12/31 has a screw loose.
So everyone has had their opinion, can we move on and continue the fascinating look at BTDG, a trailblazer in corporate strategic development ! EarnestDD has done every shareholder a great service by his due diligence and pointing out the absurdities and errors in BTDG disclosures. But this it is, it isnt, it is, it isnt discussion about a legal term which isnt even defined so anyone can understand what it means , isnt productive.
However those stating BTDG hasnt committed fraud should honestly address whether BTDG management shouldnt step down considering their dismal failure the last 12 months.
You are probably right excessive due diligence in this sort of stock may be unwarranted since everyone realizes how speculative this stock is in the sub-penny level. I think though that it is just fascinating reading BTDG disclosures and trying to figure them out. BTDG is a continual surprize. Who would have dreamed up the way they bought sincocan to avoid addressing the "definitive merger" at $.04 per share ? I am eagerly waiting to see how they address the 1.5 million ounces of gold reserves !
The accounting is rather interesting to say the least.
Guess we will never know for sure, but I am also interested if CEO believes the stuff BTDG puts out. If he does he must be a very very interesting person.
I admire your positive attitude in the face of negativity, and every indication that there are no gold reserves, or if there are any, BTDG doesn't own or control the ground they are on.
Look forward to this week the news that you and another seem to indicate is coming to show the gold reserves are indeed owned or controlled by BTDG. Surely everyone will pile into this stock and CEO will be praised to the high heavens for such business acumen.
On the other hand as surely you are a person who deals in reality, equally if no proof is forthcoming you will be foremost in admitting this has all been a fantasy.
Where is the backup to the assertion that there are gold reserves ? What indications are there that BTDG owns or controls the ground where they are to be found ?
Can you or someone explain CFO accounting policy - to record shares outstanding the board has cancelled ? To issue shares to satisfy salary liability that was never recorded ? To have a judgement against company that apparently doesn't show on company balance sheet ?
What are the outstanding shares ? Agreement just filed mentions 3.1 million shares, agreement before that said 3.1 million shares with another 500 million to be issued ?
So many questions, so many curious eventual answers we can expect,maybe,as BTDG seems to be avoiding answering these ones.
Probbaly as a start up they could be pretty busy, look forward to hearing what answer you get. Considering track record of CEO, and how thinly traded this stock appears to be, definitely has potential.
-Which false accusations are you referring to ?
-How about answers to a few simple questions ?
Can there be some news that BTDG does have or control mining property with 1.5 million ounces of gold reserves ? And what is the backup to this ? Can there be news explaining how shares for salary can be approved when no salary liability was recorded ? An update on how many shares outstanding ? Perhaps CEO's vision of how trading shares for shares in private companies will generate cash flow to BTDG ? If the HIP HOP that good a venture, and I do not know enough to say either way, how will that benefit BTDG ?
Thanks for posting that information from the CEO. While his most recent news indicating the "definitive merger" at $.04 per share cash won't occur under the original terms is of course disappointing, it is of course always appreciated when BTDG puts out news that clarifies things.
There remains key questions :
-Where is the back up for 1.5 million ounces of gold reserves ? Is BTDG claiming it owns or controls claims with these reserves ?
-What are the outstanding shares of BTDG ?
-Any update on HIP HOP business ? Any idea how owning a minority position in a private business will generate cash flow or profits for BTDG ?
Thank you for posting the news.
Have you heard anything about the CFO ? Since she is stating that the financial statements are recorded under GAAP, but she doesn't accrue expenses etc I would guess she is being let go ?
Is there any truth that BTDG is also about to expand into Central Asia ?
An alternate presentation of the recent board meeting :
BTDG calls board meeting.
CEO reports tough negotiations with SinoCan, now that he has found them it has become obvious their financing delayed until the summer.
Chairman exclaims "woe is me" !
CFO shouts Eureka, why wait until summer to lock up deal, let us do it now !!! Let's take over Sincocan !! ( Shareholders present cheer )
CEO sighs with relief, "Trusty CFO as usual you can think outside the box. Anyone who can cancel shares on December 30 but then show them outstanding on December 31 things is outside any box known in American financial history."
Chairman says in somber tones we must do due diligence. Well 1 for 1 , 95 million shares sounds significant- if at $.04 per share quite a bit of money. CFO nods at this quick calculation of Net Present Value by the Chairmen.
CFO takes out her calculator, and says if original deal worth $100 million, this means we are acquiring SinoCan only for $4 million ! We have just made $96 million for our shareholders !!!
Meanwhile the CEO has to be restrained from the excessive joy he is showing.In addition to mining in Canada/Media/HIP HOP/lead generation/mortgage lending , now he will add new divisions in mining in china, import-export, and the perennial favorite, media.
CEO regains his composure and comments that BTDG has had a bit of poor PR recently, and he intends to put a stop to comments that BTDG doesnt disclose facts- "Let's make a filing with pink sheets, foregt this press release stuff !".
Shareholder leaps to his feet and praises management for their transparent and timely approach to disclosure. Wait though, quiet in a corner a sharehholder who has a high school diploma points out that wasnt the 3.1 million shares the figure before other share issuances and shoudn't be in the agreement ? CEO stands up, pulls his suit coat down and adjusts his sunglasses, and in a menancing tone shouts that " That is a minor detail,and I go by what the documents show me. That is the last shareholder's list I have, plus we can't afford a newer list."
Yes Ground Control,it may seem to be exactly as you portray this company and its management. I would say that absent definitive proof this is a fraud or scam one should be very hesitant to accuse people of such things out of fairness if nothing else.All you have pointed out is how absurd and incorrect their disclosure has been. Have you shown once that CEO or CFO actually knew they were putting out false or misleading releases ? If management is severely mentally disturbed for example, they may not be engaged in these activities with bad intent.
The CFO for example must have severe problems judging by the financial statements.
However the fact that all three directors apparently gave their approval to the silly report of the directors meeting may support your opinion- i.e. to have three people equally mentally disturbed or equally out of touch with reality may be more of a stretch than they are trying to "scam" investors. I guess you have enough information to say definitely this is a scam, I guess I just have a feeling BTDG management is in fantasy land and may actually believe the information they put out. They keep doing this for months after they cancelled any financing agreements, and with no beneficial effect in the market. So why do they continue with this ?
Anyway I have been trying to be objective, but this latest news is quite absurd.
I am though quite interested in how they address the 1.5 million ounces of gold reserves. Should be an equally absurd directors meeting.
President of Silver Scott put together the US Silver deal, a company now worth over $100 million. Chances are they won't dilute this stock now but wait for higher prices before doing a private placement. Definitely IMO a buy at these prices.
This is truly breathtaking. Reminds me of the old show "Dallas" , always a cliffhanger is resolved in a manner you would not perhaps have guessed. BTDG puts out news of a "definitive merger " at $.04 per share or millions of dollars, and instead buys SinoCan for restricted stock worth under $50,000.
Note the outstanding shares listed at 3.1 million shares, compare that to press releases last 6 weeks, i.e. what is the true amount of shares outstanding. Curious also that 60% of outstanding shres represented at the meeting of the directors.
Guess this solves a PR problem of people wanting to know the status of the SinoCan merger, i.e. now we know.
I still believe that perhaps stupidity or incompetence or perhaps even insanity could explain all this, but I must admit that the alternate explanation that this is a deliberate scam may also be possible.
How could one even arrive at any sort of logic for this ? Even if they had to wait until summer for millions of $, why wouldn't BTDG just wait and sit tight. What possible benfit does this bring to shareholders ? Does CEO honestly want shareholders to believe after the Firma Gold fiasco that BTDG can operate now in China in mining, media and import-export ?
What on earth is BTDG buying ?
If BTDG itself believes what it is disclosing, there must be something seriously wrong with CEO and CFO. Either that or are they are truly trying to engage in some sort of scam. This situation is beyond absurd.
How smart the board is ! Can't close a deal, well end the deal by putting together another deal that closes the first !
I have to admit I will be glued to the screen, can't wait to see how they address the 1.5 million ounces of gold reserves.
So you are saying that you have evidence that BTDG's CEO and CFO knew there were no reserves ? I would think there is an obvious difference between someone putting out a press releasing that is false between whether they knew or didnt know it was false? Are you saying that if a company puts out a press release that is incorrect, that is fraud ?
I am not saying that it isn't a fraud, just since you do not acknowledge the possibility it was just incompetence tends to make one wonder whether you are being objective ? Or do you feel the CEO actually knows what he is doing ?
You must have lost a lot of money on this stock and I can therefore understand your frustration with this management.You may be entirely correct ,and the longer BTDG avoids the issue of the gold reserves,the more doubts are generated.
I have no disagreement that press releases and/or pink sheet filings by BTDG are either false, or misleading, or confusing. All I am stating is the it is possible it is just inexperience, incompetence and/or outright stupidity that is the cause - and I say this as a possibility because looking at the types of errors which are so silly at times. It is also possible that it is a deliberate scam, I just don't know; but the more I look at their public disclosure the more idiotic it seems. And the research you and others have done on the claims simply confirms that BTDG at a minimum is run by incompetent people, at least as far as administrative, accounting and semi-legal tasks are concerned.
Surely even an incompetent person who is honest and has any sense of moral responsibiity to shareholders would address the simple simple issue : is there any backup for the claim of 1.5 million ounces of gold reserves.
A Day in the Life of BTDG
-CEO receives a fax from ABC company offering to buy the company at $.04 per share.
-He rushes to CFO and asks CFO to do review and advise.
-CFO immediately rushes to her computer, sees BTDG stock price ar $.015, and immediately gets to work calculating what the premium
would be. Unfortuantely calculating the percentage is too difficult, but then her eyes light up that by subtracting $.015 from $.040 she has the amount of the premium per share, After hours of difficult stressful effort, she arrives at what the total would be. She then runs back to CFO and says she is ready for a directors meeting.
-CEO with his media and internet background knows how to call the Chairman using modern telephonic devices.
- CEO says that with this offer BTDG could go out and buy not only mortage and lead production business but hair removal cream manufacturing facilities in Timbuktu, and also company with an idea of new cable TV synergies with reality HIP HOP production series.
-Chairman smiles in self-satisfaction at being associated with a company with a man like the CEO involved, truly a man who understands synergies no one else could ever grasp. The Einstein of the Arizona pink-sheet stock universe.
- CFO presents her due diligence on the finacial offer proudly. She does emphasize the importance of not consideirng any standard financial calculations such as internal rate of return, net present value, payback period etc : after all if BTDG has its own GAAP it must be on the frontiers of developing new and novel ways of doing things.
"Then the CEO gives a speech : "We must have full and complete disclosure to the market. Doesn't matter whether we believe this offer. Doesnt matter if we think it will happen. Doesnt matter we have no resources or ability to make it happen. What matters is we disclose the piece of paper faxed to us.And lets use the 8k form like the big boys. "
CEO puts out press release, then turns to more mundane matters such as building sales, securing capital, answering the flood of investor calls, and trying to find out where some mining claims are in Canada that have been purchased.
--This scenario has the ring of truth to it. Could you consider EarnestDD that maybe this isnt a scam, just a bunch of children playing at being business people ?
There is no disagreement that BDTG should exert every effort to fairly report news developments in press releases and pink sheet filings of material events, and do its best to ensure such information is accurate, material and timely.
Neither is there a disagreement that reviewing the last 12 months of press releases that there are numerous discrepancies and unexplained issues. Furthermore , the very confusion that investors have trying to understand BTDG is an indication of very poor skills of the CEO and CFO . This compounds the disclosure problems as even if some of the assertions were true, one wonders how such confused and inexperienced management could ever build this company.
So we have a company with apparently no working capital and a CEO/CFO team that shows inability to finance the company.A company that shows an inability to exercise judgement in selecting deals, and thence an inability to close them, or if it does doesnt have the ability to move them forward.A CFO who has rather novel theories of what proper bookeeping let alone GAAP accounting consists of. A CEO who files copies of emails related to past bills with his filings with pinksheets. A management that is asking investors to believe that it seriously believes there is to be a "definitive merger" at $.04 per share. Even basic business law issues such as what constitutes 10% ownership of a corporation the CEO doesn't understand.A management that cancels shares (which maybe were not really outstanding in the first place) on December 30 and then reports them as oustanding on Decemebr 31.
In summary every indication is of inexperience, incompetence and confusion in the management of BTDG. One can talk about what they should do,but do you believe CEO and CFO should ever run a business let alone a public one ?
However by your standard any company that is poorly managed is a "scam" or a "fraud". Scam perhaps is a word that can be understood in different ways but implies intention. I am simply saying that the CEO and CFO are so grossly inexperienced and incompetent tht maybe it is very simple this BTDG story, that they actually believe what they put out in press releases. That is at least a possibility. It doesn't mean it is right, but that is a lot different than them deliberately fooling the public. Fraud is a serious charge to throw at them in absence of any definitive proof that all this silliness of BTDG is actually specifically motivated to scam people.In any case I do believe there is a precise legal definiton of fraud and its elements, does BTDG meet those standards to be classified as a fraud ?( I do not know what that definition is- perhaps you can explain) I would probably feel different if the management showed any serious ability.
I also agree that it is frustrating even the supporters of BTDG seem to be able to avoid addressing the key questions, and instead blame everyone else in the world except the CEO and CFO.
This is not a "defense" just portraying the apparent reality of BTDG. However diminished mental capacity is a defense in some cases of law contrary to your asserton that ignorance is always not a defense. You have not proven specific intent to scam people though I admit this has many of the earmarks of a scam.
It may be a scam, and even then considering the sub-penny status of this company, could any investor buying shares of a stock like
this not understand one is gambling on buying any stock at this price ?
The SEC etc has to rank in priority what it goes after, considering they do not have unliited resoruces, and same with FNRA etc. Even Direct TV which has a judgement against BTDG must have limited resources, otherwise all these shares and investments BTDG is building really could be seized by Direct TV at any moment.And putting BTDG out of business hardly would help the shareholders.
You may be right, and you certainly have provided investors with very necessary information through your research.You are correct that there are many indicatons that this could be a scam. After months for waiting for proof of the 1.5 million ounces of gold reserves, and waitng for the definitive merger at $.04, with all due respect to the CEO and CFO as human beings, they may simply not have the ability,experience or intelligence to be officers of a public company.
And by the way suppose CEO stepped down, who would take his place ? For the benefit if shareholders, what do you propose ?
While I think from my posts on this board it is evident that I believe BTDG morally and for practcial reasons owes investors an explanaton fo whether there is anything to back up the claim of 1.5 million ounces of gold reserves. If there is not, admitting it would at least clear the air a bit, and considering the quality of its disclosure and busienss management skills, certainly wouldn't surprize anyone they had no reserves. They can't even show clearly they have any claims anyway, whether they do or not.
Just for argument's sake though, considering how inept the CFO appears, how can you be so sure BTDG lied in their press release - i.e. if you are implying that BTDG knew there were no reserves ? How would you know that ? I agree it may be possible, but equally possible is from their inexperience and inept management that doesn't think they should vet any information that is faxed to them, that they believed they should release this information.
From an investor point of view either explanation dictates cuation on buying this stock until it can show it has real value such as teh gold reserves.
I just keep lookingat the filings and shaking my head in disbelief at the crazy way they portray things.
By the way, your due diligence on the claims is petty convincing, it may be BTDG doesn't own any claims, and perhaps even their agreements with Firma Gold based on inaccuracies or conditions that can't be met.
President is same person who took US Silver and made it a success. Float must be tiny so opportunity for early stage speculators.
This is a fascinating company you have to admit, at the frontiers of so many things. At the current price probably it has more value as a complete shell that under currrent management. Thus even putting in a bookeeper probably could deliver greater value, unless the 10% ( 20% ?) ownership of HIP HOP company has unearthed value.
I absolutely think this company is inetresting. How many companies do you know file a copy of a board meeting in which they cancel 1.8 million shares on the 30th, then show them outstanding on the 31st ?
How many companies in the 21st century even on the pink sheets do the following : sign an employment contract with CEO in January, do not file it until June, then in Decemebr have board meeting in which it acknowledges a salary liability, but never book to their financial statements - and then supporters argue that is proper accounting ?
How can one announce a "definitive merger" at $.04 cash per share that never happens ?
And of course 1.5 million ounces of gold becasue Firma Gold says so.
Has anyone ever talked to CEO about these things ?
I guess a simple question though. Is it possible management of BTDG just simply inept as opposed to deliberately scamming people ? Do you admit that is possible; or do you have any actual evidence that the inane pink sheet filings, press releases and deals of BTDG are deliberately scams ?
You make a good point that the $1 million debenture financing may have provided an incentive , but after that was cancelled, the foolishness continued in fact seems to have gotten worse.
I just try to be objective and fair. As I have written most of BTDG's claims of a a "definitive merger? or claims of 1.5 millions of ounces of gold reserves, appear to be far fetched. BTDG's accounting is breathtaking in ignoring basic rules of accounting. The fact that the CFO appeas to have serious problems judging by her work, and CEO posts emails on past due accounts,would this and everything else point to the possibility we are just dealing with someone in over his head ?
I admit earnestdd does come across as negative. However I assume everyone on this board either has BTDG stock or is considering to buy some. And there are valid questions and discrepancies that BTDG just refuses to answer or address - and ones shareholders do have a right to want resolved.
BTDG is a sub penny stock to be sure, and under the CEO's management it has performed terribly the last year.
Look at ANY agreement or filing of BTDG and compare it to their press releases- then compare the clauses of the agreements to the press releases, and you will see BTDG doesnt keep to any agreement it makes. No wonder nothing seems to work. Part of the problem for investors is instead of BTDG clarifying things, it makes it more confusing. After looking at this stock for a few months, my own opinion is CEO has a useless CFO, and also CEO has no understanding of how to prepare a filing or press release by any standard reasoning. Of course BTDG claims everything is someone elses fault. But it is management's job to deal with reality, not the other way around.
So is it any wonder people get annoyed ? I mean come on do you believe they have 1.5 million ounces of gold reserves ? Do you think it is reasonable that on 12/30 board cancels shares ( which it is not even clear were outstanding in first place)then shows them outstanding 12/31 ? Do you believe it is reasonable to sign CEO employment contract in January 2010, but not disclose until June 2010, then in December state there is a salary liability which has never been posted to the books ?
Maybe HIP HOP deal is good, maybe BTDG actually controls 1.5 million ounces of gold reserves, maybe "definitive merger" with Wilma is just about to happen, maybe US GAPP applies differently to companies based in Arizona.
It is one thing to be a bit over-promotional, or have poor financial statements, or have some bad luck here and there.BTDG seems rather consistently to go downhill the last year. When does the CEO step up to the plate and deal with the questions.
I agree this is a sub penny stock in a speculative area of the market, and some people on this board are extremely negative to the point of not being objective at times.
So give us some positive news - on what basis are there gold reserves ? on what basis is the merger going through ? on what basis do you feel CFO shouldn't be fired ? what does it take for CEO to step down, .000001 per share ?
Looks like CEO almost starving if all he is paid is restricted BTDG stock, and company has no money to run the six or seven businesses it claims to have. CEO doesn't seem to understand much about proper and transparent disclosure. Give him credit for trying hard. Look at everything he files with pink sheets, even copies of emails on past due bills. How often does one see that ?
Maybe the HP HOP deal is a winner (though not sure if it was 10% or 20%) and perhaps CEO has enough experience in media to make it work. He certainly doesnt understand the rest of the business, and a dismal performance in financing the company.
So if earnestdd is negative to the point of not being objective, it is understandable. However earnestdd has done a lot of homework that helps investors.It is also understandable that perhaps reason for confusion is the CEO is one terribly confused person under a lot of pressure and stress.
Can you honestly state that you think that BTDG is well-run and CEO is worth $120,000 per year?
Do you feel that BTDG has any responsibility let alone fiduciary duty to shareholders to do any review of whether there is any report stating there are 1.5 million ounces of gold reserves on a property they claim to have done a deal on ?
Part of the problem is they announced that in a press release, and quoted Firma Gold, but nothing has been filed supporting that figure which is of course very material to BTDG. And what is filed does have blanked out sections (i.e. apparently of names) and doesn't refer to any reserves.
Let's say the reserves exist, surely more is needed than just Firma Gold saying so !
I have to admit the frustrating thing is that BTDG avoids addressing this very simple issue.
What is also of concern is that if Firma Gold mislead BTDG certainly BTDG would inform the public, instead it appears they are still doing business with Firma Gold.
What is the real story ?
A question to BTDG management and supporters of the company :
Background :
-The price of BTDG stock has over the 10 months has declined sharply
- The company management seems incapable of financing the company to achieve its objectives even if they are achievable ones
- Disclosures at the very least are confusing. Witness how difficult it is to even get a consensus from investors what the company has or doesnt have, how many outstanding shares, what type of accounting is employed by BTDG.
- Every business initiative undertaken by BTG apparently has not been a success or cannot be implemented for whatever reason.
I believe these are objective comments. I have not written this is a scam because the information that is available indicates definitively simply inexperienced and incompetent management. The rest are just opinions at this stage,even educated guesses perhaps.Incompetent is a strong word, but management repeatedly fails in advancing the company. The CFO who doesnt understand accounting or what is material to disclose one can say is definitively incompetent and should be fired. The CEO may be under such pressure with judgements against him and the company, no cash flow, and multiple acquisitions to manage, simply overloaded and in over his head.
The HIP HOP strategy may be a good one. HIP HOP plus a dormant hotel internet business plus mortgage lending plus lead generation plus a sincocan potential plus some mining claims in canada may have a synergy that is unapparent to to the rest of us.
So the question (or actually 2) :
Should the CEO step down ?
And if the answer is no, what should the criteria be for CEO to stay in that position- i.e. what timetable to achieve what objectives should be required for CEO to keep his $120,000 per year job ?
So BTDG management or its supporters care to answer ?
It is admirable that CEO has a sense of loyalty to CFO, but his ultimate responsibility is to shareholders. A CFO who prepares financial statements that ignore $180,000 in expenses, books them in any case in the wrong period, ignores the judgement liability, etc etc needs to be fired. This would send a strong signal to market that CEO actually wishes to build the company.
As would directly confronting the gold reserve issue.
In regards to the mining prospects that BTDG has what we know is this :
- BTDG is in some discussions with a company called Firma Gold and its apparent principal and mining claims in Canada.
- These claims appear to be maybe part of,or near,the mining area described in a 43101 report
- That report does provide some indication of a potential for gold.
Therefore whether the property is moose pasture or not simply we don't know, and for that matter I would doubt CEO or CFO know either.However to be fair, I do not think, based on the limited information available, one could say definitively it is moose pasture in the sense I believe you mean to define what is moose pasture. It is of course extremely difficult to know the situation as BTDG management,which apparently has a manner of doing business not influenced by legal or business experience. So first do we even have enough correct information to know anything. Second, if BTDG is acquiring the properties, is there any indication such an acquisition has been properly filed and recorded in Canada.
As far as the gold reserves , both BTDG and its supporters after months smply avoid the question of what back up supports this claim. Since the claim was made one could take that to mean BTDG understood that such reserves would have a value, and that would strengthen the company. Thus any sort of proof or indication that there were reserves would also further strengthen the company. I assume even that BTDG management would understand that.
In summary BTDG has every incentive to release their backup for the claim of gold reserves. The fact that they have not done so indicates a strong possibility that such backup doesnt exist. Considering the haphazard and contradictory and incomplete disclosures this company makes, this of course is not a new way that BTDG does business.
Taking BTDG disclosures at face value, Firma Gold told them they had reserves and BTDG believes that. BTDG management obviously then does not take care to issue information that may be incorrect with even minimal questions of common sense. This is a pattern that applies to the sincocan and other transactions as well.
Based on the above, it seems that there are no gold reserves present on properties that perhap BTDG controls in some fashion.I would look forward to BTDG providing information , one way or another.
Clarification on properties ?
A 43101 report is filed supposedly covering properties acquired by BTDG, and in its flings 09/20,10/01,10/05 it modifies itself by saying that the 4 claims that are part of joint venture are within the claims in the NI43101 report.
It reports that Firma Gold has told it that they have 1.5 million ounces of gold reserves. The 43101 report is referring to the whole a pretty much an ealy stage prospect with some indication of gold potential.
If BTDG bought the claims, in whose name are they now ? Has BTDG filed in Canada anything indicating the claims are in its name now ?
Is there anything to backup Firma Gold's claims of 1.5 million oucns of gold reserves ? This is pretty material stuff for BTDG, why won't they address it ?
It may or may not be time to get into this stock.
You write the merger is real, can you provide any information that would lead to such a conclusion ?
In your opinion does the company have 1.5 million ounces of gold reserves ? Is there some reason even the supporters of the stock, let alone BTDG , avoid this question ?
Earnest DD, you may consider the mining propsect Moose Pasture, but to be objective :
-IF the claims are in the area described there may be some potential for gold.
-IF the agreement BTDG has signed doesn't have any clauses that would preclude them controlling the property.(Since BTDG CEO apparently has little understanding of business law it is doubtful that the agreement doesn't have some flaws)
-IF BTDG CEO has the ability to actually implement an agreement. (past record not too promising)
-IF BTDG is claiming 1.5 million ounces of gold reserves , then whomever doing a merger agreement either (a) doesn't care (b) BTDG has a secret report showing gold reserves (c) BTDG has been quietly drilling the property and has tremendous results that they are carefully waiting for an analysis to be conservative before releasing, and the acquiring company is aware of these results ( all of these of course unlikely too).
-IF Wilma and Sinocan in their due dligence are comfortable that BTDG has disclosed all liabilities ( Which we all know is not the case)
-IF Wilma and SinoCan actually have the financial resources to buy out BTDG at $.04 per share in this "definitive merger".(Unknown)
There is also the minor matter of the takeover offer. Even though BTDG on the pink sheets it probably has a distribution large enough that this would require an SEC filing for the buyout, due to number of shareholders. Even though it is portrayed as a cash offer, would probably require an SEC filing. That filing would require certain disclosures to be made etc. Does anyone on this board believe that CEO and in particular CFO of BTDG has the ability to supply such information ?
So a lot of questions that raise on the surface substantial doubt such a merger could ever take place.
With all due respect though, mining companies buy and sell claims all the time without proven reserves.There is nothing to say that this is or isnt moose pasture at this time.
My prediction ? That BTDG will announce some deal with sinocan or the collapse of the deal, accompanied by a filing and press release that will be perhaps one of the strangest in the history of pink sheets.It will be portrayed as the fault of someone : sinocan, firmagold, the chairman, the CFO, world financial markets, events in Libya, short sellers, gnomes of Zurich.