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Whoops...$.004 now.
The ink on this post didn't even have time to dry and it's $.0035. Better start averaging.
Depends on the size and price of your original position, and even then it only works if the pps eventually recovers. This one won't.
It's going to take a lot of averaging down to keep up with it as the march to no bid continues.
And while everybody awaits this monumental PR...the bid sits at $.0066
Please don't bring Mr. Charles Gregoire de Rothschild up as a positive factor again. If you do a Google search for him you will see that all he does is rent his name out to penny stock companies for press releases. At no point has there been any indication that he has invested any money into the company or that he has been instrumental in helping them procure financing, evidenced by the fact that all of the financing is from members of the Whelan family.
I don't understand how they don't have a timeline for when it will be available when it was supposedly ready to be released on Friday, per their website.
From a SEC reporting pinksheet company to a non SEC reporting pinksheet company. They registered their common stock back in 2006 and at that point they were required to submit filings to the SEC. They weren't doing so, and they got in trouble for it. They are now officially deregistering so they won't have to file with the SEC.
They never were OTCBB. They've been traded on the pinks all along.
I would guess that the reason the Audit report hasn't been released is that the Auditor advised them that the deregistration filing needed to be included in the "Subsequent Events" section of the report.
In my opinion, the YESD numbers were specifically for the purpose of inflating Q4 2009 revenues, and allowing BIEL to show revenue in excess of $1 million for that year. Seeing as how the product had not been approved in Japan, there was no reason to believe they'd actually be able to move that type of product.
I am still looking for the post on their website that shows 50K units shipped. I'm sure it's there, but I can't seem to locate it. Can you provide a link?
They have (we believe) shipped many thousands of products in last 6 months - could be 100,000 or more - and run print an dweb campaigns backed up with TV appearances.
The last word from those who have spoken with company employees are that they will be posted on the website this week. Time will tell.
See, the daytraders are here, as evidenced by this board. They won't stick around long though, so don't get greedy. IMO.
It's going to take a few days to see how this settles out. The daytraders are definitely playing with it now and probably will for the rest of today and maybe even the rest of the week.
Just dropped below .004. Even I didn't think it would be this bad today. Sorry guys.
Some support at $.08, but it looks like that's about to break.
BIEL was "dark" a couple years ago, but had never officially de-registered their shares. They believed they were exempt from filing, but Maryland Sercurities Commission disagreed and they reached a settlement in which BIEL "volutarily" filed their 10Ks and 10Qs from 2006 forward.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7733871
I agree with some that say that this is primarily a result of not wanting to be straddled with the expenses required to be fully reporting. I believe this filing is to ensure they don't run into any issues with the MSC this time around. I also think this is another example of something that may be good for the company, but not for common shareholders.
The last filing I read showed 1.75B authorized. I haven't seen anything official putting the AS at 2B. Also, they amended the form 3 to show St. John's LLC owned 529 million shares, for whatever that is worth.
It means that full transparency and a movement to OTCBB won't be happening any time in the near future.
Well yes, but I figured that went without saying.
I'm sure there are a plethora of reasons as to why they didn't get it filed on Friday. The problem is that BIEL management has developed a reputation for failing to deliver on deadlines they set for themselves. A reputation that, over the last year, they seem to be working towards changing.
In this particular case, they issued a statement Thursday afternoon stating that the information would be available Friday. This wasn't a deadline they set 2 or 3 months ago and then had unexpected delays occur. If management wants to establish credibility with the investment community then they need to follow through on statements they themselves have made. IMO.
I do know that the SEC's EDGAR reporting website did not list Friday as a recognized holiday. Regardless, it really only matters if BIEL is traded on an exchange that penalizes for late filings. Pinksheets doesn't, so there really is no true deadline for BIEL to file their 10K.
It is not a holiday that the SEC recognizes.
EDGAR Filer Information:
Calendar of Federal Holidays in 2011
The Federal Government will be closed in observance of the following holidays. The EDGAR system will not receive, process, or accept filings on these days. The SEC mailroom that receives paper filings will also be closed. However, EDGAR filings that have already been posted to the website will be accessible as usual.
--------------------------------------------------------------------------------
New Year's Day 2011 Friday, December 31, 2010*
Birthday of Martin Luther King, Jr. Monday, January 17
Washington's Birthday Monday, February 21
Memorial Day Monday, May 30
Independence Day Monday, July 4
Labor Day Monday, September 5
Columbus Day Monday, October 10
Veterans Day Friday, November 11
Thanksgiving Day Thursday, November 24
Christmas Day Monday, December 26**
--------------------------------------------------------------------------------
Anything submitted after 5:30 PM EST will not be accepted until the following business day. It's officially late, but it doesn't really have any effect on BIEL. They are not traded on an exchange that penalizes for late filings.
I'm not speculating, they missed it. Straight from the SEC Edgar website:
This listing contains the most recent filings for the current official filing date (including filings made after the 5:30 pm deadline on the previous filing day). Filings may be made Monday through Friday (except for U.S. Federal Holidays).
Not going to show up on the SEC website today as they missed the 5:30 EST deadline to file. Maybe they'll post it on their website, but I'm not sure if they can do that prior to getting it filed with the SEC.
RSS feed if your phone can receive them.
It also appears there has been significant dilution this week. As of 4/12 the OS was 141 million, but as of 4/14 it is now 208 million or an increase of 47.5%.
10K is out. $197,578 in revenue for the year, $2.687 million in operating losses. So, that equates to $54,076 of revenue in Q4.
Yeah, right up until the next RS.
$0.01 is the new bottom!!
From the IBOX information above:
On November 10, 2010 the Company increased its authorized shares of common stock to 1,750,000,000 in order to cover the potential issuance of common stock. The holders of the remaining shares to be issued upon conversion or exercise of equity instruments are likely to promptly resell the shares into the public market. It is possible that resale of these shares will significantly reduce the market price for our common stock. In addition, the issuance of shares upon conversion of the convertible notes or exercise of the options will have a dilutive impact on our stockholders. As a result, our net income per share could decrease in future periods, and the market price of our common stock could decline.
I will use 2009 10-K as an example. According to their 10-K:
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7158989
In 2009, of the 1,204,456,236 shares issued that year the breakdown was:
1,059,286,427 or 88% were issued to convert debt or as payment for services.
145,169,809 were sold on the open market.
In 2008, of the 148,141,040 shares issued:
109,048,183 or 73.6% were issued to convert debt or pay for services
39,092,857 were sold on the open market
In 2007, of the 42,796,847 shares issued:
34,921,847 or 81.6% were used ot convert debt or pay for services
7,875,000 were sold on the open market.
BIEL has stated several times during 2010 that they did not need to dilute for cash, so it is reasonable to assume, that most, if not all, of the dilution that may have occurred was used to convert debt or pay for services. The Whelan's own all of the debt. None of those shares would have been sold on the open market.
The information is available in their most recent quarterly filing. I am assuming most people on this board have read them, and if they haven't then their DD is extremely lacking. Here's the link anyways.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7561862
And no, diluted shares are not often sold on the open market. The individual receiving the diluted shares may turn around and sell them after the conversion, but the shares are almost always given to an individual first.
Just as a matter of note for future reference, it is a very rare occurance for diluted shares to be sold into the open market. They are almost always sold in a private placement or issued in order to convert debt to equity.
I didn't say anything about buying shares. I said members of the Whelan family own, for all intents and purposes, all of the company's debt. So, when dilution occurs to payoff debt, those shares are issued to members of the Whelan family.
NOTE 8 – RELATED PARTY NOTES PAYABLE
On January 1, 2005, the Company entered into an unsecured revolving convertible promissory note agreement (“the Revolver”) with IBEX, LLC (“IBEX”) for a maximum limit of $2,000,000, with interest at the Prime Rate plus 2% (5.25% for the nine months ended September 30, 2010), and all accrued interest and principal due on or before January 1, 2015, whether by the payment of cash or by conversion, at the option of the holder, into shares of the Company’s common stock. The Revolver is convertible at various fixed conversion prices based on the Volume-Weighted Average Price (“VWAP”) which is calculated by averaging the 10 trading days preceding the date of note, which approximated the fair value of the Company’s stock at the date of conversion. IBEX, LLC is a related party limited liability company, whose President is a daughter of the President of the Company. The balance of the Revolver was $1,308,895 as at September 30, 2010.
In addition to the Revolver as described above, the Company has entered into the following convertible promissory note agreements with related parties:
Date Issued Principal Due Date Lender Conversion
Amount Price
1-Aug-09 $ 519,920 31-Aug-11 IBEX, LLC $ 0.019
9-Feb-10 135,000 2-Feb-12 IBEX, LLC $ 0.01
31-Mar-10 310,000 31-Mar-12 IBEX, LLC $ 0.01
15-Apr-10 20,000 30-Apr-12 IBEX, LLC $ 0.01
5-May-10 120,000 31-May-12 IBEX, LLC $ 0.01
14-May-10 100,000 31-May-12 IBEX, LLC $ 0.01
22-Jun-10 130,000 30-Jun-12 IBEX, LLC $ 0.01
30-Jun-10 95,795 30-Jun-12 St. Johns, LLC $ 0.01
15-Jul-10 10,000 31-Jul-12 IBEX, LLC $ 0.01
23-Jul-10 100,000 31-Jul-12 IBEX, LLC $ 0.008
9-Aug-10 100,000 31-Aug-12 Robert Whelan $ 0.006
9-Aug-10 100,000 31-Aug-12 Janel & Ryan Zaluski $ 0.006
31-Aug-10 61,109 31-Aug-12 St. Johns, LLC $ 0.007
7-Sep-10 50,000 30-Sep-12 IBEX, LLC $ 0.007
14-Sep-10 185,000 30-Sep-12 IBEX, LLC $ 0.007
30-Sep-10 50,000 30-Sep-12 IBEX, LLC $ 0.007
30-Sep-10 21,882 30-Sep-12 St. Johns, LLC $ 0.007
Yes, they own common shares and the value of the shares they own declines when the pps drops, just like everybody else's shares. Let me explain what I meant.
Members of the Whelan family own substantially all of the debt of the company which is clearly stated in the financial statements. And, when dilution occurs it is almost always to convert debt. Let me show an example.
Let's say this is the state of things today:
Total OS = 1.5 Billion
PPS = $.01
Whelan Family Holdings = 500 million shares
So, let's say they decide to convert $150,000 of debt into equity at market price. Typically the conversion is at a discount to current market, but let's just say they issue shares at $.01 per share.
$150,000/.01 = 15,000,000 shares issued to pay down the debt, which equals 1% of the total outstanding shares.
Now, let's say the pps declines in a 1:1 ratio with the amount of dilution, or 1% to .099. That means common shareholders, like yourself, lost 1% of the value of their investment.
Let's look at what happens to the value of the Whelan's holdings.
Before Dilution: 500,000,000 * .01 = $5,000,000
After Dilution: 515,000,000 * .0099 = $5,098,500
So, yes, on a per share basis, the price went down, but they are now holding more shares at the lower price so the value of their total holdings has increased. That's what I meant when I said additional dilution really only hurts the common shareholder. I hope this clears up my statement.
Andy has a long and well-documented history of saying one thing and doing another, so I would prefer to get my facts from an official SEC filing, preferably audited by an independent 3rd party.
Except that's not exactly how it works is it? The dilution would be to pay off debt that they had already received cash from, thus no additional capital added to the balance sheet.
I feel that we will not be diluted because it would hurt their position as well.