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Why can't a company that isn't a scam and is making millions of dollars in net income hire an accountant, an auditor, and ungag their TA? That's all it would take to prove that their claimed success is real. For a company as simple as BBDA we're talking a max of $100K a year for both the accountant and the audit. With $1.7 million a year in net income that's chump change and would go a LONG way towards increasing the PPS.
They won't of course, because the company is a scam and the numbers are fabricated. BW isn't interested in creating shareholder value, he's interested in racing.
It doesn't contains melatonin, which is also banned in Europe. Let's see, what are you left with when you take $2 grape soda spiked with a hormone which induces sleep and then remove the hormone? A $2 grape soda. There's less demand in Europe for this stuff than there is in the U.S., and that's saying a lot.
Taxes would have been included in expenses and takend out prior to calculating Net Income. Look at my stickied post at the top of this page. If you discount the amount of money raised from the selling of shares, total assets have decreased by over $400K over the 5 reported quarters. That indicates that they have lost a significant amount of money from operations over that time period and is consitent with their need to dilute in Q1 and again this quarter. Something is stinky with BBDA.
Arghhh...no longer stickied, but here's the link.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=88567557
12/31/2011 Total Assets = $844,054.65
3/31/2013 Total Assets = $928,107.05
Net Increase in Assets = $84,052.40
Cash from dilution 1/1/2012 - 3/31/2013 = $506,355.24
= Net Increase(Decrease) in Assets excluding sale of stock = $(422,302.84)
So, if you factor out cash raised via share issuance the company's operations have actually lost over $400K over those 5 quarters, and yet the income statement shows a net gain of $2.3 million over the same period. Where is the money?
And who cares if you did? Making an accusation on a message board is not a crime and doesn't require somebody to take action.
I'll make an accusation right now: I think Brian Weber is using BBDA as his own personal piggy bank to fund his racing hobby. Done.
6 counts, so it's not like he had a bad year or something. He cheated the government for 6 years running. I'm sure he's a 100% clean upstanding citizen these days though, despite his continued association with convicted penny stock scammers.
Looks like a Class 1 misdemeanor.
http://webapps6.doc.state.nc.us/opi/viewoffender.do?method=view&offenderID=802878&obscure=N&listpage=&listurl=
http://www.dor.state.nc.us/press/jan03/weber.html
Iredell County Resident Guilty of State Tax Charges
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Date: 5/8/2003
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RALEIGH – An Iredell County resident pleaded guilty Tuesday to tax charges filed by the North Carolina Department of Revenue.
Brian K. Weber, 36, of 293 Catalina Drive, Mooresville pleaded guilty May 6, 2003 to six counts of failure to file and pay the state individual income tax.
Judge Lynn Gullett issued Weber two, 45-day suspended sentences. Weber was placed on supervised probation for five years and was ordered to pay $27,768.07 in restitution and $100 in court costs.
The charges against Weber are the result of efforts by the Department of Revenue Statesville Office.
I'm saying that their claimed sales and their asset growth don't add up, and that I'm betting the discrepency is on the revenue side. I think their reported sales numbers are completely fabricated and that's the reason they're being forced to continue diluting in order to support all of these racing teams.
You could use it for its intended purpose just fine and it worked. The problem was there was no demand and they made exaggerated claims of sales in order to sell shares. Sound familiar?
Just the next step in the cycle of a pump and dump stock. Once the claims of HUGE SALES stop moving the price you move on to rumors of buyouts. They'll be talking mergers with Chinese companies by next year.
Well, they don't call them stinky pinkies for nothing. Sorry to hear about your losses, and many of the issues you point out are the same reasons I exited the pinksheet game a couple years ago. It really is a gamble down here, but in most cases you're playing against a stacked deck. At least in Vegas you know the rules of the game and the odds of winning, but down here in pinkyland the dealers have the ability to change the rules on the fly. GL with your future investments.
Yes, lots of scams sell products. Spongetech had a product sold in Walgreens all across the country. Unsubstantiated claims of millions of dollars in Net Income coupled with continuing dilution is one of the sure fire ways to spot a scam. Who does that remind me of?
Yeah, any time you see YA involved with a pinksheet company you should run for the hills because they specialize in death spiral financing. Saw them take BBDA down to no bid a couple of years back.
Still searching for those millions of missing dollars BBDA has supposedly generated over the last year and a half. Anyone seen them?
1) Thanks.
2) I was simply pointing at that the recent dilution is more damaging to the PPS than the straight shares for cash transactions that were the norm last year. The dilution this year has primarily been caused by debt conversion, which results in significantly less money to fund operations. That being said, I have made it clear in the past that I think the Whelan family took advantage of the runs in 2009 and ensured their retirement. Andy's family is making money today on the conversion, but nothing like what happened back then. Are they taking lavish vacations and passing them off as business meetings? Probably not, but I don't know.
3) Your statement that the math doesn't compute is what led me to conclude you weren't familiar with a statement of cash flows. Analyzing financial statements is what I do for a living. Apologies if I offended you.
What doesn't match? I don't really have time to give a class on how to read financial statements, but on a cash basis they used $284K to fund operating activities offset by $266K in borrowings from related parties. That resulted in a net decrease in cash for the period of $18K. You can't just look at the income statement in a vacuum, you have to read the statement of cash flows for it to make sense.
Well, in Q1 they borrowed another $250K on the revolver to fund operations. Not sure how they're funding Q2.
Wait, BW has already stated that Koma has inked a deal to be available in 90% of U.S. Walmarts by the end of the year. If that's true then why does he need to solicit the help of investors and customers to drive up fake demand?
It's not only missing those sections, the numbers that ARE included are wrong. If you look you'll see that they just copied the numbers from the balance sheet and pasted them in the cash flow section. The statement of cash flows should show changes in the balance sheets accounts since the last reporting period, which is the way you tie the balance sheet and income statement together. What they've provided is completely and utterly useless.
My response was specifically in regards to this part of your prior comment:
But, I have also wondered for a long time, a few months of higher trading numbers since the Feb 14 announcement of the GRO-International deal, about cooperation between parties to allow shares to be purchased at lowball prices.
He's already publicly announced the next reverse split. This time he's going to try and use a new corporation to try and hide the fact that it's the 2nd reverse split in 4 years. The deception won't work.
So was Jeff Gordon downing a can of Koma during the interview?
I would say this comment is off topic, but seeing as how BBDA's primary purpose is to fund the CEO's NASCAR obsession it's actually quite appropriate.
Look, the SEC should be investigating this company, but it is their policy to not confirm whether or not an investigation is taking place until they take action publicly. Everybody knows he didn't receive an email from the SEC commenting on an investigation. It's like all of the posts by people claiming that dilution is needed to fund expansion, it should simply be ignored as it's not based in reality.
According to the company's posted financials statements they are netting $500K per quarter AFTER all of those expenses have already been paid. So, if that's true, then why the need to dilute? Where are the millions of dollars in net income?
Because the last thing BBDA supporters want is the truth about the company.
It's a fact. Go back to any Walmart that was mentioned more than a month ago and see if it's still stocked. It isn't.
Yes, everybody buys the lows and sells the highs, I know. The truth is WAY more money has been lost on BBDA and will continue to be lost as the CEO uses it as his personal piggy bank to fund his racing hobby.
Koma gets a few weeks in each store to see if it sells before they ship it off to the next location.
Yes, I'm sure he gagged the TA and raised the AS in order to mask a buyback...at some point common sense need be applied.
Has he been honest about the $2+ million in net income missing from the balance sheet? Was he honest about the 2.4 billion self-imposed cap on shares that he exceeded and then admitted to after he was called out about it on this message board? Honesty and Brian Weber are antonyms.
This thing is being manipulated pretty badly today. The bid/ask is consistently shown at $.0014 - $.0017, and yet the instant a $.0015 bid appears it is filled.
No, it isn't. BBDA is owned by the common shareholders. DLR is owned privately by Brian and Daisy.
LOL, I noticed right away that the 30% interest in DLR was no longer listed, but those docs are such trash that I have a hard time taking anything in them serious. Also, BW's 5 million preferred shares are no longer listed in the Security Information section at the top of the report.
The requirement to release financial statements publicly is specifically for the purpose of shareholders and other interested parties being able to look over the information and make informed decisions based on that data. Outside auditors are used so that the public can reasonably assume the information contained in the reports is accurate. We already know that BBDA's financials are not accurate so asking them to explain why the numbers don't make sense seems pretty reasonable to me does it not?
Oh, and I can confirm 100% that the Walmart on I20 in Grand Prairie does not have a "Relaxation Station" and does not carry Koma Unwind, so whoever is maintain that bogus map where it can be found can cross that one off the list. I'd hazard to guess that any Walmart that was PRd more than a month ago is no longer stocking the product.
Unfortunately that is the same logic employed every time a pinksheet stock drops on large dilution volume and it's rarely (if ever) true. It seems that you have made a decision to stick this through to the end regardless of what happens. That end may be the huge run in PPS you've been hoping for over the last several years, or it could be a drop to no-bid and a reverse split, but in either case you're hanging in there. There's nothing wrong with that if that's your decision, but there's no point in creating conspiracy theories to try and justify that position. What we know is that Andy's family is currently converting debt and selling it into the market at an alarming rate. If there was great news in the near term why would they be cashing out now? GL.
My last post for the day, but I'm not sure how you can interpret this in a postive light. Either the income statement is wrong, or money is being taken out of the company without your knowledge. If it were being used to fund BBDA growth it would show up in the financials. If the profits are accurate, then millions of dollars have been taken out of the company without shareholder approval. What was it used for? Nobody except BW knows. GL.
I have no idea. I personally believe that the Net Income numbers are completely inaccurate and made up for the purpose of selling shares. The worst case scenario is that the Net Income numbers are accurate the CEO is taken money out of the company to finance other interests without notice to shareholders. Either way it's not good for BBDA shareholders.
Also, I was asking if you had received dividends for your share of the missing money, not whether or not you had made money trading it. Good for you if the latter is the case.
It is when you're just supposed to nod your head and follow the crowd. Shhhhh...don't ask questions, this is the "Golden Child" remember? Just fall in line with the other sheep and all will be okay...
HUGE NET INCOME!!!! One problem...none of that income is making it's way to the balance sheet. $2.3+ million and counting is unaccounted for. Have you gotten your share of that money?