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I'll provide a few extracts after, but let's consider a few things:
(apologies for the long post, but it was asked what I'm seeing, and so here you go. Not everyone will agree, and that's fine...absorb the info available as you choose to).
It's been said the last act of a dying republic is to raid the treasury, and that's what the two active employees here have authorized themselves to do by awarding the remaining 5.26 Billion shares (that's billion...with a 'B') to themselves. Aside from the fact that 5 Bn shares is ridiculous for a company this size, the company is over 18M in the hole ($18,194,655 to be exact). The outlook given is that continuing operations will likely be dependent on management funding any future endeavors, and that "adjustments may be necessary," although it remains unclear exactly what adjustments are being inferred. All that is alluded to is that the company is looking to "re-energize the business in the next 12 months."
Now, let's divide those 5.2 Bn shares by 16 and drop the number to more sane total of 328,750,000 for an example. That's a number more appropriate for a company this size. (This isn't including the 1 M shares of preferred stock created and awarded to the CEO, each of which originally carried 200 votes and shortly increased to 400 votes per). The PPS would naturally get pushed up, but that wheelbarrow load of certificates people are holding would accordingly shrink in size. Think of it as a "shake-out," which isn't uncommon.
===[ EXTRACTS ]===
As reflected in the accompanying financial statements, the Company has minimal revenues, net accumulated losses since inception and an accumulated deficit of $18,194,655. These factors raise doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on management funding operating costs. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Effective as of May 19, 2017, the Company amended its Articles of Incorporation to designate 1,000,000 shares of preferred stock as Series A Preferred Stock, with a par value of $0.001 per share (the “Series A Stock”).
On May 25, 2017, the Company issued 1,000,000 shares of Series A Stock to Victoria Rudman, the Company’s Chief Financial Officer, in return for services provided to the Company by Ms. Rudman and to ensure Ms. Rudman’s continued service to the Company.
On June 2, 2020, the Board of Directors, agreed to issue 5,260,000,000 common stock shares in lieu of unpaid management and director salaries of the accrued amounts from July 1, 2018 through and including March 31, 2020.
The Company is currently pursuing alternative business opportunities
The Company is working to re-energize the business within the next 12 months.
Please see Note 2 to the Company’s unaudited financial statements as of and for the nine months ended March 31, 2019 included in this Quarterly Report for a discussion of the Company’s significant accounting policies.
Gonna be a lot of angry people when they pull the reverse 1:16 split. Be forewarned - all the hints are in the filings.
If a company is in the middle of a forest and becomes current on its' filings simply because it's a requirement, is it still sexy even though it doesn't make a sound?
Given the note was for 500k, with a cash payment of 250k due and now a stock issuance of 62,991,567 (assuming only the outstanding 500k remaining), that would make those shares worth an estimated .0039687 each. Is that the upside we're looking for?
If the extra shares are deemed dividends, which means tax liability, why not just wait and pick up the same number of shares post-split and avoid the tax liability (possibly even at a lower cost after some profit taking commences)?
Can I get my shares issued to me on rolls 5"wide and about 500 per roll?
One action doesn't make a trend, so don't go expecting a lot just yet. The report itself is still full of the same, "if it's sunny, it will be a nice day, but if it's cloudy it will be a bad day" type verbage. The financials are still ugly as sin, as well. Honestly, to survive, I see this entity needing to refile as some other type of company entirely.
She sells S-shells down by the exchange floor?
Embracing your ancient Greek alter-ego? ;)
LowCostLowPotential (LCLP) actually showing some movement?
Really putting that new accounting firm to good use. What a task master this CEO can be at times.
The only things this company seems to be good at making is people waiting and people guessing.
Break out the asbestos gloves...this sizzling performance is dangerous!
They currently seem to be more interested in still-frame...*ahem*
Not exactly 'Ol Faithful. Few more months for the next eruption?
HeyHey, we can only hope, right?
So this is what Cleveland Browns fans feel like every year?
Guess the taco bus dropped its' transmission. Time for another committee meeting and a new bright idea...
Maybe it'll come out of hibernation in the spring!
What's initiated this blistering performance for today?
Almost two months since the deal was supposed to have closed, and no information on where it stands, if it's still even being worked on or has been dropped like a hot potato. No filings, no nada. Just the wind whistling through the candlesticks and a lot of sideways movement...
Queue the Jeopardy Theme . . .
Way to phone it in, Life Clips.
It's like watching paint dry...oil paint...with too much linseed oil.
I guess they should've called in BDO! lol
Thanks, and yes, I see the vendor lists and LCLP is nowhere to be seen. Kiosks be damned, another opportunity goes SWOOSH! Would really be nice to know just what the heck is going on with this company.
So is this company going to be participating in CES 2019? Anyone know of any legitimate news on that?
Very Shakespearean - I'm waiting for the rest of the soliloquy.
Did LCLP hire Rip van Winkle as Chief of Operations? It seems to have gone to sleep for...a...very...long...time...Zzzz...Zzzz...
Thing is, when you run the numbers of OS, RS, etc you get a float of about 36M. Go figure.
Really curious to know what the real float is. At least three people claiming to have 40M+, and the currently listed float (over 2 years old now) is only 42.7M, and 66 shareholders to boot.
Like a message in a bottle, bobbing along between 5's and 6's while waiting to be uncorked at some future date...
Yes, and that could be an issue.
40.5% of the float gets sold off with little to no effect on the price? This thing must be made of Teflon®.
No update on number of shareholders, though.
It should be safe to assume those numbers are coming from a completed 10-K. We shall see.
The confidence level in the proposal seems to be losing ground, that's for certain.
Not like LCLP and . . . "that other stock" both had brief run-ups and then a total collapse ~ but heaven forfend any comparison/contrast should be allowed, even if for conversation sake or...dare I say...the ironic humor.
Nothing here today ~ but I admit, I did get a chuckle seeing the bottom fall out of kaly today. Reminiscent of this thing back in August.
That's the million dollar question. The original idea, I thought, was to close the deal by Nov 21, then close the FY. As far as anyone knows, the deal closed ~ it's the FY figures/signatures that are in limbo. A little info would be nice, definitely.