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So much for this PR from LCLP!? https://www.lifeclips.com/news/life-clips-responds-to-blatantly-false-and-misleading-social-media-statements/
I wonder if they detached themselves from BELFRICS to now be able to file the last 2Q's & 10-K to become current again and then come out with news saying they found a solution to raise the necessary capital to buy back Belfrics after becoming current again. They might pull something of that sort. That is my gut feeling we'll see!! $LCLP
Quote: LCLP acquired the Belfrics entities intending to enter the blockchain and cryptocurrency industry. At the time, the companies planned an aggressive expansion and scalability of Belfrics' operations. Due to the nature of the cryptocurrency business and the multiple jurisdictions Belfrics was operating in, Life Clips encountered numerous delays in completing its quarterly and annual filings on a regular basis. These delays affected Life Clips' ability to raise the necessary capital for Belfrics, which in turn affected its overall operations.
GBHL looking good! Are they acquiring a company? $GBHL
Yes I remember when they announced a reverse split twice and then cancelled it! The stock ran hard after they cancelled it the 1st time. I was in the run from 0017 to 0.02$ then sold continued it's upward trend to 0.073$ and then ever since came down. I then rebought approximately 2 months ago to average 00128. I'm holding a lot of shares so at this point only looking to break even and move on. $LCLP
Anyways let's see what happens next after they become current again! At this point I'm only looking to recuperate my investment. My average price is 0.00128.
Nothing odd about that! These things happen all the time in the real buisness world that through acquaintances people do buisness deals!! $LCLP
Their cognitive-app website is not fully functional. When you click on try now you get a message that the site can't be reached! What's interesting though is that they haven't diluted a single share the last couple of months. The SS has been the same.
https://cogapps.com/
I wonder what will happen with the supposedly spin-off of cognitive apps now that BELFRICS is no longer part of LCLP? Most likely that also will be cancelled. $LCLP
I hear you! But the fact they dessociated from BELFRICS only as of now won't exempt them from filing that 10-K also reflecting BELFRICS?! $LCLP
If the deal was only cancelled now they still have to file the last 2Q's reflecting also BELFRICS that's how I see it!! The previous Q's in 2021 did factor income of BELFRICS. Correct me if I'm wrong! $LCLP
To cancel BELFRICS acquisition retroactively on the basis of having it difficult to file financials because of the nature of cryptocurrency business & multiple jurisdictions is total BS. They knew that from the start!
Quote: LCLP acquired the Belfrics entities intending to enter the blockchain and cryptocurrency industry. At the time, the companies planned an aggressive expansion and scalability of Belfrics' operations. Due to the nature of the cryptocurrency business and the multiple jurisdictions Belfrics was operating in, Life Clips encountered numerous delays in completing its quarterly and annual filings on a regular basis. These delays affected Life Clips' ability to raise the necessary capital for Belfrics, which in turn affected its overall operations.
Most recently, LCLP’s PCAOB auditor resigned, citing lack of resources and expertise related to Belfrics’ multi-jurisdictional digital assets. The circumstances surrounding the FTX bankruptcy have provided additional difficulties in identifying any alternative auditor to complete Life Clips' annual audit, which has prevented the Company from filing our Form 10-K for the year ended June 30, 2022 and subsequent quarterly filings.
As a result of all the above, Life Clips and Belfrics believe it is in the best interest of their shareholders to mutually rescind their original transaction.
https://www.globenewswire.com/news-release/2023/02/03/2601601/0/en/Life-Clips-and-Belfrics-enter-into-Mutual-Rescission.html
Ya cognitive-app website is messed up & non functional. Everything turned out to be a mess with LCLP! Was not expecting that! Let's see what kind of excuse they will come up with regarding the spin-off of cognitive app. Not convinced that will happen either! LCLP
These were the details at the time of acquisition. There was also an offering of 1 billion shares @ minimum price of 0.001$ to raise capital after the acquisition. If I'm not mistaken the average selling price of that offering was around 0015 the lowest! I'm assuming if the deal was cancelled retroactively all the shares issued should be reverted back and cancelled lowering the outstanding shares or to give those shares as compensation to shareholders on a pro rata basis depending on how many shares each one owns in respect to the O/S! Not sure what should be done exactly but the way I see it is either the company gets those shares back upon canceling the deal retroactively & then retire them or give those shares as additional shares to shareholders on a pro/rata basis. $LCLP
https://www.google.com/amp/s/www.marketscreener.com/amp/quote/stock/LIFE-CLIPS-INC-120795818/news/Life-Clips-Inc-completed-the-acquisition-of-Belfrics-Malaysia-Sdn-Bhd-for-41-8-million-36264057/
https://www.otcmarkets.com/filing/html?id=16031285&guid=fS2-k621EjePB3h
What happens to all the money they raised by selling shares to pay for BELFRICS will LCLP get that back and enhance shareholder value with that money! Very deceiving to say the least! One blow after the other! At least we know on the bright side that the company is still exists & alive and can easily file earnings to become current again and trade normal. $LCLP
NEWS out!
https://www.globenewswire.com/news-release/2023/02/03/2601601/0/en/Life-Clips-and-Belfrics-enter-into-Mutual-Rescission.html
BELFRICS no longer part of LCLP!
LCLP up 300% pre market? $LCLP
https://stocktwits.com/symbol/LCLP
Yes I know I meant following their filings! Hey the way I see it if they don't give a hoop about present shareholders they might not care to r/s as well. Maybe they will only care about 2nd generation future shareholders who knows! Time will tell. Let's see where they take us! GLTUA!! $LCLP
Let's see what happens next! Hopefully all this is part of setting up for the spin-off of cognitive app! I can imagine sperating cognitive-app from LCLP and making it a separate public trading ticker is not a simple task do accomplish and takes a lot of time. Maybe their still hope for us common shareholders let's see! Whatever the reasons may be shareholders are entitled to be informed. LCLP has failed to inform shareholders & reassure them. In meantime 8M dumped at 0003 today! $LCLP
I recall someone saying they have till the end of March to file the last 2Q's and if they don't the LCLP ticker will be delisted all together and we all lose everything! Will they end up filing? Not sure! LCLP
Now is the time for this moron to reassure shareholders. Not even 1 tweet to reassure shareholders that the filings are in the works giving a timeline. Total silence from his part! He's all BS imo! Hope he proves us wrong but until then it's smelling real bad. $LCLP
Even their cognitive app website seems to be all BS. When you click on try now for any services you get a message that the site can't be reached! What kind of BS is that? Here see for yourself! Try clicking!!
https://cogapps.com/
People are now dumping 0003 unreal! What's next 0001 followed by a reverse split?!?
Ya hopefully but doesn't seem like they have a new accounting firm to file yet. On OTC still shows the old accounting firm. The firm that resigned! $LCLP
This is the filing when they resigned:
https://www.otcmarkets.com/filing/html?id=16274668&guid=0b2-kFooDQY_dth
OTC still shows Accell Audit & Compliance, P.A as their service provider. So my guess since they haven't filed their new accounting firm via an 8K with OTC most likely means they still don't have another accounting firm to complete the accounting of the last 2Q's this is my educated guess! Hope I'm wrong though. That being said could take another 1-2 months till we get out of this mess that's if they file all together. Hope we're not all screwed with this ticker! I don't like the silence towards shareholders. CEO hasn't said a word to reassure shareholders. Not even 1 tweet on Twitter. Really sucks!
This is what shows on OTC as service provider.
SERVICE PROVIDERS
Accounting/Auditing Firm
Accell Audit & Compliance, P.A
3001 North Rocky Point Drive East
https://www.otcmarkets.com/stock/LCLP/profile
Suite 200
Tampa, FL 33607
According to the CEO the filings were near completion already back on Dec 12, 2022 as per his tweet but seems like he lied to shareholders on that so don't trust his words!
Quote: Tweets & replies
Media
Likes
LifeClips’s Tweets
LifeClips
@realLifeClips
·
Dec 12, 2022
$LCLP Today's news is not only a major step in our work & relationship w/ India's healthcare system,but shows the potential of our blockchain beyond the crypto world. Our filings, which can be delayed by our int'l subs, are near completion for year end and Q1. Updates to follow.
https://mobile.twitter.com/realLifeClips
After they file the last 2 quarter earnings and regain pink limited status! Until then they remain in Expert Market. $LCLP
Yes I see it's back! But when you click on the try now buttons doesn't work though! Says site can't be reached! Notice any changes to the site?? $LCLP
Says be back soon this website is under maintenance! $LCLP
Cognitive app website is presently down wonder if the are working on a new site reflecting the spin-off or are we all screwed? BELFRICS website is still working! $LCLP
https://www.lifeclips.com/
Totally agree with you! Now is the time more then ever for management to communicate with shareholders to reassure them yet they are not! Shame on them!! $LCLP
IGEN looking good! About time!! $IGEN
Belfrics globes Twitter has been putting out ads. Interesting to see a Twitter account associated with them become active all of the sudden. Let's see if LCLP fire's up. $LCLP
https://twitter.com/belfrics?lang=en
At 1:54/4:30 he mentions Belfrics & at 3:23/4:30 talks about Belfrics & government healthcare and also mentions Life Clips. I don't understand what he's saying because of the language but mentions them and explains things going on with the government. The clip is from Dec 14, 2022 pretty fresh! Watch it from beginning to end! Maybe theirs hope for us shareholders! $LCLP
At least if they would file an 8K confirming they've hired another new attorney with details would give us some hope. Still possible they did hire and working on getting the filings filed but haven't reported the new accounting firm to OTC yet. Just saying they need to show us some signs of life! Hoping for the best! I'm still convinced this company is for real. They haven't diluted shares the last few months, have signed government contracts. Why would they release that last PR in Dec about government contracts with indian government and not dilute in to the news? Must be more to it then letting the ticker die after being transferred to Expert Market. Time will tell. I still think we will all be surprised for the good. GLTUA!! $LCLP
Still old accounting firm showing on OTC. Looks like will be a while before we get out of Expert Market. They need to start by filing an 8K after they officially have a new accounting firm to then file the last 2Q's only then we can be out of Expert Market. Can we really trust the filings are near completion?! I'm not convinced they are! $LCLP
Old accounting firm:
SERVICE PROVIDERS
Accounting/Auditing Firm
Accell Audit & Compliance, P.A
3001 North Rocky Point Drive East
Suite 200
Tampa, FL 33607
https://www.otcmarkets.com/stock/LCLP/profile
Quote:
LifeClips
@realLifeClips
·
Dec 12, 2022
$LCLP Today's news is not only a major step in our work & relationship w/ India's healthcare system,but shows the potential of our blockchain beyond the crypto world. Our filings, which can be delayed by our int'l subs, are near completion for year end and Q1. Updates to follow.
https://mobile.twitter.com/reallifeclips
Meant introducing their new accounting firm not attorney! Sorry!! $LCLP
LCLP still same old attorney showing on OTC even though they resigned! They haven't removed the old accounting firm from OTC yet! LCLP will need to file an 8K introducing their new attorney if they actually have one! I think this is 1st step before we can hope to see and financial filings of the last 2Q's! Sad but it is what it is!! $LCLP
Quote: SERVICE PROVIDERS
Accounting/Auditing Firm
Accell Audit & Compliance, P.A
3001 North Rocky Point Drive East
Suite 200
Tampa, FL 33607
https://www.otcmarkets.com/stock/LCLP/profile
Nice post! Thanks for clarification!! $LCLP
Seems to be trading in India! See the live trades! $LCLP
https://india.belfrics.com/
BELFRICS was acquired on August 25, 2021 yet they kept filing for 2021 & part of 2022. $LCLP
Still why would they go to the extent of selling so many shares to pay Belfrics for the acquisition and then pull the plug on everything doesn't make any sense! $LCLP
If according to you they made 10-15M$ off selling shares and paid 41.8M$ for the acquisition of Belfrics alone so what did they really make? LOL! Imo LCLP wouldn't buy BELFRICS for so much money to just let it go dark it doesn't add up! Think about it!!
Quote:
Life Clips, Inc. completed the acquisition of Belfrics Malaysia Sdn Bhd for $41.8 millions.
https://www.google.com/amp/s/www.marketscreener.com/amp/quote/stock/LIFE-CLIPS-INC-120795818/news/Life-Clips-Inc-completed-the-acquisition-of-Belfrics-Malaysia-Sdn-Bhd-for-41-8-million-36264057/
I'm convinced they will file and fix the problem! Nothing has changed with LCLP just people panicking! $LCLP
Wow! Nice!! Go $DRGV