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I point this out because it is has been bugging me.
Remember along with the 12.26B common canceled there were 14M Preferred B and 2 Preferred A shares cancelled as well. That made a total of 12.274B + 2 canceled which did not reflect in the in new O/S.
Without the canceled preferred included in the O/S:
12,427,145,701-12,260,000,000=167,145,701.
If they had counted the 14M and 2 preferred canceled it would have been:
12,427,145,701-12,274,145,002=153,145,699
Or am I looking at something wrong. Is your point preferred shares are included in the new O/S listed on OTCM?
We are on the same page. Just to be clear, I am not an expert. I word things that I talk about with MAY and MIGHT when I believe things to be a certain way but I do not know for certain to be factually correct.
I never said they were converted and sold into the market I was making a case that they were not converted nor sold as commons. Did I write it up wrong?
On that note related to the C shares from the latest filings thru 3/31/19:
Below you can see who and when the 6,620,000 of the 10M C shares were issued to:
IMO below MAY demonstrate that non of the C shares have been converted and not sold into the market on the premise that if they were the following would not have be described as it is:
Where it shows in red above Spencer Payne holds 75.5% of the outstanding C shares. 5,000,000/6,620,000=.755287 or 75.5%
The new shares structure alone, including the anticipated A/S reduction is enough to draw interest as we wait for the next catalyst.
The fact BFCH went the court route rather than wiping everyone out with a massive reverse split speaks to the integrity of the company IMO.
If I remember correctly the dollar figure was theorized as the PPS needed to maintain the Market Cap as it was with the previous share structure.
I believe some took that as the PPS would adjust up accordingly to a $2 figure to reflect the Market Cap. Unfortunately, that is not how it works. The MC is a refection of what someone is willing to pay for the stock, the PPS multiplied by the Outstanding share count.
I basically asked if the already issued shares were affected my the amendment or just shares that may be issued in the future.
Would be nice if they touched on whether any were converted or not but I didn't ask about it.
Haven't heard anything back yet.
I agree on the absurdity, hence my comment that I think that the amendment wouldn't apply to shares already issued considering they were issued at and for a price at an agreed upon profit for the buyer.
I do not at this point have a credible and valid response as I wait for a reply from the T/A.
Rest assured, I have no interest in anything but the truth related to these stocks we all seek to profit from. I will most assuredly share what I hear from the T/A and we all shall continue from there.
Completely incorrect.
That would be another shareholder friendly move. Being of the 6,620,000 C shares issued, Spencer holds 5M of them. The 1M issued to John Forsythe of Tribridge was issued on 2/21/18 and I assume being OTC it is a 1 year restriction. The amendment from 1:100 to 1:2 on converting C shares was filed on 2/22/19.
Just not sure if the amendment applies to shares already issued. Waiting to hear back from T/A. Would be another huge plus if it does apply.
I hear ya. Just trying to figure things out here.
Have a great rest of your evening.
That is why I was asking if you were referring to the ones Spencer has cuz I only see in the issuance history Johnny boy only getting 1M C shares, or am I missing something? Regardless, if that amendment doesn't affect them, that 1M is still a good chunk at 1:100
Just thought this would be more official at WY SOS:
Filed 2/22/19
https://wyobiz.wy.gov/business/FilingDetails.aspx?eFNum=092220102197043084188042092211078181116022252140
Where I saw it was in the most recent quarterly filing on page 3 just before Issuance history.
https://backend.otcmarkets.com/otcapi/company/financial-report/223265/content
Are you referring to 2.5M of the 5M Series C Preferred shares currently held by Spencer Payne as a result of 2 aquisitions?
If that is the case, does the following amendment from 1:100 to 1:2 conversion and voting rights for Series C Preferred shares apply to the shares that have already been issued or only to those that may be in the future?
I am inclined to think it wouldn't apply to already issued shares and I should get a definitely answer in the next couple of days. If by chance it does, that would be another shareholder friendly move.
Should be A/S reduction in short order.
Yes and plenty of those sneaky SOB'S doing that all over the place.
Absolutely! Just need reason for the bs trading tactics like the loading wall popping in and out to not scare peeps away.
Yea BFCH would but I am theorizing the motives of the former owners of TelesisIT who would gain another 10M. Just saying, the filings show there is a potential motive.
True but if the bs trading we are seeing is an attempt to keep it from rising over a nickel before 7/25 in order to acquire another 10M shares and we actually break a nickel before 7/25 then theoretically the incentive to keep it down would be gone.
Exactly. The loading wall tactic along with bid whacking would be a good way of accomplishing the goal of not letting it rise above a nickel over the next month.
Completely incorrect.
Something to consider regarding recent trading.
Subsequently the additional 5,000,000 was amended to 10,000,000 restricted shares of Common Stock.
It seems as though someone has a vested interest in BFCH not trading over .05 before 7/25. If I am reading the above correctly an additional 10M shares goes to the former owners on top OS the 15M issued for TelesisIT.
Agreed. Impressed they went the court route instead of the typical R/S to avoid crushing shareholders. Nice to see the 4B Reg A offering closed after only issuing 14M of it as of 3/31/19. Hopefully no more were issued between that date and the closing.
Another positive! Substantial A/S reduction next.
Closing the regA is great news
YOU ARE CORRECT!
Your welcome and thank you.
FightingBack,
To follow up on our discussion, in which you were correct and to clear it up for anyone else who was thinking as I was, I finally received a reply from the T/A on the matter from an email I sent off before our discussion.
She stated:
------------
Thank you for contacting Pacific Stock Transfer. The shares in question were indeed issued and unrestricted but never sold into the market. The float does reflect the number of shares that are able to be sold however, these shares were not. BFCH’s management team was able to alert PSTC as to the pending litigation long before the final case was made public.
-----------
So, FightingBack, thank you for the discussion and for the record you convinced me long before this reply arrived. It makes perfect sense.
BFCH Additional SS UPDATE ON OTCM
RESTRICTED: 3,072,555
UNRESTRICTED: 164,073,146
THE ABOVE IS THE SAME AS THE FLOAT LISTED ON BFCH WEBSITE!
HELD AT DTC: 164,066,083
ALL T/A VERIFIED!
FLOAT NOT UPDATED YET.
https://www.otcmarkets.com/stock/BFCH/security
That would be great and most welcome, just pointing out the need for a higher count if they end up needing to utilize the totality of the offering. They clearly are being responsible in that regard as evidenced by the small amount that has been issued as of yet.
If they do reduce the A/S that low then they would have found a way to get things done without relying on the offering. The would be greatly welcomed.
Good advice.
They must be doing something right as they only issued in July (10M) and Oct (4M) in 2018 with no new issuance through 3/31 of this year. That seems to tell me they are trying there best to get this in order without hurting shareholders. Unless they are able to amended the offering and raise the price to limit the max shares needed to obtain there goal, provided they need it.
I say that because the Reg A offering is for a max of 4B shares. If they end of using that they need to make sure it is available to issue. They have only issued 14M in the last year. I didn't see anymore in the recent Q so they appear to be doing so as needed rather than going crazy with it.
Company stated they would substantially reduce the A/S once OTCM updated. Hopefullly we see a nice reduction but don't expect it to go down to or under 4B.
$BFCH O/S UPDATED ON OTCM 167,145,701
https://www.otcmarkets.com/stock/BFCH/security
LETS GO BABY