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There are so many errors in the "information" provided it is difficult to know where to begin.
Firstly, KW tweeted that she would "sell the company and retire" once it hit 4 million units sold in one year. so the rest of the exercise is moot.
Secondly, the $7 profit per unit is a huge stretch and therefore not reasonable when selling through an OEM, and especially not when selling through a licensing agreement. If there is a market for 25 million users, how many units will be purchased in each channel: retail by BioElectronics website, OEM, licensing agreement. Each has its own net revenue figure and I doubt the $7 on average stated in the hypothesis. Look at the most recent financial statement: $33k sold and COGS at $10K. That leads me to believe that the gross revenue per unit sold is around $7. Therefore, a net of $7 per unit is impossible. Don't forget about all the other operating expenses.
Thirdly, the number of shares used in the linked message is 25 billion. It should be fully diluted and be reflected by nearly 70 billion shares. FACT: When BIEL is sold, the buyer will take into account the 40+ billion shares available to those holding convertible promissory notes.
Fourthly, when the business matures in sales, like 50 million actipathces sold in a yar, its PE ratio would most likely be at a more lower number than the 100 multiple being promoted.
I couldn't go on about the fallacy of the figures presented in the linked post, but these should be sufficient to prove that the proposed valuation figures are false.
There is no such firm as "Dewey Cheatem and Howe".
The facts are that the Whelan family has a multigenerational scheme to defraud BIEL investors. Tens of millions of dollars have been taken and 67% of the company's ownership is positioned to be transferred from independent BIEL shareholders to the Whelan family. This can and should be, stopped.
BULLSHIT
"Eventually BIEL will reach a level of stability that will make it more appealing to the long-term investor".......and then the Whelan family converts their ill-gotten notes into over 40 billion shares of BIEL, and the value of our investment drops by 67%.
It isn't too late for the Whelan family to make this right and do the moral, ethical, and right decision to not convert their ill-gotten notes to shares.
I personally use and believe in the products. I also believe that BIEL will financially be very successful. I simply want to ensure that all BIEL shareholders are treated fairly and are not further victimized by self-dealing insiders.
There is a significant difference between lenders that provided BIEL operating cash in exchange for a convertible promissory note, and the Whelan family (IBEX, Jarenz, and St. Johns) that illegally sold unregistered shares of BIEL, used the proceeds from the illegal stock sales to fund convertible promissory notes, then rolled the notes over and over until the aggregate value of the ill-gotten notes exceed $10 million dollars. Shareholders' equity was stolen via the sale of unregistered shares and now the same shareholders are responsible to pay over $10 million in notes to those that defrauded them. Come on man, that's bullshit!
I for one, am not asking for a "surrender your shares"; PW and KW only own 350 million and 37.3 million shares, respectively. My goal is that the conversion of the $10+ million in ill-gotten convertible notes into 40 billion shares of BIEL will not be realized. If my efforts are successful, this would still leave the Whelan family with over $10 million of ill-gotten gains, while allowing the longsuffering BIEL shareholders the opportunity to own the company in which they have poured over $35,000,000.00. There is no justice if a family that invested a nominal amount of money in BIEL, and received paid compensation for decades for their often incompetent work, and via their self-dealing, stand to seize 67% of the ownership of BIEL from shareholders.
I will continue to fight on this board for what is right and good for BIEL shareholders until the notes are converted and we are all out 67% of our holdings. If the notes are converted, the fight moves into a more serious venue.
I believe in the products and I believe that BIEL will be successful. I want to ensure that all BIEL shareholders are treated fairly and not further victims of self-dealing insiders.
I don't understand the mentality that we should all stand down and allow 67% of our investment to be seized by self-dealing insiders. KW is showing herself to be different that her dad. Let's hope that she sees what is right and ethical and takes corrective action.
If they were stolen assets, they should be returned.
It is impossible to ethically turn "a self-dealing, one-time and nominal investment" in a money-losing company and in a few years stand to gain 67% of the publically traded company's ownership, which is valued at tens of millions of dollars.
Long-suffering BIEL shareholders get ripped off in this real-life scenario.
FAKE NEWS!!! Simpsonly hit the nail on the head. If BIEL HQ fixes the SS, it will release the kraken.
Don't forget the supply-demand curve.
BIEL's 25 billion SS reduces the demand for BIEL stock. Why? Some investors will not invest in penny stocks, therefore lower demand. Some will invest in penny stocks, but won't invest in penny stocks with billions of shares, therefore lower demand. While, some investors will invest in penny stocks with billions of shares, but won't invest in a penny stock where the insider dealing has created a situation where the insiders will convert 67% of bagholders value into their own personal investment accounts, therefore lower demand.
Therefore, BIEL'S SS is reducing its value by lowering demand for BIEL stock.
Solution:
1. Insiders extinguish all ill-gotten convertible notes
2. one the company has profits and positive net income
--a. stock buyback
--b. reverse split
Hahaha. That is hilarious.
Yes, ill-gotten gains in any form suck as they harm shareholders and can deter others from investing.
The income statement contains one-time adjustments.
Unfortunately, the cash flow statement, imo documents the health of a company, is a trainwreck.
As the 15th is on a weekend, the filing window is extended. I think we'll see something after hours on Monday.
Perhaps the most important post of today, or of the week. Thank you for posting the information.
https://store.tryactipatch.com/ has the replacement device for $29.95
I think that the key is to sell before KW and PW
KW tweeted that, after 4 million units sold in a year, she was selling the company and retiring.
Better bail before she sells.
With the OS at nearly 25 billion, silver equates a $2.5 billion market cap. One can only wish.
Yes, it is great news that the CE Mark was reinstated!!!! I appreciate your post announcing the good news. Regaining the important mark was long over due for a variety of reasons. Should never have been allowed to lapse. I hope that BIEL HQ won't ever forget this expensive lesson.
There was a ton of volume today.
INDISPUTABLE FACTS:
Shareholders paid a lot of money for their shares of BIEL, over $30 million.
KW invested a "nominal" amount of money in exchange for 50% of BIEL Corp.
HUGE DIFFERENCE: The difference is that shareholders acquired their BIEL shares with their hard-earned dollars. Whereas KW acquired over $6 million in ill-gotten notes through self-dealing, and per the SEC court filings, KW only made a "one-time, nominal investment" and "never put any additional capital at risk". Today, Her convertible notes are valued at approximately 50% of BIEL Corp., while loyal BIEL holders, those that have held their shares for many years have seen the value of their investment evaporate, all the while KW tweeted her plan to "sell the company and retire."
Signing a deal is the easy part.
Earning the sale is difficult. Who earned the sale? IMO, KN, and the other salespeople, together with Dr. Sree presenting the technology. If you look at the timeline of the work done to bring these agreements to consumation, the work began well before KW self-appointed to CEO.
Don't get me wrong. I am delighted by the agreements being signed.
I am a strong believer in giving credit where credit is due.
KW didn't earn these deals, just as I don't see her earning credit for the $6 million in ill-gotten convertible notes she received via self-dealing.
Let's hope that KW doesn't kill these deals like her dad likely would have done.
Here is a possible solution.
As noteholder, KW extinquish her right to convert her ill-gotten notes into tens of billions of shares of BIEL. The BOARD of Directors offer her generous stock options as part of her compensation package, and she keeps her $6 million in ill-gotten notes. This plan rewards her when the stock pps rises. And I am convinced that it would significantly rise if the convertibility of the outstanding notes was removed. It can be done, and she can do it.
All I know is that if the company had been competently run, it would have been profitable many years ago. This would have negated the need for billions of shares on the OS, and tens of billions more shares created by the convertible notes.
Letting the CE Mark expire is one such example of the type of ongoing incompetence that nearly bankrupt BIEL.
Here is a shortlist of management failures that have harmed our investment in BIEL and are REASONS that I'd prefer that the Whelan family set away from the company.
REASONS:
REASON #1. The Whelans had an FDA cleared device all the way back to 2003, two more added in 2017, another in 2019 and declining sales
REASON #2. The CE Mark expired due to incompetence
REASON #3. Declining sales figures year-over-year for at least the past 3-years.
REASON #4. SEC judged that the Whelan’s were guilty of insider dealings and that their family pocketed millions of dollars in what the SEC labeled ill-gotten gains. Read SEC documents here . What success could BIEL have achieved if the $4,643,462.70 of SEC deemed "ill-gotten gains" had been used for sales and marketing of BIEL products, and not moved to the Whelan family?
REASON #5. BIEL needs more investors, not less. Yet when asked "how will stockholders be treated from this day forward?" Kelly’s answer is consistent and clear
You're preaching at the choir.
IMO, those ill-gotten convertible notes held by the Whelan family will lead to a serious drop in shareholder value. In fact, I think that it is largely responsible for the inability for great news to move the pps higher.
Fix the notes and the stock will soar.
How can it be true that 15-years ago by loaning a "one-time and nominal amount of money" to a failing company, while taking a paycheck from that company, and taking profits from the illegal selling of unregistered BIEL shares, living for 15-years of the BIEL teat, and somehow, when the dust settles, be positioned to own 50% of the company?
SOMETHING IS ROTTEN IN THE STATE OF DENMARK
I don't believe that BIEL will continue to flounder. My concern is if there will be a fair distribution of riches when the company proves successful (i.e. I am not a fan of the 50% convertible note scheme that puts 2/3rds of BIEL into the hands of KW and PW. Especially as KW only invested a "one-time, nominal and undocumented investment").
Having said all that............
Has Andy set up BIEL for failure?
The stock structure sure indicates that he was aiming for failure. Nearly a 25 billion OS, and another 45 billion shares needed to satisfy the convertible notes.
As his health was failing, he had succession plan was a huge risk. Now we have Whelan II, an inexperienced leader with unpaid SEC fines, and an expired CPA license. WTF?
IMO, Andy mentoring KW is not a positive for BIEL.
Did Andy ruin BIEL's future ability to work with: CVS, Dr. Scholl’s, K-Tape, Boots-Walgreens, BBraun, NHS, Protex, Anda, Tesco, etc.?
With all of these obstacles, I still think that BIEL will be a winner. But who will get the riches created be divided fairly, or will the Whelan family take advantage of their ill-gotten notes and walk away with 67% of BIEL, leaving shareholders once again shortchanged?
IF BIEL FAILS IMO, ITS FAILURE WOULD BE 100% THE RESPONSIBILITY OF THE SELF-DEALING, INEXPERIENCED SELF-APPOINTED CEO PRESIDENT TREASURER CFO EXECUTIVE BOARD MEMBER....WHY? She has the ability to do the right thing by shareholders and fix the share structure by giving up her ill-gotten notes, and convincing mama Whelan to do the same. they've lived 20-years off the BIEL teat. Per the SEC court filings, KW never invested more than a "one-time and nominal" amount of capital.
Lending money to a company that perpetually loses money, one that was run into the ground with self-dealing, run by a man that was not competent to keep the CE Mark in place, or recognize that Dr. Scholls and CVS were deals worth making, or that teh ActiPatch should stay on the shelves of Boots Pharmacy..................THAT'S THE VERY DEFITION OF "PUTTING YOUR MONEY AT RISK"!!!
I stand by my linked post regarding Andy hamstringing bioelectronics sales efforts.
I think we'll know how well sales are in the next two quarterly reports. For a freaking 20-year-old company two quarters isn't much time to wait. The PPS has increased in anticipation of what I believe is coming. I think KW TW tweeted nearly a year ago that it will take a number of quarters of posting increasing sales and profitability before the PPS will increase with strength.
I don't think Kelly is a CPA as I believe her license expired.
My understanding is that Keith's deals were all killed by Andy.
Dr Stalin has contributed hundreds of thousands of dollars via convertible notes. Hemay not accept repayment for his notes rather exercise his option to convert his debt into shares at the 50% reduction terms. So he stands to gain millions of dollars when the stock price increases to its potential. Of course that means he has to convert his notes into shares which will dilute our ownership. But hey, he put in more than a one-time nominal investment as did Kelly.
Sorry Art, as the 25 billion AS is nearly maxed out, as the OS is nearing the 25 billion count. There remains over $12 million in convertible notes on the balance sheet, which are mostly held by the whelan family. Their notes are convertible to about 45 billion additional shares.
Follow the link to the DonJoy site if you want to pay $39.99 for a replacement or go directly to tryactipatch.com if you want to obtain the same device for less than $30
Andy Whelan pulled the plug on Boots, NHS, and Braun via losing the CE Mark, and some other shenanigans. Andy also pulled the plug on Dr. Scholls before a deal was solidified and on CVS while it was being tested in dozens of locations. Andy is no longer mismanaging BIEL.
Good answer
CORRECTION!!! There is a way to fix it.
Step 1. The Whelan family recognize that the repayment of the principle balance of their notes, together with accured interest at 8% is sufficient for their contribution to BIEL. They do not convert their notes to shares, nor sell the notes with the option to convert to shares.
Step 2. Quarter after quarter BIEL posts increasing positive cash flow as a result of growing net income
Step 3. A reverse split and/or a stock buyback plan is implemented
These steps would provide the Whelan family a VERY GENEROUS return for their nominal investment, and a very good return for loyal shareholders that have funded this enterprise for 20-years.
MARKET MAKERS DOWEY CHETUM AND HOWE
Want You to buy Shares at the ASK
BIEL!!
Do you own due diligence and make informed investment decisions.
More Bullshit. KW did make an offer to the SEC. Read the SEC filing SECTION II "Respondents have submitted an Offer of Settlement (the “Offer”), which the Commission has determined to accept."
December 21, 2018 CORRECTED ORDER MAKING FINDINGS AND IMPOSING REMEDIAL SANCTIONS AND A CEASE-AND-DESIST ORDER document found at this link.
KW was banned:
IV.
In view of the foregoing, the Commission deems it appropriate and in the public interest to impose the sanctions agreed to in Respondents’ Offer.
Accordingly, it is hereby ORDERED that, pursuant to Section 8A of the Securities Act and Sections 15(b) and 21C of the Securities Exchange Act of 1934:
A. Respondents BioElectronics, IBEX, St. John’s, A. Whelan, and K. Whelan cease and desist from committing or causing any violations and any future violations of Sections 5(a) and 5(c) of the Securities Act.
B. Respondent BioElectronics cease and desist from committing or causing any violations and any future violations of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rule 13a-1 thereunder.
C. Respondent A. Whelan cease and desist from committing orc ausing any violations of Rules 13a-1, 13a-14, and 13b2-1.
D. Respondent A. Whelan be, and hereby is,
barred, for a period of five years, from participating in an offering of penny stock, including engaging in activities with a broker, dealer, or issuer for purposes of issuing, trading, or inducing or attempting to induce the purchase or sale of any penny stock. A penny stock is any equity security that has a price of less than five dollars, except as provided in Rule 3a51-1 under the Exchange Act [17 C.F.R. 240.3a51-1].
E. Respondent K. Whelan be, and hereby is, barred, for a period of 1 year, from participating in an offering of penny stock, including engaging in activities with a broker, dealer, or issuer for purposes of issuing, trading, or inducing or attempting to induce the purchase or sale of any penny stock. A penny stock is any equity security that has a price of less than five dollars, except as provided in Rule 3a51-1 under the Exchange Act [17 C.F.R. 240.3a51-1].
F. Respondents BioElectronics, IBEX, A. Whelan, and K. Whelan shall, pay jointly and severally, disgorgement of $166,640 to the Securities and Exchange Commission for transfer to the general fund of the United States Treasury, subject to Exchange Act Section 21F(g)(3), as follows: (i) within 30 days of the entry of this Order, $16,640; (ii) within 180 days of the entry of this Order, $16,640; and (iii) within 365 days of the entry of this Order, $133,360. If timely payment is not made, additional interest shall accrue pursuant to SEC Rule of Practice 600.
G. Respondents BioElectronics, St. John’s, and A. Whelan shall, pay jointly and severally, disgorgement of $25,000 to the Securities and Exchange Commission for transfer to the general fund of the United States Treasury, subject to Exchange Act Section 21F(g)(3), as follows: (i) within 30 days of the entry of this Order, $2,500; (ii) within 180 days of the entry of this Order, $2,500; and (iii) within 365 days of the entry of this Order, $20,000. If timely payment is not made, additional interest shall accrue pursuant to SEC Rule of Practice 600.
H. Payment must be made in one of the following ways:
(1) Respondents may transmit payment electronically to the Commission, which will provide detailed ACH transfer/Fedwire instructions upon request;
(2) Respondents may make direct payment from a bank account via Pay.gov through the SEC website at http://www.sec.gov/about/offices/ofm.htm; or
(3) Respondents may pay by certified check, bank cashier’s check, or United States postal money order, made payable to the Securities and Exchange Commission and hand-delivered or mailed to:
All those words are utter bullshit.
Here's the TRUTH:
AW and KW got lucky with the TIMING of the Supreme Court's decision in SEC v. Lucia (with which I agree was the right decision). The SEC couldn't retry all cases and therefore prioritized their resouces. BIEL had no money and was deemed too small to pursue, and AW and KW submitted an Offer of Settlement to the SEC, which was accepted.
AW and KW were both banned from participating in an offering of penny stock, including engaging in activities with a broker, dealer, or issuer for purposes of issuing, trading, or inducing or attempting to induce the purchase or sale of any penny stock.
AW died before the fine became due. Yet KW hasn't paid the fine that she proposed to the SEC, and it now sits on BIEL's balance sheet as a shareholder liability. Interest is accrueing pursuant to SEC Rule of Practice 600. She willingly made the offer to the SEC and yet she hasn't paid the fine, and it is now a shareholder liability. This is sick.
WRONG!!! Read the SEC document dated December 21, 2018 and entitled: CORRECTED ORDER MAKING FINDINGS AND IMPOSING REMEDIAL SANCTIONS AND A CEASE-AND-DESIST ORDER and found at this link.
Section III SUMMARY
Paragraph
The fines levied by the SEC were due less than 11-months ago and remain unpaid!!!!
Therefore, the date "2009" is the real bullshit.
According to the SEC court documents KW made a "one-time, nominal investment, and never put an additional capital at risk". This was never disputed in any of KW's testimony or in any filings made by her attorney.
The SEC used the term "ill-gotten".
How else would one describe a one-time nominal investment in a company that has never made a dime, rather it burned through over $35,000,000.00, yet during this time KW has accumulated over $6 million in notes, convertible to 50% ownership of BIEL. Similar story for PW. Keep in mind that the Whelan family earned a living off BIEL shareholder equity and their insider dealings for 20-years. Yes, even KW was employed there for some time.