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Based on the current trendline, USRM should soon be out of the subpenny trading range.
I disagree with your conclusion. Even though I am disgusted with the Whelan self-dealing, the ActiPatch line of products works great. Since AW died Oct. 2019, KN, Dr. Sree, Dr. Staelin and their teams are moving this compnay forward at a rapid clip.
IMO, the sub-penny days are numbered, and a lot of wealth will be created from this point forward. I just hope that it finds its way to the investors that kept this company going for the past 20-years, and isn't swallowed up in the greed of the Whelan family note and stock printing machine.
The SEC did investigate and AW and KW were found guilty. KW was banned from activity with penny stocks for 12-months and was at risk of being fined over $1 million, but negotiated it down to tens of thousands of dollars. The fine sits on BIEL's balance sheet as an over payable. It was due last December.
SEC Document Links
https://www.sec.gov/litigation/apdocuments/ap-3-17104.xml
AW was also fined by the State of Maryland for the same activity that got him in trouble with the SEC.
Her ability to invest close to nothing, or nothing, and gain a controlling interest in BIEL is criminal.
No one is signing kn's checks. BIEL doesn't have the cash to pay him, and hasn't in years. He's been working for shares of the company.
BIEL has the agreements in place DESPITE the Whelan family. So far, KW is proving herself smarter than her dad, AW, because she's not derailed the deals put in place by KN. Riding her bike, or sitting on the sidelines posting tweets to her personal account, is much better than having her actively involved in the business. Sometimes greed can overcome ego.
The similarities are that they both used their position of trust to defraud investors. One through a Ponzi Scheme and one through self-dealing, in collusion with her daddy AW, the President, CEO, and 1 of 2 BIEL board members ( three are required to enter into contracts).
To be a licensed CPA, and not be able to document her investment to the SEC, and she now is in a position to own over 20 billion shares, or nearly half of the company, IMO, is nothing short of criminal.
Wrong. KW was at times employed by BIEL, she often attended board meetings, she was the ActiPatch distributor for Canada, and so on.
CORRECTION: The information labeled as "false" is in fact TRUE.
-- KW holds $6,193,070 of ill-gotten notes able to demand 21,971,376,573 shares
-- Related Parties holds $5,212,27 in notes able to demand 21,629,634,578 shares
SOURCE:
BioElectronics Corporation
UNAUDITED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2019, found at this link.
NOTE 10 – RELATED PARTY NOTES PAYABLE
IBEX Promissory Convertible Notes Payable
Hmmmmm, That is EXACTLY what the Q2 2020 Financials say, So I stand by the accuracy of my post. The information on which is supported by the latest financial filings -AND- the information you shared in your post. The one that incorrectly names my information as false.
In short,
-- KW holds $6,193,070 of ill-gotten notes able to demand 21,971,376,573 shares
-- Related Parties holds $5,212,27 in notes able to demand 21,629,634,578 shares
BioElectronics Corporation
UNAUDITED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2019, found at this link.
NOTE 10 – RELATED PARTY NOTES PAYABLE
IBEX Promissory Convertible Notes Payable
I wish all the notes were retired, but they're not. kw herself holds over $6 million of ill-gotten convertible promissory notes. Other insiders (PW, Dr. Staelin, and Keith) hold about the same as kw.
Read the most recent financial statements which clearly show the OS nearing the 25 billion AS. It is the noteholders option to convert to satisfy their note(s). The board would be forced to vote to increase the AS to honor the conversion rights granted in the convertible note agreement. If some notes were invalidate because there was only two board members at the time of the execution of the agreements, so be it.
A nice chart has been forming
Reread my post. I said, "If those 45 billion shares hit the market". With "if" being the keyword. I hope that the 45 billion are never printed, and I'd like those shares taken off the table through debt reduction versus note conversion to shares.
AW never broadcast when he was raising the AS. In fact, he did it a number of times when there were not even the required 3 board members in existence. Are those shares even valid? Many notes were signed when there were only 2 board members, not the required 3 board members. Are those notes even valid? If not, let's negotiate them down to a reasonable economic level, but hey, the insiders that created this mess are one and the same as those that stand to benefit from the very mess that they are responsible for creating. Doesn't that sound convoluted? insider dealings that have harmed real investors in BIEL. It can be unwound, and it should be unwound.
If those 45 billion shares hit the market, the pps would instantly drop from $0.008 to $0.0003.
I vote that they get retired via debt retirement or buyback.
Greed is not good
Excessive greed continues to hold back the pps
Has it been confirmed that there will not be an annual meeting of shareholders?
Up against it again. hopefully a breakthrough is imminent. Really like today up again on higher volume
Someone dumped a considerable number of shares this morning.
One of the massive weights holding down the pps is the 40 billion shares that will likely be printed to satisfy the Whelan's ill-gotten notes.
KW's tweet that she's not giving up her shares clearly indicates to me that she has every intention of converting her $6 million of ill-gotten notes into tens of billions of shares.
Does anyone actually believe that she loaned BIEL anywhere near $100k from her credit card advances, retirement account and a HELOC? She was a licensed CPA, but she couldn't document her contribution, if there was one, to the SEC.
Totally false information. The statement that "Share Structure is not a problem" is 100% wrong, except for the scheming Whelan clan.
Tens of billions of additional shares is a serious problem. One that contributes to the pps remaining in the trips.
According to the most recent filings the COB owns -0- shares, despite having participated in the convertible promissory note scheme. He has had a significant amount of shares as a result, but he clearly dumped all his shares. I'm sure that the proceeds of the stock dumping went right back to fund another convertible promissory note providing shares at a 50% pps discount.
Yes. Hopefully it will soon be a level of support.
$USRM at $0.006, up 15% on heavy volume.
Closing above 6 would really help the 3-month chart.
Hopefully, someone knows something encouraging for the company's future.
Sounds good to me too!
And "snake oil" is not a fit metaphor for BIEL's product line.
If being "loudly promoted" is an essential component of being labeled "snake-oil", the ActiPatch is definitely not snake-oil.
Dang, you left me out of the history book. I took my board name because I had 4 to put through college. My anticipation was that investing in Torvec over 20-years ago would help cover their expenses. My oldest son was 8-years old when I bought 2,000 shares at $8. Now he's working on a doctorate degree.
My name should be 4withstudentloans
Sounds good to me too!
My guess is that you'd have to go dumpster diving to recover the watches. Unless they were repossessed by the manufacturer.
Management has issued a lot of information that contracts have been signed, purchase orders received and products shipped. IMO, we remain in the trips for two main reasons.
#1. Investor fear of loss resulting from the convertible promissory notes. Fearful that conversion of debt to equity would create tens of billions of shares that would logically devastate their capital through massive dilution.
#2. Investors don't trust BIEL management. It will take a few quarterly statements showing excellent sales growth before the trust might even be re-established. And, it will never be re-established if #1 above isn't fixed in a manner respectful of shareholders.
Yes, Dr. Staelin loaned serious amounts of money to BIEL. Unlike, KW who only contributed a "one-time, nominal investment".
Yet Dr. Staelin holds only $1 million in notes, while KW holds over $6 million in ill-gotten notes.
A huge shoutout to Dr. Staelin. Thank you, sir!!!
KW, do the right thing by those who invested their own money to keep BIEL alive.
My post was in response to BIEL’s cost of obtaining FDA 510k clearances.
I was specifically responding to the notion that “Most Companies Would Have Spent 5-Times As Much!! Biel Did This Cheap!!” I don't believe that to be an accurate statement, and far from the truth.
Other than having tens of billions of shares outstanding, and millions of ill-gotten convertible notes on the balance sheet, I guess it’s as you state “All the bs is IN THE PAST.”
A GOOD CEO would have obtained FDA clearance 5 X cheaper and 5 X faster. All it took was clinical trials. AW never could wrap his mind around that fact and it took him ten years to figure it out. Do the clinical trials, and get FDA clearance. It isn't rocket science, but AW was hard-headed. At least he did find an inexpensive way to get the trials done, but it is costing us on the commercialization of RecoveryRx. Too bad we can't claim that it aids in healing wounds, rather than just helping with pain management.
That statement is utterly false.
That sounds good to me!!!
I'm glad that you experiencing a number of positive effects from the use of the ActiPatch. I am not a doctor, but your blook pressure might be lower because you are in less pain.
How do we know that the 120,000 was for the first turn, and not ordered for inventory to supply subsequent turns?
I doubt that an OEM expects that their sleeve will be turning at all.
IMO, the financials bottomed out the 2nd quarter of this year. I expect that revenue will be much better this quarter than last quarter. This won't be a surprise to those that take notice of the recent purchase orders and shipments. I'm glad Keith is onboard, and hopefully, no one will squash his sales efforts.
Let me rephrase my question. It's a softball so knock it out of the park
Why does a 20-year-old company, one with with phenomenal pain relieving technology, which is needed by tens of millions of people globally, if not more, with well over 30 million dollars invested, have a market cap of approximately 17 million dollars?
Why is Biel's Market Cap Only $16.1 Million Dollars?