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so the company is lieing about the outstanding shares then on the website?
why wont you answer if you know anyone affiliated with company or board?
It says following the divestiture they will cancel another 40 million. Why does the TA not know of any stock cancelations.
If they haven't canceled them then AIM can sell still. Its interesting that those shares don't have a vesting period. For all we know they aren't restricted anymore. 120m shares might be dumped anytime.
Why wont you answer if you know anyone affiliated with company or the board?
actually the filings show 207 million outstanding. Show me a filing that shows a lower outstanding share count. PR doesn't count.
http://www.otcmarkets.com/stock/GROC/profile shows 207 and so does the filing http://www.otcmarkets.com/financialReportViewer?symbol=GROC&id=143597
Why wont you answer if you know anyone affiliated with the company or the board?
I called the transfer agent. They said they knew of no cancelations of the stock. I thought they said they would cancel another 40 million shares in a week?
I suggest everyone call the Transfer agent and ask what the terms of recession are. They have to buy those shares back, the TA will know of any changes to the share structure.
When the TA is telling you they know nothing of stock cancelations I would sure love to know why you keep pumping float numbers you know nothing about.
Heres the transfer agent number. Do you have any relations with the company or board members?
Transfer Agent
4 King Street West
Suite 1320
Toronto, ONT M5H 1B6
416-364-9509
so they can do this...
This was NSU resources or now Hemcare.
The Chairman stated that the Meeting was called to discuss the acquisition of Gold Mineral rights from 4200 acres of properties (Byers Brook and Shatter Lake claims) in the Cobequid Highlands of Colchester County in Nova Scotia owned by NSU Resources Inc. for seventy five millions (75,000,000) common Rule 144 Common shares of Great Rock Development Corporation.
The Chairman further emphasized that he is conflicted as a shareholder, director and officer of both Great Rock Development Corporation and NSU Resources Inc.
Buying back the shares for $1
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the sum of US $1 dollar and 75,000,000 (seventy five million) common shares of the Purchaser (the “Shares”), payable as set forth in Section 2.2, and for other good and valuable consideration, and the payment of royalties (Section 4) the sufficiency whereof the Vendor hereby acknowledges, and subject to the further conditions set forth in Section 2.2 and elsewhere of this Agreement, THE PARTIES HERETO AGREE AS FOLLOWS:
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8558306
That's the terms of recession for the 75 million im guessing.
I guess $130 Is quite a bit when u can buy them back for $1. I wonder how much the 80 million and the 40 million will cost.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8558306
I called the transfer agent yesterday. They wont give any details on the share structure or the stock. They said that they don't know of any cancelation of stock.
Heres what she said. The president had a discussion with John on Friday but they had no knowledge of cancellations.
Then I asked what the PR was all about then. She said I could call back in a couple days.
Looks like their website is lieing about the 127 million outstanding http://www.greatrockdev.com/
Call the TA if you don't believe me. Ask what the terms of rescission is. They should be able to tell you if the divestment has went through and the terms
Transfer Agent
4 King Street West
Suite 1320
Toronto, ONT M5H 1B6
416-364-9509
Little more then that though. Trahan was CEO of MSE Enviro-Tech Corp and did a 5 million dollar business deal with himself and made the shareholders pay for it.
http://www.mseenviro-tech.com/contact.html
In November 2009, MSE Enviro-Tech Corp ("MSE") assigned to the Company the rights to sell MSE's fire retardant products in the United States. In consideration for the assignment of these rights, the Company issued MSE a promissory note in the principal amount of $5,000,000.
In November 2009, Gilles Trahan and Martin Baldwin were appointed directors of the Company. Subsequent to these appointments, Ms. Barnum and Mr. Barnum resigned as officers and directors of the Company. Mr. Trahan was then appointed as the Company's President and Chief Executive Officer and Mr. Baldwin was appointed as the Company's Secretary, Treasurer and Chief Financial Officer.
Here they do a deal with Great rock Dev which was formerly called grid cloud solutions.
On January 27, 2011, the Company changed its name to Bio-Carbon Solutions International, Inc to better represent is planned business activities.
Also on January 27, 2011, the Company authorized a 1:9 reverse stock split decreasing the number of common shares issued and outstanding from 223,300,000 to 24,811,111.
On March 25, 2011, Mr. Robert G. Cormier resigned as Chief Operating Officer and director of the Corporation to pursue other interests.
On March 27, 2011. The Corporation entered into a Memorandum of Agreement with Grid Cloud Solutions Inc (Pink: GRDC) to offer services for carbon accounting and trading for the clients of Grid Cloud Solutions Inc. Grid Cloud Solutions offers energy saving management service to various industrial and commercial clients. Under the Agreement the Corporation will offer carbon services to the clients of Grid Cloud Solutions Inc in exchange for 50% of the revenues generated.
On March 29, 2011, the Corporation revised stock options granted to Mr. John Wilkes, Mr. Robert G Cormier and Mr. Luc C Duchesne, as directors and officers of the Corporation
Your last point is false. James Cao is the CEO of Hemcare and John Wilkes is the CFO.
You can look at the filing here. Scroll to the bottom.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=10875242-1187-40118&type=sect&TabIndex=2&companyid=766916&ppu=%252fdefault.aspx%253fcompanyid%253d766916
Hemmcare just went into a deal with ultroid and issued shares to them. Ultroid CEO is Michael Cao.
Heres the two ceo profiles.
Michael Cao http://www.ultroid.com/team/
James Cao. http://www.4-traders.com/business-leaders/Cao-James-0FK083-E/biography/
You should just do some due dilengence. I know its hard. Heres the filings for hemcare. http://yahoo.brand.edgar-online.com/default.aspx?companyid=766916
These are for Groc. http://www.otcmarkets.com/stock/GROC/filings
This is just two deals.
I showed you that they were close partners in Grid cloud, great rock, forest bio, artic solar and other companies. They were doing business with John Wilkes at the same time the pump went down here
These two were working were at Artic Solar at the time of the pump and doing deals with John Wilkes at the same time. They were board members of Wilkes companies.
Martin-Baldwin
http://www.4-traders.com/business-leaders/Martin-Baldwin-08BFSH-E/biography/
Gilles A. Trahan
http://www.4-traders.com/business-leaders/Gilles-Trahan-0035D9-E/biography/
And the Wilkes
http://www.4-traders.com/business-leaders/John-Wilkes-0B6V0H-E/biography/
http://dealbook.nytimes.com/2010/06/29/s-e-c-sues-2-penny-stock-promoters-for-scalping/
Heres more history
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=117130550
Know what's cool. John wilkes and his mob friends
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=117130550
Looks like it couple be a pump and dump
http://dealbook.nytimes.com/2010/06/29/s-e-c-sues-2-penny-stock-promoters-for-scalping/
His buddies did the shareholders well here.
Atlantic Wind & Solar, a West Virgina-based solar energy company, which garnered $780,600 in net proceeds;
•MSE-Enviro-Tech, a Delaware-based fire suppressant maker, whose stock gained the two $240,000 in net proceeds.
Here-is-the-info-showing-that is was still his buddy Gilles A. Trahan.
Look who signed the documents. Both Gilles A. Trahan and
Martin Baldwin.
http://www.otcmarkets.com/financialReportViewer?symbol=AWSL&id=108033
Profiles.
Gilles A. Trahan
http://www.4-traders.com/business-leaders/Gilles-Trahan-0035D9-E/biography/
Martin Baldwin
http://www.4-traders.com/business-leaders/Martin-Baldwin-08BFSH-E/biography/
This is all the info you need to know on these guys. well its a start
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=117130550
2 of 5 stocks that were mentioned-in-a-pump-and-dump-lawsuit had affiliation with this CEO and his boys.
http://dealbook.nytimes.com/2010/06/29/s-e-c-sues-2-penny-stock-promoters-for-scalping/?_r=0
Atlantic Wind & Solar
and
MSE-Enviro-Tech
look at his boys in work.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=117130550
Looks like hes making a deal on this company
Great rock CEO is the CFO of Hemcare Health. They just acquired Ultroid rights. He will make a deal like he always does.
http://www.otcmarkets.com/stock/HCRE/news
TAMPA, Fla., Sep. 3, 2015 /PRNewswire/ -- HemCare Health Services, Inc. – HemCare Health Services has signed a binding letter of intent to acquire 95% of John Isaac Delgado, M.D., P.A.
HemCare will acquire the controlling interest through the issuance of 2,000,000 restricted common shares. Management expects to conclude the acquisition following due diligence and an audit of the business.
It helps when you know the CEO Michael Cao I guess. For someone reason www.ultroid.com went down. Hrm..
heres more info on the ceo.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=117130550
So is great rock going to acquire Ultroid?
Just the same old conflicts of interests like usual. I'm sure john Wilkes can get it done.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=117130550
Bad conflict of interest going on here.
doing business with a relative I see? James Cao and Michael Cao?
http://www.bloomberg.com/research/stocks/people/person.asp?personId=289021192&ticker=HCRE
and Michael Cao
http://www.ultroid.com/team/
On May 19, 2015 the Company licensed perpetual rights to use Ultroid Marketing Development Corp’s products and the trade name “Ultroid System”. The rights will allow the Company to enter into the clinical treatment of Hemorrhoidal Maladies. Amongst several other attributes, the Products are non-invasive and provide fast and effective relief in the treatment of Hemorrhoids. In consideration for the assignment of these rights, the Company prepaid Ultroid Marketing Development Corp., the Licensor $100,000 for an initial order of forty (40) Ultroid Hemorrhoid Management Systems. The prepayment was satisfied in the form of equivalent value of Series A 12% preferred shares of the Licensee. Said Preferred shares contain conversion privilege into the Company's common stock at a conversion price of $.001 per share.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=10873511-1220-7042&type=sect&TabIndex=2&companyid=766916&ppu=%252fdefault.aspx%253fcik%253d1420368
This isn't the first time this has happened in this stock. These guys just shuffle issued shares between companies and themselves. Been doing it for the last 5 years as far as I can tell.
John Wilkes
http://www.4-traders.com/business-leaders/John-Wilkes-0B6V0H-E/biography/
Dr. Luc C. Duchesne
http://www.4-traders.com/business-leaders/Luc-Duchesne-09SS3S-E/biography/
Martin Baldwin
http://www.4-traders.com/business-leaders/Martin-Baldwin-08BFSH-E/biography/
Gilles A. Trahan
http://www.4-traders.com/business-leaders/Gilles-Trahan-0035D9-E/biography/
This is the history of your company
First Filing where Martin Baldwin and Gilles Trahan buy the company and do business with a company called MSE Environ-Tech Corp(5 million dollar note). Gilles is in control of MSE the website says(conflict of interest?). http://www.mseenviro-tech.com/contact.html
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6910495-1056-8625&type=sect&TabIndex=2&companyid=766916&ppu=%252fdefault.aspx%253fcompanyid%253d766916
"In November 2009 MSE Enviro-Tech Corp ("MSE") assigned to the Company the rights to sell MSE's fire retardant products in the United States. In consideration for the assignment of these rights, the Company issued MSE a promissory note in the principal amount of $5,000,000.
The note bears interest at 6% per year, is unsecured, and is payable on November 16, 2012. At the option of the holder, the note can be converted into shares of the Company's common stock. The number of shares to be issued will be determined by dividing the amount of the note to be converted by $0.25."
Then the MSE contract goes under and cost a $252K termination fee.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=7286072-947-48551&type=sect&TabIndex=2&companyid=766916&ppu=%252fdefault.aspx%253fcompanyid%253d766916
NOTE 10
On May 5, 2010 the Assignment of Contract Rights with MSE Enviro-Tech Corp. (“MEVT”) was terminated resulting in the Company being released from its debt obligation of $5,000,000 as well as relinquishing its rights to the Hartindo and Dectan products. This transaction will be accounted for in the Company’s Financial Statements for the three months ended June 30, 2010. The carrying values of the Intangible Assets – net ($4,884,360) and the Convertible Note Payable and Accrued Interest on Convertible Note Payable ($5,137,261) at May 5, 2010 will be eliminated and a gain on termination of agreement ($252,901) will be recognized
Because of this. bio carbon solutions is born. Luc Duchesne is now CEO and John Wilkes joins the party.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=7752047-1075-63114&type=sect&TabIndex=2&companyid=766916&ppu=%252fdefault.aspx%253fcompanyid%253d766916
On January 25, 2011, Mr. Duchesne and Mr. Cormier were appointed directors and officers of the Company and Mr. Wilkes resigned his position of President and CEO of the Company. Mr Wilkes remained as director. Mr. Wilkes was granted options for 1,000,000 common stocks of the company exercisable within two years, exempt of the reverse stock split reported in 5.07.
Now hes playing with old Great rock dev company called Grid cloud solutions before it changed its name
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=7906540-1192-76857&type=sect&TabIndex=2&companyid=766916&ppu=%252fdefault.aspx%253fcompanyid%253d766916
On March 27, 2011 the Corporation entered into a Memorandum of Agreement with Grid Cloud Solutions Inc (Pink: GRDC) to offer services for carbon accounting and trading for the clients of Grid Cloud Solutions Inc. Grid Cloud Solutions offers energy saving management service to various industrial and commercial clients. Under the Agreement the Corporation will offer carbon services to the clients of Grid Cloud Solutions Inc in exchange for 50% of the revenues generated. This introduction was generated by Dr Duchesne who is also a director and officer of Grid Cloud Solutions Inc. There is no direct benefit to Dr Duchesne for this introduction. No additional compensation was granted to Dr Duchesne
Did a ceo switch by here and a reverse split. Wilkes is down to cfo. Hired James Cao so he could do business with Ultroid. Also changing the name soon from NSU Resources Inc to Hemcare
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=10576358-1186-7148&type=sect&TabIndex=2&companyid=766916&ppu=%252fdefault.aspx%253fcompanyid%253d766916
Last filing showing more conflict of interest.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=10873511-1220-7042&type=sect&TabIndex=2&companyid=766916&ppu=%252fdefault.aspx%253fcompanyid%253d766916
On May 19, 2015 the Company licensed perpetual rights to use Ultroid Marketing Development Corp’s products and the trade name “Ultroid System”. The rights will allow the Company to enter into the clinical treatment of Hemorrhoidal Maladies. Amongst several other attributes, the Products are non-invasive and provide fast and effective relief in the treatment of Hemorrhoids. In consideration for the assignment of these rights, the Company prepaid Ultroid Marketing Development Corp., the Licensor $100,000 for an initial order of forty (40) Ultroid Hemorrhoid Management Systems. The prepayment was satisfied in the form of equivalent value of Series A 12% preferred shares of the Licensee. Said Preferred shares contain conversion privilege into the Company's common stock at a conversion price of $.001 per share.
Here is all the filings. I suggest you take a look at these
http://yahoo.brand.edgar-online.com/default.aspx?companyid=766916
and Great rock.
http://www.otcmarkets.com/financialReportViewer?symbol=GROC&id=41679
http://www.otcmarkets.com/stock/GROC/filings
No its a acquisition, that's what the company said. Its going to acquire a company and gives no details on the company. A letter of intent is just that. Its intent. How do you buy something with $130?
DEFINITION of 'Merger'
The combining of two or more companies, generally by offering the stockholders of one company securities in the acquiring company in exchange for the surrender of their stock.
DEFINITION of 'Acquisition'
A corporate action in which a company buys most, if not all, of the target company's ownership stakes in order to assume control of the target firm. Acquisitions are often made as part of a company's growth strategy whereby it is more beneficial to take over an existing firm's operations and niche compared to expanding on its own. Acquisitions are often paid in cash, the acquiring company's stock or a combination of both.
GROC is pleased to announce the signing of a Letter of Intent to acquire an autonomous robotics company.
Notice how the company even says its acquiring. How do you get a reverse merger from that? Its pretty straight forward. Why you think you can twist something so obvious is beyond me.
no that's not what it means. Canceling shares and spinning off are two entirely different things.
I bet the restricted shares are owned by shell companies the pumpers own and they will vote to only cancel the non restricted shares which is basically all of the common stock float.
it means all your shares will be canceled
Because they sold off Ferrari which is what the liability's went to. You are divesting forest bio but no one bought the bought shares so there is no value in the shares being deleted. Do you not understand how a spin off works? this isn't a spin off.
Ferrari will become a public company. Groc divesting Forest bio is far from a spin off
if u buy now since the o/s is 200 million and they reduce the shares, the negative shareholder equity should be subtracted equally between all shareholders but they can split it randomly because they have voting control I think. Since the shares have no real value, they will be taken from your account and no payment given. The only way they can do what there doing is capital share reduction.
http://www.finweb.com/investing/what-does-capital-reduction-mean-to-shareholders.html#axzz3m1wruCDn
Virtually debt free means just that. still negative shareholder equity. Those people will still have those notes. You cant just cancel those shares. sorry doesn't work that way. Woudlnt life be great if we could all just cancel our debt?
wrong they said 1 million not 1.3. You cant get rid of convertible notes. Do you not know what those mean? Those notes convert on the day they're allowed. It says essentially. That means not completely.
where do you see a merger deal? I see a fake loi. They have no cash. 130 bucks. Just enough to pay a electric bill. How do you acquire a company with $130.
Also why would someone merge into this? If they did they would dilute like crazy and reverse split first to dilute out any old investors. Plus it has a market cap north of a million. No one would pay for that. There are plenty of ways companies like clearpath could go public. this aint it.
really, that's your response? let me break it down.
Right now the o/s is 200 million. No matter what, if you invest now a portion of those shares will be canceled. Do you agree? It will go from 200 million down to 88 right? Those shares wont be paid for but instead they will be canceled right?.
Sorry but you cant delete shares without affecting the shareholder equity. When those shares are deleted the shareholders are essentially paying for 1 million in liability's which will still leave 400k in convertible notes on the company. Oh this is all in a unaudited filing. You will lose value and shares when the divesture goes through.
Exactly, the shares are going away and aren't being paid for. Now I ask you for the fifth time, How does a company do that without deleting shareholder equity? They don't. You will lose when the divesture goes through.
Thanks you just proved my point.
Great Rock will also rescind 80,000,000 common shares bringing the total issued and outstanding to under 128,000,000
So right now it's 200 million untill they cancel the shares which isn't good for shareholders in this case because they aren't being paid for those shares. You can try and clear up this, point for me but I doubt you can.
How does a company delete shares without affecting the shareholders.
So right now the float is 207 million untill those shares get canceled. When the float goes down to 88 million the company will lose value. Do you disagree? You think they can cancel shares without affecting the shareholder? I would love to hear your anwser on these questions? How do you divest shares and not affect the shareholder when you cancel shares rather then sell them?
So you think the float is already 88 million? Thats after the divesture. Current float is 207, it even says that in the 10q. And please do tell me how I am wrong. Love how u say u will bring up points but u never responded to them. Can't wait.
Float is 200 million not 67. When those shares get canceled all shareholders will lose a equal amount out of there account. People claiming that divesture is good are sadly mistaken. Market cap will be reduced when that happens. You can't delete shares with out deleting the underlying asset. In this case it's -1 million in liabilitys. Sorry you guys own that debt, the only way to clear it is to get rid of shareholder equity. Captial share reduction. That's not good in this case because no one is buying the divested shares.
Where did you find that there doing a reverse merger ?
a shell company that's worth 1.2 million market cap with over 48 million shares locked up and there is 400k in convertible notes. This is all unaudited. It could very well be higher.
Give me a break. Please tell why you think someone like clearpath would be coming into something like this when they are using venture capital to raise there own cash. If they wanted to go public, trust me they don't need great rock dev to do it.
And for the LOI. How does one acquire a company with only $130 cash? They don't, its a fluff PR so they can keep the stock propped until the 48 mill shares are unlocked.
How-did-I-know-the-address-would-be-a-apartment
Presenting you with The summerhill luxury apartments. This is where your robotics company is located. Look up the address for yourself.
The Summerhill
Enjoy large spacious luxury living in the heart of the city, in a rental apartment at 7 Jackes Avenue. While in your suite, sit back and enjoy spectacular views of Toronto.
Step outside and you’re next to beautiful Rosehill Resevoir and David A. Balfour Park – where the lush greenery and beautiful walking paths provide nature at its best. Then, walk just a few blocks north, and you’ll find yourself at bustling Yonge and St. Clair – bursting with restaurants, shops, banks, grocery stores and more. Of course, if you’re heading for another destination, board the subway at TTC St. Clair Station or Summerhill stations, both conveniently located just a few blocks away.
The Summerhill quickly feels like home – with the courteous staff ready to welcome you. At the end of your day, pick-up your parcels from the concierge and relax in your suite; cook dinner while you enjoy the evening skyline; or end your day with a workout in the large indoor swimming pool or fully-equipped fitness room.
Might clear up what? That your losing 80 million of the float? You will lose 35% of your shares when that happens. That's why it sold the news.
Same people probably buying again going to lose on the way down. Look up capital share reduction. Its the only way to do that type of divesture.
How do you acquire a company when you only have enough cash for the electric bill?
well most likely, cancel a bunch of liability's through share capital reduction then issues notes or dilute. I don't think the loi is real. Plenty of fake LOI's in otc land. It means nothing.
Like I said, How do you acquire a company with $130 cash and 1.3 million in liability's?
Actually yes. When the divesture goes through 80 million shares will be taken out of the float and everyone will lose a equal percentage.
Also the stock on only traded $3000 worth of shares today. I would be very weary of this stock.
Shareholders will lose a portion of their shares when the divesture goes through.
Only way a company can do what they're doing is share buyback or capital share reduction. This divesture is just a neat way of saying this.
DEFINITION of 'Capital Reduction'
The process of decreasing a company's shareholder equity through share cancellations and share repurchases. The reduction of capital is done by companies for numerous reasons including increasing shareholder value and producing a more efficient capital structure.
BREAKING DOWN 'Capital Reduction'
After a capital reduction, the number of shares in the company will decrease by the reduction amount. In some capital reductions, shareholders will receive a cash payment for shares cancelled - but, in other situations, there is minimal impact on shareholders.
Problem for GROC is the shares they are rescinding have negative value(-1.3 million share holder deficit). When they cancel those 80 million share you will lose value when it happens because no one is buying the shares and they have no value. They are just being deleted. That's the only way they can change the float like they are.
Share capital reduction my friends.
http://asic.gov.au/for-business/running-a-company/shares/reduction-in-share-capital/
An equal reduction must meet these three conditions:
•It relates only to ordinary shares.
•It applies to each holder of ordinary shares in proportion to the number of ordinary shares they hold.
•The terms of the reduction are the same for each holder of ordinary shares.
yeah they don't even know what there investing in. They think its a robotics play. LOLOLOL
They think it has a low float but there is two hundred million shares right now and 80 of them will be deleted. That's going to be a rough morning for shareholders.
Groc bought a clearpath robot. They were probably one of the 5 companies to buy a robot before they ever made one. Clearpath is the company you want to invest in. Groc is far from a robotics play. They are a customer of Clearpath.
If u think Clearpath is merging with groc you are sadly mistaken. Why would Clearpath want groc? So they can get the robots back they sold to them?
Your losing 35% of shares when the divestiture goes through.
That's how it works. They are deleting $1,000,000 in liability's for 80,000,000 shares. Problem is no one is buying the 80 million shares so they're just being deleted.
In the 10q, it says there's 900k in accrued payroll. That's what they're deleting. Basically, investors paid these guys 1 million to run the company into the ground and now they're deleting those shares to make the company look stronger.
You will still have 300 thousand in liability's with convertible notes.
This is a complete last ditch effort for this company. I see it failing after the divestiture goes through because the ceo's locked in their gains.
Its the wild wild west out there.
So your saying great rock is going to buy another company with no cash, no revenue and then become that company they're buying. That's the only way a reverse merger is happening. Also this is all based on a letter of intent. Nothing solid
Reverse merger definition
A reverse merger is when a private company becomes a public company by purchasing control of the public company. The shareholders of the private company usually receive large amounts of ownership in the public company and control of its board of directors (B of D).
There is nothing laid out in this one. They have no cash, no revenue and expect to buy a company. A loi is nothing. Its just a intent. Good luck.
And a reverse merger is when anther company buys you so..,