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you're waiting for someone else to do your DD?
one place to do some DD:
https://otce.finra.org/otce/dailyList
filter for "Dividends/Distributions/Splits"
Your answer is in your direct quote. FINRA examines the paperwork and reviews it for completeness and accuracy and then processes the paperwork. They deem whether the DOCUMENTATION is DEFICIENT or not. They don't approve or deny a request for a reverse split. Read this if you're interesting in learning more:
"Pink Limited" meets the minimum requirements under Rule 15c2-11 and that's all they need in order to trade over the counter, do a reverse split, change the name, change the share structure, change board members, change officers, and do anything else they want to do to their corporation charter, and all without a shareholder vote.
As far as FINRA is concerned, that's "current," Just as an OTCQB ticker is either current or its not. I think some newbies are getting hung up on the word "current." Some are saying this company can't do a R/S while "Pink Limited" when obviously they can, and they clearly intend to.
If this company doesn't file the 2023 annual report on 03/31, that's a different problem -- they will go to Expert Market and US traders can sell it but not buy it. It's likely they will do the R/S before 03/31 though, IMO, because they probably notified FINRA on the 19th and it's 10 calendar days, not 10 business days.
Anyone who thinks a pinksheet ticker needs to be "Pink Current" to do a reverse split is mistaken. But no matter, you all do what you feel is right, and I'll shut up now. Obviously I ruffled some feathers. Sorry.
They ARE current in their reporting. "Pink Limited" is current on otcmarkets.com -- it might not be as transparent as "Pink Current" but it's still current. All you have to do to be current on otcmarkets.com is file the annual report on time and file an Attorney's Letter a month later.
Look, a couple of posters were saying that some entity will tell this new management that they "can't" do the R/S, and that is bullshit. That's my whole point. I don't like to see bullshit on these boards so I posted the truth. I'm not going to defend the truth further -- do your own DD if you don't believe me.
This is the OTC. When you merge into a shell, you do so because you want to go public and dilute to get funding. It's just business -- nothing personal against existing shareholders, but there's no reason to go public if you're not going to dilute -- it's not like you WANT to inherit a bunch of demanding shareholders who think you owe them something. This shell had the O/S almost equal to the A/S, which means there are not many shares on the shelf. If they don't do a R/S or increase the A/S they can't dilute, in which case there was no point to reverse merge into the shell. They WILL do the reverse split and then they WILL dilute. They might be a successful company, but they will do the R/S and they will then sell stock.
Yes, a R/S requires a filing with the State in which it's incorporated -- Nevada -- but they did that. That's the document you see copied in Twitter. It's labeled "name change" but it contains the notification of the impending reverse split.
As I said -- they have to notify FINRA, and then they have to wait 10 days, but that's all they have to do. FINRA might "deny" the request if the paperwork isn't complete, but that's unlikely -- it's not complicated paperwork.
And yes, FINRA might deny the change if the company is "the subject of pending, adjudicated, or settled regulatory action or investigation or criminal or civil action related to fraud or securities law," but if that's the counter argument to what I said, well, that would be a lot more bearish than a R/S.
"Probably told the reality that they won't be able to do a reverse split anytime soon?" Told by whom? Not by the state of Nevada, not by FINRA, not by the SEC, and not by otcmarkets. They can do a R/S whenever they want, without a shareholder vote since it's the OTC. They don't have to be current on otcmarkets.com either.
And their only "fiduciary responsibility towards their current shareholders" is to not do anything illegal, and a R/S is perfectly legal. The document they filed says They're doing the R/S "in the best interests of the Corporation and its shareholders" -- doesn't matter if that's true or not -- all that matters is that they state they believe it.
Somebody else made a vague reference to FINRA approval -- they don't need FINRA approval either. They just need to notify FINRA and then wait 10 days.
Let Me Guess. You're The P&Dmaster's Newest Follower? Did You Buy Truckloads Of IGPK? He Was Pumping That Pretty Hard.
You And He Deserve Each Other.
Whatever He Pumps Next, Be Sure To Buy Truckloads Of It. You Will Become A Millionaire Like The Master.
If P&Dmaster posts again, it will be to tell us that he sold at .0003
That's what he did for the other stock he was pumping-and-dumping, IGPK. He pumped it through market close on the 18th, then the stock tanked on the 19th because of R/S rumors, at which time he announced "oh I sold yesterday."
What a fraud.
IGPK is a "Pink Limited " stinker that looks like it was a custodianship play back in 2020. Anyone who knows what "TA" stands for knows that TA does not apply to a pinkie stinkie trading under a penny, especially something revived by a custodian, but the P&Dmaster preys on noobs who don't know any better.
Oh but he made millions on OTC pumping and dumping in 2021. Just ask him. LOL
Riiiiight, you claim (on the 19th) to have dumped the day before, even though you were pumping it hard to your "followers" right to the end of the day. Example: see your post #56476 at end-of-day....
What a fraud you are.
Which is the lie? The pumping (while dumping) on the 18th, or the claim on the 19th that you sold the day before?
So you're pleased with .0002
To my adoring fans on Facebook: BEWARE ME!
LOL one of the site mods said it, not me.
You people don't seem to have the slightest clue about what constitutes bashing OR pumping. But that's OK. It doesn't matter.
Don't worry, I will never post on FB because it's just a comedy stage. It was a better show when the CEO used to post there, belittling and chastising investors, and that was entertaining when she pretended to be a high school student doing FB maintenance, but she got smart and stopped, so now it's just boring.
Can't wait to see how you sweet people spin the financial statement.
By what metric? Gross revenues. What other metric matters for a manufacturing biotech that already has FDA approval/clearance?
What was their lowest revenue number for a fiscal year before 2023? When I wrote that I was thinking "modern times," meaning 2023 will be lower than the previous worst year of 2012. Here are the worst three years in modern times:
2022 was $707,412
2013 was $665,510
2012 was $500,121
Back in the SEC 10-K days (2009 and earlier), they reported some higher revenues between 2006-2009, but before that.....
2005 was $603,690
2004 was $302,002
and before that, peanuts.
So I guess I should rephrase my comment to be "worst revenues in the past 15 years" because the 2023 number will probably beat the 2004 sales number of $302,002..... Hooray, Staelin can write a PR lauding the increase in revenues of 2023 over 2004.
It's going to be close, IMO. I'm predicting $350,000 -- Q1 was $158,077 and I think they did about $200,000 the rest of the year. I'm probably being pessimistic -- they had that $100,000 sale to the UK and they showed pictures of cartons going somewhere... South Africa bought some, were those the cartons? But really, I think they haven't been selling squat.
Staelin is not foregoing interest on his loans, and it's accruing.
I don't know what interest rate he's charging now, but his loans charge a rate that's considerably higher than the fixed rates at the time of loan inception. Take his January 2022 loan, for example: it appears to be accruing at about 8% interest -- back when CD's were paying around a half a percent.
Kind of a sweet deal Staelin has going, unless, of course, BIEL can never repay him.
CD's have been paying over 5% for several months. I'll wager that Staelin's rate has also increased considerably.
But he DOES lie about his flipping, or at least his trading.
And I know this doesn't fit your agenda, but I don't lie on message boards.
I also don't ask people to "follow" me. And I don't care whether BIEL stock goes up or down. I only care about holding the pumpers' feet to the fire.
2023 Financials in two weeks. Be Prepared for a record bad year. Which BS excuse will you lead with? You have so many. Will it be "Chinese Ports Were Shut Down!" or "Chip Shortage" or "COVID Pandemic?"
Or are you working on a new BS excuse? You have two weeks to polish it up. I can't wait.
Did You See The P&Dmaster's Post #327684?
Where He Proved That (A) H'es A Liar And (B) All He DOES Is Flip?
You Know How You And The Other Chimps Call Everyone A "Flipper" In A Derisive Mock If They Don't Shake The Pom-Poms?
And Yet Here You Are Sucking Up To The FlipMaster.
Wow, that "capitalizing the first letter of every word" trick of yours is as stupid to DO as it is to SEE.
Save it for the suckers who "follow" you.
FYI, I'd be happy with zero followers. Why would anyone want, or need, followers on an anonymous message board?
Other than to dump your stock to them after you pump, of course. There is THAT.
You're admitting that you lied when you said "Always made money with BIEL" and when you said " 4's to 5's 2023" -- and you're showing us the proof that you lied.
LOL indeed.
There's only one thing that surprises me here: that so many people "follow" a liar on an anonymous stock message board.
P.T. Barnum was right.
Did this post make you feel better about yourself?
I hope so. I can't imagine what other purpose it might serve.
"Always made money with BIEL?"
In post 327388 you said that in 2023 you lost money on BIEL when you "bought 8's and 9's and sold at a loss at 7's..."
So were you lying in post 327388, or are you lying now?
Not that I care -- a liar is a liar -- but your Followers might want to know before they buy your stock at .0003 and get left holding the bag while you laugh all the way to the bank. Again. I suspect it happens a lot.
you're "up 50%" if you can sell that steaming pile for .0003 to your followers.
if the MM's are letting you buy at .0002, brother, well, you remember what happened last June when you tried this.
LOL, "my guess" and "I believe" and "maybe" and "it could be" are Staelin chestnuts.
That guy knows how to play the game.
Thanks for "sharing."
LOL (sorry but I laughed out loud twice).
BIEL "shares information on manufacturing changes with shareholders?" They disclose insider information privately but not publicly? And that's the kind of company in which you expect new investors to invest? You have to buy their stock before they tell you anything? Say what?
"Give BIEL a call if it's troubling you?" LOL (three times, thank you so much) the ONE thing I've learned about pinksheet biotech is NEVER CALL THE CEO. they will tell you whatever pops into their head and you'll hang up thinking "buy more" when it was all bullshit. Here's a tip: tell them "I'm recording this conversation" and THEN see how much golden information you get.
Seriously. The only thing that would shock me now with this silly company would be the "anonymous buyout for $xxx per share" buyout scam. Do some DD on THRR "Thresher Industries" if you want to see what that OTC scam looks like.
Dr. Staelin also holds $1,335,616 in convertible loans, all of which convert at 50% of the market price.
Dr. Staelin also has previously converted into, and DUMPED, a billion shares in his history with BIEL.
Dr. Staelin also currently owns zero shares of BIEL.
Yes, Staelin is currently lending money to the company in non-convertible loans, but I think he made it clear at year end that he is not going to keep single-handedly funding the company indefinitely. The company is running on fumes so it's not a huge expense, but it's adding up. I think a R/S and conversion is inevitable and I expect Staelin to renegotiate those non-convertible loans after the R/S.
"BIEL spent money recently redesigning the ActiPatch to increase reliability and shelf life?" That's interesting.
* How much money?
* When -- in which financial statement did they book this expense?
* How did they increase "reliability" -- how was it unreliable?
* How did they increase shelf life -- what aspect of the device had inadequate shelf life?
And what does "the typical run up to a 'pump and dump" look like? I've never heard this expression. A P&D is a P&D -- what is a "run up" to a P&D? BIEL is cash-strapped and running on fumes, unable to pay the interest on insider loans, with the primary funding source (Staelin) announcing that he's been funding the company but that has to change. This seems like a textbook example of a company about to do a R/S and a P&D.
The Whelans and Staelin won't orchestrate a P&D until they do a reverse split and convert some loans. They can't convert their loans now because there aren't anywhere near enough shares on the shelf, so there's no point in pumping it now since Staelin owns zero shares and Kelly Whelan owns only 37,333,033 (we don't know how many shares Patricia or other Whelans own).
I'm not a basher and you're not a pumper.
SOME people here try to have discussions. My "broad brush" gets no paint on them.
My thoughts on a R/S are pure conjecture and should be treated as such. Who knows -- Whelan and Staelin may never do a R/S and die with those loans unconverted.
Whelan and Staelin will try a pump-and-dump at some point to recoup their $$$ millions. Watch for it, and play along in the shadows. You might be able to make some money.
They have to do a R/S first, so that's the indicator. That's the only real catalyst here. Until then, there's no point in trying to average down, because when they do the R/S this thing will lose at least half its value within a couple of days.
I don't know why Andy kept increasing the A/S instead of doing a R/S. I think Andy was simply ignorant -- I think he didn't know how to word his family convertible loans to ratchet for a R/S. And, let's face it, THAT was the true purpose of Andy's company -- not to free the world from pain, but to enrich his family, and they made $$$ millions until the SEC threw a scare into them.
Which is it? Am I a Flipper or a Savior? Can't be both.
And when are you going to chastise Master o' the Charts for being a flipper?
I apologize, this is not a fair fight. I'll leave you alone now. See ya in three weeks when we can compare this company's actual Gross Revenues to your prediction of $350 million gross revs. Wait, you are predicting $3.5 - $10.5 billion gross revs from the NOPAIN Act, aren't you. Hoo boy. "Battle of wits," they're calling it.
LOL -- "baited?" What are the chimps using as bait? There's nothing to discuss now that JGD has thrown in the towel and thrown up his "Slap the Ask" shield.
Maybe there will be something to discuss when/if Whelan files that financial statement in three weeks. One thing's for certain: otcmarkets.com is watching this ticker closely. If she doesn't file that statement on time they'll flip the status to Expert Market faster than JGD can Remove a Swatting Fly.
To my adoring fans on FB: kiss kiss.
To you, JGD: no trader with market experience ever slaps the ask of a zombie pinksheet biotech.
I realize you just can't accept this, JGD, but I am not trying to buy BIEL at a lower price. I don't own BIEL and I will probably never own BIEL again -- maybe after the R/S but certainly not before.
I post here because the pumpers are such asshats and I like to hold their feet to the fire because they can't hold up their end of an argument and that consternates them so. Their insults on FB, for example, are sweet music. Ad Hominem.
"Proper Marketing-Partner And Sales For Biel?" This is a repeat of your hype from ten years ago. Tsunamis and trips to the moon. When will you face reality?
"There Are Hundreds Of Millions In Potential Sales To Be Made Here." You said that ten years ago. It was bullshit then and it's bullshit now.
"IE: Just 10 Million Units A Year At $35 Each Is $350 Million In Gross Sales." that would be e.g not i.e. but no matter because it's bullshit. This little company has trouble achieving $350 thousand gross revenues annually, but you think there's even the slightest chance they can increase gross sales to $350 MILLION? And you must know that the distributors don't pay them $35 per unit. t's more like $10-$12 per unit. Even a direct sale from the shelf in CVS or the cyber shelf on Amazon wouldn't gross $35 for BIEL.
"Now Imagine 100 or 200 or 300 Or More Million Unit Sales A Year." Why stop there. Imagine 100 or 200 or 300 BILLION unit sales per year. If you're going to spew nonsense, go big.
One GREAT Or 2-3 Really Good Patners And The Potential Here Is Realized. This is just tragic. This is your hype from 10 years ago and it's never going to stop, is it.
Nopainact Could Do This By Itself. well that is the one and only concrete thing you said, and it's nonsense. The NOPAIN Act is Medicare reimbursement for hospital or outpatient surgery only. That alone scales the potential client base down to far less than your ridiculous 100-200-300 million units per year. And let's not forget that at this time, the ActiPatch/RecoveryRx doesn't meet the criteria for reimbursement because they don't have the necessary clinical proof that the device reduces opioid use.
And this is where you claim that BIEL's old survey will satisfy the CMS. It absolutely will NOT. It was just a survey and it didn't prove ANYTHING about opioid use. Their follow-up questions didn't ask about opioid use -- they asked a broad question about use of pain meds in general.
I'm not disputing your math, obviously. I'm disputing your bullshit assertion that the 25 billion O/S here is NOT a red flag.
Let's recap. A new poster commented "OMG 24B O/S 🤦♂️🤦♂️"
And you responded "Yup, Same As 10 Million Shares At $.75 Cents." (Why always bolded, by the way? Why do you always feel that you have to shout?)
But it is NOT the same. Yes, the market cap is almost the same (note that he said 24B not 25B), but any and all similarities end there. A stock with 10 million O/S at 75 cents per share is night-and-day different from a stock with 25 billion shares O/S at .0003
The question is, what part of THAT don't YOU understand?
Here's a company with 30.4 billion O/S
(They're not easy to find)
GTEH
https://www.otcmarkets.com/stock/GTEH/disclosure
They issued 30 billion of those 30.4 billion shares in an 8-month period.
By your logic, if a company had 1000 shares outstanding, each worth $7,500, investors would consider that stock to be identical to the stock of a company with 25 billion shares outstanding, each worth .0003
I understand why you want to say that BIEL's bloated share structure isn't a negative. That is such remarkable bullshit though.
Unless you actually believe this nonsense. It boggles the mind that anyone could be so ignorant about investor sentiment and the mechanics of the stock market that they could BELIEVE that. But it's possible, I suppose.
When they do the reverse split, your theory is going to be put to the test, isn't it? You think the PPS will hold after a reverse split because you think this company, with no protected intellectual property and $250,000 gross revenues COMBINED in the last three reported quarters and $16 million debt as last reported, is actually worth <ahem> $7.5 million dollars.
Okaaaaaay
24.7 billion shares at .0003 is NOT the same as 10 million shares at 75 cents. They may have a similar market cap but any similarity ends there. To claim otherwise is simply ignorant.
Even Mr. Stochastic won't support you on THAT BS.
Even with zero revenues they will stay in business until they cash out those convertible loans. The Whelans and Staelin are not going to walk away from those $$$ millions.
They can't default the loans, fold the tent, and sell the patents because they have no patents to sell.
They'll do a R/S and cash out at some point. WHEN is anyone's guess. If it were me, I'd have started in 2021. Life is short and Staelin and the Whelans are not spring chickens.
2023 gross revenue predictions for this "major company?"
They had $158,000 in Q1 2023.
Whelan showed a picture of that UK order for 82,000 pounds and a couple pictures of cartons going somewhere.
My guess: $400,000 for the entire year.
Clinical criteria hasn't been met yet though.
BIEL's "research program" consists of BIEL waiting and hoping for others to pay all the money and do all the work. BIEL is doing nothing proactive to get the clinical proof for the NOPAIN Act -- they are sitting on their hands waiting for Ilfeld to finish and publish his pilot study. If he publishes his pilot study in a timely manner, BIEL is then hoping that his pilot study satisfies the CMS.
Will both of those happen? Maybe. But if both DON'T happen, CMS and/or Ilfeld will get the blame, because nobody holds BIEL accountable.