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Oh, but I just found something on the 90-day or 180-day question. In another case, here's an example of a notice where a company went out of compliance on 5/2/22 and was given only until 7/31/22 to cure. So I don't know what BZWR may get for a notice now, if they didn't have a $0.01 closing bid during the last 30 days.
No breakthrough of..the $0.01 ask..so BestBid only $0.0099 nearing early 1:00 close. This may cause a warning about preserving OTCQB status, if my closing BestBid history is correct. Without a firm $0.01 BestAsk for days now, there should not have been this trouble. There is a long 90-day grace period, though.
Too..bad we haven't had..a closing $0.01 bid..since Oct.27. With the close near $0.01 every day since then, you might expect a closing bid that high. But it hasn't happened according to Stockwatch's BZWR page. Every day, it has been just a little short. I don't want to see the OTCQB status jeopardized, but there is still a 90-day cure period if the closing bid falls short this week. Unfortunately, you need ten consecutive trading days at $0.01 or better in that case, instead of just one now.
4.1.b. Bid Price Deficiency.
Companies are granted a cure period of 90 calendar days for failure to maintain the minimum bid price set forth in Section 2.3(2). In the event that the minimum closing bid price for the Company’s common stock falls below $0.01 per share for 30 consecutive days, a cure period of 90 calendar days to regain compliance shall begin, during which the minimum closing bid price for the Company’s common stock must be $0.01 or greater for ten consecutive trading days. In the event that the Company’s closing bid price falls below $0.001 at any time for five consecutive trading days, the Company will be immediately removed from OTCQB.
That was indeed a T-trade reported on Friday, I saw. Another one may be shaping up again today. A lot of buyers are paying @ $0.01 through the day to the MM to sell these shares. He may be fixin' to buy an equal amount from his seller at maybe around $0.0098 or so. It is getting to be a rather large transaction, if it's the same people involved. I suppose the market price could go way higher when this large seller is done. From the recent high share volumes, it looks like we have a lot of investors thinking that way.
EDIT: Looks like it just happened a few minutes ago while I was typing this, but not as a T-trade.
They're back-- at least on otcmarkets.com and on Charles Schwab. Somehow Level II at TD Ameritrade doesn't see them, though. They have best ask at 0.0109 by JANE.
Good news doesn't move BZWR, as we have seen this morning. I think it takes time for the market to digest the new facts with so few people following the stock. I am willing to add at this level, for sure.
Agreed, $6.8 million Goodwill is big, but maybe..ok. I guessed it would be higher. $2.2 million already existed on May 31, which was after the Helix House deal. So, $4.6 million was added by the Alchemy deal.
Consolidated stockholders' equity (unaudited) was $4.3 million on May 31, but the pro forma for May 31 now shows $3.8 million added to that as an adjustment and $166 thousand deducted due to Alchemy's net deficit.
If you take stockholders' equity and subtract Goodwill, you had $2.1 million on the original May 31 statement. On the pro forma, you get $1.15 million. The cash balance between these two statements fell from $3.1 million to $1.6 million. This is actually better than my fears.
So, good to see the details. I hope the company is successful thus combined.
I don't have real-time so not sure if it was a single trade. Same pattern as yesterday, but much smaller. Looks like $0.01 will hit now for whatever takers there are.
So how did yesterday's trading work? 3.5MM share volume built up through the day usually @ $0.01/share, and then, near the end, around the same amount traded for a fraction below that. Bid/ask spread was very narrow all day, too.
I'm not saying anything was wrong with this scenario, because I don't know the rules the traders live by. But I would make a guess that the big 3.5MM-share trade was known to be coming. The deal would have been that someone was willing to buy the large lot for just under $0.01 and sell them all for about $0.01, thus making a small profit.
Knowing this opportunity, buyers could pick up a large number of shares @$0.01 without having the price spike. I think that normally, all that buying would have caused the price to spike upward. By the same token, if someone dropped 3.5MM onto the market as a sell, the price could have tanked badly.
So if this was some kind of arrangement, maybe even within just one market maker, the news is that the share price did not move wildly up and then sharply down during the day as the many buys were followed by a large sell.
If other market makers were buying, the fact that they are now in at $0.01 may cause the share price to rise as they would prefer to hold out for a slightly higher selling price. They may get their wish if there is enough demand coming from good company news soon.
Just my opinion, but such large action on a thinly traded stock doesn't look like a coincidence to me.
Level II won't answer that. It has been showing only 10k BZWR shares available at $0.01, yet millions of shares sold for that already today. In fact, as of 3:00pm EST, only 20k shares were on the sell side.
I have no idea why there is such a cap at $0.01 today.
It's an old article dated 2016, long before Business Warrior existed. BZWR was preceded by Bluume. Rhett is discussing "free value", which is similar to BZWR's news today about a guaranteed 300% return.
Here's the article:
Value is Trending in 2016 – How To Take Advantage in Marketing for Small Business
Value is trending. More importantly, FREE value is trending in 2016, so how does this affect marketing for small business? When we see or read something of true value it makes us happy, confident, motivated, calm, and every other positive feeling imaginable. It seems obvious but businesses aren’t taking advantage of this fundamental truth. In order for your business to succeed, you must provide real value during every customer interaction. Accordingly, as you read this email, Bluume had better provide you with some real value, too, or we’ll lose you. Keep reading…we’ll get to that. First, some expert advice about using free value offers in your business.
Every business needs customers to survive, every business that comes to Bluume is seeking MORE customers, and marketing for small business is the key. In order to get more customers, businesses have to attract new leads, qualify those leads, and then convert then into paying customers through a unique sales process. When this process is operating successfully you are acquiring the greatest number of qualified leads possible for the least cost possible. Every business owner imagines there’s a magical ingredient that acts as a catalyst in this exchange. ONE hyper-engaging social media post that attracts millions of followers. ONE golden email that wrangles in thousands of new subscribers. ONE miraculous video that goes viral immediately. Unless you’re Kim Kardashian, that magical ingredient that takes a company from zero to a million in one action does not exist. However, there is something that is always trending, that will attract eyes to your business, and can be filtered down to your ideal customers. It’s free value.
Always be creating value for your customers, give them the value, communicate the value, and follow up with them. So the question becomes, how much value should you give away? As a business owner looking to grow your customer base you’ve probably come across value offers that say something like, “To attract 1,000 new subscribers in 30 days click here,” or “Click here to get the free manual for your first 10K Instagram followers,” or “Attract new customers by downloading this e-book.” These offers sound amazing, but then we click, submit our email, re-submit our information, and ultimately receive about 5% of what we really wanted and were promised. By the time we get any value we’re let down and disappointed in the entire process. We’re annoyed and we definitely do not trust that business enough to buy anything. These tricks used to entice people to give away their contact information without giving away too much value. Like most old tricks, they’ve grown stale and people have become numb to them.
So, how much value should you give away? What if the value a business gave us met our expectations at a level of 100% without asking for anything in return? What would that look like? How would you feel about that organization? You’d be thankful that they gave you something of real value without asking for anything in return. You would feel confident about working with that business in the future. This is the approach that has proved to be the most successful. This is why free value is trending. We get something of value without having to give anything, and we naturally want to interact with that business again.
Free value is the elusive, magical marketing ingredient in today’s social media, online, and digital world. Give real value that’s unique to your business, that no other business can offer, give it to people for free, make it easy to get it, and don’t ask for anything in return. (Of course, you must keep communicating and have a follow up process to connect with your leads, just don’t force them to do anything.) Now, I’m not saying that every business should give away their “secret sauce” recipe, the only thing that sets you apart from your competition. Usually, there’s something small that every business has that sets them apart from their competition, and can be given away as a free introductory offer to potential new customers. Once you identify what this is for your business, share your value offer as often as you can. Be creative, sharing it in posts, pictures, videos, and how-to guides.
Yes, free value is trending, and Bluume is following its own advice. In addition to the free guidance above, we have a free e-book we’d like to give you. It’s called How-To Optimize Your Social Media Sites for Your Business, and covers Facebook, Instagram, Google Plus, Twitter, and Yelp. There’s an easy-to-use checklist at the end that really organizes and brings it all together for you. We’re adding the finishing touches as we speak and will be delivering How-To Optimize Your Social Media Sites for Your Business to everyone who is interested. Click below to receive your free copy.
Rhett Doolittle
About Rhett Doolittle (evidently updated after 2016)
Rhett Doolittle was the founder and President of a company that reached #18 in the Inc. 500 Fastest Growing Companies in the United States. As the CEO of Business Warrior, Rhett is leading the charge on the vision and development of their software to help small businesses acquire more customers and increase profits
Alchemy's record in California before the BZWR acquisition showed it (FluidFi, Inc. trading as Alchemy Technologies) to have no Board of Directors and only one officer reported: Timothy Li as CEO, Secretary and CFO.
BZWR did report on October 26 that, "...The result is a unified technology team consisting of Business Warrior and FluidFi employees working on both current and future products.,," So, whatever abilities the company has without their former chief would still seem to carry forward into the control of BZWR.
I kind of expect that the year-end report could be delayed because of potential issues regarding cooperation by Timothy Li. Now, if the BZWR accountants and auditors were on top of things during the summer, maybe all of the information is in. But if stuff remained to do after Timothy Li was terminated for cause, I can only imagine how difficult an audit may have become.
We shall see. But I will finish with two observations: Maybe the report will be delayed. If it is, I think it will resolve without hurting BZWR if it is merely a delay.
Actually, even without the parting of Timothy Li, this could be a complicated audit and require additional time.
Mid-January report will..be more interesting than the year-end, to me at least.
The year-end (August 31) is due the last week of November. It should show the balance sheet for all acquired companies and we could then see how much of the company's equity, if any, was classified as "Goodwill" at that time. From the income statement, we might see something about what improvement Alchemy's sales have brought.
But the first quarter (November 30), which is just about to wind up, is due for release 45 days later in mid-January, should give an indication, I think, if cash has become a problem. Hopefully, the year-end will show adequate cash and the first quarter will show growth from that position right after the last acquisition-- especially if Alchemy sales hit $5MM or so.
"PayPlan Enterprise" is at top-of-page on www.businesswarrior.com.
The little information there leads only to a link where you can schedule a 30-minute virtual meeting with a company representative.
Does anyone have any information on how this technology differs from thousands of business loan providers? There may be something truly innovative and great here, but I don't see how to find out without scheduling an appointment.
By the way, their home page makes some impressive claims:
Proven Success
______________________
Businesses on our Platform
+25,000
We have worked with over 25,000 businesses and know what it takes for you to succeed, scale, and grow your business. ______________________ Marketing Results
400%
On average, our solutions have helped businesses get over 400% return for every dollar spent. _______________________ Annual Loan Volume
$200M
Our lending platforms have processed over $200M in loans. We use the data from these loans to continuously evolve and improve our offerings.
Virtual meetings? I hope so, because the travel & entertainment costs could get out of hand! Here's what BZWR President Brooks tweeted earlier today:
J B @jbrookswarrior Since becoming the leader of @AlchemySystem I've met with every client in almost all time zones across the world. A common theme amongst all is that we are activating their dreams... 10:11 AM · Oct 27, 2022
"New faces" is correct! This board should make the iHub Buzz Cloud or be a "breakout board" if there were several more posts each day. I agree that the price is very low compared to the quality of the company.
I still managed to buy shares at under $0.01 today, but that is getting harder to do. The market makers didn't have anything to offer below $0.0139 when I checked a few minutes ago.
Thanks. I didn't see what the bid was at the close on Friday even though I knew the closing trade was at $0.0111. But yesterday, as you say, the 30 days reset since the closing bid was $0.01.
I agree it doesn't hurt the company. It would be much worse for Rhett to ignore or cover up this disappointing development.
You made the insightful statement that CEOs have to put a good face on it, but maybe someone doesn't catch that the news isn't necessarily horrible. BZWR likely still has considerable value in their acquisition of Alchemy, which I believe was a good thing for Rhett to say. If you buy a restaurant and the master chef leaves, you may want some reassurance that the other cooks know all of the recipes.
Termination news of..Mr. Li has created $750 dollar..volume in trades so far today. Price is UNCH. Extremely small reaction. I presume it is because very few traders watch this stock. I am excited to see how much growth occurs once this company is noticed.
This article adds some further information at the end.
It is good to see that Alchemy (FluidFi, Inc.) had a core group of employees that remain with BZWR. I assume that much of the acquisition's value rests in the talents and abilities of these employees. It will eventually be determined if Mr. Li's claim is correct and what litigation may ensue. We may never know whether the Alchemy subsidiary with Tim Li or without Tim Li would be more successful. But for now, I think the exposure of the alleged wrongdoing and steps to recover from it is good news today.
Here is the body of the article on the webpage just cited:
BUSINESS WARRIOR CORP : Submission of Matters to a Vote of Security Holders (form 8-K) 10/26/2022 | 06:06am EDT
Item 5.07 Submission of Matters to a Vote of Security Holders.
On October 13, 2022, Business Warrior Corporation (the "Company") terminated its employment agreement with Timothy Li for cause as further described below. On October 19, 2022, a majority of the voting power of the Company voted to remove Timothy Li as a director of the Company.
On October 13, 2022, in the course of a review of the financial statements of Fluidfi Inc., d/b/a Alchemy, a wholly owned subsidiary of the Company ("FluidFi") acquired on June 8, 2022, it was discovered that Timothy Li transferred $200,000 from the FluidFi bank account to his personal account on June 18, 2022, without authorization. Mr. Li provided a notation on the transfer that it was for "basic employee payroll." However, this was not a transfer to an employee payroll account. Instead, Mr. Li processed a direct ACH transfer from the Fluidfi bank account to his personal account. Mr. Li was not authorized to transfer any Company funds to himself.
At the time of the unauthorized transfer, the Company was in the process of transitioning all FluidFi related accounts to Business Warrior's financial staff. Mr. Li, previously an officer of FluidFi had access to the account prior to the Company's acquisition of FluidFi and was participating in the transition of FluidFi's financial and other accounts to the Company, where Mr. Li had the position of Chief Technology Officer and as a member of Business Warrior's board of directors prior to his termination.
As of July 2022, Business Warrior completed the transition and took control of FluidFi's financial information, accounting, and invoicing - removing Mr. Li for any business-related transactions.
Mr. Li has acknowledged that he transferred the funds and claims he was entitled to the funds. He has refused to return the funds. A police report has been filed with the Irvine, California police department.
At the time of this filing, it appears the unauthorized transfer is isolated to Mr. Li and no further financial discrepancies have occurred since the acquisition of FluidFi. We are continuing to review transactions of FluidFi both before and after its acquisition by the Company.
The Business Warrior business plan remains intact with the Company reorganizing its technology teams for improved product delivery, efficiencies, and consistent best practices. The result is a unified technology team consisting of Business Warrior and FluidFi employees working on both current and future products. The team is led by Jonathan Brooks, president of the Company along with Jason Doolittle, the company's Vice President of Lending. This reorganization was started prior to the termination of Mr. Li.
Still a wide gap between bid/ask $0.0088/$0.0120. I have an open order in between the two, but it's hidden since it's an all-or-none order. And who knows what is hidden under each MM's best bids or asks? That's the trouble with Level II-- you see very little of what's really there, and especially if there are a huge number of shares hiding behind the best bid or ask level.
Anyway, the MMs are holding firm with their relatively high asks. Maybe there is a reason behind it. But BZWR has fallen so far that I think a small recovery is in the cards. Maybe even a big one!
Best ask starting 60% above best bid @$0.0086. Somebody paid only $3.44 to buy 400 shares to start today at $0.0086, down 14%. So we will have to wait for some big trades to see if the share price can maintain the recent improved levels.
Not enough volume..to move the price Friday &..today. But if the MMs have collected enough or too many cheap shares, it may be time to let them out for higher prices.
Rhett says the focus will be..marketing new products. Do you participate in that as well as in your product development responsibilities? I am looking forward to any news releases that may be coming along these lines.
While we are waiting, here is..a little history for any BZWR newcomers. The company has been ahead of their growth targets, they have said. I wouldn't be surprised if they reveal some new progress before long.
Here's an early iHub post regarding BZWR's startup into its present form:
HokieHead Wednesday, February 12, 2020 9:48:19 AM
Post# 191
I'm in here, reverse merger out of the blue, only 8 million float. Guy has a great track record.
"Business Warrior is Doolittle’s third startup, having achieved two successful exits prior to launching the company as Bluume in 2014. His first company, Entrust Bankcard, grew 8,417% in three years, earning a #18 position on Inc. Magazine’s list of the 500 fastest-growing companies in the U.S. He’s more passionate than ever and has a plan to scale Business Warrior faster than his previous record-setting pace. “From the beginning, our team has always shared a passion for the small business community and developing solutions that help them achieve more success,” Doolittle explained."
I can't believe that the balance sheet will be "worst case". No news could be good news, after all.
My decision is based on that it takes time for the company to start showing results. This is instead of the possibility that Tim Li picked BZWR's pockets at the same time as being named Global Head of Technology. If that were so, Rhett would have endangered all his hard work (and salary), putting way too much into Tim's hands. So, my forecast is that the balance sheet will be not great, but no disaster.
The share price tells me..that cash is depleted due to the Alchemy deal and the goodwill asset is sky high because of the price paid to acquire Alchemy over its equity value. It also says that Alchemy did not reach the hoped-for $5MM in sales and that sales from other sources were weak. I don't know any of this to be true, but the share price reflects a scenario like this, in my opinion. Rhett or Tim could say something if any of my conclusions are untrue.
That said, the mergers need time to show good results and August 31 gave almost no time at all. The combination of companies now assembled may gain a good footing soon enough. I am also fairly confident that the company will be able to continue as a going concern, grow sales and replenish its cash. It may need to shift into primarily a software developer if the recession hurts its small-business sales support and marketing operations. I am saying this presuming that Alchemy has a strong existing customer base.
I like what management is trying to assemble and feel that their hard work will pay off, even with the Technology Head now off on a field trip to Spain. I think we are on the ground floor of something pretty good to come.
@BizWarriorLIFE tweeted on Friday about the global cannabis market. It appears that their Helix House is touted as having the marketing skills to meet the needs.
It's a controversial product that many people want to stay away from. But it also gets a lot of media attention for its growth.
I guess we will eventually see how targeting cannabis in particular works for their reputation.
Here's the tweet:
Business Warrior @BizWarriorLIFE
The federal reclassification of cannabis will be fantastic for the industry!
With the global cannabis market expected to reach $197.74 billion by 2028, the industry is going to be saturated with new #businesses that need proven and reliable marketing - meet @myhelixhouse $BZWR 2:56 PM · Oct 7, 2022
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