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Wednesday, October 22, 2014 4:34:04 AM
I just went back to the Form 10 in detail, and found detailed information on the arrangement with BMOC which included purchase of Pavilion 117. Worth noting that it was not a formal agreement, but rather a 'binding' LOI (before editing my post said LOL, that too....) -- but I didn't see the conditions which would 'unbind it,' perhaps they were there.
To get the sports bar rebranded and open, BCCI had to come up with CASH -- and with Q2 losses at 50% of revenue, not something they had readily available.
I have hesitated to call this a scam; but, other than for 'pump and dump' reasons, why would a company enter into a transaction requiring cash, which it did not have?
An interesting part of the transaction was the requirement that BMOC had to have a kiosk franchisee 'within six months,' which the agreement separately stated to be October 1 (calendar management not a strength for the BCCI management team -- this agreement was signed on May 20), else BMOC would suffer consequences. But, since BCCI didn't come up with their portion of the cash to open the Pavilion, not sure where this goes.
Probably somewhere similar to where New Jersey's Cuppa Joes went 2-3 years ago. The ether.
Net: I would not be holding my breath for a Knoxville Sports Bar, or franchisees within this 8 state agreement.
Or, to your point, for anything else. The 'uplisting' announcement created a flurry of buy and sell -- but not by sophisticated investors (except on the sell side), since there is no way the company could meet the capital and/or profit requirements. But the fact that merely applying for and receiving a NASDAQ symbol could create a big jump, says the world about 'pinkie land,' has educated me.
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