Bioelectronics Corp (BIEL)

[fuente]

The content of that post is totally false and misleading!

Oh really...

Below is a transcript of testimony given by Kelly Whelan in 2013. Pages 62-65:


Q No, okay. Give me a ballpark on how much you
2 think you made what your reported income was for 2009.
3 A My adjusted gross income for 2009?
4 Q I want to know gross and adjusted.
5 A Me personally or IBEX? What are you asking
6 me?
7 Q That's a great question from an accountant.
8 I'm going to ask for both.
9 A Okay, so you want to know what was the income
10 reported on my personal 1040?
11 Q And IBEX's?
12 A I believe it was in excess of $6 million.
13 Q So you made over $6 million from loans made to
14 Bio Electronics in 2009.
15 A That's correct.
16 Q How about 2010, the same questions?
17 A I don't recall.
18 Q Okay.
19 A The 2010 taxable income.
20 Q How come you don't recall 2010 but you do
21 recall 2009?
22 A Because 2009 was my banner year.
23 Q So it was less in 2010.
24 A I believe it was, yes.
25 Q Okay, significantly less?
Page 65
1 A Probably, yes.
2 Q Let me ask you this. Did Bio Electronics make
3 $6 million in 2009?
4 A No.
5 Q No.
6 A Not to my knowledge.
7 Q That's the year they put out a 10-K, so we
8 actually, and I'm not going to bother you here, but they
9 actually lost money, didn't they? How about in 2010,
10 you said it was significantly less? Do you think you
11 made $3 million?
12 A I think that's possible, yes.

So BIEL was losing money, and Kelly was having a 'banner year' in 2009?

I don't remember reading anywhere that the Whelans were becoming millionaires while BIEL itself was losing money...do you?