Absolutely. Let's pretend this deal is real. He could just start up another LLC "Cardinal Water Resources Inc." as a private company, convince the Cameroonias, Panamanias, etc. to send the cheques there, and keep all the profits for himself.
Why would KJ share his profits with shareholders of a soon-to-be-delisted penny stock?
Certainly not out of integrity... he's proven he doesn't have any of that.
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