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Why is anybody buying this? This has

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M22222   Monday, 09/04/17 08:20:09 PM
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Why is anybody buying this? This has to be biggest pump job of the year.

Currently there are 38 million shares outstanding and non dilutive preferred class A shares that would convert into not less that 55% of the number of outstanding shares. That would mean the current outstanding really is for 45% of the company. That means at $2.66/share this would put a true value of the company at $2.66 x 38m/.45 = 224,600,000 for a company that has no profits. (YEA 224.6 MILLION DOLLARS), How at this value does any buyer think they can sell it for a profit?

From the filings:

On March 23, 2017, the Registrant consummated an Agreement and Plan of Merger (the “Merger Agreement”) with LB Media, the principal stockholder of the Registrant, and LB Acquisition Corp., a Colorado corporation  a wholly-owned subsidiary of the Registrant (“Acquisition”) whereby Acquisition was merged with and into LB Media (the “Merger”) in consideration for: cash in the amount of Six Hundred Thousand Dollars ($600,000); 2,351,355 newly-issued, pre-split shares of the Company’s Common Stock (the “Merger Shares”); and 324,327 pre-split shares of the Company’s Series A Convertible Preferred Stock, par value $0.001 per share (the “Series A Shares,” and collectively with the Merger Shares, the “Merger Consideration”). The Series A Shares initially convert at the rate of one vote per share (the “Series A Conversion Rate”) and provides that the Series A Conversion Rate shall be adjusted based upon the number of shares outstanding such that the holders of the Series A Shares would not hold less than, fifty-five percent (55%) of the number of outstanding shares of Common Stock on a fully-diluted basis.  Pursuant to the terms of the Merger Agreement, LB Media agreed to retire 5,000,000 shares of Common Stock of the Company held immediately prior to the Merger.  

Funny thing even without the Preferred Series A stock this company is not worth anywhere near $100m. The reverse happened almost six months ago, soon the floodgates will open with sellers six month hold and watch out below.

To make matters worse there is also a Series B Convertible Preferred which is not even worth talking about as this company is grossly overvalued in my opinion.

As always do your own due diligence. These numbers have come straight from the company's filings.

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