Holy crap this is even worse, read this.
“Here is a copy of the email from GBI regarding the farm, feel free to call the investor support number at the end of the email if you want to verify, I am sure they will answer all questions.
Dear LCG Investors,
This update is to inform everyone exactly where we are with the remainder of the purchase.
Let me be the first to acknowledge the frustration with this process. I can assure you, I share in this frustration. That said, let me shed more light on what has been going on behind the scenes.
Shortly after PNTV acquired us, they lost their CFO. As a result, Mark Bradley, their President and CEO, took on this additional role and they began their search for a new CFO. At the same time, Mark was busy negotiating the funding deals needed to pay off the remainder of the acquisition. However, having Mark be both CEO and CFO was less than ideal and, as a result, there were delays in key filings needed as precursors to secure/finalize the required funding. Specifically, their 2nd and 3rd quarter financials. The good news is, within the last two weeks, PNTV has hired a new CFO whom is now onsite working with us to make sure the accounting and inventory management is GAAP and SEC compliant. And, according to Mark Bradley, once PNTV files their 2nd and 3rd quarter financials, they have $6M committed and ready to be deposited. As soon as this occurs, per Mark, their first priority will be to complete our deal and get us closed out.
I have received many phone calls with concerns. “What happens if they never pay” “They are going to string this out forever” etc. I want to once again recap the structure of the deal so that some of these concerns can be addressed.
1. The longest this deal can continue is 180 days from May 21st. On November 18th if we are not paid in full (including late fees) PNTV loses any money that has been given to us as well as the rights to the business.
2. There is a late payment calendar that racks up money every day. And we are being compensated for the late payments.
In the event PNTV defaults on the deal and it is deemed null and void, we are gearing up for the following:
1. Our sales team is creating a sales pamphlet with videos, pictures, and full financial projections.
2. I will begin shopping for backup offers.
Please know how much I appreciate your patience as we navigate the finalizing of this purchase. If you have any questions, please don’t hesitate to reach out.
Best Regards,
Michael Gregory
(415) 741-9292
GBI Farms.”
