TIMING OF TFVR ANNUAL REPORT+BTC=HERE WE GO!
Timing is everything! Today we have the annual report filed. This was the paragraph that STOOD OUT TO ME THE MOST!
" Proposed Acquisition
We do not have the capital to pay these obligations when due and have been unable to raise further capital on any terms to support our current business. Further, while we have been engaged in the mining of cryptocurrency as described in “Summary of 2018 Developments” below, we have an oral understanding to acquire a drone and blockchain company based in Puerto Rico (the “Target”). As of the date of this Report, we do not have any written term sheet or other agreements with regard to this proposed acquisition. If we and the Target can each obtain the necessary financing, the equity owners of the Target will own approximately 83.3% of our common stock on a fully diluted basis and our shareholders shall own the balance. Among other things, all of our outstanding preferred stock and indebtedness will be required to convert into either common stock or another series of preferred stock with no preferences or limitations other than a 4.99% beneficial ownership limitation. If we close the proposed acquisition with the Target, we are required to have no accounts payable or indebtedness except ordinary course liabilities which have not yet come due. Further, the Target must have at least $1 million of unrestricted cash and no liabilities except ordinary course liabilities which have not come due. Our Chief Executive Officer will remain a director of the Company and upon closing of the acquisition the Target will be entitled to designate three members to our board of directors subject to compliance with Rule 14f-1 under the Securities Exchange Act of 1934. Further, our Chief Executive Officer shall become a consultant to the Company for a six-month period following the closing. As described later in this Report, our Chief Executive Officer reduced his compensation to $5,000 per month effective March 1, 2019 and has become a full-time executive of another corporation. See Item 10. “Directors, Executive Officers and Corporate Governance.”
Because of all these contingencies, there can be no assurances that we will close any transaction with the Target or obtain the necessary financing. See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.”"
Unless someone has been asleep tonight they know that BTC is shooting to the moon finally. Will be amazing to see where we are at in the morning and if it falls back or keeps going and we have the beginning of the NEW big run. That being said, the timing of this release with BTC along with the fact that THIS WAS INFORMATION IN THE ANNUAL REPORT THAT IS NOW ANOTHER THREE MONTHS OLD ALLOWING THEM THAT TIME TO FINISH THIS UP really makes me hope and pray this is what we have all been patiently waiting here for for over a year plus! If this is the case, and BTC keeps skyrocketing the rest of the week, IMHO we could see at the least maybe an official Letter Of Intent or maybe even a finalization of this! Sure hope I am right but of course could be wrong. But now we have SOLID PROOF they are working on a reverse merger. Very exciting times indeed here at TFVR! I think the next few days are going to be very exciting indeed! GLTAL!
