Annual report:
Whelan's leadership ability is on full display in the report:
SALES
The Company’s sales for the year 2018 decreased $717,892 primarily because of a decline of UK
sales by $450,000 and other international sales by $275,000.
Not only did Whealan take this from OTC without a plan, he did nothing for 1.5 years afterwards. Why does he want it OTC in the US and not at Boots? Does he really believe that he can detail doctors, convincing them to write prescriptions to drive sales of Actipatch? BIEL supposedly has $90k in cash, horrible credit (pull a D&B on Bioelectronics) and bleeding $2,000,000.00/year. If this really is his plan, you have to question not only his ability, but his sanity as well. There is not a chance this will be successful, ZERO. He made a horrible decision and we are suffering the consequence of that decision.
DEFERRED INCOME OF $536,000.00. DEFERRED INCOME, WHY????? This certainly is not a positive. They have $90,000.00 in cash!! This seems to be where the sales from the last two qtrs have gone, "hopefully". If it had shipped, it would be in accounts receivable ($64,700). Can they not ship? If they cannot ship, that is a material event that has to be disclosed to the public. At that point, it is more than ineptitude from the CEO, it is illegal This would be especially true if they are trying to raise money and not making a material event disclosure to prospective investors.
Whealan/BIEL essentially borrowed $767,000.00 from the group listed (convertible notes). If BIEL could not ship at the time of the transaction and this was not disclosed, we may end up with a new CEO after all.
It appears the IBEX bank may be running dry, his daughter only gave BIEL access to $67k in 2018. If that slush fund runs dry, where does BIEL get funds to continue operations?
IN SIXTEEN YEARS, Whealon has burned through $34,000,000.00 and has sales of just over $1,000,000.00 IN SALES to show for it. No company can survive that.
