Bioelectronics Corp (BIEL)

[Simpsonly]

I concur tiger, how can this be????

I can handle all the slings and arrows and sarcasm thrown about, but what I have difficulty giving credibility to is the thought process that any of us is late taking 2 months or 27 months or never to figure this out. That just falls under wah, wah, I told you so. One invests in a public company expecting management to respect the law while attending to conducting the business affairs of the company with stellar respect for fiduciary duty - it's the law!

Over a period of time, while busy elsewhere, as most of us are, one hears or reads things and then wonders, etc., etc., etc., until the wrong tsunami hits land, not the expected success that comes with USPTO patents FDA Clearances, U.S. retail deals, all on a shoestring, and the resulting sales and profits. Instead, we got the debacle we have had since the SEC issued its order December 21, 2018.

https://www.sec.gov/litigation/admin/2018/33-10594.pdf

Read Section IV and think about what makes sense in answering my simple questions after . . . .

D. Respondent A. Whelan be, and hereby is, barred, for a period of five years, from participating in an offering of penny stock, including engaging in activities with a broker, dealer, or issuer for purposes of issuing, trading, or inducing or attempting to induce the purchase or sale of any penny stock. A penny stock is any equity security that has a price of less than five dollars, except as provided in Rule 3a51-1 under the Exchange Act [17 C.F.R. 240.3a51-1].

E. Respondent K. Whelan be, and hereby is, barred, for a period of 1 year, from participating in an offering of penny stock, including engaging in activities with a broker, dealer, or issuer for purposes of issuing, trading, or inducing or attempting to induce the purchase or sale of any penny stock. A penny stock is any equity security that has a price of less than five dollars, except as provided in Rule 3a51-1 under the Exchange Act [17 C.F.R. 240.3a51-1].

F. Respondents BioElectronics, IBEX, A. Whelan, and K. Whelan shall, pay jointly and severally, disgorgement of $166,640 to the Securities and Exchange Commission for transfer to the general fund of the United States Treasury, subject to Exchange Act Section 21F(g)(3), as follows: (i) within 30 days of the entry of this Order, $16,640; (ii) within 180 days of the entry of this Order, $16,640; and (iii) within 365 days of the entry of this Order, $133,360. If timely payment is not made, additional interest shall accrue pursuant to SEC Rule of Practice 600.

G. Respondents BioElectronics, St. John’s, and A. Whelan shall, pay jointly and severally, disgorgement of $25,000 to the Securities and Exchange Commission for transfer to the general fund of the United States Treasury, subject to Exchange Act Section 21F(g)(3), as follows: (i) within 30 days of the entry of this Order, $2,500; (ii) within 180 days of the entry of this Order, $2,500; and (iii) within 365 days of the entry of this Order, $20,000. If timely payment is not made, additional interest shall accrue pursuant to SEC Rule of Practice 600.

The questions:

What don't we know?

What have the Whelans been doing, since the SEC body slam last December? Should we not be aware of how every dime is generated and spent?

Are we supposed to be elated at having BioElectronics (that would be the shareholders) liable for paying the SEC fines, for the transgressions of the Whelan's, since BIEL (that would be we) is listed in those responsible for payment?

How is it even remotely possible Andrew Whelan did not step aside/retire and allow others to advance the dismal position of the company? I very rarely speculate, preferring the truth and facts, but I would guess the share price may jump 25 fold if the Whelans do the right thing and the right crew gets in there to stabilize the company. Biggest winners? The Whelans! So . . . .why have they not done the logical and right thing? (Repeat first question . . . . )

I would love to see a Payables Statement and hope things like employee tax deductions and so on are all current. what is your guess penny?

On these questions, and many more, I don't know the answers and if I'm nervous, who else is nervous? I manage companies for a living; I make errors, just like everyone; but I truly believed this should have been a slam dunk for competent management.

All it took was people skills, hard work, follow the rules and reasonably good judgement. Are those the 4 sub-skills missing in the one global requirement for success? Good management? The management team is solid, in my opinion with two exceptions. Should be easy to fix, except you can't rationalize the irrational and you can't fix stupid. I think my work here is done.