BlockQuarry Corp (BLQC)

[loanranger]

"Curious to see if they report 100% of the revenues from the “home healthcare” business since their previous filings indicated they are only entitled to 50% of any profits..."

We'll never know. The Agreement says that they will share in profits and losses equally with the home healthcare business (Paradigm). It actually says ALL of these things:
"THIS JOINT VENTURE AGREEMENT (the “Agreement”), made and entered into as of this 10th day of January 2018"

"Term of the Agreement. This Joint Venture shall commence on the date first above written and will terminate 8 months later unless in writing to extend."

"Commencing on the date hereof and ending on the termination of the business of the Joint Venture, all profits, losses and other allocations to the Joint Venture shall be allocated as follows:
•50 percent allocated to ISBG
•50 percent allocated to PHH"

"All expenses of the Joint Venture shall be paid by ISBG for 8 months and shall be reimbursed by the Joint Venture."



The 8 month agreement was supposed to terminate a year ago.
It's supposed to be a Joint Venture but the Agreement says:
"ISBG shall retain the following equity in PHH for the duration of this agreement or and until the agreement is terminated under the provisions of dissolution under Article IX:
•0 percent equity allocated to ISBG"

So Paradigm owns the Joint Venture. And the deal is a profit sharing deal. And all of the expenses are supposed to be funded by ISBG and reimbursed by the Joint Venture. Got it? No, I don't think you got it. I know that I don't got it.


I've tried to follow the arrangement's finances in the financial statements, because that would help me get it and I can't. Having undertaken many similar exercises for more than 4 decades I probably should be able to but I can't.


"Curious to see if they report 100% of the revenues from the “home healthcare” business..."
As you can see from the agreement (ASSUMING it is still in place) it's actually the profits/losses that are allocated (versus just the revenues). The problem as I see it is we won't be able to tell WTF they're reporting.

If I can't figure out what they've done in the past I'm pretty sure I won't be able to figure out what they do in the future. I will TRY, though. It seems important given that the Twitter account linked on the Company website says....
"ISWH@wellnessISWH
$ISBG- The company will be updating its filings to show its revenues. The company’s Health and Wellness division is generating over $165,000 in sales."

And Wednesday's press release said:
"....ISBG will begin to recognize revenues from its growing Home Healthcare segment in its quarterly financial filings."
and
"The Company saw sales from that segment of $165,000 last quarter, and expects to exceed that number in its current quarter."

Per its own filings for the "last quarter":
"During the three months ended March 31, 2019, the Company recognized income and costs in the amounts of $100,347 and $113,045, respectively, pursuant to the PHH agreement."

Paradigm is the only Home Healthcare that the Company is involved with. It's connection to that Company is via an expired Agreement.


This Company's financial statements are totally unfathomable. I expect that to continue.


ps. Note the reference to the Company’s Health and Wellness division on one hand and its Home Healthcare segment on the other. BOTH are supposed to have had sales of $165K in the last quarter, whenever that was, yet only one of them could have included CBD sales (which have nothing to do with home healthcare).
CEO Alonzo never stops trying to baffle them with bullshit and many just gobble it right up.