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Friday, March 12, 2021 4:50:21 PM
Summary of actions regarding, S1 abandonment:
1) S1 registration statement was filed on 07/16/2019 then amended on 07/19/2019 for 7,500,000 shares of our common stock and 1,750,000 shares constituting the maximum commitment fee payable to Crown Bridge (who would be facilitating the sale) The company had an agreement with Crown Bridge that is kind of like a line of credit for $3 million. They registered the shares and if they needed money they could draw from the line of credit whatever amount they needed then issue Crown
Bridge shares to cover that amount. The company never drew from the line of credit but Crown Bridge took the shares anyway.
If you add that up it equates to 9.25 million shares. 14.8M shres would be issued for these purposes. (This was filed under prior management of BRLL)
https://www.otcmarkets.com/filing/html?id=13544165&guid=I3faUK1wYu6Oc3h
The above matches the tweets put out last night by the CEO that he has since deleted. The amounts indicated were the same, 9.8M sold , 14.8M issued.
2) In that S1 filing, it was indicated that no shares could be sold until it became effective:
3) Today, March 12th, 2021, a filing came out abandoning the S1 statement, since it has been over 9 months and not yet effective since it had not been withdrawn or amended.
http://archive.fast-edgar.com/20210312/AKZ2F2ZZZBQZ52Z2Z22QRLZZDLWQLZASL2Z2/filename1.pdf
4) therefore, Crown Bridge illegally sold these S1 shares which were not effective, which is very much illegal.
IMO, an agreement will be made, and IMO Crown Bridge, will be required to buy back the shares that they sold. There would be no other solution other than jail time.
1) S1 registration statement was filed on 07/16/2019 then amended on 07/19/2019 for 7,500,000 shares of our common stock and 1,750,000 shares constituting the maximum commitment fee payable to Crown Bridge (who would be facilitating the sale) The company had an agreement with Crown Bridge that is kind of like a line of credit for $3 million. They registered the shares and if they needed money they could draw from the line of credit whatever amount they needed then issue Crown
Bridge shares to cover that amount. The company never drew from the line of credit but Crown Bridge took the shares anyway.
If you add that up it equates to 9.25 million shares. 14.8M shres would be issued for these purposes. (This was filed under prior management of BRLL)
https://www.otcmarkets.com/filing/html?id=13544165&guid=I3faUK1wYu6Oc3h
The above matches the tweets put out last night by the CEO that he has since deleted. The amounts indicated were the same, 9.8M sold , 14.8M issued.
2) In that S1 filing, it was indicated that no shares could be sold until it became effective:
3) Today, March 12th, 2021, a filing came out abandoning the S1 statement, since it has been over 9 months and not yet effective since it had not been withdrawn or amended.
http://archive.fast-edgar.com/20210312/AKZ2F2ZZZBQZ52Z2Z22QRLZZDLWQLZASL2Z2/filename1.pdf
4) therefore, Crown Bridge illegally sold these S1 shares which were not effective, which is very much illegal.
IMO, an agreement will be made, and IMO Crown Bridge, will be required to buy back the shares that they sold. There would be no other solution other than jail time.
