West Coast Ventures Group Corp (fka WCVC)

[PennyHoper]

Don't get me wrong -- I'm not defending Nixon's lack of filings. His last filing was a 'mea culpa' that he'd be late, but would file in the time frame allowed for late filings. As we know, he never did that.

I do think the COVID19 hit WCVC took was a bad one, but obviously stock holders don't feel that justifies not filing to let them know whether they should hold or sell.

Is Nixon committing fraud? The only evidence that I see against that is that 3rd party financing is allegedly lined up to finance new franchisees, so one might expect them to have taken an in-depth 'look-see' at the current state of the business to give them a reason to offer financing.

Is he having trouble getting or keeping an auditor? Good question. A while ago I found a job-listing for Illegal Burger looking for a finance-guy, but it was dated a few years ago (pre-COVID19).

FWIW, in their last 10-Q on 6/30/2020:
https://www.sec.gov/Archives/edgar/data/1551906/000146970920000069/wcvc10q_063020apg.htm

they said:
"The independent auditors’ report on our consolidated financial statements for the years ended December 31, 2019 contained an explanatory paragraph expressing substantial doubt as to our ability to continue as a going concern."

So, a) they had an independent auditor up to that time who b) was in doubt they'd survive, but c) the reason wasn't due to fraud (and no charges of fraud at that time were hinted at).

Arguably they have 'continued as a going concern' up until now; and again, they are beginning to again troll for franchisees, and have financing lined up. So superficially accusations of fraud and financial irregularity don't have any visible support. Of course, lack of apparent evidence isn't proof that they are in the clear, either. BUT, I'd prefer to see proof of wrong-doing before leveling a charge. AND, businesses can fail without wrong-doing; COVID19 has killed a lot of them.