Thursday, March 24, 2022 9:57:49 PM
While it doesn't take much effort for one to check our usage of "his slight of hand movement" we have refrained from specifically detailing our position partly because he has the Q filings so intertwined, vague, and ambiguous and it would take a short novel to explain it. We will however since it has been brought up recently call out a couple of items which suggest his he has been less than candid with his stockholders for obvious reasons.
As an example:
For the Period Ending: September 30, 2020
At the end of the period represented by this disclosure document, the Company is authorized to issue 25,000,000 shares of $0.001 par value Preferred Stock, of which, 20,000,000 shares of $0.001 par value convertible Preferred Series A stock are designated and issued. Holders of Preferred Series A Stock are granted 100 common shares votes for each share of Preferred Series A Stock held.
For the Period Ending: September 30, 2021
At the end of the period represented by this disclosure document, the Company is authorized to issue 25,000,000 shares of $0.001 par value Preferred Stock, of which, 20,000,000 shares of $0.0001 par value convertible Preferred Series A stock are designated and issued. Each share of convertible Preferred Series A Stock is convertible into 10 shares of common stock, has 100 votes, has no dividend rights except as may be declared by the Board of Directors, and has a liquidation preference of $1.00 per share
While it doesn't take a rocket scientists to see the difference rest assured he is not going to clarify the obvious enhancements to his benefit especially after discussing the switch of ownership on SBQ when it suddenly popped up. In addition, it might be worth reviewing his self written employment contract AND his pay bonus enhancements related to the Reg 1A.
All of this is in plain sight for the stockholders to see, we would argue many do not bother to read and compare the differences. CEO Josh is hanging with some slick cookies (butter pecan sounds good - yummy) we have known this all along. Again, to reiterate - our long term position while initially based on his management connections to the RE industry was the most attractive draw - we have been successful in averaging down to the teens and now wait on the fleshing out of the current build and forward looking PRs.
One day CEO Josh doesn't have 30% of SBQ the next he does. One day his preferred A has no liquidation preference the next day it does. Perhaps he will make his pie in the sky numbers (shown on the website) come true and if he does he will make a personal fortune and bring along many of us who have heavily loaded up for the Champaign line while listening to his chatter.
Happy Trading.
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