Hello i found a little bit time to check the last 10Q.
First the share price sucks. As a reminder BLPG is a SEC reporting, audited and profitable company with a market cap of 1.3M USD. I dont know how this is possible despite lack of communication.
What I saw in the financals is the revs went down 14.3% from last year q1. Transportation is down 15%, Cash processing 13.3% and Compliance 44 %. For me i see cash processing and compliance as the two future revenue streams. So i hope we will see some improvments in the next quarters again.
The second one is the cancellation of debt this reduce the interest expenses from 287k USD to 66k USD which is massive. Further it looks the will repay the hypur note:
? On March 3, 2022 the Company paid Hypur $137,500, which was applied to principal of the notes.
? On or before each date shown below, the Company will pay Hypur $12,500, which will apply to principal of the notes.
Date Amount
March 31, 2022 $ 12,500
April 30, 2022 $ 12,500
May 31, 2022 $ 12,500
June 30, 2022 $ 12,500
? On or before July 31, 2022 the Company will pay Hypur $137,500, which will apply to principal of the notes.
? All principal amounts owed to Hypur under the Promissory Notes will bear interest at 7.5% per year between January 31, 2022 and July 31, 2022 as long as the Company is not in default under the terms of its agreement with Hypur.
? If by July 31, 2022 all payments required by the Company’s agreement with Hypur have been made in a timely fashion, Hypur will forgive $250,000 of accrued interest owed by the Company under the Promissory Notes.
? After July 31, 2022 future payment plans will be negotiated, provided however that any principal amounts owed to Hypur under the Promissory Notes after July 31, 2022 will not bear interest in excess of 7.5% per year with a default rate of 12% per year.
? Hypur will waive any default rights between January 31, 2022 and August 31, 2022 on a month-to-month basis so long as all payments required by the Company’s agreement with Hypur have been made.
During the three months ended March 31, 2022 the Company repaid a total of $150,000. The amount due as of March 31, 2022 is $538,500, $300,000 of which is classified under convertible notes payable.
This raises the question for me if they want hypur out?
