Hey guys I dont want to ruin the party here and as i mentioned i have enough skin in the game here from 2021 so i would be more than happy to see 1 dollar again. Right now i am really worried about the hypur convertible note.
As I checked the old 10Ks, all of blpg´s dilution mess was caused by convertible notes.
In the last 10K I saw a difference in the wording compared to the financial statements before in relation to the hypur convertible notes. As we all know blpg made an agreement in jan 2022 to repay the debt, so i thought everything is fine. But in the last 10k you will find the new phrases in relation to the remaining three hypur convertible notes:
1. "Although Hypur Inc. has notified the Company that the notes were in default as of September 1, 2022, it is the Company’s position that the notes are not in default. Nevertheless, the Company began accruing default interest of 12% per year as of September 1, 2022.", 2. "Although Hypur Ventures has notified the Company that the note was in default as of January 2, 2022, it is the Company’s position is that the note is not in default. Nevertheless, the Company began accruing default interest as of January 2, 2022.", 3. "Although Hypur Ventures has notified the Company that the note was in default as of January 2, 2022, it is the Company’s position is that the note is not in default. Nevertheless, the Company began accruing default interest as of January 2, 2022."
These notes are convertible at 5 Cents and have a remaining value of 638,500 which give us almost 13M new dilution shares, and as i mentioned the value is rising bc of the accruing default interest. Yeah i hope we dont get fucked here again and Dan could repay this note as soon as possible. I think with this whole Galvin mess hypur venture lost his track as friendly partner.
And for King Duts conclusion that a lot of insiders invested in blpg, this isnt true: In the last than 10k there is the following hint: "The aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant as of June 30, 2023 was approximately $1,144,000."--> The stock price at June 30,2023 was 0,1389 (EOD) which lead us to a market cap of 1.146,759 mulitplied by the OS of 8.250k shares. So the whole OS is held by non affiliates, like us retail.
Again wihout the convertible and with a positive equity in the next 2 years is see this clearly above one dollar, if they could grow maybe above 2 dollars but all this without dilution. This fucking convertible in relation to the hypur/galvin mess and the new wording in the 10k make me nervous. Lets pray and are hoping that Dan is doing a better job like tha past time as the cilution mess began
