Acc...not only did they sell the shareholders once on massive dilution as an absolute necessity, they sold them twice. And that doesn't even take into account the couple of early on reverse splits. And I can almost guarantee at least a third A/S raise or another R/S is on the way. EXPH will never stop diltuion. Never. There will always be an excuse. Brown and Harrs went public for one purpose and one purpose only. To shift their crushing debt and failures onto the backs of their public shareholders. I'd guess they viewed the move like a couple of kids on Christmas morning once it was explained to them what they could do by their attorneys and accountants. A license to plunder. They started grabbing shareholder equity and shoving it into their pockets with both fists almost from day one and they haven't stopped since. And trust me...they never will. This credit line they say will be "heavily utilized"? No way. Not without a major change in the verbiage of the account and what is collaterizing it. It sure won't be Brown and Harr's homes and personal assets if it ever exceeds the amount they have outstanding in loans from the company. Whether they are behind the scenes or acting as officers...it won't make any difference. They view EXPH as their private bank and their shareholder's equity as their personal and business ATM.
As far as BCC, I honestly don't know how they are treating the booking of BCC orders around the "acquisition". The full financials, if they are truly ever made public, would be required to confirm that. BCC was a failed company that probably had a bunch of JD Brown and Glenn Harrs friends as employees. May have been church buddies or something. Basically they just reached out and cherry picked them to bring in under the EXPH umbrella and nudged them on up to the shareholder equity trough to eat their fill. I don't know that there ever was a strictly defined "acquisition" per se. I think it was just the "good old boys" network in action. No debt was assumed remember. Just another con job IMHO. Rest assured it is going to show up huge in G&A expenses however, unless they have found some way to hide that with accounting slieght of hand. All IMHO.
SBB
