Proper Disclosure - The Bizarro World Theory
On Jan 18, 2011 BTDG filed with Pink Sheets information that included a January 6,2011 letter to the transfer agent. That letter stated that effective December 30,2010 BTDG's Board cancelled shares "issued" under a LOI , those shares one assumes were subject to an escrow agreement expiring end of December 2010.
On Feb 16, BTDG filed its quarterly statements for period ending December 31, 2010. In those statements it describes the Company referred to above as a "subsidiary" and describes its operations as though BTDG owned the company. Furthermore it listed as top shareholders ,as of December 31, whose shares, if they had ever received shares which is doubtful since it was subject to an escrow, that were cancelled day before according to the Board agreement of Dec 30.
In January 600 million shares issued for 2010 salary liability. However there doesn't appear in the financial statements any accrual entry for salary expense.
So the board cancels shares, that were never issued in the first place on the 30th, but I guess since letter not sent to transfer agent until the 6th of January, the shares are listed as outstanding on December 31, even though the agreement was cancelled on the 30th. On Feb 16 though company reports key shareholders as of 31st of Dec, and that it still owns a company as of Dec 31,but it no longer owns it by its own Board decision on the 30th.
Reviewing previous filings, the Jan 2010 salary agreement with CEO wasnt filed until June 2010.
Now hundreds of millions of shares issued for ownership stakes in two private companies under LOI agreements etc. Are those shares really issued or in escrow ?
What are the total shares issued as of today ?
If it is the CFO supplying this information to CEO she clearly has a few comprehension problems.
No expenses for the quarter. No rent, telephone, press releases, salary, nothing.
Seen in this light, the decision of CEO to claim in headline to press release 1.5 million ounces of gold, that in body of release claims stated by Firma Gold, and to not modify this becomes understandable.
It is Bizarro world ! A parallel universe where everything appears the same but it isnt. GAAP becomes bizarro GAAP. Shares outstanding take on a new meaning. "definitive mergers " become " subject to holidays " months later. Shares held in escrow become, presto bizarro shares outstanding. A world where Firma Gold becomes presto, owner of bizarro 1.5 million ounces, because they say so.
My apologies for feeble attempt at humor, and I do think CEO is trying hard, and no, this in my opinion not a fraud , just a technical guy, the CEO, in over his head struggling to be a bizarro world CEO. That is the only explanation I can think of.I would someone to explain this bizarro company. In fact it is so strange, but perhaps like Howard Hughes there is an inkiling of genius there, and maybe HIP HOP venture is that genius.
AI
