DD Support Board and Research Team

[nodummy]

FBCD - notes from the 10Q today

Here is a link to the 10Q

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8002672

First as predicted no Super Rad Corp assets are listed which was expected because as stated in the conference call the agreement hasn't closed yet. Also, once again there are no revenues for the shell. They have never had a penny of revenues ever.

Some things of note from the 10Q

Somehow the company which has no full time employees and only one officer managed to spend $1,169,254 during the 3 months between January 31, 2011 and April 30, 2011. The company which has never had any operations or revenues ever now has an accumulated net loss of $20,658,132 since its inception on May 31, 2006.


In 2011 lenders to the Company converted $14,500 of notes payable and accrued interest into 14,500,000 shares of common stock.

That is a conversion ratio of $.001/share. Great deal since the stock is trading over $.02/share.


The company has only had one lender and that is Enable Growth Partners LP.

In 2011 Enable Growth Partners LP converted $1,562,500 of notes payable and accrued interest into 2,500,000 shares of
preferred stock which convert to 1 share of common stock each which would be a conversion ratio of $.625/share.

On March 31, 2011, the Company approved the creation of Series “A” Restricted Preferred Stock. The Company approved the surrender, conversion and exchange of certain Senior Secured Convertible Debentures with a principal amount of $1,562,500 held by Enable Growth Partners, LP, Enable Opportunity Partners, LP, and Pierce Diversified Strategies Series ENA. As a result of the conversion of the Debentures into Preferred Shares, the Shareholders were issued 2,500,000 Preferred Shares. The fixed price per share for this Debenture conversion is $.625 per Preferred Share.


If Enable Growth Partners LP also got to convert $14,500 in debts to 14,500,000 shares of common stock we need to recalculate what they were really given for the elimination of those debts and accrued interest.

17,000,000 shares for $1,577,000 would come out to $.09276/share. That number makes much more sense.

Also makes you wonder if they have any other remaining debts which will get to be converted at $.001/share that could bring that average down even further.

The misleading press release put out by FBCD about the debt conversion did say that $1,627,500 worth of debt was being converted, but only $1,562,500 was converted at the $.625/share ratio

http://ih.advfn.com/p.php?pid=nmona&article=47129491

It does only say Certain Senior Convertible Debentures and not ALL were being converted at that ratio in the filings.

Also what is a conversion fee of $1,723,100? How does that play into all this debt conversion?




One final note and this is a big one.

At the top of the 10Q it says As of June 20, 2011 the registrant had 108,511,638 shares of common stock outstanding, par value $0.001.

But further down it says that as of April 30, 2011 there are 146,011,638 shares outstanding.

Why the difference of 37,500,000 shares?