The things that are right are this:
Yes Ali and Guest receive shares in lieu of cash but those shares are converted, as THEY EXPLAINED over a year ago.
Ali and Guest aren't just walking into Von's, Ralph's, or Albertsons with a fistful of shares and buying some Yoohoo and Hostess apple pie.
They receive shares that are equal to their salaries and under the provisions set forth as they described, they sell them.
The 3.2 million that was used to buy the portfolio of debt?
Yeah, those guys bought up that debt in exchange for the right to convert the debt into deeply discounted shares and then sell those deeply discounted shares for up to 100% profits.
If I gave you one share of UBRG at a 50% discount today and you turned and sold that share at the market open congrats... You just made 100%
(Give you a share at discounted price of $0.00085
You sell that share that you paid $0.00085 for
You sell at market open for $0.0017
You just made 100%
If GEG (Earnest Delong) bought the portfolio of debt for 3.2 million he just made at least 3.2 million selling his discounted shares on the market.
It's not rocket science.
That is why toxic debt is so dilutive. While Ernie is flooding the market with shares from his portfolio of convertible notes and warrants the shareholders are getting ever more diluted.
It doesn't take a CPA (and thank god there's not one here) to understand the convertible debt portfolio and link it to the ever falling share price.
THESE ARE FACTS BY THE WAY. Ali and Guest described these debt features and their salary options in an open letter to shareholders over a year ago.
Their SEC filings PROVE the fact to bring things more recent... Ali and Guest get shares in lieu of cash... And then they sell those shares AS DEFINED IN THE CONVERTIBLE NOTES/Warrants filings which is why we don't need a form 4 every two weeks when payday rolls around.
Selling personal shares or shares awarded ON TOP OF DESCRIBED COMPENSATION is not the same as converting "fully compensatory shares previously defined in sec filings"
This stock is a scam and there's no reason to believe its got any forward looking value.
10 days until...what? Tick tick boom?
The SEC allows UP TO 90 days to file their 10k BUT that does not mean a company has to exhaust the full 90 days as UBRG appears to be doing. UBRG should have already filed by now and the fact that they appear to be willing to bring the filing down to the wire and then most likely us a NT filing is a chilling fact.
If the 10k is so close (10 days), why not issue a statement to shareholders describing which date it will be released? I'm serious! Why not? The shareholders were robbed out of a Q two months ago when the Co changed Fiscal Year End ONLY DAYS BEFORE THE Q was due and were thrust into no mans land with zero reference points in as far as SEC filings go...
So why not recognize that fact, acknowledge it, and tell shareholders that they'll file on September 2X or September 30?
Why won't they? Why do I know they won't tell investors that they'll file WITHIN THE TIMELY AMOUNT OF 90 days? Because everything they've done so far tells me they won't file their 10k in September... Instead they'll file an NT and push off the 10k until early to mid October.
AI
