You know what REALLY would be news?
If FBCD's CEO would provide the exact nature of FBCDs relationship with COCO-AMO, the terms of their agreement and just HOW FBCD generated revenue from it.
From the September announcement:
"This is a very exciting opportunity for FBC that we have been investigating and finally came to terms yesterday with COCO-AMO,"
No details at all about who does what in the relationship and how FBCD shareholders might benefit from it. Instead of being excited they should be PISSED OFF.
It's the same crap over (We Are Onyx) and over (Leigh Valentine Beauty) again....ZERO details. Unless you want to call these details:
"Moving forward with the signed contract, FBC will manage the sales, distribution and marketing for the cosmetics company. FBC will begin with an immediate investment in the company's infrastructure, web site, and inventory. Additionally, FBC will be updating the company's social marketing strategies and web presence with a complete redesign of its web site and various social networking channels."
Why won't CEO Russo SHOW YOU THE MONEY???
Well, I guess he has actually. On December 24th he filed something he called "FBC Holding Inc. - Quarterly Report for Period Ending October 31, 2014".
That's the title of the thing anyway. There are no column headings on the Balance Sheet, but I BELIEVE that it shows that the company had $13,199 in Cash and $7,094,446 in Liabilities as of the end of October.
The Income Statement APPEARS to show that the company had ZERO revenues (sales) in the quarter, although the first column of that statement says "2015", which I'm pretty sure hasn't happened yet.
And somebody should ask him what assets were acquired in this transaction and why they appear to be worthless:
Assets acquired 1,278,131
Impairment of goodwill (1,250,000)
Expenses of acquisition (28,131)
Investing in this company without knowing more about these things would be goofy.
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