With LCLP being current, now there is nothing stopping the Miami bassed financiers from picking back up where they left off and converting more debt into new free trading stock to sell into the market using a whole new round of false and misleading press releases touting new cannabis operations. Per the recently filed 10Qs, as of March 31, 2108, LCLP was still carrying $2,314,810 in convertible debt plus $451,749 in interest. All total LCLP had $9,269,531 in liabilities vs just $16,009 in assets which consisted entirely of cash. LCLP had no property, technology, or inventory of any kind.
The debt conversions stopped at the end of 2017 when Huey Long left and LCLP went delinquent with its SEC filings.
Before that LCLP was a $h!t show of bogus press releases and dilution
LCLP used dozens of false and misleading press releases to tout millions of dollars in fake purchase orders, fake distribution agreements, and fake big box store deals for its Mobeego products and non-existant 4K Action Camera during 2016 and 2017 just to show a measly $3598 in revenues for all of 2016 and 2017 (per the two audited 10Ks filed for those periods)
While LCLP was touting bogus business operations using false and misleading press releases, the Miami based financiers (Chuck Arnold, Benjamin Kaplan, Robert Grinberg, David Stefansky, and Arnold Goldin) were using LCLP for their own personal ATM machine
Starting with the first debt conversion by Benjamin Kaplan on September 9, 2016 until LCLP went delinquent at the end of 2017, the Miami based financiers and other toxic lenders milked LCLP for over 1,220,000,000 shares of dilution pushing the LCLP share price down from $.33/share on September 9, 2016 to $.0002/share by the end of 2017.
And all the dilution did pretty much nothing to lower the convertible debt balance since LCLP was converting well below the market price and issuing new convertible debt along the way. LCLP still has roughly the same amount of convertible debt on the balance sheet now as it did when the conversions started.
The Miami financing group is definitely still active and definitely aware of what’s going on with LCLP. According to the most recent 10Q, LCLP borrowing an additional $15,000 from Long Side Ventures LLC (Benjamin Kaplan) on August 8, 2018 (probably to pay for the new filings and the press release).
Plus the LCLP CEO Victoria Rudman has tons of history with the Miami based financing group having been involved in other public Issuers with them like ILIV, CHAA, and now KALTF.
LCLP could be a disaster waiting to happen once the debt conversions start back up again.
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