Oh man, where does one even start with this train wreck mass disaster LOL !!
This 10-K is the stuff for late night comedy writers it's soooo freaking good. I'll dismantle this sham piece by piece over the next few days- but holy cow it's got some gems in it, on the 3 minutes skim-read version already.
It's an OTC-ville classic series for the museum of scams and cons one day, not even a doubt.
World headquarters: 3008 W Lupine Ave, Phoenix, Arizona, 85029
(the "house" LOL and a POS house at that !)
PAGE 10 (they don't use the "whole house" LOL, just a portion. NO I'm not making this up.) I guess a card table or poker table in the den or a spare bedroom is thee CELZ "WORLD HEADQUARTERS" LMAO !!!
"Item 2. Properties
We use at no cost a portion of the residence of Timothy Warbington, our CEO, as our principal executive offices. Management believes that this space is adequate to meet the Company’s current and foreseeable needs."
RIGHT OUT OF Wolf Of Wallstreet - it's the freaking Aerotyne International scene LMAO ! Where he's pitching this, "Cutting edge company" blah blah and they cut to this tiny garage behind some house with the sign "Aerotyne" on it LOL !! CELZ - they're actually doing the same scam :)
PAGE 10:
"Employees
We have no employees. However, we use and pay for the services of employees of our affiliate, CMH. We have agreed to reimburse our parent company a flat monthly rate for the time spent by their management team on our business operations."
LMAO. Ya don't say? NO EMPLOYEES - just them boys operating out of "The house" aka "world headquarters" skimming the coin for the strip bars, golf course memberships, "company" cars and travel junkets. T
TEXTBOOK 101 way to structure an OTC scam - the ole "parent company" while the PUBLIC TRADED EMPTY SHELL has nothing, especially NO FREAKING EMPLOYEES LOL ! PERFECT !
PAGE 10 again:
R&D spending = $ZERO LOL !!! You know, for this "world class stem cell research company" blah blah blah BULLSHIT ALERT, RED ALERT !!
"Research and Development
Research and development expenses for the year ended December 31, 2019, totaled $0."
PAGE 17:
CASH: $88,648
TOTAL LIABILITIES: $8,602,302
JUST accounts payable alone (bills due in net 30 to net 45 days typically) = $320,785 and they have $88K left in the bank. Figure that one out LMAO !
Uh, that = BK by ALL generally accepted accounting principals (GAAP) !
PAGE 18: (Drum roll please and then rim shot !)
TOTAL REVENUES FOR YEAR 2019: $165,500
LMAO - I know dudes running coin op car washes or doing auto detailing or people who own a donut shop doing more in revenues than that - a freaking public traded company (well, it's a scam so we gotta figure that into the equation LOL !)
$MILLIONS in losses and expenses to generate $165K TOTAL top-line revenues and to "gross profit" a lousy $120K off of that after cost of goods sold.
It's grim folks - they're in dire straights is putting it too kind :)
I'll update more on how bad this 10-K TRAIN WRECK really is when I get a little time to read it line by dismal line- and cover to cover.
I'll ship a copy over to my fave comedy writing team- it's full of good material LOL ! I'll do a separate post on HOW BAD IS THE TOXIC DEBT/DEATH SPIRAL NOTE SITUATION AS I'M SURE THAT WILL REQUIRE AN ENTIRE LENGTHY POST OF ITS OWN :)
CELZ - right out of The Wolf:
I "glanced" over the TOXIC NOTE/DEATH SPIRAL financing section - and this POS is heading to "NO Bid" in short order. Just no other way to put it.
2020 Toxic, convertible debt still owed: $1,623,165
A majority of those toxic notes are/or can be converting RIGHT NOW.
STICK A FORK IN CELZ - this goose is cooked, well done :)
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