It was a past CEO that was hit with securities fraud. The entire management team as well as the board of directors has changed since then. As far as them returning the shares, it really put me in a pinch. I had a good correspondence going with them before that issue, now I am getting nothing. Van Noy claimed it was a mistake and pointed out that the shares were not even moved to DOC several days after being converted. I do find that hard to believe but the fact that no shares actually hit the market does lend itself to some credibility considering the 8k came out 3 days after the conversion and usually by the time the 8k hits most of the shares have already come into the float. I have seen situations were lenders wrongfully converted shares that ended in lawsuits but that was non-affiliated lenders. I/we assumed it was Boden but they never clarified what exactly happen so we may never know the full story and yes despite correcting it, it didn't look good.
The thing I can say about them is that they have been transparent. I have never seen another company 8k any new convertible debt taken as they have and there have been no new notes taken this year. They are making progress, reducing debt, increasing revenue, improving their margins, etc.
I have wondered if there may be some kind of retribution thing going on with there lack of communication but I have talked to several people privately and they are not getting a response even when inquiring about the Reg A+ offering.
This fits the type of locked communication you would see with a quiet period. I am really beginning to think they are in some type of negotiations whether a merger, aquisition, or partnership.
All the rebranding of their website as well as social media, a website "coming this fall" in my mind works with what they have stated and reconfirmed, that they will be going full SaaS this year and in order to do that they will need to acquire or at least partner with a supportive company.
All I know is that you don't find many tickers this undervalued or companies landing multi-million dollar contracts will multi-billion dollar companies much in the OTC.
I'm riding this one out. Hopefully, communications resume sooner than later.
CLWD!!
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