Everything you say is true, and that alone should be enough to keep anybody from investing further. Here, however, I would like to dig a little bit deeper.
After almost fifteen years as a public company, BCCI (once known as ICTN), has suffered a decline in price, adjusted for reverse split, of 99.98%. The original price of $120.00 a share is now only $0.0245. Also the original outstanding shares now comprise only about 5% of the total Thus, not only has the stock come down in price but the stock has been severely diluted during a 1-for-20 reverse split that came in conjunction with a name change and a large distribution to insiders, as well as, numerous instances in which stock distributions were parceled out in small amounts.
In 2010, there was a deal between BCCI and Pangea, during which the principals of this company ended up holding millions of new shares distributed to them because of the "merger" of sorts. In other words, through this merger, the principals diluted the old stockholders. Since then, in 2010, the principals have increased the outstanding shares by about 2/3, and now legally there are no more shares to hand out. This leaves them with no choice that to do another reverse split in the near future, followed by another increase in the number of authorized shares, so that they can again make these available in the secondary market. In all, investors have poured tens of millions of dollars into this company, an amount that far exceed all declared revenues for the 15 year period.
Discussing the actual business itself: food and beverage hospitality outlets generally go belly up in a few years. How is it possible that this place manages to state open with its horrible business model and the terrible financials of just over $400 a day in revenues per outlet?
If one looks at the record with an analytical mind, the answer is easy to discern. Since the reverse split and the name change alone, about 100 million new shares have been distributed to a handful of parties. These shares have been for services rendered, but the value of these shares at the prevailing price at the alleged time far exceed all the revenues of the period by several folds. The parties get the shares for a fraction of current price and are able to sell these in the open market for a profit even if the price of the stock subsequently declined by more than 90%.
In other words, this is a share printing machine.
But to keep this going, the principals have to make it look like there is a real business behind the stock. Thus, there are kiosks selling coffee, etc., locations that would not exist had the business needed to pay for itself. In the end, this means that BCCI is, for practical purposes, a stock selling mill. It is, in the end, nothing more that a scheme to milk investors.
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