Re: New all-time low for the post-reverse split era!
in response to
by
posted on
Sep 16, 2022 10:53PM
Combining Classic Mineral Exploration with State of the Art Technology
Yes - today our stock was quite impressive. You would almost think it had some relation to the overall economy.
Here are some additional impressive items - from the latest 10-Q. It will be very clear why BG is increasing the number of shares of stock.
"As of July 31, 2022, and January 31, 2022, we had a balance of accrued unpaid wages of $15,625 to a former President and $36,137 to Patricia Madaris, VP Finance & CFO." The 'former President' does not appear to be JB. And I feel sorry for Patricia. (Not sure why that came over highlighted in red?)
"On June 21, 2022, the Company entered into an agreement with an advisor to advise its executive management on strategic partnerships, investments, and other undertakings of material value to the Company. As compensation, the Company will grant the advisor monthly stock options of 20,000 for a term of three months." Wondering why the advisor is not named - would be nice to know so we can check their resume.
"On July 14, 2022, the Company entered into a convertible promissory note with 1800 Diagonal Lending LLC in the aggregate principal amount of $45,138." 1800 Diagonal Lending was formerly Sixth Street Lending, from whom LBSR borrowed substantial sums in 2021. There were two earlier notes with Diagonal in 2022, each for over $70,000.
"In April 2022, the Company entered into a Premium Finance Agreement related to an insurance policy. The policy premiums total $33,400 for a one year policy period." Be nice to know what was being insured - is it possible it is a 'key-man' policy?
"On July 1, 2022, the Company entered into a stock compensation and subscription agreement with Dutchess Group LLC. Per the agreement, Dutchess Group will provide services to the Company and will be issued 500,000 shares of the Company’s common stock. During the six months ended July 31, 2022, the Company issued 500,000 shares of common stock valued at $160,000." The only company I could find with that exact name is based in San Diego. It was incorporated in February of this year. Registered Agent is Jay Z Scoratow. No description of what Dutchess does, but there is an article about another company that hired them - First Tellurium Corp. announced it has entered into an agreement for engagement of corporate consulting services with Dutchess Group LLC to provide corporate communications services. Services will include dissemination of public company materials and social media management." FWIW - I doubt they have been hired to improve communication.
Here are events that happened after the quarter close - payin' off the notes:
On August 5, 2022, the Company issued a total of 91,855 shares of our common stock for conversions of $15,000 in principal for the December 2021 Note at the exercise price $0.1633.
On August 10, 2022, the Company issued a total of 45,603 shares of our common stock for conversions of $5,000 in principal and $2,000 of accrued interest for the December 2021 Note at the exercise price $0.1535.
On August 12, 2022, the Company settled a $5,000 advance from a related party for the issuance of 26,738 units at a price of $0.187 per unit. Each unit consists of 1 share of our common stock and 0.50 warrants. Each warrant allows the holder to purchase one share of our common stock at a price of $0.262 per share at any time on or before August 12, 2025.
On August 19, 2022, the Company issued a total of 111,276 shares of our common stock for conversions of $15,000 in principal for the February 2022 Note at the exercise price $0.1348.
On August 26, 2022, the Company issued a total of 159,109 shares of our common stock for conversions of $20,000 in principal for the February 2022 Note at the exercise price $0.1257.
On September 8, 2022, the Company issued a total of 168,776 shares of our common stock for conversions of $20,000 in principal for the February 2022 Note at the exercise price $0.1185.
No wonder we need more shares of stock.