SEC 10K released!! Death spiral. Where’s RobCos?
Besides the usual going concern language that BSGM lost $27mill in 2022, is in jeopardy of running out of cash with only $400k left as of yr end 2022…
The fraud is being exposed!!!!
Here is the blockbuster headline from the 10k so far
“The Company has concluded that there is a material weakness in its internal control over financial reporting, which, if not remediated, could materially adversely affect its ability to timely and accurately report its results of operations and financial condition. The accuracy of the Company’s financial reporting depends on the effectiveness of its internal controls over financial reporting.”
“In connection with the audit of its December 31, 2022 financial statements, the Company’s management identified inadequate identification, recording and reporting of stock based compensation due under consulting or other third-party contracts entered into by the Company, but not yet ratified by the Company’s Board of Directors which resulted in deficiencies, which, in aggregate, amounted to a material weakness in the Company’s internal control over financial reporting.”
Those of us who did our homework always knew the compensation packages , with fully vested stock that they sold without reporting was illegal.