Cal-Bay International, Inc. (OTCMKTS:CBYI) Finally Uploads Financials
Nearly 2 weeks passed since Cal-Bay International, Inc. (OTCMKTS:CBYI) said they will upload the updated financials of the company in the OTC Markets. That day has finally come and we can’t say that we are impressed at all.
Yesterday CBYI managed to regain the value that they lost in Tuesday’s session with a massive 58% gain, on quite a lot of traded shares that helped generate $422 thousand in trade value. Things might soon change, however, because they have finally put the cards on the table and we can’t say they have a strong hand.
Even though they said that they have updated their financial statement from 2011 to current we only see a quarterly report for the period ended June 30, 2013, which is very short and contains very little information. Judging by the numbers contained in it we don’t think that it can be any other way.
- cash: $2,560
- total current assets: $2,560
- total liabilities: $125 thousand
- total income: $0
- net loss: $37.5 thousand
As you can see, little has changed since 2011 apart from the fact that they have added $4 million in intellectual property patents from nowhere. Apart from the financial part of the report the rest of it is filled with almost no valuable information and it seems that the company isn’t actually doing any business and has no actual plans for anything except selling stock for the future.
What was the most interesting thing was that we finally found out that the CEO of the company is Mr. Larson Coleman, a widely debated figure that many suggest is fictional. This is due to the fact that the name Roger Pawson is listed as being in a control position by way of preferred stock holdings.
Who is Roger Pawson? He is called “#1 con artist” by many people in the investor forums and he is also credited for the “invention” of Biocentric Energy Holdings, Inc. (OTCMKTS:BEHL)’s CEO, Michael Burton who turned out to be a ghost. Many suggest that the situation is identical with that of current CBYI CEO, Mr. Coleman.
Furthermore, BEHL is long gone and has been scraping the floor with a price of $0.0001 since 2011, which can’t be considered a good sign when looking at the possible future of CBYI. This, combined with the grim financial report that the company posted is enough reason to advise you to say away from this particular stock.
