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PRISON NEWSPAPERS OAKLAND COUNTY FRAUD CHECK OBN
According to some versions of his brief résumé (examples on the autobiography page), Barry Allen is a member of the Board of Directors of OBN Holdings, Inc., a Nevada Corporation and public company, currently trading on the Pink Sheets under the symbol OBNI.PK. Lately, their stock price has been hovering around $0.04 per share, and their Earnings Per Share are negative at -$0.41. Most of the net income figures for various reporting periods are negative numbers as well.
OBN Holdings, Inc. is in the businesses of internet broadcasting,
television/film production, plastics recycling, intelligent traffic systems, and importing pork from Mexico to Japan.
Barry's directorship can be verifed here,
on the Nevada Secretary of State's web site, which identifies him as an
"Active" officer in the corporation with the title of Director. I
wonder if his fellow board members - not to mention the stockholders -
know that Barry Allen is a convicted felon?
For those not familiar with the Pink Sheets, here's what Wikipedia says:
Sheets is not a stock exchange. To be quoted via Pink Sheets, companies
do not need to fulfill any requirements (e.g. filing financial
statements with the SEC). With the exception of foreign issuers.....the
companies quoted in the Pink Sheets tend to be closely held, extremely
small, thinly traded, or bankrupt. Most do not meet the minimum U.S.
listing requirements for trading on a stock exchange such as the New
York Stock Exchange. Many of these companies do not file periodic
reports or audited financial statements with the SEC, making it very
difficult for investors to find reliable, unbiased information about
these reasons the SEC views companies listed on Pink Sheets as "among
the most risky investments" and advises potential investors to heavily
research the companies in which they plan to invest.
OBN Holdings, Inc. does sometimes file periodic reports with the SEC; they are available from EDGAR Online here. Their most recent 10-Q and 10-K filings are dated September of 2010. Both of these filings were amended:
This amended filing was necessary because management's report on internal
control over financial reporting was not included in the original filing.
The omission was a material weakness in our internal control over financial
reporting which meant the controls were not effective as of June 30, 2009.
Here are some
highlights excerpted from these filings; any spelling or other errors
have been preserved as they are in the originals:
On May 21, 2004 the SEC/NASD granted formal approval for public trading by
existing shareholders of OBN shares. On June 25, 2004 OBN was approved by the
NASD for trading on the Over-The-Counter Bulletin Board and the Company began
its effort to raise the funds necessary to implement its business plan.
However, in October 2004 management decided to cancel the public offering in
order to protect the stock price from "naked shorting" activity by third
parties that had driven the stock price down. As a result, management never
received the funds it required to fully implement its entertainment-based
business plan. The Company continued on with modest growth without the IPO
funding. Using funds from its founders and friends, the Company continued to
broadcast its programming and operate its television station.
In January 2006, the Company agreed to sell 60% ownership to a Sheikh from
Saudi Arabia in exchange for the long term funding it sought. Unfortunately,
personal circumstances prevented the Sheikh from performing on the agreement.
As a result the agreement was canceled and the funding never materialized.
Without funding, the Company was forced to suspend its satellite broadcasting
operations and began to explore alternative methods to broadcast its
programming content. In June 2007, the KSSY television station was fully
impaired and ceased to be an asset. In February 2008, the Company signed an
agreement to broadcast its film and television properties over the internet
via a broadband network. Thus, internet broadcasting replaced the U.S.
television broadcasting operations and eliminated the need for satellite
uplink and television station operational expenditures.
In March 2007 the Company revised its business plan to focus on diversifying
into non-entertainment related industries, and to expand globally through
acquisition. The Company began working with an investment banking firm that
was responsible for raising funds and identifying targets for acquisition.
Unfortunately, the Company never received funds under this arrangement and
was forced to seek alternative acquisition strategies. The Company was
introduced to two potential acquisition targets in the China. After intensive
negotiations the acquistion agreements were complete. Unfortunately, attempts
to complete the SEC required acquisition audits dragged on for months and
eventually abandoned so the acquisitions were never consummated. Under SEC
regulations the Company could not file its quarterly or annual filing until
the acquisiton audits were complete. As a result the Company was delisted
from the trading exhange. The company began the arduous task of getting
current with its filings and reapplying to be traded on the exchanges while
using a combination of Company stock and cash to consummate other successful
OBN Holdings has multi-faceted marketing strategy based on the industries in
which it has operations. The OBN corporate office is responsible for
identifying, evaluating and negotiating the acquisition of suitable
profitable companies as wholly owned subsidiaries. The corporate marketing
strategy is to promote OBN as a business incubator following many of the
tenets of Warren Buffet's Berkshire Hathaway. [NOTE:
As of early January, 2012, the price per share of Berkshire Hathaway
"A" (BRK.A) stock was $114,500, and the price per share of
Berkshire Hathaway "B" (BRK.B) stock was $77]
At June 30, 2009 the report of our independent registered public accounting
firm included a "going concern" statement. Several factors influenced the
their decision to include this statement. The auditor considers factors such
as the state of the economy, trends in earnings, current profitability, aging
of liabilities and aging of receivables.
The Company reported a loss in four of the last five annual filings.
The first year with positive earnings was the fiscal year ending June 30
2008.... Unfortunately, market conditions
in its pork exporting operations were negatively affected by the news of
the swine flu in 2009 which was the primarily reason for a loss reported
in the fiscal year ending June 30, 2009. The company was forced to launch
a customer educational campaign and reduce it gross profit margin to under
20% during the quarter ending March 31, 2009 and June 30, 2009 in order to
spur sales. Further, the Company expensed $981,458 as soilage charges as
customer reduced orders. It took several months for customers to renew
orders after they learned that pork consumption was not the cause of the
swine flu. Currently the Company is seeking to increase its customer base
and re-establish a higher gross profit margin. Thus, management believes
that the reported loss for the fiscal year ending June 30, 2009 is not
indicative of future profitability
The Company's most recent losses are due to impairment of its
technology licenses. Unfortunately, the Company lacks sufficient capital to
implement its marketing plans related to these intellectual properties. As
a result limited marketing efforts and expenses have not generated any
revenues which negatively affects the Company's profitability. Moreover,
the lack of revenues have caused management to record significant impairment
expenses related to the technology licenses. Management anticipates that
adequate capital will be raised that will allow the marketing plan to be
fully implemented or the licenses will be sold. In either case, the
negative impact on profitability will be eliminated.
During the nine month period ending March 31, 2010 there were no sales
generated from the Company's "green" technology licences which were
acquired in 2008. The intelligent Traffic System license provides for
exclusive North American and nonexclusive rights elsewhere outside
China for a period of seventy years. The proprietary plastics recycling
gives exclusive North American and nonexclusive rights elsewhere outside
China for a period of seventy years. Both licenses were appraised by an
independent firm as part of the impairment analysis and were valued at
$4,640,000 and $3,793,000, respectively. The Company has developed
marketing plans for both licenses. Unfortunately, there is insufficient
working capital to implement the marketing plans. As a result no revenues
have been generated from either license and both were fully impaired
at March 31, 2010. At that time Management elected to move onto the
pink sheets while it continues its efforts to raise the necessary capital
to implement the marketing plans.