Transcription
I wasn't really planning to make a video about Voxra, but some of you want me to make a video, so we're going to do it. I was going to wait to have a little bit more clarity as to what's going to happen, but since, you know, some of you want it, let's go.
So as you know, um, Voxer stock got halted and we got, you know, news about it, um, a few days ago actually, that they, that the company was unable to file financial statements. So then, because you can't do that, uh, you're going to get halted. And then we got this news, uh, saying that, you know, the stock is halted, which, you know, Voxer announces seed trade order and notice, uh, of default. So then, you know, the first part is about the, the trading hold, and then the second part is about the notice of default, uh, saying, you know, failure to provide financial statements for the sec second quarter, failure to repay the outstanding indebtedness, and then failure to maintain the required IBID ratio, and failure to pay interest when, when due.
So, I mean, this is, this is nothing new. Uh, they, this is nothing new. They haven't been able to, uh, pay off the debt for like two years, and then they haven't been able to maintain required ibida for like two years or more. And then, so I guess the only thing that's different is failure to pay interest rates when due. And then, so from what I understand, the way, you know, before these lawsuits, uh, be against, uh, you know, uh, Alureshi and Marty Haldane, uh, you know, based on what Ryan told us before this fiasco with the lawsuit happened, is that the business itself was almost like break-even, but it wasn't enough to cover the, to cover the interest payments. So really, the bank was just, you know, kind of like giving them the money to pay it back for the interest. Giving them the money and pay it back for the interest, right? So it appears that right now, the bank is just like, "No, no, no. We're not going to do this anymore." So, so really, you, you, you can, you can, it's not bankruptcy, but it could be bankruptcy. Like, that's where we, we, that's where we could be going. But this press release is not bankruptcy. Okay.
Um, and so probably this month, we'll find out what's going to happen, right? We'll find out, is it going to be bankruptcy, or is it going to be, you know, some kind of liquidation, uh, sell the businesses at fire sale s, uh, sale prices, and maybe shareholders get nothing, maybe they get something. We don't know. So, I'm not going to jump here and say, "Oh, it's for sure." Because we don't know, but it could be. Like, at this point, I'm, I'm ready. I'm ready for anything, right? It's been a complete, complete disaster.
But, you know, if you think about this, this whole situation with, because really, where it all started going really, really bad was after this acquisition. Vox closes acquisition of Bluewater Financial Technologies, September 22, 2022. Right? September 22, right here. The stock was at, you know, 50 cents. And now, right now, you know, any of the, you know, the credit facility, Beimo, whatever, where is, where did this debt come from? Well, they had other debt before, but then they repaid it because they sold the appraisal business. The debt that they are, they could go bankrupt for, or that they are in the failure of, that debt came from here. That's a fact. Came from acquiring Bluewater Financial, right? And if you recall, there was this whole fiasco when Bluewater was sold, that the seller of Bluewater, uh, like sold a client, sold a big client before, before the closing of this transaction, right? We talked about it because in this press release, it talks about how Bluewater's high business, you know, was generating this much revenue and this much profit, right? And it was supposed to do more to be able to support the debt payment, but instead, instead of doing better, it, it went the other way, right? So, it wasn't able to, uh, to, uh, you know, to support, uh, this $30 million of debt that was taken, right? And if you recall also, you know, some of the interviews and some of the promises that were made, oh, Bluewater was supposed to have this due diligence product, you know, uh, crypto, right? Crypto-based real estate products. Like, none of that ever came to fruition. It was just a bunch of talk. None, none of it ever came to fruition. Right?
So now, when I'm reading the, the lawsuit, right, by the, uh, between Voxer and, you know, the, the founder of Blue Water, it's like, okay, Voxer is saying, uh, because what, what they're doing is, um, if you recall, they wanted to, uh, the, the group of people wanted to take over Voxer, right? They wanted to take over, and, you know, we all as shareholders voted against them. So, so what did they do after they didn't get their way? Well, they started stealing clients. They went, they went, Marty Haldane went and started his own company and stole the biggest client from Ano. Kureshi went, started his own business and started stealing clients. And it's, it's all in the, it's all in the, uh, legal documents, you know, in the, if you read the legal documents, it says that, you know, by mistake, they sent the, the client's contract to Voxer's old, or Bluewater's old email, and that's how they know they were reaching out to their clients, right? So, so Voxer's position is like, okay, you sold us the business, you know, for $100 million, and now you're taking your clients back. You're clawing back the assets, right? And then Kureshi's point of view is like, well, uh, you know, you mismanaged the business, and I, you know, we saw our life's worth of work getting, you know, destroyed. Um, you know, I mean, just, just a bunch of stuff like this. And, and, and, and I get both sides. But the point is that when you have an umbrella, right, an umbrella, and you have individual businesses, that based on performance of these individual businesses is the performance of Vaxter, and also whether the ability, whether they can pay for the, for the loan, they can pay for their expenses. If these individual businesses don't perform, well, that's going to affect the stock price, right? And so, if you performed, if Blue Water performed like it promised it was going to perform, well, then they were going to be able to service the debt. Uh, but it didn't. It. Not only did it, not only was it not net income positive, it became a drag on the company, making the situation even worse, right? It's, it's no secret, right?
So, but, so, so, so it's not really useful to point fingers at other divisions where your division doesn't really perform, right? The same thing for A. Now, if you recall from the beginning, I don't ever remember A. Now getting a single client a after they were acquired by Voxer. I don't, I don't believe ANOW ever got a new client. Never. But now the founders of these two divisions are very good at stealing clients away from from Vaxter. So Vaxter was in a position, according to the, to the quarterly, uh, call that Ryan did, that like, oh, we're just, we're just like, we're almost there. And then right after they were at that position, we're almost there, those two started their businesses, stole the clients, and, and now we are in this situation, right? We're in this situation where the, the bank is probably saying like, we, we don't want to keep financing this thing, right? We probably don't see the end of the tunnel. So, so, so now it's like, yeah, anything can happen. It's not a bankruptcy yet, but it could be. But it could be all sorts of other things. They, they, they could sell the business, sell an individual business for whatever they are. There might be enough money left over for us or not. But that's, that's the situation where we are.
And, you know, I want to congratulate the, the, the founder of Blue Water, the founder of Ano. I mean, you guys, amazing, amazing job. You couldn't perform at all during your businesses. Then you tried to take, take over the business. When that failed, you decided to start competing companies and you fab, fabulously stole the clients. So maybe you're in the wrong business. Maybe you should be robbing banks or something. Uh, or maybe you should have stayed at Voxer and stole clients from your competitors, and we wouldn't be in this situation. Maybe you should have performed the way you promised when the acquisition happened. But you didn't. So instead, you decided to [ __ ] Voxer. [ __ ] all of us. Well done. Well done. And now, in probably in 10 days, we'll find out if any of us shareholders will have anything left. Thank you very much.