Submitted by Due Diligence
The article OVER TO KYTO, CANADIAN COMPANY TO ACQUIRE BARBADOS SEA ISLAND COTTON BUSINESS reminded me about an article about Barbados Sea Island Cotton back in June.
Excerpted from the 63 page of the offering memorandum – The Barbados Ministry of Agriculture has granted Jonathan Bryant, under the trading name of BSC Inc. to be an International Barbados Company, the rights exclusively to produce a brand to rebrand Barbados Sea Island Cotton for export and delivery to the World Cotton market, a $32BN per annum opportunity. (NOTE: Password is now required to access above site)
Barbados has become a focal point of an American government investigation into the business dealings of a British investor living here.
The alleged failure by Jonathan Bryant to follow through on promised multi-million business ventures here and public statements about the same are part of an unlawful securities scheme, the United States Securities and Exchange Commission has claimed.
Bryant, who has lived in Barbados for the past three years, and in that time has become known for his involvement in sponsorship of athletics, football, cricket and other sports, is facing several charges for what the US SEC said was his involvement in “a scheme to inflate the volume of trading” of 8000 Inc., a company he became involved in three years ago…………………”
SEC v. 8000, Inc., Jonathan E. Bryant, Thomas J. Kelly, and Carl N. Duncan, Esq., Case No. 12-CV-7261 (S.D.N.Y.). On September 27, 2012, the SEC announced charges against 8000, Inc., Jonathan E. Bryant, Thomas J. Kelly, and Carl N. Duncan, Esq. for their roles in a scheme to manipulate 8000, Inc.’s (“EIGH”) stock price…
“Securities of 8000, Inc., a Virginia-based company, were quoted on OTC Pink operated by OTC Markets Group LLC (OTC Markets). The complaint alleges that Bryant and Kelly disseminated financial reports and press releases falsely representing that 8000, Inc. had millions of dollars in capital financing and revenues when, in fact, the company had neither. The complaint further alleges that, as they drove 8000, Inc.’s stock price higher with the false information, Bryant, of Hole Town, Barbados, sold 56.8 million shares of 8000, Inc. into the market, reaping substantial profits. The shares that Bryant sold were allegedly “restricted” shares that he should not have sold into the market at that time.” (For more Google Jonathan Bryant or Jonathan E Bryant)
If there is truth to the claims on the BSC Inc website that The Barbados Ministry of Agriculture has granted Jonathan Bryant, under the trading name of BSC Inc. to be an International Barbados Company, the rights exclusively to produce a brand to rebrand Barbados Sea Island Cotton for export and delivery to the World Cotton market, how desperate can the Government be, that The Barbados Ministry of Agriculture has granted control over Barbados’ treasured sea island cotton sector to an individual, Jonathan Bryant, alleged by the SEC to have committed a complex market manipulation scam.
$32BN per annum market? The entire 2012 GDP of Barbados is less than US$5BN. Has no one in the at Government Headquarters heard of the concept of due diligence? Has no one in the at Government Headquarters heard of Google? How is it possible for Government to get into bed with this guy Jonathan Bryant without checking him out?
I now read the article titled OVER TO KYTO, CANADIAN COMPANY TO ACQUIRE BARBADOS SEA ISLAND COTTON BUSINESS in Barbados Today. So, Due Diligence did some more Googling, about Kyto Biopharma Inc, and its CEO Georges Benarroch.
Here are a couple interesting websites –
Excerpt from Form 10-K for KYTO BIOPHARMA INC (28-Jun-2013 Annual Report)
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATION
PLAN OF OPERATION
The Company had not been profitable and had no revenues from operations since its inception in March 1999. As reflected in the accompanying audited consolidated financial statements, in 2013 the company had, a net loss of $274,540 a working capital deficiency of $258,612, a stockholders’ deficiency of $258,612, and Accumulated deficit of $18,077,370 at March 31, 2013. These factors raise substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to further implement its business plan, raise capital, and generate revenues. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Research and development expense was $0 for the years ended March 31, 2013 and 2012.
Effective May 31, 2012, the Corporation entered into an agreement with Kyto IP Inc., a private company incorporated in the State of Delaware, to transfer, assign and sell all of the Corporation’s intellectual property, including Patents, Patent Applications and related Intellectual Property for the purchase consideration amounts to US$1,367,135 to Kyto IP Inc .
Further, the purchase price is paid and satisfied by the Kyto IP Inc. assuming the debt of the company to Credifinance Capital Corp (CFCC) and other liabilities.
In November 2012,Kyto closed its Canadian Subsidiary and recognized a loss on dissolution of foreign subsidiary of $173,623 during the year ended March 31, 2013.
LIQUIDITY AND CAPITAL RESOURCES
The Company had working capital deficit of $258,612 and $1,539,075 as of March 31, 2013 and 2012 respectively. Cash were $117 and $1,467 as of March 31, 2013 and 2012 respectively.
Cash from operating activities:
The company’s cash outflow from operations of $13,160 for the year ended March 31, 2013 was $79,836 below cash flow from operating activities as of March 31, 2012 which was $92,996.
Cash from financing activities :
The company’s net cash flow from financing activities of $8,250 for the year ended March 31, 2013 was $85,350 below the cash flow from financing activities for the year ended March 31, 2012, which was $93,600.
To meet the projected cash requirements as stated above, the Company intends to obtain cash loans from one or more of its stockholders. As the date of filing of this Form 10-K with the U.S. Securities and Exchange Commission, the Company did not receive any commitments of any of its stockholders to provide operating loan funds for the Company. We are also looking at merger opportunities or to acquire companies and products to raise capital. We expect to form strategic alliances for product development and to out-license the commercial rights to development partners. By forming strategic alliances with third parties, we believe that our technologies and related products can be more rapidly developed and successfully introduced into the marketplace.
The Company’s plan of operation for the next twelve months is to continue to focus its efforts on finding new sources of capital and on research activities and the development of its drug candidates which maximize the utility and application of its platform technologies. Management expects the Company to incur additional operating losses over the next several years as research and development efforts, preclinical and clinical testing activities and manufacturing scale-up efforts expand. To date, we have not had any material product sales and do not anticipate receiving any revenue from the sale of products in the upcoming year. Our sources of working capital have been equity financings and interest earned on investments.
The Company operates in a rapidly changing environment that involves a number of factors, some of which are beyond management’s control, such as financial market trends and investors’ appetite for new financings. It should also be emphasized that, should the Company not be successful in completing its own financing (either by debt or by the issuance of securities from treasury), the Company may be unable to continue to operate as a going concern.
The report of our Independent Registered Public Accounting Firm on our March 31, 2012 financial statements includes an explanatory paragraph indicating that there is substantial doubt about our ability to continue as a going concern due to substantial recurring losses from operations, cash used in operations, stockholders’ deficit and significant accumulated deficit and working capital deficit. Our ability to continue as a going concern will be determined by our ability to obtain additional funding and maintain successful operations. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty
Details of IIROC penalty of $250,000.00 and 15 year ban on Georges Benarroch from being registered under IIROC, for conduct unbecoming and detrimental to the public interest.
“Georges Benarroch was banned for 15 years, a reduction of the lifetime suspension imposed by the Investment Industry Regulatory Organization of Canada (IIROC) last year that was overturned by the Ontario Securities Commission.”
It appears that Bryant intends to merge the International Barbados Company, Barbados Sea Island Cotton Inc.(BSC Inc.) with Kyto. This should be a marriage made in heaven, with both companies being controlled by scammers/manipulators. Neither appears to have any cash, but they apparently control Barbados’ treasured sea island cotton sector
Based on the press release Kyto BioPharma Inc. (“Kyto”) (OTCQB: KBPH) has entered into a Letter of Intent to acquire all of the outstanding common shares of Barbados Sea Island Cotton Inc. (“BSC”) through the issuance of 10 million common shares of Kyto to the shareholders of BSC and BSC satisfying Kyto’s outstanding debt on closing
Press release also includes the following:
In conjunction with closing the business combination, all of the directors and officers of Kyto will resign and will be replaced by nominees of BSC. The officers of BSC at closing of the share exchange will be as follows:
Founder, CEO, CFO and Chairman of the Board. He has worked with leading International Healthcare and Telecommunications Companies and has run projects with Governments in Europe and the Caribbean. He has extensive experience of project management and has a published medical research background as well as corporate experience at management level.
Leading Brand development professional with 15 years experience of Global Brand Management. Conrad Wall will run the projects marketing and branding efforts including the online presence. Conrad has significant contacts and reach in Asia one of the key target areas.”
I guess Conrad Wall will be using his significant contacts and reach in Asia to raise funds from China, which now seems to be a trend to finance business ventures in Barbados. It looks like Bryant, in cahoots with Benarroch, is taking control of a public company (Kyto) so it can raise funds in public markets. Sounds like 8000 Inc. all over again.