BPG (ASX) Ann: Update on Synstream Energy Corp. Heads of Agreement

Originally posted by carnabombers ↑

I think the soar coins belong to BPG as it is shown as an asset in the Balance Sheet and there is no corresponding liability. The key issue that I have is whether the coins can be converted to cash (quickly). If the coins are not convertible easily then they will need to be disclosed differently in the Balance Sheet with maybe even a write down provision. That will put the financials under some pressure. Anyway, be interesting to read the forthcoming announcements. I have effectively written off these shares in my portfolio. I will be happy to get my money back but do not hold out much hope. The product concept is great but I really do not have one bit of faith in this management group. Sorry guys, thats my view based on events so far. You never know, a miracle might happen.

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Thanks @carnabombers

I understand your questions, but I believe we already have the answers to this.

Whether the coins can be converted to cash (quickly).

From what I understand - that was what the whole dispute with SoarLabs was all about; BPG were converting their Soar Coins to cash at 'un-manageable' levels. That's the crux of the dispute with SoarLabs.

This is from the announcement that was made on the SoarLabs Website

So, to answer your question - the Soar Coins Were recorded as convertible to cash (quickly), as reflected on previous balance sheets.

However
As we all know, things turned sour with SoarLabs, and the SoarCoins were Suspended / Frozen.

- Frozen???

This is my biggest concern - I have been under the impression, that the SoarCoins were Not Frozen...

but...

REMOVED.

Read the BPG ASX announcement on 10/01/2018 - "Response to ASX Aware Letter"

This is the paragraph I am referring to:

So I've been keeping quiet a little bit, thinking we're in a bigger pile of pooh than what we realise.

Hence - if BPG still hold the SoarCoins - Great!
IMO - Who cares if they are incorrectly accounted as convertible to cash on the Balance Sheet or something else, I'm happy that BPG still got them!

I assume SoarLabs gave them back... I'm glad about this because it could suggest that the SoarLabs deal is not terminated (yet)... or - IMO better - could be back on.

Complete speculation, but that's why I'm specifically grateful for that information in your response from BPG.

Personally, I believe SoarLabs could deliver a [better] exchange than Noetic Synergy, as I can't find much info on Noetic and not convinced of their credentials.

Cheers
MSN