14 Nov BEMG Plans to Become a Fully Reporting SEC Issuer, Uplist to the OTCQB and Reports September 30th, 2018 Nine Months Quarterly Revenues of $916,080
SUNRISE, Fla., Nov. 14, 2018 (GLOBE NEWSWIRE) — Beta Music Group, Inc. (OTC Pink: BEMG) announced today that it engaged Salberg & Company, PA., an independent certified public accountant to audit BEMG’s financial statements for the years ending December 31st 2017 & 2018 in accordance with Securities and Exchange Commission (“SEC”) Generally Accepted Accounting Principles (“GAAP”) and Jonathan Leinwand, Esquire has been retained to prepare Form S-1 Registration Statement to be filed with the SEC. The objective is to become a fully reporting SEC Company subject to the filing requirements of Section 15(d) of the Securities Exchange Act of 1934. This action is integral to the Company’s efforts to demonstrate heightened transparency to its investors and bring the Company greater visibility and credibility before a substantially larger group of qualified investors. The Company hopes to file Form S-1 during the 1st quarter of 2019.
BEMG is planning to up-list to the OTCQB. In order to qualify for listing, BEMG must; (1) have audited annual financials by a PCAOB auditor; (2) meet minimum bid price test of $0.01 per share; (3) not be in bankruptcy; (4) have at least 50 Beneficial Shareholders, each owning at least 100 shares; (5) meet certain corporate governance standards; and (6A) have a freely traded Public Float of at least 10% of the total issued and outstanding shares; or (6B) have a freely traded Public Float of at least 5% and $2 million in market value of public float.
The Company also reported revenues for the nine months ending September 30th, 2018 of $916,080 with a loss from operations of $68,685. The loss included $158,742 attributable to public company expenses. The Company’s operational subsidiary Get Credit Healthy, Inc. generated net income of $88,859. The financial statement can be viewed in its entirety at https://backend.otcmarkets.com/otcapi/company/financial-report/206343/content. “This past quarter we recruited and hired the most qualified and motivated team members available in order to embark upon a massive outreach campaign known as ‘Operation 2700.’ The team went through extensive sales, technical and marketing training, and successfully laid the foundation for substantial growth opportunities for GCH,” stated Elizabeth Karwowski, CEO of BEMG.