Is this a joke? Yes, yes it is. Biscardi is a joke and you would be a total fool to buy into this idiocy. But there are many fools in the world who lack any capacity for critical thinking. If I can reach just ONE and say, please stop, you are being taken for a ride…
Startups are famous for setting big, hairy goals. Carmine “Tom” Biscardi wants to catch Sasquatch—and is planning an initial public offering to fund the hunt.
Mr. Biscardi and his partners hope to raise as much as $3 million by selling stock in Bigfoot Project Investments. They plan to spend the money making movies and selling DVDs, but are also budgeting $113,805 a year for expeditions to find the beast. Among the company’s goals, according to its filings with the Securities and Exchange Commission: “capture the creature known as Bigfoot.”
The Bigfoot Project currently has tiny sales and assets of only $6,342, including less than $650 in cash as of the end of October, according to the WSJ. Biscardi filed the motion as an “emerging growth” business.
It’s not illegal. But it is arrogant. I wonder if Biscardi has any relationship with reality. His series of involvement in hoaxes and dubious ventures seems to have not affected him personally:
“When you’re king of the mountain, everybody’s trying to knock you down,” he said.
Yeah… it’s a mountain all right. Of Bullshit.
There is no doubt that Bigfoot meant big bucks to some people but it’s a fleeting fad propelled by endless speculation and no better data than we had 50 years ago. Something is seriously wrong with a field that does not progress in 50 years with all the new technology available. How long will it be “emerging”?
This isn’t going over well with more serious Bigfoot hunters who rightly do not trust Biscardi. If Bigfoot ever does get found, he belongs to the scientific community who will not stand for a body to be placed behind a paywall. Anyone who wishes to hide such world-shaking knowledge in order to pocket money from it, is a dubious character, to say the least.
Addition: Appropriately examined by Motley Fool: The Wildest and Wooliest IPO in Recent Memory.
Bigfoot Project Investments’ current revenue rate is $2000 — per year. Nope, that’s not a typo. $2K. It discloses an annual cash burn rate of $25,000. (It’s expected to increase to $50,000 to $100,000 per year — all the more reason that potential investors would have to desperately hope that revenue generation would increase exponentially as hoped.) The entity has less than $650 in cash on hand. The company reported a net loss of $29,620 in the year ended July 2014.
Bigfoot Project Investments does have quite an interesting stable of assets, though. You’d be hard pressed to find similar ones in other companies’ SEC filings. These include:
- Footprint cast of Bigfoot — 73 original casts.
- The rubber suit from a 2008 hoax.
- Photographs of a dead creature from a Strickler, Arkansas incident in 1994.
- A 109-inch skeleton.
- Some DNA samples from hair and nails.
- DVDs, documentaries, and other stuff.
If the aforementioned financials aren’t big enough red flags, here’s another thing: language commonly called a “going concern warning.” If you run across something like that in an SEC filing, you can generally take that as a major negative, and it’s more chilling when they’re present for a company right out of the gate.
It goes like this:
Our auditor has raised substantial doubts about our ability to continue as a going concern and if we are unable to continue our business, our shares may have little or no value.