16 Sep LifeApps Digital Media Inc (LFAP) – research report
LifeApps Digital Media Inc hit our radars because of the recent 15:1 forward split so soon after going public and while all the shares were insider owned.
LifeApps Digital Media Inc went public as Prime Time Travel Inc.
Prime Time Travel Inc was incorporated in Delaware by Andrew Listerman on November 16, 2010. Andrew Listerman had several years experience as a youth basketball coach before forming Prime Time Travel Inc.
Andrew Listerman wasted no time in his plan to take the company public. On December 15, 2010, Listerman issued himself 5,000,000 shares for consideration valued at $6. On January 13, 2011, Listerman filed a Form D to do a Rule 506 public offering of stock. He used the public offering to sell 2,000,000 shares of stock to 33 private investors located in West Virginia, Michigan, Kentucky, Tennessee, Illinois, Ohio, and Indiana.
The original S-1 to go public was filed on June 3, 2011.
Their business plan was to provide a service where they arrange all of the travel plans for youth sports teams.
The Prime Time Travel Inc seed shareholders were a familiar bunch. A good number of them were also seed shareholders for Game Trading Technologies Inc back in 2007. Some of the names that show up as seed shareholders for both shells include:
Michael Coolican (aka L. Michael Coolican)
Game Trading Technologies Inc went public as City Language Exchange Link. After being granted pubic trading status, the shell filed for a 5:1 forward split and changed its name to Game Trading Technologies Inc (GMTD). See here and here.
The GMTD shell didn't have much success. In February of 2012 GMTD filed for bankruptcy.
Back to Prime Time Travel Inc
Prime Time Travel Inc was granted public trading status in December of 2011. They actually realized $98,505 in revenues for the later part of 2011, but no more sales came after that.
The address used by Prime Time Travel Inc is 809 Heavenly Lane, Cincinnati, OH
Andrew and Kirsten Listerman are the owners of that home, but since neither one of them show up in the filings for SGZHE, AUTCF, or BECO that is a little odd. What is also strange is how that address only shows up on the OTC website and not in the filings for those companies.
A Change in Direction
In August of 2012, Andrew Listerman decided to take the company in another direction. An 8K was filed to do a 15:1 forward split and to change the name of the shell to LifeApps Digital Media Inc (LFAP). The changes took effect on September 5, 2012.
The new outstanding share count now looks like this:
Andrew Listerman - 75,000,000 shares
33 Seed Shareholders - 30,000,000 shares (free trading by now)
According to the 8K, LifeApps Digital Media Inc (LFAP) is in negotiations with LifeApps, LLC of California. Since LifeApps LLC gave Prime Time Travel Inc permission to change the name of their company to LifeApps Media Inc one can assume that negotiations are going well.
More about LifeApps LLC
LifeApps LLC, is a digital media company focused on medical, health, and fitness digital applications and next generation social networks. Company creates and operates mobil apps, websites, publications and social media networks. LifeApps is an authorized developer, publisher, and licensee of Apple iOS; compatible with iPhone, iPad, and iTouch. LifeApps is a registered trademark of LifeApps LLC
LifeApps provides, development, publishing, creative, services to companies wanting to enter into the Apple App Store for iOS devices., LifeApps iOS development tools focus in the areas of Medical, Health, Fitness, Sports, Entertainment, Specialty
LifeApps LLC is located in Del Mar, California. Officers include Robert Gayman, Rita Gayman, and Howard Fuller. The entity was incorporated in the state of California on July 13 2009 then recently converted out of California and probably merged into the LFAP Delaware business entity making the negotiations all but final.
The forward split is a little fishy. One could speculate that it is part of a reorganization plan for when new management moves into the shell, but bottom line is that it increased the seed shareholders free trading stock from 2,000,000 to 30,000,000 and I don't see how that is in any way good for business. Maybe that was part of the arrangement to make the shell cheaper to acquire/move into for LifeApp LLC?
The next move will probably be a change in management/control for the LFAP shell followed by some news/information being released about LifeApps.
LifeApps seems to be a well established business though time will tell if it is a successful one. Often times businesses like this go public because they are struggling and need to raise capital to survive. What the move sometimes ends up being is a way to prolong the inevitable which is a failed venture in the end.
There could certainly be lots of good news on the way for LifeApps and the opportunity for some hype to create some positive price movement. Will it become a promoted stock with the chance for some nice profits? I'm not sure. I'm not ready to put LFAP on my watchlist for a future paid promotion, but I will be keeping an eye on it because the potential is there for the stock to draw some attention once an active market is started for the ticker.