SeanieMac International Ltd (OTCMKTS:BETS) is starting to trade some massive volume in recent days off its $0.0012 lows. From the looks of it the toxic debt conversions that have held this one down are coming to a close.
BETS is one penny stock that has got Investors attention, they have been very successful in attracting a large shareholder base that has been accumulating the conversions and believe this one goes way higher.
SeanieMac International Ltd (OTCMKTS:BETS) is an Irish gaming company that owns and operates seaniemac.com, a well-developed domain that gets big traffic mostly from Ireland. The Company offers wagering for many categories outside of sports but their primary focus is to capture the Irish market by focusing on the Gaelic Athletics Association (GAA) or Gaelic Games as well as Irish horse racing and soccer.
BETS mission is to provide a market-leading, user-friendly website for online gambling, including sports betting and casino gaming (traditional casino, live casino, poker, bingo and interactive skilled games). The Company does not market to U.S. residents and, hereby specifically discourages them from attempting to access its wagering services.
As its national pastime, the Gaelic Games have long been popular in Ireland but they are gaining worldwide appeal, especially in areas with large communities of Irish heritage and their descendants, such as the U.S., Canada, Australia and the United Kingdom, where many communities have their own teams and clubs participating in the Gaelic Leagues locally and internationally.
BETS announced turnover revenue in January was approximately $883,770 and a gross profit for the accounting period was $74,163 which represents the Company’s largest gross profit in any accounting month since they began operations. For all of 2014 turnover revenue was $10,750,114 with a gross profit of $643,200 according to the Company.
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On March 18 BETS announced that LG Capital Funding II, LLC has issued A Final Conversion on its Convertible Debenture issued July 14, 2014.
Beginning at the end of February the Company offered four of its convertible debenture holders cash in lieu of conversion. LG declined the offer and issued its final conversion for it’s Debenture on March 11, 2015.
This is big news as the toxic debt is the primary factor that has decimated the share price. According to the release this debt is now almost completely wiped out with only one lender left with any substantial debt of around $130,000 who can only convert $37,500 a month.
BETS has been coming out with some EPIC press in recent weeks; they announced a $5 million dollars non-toxic credit facility that can be repaid in shares but only at the direction of the Company and only at prices approved by the Company and when directed by the Company at 90 percent of market value at the time of conversion.
BETS recently entered the Bitcoin market announcing an exclusive joint venture with Overseas BC Marketing Inc. to market SeanieMac’s online web-based waging services and products.
The Company also signed an agreement to issue a real time Bitcoin debit card with a major international credit card brand. The market for debit card users could become a very large business for the company in its own right independent of their gaming platform! As of today there were 13,922,025 BITCOINS in circulation with a market capitalization of $3.9 billion dollars.
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BETS is not without its risk; this is a pink sheet stock with a history of losses and massive dilution who’s filings are unaudited. But volume levels are rising fast as the toxic debt conversions that have decimated the share price look to be coming to an end. As I said before BETS already has massive liquidity and a large shareholder base that is aggressively buying here, once the conversions are over that buy volume could translate into some explosive moves. We will be updating BETS as events unfold so make sure you are subscribed to Microcapdaily so you know what is going on with BETS.
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Disclosure: we hold no position in BETS either long or short and we have not been compensated for this article.