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  "documentTitle": "New Age Beverage Corp. (NBEV)",
  "authorId": "62_Grizzly_Research",
  "authorName": "Grizzly Reports",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-06-27 00:00:00",
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  "notes": "This is a short-seller research note attacking the credibility and financial health of the company.",
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      "text": "We see a pattern of Brent Willis getting involved in the latest hot business ventures that seem to sell on Wall Street (E-Cigarettes, CBD Drinks) that temporarily reach a high market capitalization.",
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      "text": "We see a pattern of Brent Willis getting involved in the latest hot business ventures that seem to sell on Wall Street (E-Cigarettes, CBD Drinks) that temporarily reach a high market capitalization. But the ultimate outcome seems always the same for shareholders: A near complete loss of their capital.",
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      "text": "Willis' track record for running public companies has not been impressive prior to NBEV. He served as Executive Chairman the IPO of XFit Brands (XFITB) during its decline from $1.10 per share to currently less than 1 cent per share.",
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      "text": "We also believe that investors might be vastly overestimating near term potential from CBD infused drinks. Through channel checks, we have found that currently the largest, most established US distributor of sparkling CBD beverages (in 16 states), Sprig, is making <$15 million in revenue.",
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      "text": "Even more spectacular was the failure of Electronics Cigarettes International Group, Ltd. (currently ECIGQ). Brent Willis was CEO from 2013 until 2015, and in 2017 the company finally filed for bankruptcy.",
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      "text": "Insiders have also been selling their shares. Form 4 filings from April 2019 show Brent Willis locked in over $1.6 million by disposing of a 300,000 NBEV shares. This has been the biggest insider sale for years. Did Brent Willis start to realize that something is substantially wrong with the Morinda transaction?",
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      "text": "Brent Willis is also currently Chief Operating Officer of Voyageur Minerals, a TSX traded exploration stage mining company that currently sports a stock price of CAD 0.06.",
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      "text": "NBEV's transaction spree has been largely fueled by continuous equity raises. The company more than doubled its share count in 2018 from 35m shares to over currently over 75m shares. This is not the end of it, as NBEV has filed a new registration statement to sell an additional 18m shares.",
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      "text": "NBEV had some juicy salary increases beginning 2019. Brent Willis' base salary more than doubled from $312,500 to $650,000. CFO Gregory Gould also saw his base salary double to $500,000 per year.",
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      "text": "CEO Brent Willis had allegations of being highly promotional, and has been involved in multiple public companies that failed. Some have even considered them to be pump-and-dump schemes.",
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