A company that searches for Bigfoot is trying to raise $15 million
Bigfoot (Sasquatch) is spotted hanging loose just outside of a motel in Ocean City, Washington.
Bigfoot Project Investments filed for a public offering of stock on Tuesday, offering 20 million shares at $0.75 per share.
The company specializes in finding and documenting proof of the creature known as Bigfoot, according to a filing with the Securities and Exchange Commission.
"Bigfoot Project Investments Inc., plans to establish itself as the most reliable and dependable source for materials including documentaries, physical evidence, and eye witness accounts for the purpose of documenting the evidence of the existence of Bigfoot," said the Henderson, Nevada-based company's filing. "Our major source of revenue will be the sale of documentaries and specials that follow our progress."
The company is currently burning through too much cash and plans to offer stock in order to raise enough money to fund the development of its business plan.
The compay has been attempting to raise enough money since the beginning of the year, previously offering 30 million share to raise $3 million. According to the filing, there are a little over 208 million shares outstanding, owned by 116 shareholders, but no shares have ever traded.
Bigfoot Projects currently has revenue of $5,440 per year based on the filing. It also lost just over $25,000 last year. There are no brokers or underwriters on the offering.
The company did caution investors that there are a number of risks involved in investing in offer. Including:
- The company's auditors have issued a warning that the company may fold at any time.
- The company is burning through cash at an annual rate of $50,000 to $500,000 a year.
- Consumer preferences may change, and no one may want the DVDs the company plans on making.
- Because there is no current market for the stock, there is no proof that investors may not be able to re-sell it.
The company has been authorized to trade over-the-counter (not on any stock exchange) under the ticker BGFT.
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