Does BRAVADA develop websites for other companies?
No we do not. BRAVADA only develops its own proprietary websites for its own operations
What is your symbol and what exchange does BRAVADA trade on?
BRAVADA's symbol is BRAV and its shares are traded on the OTC Pink Sheets
Does BRAVADA release financial statements?
BRAVADA releases financials 4 times per year, 45 days after the close of a quarter and an annual report that is due 90 days after the close of its fiscal year (December 31).
Are your financial statements audited?
No they are not. Pink Sheet traded companies are not required to release audited financial statements as they are not SEC reporting. Small cap companies that are SEC reporting provide annual audited financial statements and trade on the OTCBB.
Why did BRAVADA Stop Reporting its Financials from 2016 - 2019?
There were a number of circumstances that came together and culminated in BRAVADA taking a forced hiatus from reporting:
- Late in 2015, BRAVADA's Accountant and Bookkeeper, Alice Cherng, had asked CEO Danny Alex about moving the company's books from QuickBooks to Xero. Mr. Alex gave an unequivocal 'no' to Ms Cherng. He wanted the books to be kept in QuickBooks to ensure ongoing continuity.
- In 2016, Ms. Cherng had moved the company's books to Xero despite Mr. Alex denying the request. This placed the books in a distressed situation.
- The first draft of the financials were egregiously incorrect and Mr. Alex knew that Ms Cherng had used Xero to compile the quarter.
- Ms. Cherng gave Mr. Alex several additional versions of the Q2 financials that continued to be egregiously incorrect.
- The company terminated Miss Cherng on May 26, 2016. (Please Review the Alice Cherng Termination Report for details)
- The Company hired Michelle Ang in July of 2016 as Office Manager / Bookkeeper. Ms. Ang, had a familiarity with the company's books and suggested we finish off the quarter and year in Xero since time was now a major issue if the company was going to file on time and complete the 2016 financials.
- Ms. Ang then had a baby in November 2016 and did not return to complete the Company's books despite confirming with the company that she would resume her duties.
- The books were now half in Xero and half in Quick books and a highly qualified person would be needed to clean up what had transpired with QuickBooks and Xero.
- Early in 2017, BRAVADA embarked on its planned business re-orientation which included moving its entire business to the LA Fashion District and implementing a new business model and approach.
- Revenue was in decline in a business environment where hundreds of retailers were filing for bankruptcy, a period CEO Danny Alex calls the Great Retail Dying.
- The costs associated with moving the company's operations, re-orientating, and other expenses of maintaining its listing with OTC Markets resulted in burdensome cost structure that may have compromised the ability of the company to complete its plans.
- The costs of being public were very onerous and it was something that had to be cut so that BRAVADA could move forward into a growth position.
- The company's financials were now divided between Xero and QuickBooks and were 2 quarters behind.
- BRAVADA was looking for and interviewing qualified candidates for bookkeeper and hired Sandra Baughman who seemed overtly qualified.
- CEO Danny Alex had a timeline for Ms. Baughman to complete the financial quarters for the company.
- The deadlines passed without completion and Ms. Baughman was terminated early in 2018 when she did not produce the financials on time as instructed by Mr. Alex.
- BRAVADA then went on a very exhaustive review process for a bookkeeper to correct, resume and bring up to date the company's financials.
- The company hired Peter Talay, a highly qualified bookkeeper with nearly 4 decades of experience with years of experience in the fashion industry with companies such as American Apparel and a number of other mid sized operations in the fashion district. His exactness and competence has allowed the company to repair its books to a very high degree of accuracy.
- BRAVADA is confident that Mr. Talay has brought uncompromised accuracy to the reporting of its financials
- The company also hired Sohail Jerry Javaheri, CPA, MST of California Accountants Group, LLP as its Accountant in November 2017.
- The company's full year 2019 financials as well as Q1 and Q2 2020 will be released in short order.
- The company has stated that it expects to be a "Current Filer" sometime in 2020.