Life Clips Inc (OTCBB:LCLP) Looking For Bagholders

Life Clips Inc (OTCBB:LCLP) has quickly emerged as a volume leader on the OTC markets due to a $75k promo campaign. MIDAM Ventures LLC and their TechStockInsider have set up a landing page and been heavily promoting the ticker. If you look closely at the landing page, MIDAM isn't even sure what company they're promoting. It says near the bottom:

Develop strategic partners and joint ventures for the implementation of educational line: The marijuana growing community is uniquely specialized as it relates to real estate. Each unit is customized to the specific needs of the owner. Grow Condos, Inc. is developing unique educational and procedural tools to satisfy the demand for new and up and coming growers.

LCLP has been active over the past two months and issued 10 press releases. The company claims to be going after the GoPro and action camera market. LCLP plans to offer three models of cameras: a standard body type lower priced model, a standard body type design that can record either horizontally or vertically and live stream, and a patent pending remote camera that will have a slim profile with an actuating lens for those hard to reach shots. The cameras will be sold individually with anticipated prices ranging from $149 to $199 or bundled for $299 to $349 depending on what the user wants.Early this month, LCLP entered into a binding agreement to purchase Batteryfly Energy, LTD in a transaction valued at approximately $6 million. The transaction consideration will be a combination of cash, stock, and capped royalties. Batteryfly's flagship battery is a patented battery product called Mobeego. Mobeego is a non-tethered disposable battery, referred to as an "energy drink" for mobile phones such as Samsung or Apple or for action cameras. Mobeego claims to eliminate the need to find the closest outlet to charge your phone, and you no longer need to stop using your phone to save the battery. Mobeego batteries have a 10 year shelf-life and do not require a charging cord. Mobeego batteries can be purchased as single or double use, as a six pack, or for action cameras, such as Life Clips, GoPro, and Xiaomi.Mobeego launched its battery products in late November 2015 and its products are now distributed in 14 countries including the U.K., Canada, Russia, Malaysia, Israel, and France. The Mobeego battery will allow users who are out or low on power to give an energy shot to their phone or action camera. The battery will provide about 2 hours of talk time or about 4 hours of use time. Pricing for a single battery is anticipated to be $3.99 or $9.99 for a battery and reusable plug.To finance the transaction, LCLP issued a convertible note for $700k. According to the filing, "The Convertible Note has a maturity date of May 13, 2017 and bears interest at 10% per annum. In addition to the terms and conditions described above, the Convertible Note provides that the Company will pay the full amount of the unpaid and unconverted principal and all accrued interest on the maturity date, unless accelerated to an earlier date. The Purchaser has the right at any time to convert all or a portion of the outstanding and unpaid principal amount of the Convertible Note and any accrued and unpaid interest into shares of common stock of the Company. The conversion price is the amount equal to 50% of the lowest intraday trading price of the Company's common stock during the 20-trading-day period prior the conversion date. The number of shares of common stock issuable is determined by dividing the amount to be converted by the conversion price."Currently trading with a market cap of $37 million, LCLP reported just $82k in revenues for the year ending June 30, 2015. The company also reported a net loss of $41k, $14k in cash, and $42k in total assets. The financials show that the LCLP promo is going to end badly for investors. We will be updating Insider Financial as soon as we know more. For continuing coverage on LCLP, sign up for our free newsletter and get our next hot stock pick!Disclosure: We have no position in LCLP and have not been compensated for this article.