In business and accounting, there is something called the going concern principle. The going concern principle is an accounting assumption that a business will continue operating indefinitely and will not liquidate in the foreseeable future. This principle underlies financial reporting, as it justifies deferring certain expenses (like depreciation) and valuing assets based on long-term use rather than immediate liquidation value.
Evidently, with a company, Evangelical Dark Web had an arrangement to be sponsored by, the going concern principle was violated.
First Liberty GA approached Ray Fava of Evangelical Dark Web following an in-person introduction. This led to ongoing talks about a sponsorship arrangement.
The arrangement took a lot of time to finalize. I am quite busy, so much so that finalizing a lucrative deal for Evangelical Dark Web was not worth my time. You might consider this a good problem to have.
To go into a little more detail, a slow email back and forth ultimately resulted in me crafting a script and promotional material for First Liberty.
The script was excellent and took their bullet points and aligned them with the direction I will go and lean into more in ministry. The New Christian Elite, as I call it, is a project I am passionate about, and any company that furthers this is a great fit to work with Evangelical Dark Web. Therefore, I was excited to work with Brant Frost and First Liberty GA. But this was naught to last.
I finally began the sponsorship arrangement on June 23, after much delay. On July, First Liberty would make the news.
We regret to inform you that as of Friday, June 27, 2025, First Liberty has ceased all business operations. First Liberty will no longer be accepting promissory note investments or bridge loan participations, and it will not be making any new bridge loans. Interest payments on existing promissory notes, bridge loan participation interests, and other investment programs are indefinitely suspended. First Liberty is cooperating with federal authorities as part of an effort to accomplish an orderly wind-up of the business. First Liberty employees are not authorized to make any further communications at this time regarding the ongoing situation, and no one at the company will be available to answer phone calls or respond to email inquiries. First Liberty hopes to provide additional information and updates in the near future regarding the status of the company’s efforts to effectuate an orderly wind-up of the business.
I was not told of this announcement by First Liberty, and while I understand that our arrangement was not a priority for them, it is embarrassing to find out that the company I had been advertising shut down operations, whilst I had an ongoing campaign, one that I worked hard on and was to be paid on account.
So, upon learning this news from a friend, I shut down the campaign, as seen on the newsletter. This overall story grieves me, not because of EDW’s lost revenue stream, but because the loss of First Liberty is a hit to the New Christian Elite project, as I viewed them as a promising company to champion small business ownership. Additionally, there were people who stood to lose a lot more than I, with this banking collapse.
Understand, the banking industry is harder than it looks, with many small to mid-sized players failing. Even a fintech giant like Klarna has found out that predatory lending is extremely risky. So, the lack of professionalism and transparency is my personal biggest issue here, as I operated with the natural assumption that a business partner would not fold their operations. As such, I wanted to provide the transparency for my actions that I was not afforded.
One Response
I have to agree with the “harder than it looks” caution about starting a new non-leftist bank. I’d like to open an account in a Christian or Patriot or at least provably-honest bank in any other state than where I live, to minimize the potential damage my own state could inflict on my finances. But when I check the Weiss ratings of the possible contenders, most are riskier than I’d like. The strongest so far appears to be Everbank, with which I used to be a customer, back when their name was TIAA Bank.