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Ignite International Ltd. CEO Dan Bilzerian said that he expects 2021 to be an "exciting year for the company" following months of persistent rumors that the ailing CBD company was poised for bankruptcy.

It was also alleged by former Ignite President Curtis Heffernan that Bilzerian's lifestyle was an illusion that had been wholly rented and put on the company's credit card. Coinciding with these allegations were reports that the company was rife with untold debts generated by Bilzerian's lavish lifestyle.

At one point, it appeared that Ignite was being run by Paul Bilzerian, a convicted felon who reportedly still owes the U.S. government a significant slice of his fortune after being charged for insider trading. That said, appearances can be deceiving.

Ignite implemented major restructuring, receive capita infusion from Bilzerian

Suddenly in October, Bilzerian announced that he would be stepping in and acquiring $25 million worth of Ignite shares in order to save the firm from bankruptcy. At one point Bilzerian took to Twitter to call out reporters who claimed he not only lacked the cash but also that his company was an utter failure.

Looking at Ignite's Q3 earnings report, the company looks as if it is still standing having received a capital infusion from Dan himself as well as cutting back on overhead expenses which have been a source of controversy for Bilzerian's company.

The Q3 report goes on to explain that the company has gone through a major restructuring upon terminating its former president, Curtis Heffernan in June.

"During this period, IGNITE made a number of management changes and significantly reduced non-revenue generating expenses. As a result, the loss from operations was reduced from $12.3 million in the third quarter of 2019 to $1.1 million in the third quarter of 2020," the report said.

Bilzerian expects Ignite to be profitable in Q4 2020

Bilzerian further noted in the report that Ignite's financial troubles are part and parcel of any fledgling company trying to "find the right management." The company has reportedly revamped its distribution networks, centering everything in the U.S.

Furthermore, Bilzerian expects revenue to reach levels in Q4 2020 greater than the last three quarters combined. "This will position IGNITE to finally start to realize its great potential in 2021, which we expect to be an exciting year for the Company," Bilzerian said in his closing statement.

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