DO NOT BUY THIS TICKER
SHARE SELLING SCAM
***MAJOR DD RIGHT HERE! MUST READ*****
PNCH only takes 5 seconds of dd to figure out what is going on.
From the last 10Q:
During the nine month period ended September 30, 2012, notes with a face value of $97,500 was converted into 350,445,504 shares of common stock. The debt conversion was recorded at the fair market value of the stock, at an average price of $.00535. The difference in the calculated issue price, per the agreed terms listed above, and the fair market value of the shares resulted in a recognition of $1,777,023 as an expense of the conversion, included as a change in derivative
So 350,445,504 shares were issued for $97,500 worth of stock. That's a conversion ratio of $.000278/share.
The average price of the stock at the time of the conversions were $.00535 making that stock worth $1,874,523 or $1,777,023 more than the debt.
Basically what that means is that they issued 350,445,504 shares that were worth $1,874,523 to debt Note holders to eliminate $97,500 worth of debt.
If anybody wants to know what PNCH is all about they need not look any further than that. Find out who owns the convertible debt Notes and who is getting a cut of the profits from the selling of the shares going to the debt Note holder and those are the people that PNCH exists to make rich. When people buy PNCH stock those are the people they are handing their money over to.
And it is only going to keep getting worse.
As of September 30, 2012, PNCH still had $244,253 in convertible debt Notes on the books.
If $97,500 turned into 350,445,504 shares then how many shares do you think $244,253 in convertible debt will turn into especially considering how much of a discount below the market price the debt Note holders get their shares?
At the same conversion ratio of $.000278 as the last $97,500 worth of debt, that $244,253 will become 878,607,913 more free trading shares of stock.
Since the PNCH share price will only go down as more shares get dumped, that $244,253 in convertible debt will probably end up becoming more than 1,000,000,000 free trading shares of PNCH stock.
PNCH looks like it is on its way down towards triple zeroes and anybody that holds it long term will end up going along for the ride.