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4th Quarter of 2022, the Company secured $26 million in bond financing for its decentralized social media platform, Digitalage. Underwriting was scheduled for completion in Q1, 2023. Digitalage requested for additional resources from the bond financing trustees, totaling over $50 million, to accelerate product development. The previously announced $5 million mezzanine round has not materialized as anticipated, and has affected timing for platform launch.
The company still has $38 in cash. Maybe it should announce a dividend.
$38 divided by 10 billion shares, that makes how much in dollars per share ?
They're losing money mining crypto instead of imaginary pancakes-in-bottle non-sales.
Progress!
BrewBilt has $2M of Orders ?
Peanuts. VTNL had $9M of orders...
Isn't it nice that a company with no money at all, and no history of successful operations can "acquire" a money-making company for … $0 ?
1) There is no meaningful revenue.
2) The debts are all convertible into VTNL shares, at a steep (50%) discount.
The debts CANNOT be repaid with cash. It is so specified in de debt covenants.
Of course, the dilutive debt conversions will adversely affect the share price, because the debt holders make a profit by selling immediately after conversion, at any price.
...And he didn't pay for his shares.
Dan Rushford hold 8,008,834 (77% of O/S)
You'll notice that his shares were dilution-proof and Reverse-Split-proof...
You cannot undo the effects of the Reverse Split, which wipes out the equity of the hapless shareholders, nor the huge convertible debt, which undermines all the future trading value of VTNL shares.
Wonders never cease: VTNL will "acquire" a "money-making" company in a cashless transation.
The "acquisition" is cashless because VTNL is dead flat broke.
The "acquired" company is probably in debt with the same lenders, so they're shuffling worthless companies around in the hope of selling a few billion shares to gullible "investors".
Remember, each dilutive share costs far less than $0.0001 to make up from thin air.
It'll sure help the debt holders to hyper-dilute VTNL's shares all over again.
Will VTNL launch a CBD beer for dogs ?
The book value of Re-Medical seems to be $0, as far as one can tell from HPNN financials, such as they are.
The company is NOT a manufacturer.
What they sell (or mostly, not sell) is "white label" pot-laced dog food made by someone else with a VTNL stamped on.
It's as if VTLN was selling someone wlses's product, and was receiving a commmission.
$136 of sales is 2 or 3 orders. In 3 months.
They cleared $83 of gross profit on that.
Pity the company spent $3 million dollars last year, and have nothing to show for it.
No sales, no assets, no inventory, no employees.
Just debt. Convertible debt.
Think about it.
New financials !
Total current liabilities: $3,140,506
(including a $1,322,116 derivatives liability)
Quarterly sales of dog food: $156
Loss from Operations: ($36,023)
Net Loss: ($262,595)
Have you looked at the huge amount of convertible VTNL debt ?
That means billions of dilutive shares will hit the market in the near future, diluting both current and future shareholders into $0.0001 oblivion.
The purpose of the recent R/S was to facilitate de dumping of dilutive VTNL shares.
As soon as a penny stock starts borrowing heavily with floorless convertible debentures, the writing is already on the wall.
It's called a Death Spiral.
The stock plummeting to $0.0001 (or less), followed by a R/S, then the fall back to $0.0001. And then another R/S...
Several dubious penny stock companies actively help their lenders selling their newly minted dilutive shares by making great announcements that never pan out.
VTNL(D) 's record is terrible. Remember, they claimed to have $27 million dollars worth of "Orders" or "Supply Contracts".
In the same timeframe they claimed that they would proceed to a shares buy-back. (Which would have been illegal).
Last year, VTNL explained away the very poor Q2 results (the CEO had alluded to $1.5M of sales) by blaiming the California wildfires…
The mind boggles if they will attempt to re-use the very same excuse this time.
Yes, most of such R/S stocks lose value from Day One, and then keep going down till they reach $0.0001 all over again.
Don't forget that there's a heavy backlog of Convertible Debentures (debt) that are just waiting to be dumped.
The main winner from a R/S of that type is always the CD lender.
Or, in this case, lenders: Auctus Fund, EMA Financial, Emerging Corp Cap, Power-Up Lending and APG Capital: $902,247.
It will be much too late by then.
I'm told it is difficult to trade (sell) shares of a stock during the first week after a R/S, because your broker has to convert your old shares into new shares, or something like that.
Anyway, people should have sold as soon a R/S was announced, or, better, should have gotten out when they saw the company take immense converible loans.
Convertible debts means that billions of new shares will be issued in the future.
When a company does that, they are borrowing from their current and future shareholders. It's the shareholders that will have pay back the entire loan, + a 50% "discount". Plus interest, of course.
In rare cases, a R/S might be disallowed.
But it is extremely rare, even with companies that do multiple, semi-fraudulent, Reverse Splits.
VTNL is deep in debt, but it's all convertible debt, so the only people that will actually lose money are VTNL current shareholders, and VTNL future shareholders. And maybe the shylock lender too.
The announced, but apparently stalled Reverse Split, will help the lenders to dump shares, when it takes effect.
It was a regular White Label practice.
If your supplier offers White Label product, you can get your own logo on the product, for a sizeable minimum order.
That why VTNL was buying $30,000 (cost) of products from their supplier, for the first 2 quarters of 2018.
Buying $30,000 (cost) of stuff and then selling only $5,000 (retail) of it is a sure-fire way to BK. You end up writing off and destroying the excess inventory.
If VTNL was to fail to post its financials on-time, it would be subject to severe penalties on its convertible debt.
Yes, that puzzles me too.
Unless a R/S has taken place, and the share price went from $0.0001 to $0.0001 without a blip.
Usually it takes a couple of months for a 3000-to-1 split to unravel.
Sales: $395
Expenses: $63,308
Gain (loss) on derivative liability valuation: $137,586
Net loss: ($82,463)
As of May 17, 2019, there were 5,826,958,371 shares of the registrant’s $0.001 par value common stock issued and outstanding.
Penny stocks never bother to file for BK.
They just go dark, and later sell the shell.
Only 6 billion VTNL shares outstanding…
...until the RS, where the O/S count will go down, but the new VTNLD shares will be just as worthless.
Funny, last year VTNL was about to start a cryptocurrency venture.
Pity the company is so deep in debt.
Of course, it's all convertible debt, so all the company needs to do is to issue about $2M "worth" of worthless share and they're golden.
Of course, the hapless shareholders will be the ones being fleeced, but who cares ?
The A/S is probably still 50,000,000,000 ...
What I've been saying for a long time:
1) Every PR by the company has been a lie.
2) VTNL is deeply in debt with comvertible debentures, which meean that several billion dilutive VTNL shares will have to be issued, diluting past curent and future shareholders to oblivion, even if the company was waking a small profit, which ain't the case.
The announced Reverse Split will be a huge opportunity for the debt holders, not for the hapless shareholders.
What "money coming in" ?
VTNL has made $971 in sales so far this year, and will now pay their CFO an extra $45,000.
Here is what Sam Berry made (from money borrowed on behalf of VTNL hapless shareholders) last year`:
Mr. Samuel Berry, Director
On June 19, 2017, the Company entered into a Consulting Agreement with Mr. Samuel Berry. Mr. Berry will receive an annual salary of $50,000, payable in quarterly installments at $12,500 per quarter.
On June 19, 2017 the Board of Directors appointed Mr. Samuel Berry as Director. For accepting the position of Director, Mr. Berry will receive 1,000,000 Shares of the Company’s Common Stock, valued at $0.05 per share. Additionally, Mr. Berry will be paid $500 for each board meeting for which he is physically present.
The Company recorded $50,000 in respect to the value of 1,000,000 unissued shares as liabilities for unissued shares and expensed $50,000 as stock-based compensation as part of consulting expenses in the period ended June 30, 2017. As of the date of this report, the shares have not been issued.
On October 15, 2017, the Board of Directors of the Company approved the issuance of 75,000,000 restricted common shares at a price of $0.00067 to Samuel Berry to satisfy consulting fees of $50,000, pursuant his agreement dated June 19, 2017. The shares were issued on November 13, 2017 and were valued at $1,200,000, or $0.016 per share based on the market value on the date the shares were approved for issuance, and $1,150,000 was recorded as a loss on settlement of debt on the statement of operations.
On June 19, 2018, the Company agreed to renew the Consulting Agreement dated June 19, 2017 for one year.
So, Sam will receive $45K as CFO on top of $50K as "consultant", plus various bonuses,
for helping the VTNL lose $4,500,000 last year ?
That's a dream job !
What about the mega-dilution ?
Have to make it spike it ourselves
Right; buy, buy buy and then sell, sell, sell.
Brillant!
2,000,000 float with $845,247 in convertible debts with 50 billion A/S.
...and no meaningful revenue...
That's a recipe for disaster.
start repackaging CBD oil for resale
That's basically what VTNL does, losing money at it:
they don't manufacture their own dogfood, that's outsourced,
and they don't ship the stuff themselves, it's being drop-shipped, according to VTNL own financials.
So they never actually touch the stuff. They're basically reps for the actual manufacturer.
The manufacturer makes money while VTNL loses money, on behalf of its shareholders.
Latest financial: The Company is a manufacturer of premium CBD infused holistic pet products and as such will maintain inventory on site. The company directly drops ships to customers when ordered. The Company has wholesale distributors that purchase products in bulk inventory.
Source: https://www.otcmarkets.com/filing/html?id=13442537&guid=_1CyUaSmWjaj43h
Wrong again.
The R/S is happening.
https://www.otcmarkets.com/filing/html?id=13469170&guid=3L3yUFKVuFEFA3h
The money from the sale of a shell never goes to the hapless shareholders,
and they will not benefit from the new company either, because the new owners will issue themselves new equity that will wipe out previouzs shareholders.
65,000,000 in volume last week
...and $100 in sales…
65,000,000 x $0.0001 = $6,500 in dollars. Impressive.
It's not only that the company is worthless, with no business and no assets, but the company is also ddep is debt, and all this debt is convertible into new dilutive shares.
New shares issued just after a R/S hurt 1000 times more than shares issued at $0.0001.
About 4 months after the R/S, VTNL will be right back at $0.0001, an the the CEO will announce a brand new business plan, to raise a new crop of shareholders to fleece.
Advertising and marketing costs are expensed as incurred and were $2,715 during the three months ended March 31, 2019 ($5,850 – December 31, 2018).
Sales: $971
15-12G 05/14/2019
https://www.otcmarkets.com/filing/html?id=13427138&guid=3j2yUWElWRJYM3h
Here ya go.
FORM 15: CERTIFICATION AND NOTICE OF TERMINATION OF REGISTRATION UNDER SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR SUSPENSION OF DUTY TO FILE REPORTS UNDER SECTIONS 13 AND 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
No more Financial reports for PVSP shareholders!
Ever.