Thursday, April 16, 2015 10:42:09 AM
Wow. I am kind of at a loss for what to even say. So let’s just let the 10-K do the talking. But first, a few highlights:
Shareholder Equity, SG’s self-chosen and much-touted metric for measuring his stock’s performance, is now NEGATIVE $23,306. That’s down from a reported $1,095,879 in positive shareholder equity that was supposedly achieved at the end of Q3. Also, the going concern is back.
In the last 10-Q, Scott reported total revenues of $1,670,113 for Q1-Q3.
In the 10-K, Scott reported total revenues of $1,515,733 for the full year. So SEEK’s Q4 gross (not net) revenue was NEGATIVE $154,380??? How can that even happen? Did he have to refund some customers their money? Or is this significant adjustment the result of that SEC letter his accountants sent? Hmmmmm….
SEEK’s stock is now so worthless that even TCA Global won’t take it in exchange for debt. The statements on this in the 10-K (see below) are pretty foreboding. It’s also pretty funny in the Risk Factors sections where it talks about a possibility that the stock price could decline… lol.
Then there's this quote that pretty much speaks for itself: "There can be no assurance that we will be able to raise any additional capital or on terms acceptable to us, if at all. In the event that we are unable to generate adequate revenues to cover expenses and cannot obtain additional financing in the near future, we may seek protection under bankruptcy laws."
Anyways, the bottom line is that SEEK is now insolvent, $3MM+ in debt, in default on its loans, apparently unable to obtain any more financing secured by stock issuances, and admittedly likely incapable of continuing to function unless some liquidity is restored to the stock price and more financing becomes available.
Translation (IMO of course): SG will very soon reverse split the stock in an attempt to get some liquidity back. Unless Q1 numbers are amazing somehow, the stock will likely tank back to .0001 within a matter of weeks as debt holders try to get what they can before SG’s next move, which will probably be bankruptcy, a liquidation of SEEK’s assets and shutting down of operations. All in my opinion of course, but I don’t see any other reasonable interpretation of the 10-K that just dropped.
Okay, on to the highlights:
Here’s the stock issuances SG has made JUST SINCE JANUARY 1, 2015!!! Note that, with a billion shares obtained at .000055, Fife is still making a nice profit while VFIN sells those .0001’s to folks not paying attention.
Then there are many indications that a reverse split and/or bankruptcy is imminent (these are just highlights, read the 10-K for the full, sad story):
And by far my favorite section:
And how exactly do penny stock CEO’s try to get some active trading back in their stock when it’s at no bid and fluff PR’s aren’t working anymore?
Hmmmmm….
Stay strong longs, it’s almost over.
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