$22 MN gone Missing - Where is the $$
UBIQ has all the attributes of a scam company - pump n' dump.
Importantly, based on the few SEC filings one has to ask where all the cash went. For the years 2013 and 2014, plus the first nine months of 2015 UBIQ sold $18 million in common stock. In the last filed 10-Q they said that subsequent to the filing they sold another $1.8 million in stock, at 3.3 cents per share.
In total they have raised over $22 million in cash between stock sales and net note issuance.
Yet,
- As of the last published balance sheet they had only $142,000 in cash. That's right, $22 million flowed in and right back out with nothing for investors to show for it.
- The company has never produced revenues to speak of, despite claims of great things to come
- They ceased filing with the SEC and are delinquent
- They now promise to correct this, why did it take so long
- Since they 3rd quarter of 2015 how much more stock have they sold? And, how much more dilution have shareholders endured?
- They have awarded themselves millions of shares of stock and millions of options
- The overall outstanding share count has exploded, diluting owners, but we do not have any idea what the current outstanding is
- They are being sued by multiple parties for everything from securities fraud to failure to repay notes when due. This includes a recent $7.7 million judgement.
- There have been multiple paid promotions in the last few months, at which point the trading volumes increases materially, otherwise the stock trades by appointment only.
So what did they spend all this cash on?? My guess is themselves.
