Here's why PLPE is making new lows.
Between the promises made to people upgrading (paying money and reflecting revenue for PLPE) to Entrepreneur, Products, and Reward String, they have burned so many bridges. It is obvious based on their Alexa rating and revenue that people are "sharing it up" their PeopleString experiences.
If you read the financial filings, the bulk of their revenue came from people upgrading and paying $250-$350. Notice their revenue fell off a cliff last quarter?
Investors were screaming when mgmt placed PLPE with institutional investors at such deep discounted prices (and they included 3 sets of warrants). That should have been a MAJOR clue of what was really happening.
Here's another tip off.
On September 7, 2011, we entered into a business advisory agreement (the "Business Advisory Agreement") with Emerging Equity Advisors, Inc. ("Emerging Equity"). Pursuant to the Business Advisory Agreement, the Company will receive assistance in evaluating and obtaining future strategic alliances. The Company has agreed to pay Emerging Equity a total of sixty thousand dollars ($60,000), as well as six hundred thousand shares (600,000) of the Company's common stock, par value $0.001, in consideration for its services.
This is the second stock promoter they have hired since they proclaimed PeopleDeals and their share it up application would disrupt the group buying space.
On April 2, 2009, Darin M. Myman purchased 2,500,000 of our common shares at a purchase price of $0.00005 per share for a total purchase price of $125.
On April 2, 2009, Robert S. DeMeulemeester purchased 2,500,000 of our common shares at a purchase price of $0.00005 per share for a total purchase price of $125.
On April 2, 2009, Adam M. Kotkin purchased 2,500,000 of our common shares at a purchase price of $0.00005 per share for a total purchase price of $125
There's a reason why this "group buying" stock cant get any traction. When insiders own millions of shares at .00005, any price over .01 is a fantastic return.
PeopleString members paid more than that to upgrade...
