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Replies to post #90614 on Imagination TV Inc. (IMTV)
02/04/13 8:24 PM
Samblis ICPA Friday, November 16, 2012 1:40:23 AM
Re: None Post # of 90631
To further support what I shared today about the name and symbol change being the reason for the drop in share price and support. I offer the following. Today only 10% of the shares purchased today where filled by Market Makers that did not already have stock to sell.
Total Trading Volume: 21584721
Daily Short Volume: 2217811
Avg. Price of Shorts Today: 0.004
Short %: 10.27
Volume at Offer: 9160989
Buy%: 42.440
Volume at Bid: 12423732
Sell%: 57.560
Shares Crossed: 0.000
Cross%: 0.000
Net Buying vs. Selling: -3262743
Price Change: -0.00060
Friction Factor: -54379050
Quote:
I want to address the reason our share price is currently down. We released the best Q we ever have yesterday, so why are shares down?
There is a very simple reason which will fix itself shortly. When people buy shares of ICPA in the open market, Market Makers will fill these buys based our the current market price. About 30-40 percent of the time the market maker does not have the shares yet that he sold you. He will go short and cover later. They do this to maintain the market and they know they can cover later.
Also, when you look at a level 2 quote system there are 12 market makers. And they put up Bids and Asks at every level. Right now half the market makers have no bids or asks. (I will explain this in a second)
This is a report from November 13th just a few days ago. You will see that they filled orders short about 1/3rd of the time. This is normal business and it a way to support our market.
Total Trading Volume: 3,011,238
Daily Short Volume: 911501
Avg. Price of Shorts Today: 0.008
Short %: 30.27
Volume at Offer: 1965288
Buy%: 65.270
Volume at Bid: 1045950
Sell%: 34.730
Shares Crossed: 0.000
Cross%: 0.000
In the Q we stated the following....
On October 31, 2012 the Company’s Board of Directors approved the amendment of the Company’s Certificate of Incorporation to
change the Company’s name to IC Punch Media, Inc. and to provide for a class of “blank check” preferred stock. The Company
is authorizing five hundered million (500,000,000) shares of preferred stock, par value $.000001.
When we do our name chance to reflect the new direction of the company, we will receive a new symbol and cusip number. At that time everyone's shares sitting in brokerage houses will be automatically sent to our transfer agent and a new certificate with the new name and cusip number will be issued. We will then begin trading under the new symbol. The process takes about a day.
Until that happens market makers many step away from some of their support and fewer will sell shares short to fill buys with shares they do not have. That is what is happening right now.
This is the most recent report from today. You can see the short position has dropped to 16%. So they are not filling orders short.
Total Trading Volume: 13788824
Daily Short Volume: 2329716
Avg. Price of Shorts Today: 0.006
Short %: 16.90
Volume at Offer: 2839810
Buy%: 20.600
Volume at Bid: 10949014
Sell%: 79.400
Shares Crossed: 0.000
Cross%: 0.000
So what has happened is the market makers that are short will want to buy back in cheap as they can knowing soon this current symbol will change and if they hold shares short on the last few days before the change over they can be stuck buying in at market.
If you have level 2 quote you can see this very clearly.
The good news is as soon as the name change, cusip change and symbol change happens this all will go back to normal and they will return to supporting the shares. The process will take around 22 days.
Samblis ICPA Wednesday, November 14, 2012 6:49:19 PM
Re: B402 post# 84815 Post # of 84884
Well your statement
Quote:
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This is the Toxic financing that has destroyed shareholder value
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...is just not true. Read my past posts. Yes I did loan the company a great deal of money and yes I have been paid some share in return to retire some of that debt. Peter does the numbers so I don't want to misquote as to what of this was mine. I believe in general some could have been mine.
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. The Company currently reports the amount due, under these convertible notes net of unamortized discounts and financing costs (amortized to interest expense over the term of each note) associated with origination fees and the beneficial conversions resulting from the terms of the installment funding.
The holder has converted a portion of these notes in satisfaction of the amounts due. During the three month period ended March 31, 2012, notes with a face value of $122,500 was converted into 256,718,520 shares of common stock, at an average price of $.00048
The holder has converted a portion of these notes in satisfaction of the amounts due. During the six month period ended June 30, 2012, notes with a face value of $142,500 was converted into 298,318,520 shares of common stock, at an average price of $.00048,
02/05/13 12:31 AM
02/07/13 6:21 PM
