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When you have a Going Out of Business yard sale when you can't afford rent any longer and are forced to vacate your office and warehouse before you are evicted. Sell the shelves, racks and office supplies. MSLP now has $48k of hard assets on the balance sheet and those are likely unsalable and in the dumpster. I believe I read in filing, the landlord of the former MSLP Canada warehouse sued MSLP for non-payment of rent.
MSLP only has $46k of hard assets left on the balance sheet. The rest are make believe like "intangible" or "lease rights". No cash, no inventory, $21m of Current Accounts Payable and $6.4m of severely past due Accounts Receivable. Now the 3 lawsuit losses payments kick in. Do the math.
White Winston litigation goes to court soon too.
Ryan is at least 2 payments behind on his property taxes? Not good.
LA county property taxes are due April 10 and December 10 each year.
Ryan's home showed he was delinquent on his property taxes on his April payment (maybe longer) and is still delinquent past the December 10 payment too according to LAC official website.
Big Baller in financial trouble?
Here is the up to date screen shot
$MSLP also traded at 0.34 today. You cannot take the OTC price seriously as we both know it can be heavily manipulated. I see increasing volume with a company that is headed the right direction.
Please show me how iHerb channel is discontinued, looks well and alive to me:
https://www.iherb.com/c/musclepharm
That is great DD. Thanks for posting that. I was looking at adding this to my portfolio as I have a lot in the fitness and health industry.
IHerb channel is discontinued. No margins.
MSLP Revenues are down another -20% YOY so so much for chocolate milk moving the needle.
MSLP domestic revs are just barely above $10m a quarter now and likely to fall under that benchmark soon.
MSLP is likely to fall below $40m in annual domestic sales soon.
CEO Brad used to post over $50m in a single Q. Ryan's Ponzi fake orders and numbers are -70% below CEO Brad's real numbers.
Combat Crunch is less than 10% of total revenue so that supplier change when Ryan stiffed the manufacturer killed that product.
Block trade of MSLP Treasury Stock was insider trade and not market value much like Drexler's conversion at $1.11 recently.
MSLP just traded at .15 cents today
Over $800k of "revenue" in Q3 10-q was non-cash "gains" on losing 2 more supplier lawsuits for non-payment and on selling gym equipment, office furniture and other "assets" and an inventory adjustment that was likely fake just like nearly all the MSLP financials. There is no profit.
Dilution is rampant and now 49m shares OS.
Lawsuit settlement payments to the two manufacturers Ryan stiffed begin in January and ThermoLife still hasn't been paid the $1m+ they are owed though MSLP was forced to post a bond recently by the courts.
Manchester City Footy is still owed $1m that is past due for 2 years on the sponsorship deal.
MSLP continues to hock anything that is not tied down such as nearly all the Accounts Receivable, Inventory, etc at shylock rates of 15%-18% interest. Both shylock lenders have recently cut the available credit limits substantially as MSLP revs continue to implode in spite of Ryan's admission that orders were faked and the revenue was bogus and fraudulent.
MSLP has no cash therefore only has $1m in total inventory on hand and 50% of that total was pledged as collateral for $500k in loan at 18%. Death Spiral.
The 900k share block that was traded was at 0.32 . Not .15 , not .21. Those were the paint job. The stock is done going down , clear skies ahead , $MSLP
Did you see they are now selling Chocolate Milk protein at Costco? It’s been cookies and cream for the longest time. It’s pretty evident the relationships at Costco , Amazon , and iHerb have all strengthened . Musclepharm is here to stay and those who remain and do their own due diligence will be pleasantly rewarded . $MSLP
turok is posting not even close to accurate information in his post but who cares, huh?
turokman Tuesday, 12/08/20 08:08:09 PM
Re: Madcowelixir post# 80510 0
Post #
80511
of 80522
Drexler has cut costs across the board , Madcow to show that this company can indeed be profitable.
Drexler has loaned the company 21 million just in convertible notes . His average on 21 million dollars of stock is $0.72 . Stock is at $0.40 .
18 million convertible note at $1.11/ share —> 16.2 million shares
3 million convertible note at $.23 / share —> 13 million shares
Drexler’s average :
(21 million total invested / 29.2 million shares ) = 0.72 <— Drexler’s average
Yesterday's transaction. You can see both before and after the 800k transaction when MSLP liquidated 100% of the MSLP Treasury Stock, the bid and the ask both cratered until the fake paint the tape close transaction. Over 900k shares of sell volume and the buy volume was transacted in low .20s.
Bid dropped to .15 cents and Ask is .21 for any retail mooches.
Not good news
Remember when CEO Brad diluted MSLP to 3m Outstanding Shares?
CEO Ryan official OS is now over 49m shares.
Nice turnaround plan
884,000 shares traded at 0.32 today . Wow . Largest volume day I have ever seen here ..
Volume before price .
Welcome back to the party ! Onward.
-- Adjusted EBITDA was $2.4 million compared to negative Adjusted EBITDA of
$(11.6) million.
Ryan Drexler, President and Chief Executive Officer, stated, "Our management team has spent the last two years dramatically restructuring MusclePharm and are now generating positive cash flow and well positioned for long-term profitable growth even in the current COVID-19 pandemic environment. The business turnaround was driven by reducing low margin sales into inefficient channels, increasing gross margins, decreasing operating expenses and improving our overall EBITDA. We have many of the leading brands in nutrition but we needed to do a much better job of realizing the value of our brands by reducing product discounts and being more efficient in our promotional activity, reducing SKU's that are not properly positioned, and better aligning our operations with repositioned top-line growth.
Mr. Drexler continued, "We have strengthened our scalable platform in 2020, with a focus on increased profitability. Our omni-channel strategy is working and enables us to capture a greater share of this large and growing space. We also believe we are very well positioned to utilize our leading brands to expand outside of the nutraceutical space in the near future."
Drexler has cut costs across the board , Madcow to show that this company can indeed be profitable.
Drexler has loaned the company 21 million just in convertible notes . His average on 21 million dollars of stock is $0.72 . Stock is at $0.40 .
18 million convertible note at $1.11/ share —> 16.2 million shares
3 million convertible note at $.23 / share —> 13 million shares
Drexler’s average :
(21 million total invested / 29.2 million shares ) = 0.72 <— Drexler’s average
Good luck to all. . $MSLP
10m more shares of dilution!!!! just waiting to be converted.....
This can will likely occur every six months to dilute WW and Wynnefield as Ryan was very nearly voted out last shareholder meeting vote. Not good for shareholders (see red below)
Item 3. Source and Amount of Funds or Other Consideration.
On November 29, 2020, the Issuer issued to the Reporting Person a convertible secured promissory note, in the original principal amount of $2,871,967 (subject to adjustment as provided in such note) (the “Note”). The Note bears interest at the rate of 12% per annum. Interest payments are due on the last day of each quarter. At the Issuer’s option (as determined by its independent directors), the Issuer may repay up to one sixth of any interest payment by either adding such amount to the principal amount of the Note or by converting such interest amount into an equivalent amount of Common Stock. Any interest not paid when due shall be capitalized and added to the principal amount of the Note and bear interest on the applicable interest payment date along with all other unpaid principal, capitalized interest, and other capitalized obligations.
Both the principal and the interest under the Note are due on July 1, 2021, unless converted earlier.
Mr. Drexler may convert the outstanding principal and accrued interest into shares of Common Stock at a conversion price of $0.23 per share at any time. The Issuer may prepay the Note by giving Mr. Drexler between 15 and 60 days’ notice depending upon the specific circumstances, subject to Mr. Drexler’s conversion right.
Item 5. Interest in Securities of the Issuer.
(a) The Reporting Person beneficially owns 31,002,836 shares of Common Stock, representing approximately 68% of the Common Stock. The percentage of shares of Common Stock reported as being beneficially owned by the Reporting Person is based upon 45,754,214 shares outstanding as of November 29, 2020, as reported by the Issuer to the Reporting Person.
CUSIP No. 627335201 13D/A
The Reporting Person is President, Chief Executive Officer and Executive Chairman of the Board of Directors of the Issuer. In these capacities the Reporting Person takes, and will continue to take, an active role in the Issuer’s management and strategic direction. In addition, in connection with his employment with the Issuer, the Reporting Person may be entitled to cash and other non-equity compensation in connection with a sale of the Issuer or other transaction of the nature described below.
Other than as described above, the Reporting Person does not have any current plans or proposals, but may in the future propose one or more actions, which would result in any of the following:
(a) the acquisition by any person of additional securities of the Issuer, or the disposition of securities of the Issuer;
(b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries;
(c) a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries;
(d) any change in the present Issuer’s board of directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board;
(e) any material change in the present capitalization or dividend policy of the Issuer;
(f) any other material change in the Issuer’s business or corporate structure;
(g) one or more changes in the Issuer’s charter, bylaws or instruments corresponding thereto or other actions to the extent they may impede the acquisition of control of the Issuer by any person;
(h) causing a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association;
December 07, 2020
MusclePharm Hires ICR Inc. as Investor Relations Advisor
CALABASAS, Calif., Dec. 07, 2020 (GLOBE NEWSWIRE) -- MusclePharm Corporation (OTCMKTS: MSLP) (the “Company”), a global provider of leading sports nutrition & lifestyle branded nutritional supplements, today announced that the Company has retained ICR, Inc., a leading strategic communications and advisory firm, to assist with its investor relations program.
http://irdirect.net/prviewer/release_only/id/4556867
$MSLP
More eyes on this one as we just neared a 52 week high. Hopefully we get some more updates out of Drexler , you have to think he is going to follow up with some more news .
$MSLP
Products Sold on Amazon, Costco, Muscle&Strength:
Great reviews:
MusclePharm Combat Protein Powder, 5 Protein Blend, Chocolate Milk, 4 Pounds, 52 Servings
Visit the Muscle Pharm Store
4.6 out of 5 stars 8,996 ratings
https://www.amazon.com/MusclePharm-Combat-Protein-Powder-Essential/dp/B003BVI5FW
MusclePharm Combat Protein Powder, 6 lbs
Item 1434537
4.7 out of 5 stars.
https://www.costco.com/musclepharm-combat-protein-powder%2C-6-lbs.product.100466807.html
A MusclePharm Product
100% Gluten-Free, High Quality and Superior Tasting Protein Bar!*
Contains 20g of muscle building protein
No artificial flavors or dyes
Delicious tasting flavors
100% gluten free
5,922 REVIEWS
https://www.muscleandstrength.com/store/mp-combat-crunch-bars.html
$MSLP
idk how you can keep restating the obvious. Yes, there were problems. They are being cleaned up by Drexler one by one and the 10-Q reports are there. They cut costs just like they laid out in the article. Company is still selling products on Amazon, Costco, Walmart, Bodybuilding.com, etc etc. Real company, real profits.
This company is not the same on as it was run under Pyatt. It's not a sexy tech company. It's a profitable company being traded for 1/10th of what it's worth.
At $14, it was a sell, and you were right on that.
At $0.30 it's a buy, I'm confident I will be right.
$MSLP
So when MSLP agreed to settle lawsuit and has to start paying $1m a month settlement to Nutrablend for $million$ in unpaid invoices beginning in Q1 2021 on Revenues booked in 2018, 2019 and 2020 what happens to the bottom line going forward?
Same with the long list of suppliers that were stiffed and have filed lawsuits against MSLP.
What expenses can you cut next when you had to run from and invest $0 in lease, advertising and marketing, R & D, etc....now after not filing 10Qs for a couple years due to fraudulent accounting?
How did cost of goods sold (COGS) go from 89% in 2019 to 67% in 2020? Unpaid invoices and lawsuit settlements that payments are now due going forward even though the revenue was booked in previous Qs. It's just more fraudulent numbers that MSLP has now admitted to posting previously.
$400 of total reported trading today. Sounds like a rocket ship ready to take off for a long time.
Old business adage. You can't shrink your way to profitability.
Drexler has "shrunk" revenues from $167m when he became CEO to $65m
in just 5 years. Downsizing is not Growth and is not a path to longterm Profitability.
Why do you not post net income next to your revenue numbers? Drexler laid out the plan to cut unprofitable sku's and now they are showing a profit. Drexler did what Pyatt couldn't.
A major way they built the business was through very large endorsements. In the beginning that approach worked out well, but eventually they had to start paying for those endorsements and the size of the company didn't match up. They were thinking sales would double, triple, quadruple... and while sales did go up nicely, the endorsements were a tremendous expense.
That's also when they increased the number of SKUs. Take Combat Protein, one of our most valuable SKUs. The thinking was, "We have 7 SKUs, so why not 20? And then why not flavor extensions: Peach Swirl, Raspberry Swirl..."
That led to a massive amount of inventory. We had 400 SKUS and that, coupled with the endorsement deals, drained a tremendous amount of money from the company. The brand was everywhere. With Tiger Woods, Arnold, the UFC, etc, the brand recognition was great... but all those expenses made the company extremely unprofitable.
Top line is great (especially at first) but eventually the bottom line is everything.
MSLP acquisition
Why buy a falling knife?
2014 Revenue: $177m
2015 Revenue: $167m (Brad Pyatt's final year as CEO)
2016 Revenue: $132m (Ryan Drexler becomes MSLP CEO Q1 of 2016)
2017 Revenue: $102m
2018 Revenue: $88m
2019 Revenue: $79m
2020 Revenue: $65m projected ($49m thru Q3 2020)
Ryan's tenure as CEO has taken annual revenues from $167m under Pyatt to $64m under Drexler in 5 years. Down -$103m and -62%. Quite a performance considering the admitted fraud accounting that inflated Drexler's numbers.
No wonder there has been zero acquisition interest. By the time a transaction would initiate and close, the deal would we severely over-valued.
Balance sheet is upside down -$40m and future $million$ in legal and IRS liabilities are pending. Suppliers have cut off MSLP due to invoice non-payment.
50% of the total MSLP revenues are associated with Costco and those revenues are falling. Combat Crunch Bar sales have cratered. Down to $6m annually and falling.
MSLP can't afford "rent" any longer nor "marketing and advertising" and has completely run out of cash and salable assets. MSLP has now only $1m in inventory on hand to churn at a time as revenue is clearly continuing to contract. Ryan is personally in financial crisis as his personal home is delinquent on property taxes.
Ironically.....Brad Pyatt started a new protein bar company and within 3 years sold his 50% share for a net $6m which is worth more than MSLP.
Mr. Drexler continued, “We have strengthened our scalable platform in 2020, with a focus on increased profitability. Our omni-channel strategy is working and enables us to capture a greater share of this large and growing space. We also believe we are very well positioned to utilize our leading brands to expand outside of the nutraceutical space in the near future.”
$MSLP
https://www.sec.gov/Archives/edgar/data/1415684/000149315220022755/ex99-1.htm
Madcow, it's a thinly traded stock with limited market makers hence the wide bid/ask spread. Wynnefield Capital has been buying as shown by the recent filings:
The Wynnefield Reporting Persons have purchased shares of Common Stock during the last 60 days as follows:
Name Transaction Date Number of Shares Price Per Share
Wynnefield Partners I Purchase 10/29/2020 41,097 $0.0998
Wynnefield Partners I Purchase 10/30/2020 19,763 $0.10
Wynnefield Partners Purchase 10/29/2020 26,430 $0.0998
Wynnefield Partners Purchase 10/29/2020 12,710 $0.0998
Trades are as fraudulent as the MSLP reported numbers. As the reported trade price and "ask" goes up, the "bid" crashes. Look at the near 50/50 split and after 2 hours of trading the.14 cent bid that is actually lower than the .18 cent open on this fake churn by the market maker. It is hilarious that since 2 minutes after open, only 1 trade was reported that was NOT the fake .30 or .51 cents and it was insignificant volume. Those trades are market maker churn trying to attract suckers for a dump. MM is not even trying hard as you can add up the trade stack volumes and they are even 00 numbers. Look at trade lines 26 and 27 for example. perfect 50,000 but what happened on the bid/ask on the second trade over the first. It actually declined to .12 cents. Not a real buyer trying to accumulate. They are fake trades This is Ryan's desperate hail mary as he is in personal financial distress and can't pay his property taxes.
MusclePharm Announces Third Quarter 2020 Financial Results
Third Quarter 2020 Compared to Third Quarter 2019
Revenue, net was $16.1 million compared to $21.2 million.
Gross margin improved to 31.2% compared to 7.2%.
Net income was $678,000 compared to a net loss of $(5.1) million.
Diluted income per share was $0.01 compared to diluted loss per share of $(0.27).
Adjusted EBITDA was $1.0 million compared to negative Adjusted EBITDA of $(4.1) million.
Full Press release :
http://ir.musclepharmcorp.com/prviewer/release_only/id/4548989
$MSLP
MusclePharm Has Finally Become Profitable | Consumed Ep.106
New video out:
Valuation?
GNC is/was still posting over $2 Billion in Annual Revenues and post a profit yet were unable to refinance $1B in bond debt and were now forced to file BK. Stock was .55 cents before being halted. Stockholders are now wiped out. There are no white knights or hungry investors waiting to swoop.
MSLP "might" post $60m in annual revenues shrinking over 20% a year now for 6 years in row that began coincidently exactly when Drexler became CEO. MSLP under CEO Pyatt did $172m in annual rev and Drexler has run it into the ground evaporating over $100m in revenue under his "leadership". Where is Halbert when you need him?
If going virtual and turning your business into a drop ship company and not paying rent and suppliers or investing in advertising was such a great idea then why didn't Drexler do this before Revenue fell over $100m since his CEO appointment?
Clearly the only reason these decisions were made is because MSLP is completely out of cash, any salable assets and has no ability to secure any operating capital because they have nothing left to hock even to the shylocks.
Drexler has fallen behind on his personal property taxes and is in personal financial distress.
Suppliers in masse have filed and won lawsuits against MSLP for million$ in unpaid invoices that Drexler robbed the revenue to pay his salary but stiffed the suppliers.
Feel free to believe in the Drexler 6 year turnaround story or the Tooth Fairy if you wish.
I didn't read the "article" Turok loves but I what I take from the excerpts is we have a trust fund baby who likes to play "businessman" at cocktail parties but really just likes to mountain bike, surf, party on his daddies coattails and has failed at every turn in business on his own. See Bebe Sport, Quiksilver, Pimp: The Story of my Life, etc.....
I love this interview with Drexler from a few years ago. It seems he has set the stage to sell this company too, like he did with Country Life.
You built Country Life, a successful company, and sold it... so why get back into the nutritional supplement business?
One, as an entrepreneur I learned a number of valuable lessons. Going through the ups and downs, learning the day-to-day of building a business... even selling Country Life taught me a lot.
Then, why MusclePharm? I love the business. I live an organic lifestyle, I'm an avid Brazilian Jiu-Jitsu competitor, I surf, I mountain bike... I live the lifestyle, I take the products -- it's a natural fit for me.
After I sold Country Life I was investing in similar types of businesses, learning about them and being an activist investor, and MusclePharm was intriguing. I couldn't believe the brand recognition. It was everywhere: From mom and pops, to vitamin shops, to Costco, to international. I was in Germany and saw someone wearing a MusclePharm t-shirt.
Slowly but surely bought some stock on the open market. I knew people that knew the prior management, I approached them and realized I was a natural fit to be on the board and could have a big impact. I felt I could have a really big impact.
Then I saw a lot of things that needed to change.
For perspective on those terrible revenue numbers
MSLP claims it produces $5m in revenues a month.
MSLP entered a settlement after stiffing a supplier Nutrablend to pay $1m a month. Nutrablend was a less than 10% supplier to MSLP. It is impossible for MSLP to need or pay Nutrablend $1m a month on MSLP's $5m a month in total sales (that are declining at a -20% annual rate). Nutrablend would have to be the supplier of over 80% of all MSLP sales to meet that lawsuit settlement minimum.
This is the same story as MSLP/Thermolife minimum order deal that went to court and MSLP lost. MSLP breached the minimum order requirement because their revenues were crashing and ultimately the court awarded Thermo over $1m that MSLP has still not paid. Ryan posted a bond for $300k at this point.
The same thing will happen with Nutrablend. MSLP revenues continue to tank and MSLP has stopped paying everything as they have run out of cash, credit and any salable assets to finance the losses.
Excelsior lawsuit is another example. Ryan has run out of ammo and has even fallen behind on his own personal property taxes. Ryan is in deep distress.
Profitable on paper if you cherry pick the parameter and if you don't count:
Ryan forced to convert $19.3m of debt to equity to protect his controlling interest upon the WW lawsuit. Plug that debt back into the company's real 12 month performance and what do you get? Profit? What profit?
MSLP completely arresting all advertising and marketing
MSLP completely arresting all office and warehouse rent and becoming a virtual business
Combat Crunch revs are now down to $500k a month in sales. Oh, well on that hype. Bring the MSLP Energy Zero drink back, no? It will topple Gatorade...according to Turok in 2015.
Nothing has turned around. This is just a Ponzi Scheme falling apart that is financing itself by stiffing suppliers after selling their wares into a drastically shrinking market share.
There is $1m cash left. $1m Inventory. $5m in AR vs $27m in AP + tons of shylock interest debt and lawsuit judgement losses.
Now consider MSLP revenues have fallen another -20% in 2020 continuing the trend putting Gaspari Nutrition revenues in the same boat as MSLP and Gaspari has declared BK twice recently.
MSLP claims it produces revs of $1.25m a week. Look at all the juggling just to finance 7 days of inventory with no cash and all that debt with no warehouses, headquarters, office space, advertising, etc..... Sounds like business is booming.
Turok subscribes to the MSLP business model that his disposable income has gone up since he stopped paying rent, car payment and utility bills. Let's see how long you are profitable.
Investors must see it as $4 of stock has traded upon the release of those trustworthy 10-Qs.
Here is what I’m reading on the balance sheet:
From Dec 31 , 2019 to Sept 30, 2020
Assets: 14.5m to 10.2m
Liabilities: 42.4m to 37.4m
Stockholders deficit from 27.9m to 27.2m
As those who understand accounting know :
Assets = liabilities + stockholders equity (deficit)
So , the company increased stockholders equity by 700k during the first 3 quarters of 2019.
They are also in the process of getting the PPP forgiveness application completed which is recorded on the books as a million dollar loan . This would further reduce the liabilities and reduce the stockholders deficits .
Looks like the company has achieved profitability in 2020.
Their Qs don't lie - all is exactly as you said (except the part about dad helping...he died a little while back).
Turok. Cheering $49m in sales? Go back to my post a few months ago that you disputed when I said I bet MSLP was only doing about $60m in annual sales and you scoffed. There is no profit. MSLP ran out of cash. This is just more fraud.
They have drawn down inventory to $1m. They had $5m in inventory only 90 days before. That is about 6 days of sales. They have taken on over $9m in new debt at a minimum of 12% just to keep the lights on and have cut marketing and advert to $100k which is basically their social media and that's it. They are severely delinquent on over $32m to suppliers and marketers. Ryan is delinquent on personal property taxes and is playing the shell game with his dad's help.
BREAKING NEWS!!!!! MSLP had to sublet their own Headquarters because they were behind and couldn't afford the rent. Yes....MSLP does not pay rent and has no Headquarters! Nice business.
$49m in sales thru 9 months at exactly $16m a quarter. That is fraud. Everyone knows this business is seasonal with Q1 the best and Q4 the worst. Ryan is making up numbers. Costco is now 49% of total sales. COGS was 89% of revenue in 2019 and now is 67%. Nice try but that is fake.
Look at the assets on balance sheet. There is nothing there. $1m in inventory. $1m in cash (not there). $5m in Accounts Receivable (already pawned to shylocks). That's it.
They still owe over $32m to suppliers. They still owe all the lawsuit losses. They still owe Manchester City from 7 years ago. They owe $9m in brand new debt at shylock rates.
Profits? Fake and Fraud.
You can't pay back $50m in past due debt with shrinking revenues and eliminating marketing and rent. This is not a virtual business. Just a big fraud.
MSLP pink current now
https://www.otcmarkets.com/stock/MSLP
haha...profits are easy when you don't pay any of your expenses!
Lol yes! Nice to see a profit after all this time. But that balance sheet tho.... :/
MSLP 10Q out .
49m in sales through 9 months of 2020... and a net profit !! Of 365k!
https://www.sec.gov/Archives/edgar/data/1415684/000149315220022349/form10-q.htm
Wynnefield now doing $1.86 cent transactions
That is bullish, no Turok?
Giving away 1 share of a $0.06 cent stock to 31 people. Clearly evidence of that easy turnaround you have been claiming for 6 or more years now. Wynnefield took their original position in MSLP in 2013 buying exactly 1 million shares @ over $9.xx a share. Currently down -99% on their position. You claim this is bullish and cite insiders as the "smart money".......
Uh-oh!!!! Someone is delinquent on their Property Tax
Ryan's financial problems may be getting very serious.
According to public documents linked to Ryan's residence:
Ryan's DADDY transfers his NY Apartment to his son who in turns sells it raise much needed cash to bail out his inept trust fund son. What a mess. R
Remember Ryan's brother in law has sued and claimed financial fraud against Ryan, his father Halbert and his sister Jodi and claimed Ryan is holding assets that actually belong to his sister as she hid her inheritance from their marriage.
https://nypost.com/2016/09/14/trust-funder-wife-ripped-me-off-in-business-deal-agency-chief/
MusclePharm runs out of cash.
When are the 2020 10-Qs going to be released? Don't hold your breath with this Ponzi scheme fraud. Ryan disclosed in the 2019 filings recently that MSLP product sales have fallen dramatically in April 2020 and have continued to decline.
MusclePharm disclosed that they have already sold all its Accounts Receivable and owes $32m to Manufacturers of their product most of which is severely delinquent and being litigated in court as suppliers have sued Ryan for non-payment of invoices as of 12/31/2019
MSLP had to borrow another $3m just to keep the lights on and pay that $1m a month to Nutrablend per the lawsuit settlement.
Item 1.01 Entry into a Material Definitive Agreement.
Secured Revolving Promissory Note
On October 15, 2020, MusclePharm Corporation (the “Company”) entered into a secured revolving promissory note (the “Revolving Note”) with Ryan Drexler, the Chief Executive Officer, President and Chairman of the Board of Directors of the Company. Under the terms of the Revolving Note, the Company can borrow up to $3,000,000. The Revolving Note bears interest at the rate of 12% per annum.
The use of funds will be used for the purchase of whey protein and other general corporate purposes.
Both the outstanding principal, if any, and all accrued interest under the Revolving Note are due on March 31, 2021.
*****Ryan just sold his dads NY apartment to finance the $3m. Drexler family fire sale!
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