Muscle Pharm Corporation (MSLPQ)

[turokman]

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

[turokman]

MusclePharm Has Finally Become Profitable | Consumed Ep.106

New video out:

$MSLP

[Madcowelixir]

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.....

[turokman]

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.

https://www.inc.com/jeff-haden/one-step-back-many-steps-forward-how-to-turn-treme.html

[Madcowelixir]

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.

[Madcowelixir]

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.

[turokman]

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.

[SLC-JD]

Their Qs don't lie - all is exactly as you said (except the part about dad helping...he died a little while back).

[Madcowelixir]

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.

[Golden Cross]

MSLP pink current now
https://www.otcmarkets.com/stock/MSLP

[SLC-JD]

haha...profits are easy when you don't pay any of your expenses!

[MakeItRain88]

Lol yes! Nice to see a profit after all this time. But that balance sheet tho.... :/

[turokman]

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

[Madcowelixir]

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".......

[Madcowelixir]

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/

[Madcowelixir]

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!

[Healthyfitness11]

No doubt.

[Cherry_11]

Guess I should of sold at $14 years ago

[Healthyfitness11]

This is crazy

[Madcowelixir]

Are you smarter than a 5th grader?


As of December 31 2019:

Accounts Receivable $4,807,000

Accounts Payable $30,983,000

That is a -$26,176,000 shortfall

Which supplier are you going to stiff next to fund these massive losses Ryan?

[Madcowelixir]

Vigorous defense!!


So now Ryan has agreed to pay $300,000 a month toward the $3.1m delinquent invoices in addition to staying current on $700,000 a month in minimum purchase orders or Nutrablend will shut them off as a supplier.

Ryan just agreed to paying $1m a month minimum ($300K past due and $700K minimum month PO that are COD!!!!! Cash required, no credit!!


MSLP didn't meet minimum purchase orders with ThermoLife and lost the just under $2m final judgement lawsuit so groundhog day again. MSLP has been staying afloat by stiffing suppliers and absconding with revenue.

This settlement is a loss as now Ryan is forced to pay monthly or is shut off by one of the last remaining suppliers who pick up the phone when MSLP calls.


On March 18, 2019, 4Excelsior, a manufacturer of MusclePharm products, filed an action against MusclePharm in the Superior Court of the State of California for the County of Los Angeles for $14m in damages.


4Excelsior cut MSLP off as a supplier on Jan 27, 2020.

On January 27, 2020, MusclePharm filed a counterclaim motion against 4Excelsior seeking unidentified damages relating to 4Excelsior’s failure to fulfill a purchase order. The court denied that motion

Bakery Barn, maker of Combat Crunch Bars sued MLSP and won and cut them off.


Here is the breakdown of suppliers and how many Ryan has stiffed and how fewer and fewer suppliers will accept any substantial purchase orders from the "stiff artist" CEO Ryan.





Now factor in the latest disclosure reflecting MSLP retail sales decline as of Q2 2020.

Beginning in April 2020, the Company began to experience a slowdown in sales from its retail customers, including its largest customer.

Bend over and grab your ankles suppliers! You're going to continue to get spanked.

[turokman]

Item 1.01 Entry into a Material Definitive Agreement.

On September 25, 2020, MusclePharm Corporation (“MusclePharm”) entered into a Settlement Agreement (the “Agreement”) with NBF Holdings Canada Inc. (“Nutrablend”), pursuant to which the parties resolved and settled a civil action initiated by Nutrablend against MusclePharm in the United States District Court for the Central District of California (the “Litigation”). In consideration for a mutual general release between the parties, Nutrablend agreed to dismiss all claims asserted in the Litigation and MusclePharm agreed to (i) pay approximately $3.1 million (the “Owed Amount”) in monthly payments (the “Monthly Payments”), according to a schedule set forth in the Agreement, and (ii) issue monthly purchase orders (“Purchase Orders”) at minimum amounts accepted by Nutrablend.

MusclePharm agreed to issue Purchase Orders in a combined total amount of at least (i) $1,500,000 from September 1, 2020 through November 30, 2020; (ii) $1,800,000 from December 1, 2020 through February 28, 2021; (iii) $2,100,000 from March 1, 2021 through May 31, 2021; (iv) $2,100,000 from June 1, 2021 through August 31, 2021; and (v) $1,400,000 from September 1, 2021 through October 30, 2021. Beginning on November 1, 2021, MusclePharm will be required to issue monthly Purchase Order to Nutrablend in a minimum amount of $700,000 until the Owed Amount is paid in full to Nutrablend.

In the event that MusclePharm pays the Owed Amount in full before September 1, 2021, MusclePharm is entitled to a rebate on all completed Purchase Orders according to a schedule set forth in the Agreement. Further, once the Monthly Payments, and any additional payments that MusclePharm has made on the Owed Amount, reduce the outstanding balance of the Owed Amount to below $2.0 million, MusclePharm is eligible for an extension of a line of credit from Nutrablend in an amount of up to $3.0 million.

[Madcowelixir]

Turning the ship around?

Let's look at recent facts disclosed by MSLP that all but declare BK plus an actual mention of 2020 sales that show why MSLP has not filed or disclosed the 2020 SEC mandated 10-Qs that will show further massive revenue declines


2018 revs $88m

2019 revs $79m

Total revs declined -10%


Costco was 29% of total 2018 revs - (.29x88) $25.5m

Costco was 33% of total 2019 revs - (.33x79) $26m


Cost of goods sold went from 79% in 2018 to 89% in 2019 reflecting a huge discounting to largest customer and yet revs were basically flat over that period to this customer.

Amazon was 13% of total sales both in 2018 and 2019

2018 Amazon sales $11.4m

2019 Amazon sales $10.2m

Amazon channel declined -10%


MusclePharm disclosed in the most recent 10-K that they are funding losses for necessary cash by not paying product vendors. Ryan disclosed $11m in non-payments to product vendors in 2019 that they couldn't afford to pay and therefore moved the unpaid invoices to accrued liabilities and are currently scheduled for trial in September and November 2020 as the two vendors sued MSLP. MSLP also hocked all it's Inventory for cash to a shylock and sold $55m in Receivables to another shylock to fund $1.5m a month in cash losses.

Notice how MSLP "finally" disclosed the following going concern notice that is required when you don't expect to make it through a 12 month period. This going concern was as of Dec 31, 2019 so any wonder the current share price values MSLP at $1.2 million market cap. It is still over-valued.



And now to show the ship is NOT turning around, look at this quote from the company describing most recent sales in April 2020



So those huge discounts to Costco throughout 2019 in an attempt to stem the massive revenue declines proved a huge money loser. MSLP loses $.25 for every $1 in sales and it's getting worse, not better. Now Ryan discloses that sales to Costco have experienced a huge decline and not getting better. Costco is responsible for 1 out of every 3 sales and is now falling off a cliff.

Despite Turok claiming the "small ship" is easy to turn around, Ryan is disclosing the ship is sinking and going under very soon.

[Madcowelixir]

turok....that is some deep sophisticated analysis.

CEO_Ryan has turned a $150m market cap company into a $3m market cap company (it's actually $2.3m market cap and dropping) in a little more than 5 short years and that is bullish buy indicator to you. You just claimed to buy again only a few weeks ago at $.15 cents and you are down over -50% on that buy too. Keep grasping at that falling knife.

How is MSLP going to turn it around when they owe $31m just to product suppliers for inventory they already sold and they have no cash or assets of any kind to pay the invoices?

They owe million$ more in lost litigation.

Two shylock lenders hold liens on all the MSLP Inventory and Accounts Receivable at well over double digit interest rates.

Even at $3m market cap MSLP is severely over valued. Ryan owes his sister $10s of million$ that she transferred to him hiding it from her husband during a divorce. Ryan has very recently listed his primary residence Beverly Hills house for sale as he has to pay her back now that the divorce is final. He has zero chance to sell it at his crazy asking price but desperation sale is coming soon. Jodi is likely very nervous.

[turokman]

According to that YouTube video the filings for 2020 should be out soon enough . Until then we remain penny land . One thing to remember is that it’s easier to turn around a small company than a large company . At one point this had a 150mm market cap. It’s 3m now .

[SLC-JD]

In any event, the clock is ticking for them to get current:

https://www.sec.gov/news/press-release/2020-212

[SLC-JD]

Truly curious why they go to the time, effort, and (significant) expense of filing their FY2019 10-K and Qs, but forego amending their 9/18 Q and blow off the 2018 K (to say nothing of ignoring their 2020 filings). Just doesn't make sense...

[Madcowelixir]

It's now September 9th, 2020 and not a peep nor a filing for MusclePharm's SEC mandated financials for this entire year to date. Not even the fraudulent ones Ryan has filed for several years now. Even $.15 is down -40% turok.

[Madcowelixir]

Where's your money turok? You can buy on the bid all day long.

[SLC-JD]

Not sure which is worse - the unending hand gestures, or the horrible editing and unending cuts.

[Madcowelixir]

Turnaround must be imminent according to turok for over 5 years now. Just look at the performance since Ryan became CEO. White Winston and Wynnefield are the smart money I'm told.

[codie]

Coverage? It's a Youtube channel with 600 subscribers.

[turokman]

MusclePharm 2019 Year-End Earnings & News Update | Consumed Ep.97

Finally some coverage on this company:

[Carlgetsmoked]

Wow heres the skinny straight from a former employees point of view. Upside is abound from this point forward.

[Carlgetsmoked]

Wynnefield?

[turokman]

What’s with the volume past two days . Almost 200k shares sold at 0.10.

Someone just brought 20k to the table .

[Madcowelixir]

Just look at these metrics which were as of Dec 31, 2019. Things are much worse now if you can believe it. Easy see why MSLP stock is worth less than nothing and why an acquisition chance is nil.

Only MSLP assets on the balance sheet:

Inventory $4.7m. HUGE PROBLEM. MSLP has borrowed $4m against the Inventory at 16% interest from Crossroads Financial who has first lien on the Inventory in bankruptcy. Essentially there is ZERO ASSET or LIQUIDATION VALUE to MSLP.

Accounts Receivable $4.8M MSLP has sold $4.4M of these AR to Prestige Financial. Again....there is ZERO ASSET or LIQUIDATION VALUE to MSLP.

HUGE PROBLEM?!!!!!!!!

MSLP owes $31m in past due Accounts Payable to the suppliers of the their products and are being sued for non-payment. Where is MSLP going to find $31m to pay the suppliers for products MSLP already sold and collected revenue and yet still has ZERO cash on hand?

MSLP has no cash.

The company is so upside down with revenue falling off a cliff. MSLP largest retailer has renegotiated wholesale price terms down dramatically and that is why COGS has exploded to 89% from 66% previously. Just the cost of goods form MSLP suppliers is .89 cents for every $1.00 in MSLP retail sales before any other expenses. That is crazy.

Ponzi Scheme is over Ryan.

[turokman]

With all due respect , if you’re so smart why are you here covering this company so closely calling fraud ?

Is it really worth the delicate genius to cover this penny stock worth with a 5 million market cap ?

Are you a philanthropist giving back bg trying to save us all from this company or do you have an ulterior motive ?

[turokman]

As long as Winston is here with his 3 million shares, hes going to keep pushing for receiver. 80m in 2019 revenues is worth more than what this company is trading for. You know it as well as I do. I don't see how you don't understand that this is a good thing.

On October 31, 2019, the court awarded MusclePharm $56,000 in fees and costs. The White Winston Plaintiffs have appealed that award.

On June 17, 2019, the White Winston Plaintiffs moved for the appointment of a temporary receiver over MusclePharm, citing Plante Moran’s resignation. The court granted the White Winston Plaintiffs’ request to hold an evidentiary hearing on the motion, but the date for that hearing was not set as of the date hereof.

On July 30, 2019, the White Winston Plaintiffs filed an action in the Superior Court of the State of California in and for the County of Los Angeles, seeking access to MusclePharm’s books and records. MusclePharm has answered the petition, asserting as a defense that the request does not have a proper purpose. A trial on the petition has been set for February 25, 2021.

[turokman]

The way I read it is, he has the option to convert at:

at a conversion price equal to the greater of

(i) the closing price per share of the Common Stock on the last business date immediately preceding the Maturity Date and

(ii) seventeen cents ($0.17), in each case rounded down to the nearest whole share. The Company may prepay the Refinanced Convertible Note by giving the Holder between 15 and 60 days’ notice depending upon the specific circumstances, subject to the Holder’s conversion right.

So this means if the PPS is 0.30 on the last business day, he will have to convert at 0.30. If the PPS is 0.15 he will have to convert at 0.17.

I am happy for you that you have been right so far with this one. But you did think they wouldn't do 50m in 2109 sales and they did 80m. It's ok, only off by 60%. I suppose math isn't your strong suit.



https://www.sec.gov/Archives/edgar/data/1415684/000165495420009569/mslp_8k.htm

[Madcowelixir]

turok...pay attention.....

It is the closing price 1 day prior to a conversion + .17 cents

Any proposed convertible is very insignificant compared to the $50M+ in debt currently on the books or in court.

The only debt that I know of that Ryan may hold is between $0-$3m exclusively for protein supply because MSLP has no cash to buy new ingredients much less pay off the past due invoices to suppliers that have sued again.

In addition the 3 biggest shareholders who hold 70% of the OS are all adversaries and suing each other. The likelihood of an acquisition is nil.

In addition the two shylocks hold first lien on the Accounts Receivable and the Inventory on Hand. The only assets left are the furniture, office supplies and basketball hoop. Cash on Hand is basically nothing. Less than 1 month of losses as of 8 months ago and the Revenues are declining at a rapid rate. Foreign sales dropped more than 30% YOY 2018 to 2019. Total Revs are declining more than 10% YOY according to the "new" financials.

Keep pumping. .30 cents of transactions today after all this "great" news according to you.

[turokman]

I believe he’s trying to package it up to sell it as well.

So with the terms of this refinance on the 8k that just came out , he would convert the note to equity at 0.17.

This would be good to clean up the books as it’s another 300k a year off expenses if he did convert .

IMO . Anything under 0.17 a buy.

[turokman]

8k out... drexler refinancing his debt with the company

Sounds like he plans on converting it to equity at 0.17 .

On the Maturity Date, the Holder may, upon written notice to the Company, convert the outstanding principal and accrued interest into shares of the Company’s common stock, $0.001 par value per share (the “Common Stock”), at a conversion price equal to the greater of (i) the closing price per share of the Common Stock on the last business date immediately preceding the Maturity Date and (ii) seventeen cents ($0.17), in each case rounded down to the nearest whole share. The Company may prepay the Refinanced Convertible Note by giving the Holder between 15 and 60 days’ notice depending upon the specific circumstances, subject to the Holder’s conversion right.



https://www.sec.gov/Archives/edgar/data/1415684/000165495420009569/mslp_8k.htm

[SLC-JD]

So I continue to maintain that Drex either wants out, or he wants to take this private (although I suspect that his attention span is waning, making the former more likely than the latter). With either of those as background, I'm curious about both boosters' and hecklers' views on what the conversion of an open line of credit into a fixed convertible note with a November due date may mean...

[codie]

A buy?

There is nothing about this stock that is a buy. You have been saying that and have been 100% wrong for years now.

And nobody shorts a zero volume 15 cent stock.

[turokman]

If you are so sure of this why don’t you short some more of the stock ?

As long as Wynnefield and Winston white are here , this stock is a buy.

80m in 2019 revenue and the market cap is 4.5m.

You don’t think these junkyard dogs see the value here ?

On a side note , what are with those strange share trades of 2-10 shares each and everyday . Is it a MM giving this thing a heart pulse ?

[Madcowelixir]

Wow....The financials are a disaster. Is that your 2 shares traded today turok?

Cost of Goods Sold alone now is 89% of Total Revenue. That has exploded!!!! That metric used to be in the 60s when Brad was CEO. That is before any SG&A expense. Just the cost of the protein bars for example. MSLP is supposed to be paying .90 cents to the maker of the bars that MSLP sells for $1. No wonder MSLP is not paying their suppliers again!

MSLP loses $1.5m cash a MONTH if you believe their rosy fake financials as I've said for years now. They admit to fraud in the 10-K. Think about that. MSLP loses $50,000 every day including Saturday and Sunday. These are real cash losses and not depreciation and other non-cash losses.

Now the biggest change is how the ASSET value has shrunk while the LIABILITY value has exploded.

MSLP only shows $1.5m cash and $4.7m in Inventory and 4.8m in Accounts Receivable. That's it folks. $11m in assets. And this was as of December 31, 2019 and things are way worse now as MSLP claims to be declining at -10% right now.

Accounts Payable alone is $31m and MSLP is being sued by their 2 biggest suppliers for non-payment of MILLION$$$$$.....AGAIN

Do the math. Everything liquid asset MSLP owns including Accounts Receivable is $11m and they owe their product suppliers $31m right now and owe the shylocks Million$ more.

MSLP is paying their shylock lenders 16% interest for hocking Inventory for cash to fund the power bill.

The other shylock has cut the available borrowings for selling Accounts Receivable from $12m to $3m as MSLP is drowning in Legal losses.

Look who else they owe!!!! How many more examples of this do we need to see again as MSLP has lost everyone of these lawsuits in the past.

[turokman]

80m in annual sales

MusclePharm brands are marketed across major global retail distribution channels – Specialty, International and Food, Drug, and Mass (“FDM”). Our largest customers, Costco Wholesale Corporation (“Costco”), Amazon.com, Inc. (“Amazon”), and iHerb, LLC (“iHerb”) accounted for approximately 33%, 13% and 17% of our 2019 net revenue, respectively. Costco, Amazon and iHerb accounted for approximately 29%, 13% and 13% of our 2018 net revenue, respectively.

[mexico1]

New Officer....Secretary Added: Allen Sciarillo
Replacing Brian Casutto
Treasurer Added: Allen Sciarillo

[turokman]

Well we know that this stock is as liquid as a bag of rocks but today it looks possible
to buy.

I added 1000 shares today for $150.