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That was quick. Two CFOs in less than 30 days out the door.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 17, 2022, Eric Chin resigned as Chief Financial Officer, Chief Accounting Officer and Director of MusclePharm Corporation for personal reasons.
MSLP overstates $1m in revenue! What do you want to bet it is related to the energy drink?
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001415684/000149315222023755/form8-k.htm
Even the notification of the 10-Q being late....was late by 2 days. Does Ryan even come in to the office any longer? Oh, that's right....there is no office.
Q2 Financials were due yesterday. The dog ate my homework.
I suspect that the previous rockstar execs. that were brought on are long gone also...no mention of either in quite some time.
Ryan has been desperately cashing out his last remaining "personal assets" the past year IMO. I personally believe the money his sister transferred to him (by my best guess around $20m) that he poured into the convertible to avoid it becoming part of her divorce settlement, is now lost. Her husband sued her and the Drexler family for fraud.
https://nypost.com/2016/09/14/trust-funder-wife-ripped-me-off-in-business-deal-agency-chief/
But Ryan just sold his remaining real estate property....the house in Bev Hills to former Pimco bond king Bill Gross' young daughter as they shared a driveway on the property. The sale was at a huge discount and went for $20m coincidently.
Doesn't take a rocket scientist to speculate his sister wanted her money back ASAP and Ryan couldn't find the funds to even pay his property taxes on his Malibu house that is torn down and is now "embezzling" $7k a month from the company and shareholders for a rental home. He "embezzled" over $50k for moving expenses too.
This is all my speculation and opinion of course but it is all makes perfect sense and Ryan is now likely broke as a joke and has squandered his entire trust fund that daddy Halbert gave him.
Wonder if Ryan has sold daddy's Silver Lambo yet?
Maybe Sabina instead of trolling me, actually did some research on the information I posted and found it credible and realized she is an idiot.
I thought Ginger was getting awfully quiet, hence the new $400K a year bookkeeper I wrote made no sense a couple weeks ago.
HAHAHAHAHAHAHAHAHAHAHA
https://ih.advfn.com/stock-market/USOTC/muscle-pharm-pk-MSLP/stock-news/88577754/current-report-filing-8-k
Took her long enough.
How fake is this? .
200K shares "reported" trading in one day the middle of the week at .25 cents in desperate pump and dump scheme.
Now Friday the "ask" drops to .18 cents and 100 shares trade all session. Where is that buyer from just a day or two earlier? Doesn't want a -30% discount on his portfolio?
Make any sense? It does in a pump and dump scam with press release touting a "maybe" NASDAQ uplisting.
This can be considered a Ponzi Scheme business (selling 3rd party wares and collecting money, not paying the supplier) and an attempted "pump and dump" fraud on the shares IMO.
This is so shady, but that's CEO Ryan like when he hires one of best friends (despite a mention in the 10-K that there is no relationship between any officers) to become an officer and chair of the compensation committee that grants Ryan a $1m a year raise while the stock is down -90% and Revenue is down -80%.
An all but bankrupt company that is stiffing nearly all its suppliers and borrowing money at up 200% interest gives away 22m share warrants for basically nothing which would dilute current OS by 66%.
Creates a "maybe" NASDAQ uplisting (IMO, fake as they don't even qualify) and put out a Press Release.
Fire off a bunch of fake round trip trades at the very close of trading session to garner attention from penny share retail mooches.
Weeks go by on this equity with literally ZERO share volume but now 200k shares are roundtripping consistently on the pink sheets where their is no retail order rules and MM can basically fill as they wish or just plain fake trades that never initiate nor clear.
https://www.sec.gov/tcr
https://www.sec.gov/oiea/Complaint.html
https://www.sec.gov/tcr .
https://www.sec.gov/oiea/Complaint.html
Remember this post from just 3 weeks ago. Look how the MM pumped all the fake trades right at the bell to stir interest that I laid out had to happen soon in this failing Ponzi Scheme.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=169090313
Madcowelixir
Wednesday, June 08, 2022 1:02:15 PM
Post# 80737 of 80765
Yikes!!! Dilution Alert nearly doubles Outstanding Shares and More Massive Interest Expense as they continue to stiff suppliers to the point Combat Crunch Bars are no longer available. So $2.5m in cash supplied and draws ~20% interest in 6 months and 22m "free" shares (see below). Crazytown!
Quote:
MusclePharm announces additional private placement of $2.5M senior secured notes
Jun. 07, 2022 5:50 AM ETMusclePharm Corporation (MSLP)By: Niloofer Shaikh, SA News Editor
MusclePharm Corporation (OTCPK:MSLP) has increased its October 2021 offering to provide for the issuance and sale of an additional senior secured notes and warrants.
The company will issue an additional $3,081,875 in principal amount of 20% original issue discount senior secured notes, resulting in gross proceeds of approximately $2.465M.
The notes will be due six months from the issuance date.
The company has also agreed to issue the investors five-year warrants to purchase up to 22,013,393 shares of the company’s common stock which warrants will be exercisable immediately at $0.2310 per share.
The private placement is expected to close on or about June 8, 2022.
Net proceeds will be used for working capital, general corporate purposes and marketing and advertising for the company’s new energy line.
******Hmmmmmm? Now whomever this "secret" preferred shareholder is can literally short up to 22m shares of MSLP risk free. Today's price is ~ the exercise price therefore every share shorted protects the "mystery" financier from further downside so any downward share price is "profit" but also has 22m "free" shares to cover any potential appreciation in stock price. Now you just need volume which the market maker has been desperately trying to stir interest up with these 200k share likely round trip churn trades recently.
Here comes the pump...........you know what follows in the Ponzi Scheme.
The rest of my portfolio - pink and big board alike - closed on 60+ day highs and with daily volumes at or exceeding any over that same time period.
MSLP is down 33% over that timeframe, flat on the day, and traded a whopping 75 shares...this following coverage of their "Uplisting IPO" on SA.
Talk about a wet fart.
So what's the deal with Sabina? Sabina "only" makes $315K in salary and Ryan hires a new bookkeeper just 5 days ago at $400K?
A lot of mystery in this shylock bond deal with new titles; Sabina is now CFO, President and Board Member yet makes less than the new bookkeeper.
Another $400K a year bookkeeper yet Ryan can't pay the suppliers and has been sued for about $40,000,000 by my guestimate. Keep on Stiffin' Mr Chin.
linkin.com/madcowelixir
No soliciting please.
Slate Rock and Gravel Company - Broom Technician
2012-present
Unemployed
2008-2012
Self Employed - Aluminum Can Logistics Technician
1999-2008
Unemployed
1990-1999
MBA - Anderson School of Management
1988-1990
BS Mathematics - UCLA (Hey Reggie!)
1983-87
My interests: CRT, CNN, BJJ, BLM, SARMS, JDL, CEO, Surfing, Cycling, Driving Daddy's Cars.....
What does owning a business have to do with being able to read a company's financials? Every filing seems to have yet another note about a stiffed vendor filing suit, while referencing all of the past lawsuits that have been 'settled' but never paid.
I have a idea let’s invest in one madcows business, let me guess you don’t own one. So why should we take advice from you.
Hey, I have an idea............Let's scam nearly every supplier we have, get sued by about a dozen suppliers, endorsors, partners, employees, investors, etc.... and then advertise a reverse stock split and mention we may be moving to NASDAQ exchange (who have fairly strict qualifying financial standards over set past periods of time based on size and profitability of company) and have a stock offering party!!!!!!! Who wants to invest? Step right up foo............750 shares have traded this entire week and at .17 cents so literally $127 of MSLP has been "possibly" traded as on the pink sheets you can never be assured that any trade is between 2 consensual parties in a true transaction. Don't pay attention to the clause that says even though we are mentioning the NASDAQ we may not qualify. That 22m shares of overhang from the preferred note I spelled out the short strategy need to be sold retail and we will say anything to try for attention and sucker retail.
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001415684/000149315222017031/forms-1.htm
Another "scam" pulled by Ryan on a 9 year supplier; this one for $4.6m. SK Labs. Lets count some of the others: Capstone, 4Excelisor, Nutrablend, Bakery Barn, ThermoLife, Natural Flavors, etc.....all told probably $40m by my rough estimates. And SLC wonders how MusclePharm has avoided bankruptcy to date. Evidently you have to "steal" other businesses wares and not pay them and then sell the suppliers product to Costco and Amazon to fund MSLP's -$14.5m in losses the past 12 months.
When you desperately attempt to sell your product retail at the same price it cost you to buy it from your supplier.
Now calculate the up to 200% interest and fees you are paying on the capital to buy from the supplier.
Now calculate all the administration, salary, commissions, advertising, etc.. expenses associated with the desperate attempt to just move product.
Just like the initial Energy Drink International channel stuff was almost $500,000 and yet 6 months later only $31,000 of orders came back to refill AND expand the channel.
From 2021 10K showing year end sales that launched at the beginning of Q3
From 2022 Q1 10Q
This new Energy Drink is going over like a fart in church.
The darn quality control with supposed RockStar professionals who now work for MusclePharm. I see 10 verified reviews in the last 5 weeks on Amazon (not exactly flying off the shelves at 2 retail orders per week) and nearly every one reads like this which is the most recent:
Is Ryan having problems with inventory due to non-payment, like nearly every other vendor he has contracted with? Is the bottler forced to just throwing the variety packs together with the "spillage"? Or maybe Ryan is just bottling this stuff himself in his rental home garage since MSLP has no headquarters.
SLC-JD
I don't know.........the below pic is looking very much like the un-cast, yet very effeminate 4th Charlie's Angel.
Notice the hilarious clause I highlight in the 2021 10-K?
Sabina too, looks like she caught some of Ryan's propensity for delinquency when you read the bottom of the screenshot.
The "gentleman" in the pics with "Farrah" turned "Rick Rubin" is none other than Michael Heller, the "recently" appointed MSLP director and also chairperson of the compensation committee whose first and only "action" that I can tell was to give Ryan an additional $900,000 raise to $1.6m in 2021 despite greater than -80% decline in MSLP revenues since Ryan was appointed CEO.
The first pic looks like it was taken at Studio 54 at least two decades or more ago.
The second is just a little more recent when both we're going through that "furry" fetish, but clearly a "non-business" relationship Michael has existed for a "long" time.
But the 10-K is sworn and signed so we must "trust" all is on the up and up though not too long ago Ryan threw his former college roommate and best friend former MSLP COO Brian Cassuto under the bus when the MSLP reported revenue reported was found to be fraudulent "due to bad controls".
Brian took knife in the back.
I was leaning toward Sabina. I just can't see Drex's ego letting him assume a sockpuppet with a handle as feminine as "Ginger"
Madcow 101. 1. Madcow never owned a business. 2. Madcow is low level shorter. 3. Madcow knows nothing about finance, definitely not a CPA. Madcow show proof of life why we should even listen to you.
Trading 101
22m shares at .231 cents. That "should" be a firm price lid on this equity. Nothing higher unless it's a fake round tripper transaction IMO to bait retail but can't be sold into.
The "mystery" warrant holder should short every share at that price to protect his warrants (exercise price .231 cents) and profit on the equity price decline and yet have 22m shares at his disposal to cover any monkey business related to short squeeze.
Unless a real seller appears, this Market Maker will have an "ask" of .23 cents all day every day up to 22m shares of volume which this equity trades "organically" at about nil so it makes no difference.
Any "holder" of MSLP shares should now realize that the best case scenario for your sell price is BELOW .23 cents. If you "ask" .23 cents, you will be stepped over by the warrant holder and it could go lower if the warrant holder decides to short every retail share buyer that appears because he effectively is owed $10m and the warrants are essentially worthless and holds 1st lien on all assets except 2nd lien on the receivables that Prestige Financial purchases at 20% discount from Ryan.
Gross Margins don't cover this expense!
Ryan received $7m in this first "mystery" preferred secured note deal (October 2021) and was contracted to pay back $8.1m in 6 months (April 2022).
Ryan couldn't pay back the the $8.1m by the maturity date so now Ryan owes $9.8m.
These are Tony Soprano shylock rates.
How is Ryan going to pay back the penalty $3m in "juice" AND the $7m in "principal" when you couldn't pay even the original $1.1m of "juice" on time?
Ryan can't even come close to "break even" on EBITDA and is posting multimillion dollar operating losses, much less after the shylock "juice" payments that are due.
Let's look at last Q. $13m in revenue and 95% Cost of Revenue just from the suppliers (some of whom are not being paid and have pending lawsuits like Bakery Barn supplier of Combat Crunch Bars).
Ryan posted a loss of -$6.1 MILLION just in the 90 days of Q1 2022 and now they owe another $10m in debt to a "mystery" secured bond holder?
This is Crazy Town. Amazing that Ryan was able to charge you shareholders $50k for his personal moving expenses and a $7k a month allowance for a rental home.
Bet the trust fund baby wishes Daddy Halbert was still alive as he needs a bailout.....again......desperately.
Who is this "mystery" bondholder? They now effectively own 40% of MusclePharm and are owed $10m in cash due in just months and the shylock penalty "juice" is compounding at a Tony Soprano rate.
Ryan doesn't have that luxury. Can't even pay Bakery Barn the Combat Crunch Bar manufacturer so that revenue stream is no more.
Ryan's modus operandi has been to stiff the unsecured suppliers and marketers for as much as possible for as long as possible until they are forced to file a lawsuit.
Then Ryan threatens bankruptcy to get them to settle for pennies on the dollar spread out over years all the while raising his own salary and bonuses every year from about $500k his first year to $1.6m as of 2021 all the while revenues have declined over -80%.
This is how he has financed the losses since his ascension to CEO.
Remember the Capstone lawsuit? Excelsior4 lawsuit? Nutrablend lawsuit? TWO separate Bakery Barn lawsuits? Thermolife lawsuit? Arnold Schwartzenegger lawsuit? Tiger Woods lawsuit? Manchester City lawsuit? etc....... All told I am guessing well over $40m was essentially stolen, grifted or not paid and then as cherry on top was reported as profit on the financials covering up even greater massive operating losses.
Ryan falls delinquent on his personal residence property taxes so what does he do? Hires one of his party boy friends as compensation committee chairman and gets MSLP (hence shareholders) to give Ryan $7,000 a month for a rental home for himself.
I'd be interested to know if any of those proceeds are being used to pay the recent lawsuit loss.
The simple truth........
"mystery" entity just acquired 40% of MSLP (warrants for 22m new shares) for loaning Ryan $2.5m and gets paid back in 6 months at 20% interest.
Meanwhile Ryan is using these funds and stiffing suppliers to fund his $1.6m a year paycheck and his company fund paid $7,000 a month rent allowance for a place to park his daddy's Lambo.
The end is clearly nigh.
Yikes!!! Dilution Alert nearly doubles Outstanding Shares and More Massive Interest Expense as they continue to stiff suppliers to the point Combat Crunch Bars are no longer available. So $2.5m in cash supplied and draws ~20% interest in 6 months and 22m "free" shares (see below). Crazytown!
Shame i used plenty of their products for a couple of years and thought they were pretty good .
It was taken over by a trust fund baby born on third base who thinks he hit a triple.
What the hell happened to this company ? If I remember correctly the had 4 different lines of supplements and barely one .
Window Dressing anyone?
99% of the shares "traded" (and I use that term loosely as I suspect most of the trades on this equity are just round trippers) were for less than "3 nickels" but right before the bell 1% of the volume spikes the price to a 17% gain when you compare the close only. The low today where most of the trades occurred could have generated nearly double today. Almost a 100% gain when compared to the posted closing price just minutes before the closing bell.
The MM is trying desperately to get retail attention on this equity.
Cursory and Remedial Math
Let's just look at the interest, salary and commission structure of MSLP.
Interest is 18% on basically every dime of capital in addition to the "placement points".
The shylock -20% Accounts Receivable face value sales discount that MSLP uses since they have no capital.
Ryan's Salary $1.6m.
Two Rockstar laid-offed former salesmen. $20,000 a Month salary and 17.5% of the gross profit every dollar sold on Energy drinks.
I'm not even going to waste my time to calculate the revenue necessary just to break even because MSLP is discounting the heck out the retail product (the below verified example is over 30% retail discount) just to move it so the gross margins are probably nil.
In addition the "bottler" quality leaves a lot to be desired based on verified reviews
Imagine the limited "select" Hawaii and SoCal Costco customer service necessary to handle the refunds on the bottling issues.
Trust fund babies. Every aspect of this business under Ryan is a fail, just like his personal history with activist investing....ie Quiksilver and BebeSport and his failed single movie producer career so aptly named.
https://www.imdb.com/name/nm3573940/
SLC.....you forget to add "yet".
Did you see the stock price today (?) and the fact all the assets (Brand Name) are now secured by "secret preferred bondholder(s)" getting 18% interest along with Ryan's salary of $1.6m and his convertible getting an additional 18%. What a coincidence.
Bradley Billet ( https://nypost.com/2016/09/14/trust-funder-wife-ripped-me-off-in-business-deal-agency-chief/ ) can probably make an educated guess as to the identity "secret bondholders".
The only delay in the BK is the fact Ryan screwed nearly every supplier to the tune of $40m and basically stole their product and sold the product and kept all the money. You can delay BK for quite a while when the cost of product is being reported as 95% but is actually $0 because you stole it and kept the proceeds of the sales. The decline in revenue and massive losses is now causing this entire Ponzi Scheme to fall apart despite the fact the "settlements" to suppliers still have not been paid.
You won't have to wait much longer.
Neither will "Ginger" the brand new "paid premium" monicker just born a couple weeks ago and yet follows exclusively this dog of an equity that was trading near zero volume for several weeks surrounding the birth of the monicker.
Hmmmm.... Can you think of any potential ginger suspects phishing desperately for replies from me (madcow Crickets??) and making accusations of possible defamation and stating how this is all personal despite the fact I posted hundreds of posts of due diligence on this board several years before Ryan even came into the picture be linked to this Insta?
https://www.instagram.com/drexphotos/?hl=en
While some of Madcow's past statements may not have panned out (Drex never did BK the company and claim all of its assets...back when it actually had some), all of his more recent statements are reflected in public documents. Just because you can't find it doesn't mean it's not there.
they are not facts they are personal attacks with some personal knowledge i can’t find
Facts are not personal, they're facts.
I knew it was personal. You know him.
Definitely something personal. What did he do to you?
Perspective II the sequel
Ryan's annual salary is 25% of the total market cap of MusclePharm.
If Tim Cook used the same metric, he would be paid $600,000,000,000.00 a year or almost $2,000,000,000.00 a DAY.
Make sense to you?
It does to the recently hired MSLP compensation committee chair who just happens to be a long time party boy friend of Ryan.
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