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It's hard to doubt your opinions since you seemingly have been right about everything thus far. I respect your opinion very much. My record hasn't been as stellar. However, there's something telling me that this could be an unbelievable buying opportunity. Obviously, something serious happened since it resulted in the accounting firm resigning and the CEO ousted. We have been told that the financial statements can not be relied upon. Well, even if the numbers turn out to be just a quarter of what was originally expected, the PPS could soar. Probably just wishful thinking, but I have to have something hang on to.
Remember Tomorrow
I wonder if NGRP will ever file again
Right after the reverse merger with LIBE was announced, I wrote that Clifford Rhee's companies (Rhee was the principal owner of Ngen at the time) appeared to be ineptly run, or scams:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=150876519
It appears to have played out just as I suspected it might.
It's been nearly two months since Ngen filed an 8-K that its accountant had quit, and we've yet to see an announcement of a new accounting firm.
I wonder if NGRP will ever file again, or if one day Brian Conway comes back to sell the shell in a new reverse merger scheme.
I didn't see where they filed for a extension - NT 10-K.
IG
It's a scam laddie
They haven't filed a financial report since November 2019 for the 3rd quarter 10-Q.
For the annual report, they have until the end of June 2020 if they file a COVID-19 extension. They likely won't be able to get the 2019 10-K done by then, since they recently had to choose a new auditor.
Why does NGRP have a RED STOP SIGN ?
https://www.otcmarkets.com/stock/NGRP/security
Yes. I am hiding behind a chocolate "mousse"-- would you like some dessert?
You said NGen had Revenue of close to $200 million - what happened to that - I called BS when it was posted and the audited financials were fraudulent.
Now there is another scam that has revenue. Buyers Beware!
IG
No idea, man. Guy might just not understand how "pumping and dumping" works. I'm sure his lenders gave him a bit of a smack on the wrist for that one...
If one is looking for a producer of Flat panel TV's similar to NGRP I suggest one peer at my latest find . :) They already have over 2.5 million in additional revenue since the Virus outbreak :) In fact today they announced a 250.000 contract for Florida.
They are located in Georgia and did a partnership that now gives them the west coast as well !!
Yes they are experiencing serious dilution right now which is bad for "bagholders" but great for newbies IMHO
$GAXYGalaxy Next Generation Awarded Approximate $250,000 Contract from Scheck Hillel Community School in Miami, Florida
— WasFuzz2 (@Magnum7419) April 22, 2020
Does Scott Lucas have any baggage? Once a scam always a scam - I have never personally seen a turnaround.
IG
It means that the Conway paid minion lied about $200 million in revenue.
IG
Getting close to my .10-.20 buy target, but I already spent the NGRP bid money elsewhere 2 months ago.
Thanks for the summary. Does that mean audited Ngen financials (posted in the exhibits of a previous 8-K filing) for 2017 and 2018 are still good? B&Y only mentions 2019.
2019 annual report was due 3 weeks ago, but because of COVID-19, the SEC is providing conditional relief to public companies that are unable to file on time.
Accounting firm resigned. Financials shouldn't be relied upon
NGRP filed an 8-K yesterday, announcing that Benjamin & Young, LLP, the accounting firm it hired in October, 2019, resigned on April 14, 2020.
In that filing, the company stated the following about from a correspondence it received from B&Y on April 14, the day it resigned:
* On or about December 6, 2019, Benjamin & Young notified the Company’s prior management that (i) the Annual Ngen Financials should not be relied upon because Benjamin & Young did not complete the audit for such Annual Ngen Financials, and (ii) the Interim Ngen Financials should not be relied upon because Benjamin & Young did not review the Interim Ngen Financials.
* During December 2019, February 2020 and March 2020, Benjamin & Young discussed with the Company’s prior management that (i) the audit for the Annual Ngen Financials had not been completed, and (ii) the Report, the Annual Ngen Financials and the Interim Ngen Financials should not be relied upon.
* Benjamin & Young did not authorize the Company’s prior management that the Report, the Annual Ngen Financials or the Interim Ngen Financials could be filed with the Form 8-K.
Accordingly, the Report, the Annual Ngen Financials and the Interim Ngen Financials should not be relied upon.
In addition, on April 14, 2020, following receipt of the B&Y Correspondence, the Company’s sole director concluded that the unaudited financial statements for the three and nine month periods ended September 30, 2019, included as part of the Company’s Quarterly Report on Form 10-Q filed with the Commission on November 7, 2019, should no longer be relied upon.
The matters set forth in this Current Report on Form 8-K have been discussed with Benjamin & Young. The Company plans to open an investigation into the matters set forth in this Current Report on Form 8-K.
Of course it is material. The collapses of Rhee's companies CTX Virtual and Thomas Equipment appear to show that his businesses are built on big talk, large debt, very weak foundations, and no solid, audited filings.
The same appeared to be happening with Greenfield Farms Food before the SEC suspended the stock.
It will likely happen again with LIBE.
If Winters is your CEO, then chalk one up for "disaster".
How did Greenfield enter the picture?
IG
Strange. Greenfield still involved?
To the extent that the Security Agreement may not be terminated without the approval of Greenfield, as between Santa Monica, Ngen Texas and the Company, in the Restructuring Agreement, Santa Monica acknowledged and agreed that it will no longer have any interest in, rights to, or claims to, the collateral that is the subject of the Security Agreement. To the extent any Ngen Texas Agreement may not be terminated without the approval of any other person, as between Santa Monica, Ngen Texas and the Company, in the Restructuring Agreement, Santa Monica acknowledged and agreed that it will no longer have any interest in, rights to, or claims to, any such Ngen Texas Agreement.
I’m in for the long on this as well , Ironically , Carter&Rhee Iglo’s bad actors are out of the picture now.
Looks like a swap of shares for notes. Wipes out close to 10mill notes for 33mil shares Carter converted after the RS. Something is going on with this clean debt free shell. NGEN Technology still owns the products and patents. I've held this long can't sell now.
What the hell?? Is there any possibility this isn't the disaster it appears to be?
Remember Tomorrow
Bizarre, and way too much to unpack
It appears that Santa Monica Venture somehow foreclosed on the company, CEO Carter has resigned from NGRP, that he and Clifford Rhee have sold their 33M shares back to the company for $1, and that there is some restructuring going on involving a $774K note issued to Santa Monica which includes warrants for 1.4M shares at $0.0000071149 per share.
I guess that the supposed revenues from the sale of mufflers and 3D modules wasn't to keep the company out of trouble, after all.
https://www.sec.gov/Archives/edgar/data/1503161/000149315220005899/form8k.htm
Has anyone seen the newest 8k
https://www.otcmarkets.com/stock/NGRP/disclosure
I'm still watching from time to time. I popped on to see if anyone figured it out yet...
Hi Brian,
Can you elaborate on this comment you had made? It is from almost 3 months ago. I hadn't figured it out, but have been waiting patiently for it to reveal itself naturally. Since then absolutely nothing has happened. I remember you being excited about what your shares would be worth in 6 months when you can sell them. Aren't we at the 6 months? I'd appreciate hearing your thoughts on where we're at.
Thanks,
Remember Tomorrow
Carter and Rhee are in the share selling business - there isn't a real company involved.
IG
Silverman a holdover from LIBE. Folkerth recently hired.
Jay Silverman had been a director at LIBE since 2014, and stayed on when the reverse merger with NGen closed.
Steven Folkerth was was appointed the Chief Medical Officer and elected as director in September, 2019.
Thought you said only 2 people behind this ...
When strength returns so will I :)
This is standard boilerplate language for resignations:
"Dr. Folkerth's and Mr. Silverman's resignations are not as a result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices"
They understand it is a press release company and not a real business.
IG
What do you think that’s about?
"On March 17, 2020, Dr. Steven Folkerth notified the Board of Directors of Ngen Technologies Holdings Corp. (the "Company") of his resignation, effective immediately, from his position as a director and as the Company's Chief Medical Officer.
Also on March 17, 2020, Jay Silverman notified the Company's Board of Directors of his resignation, effective immediately, from his position as a director.
Dr. Folkerth's and Mr. Silverman's resignations are not as a result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices"
https://www.marketscreener.com/news/NGEN-TECHNOLOGIES-HOLDINGS-CORP-Change-in-Directors-or-Principal-Officers-form-8-K--30198020/
I'm still looking for cheap .10 to .20 shares.
What promoting? I heard nothing. This is dead....and so is half the world.
It looks like the rats abandoning the ship in the latest 8-K.
Those promoting NGen look pretty foolish.
IG
There was no warehouse full of lights lol. They didnt even have a functional prototype. Btw...wonder if that 50 million hit the bank. Maybe this is Chidocs revenge lol
You stated that Richard Lund was a Billionaire and was going to finance the purchase of a dilapidated Playboy club - but that never happened.
Wasn't Nipton in foreclosure and ERBB has been pumped so many times that no one believes any of the nonsense in a press release etc.
So Lund must not be very bright as Nipton hasn't become a mecca for weed smokers.
The link you provided is from the ERBB annual report that isn't audited - why would anyone believe anything about ERBB.
And LIBE didn't do anything with a fake contract - you don't know if the $5000 payment is true because Conway was allergic to being truthful.
Where is the proof that Libra is funding the Nipton project?
IG
I am sure you wont take the time to read the report from ERBB but here is a taste of DD. Now recall Sean and Richard Lund were going to fund "Legends" that fell thru..
and remember ERBB bought Nipton ..........
and remember LIBE had 5000 deposit for ten lights.....
now what happen to that warehouse full of lights ?
did Ngen want em ....... I doubt it.......I bet Brian kept em and the patent rights....
"American Green, Inc. (the “Company”) was formed on December 10, ... Sean P. Daly holds voting and investment power over Libra Fund, LLC ..."
https://backend.otcmarkets.com/otcapi/company/financial-report/232192/content
What is your proof of this - was it in a stinky pinky press release?
This is going to be fun.
IG
Who would be foolish enough to buy stock in a company doing a reverse split - why hold through a reverse split.
The pre-split price was $0.0006 - if I purchase 10 Million shares - after the split I would own 5000 shares.
The post split price was $0.88.
An investor paid $6000 for the 10 Million shares - after the split the 10 Million shares would be worth $4400.
Now the price is $0.58 and your $6000 investment is worth $3480.
So the true losses is 42%.
I prefer to use the post split price and current price which is a loss of 34%.
The reverse split as always has been a disaster for those that held.
Carter and Rhee are serial scammers - NGen doesn't generate any revenue. I can only hope they produce fraudulent financials for the SEC.
IG
FYI NIPTON is back on and funded by LIBRA FUND :)
What exactly has Carter and Rhee accomplished that gives you confidence in them - is it the way they drive GRAS into the ground?
IG
Even worse, it's barely a web-page. Just works on "investor relations," likely building off his grand success running LIBE - you know, blaming customers and investors for his failures, launching convoluted and incoherent press releases, signing worthless LOIs (Letters of 'I Tried.')
https://thewaypointrefinery.com/
Stop the press...
Conway. The guy who took this ticker through the ringer, to the dump, through a cesspool, threw a lifejacket, then drove the car off a cliff was:
He said he was not happy with the deal he ended up with when NGEN bought him out.
He's still going on about the magic of 'averaging down,' while also selling shares at a loss and repurchasing those shares and magically showing an unrealized gain? Incredible. I figured things would have died down by now with this stock.
It took so long because of FINRA. I assume they had questions and couldn't approve the corporate actions right away.
I like what I'm reading there offshore.
Thanks for the update. Carter and Rhee are not playing OTC games so that tells me that they have their sights set on bigger and better things.
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