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Revenues up? There are no REVENUES, lmao - What are you folks doing????
Look at the 10Q - there is NO LINE for Revenues... INCREDIBLE!
Taking a shell, front loading it, and then pumping it to the masses?
The only reason I "invested" in this stock a couple of years ago, was the fact that they indicated they were planning an acquisition with the 11 million dollars they had at that time.
Now, they have burned most of the cash, are prevented by lawsuits from making an acquisition, and are including Chapter 11 bankruptcy warnings in their filings.
From the Nov. 16th 10Q:
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x
The only reason this stock has any value at all is the cash it is holding, but is burning at a consistent and predictable rate, down to 0 and Chapter 11 bankruptcy.
LIQUIDITY AND CAPITAL RESOURCES
Our cash balance as of September 30, 2009 amounts to approximately $4.0 million.
During the nine-month period ended September 30, 2009, we used cash from operating activities of approximately $2.4 million, primarily resulting from:
· net loss of approximately $2.8 million, adjusted for the amortization of debt discount of approximately $140,000 and an increase in allowance for bad debt of $80,000; and
· a decrease in income tax payable of approximately $140,000 resulting from the current pre-tax loss offset by a taxable gain of $2.5 million resulting from the satisfaction of our obligations to Mark Nordlicht, a stockholder and our former Chairman of the Board;
During the nine-month period ended September 30, 2009, we used cash in investing activities, resulting from purchases of five notes receivable aggregating $80,000;
During the nine-month period ended September 30, 2009, we satisfied our obligations of approximately $5.0 million to Mark Nordlicht, and repurchased 4,095,075 shares of our common stock for a consideration aggregating $2,575,000.
During the nine-month period ended September 30, 2008, we used cash from operating activities of approximately $301,000, primarily resulting from:
· net loss of approximately $1.6 million, adjusted for the amortization of debt discount and depreciation of approximately $284,000 and $162,000, respectively;
· a decrease in prepaid income taxes assets resulting from the reimbursement during the nine-month period ended September 30, 2008 of the 2007 federal estimated tax payments /income tax payable offset by the current year tax benefits resulting from operating losses; and
· an increase in other receivable of approximately $260,000 representing insurance proceeds receivable from our insurance carrier for legal fees incurred in connection with certain legal matters disclosed in Item 1 of Part II of this report.
The only reason the share count went down, is because the company was forced to buy back some shares from the previous Chairman of the Board - Mark Nordlicht.
During the nine-month period ended September 30, 2009, we satisfied our obligations of approximately $5.0 million to Mark Nordlicht, and repurchased 4,095,075 shares of our common stock for a consideration aggregating $2,575,000.
Selling, general, and administrative expenses
Selling, general, and administrative expenses consists primarily of legal fees, incurred in connection with the Company’s attention to matters described in Part II, Item 1- Legal Proceedings or to handle certain matters which occur during the course of our operations, and compensation of personnel supporting our operations.
The increase in selling, general, and administrative expenses during the three-month and nine-month periods ended September 30, 2009, when compared to the prior year period is primarily due to the following:
· Higher legal fees incurred in connection with an increased number of litigations handled during 2009 as well as legal fees incurred in connection with our annual meeting of stockholders in March 2009 and the satisfaction of our obligations to Mark Nordlicht, a stockholder and our former Chairman of the Board, which occurred in February 2009.
As a result of the matters discussed above and in Item 1 of Part II of this Report, we believe that our legal fees for 2009 will continue to constitute a large share of our selling, general, and administrative expenses.
RISKS RELATED TO OUR BUSINESS
WE MAY NOT BE ABLE TO CONTINUE TO OPERATE AS A GOING CONCERN
The Company is unable to determine whether it will have sufficient funds to meet its obligations for at least the next twelve months. The combination of our anticipated legal costs to defend against the current legal proceedings described under the heading “Legal Proceedings” in Item 1 of Part II of this Report, the potential settlements the Company would have to pay assuming there are negative outcomes to such legal proceedings, and the Company’s indemnification obligations may exceed the Company’s resources, and therefore the Company may not be able to meet such obligations which would have a material adverse effect on the Company’s ability to continue as a going concern. The Company’s future depends on its ability to satisfactorily resolve these legal issues, although there can be no assurance that we will be able to achieve a satisfactory resolution. While the Company is considering several alternatives, these legal proceedings also negatively impact our ability to enter into strategic transactions with other companies, and there can be no assurance that we will be able to enter into or complete any such transaction. If the Company fails for any reason to satisfactorily resolve these issues, it would not be able to continue as a going concern and the Company could potentially be forced to seek relief through a filing under the US Bankruptcy Code.
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001437749%2D09%2D001758%2Etxt&FilePath=%5C2009%5C11%5C16%5C&CoName=OPTIONABLE+INC&FormType=10%2DQ&RcvdDate=11%2F16%2F2009&pdf=
Bankruptcy warning: It appears the cash burn rate should just about finsh OPBL's cash this quarter, then they won't have any cash for acquisition, lawsuit settlements, etc... and they will be done.
Good luck with this one...
Going Concern
The Company is unable to determine whether it will have sufficient funds to meet its obligations for at least the next twelve months. The combination of its anticipated legal costs to defend against current legal proceedings, the potential amounts the Company would have to pay if there are negative outcomes in one or more of such legal proceedings and the Company's obligations under its indemnification obligations could exceed the Company's resources. The legal proceedings also negatively impact the Company's ability to enter into strategic transactions with other companies. The Company's future depends on its ability to satisfactorily resolve the aforementioned legal issues and there is no assurance it will be able to do so. If the Company fails for any reason, it would not be able to continue as a going concern and could potentially be forced to seek relief through a filing under the US Bankruptcy Code.
OPBL - OPTIONABLE INC (OTCBB)
Date Open High Low Last Change Volume % Change
11/20/09 0.0380 0.0380 0.0260 0.0260 -0.0120 118000 -31.58%
Composite Indicator
Trend Spotter TM Hold
Short Term Indicators
7 Day Average Directional Indicator Buy
10 - 8 Day Moving Average Hilo Channel Hold
20 Day Moving Average vs Price Buy
20 - 50 Day MACD Oscillator Buy
20 Day Bollinger Bands Hold
Short Term Indicators Average: 60% - Buy
20-Day Average Volume - 112435
Medium Term Indicators
40 Day Commodity Channel Index Buy
50 Day Moving Average vs Price Buy
20 - 100 Day MACD Oscillator Buy
50 Day Parabolic Time/Price Buy
Medium Term Indicators Average: 100% - Buy
50-Day Average Volume - 68820
Long Term Indicators
60 Day Commodity Channel Index Buy
100 Day Moving Average vs Price Buy
50 - 100 Day MACD Oscillator Buy
Long Term Indicators Average: 100% - Buy
100-Day Average Volume - 50826
Overall Average: 80% - Buy
Price Support Pivot Point Resistance
0.0260 0.0180 0.0300 0.0420
might shhow up on peeps vol spike scans...with yesterdays nice vol spike...
I have to drive daughter to school in 2 hours, and drive to airport...may not be here rest of day...so lets see where we are at...
Here is the history of sales here.
2009/11/19 0.020 0.070 0.018 0.038 1,331,322 0.038
2009/11/18 0.020 0.024 0.020 0.020 90,152 0.020
2009/11/17 0.023 0.024 0.020 0.020 77,000 0.020
2009/11/16 0.023 0.023 0.018 0.018 51,000 0.018
2009/11/13 0.024 0.024 0.023 0.023 34,293 0.023
2009/11/12 0.025 0.025 0.023 0.023 39,975 0.023
2009/11/11 0.024 0.025 0.024 0.025 153,014 0.025
2009/11/10 0.026 0.026 0.024 0.024 47,000 0.024
2009/11/09 0.026 0.026 0.026 0.026 3,000 0.026
2009/11/06 0.026 0.026 0.026 0.026 100 0.026
2009/11/05 0.024 0.027 0.024 0.027 6,000 0.027
2009/11/04 0.027 0.027 0.024 0.024 5,500 0.024
2009/11/03 0.027 0.027 0.027 0.027 20,000 0.027
2009/11/02 0.023 0.023 0.023 0.023 1,100 0.023
2009/10/30 0.023 0.023 0.023 0.023 4,400 0.023
2009/10/29 0.023 0.023 0.023 0.023 6,000 0.023
2009/10/28 0.023 0.023 0.023 0.023 70,400
Well, with the 10Q out, I am sure those holders of stock know what they now have too!!!
best to try and keep low profile and not draw too much attention with New highs, or volume...especially on a friday $$
you driving today?
Lets just keep upticking the bid and see what they do
test the .033 small then...
I quess they are reading are posts.
Asked moved to .04 now.
lets try to ease in on this one guys...stay on the .03's, lets see what happens near end of day...
I think this is best option.,.,,
No fill yet..
That is why I was asking. i want to test the .033 to see how thin.
Thanks I do like this one to go with the iscr for sure.
Yes, I have a nice 50k position, but bidding for more at .03. Time for some ask slapping?
Hey aliangel! board marked and doing some DD.
Have everyone got in yet as they are not filling my next order at the .03.
Thanks for the technicals and there are no sellers for sure here. lol
Thx for sharing that information, very enlightening
wow, .14 ask... I posted some R and S nos...
will check, one sec...
http://stockcharts.com/h-sc/ui
wow, I see why its ask .14
rsi above 50 just crossed, oversold on stoc, and moving avg crossover 50 >200
.04 .07 .125 .25
Thanks I just saw three over the fourteen. it is thin with three different mm on the bid for sure.
Thin to .07 actually ... some MMs moved higher, most at .14+
3at .26 for awhile now and the ask is .033 now.
I look for that to change as the day goes by for sure. It is a very thin l2 to four from here for sure.
3 x .026 (big bidder)
1 x .025 (big bidder)
3 x .02 (small time)
Going to join those bids then...ty.
can you tell me depth on bid?
Bid is stacked at .025/.026. Bidding for more like a lot of other folks apparently : )
I am just sitting and waiting at the .026 for more. LOL Looks like we will have some nice entries for a bunch to get in today for sure. I am looking for the close to be back above the four here today.
@@ $$$$$Excellent track record of undervalued plays indeed.
Need tix for the show though...!!!, now shhhh! and bid easily, plz.
before your 4130 members of your site, find out. $$$$$LOL>
OPTIONALBE INC
Daily Commentary
Our system posted a BUY CONFIRMED today. The previous SELL recommendation was issued on 11.10.2009 (9) days ago, when the stock price was 0.0260. Since then OPBL has gained 46.15
OPBL - OPTIONABLE INC (OTCBB)
Date Open High Low Last Change Volume % Change
11/19/09 0.0200 0.0700 0.0180 0.0380 +0.0180 1331322 +90.00%
Composite Indicator
Trend Spotter TM Hold
Short Term Indicators
7 Day Average Directional Indicator Buy
10 - 8 Day Moving Average Hilo Channel Buy
20 Day Moving Average vs Price Buy
20 - 50 Day MACD Oscillator Hold
20 Day Bollinger Bands Buy
Short Term Indicators Average: 80% - Buy
20-Day Average Volume - 111281
Medium Term Indicators
40 Day Commodity Channel Index Buy
50 Day Moving Average vs Price Buy
20 - 100 Day MACD Oscillator Buy
50 Day Parabolic Time/Price Buy
Medium Term Indicators Average: 100% - Buy
50-Day Average Volume - 66464
Long Term Indicators
60 Day Commodity Channel Index Buy
100 Day Moving Average vs Price Buy
50 - 100 Day MACD Oscillator Buy
Long Term Indicators Average: 100% - Buy
100-Day Average Volume - 49647
Overall Average: 88% - Buy
Price Support Pivot Point Resistance
0.0380 -0.0100 0.0420 0.0940
OPTIONALBE INC
Daily Commentary
Our system posted a BUY-IF today. The previous SELL recommendation was issued on 11.10.2009 (8) days ago, when the stock price was 0.0260. Since then OPBL has fallen -23.08% .
The Ibox is updated with the 1-q and the mods are onboard.
Company has nice revenues increases and should o very well here. Any info any team members here has feel free to share with the board. i am looking for another great board here to add to the list of real companies that are depressed on the OTCBB market.
The marketcap is small for this low floater and they did reduce the number of shares by 4 million on the lastest 10q. Please feel free to add any other comments.
Dave
Optionable, Inc. (OPBL) | Show iBox | OPBL Stock Quote, News, Charts Board Search: 2009 2008 2007 2006 2005 2004 2003+
Moderator: aliangel Assistants: stocksurgeon, Burntwood, kuwlness
Likewise sir. Will be doing some ask-slapping tomorrow and I'm sure some more familiar faces will start to show up.
I agree and I will get more posted tonight and this weekend. Gald to have some familiar peeps here to get this the price it deserves.
Dave
Thx for the info aliangel. I bought in EOD. Things looking up from here IMO
here is the website.
http://www.optionable.com/index2.htm
Company Overview
Products & Services
News
Investor Relations
Contact Us
Click Here for E-Proxy Information
© Copyright 2000-2009 Optionable, Inc.
Revenues up and she is reducing the float smaller.
OPTIONABLE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three-month period ended For the six-month period ended
June 30, June 30,
2009 2008 2009 2008
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Operating expenses:
Selling, general and administrative $ 1,212,833 $ 582,849 $ 2,275,648 $ 1,604,584
Research and development - 215,400 - 460,445
Total operating expenses 1,212,833 798,249 2,275,648 2,065,029
Operating loss (1,212,833 ) (798,249 ) (2,275,648 ) (2,065,029 )
Other income (expense):
Interest income 7,006 68,095 34,691 156,688
Interest expense to related parties (12,718 ) (94,500 ) (128,776 ) (186,219 )
Total other expenses (5,712 ) (26,405 ) (94,085 ) (29,531 )
Loss before income tax (1,218,545 ) (824,654 ) (2,369,733 ) (2,094,560 )
Income tax benefit ( expense) 216,818 313,643 (261,804 ) 809,414
Net loss $ (1,001,727 ) $ (511,011 ) $ (2,631,537 ) $ (1,285,146 )
Basic earnings per common share $ (0.02 ) $ (0.01 ) $ (0.05 ) $ (0.02 )
Diluted earnings per common share $ (0.02 ) $ (0.01 ) $ (0.05 ) $ (0.02 )
Basic and diluted weighted average common
shares outstanding 48,328,328 52,023,047 49,617,937 52,023,047
Contact Information Business Description
Optionable, Inc.
555 Pleasantville Road
South Building
Suite 110
Briarcliff Manor, NY 10150
Phone: (914) 773-1100
OTC Market Tier
Pink Quote/OTCBB
Primary SIC — Industry Classification
6200 - Security & Commodity Brokers, Dealers, Exchanges & Services
Business Stage
Shell Company
State Of Incorporation
DE
Jurisdiction Of Incorporation
United States
Company Officers
Thomas Burchill, CEO, President
Marc Andre-Boisseau, CFO
SEC Reporting Status
SEC Reporting Company
CIK
0001303433
Fiscal Year End
12/31
Estimated Market Cap
$1,048,468 as of Nov 18, 2009
Outstanding Shares
52,423,403 as of Aug 11, 2008
Number of Shareholders of Record
15 as of Mar 31, 2008
I have a feelin there is something coming here for sure. i am looking into the info now.
Volume spike today. Someone know somthing or is somone trying to dump?
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 14, 2009
OPTIONABLE, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware 000-51837 52-2219407
(State of Incorporation) (Commission File Number) (IRS Employer ID)
95 Croton Avenue, Suite 32, Ossining, New York, 10562
(Address of principle executive offices)
(914) 773-1100
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
--------------------------------------------------------------------------------
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On April 14, 2009, the Board of Directors of Optionable amended and restated Optionable’s by-laws (as amended and restated, the “By-Laws”), effective immediately. The amendments establish the requirements that stockholders must satisfy in order to validly nominate directors for election at, and to propose other business intended to be brought before, stockholder meetings. The amendments also establish the duties and the authority of the “chairman” of a meeting of stockholders. These amendments are contained in Sections 11 and 12 of Article I.
The foregoing descriptions do not purport to be complete and are qualified in their entirety by reference to the By-Laws, a copy of each is attached hereto as an exhibit.
--------------------------------------------------------------------------------
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
3.1 Amended and Restated By-Laws of Optionable, Inc.
--------------------------------------------------------------------------------
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
OPTIONABLE, INC.
Date: April 17, 2009 By: /s/ Marc-Andre Boisseau
Marc-Andre Boisseau
Chief Financial Officer
Exhibit 3.1
AMENDED AND RESTATED
BY-LAWS
OF
OPTIONABLE, INC.
ARTICLE I
Stockholders
Section 1. Annual Meeting . The annual meeting of the stockholders of the Corporation shall be held annually at the registered office of the Corporation at such place within or without the State of Delaware, at such time and on such date as may from time to time be designated by the Board of Directors, for the election of directors and for the transaction of any other proper business.
Section 2. Special Meetings . Special meetings of the stockholders of the Corporation may be called at any time and from time to time by the President or by a majority of the directors then in office, and shall be called by the Secretary upon the written request of stockholders holding of record at least a majority in number of the issued and outstanding shares of the Corporation entitled to vote at such meeting. Special meetings shall be held at such place within or without the State of Delaware, at such time and on such date as shall be specified in the call thereof.
Section 3. Notice of Meetings . Written notice of each meeting of the stockholders, stating the place, date and hour thereof and, in the case of a special meeting, the purpose or purposes for which it is called, shall be given, not less than ten nor more than sixty days before the date of such meeting (or at such other time as may be required by statute), to each stockholder entitled to vote at such meeting. If mailed, such notice is given when deposited in the United States mail, postage prepaid, directed to each stockholder at his or her address as it appears on the records of the Corporation.
Section 4. Waiver of Notice . Whenever notice is required to be given of any annual or special meeting of the stockholders, a written waiver thereof, signed by the person entitled to notice, whether before or after the time stated in such notice, shall be deemed equivalent to notice. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders need be specified in any written waiver of notice. Attendance of a person at a meeting of the stockholders shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.
Section 5. Adjournment . When any meeting of the stockholders is adjourned to another time or place, notice need not be given of the adjourned meeting if the time and place to which the meeting is adjourned are announced at the meeting at which the adjournment is taken. At the adjourned meeting any business may be transacted which might have been transacted at the original meeting. If the adjournment is for more than 30 days, or if after such adjournment the Board of Directors shall fix a new record date for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at such meeting.
Section 6. Quorum . At any meeting of the stockholders the presence, in person or by proxy, of the holders of a majority of the issued and outstanding shares of the Corporation entitled to vote at such meeting shall be necessary in order to constitute a quorum for the transaction of any business. If there shall not be a quorum at any meeting of the stockholders, the holders of a majority of the shares entitled to vote present at such meeting, in person or by proxy, may adjourn such meeting from time to time, without further notice to the stockholders other than an announcement at such meeting, until holders of the amount of shares required to constitute a quorum shall be present in person or by proxy.
--------------------------------------------------------------------------------
Section 7. Voting . Each stockholder shall be entitled to one vote for each share of capital stock held by such stockholder. Voting need not be by ballot, except that all election of directors shall be by written ballot unless otherwise provided in the Certificate of Incorporation. Whenever any corporate action is to be taken by vote of the stockholders, it shall, except as otherwise required by law or by the Certificate of Incorporation, be authorized by a majority of the votes cast at a meeting of stockholders of the holders of shares entitled to vote thereon, except that all elections shall be decided by a plurality of the votes cast.
Section 8. Action Without a Meeting . Any action required or permitted to be taken at any annual or special meeting of stockholders may be taken without a meeting thereof, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Prompt notice of the taking of such corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing.
Section 9. Record Date . The Board of Directors may fix, in advance, a record date, which shall not be more than sixty nor less than ten days before the date of any meeting of stockholders, nor more than sixty days prior to any other action, as the record date for the purpose of determining the stockholders entitled to notice of or to vote at any meeting of the stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action.
Section 10. Proxies . Each stockholder entitled to vote at a meeting of stockholders or to express consent or dissent to corporate action in writing without a meeting may authorize another person or persons to act for him or her by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period.
Section 11. Director Nominations and Other Proposals . (a) At any meeting of stockholders, only such nominations for directors will be made and only such other business will be conducted as will have been properly brought before the meeting. To be properly brought before a meeting, nominations and other business must be (i) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors, (ii) otherwise properly brought before the meeting by or at the direction of the Board of Directors, or (iii) otherwise properly brought before the meeting by a stockholder who is entitled to vote at the meeting and who complies with the notice procedures set forth in this section.
(b) In order for a stockholder to bring any item of business, including nominations for directors, before a meeting of stockholders, such stockholder must provide timely notice in writing to the Corporation.
--------------------------------------------------------------------------------
(i) To be timely for an annual meeting of stockholders, a stockholder’s notice must be received at the principal executive office of the Corporation no later than the close of business on the ninetieth (90 th ) day nor earlier than the close of business on the one hundred twentieth (120 th ) day prior to the first anniversary of the preceding year’s annual meeting; provided, however, if the date of the annual meeting is more than thirty (30) days before or more than sixty (60) days after the anniversary date of the previous year’s annual meeting, a stockholder’s notice must be so received no earlier than the close of business on the one hundred twentieth (120 th ) day prior to the upcoming annual meeting and not later than the close of business on the later of (x) the ninetieth (90 th ) day prior to the upcoming annual meeting and (y) the tenth (10th) day following the date on which the Corporation files a public document with the Securities and Exchange Commission announcing the date of the upcoming annual meeting. In no event shall any adjournment or postponement of an annual meeting, or the announcement thereof, commence a new time period for the giving of a stockholder’s notice as described above.
(ii) To be timely for any special meeting of stockholders, a stockholder’s notice must be received at the principal executive office of the Corporation no earlier than the close of business on the one hundred twentieth (120 th ) day prior to the special meeting and not later than the close of business on the later of (x) the ninetieth (90 th ) day prior to the special meeting and (y) the tenth (10th) day following the date on which the Corporation files a public document with the Securities and Exchange Commission announcing the date of the annual meeting. In no event shall any adjournment or postponement of a special meeting, or the announcement thereof, commence a new time period for the giving of a stockholder’s notice as described above.
(c) In order for a stockholder to bring any item of business, including nominations for directors, before a meeting of stockholders, such stockholder must provide notice that, in addition to meeting the timeliness requirements of this section, sets forth the following information together with a representation as to the accuracy of the information:
(i) as to the stockholder who is making the proposal and the beneficial owner, if any, on whose behalf the proposal is being made (collectively, the “Holder”):
(A) the name and address of the Holder,
(B) the number of shares in the Corporation that are directly or indirectly owned beneficially and/or of record by the Holder as of the date of the notice, and the Holder’s agreement to notify the Corporation in writing within five business days after the record date for the meeting of the number of shares of the Corporation owned, directly or indirectly, beneficially and/or of record by the Holder as of the record date for the meeting,
(C) any agreement, arrangement, contract or understanding (including any derivative or short positions, profit interests, options, hedging transactions, and borrowed or loaned shares) that has been entered into as of the date of the stockholder’s notice by, or on behalf of, the Holder, the effect or intent of which is to mitigate loss, manage risk or benefit from changes in the share price of shares in the Corporation, or increase or decrease the voting power of the Holder with respect to shares of the Corporation, and the stockholder’s agreement to notify the Corporation in writing within five business days after the record date for such meeting of any such agreement, arrangement or understanding in effect as of the record date for the meeting,
(D) any agreement, arrangement, contract, proxy or understanding pursuant to which the Holder has a right to vote or has granted a right to vote any shares of the Corporation,
(E) any rights to dividends on the shares of the Corporation owned beneficially by the Holder that are separated or separable from the underlying shares of the Corporation,
(F) any arrangement, rights, or other interests described in Section 11(c)(i)(B)-(E) held by members of such Holder’s immediate family,
--------------------------------------------------------------------------------
(G) any other information relating to the Holder that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for, as applicable, the proposal and/or for the election of directors in a contested election pursuant to Section 14 of the Securities Exchange Act and the rules and regulations thereunder,
(H) any other information as reasonably requested by the Corporation and
(I) a representation that the Holder intends to appear in person or by proxy at the meeting to present the nomination.
(ii) as to proposal(s) other than a proposal to nominate a director or directors:
(A) a brief description of the business desired to be brought before the meeting, the text of the proposal or business (including the text of any resolutions proposed for consideration), the reasons for conducting such business at the meeting of stockholders and any material interest in such business of the stockholder and the beneficial owner, if any, on whose behalf the business is being proposed and
(B) a description of all agreements, arrangements and understandings, direct and indirect, between the Holder and any other person or persons in connections with the proposal of such business by the Holder.
(iii) as to nomination(s) of director or directors (other than those made by or at the direction of the Board of Directors):
(A) the name, age, business address and residential address of the person whom the stockholder proposes to nominate for election or re-election as a director,
(B) the principal occupation or employment of such person,
(C) the class and number of shares of the Corporation which are owned by such person, including shares beneficially owned and shares held of record,
(D) a written statement, executed by such person, in which such person consents to being nominated and agrees to serve as a director if elected,
(E) a written statement executed by such person acknowledging that, as a director of the Corporation, such person will owe a fiduciary duty, under the General Corporation Law of the State of Delaware, to the Corporation and its stockholders,
(F) any other information relating to such person that is required to be disclosed in solicitations of proxies for elections of directors pursuant to Section 14 of the Securities Exchange Act and the rules and regulations thereunder and
(G) a description of all direct and indirect compensation and other material monetary agreements, arrangements, and understandings during the past three years, and any other material relationships, between or among the Holder and respective affiliates and associates, or others acting in concert therewith, on the one hand, and each proposed nominee, and his or her respective affiliates and associates, or others acting in concert therewith, on the other hand, including, without limitation all information that would be required to be disclosed pursuant to Item 404 of Regulation S-K if the Holder making the nomination or on whose behalf the nomination is made, if any, or any affiliate or associate thereof or person acting in concert therewith, were the “registrant” for the purposes of Item 404 and the nominee were a director or executive officer of such registrant.
(d) At the request of the Board of Directors, any person nominated by a stockholder for election as a director will furnish to the Board of Directors information as the Board of Directors may reasonably require to determine the eligibility of the proposed nominee to serve as a director of the Corporation.
(e) If the Holder and the Holder’s nominee (if any) do not provide the information required under the foregoing paragraphs of this section, or if the stockholder providing notice or his/her representative does not appear at the meeting of stockholders to present his/her proposal, whether for a nomination or other matter, such proposal shall be disregarded, notwithstanding that proxies or votes in favor of such defective nomination or other proposal may have been received.
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(f) No business will be conducted at any meeting except in accordance with the procedures and provisions set forth in this section. The chairman of the meeting may determine and declare at the meeting that a nomination or other proposal was not made in accordance with the procedures and provisions prescribed by these By-laws, and in such event the defective nomination or other proposal will be disregarded.
(g) Nothing in these Bylaws shall be deemed to affect any rights of stockholders to request inclusion of proposals in the Corporation’s proxy statement pursuant to Rule 14a-8 under the Exchange Act.
Section 12. Procedures at Meetings of Stockholders . Meetings of stockholders shall be presided over by the chairman of the meeting, appointed by the Board of Directors. The Board of Directors will be entitled to make such rules or regulations for the conduct of meetings of stockholders as it will deem necessary, appropriate or convenient. Subject to such rules and regulations of the Board of Directors, if any, and subject to applicable laws and these By-laws, the chairman of the meeting will have the right and authority to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are necessary, appropriate or convenient for the proper conduct of the meeting, including, without limitation, establishing an agenda or order of business for the meeting, rules and procedures for maintaining order at the meeting and the safety of those present, and limitations on time allotted to questions or comments by participants.
ARTICLE II
Directors
Section 1. Number . The Board of Directors shall consist of not less than two (2) and no more than nine (9) members, the precise number to be determined by the Board of Directors from time to time.
Section 2. Term of Office . Each director shall hold office until his or her successor is elected and qualified or until his or her earlier death, resignation or removal.
Section 3. Meetings . A meeting of the Board of Directors shall be held for the election of officers and for the transaction of such other business as may come before such meeting as soon as practicable after the annual meeting of the stockholders. Other regular meetings of the Board of Directors may be held at such times as the Board of Directors of the Corporation may from time to time determine. Special meetings of the Board of Directors may be called at any time by the President of the Corporation or by a majority of the directors then in office. Meetings of the Board of Directors may be held within or without the
State of Delaware.
Section 4. Notice of Meetings; Waiver of Notice; Adjournment. No notice need be given of the first meeting of the Board of Directors after the annual meeting of stockholders or of any other regular meeting of the Board of Directors. Notice of a special meeting of the Board of Directors, specifying the place, date and hour thereof, shall be delivered personally, mailed or telegraphed to each director at his or her address as such address appears on the books of the Corporation at least two business days (Saturdays, Sundays and legal holidays not being considered business days for the purpose of these By-Laws) before the date of such meeting. Whenever notice is required to be given under any provision of the Certificate of Incorporation or these By-Laws, a written waiver thereof, signed by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a director at a special meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders, the directors or any committee of directors need be specified in any written waiver of notice unless so required by the Certificate of Incorporation or these By-Laws. A majority of the directors present whether or not a quorum is present, may adjourn any meeting to another time and place. Notice need not be given of the adjourned meeting if the time and place to which the meeting is adjourned are announced at the meeting at which the adjournment is taken, and at the adjourned meeting any business may be transacted that might have been transacted at the original meeting.
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Section 5. Quorum; Voting . A majority of the total number of directors shall constitute a quorum for the transaction of business. The vote of the majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.
Section 6. Participation by Telephone . Members of the Board of Directors or any committee thereof may participate in a meeting of the Board of Directors or such committee by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting by such means shall constitute presence in person at such meeting.
Section 7. Action Without a Meeting . Any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting if all members of the Board of Directors or such committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceeding of the Board of Directors or of such committee.
Section 8. Committees . The Board of Directors may, by resolution passed by a majority of the whole Board, designate one or more committees, each committee to consist of one or more of the directors. Any such committee, to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed by the officers on all papers which may require it, but no such committee shall have the power or authority in reference to (a) amending the Certificate of Incorporation (except that a committee may, to the extent authorized in the resolution or resolutions providing for the issuance of shares of stock adopted by the Board of Directors, fix the designations and any of the preferences or rights of such shares relating to dividends, redemption, dissolution, any distribution of the assets of the Corporation or the conversion into, or the exchange of such shares for, shares of any other class or classes or any other series of the same or any other class or classes of stock of the Corporation, or fix the number of shares of any series of stock or authorize the increase or decrease of the shares of any series); (b) adopting an agreement of merger or consolidation; (c) recommending to the stockholders the sale, lease or exchange of all or substantially all of the Corporation's property and assets; (d) recommending to the stockholders a dissolution of the Corporation or a revocation of a dissolution; or (e) amending these By-Laws and, unless the resolution expressly so provides, no such committee shall have the power or authority to declare a dividend or to authorize the issuance of stock. The Board of Directors may designate one or more directors as alternate members of any such committee, who may replace any absent or disqualified member at any meeting of such committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not constituting a quorum, may unanimously appoint another director to act at the meeting in the place of such absent or disqualified member.
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Section 9. Removal; Resignation . Any director or the entire Board of Directors may be removed with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors. Any director may resign at any time, upon written notice to the Corporation.
Section 10. Vacancies . Vacancies and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority of directors then in office, although less than a quorum, or by a sole remaining director. When one or more directors shall resign from the Board of Directors, effective at a future date, a majority of the directors then in office, including those who have so resigned, shall have power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective, and each director so chosen shall hold office as provided above in the filling of other vacancies. A director elected
to fill a vacancy shall hold office for the unexpired term of his or her predecessor.
Section 11. Compensation . The Board of Directors may fix the compensation of directors.
ARTICLE III
Officers
Section 1. Election; Qualifications . At the first meeting of the Board of Directors and as soon as practicable after each annual meeting of stockholders, the Board of Directors shall elect or appoint a President, a Chief Executive Officer, a Chairman of the Board, a Secretary and a Treasurer, and may elect or appoint at such time or from time to time such additional officers as it deems advisable. No officer need be a director of the Corporation. Any number of offices may be held by the same person, except that there shall always be two persons who hold offices which entitle them to sign instruments and stock certificates.
Section 2. Term of Office; Vacancies . Each officer shall hold office until the election and qualification of his or her successor or until his or her earlier death, resignation or removal. Any vacancy occurring in any office, whether because of death, resignation or removal, with or without cause, or otherwise, shall be filled by the Board of Directors.
Section 3. Removal; Resignation . Any officer may be removed from office at any time with or without cause by the Board of Directors. Any officer may resign his or her office at any time upon written notice to the Corporation.
Section 4. Powers and Duties of the Chairman of the Board . The Chairman of the Board, along with the President and the Chief Executive Officer, shall have general charge and supervision of the Corporation's business, affairs, administration and operations. The Chairman of the Board shall from time to time make such reports concerning the Corporation as the Board of Directors of the Corporation may require. The Chairman of the Board shall preside at all meetings of the stockholders and the Board of Directors. The Chairman of the Board shall have such other powers and shall perform such other duties as may from time to time be assigned to him or her by the Board of Directors.
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Section 5. Powers and Duties of the President . The President, along with the Chairman of the Board and Chief Executive Officer, shall have general charge and supervision of the Corporation's business, affairs, administration and operations. The President shall from time to time make such reports concerning the Corporation as the Board of Directors of the Corporation may require. The President shall have such other powers and shall perform such other duties as may from time to time be assigned to him or her by the Board of Directors.
Section 6. Powers and Duties of the Chief Executive Officer . The Chief Executive Officer, along with the Chairman of the Board and the President, shall have general charge and supervision of the Corporation's business, affairs, administration and operations. The Chief Executive Officer shall from time to time make such reports concerning the Corporation as the Board of Directors of the Corporation may require. The Chief Executive Officer shall have such other powers and shall perform such other duties as may from time to time be assigned to him or her by the Board of Directors.
Section 7. Powers and Duties of the Secretary. The Secretary shall record and keep the minutes of all meetings of the stockholders and of the Board of Directors in a book to be kept for that purpose. The Secretary shall attend to the giving and serving of all notices by the Corporation. The Secretary shall be the custodian of, and shall make or cause to be made the proper entries in, the minute book of the Corporation and such other books and records as the Board of Directors may direct. The Secretary shall be the custodian of the corporate seal of the Corporation and shall affix or cause to be affixed such seal to such contracts and other instruments as the Board of Directors may direct. The Secretary shall have such other powers and shall perform such other duties as may from time to time be assigned to him or her by the Board of Directors.
Section 8. Powers and Duties of the Treasurer . The Treasurer shall be the custodian of all funds and securities of the Corporation. Whenever required by the Board of Directors, the Treasurer shall render a statement of the Corporation's cash and other accounts, and shall cause to be entered regularly in the proper books and records of the Corporation to be kept for such purpose full and accurate accounts of the Corporation's receipts and disbursements. The Treasurer shall at all reasonable times exhibit the Corporation's books and accounts to any director of the Corporation upon application at the principal office of the Corporation during business hours. The Treasurer shall have such other powers and shall perform such other duties as may from time to time be assigned to him or her by the Board of Directors.
Section 9. Delegation . In the event of the absence of any officer of the Corporation or for any other reason that the Board of Directors may deem sufficient, the Board of Directors may at any time or from time to time delegate all or any part of the powers or duties of any officer to any other officer or officers or to any director or directors.
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ARTICLE IV
Stock
The shares of the Corporation shall be represented by certificates signed by the President, Chief Executive Officer, or Chairman of the Board, and by the Treasurer or the Secretary. Any of or all the signatures on the certificate may be a facsimile.
ARTICLE V
Execution of Documents
All contracts, agreements, instruments, bills payable, notes, checks, drafts, warrants or other obligations of the Corporation shall be made in the name of the Corporation and shall be signed by such officer or officers as the Board of Directors may from time to time designate.
ARTICLE VI
Seal
The seal of the Corporation shall contain the name of the Corporation, the words "Corporate Seal", the year of its organization and the word "Delaware".
ARTICLE VII
Indemnification
The Corporation shall indemnify all persons to the full extent permitted, and in the manner provided, by the Delaware General Corporation Law, as the same now exists or may hereafter be amended.
ARTICLE VIII
Amendment of By-Laws
These By-Laws may be amended or repealed, and any new By-Law may be adopted, by the stockholders entitled to vote or by the Board of Directors.
Amazing how this stock continues to rock along above .01... guess it's the cash they are holding...
GLTA
Why bother... would you believe them?
How Kum nobodeez got duh gonies to kall duh kumpany and tawk to sumwun abowt whuts goin' on heer??????????? I wuz duh wun whoo did it last time, and I tawked to duh CFO (French name) Maybe some good would come of this, and we would get a sense of what direction this co is heading into. Huh?, Huh?, Huh?, Huh?,----Somebody, pick up your phone and DO IT~!!!!!!!!!!!!!!!!! Puleeeeeezzzzzzzz!!!!!!!!!!!!!!!!!!!!!!!!!!!!!---The pnone # is in the Ibox.
Even worse!!!--- The current CEO is tied into it now on a prelim. note---The actual news about it should be out real soon.
Sounds like the gig is up
NEWS!!!!___Heres the Nov 18 news from Dow Jones Newswire, that didn't show up on Ihub:
Breaking News
Four Charged With Fraud in Commodity Options
By Chad Bray
Of DOW JONES NEWSWIRES
NEW YORK -(Dow Jones)- The U.S. Securities and Exchange Commission charged the founders of commodities broker Optionable Inc. (OPBL), a former Optionable commodities broker and a one-time senior Bank of Montreal (BMO) commodities trader on Tuesday with fraud in an alleged scheme to overvalue the bank's commodity derivatives trading portfolio.
In a lawsuit filed in U.S. District Court in Manhattan, the SEC alleged that David Lee, a former senior commodities trader at BMO Capital Markets Corp., overvalued the natural gas options positions on Bank of Montreal's books.
Optionable, which held itself out as a provider of independent derivatives valuation services, rubber stamped the inflated values recorded by Lee. This was done at the direction of Scott Connor, an Optionable commodities broker, and Optionable founders Kevin P. Cassidy and Edward O'Connor, the regulator said.
Bank of Montreal was Optionable's largest customer and the bank's trades accounted for 60% of its commodities brokerage business, the SEC said.
"Lee's trading accounted for virtually all of BMO's business with Optionable," the lawsuit said. "As a result, Optionable's management, led by Cassidy, was willing to do whatever it took to keep Lee happy."
Cassidy, the company's former vice chairman, and Connor resigned from Optionable in May 2007. Edward O'Connor remains its president and a director.
Lee resigned from the bank in 2007 shortly after he and his supervisor were placed on unpaid leave and BMO suspended its business relationship with Optionable.
David Rosenfeld, associate regional director for the SEC's New York regional office, said Lee has agreed to the entry of an injunction barring him from further violations of securities law.
The SEC, as it typically does, is seeking similar injunctions against the other defendants. Claims for disgorgement of any ill-gotten gains and penalties against Lee and the other defendants also are pending.
In May 2007, Bank of Montreal restated its fiscal 2007 first-quarter results by about C$237 million after learning Lee had overvalued the bank's natural gas options portfolio, the SEC said. The bank, at the time, determined that Lee's trading book was overvalued by C$680 million since the beginning of fiscal year 2006, the regulator said.
Bank of Montreal reported a further loss of C$149 million in its fiscal 2007 third quarter from unwinding Lee's overvalued position, the SEC said.
The SEC also alleged Cassidy and O'Connor defrauded Optionable's shareholders by concealing the commodities broker's role in the scheme and defrauded the New York Mercantile Exchange by selling more than $10 million in Optionable stock to Nymex in April 2007.
-By Chad Bray, Dow Jones Newswires; 212-227-2017; chad.bray@dowjones.com
(END) Dow Jones Newswires
11-18-08 1250ET
>Rik<
Some strong buying yesterday... I didn't see any news to account for it.
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465 Columbus Avenue
Suite 280
Valhalla, NY 10595
United States - Map
Phone: 914-773-1100
Fax: 914-773-1500
Web Site: http://www.optionable.com
DETAILS
Index Membership: N/A
Sector: Financial
Industry: Investment Brokerage - National
Full Time Employees: 3
BUSINESS SUMMARY
Optionable, Inc. provides services for the brokerage of energy derivatives to brokerage firms, financial institutions, energy traders, and hedge funds in the United States. It offers natural gas and other energy derivatives trading and brokerage services, OTC energy derivatives brokerage services, energy futures derivatives services, and services for lesser used derivatives, such as swaptions. It provides voice brokerage and floor brokerage services at the New York Mercantile Exchange and is developing an automated derivatives trading platform, OPEX. The company was founded in 2000 and is headquartered in Valhalla, New York.
Optionable, Inc. is a leading provider of natural gas and other energy derivatives trading and brokerage services. The company provides its services to brokerage firms, financial institutions, energy traders and hedge funds nationwide. Optionable is a public company with its stock trading on the OTC Bulletin Board.
Optionable provides its customers a full range of trading strategies, including voice brokerage, floor brokerage services at the New York Mercantile Exchange (NYMEX) and Optionable is developing an automated derivatives trading platform named OPEX. Drawing upon the more than twenty years of experience of its senior traders, Optionable works closely with the customers to tailor trades and develop the best trading strategies to meet the customers' investment objectives.
OPEX will be a real-time electronic trade matching and brokerage system designed to improve liquidity and transparency in the energy derivatives market. OPEX, is designed to be the first of its kind real-time electronic trade matching and brokerage system featuring trading strategies used by professional options traders. OPEX trading platform has also been certified to connect with the NYMEX ClearPort(r) electronic trading and clearing platform.
Optionable was founded with the goal of creating a comprehensive electronic options trading platform that eliminates the inherent inefficiencies of the traditional open-outcry and over the counter (OTC) trading environments.
Optionable's founders recognized that there is a specific void in the current open-outcry and OTC marketplaces. The traditional open-outcry system, currently used on the trading floors of regulated commodity exchanges throughout the world, suffers from a number of serious drawbacks. These markets cannot provide their traders with vital information such as the size of the best bid or ask price. Some trading pits have grown so large that it is virtually impossible to hear what is trading on the opposite side of the pit. This creates an un-level playing field where a trader's financial success can largely be affected by where he or she is located in a particular trading pit. Additionally, traders are limited by the exchange listed strike prices and expiration dates and do not have the flexibility to create trades with customized strike prices or expiration dates.
The over the counter (OTC) commodity market is a broker dominated telephone based marketplace. Market participants depend solely upon their brokers to supply them with all market information and trade confirmations. As a result, the current OTC trading process fails in the fundamental market function of matching the best seller with the best buyer because there is no centralized marketplace where all participants can simultaneously receive accurate market information. Additionally, the telephone-based system is not electronic and therefore cannot be integrated into the customer's own computer systems. This lack of a computerized audit trail results in error prone and overhead intensive back office operations for all market participants. Electronic order matching and brokerage through OPEX will help risk managers and back offices with mark to markets.
Options are an effective tool used by producers and end users to minimize risk, and serve as a speculative vehicle for risk takers who provide liquidity to market participants. While many in the trading community have rushed to develop electronic trading systems, options trading capabilities have thus far been lost in the shuffle. Even when options trading has been built into a system, it has been done as an afterthought. OPEX was designed specifically for options and swaps trading by professional derivatives traders. Harnessing the power of the Internet, OPEX intends to greatly improve the way derivatives are currently traded and to expand the number of markets where derivatives can be used.
The OPEX Trading Platform
The OPEX trading platform can be applied to an unlimited number of underlying contracts and will revolutionize the way derivatives are traded and brokered in various marketplaces such as:
Regulated Commodity Exchanges
Over the Counter (OTC) Commodities
Over the Counter (OTC) Equities
Over the Counter (OTC)Currencies
The OPEX electronic order matching and brokerage system eliminates the inefficiencies of the traditional trading environments by introducing the following innovations:
Complete Price Transparency:
The OPEX MarketPlace enables each trader to view, in real time, all available bids and offers in the marketplace as well as the number of corresponding contracts for each bid and offer.
Anonymity:
The OPEX trading platform preserves the anonymity of it's users by only representing the price and size information of all trades. Since the information is handled electronically, confidentiality is assured.
Customized Expiration Dates:
Traders are currently limited by the standard expiration dates set by the exchanges. OPEX revolutionizes the way derivatives are traded by empowering its users to create options and futures trading strategies with customized expiration dates.
Customized Strike Prices:
Rather than being constrained by listed strike prices, traders will be able to create strike prices tailored to their market expectations.
Credit Screening:
The OPEX MarketPlace was designed to enable its Over The Counter users to create a select list of approved counter-parties. The trading system ensures that only approved counter parties can execute trades with each other. OPEX's users can update their counter-party lists at any time.
Virtual Back Office:
OPEX automatically generates a digital audit trail once a trade is consummated. Previous trades going back years will be stored in the OPEX system.
Seamless System Integration:
The OPEX API will allow for future integration of our system with a customer's own systems and/or third party software providers.
http://www.optionable.com/
News
http://finance.yahoo.com/q?s=OPBL.OB
http://www.optionable.com/news.php
Fourth Quarter and Year End 2006 Conference Call
http://www.investorcalendar.com/IC/ClientPage.asp?ID=113439
KEY EXECUTIVES
Mr. Edward J. O'Connor , 54
Pres, Treasurer
Mr. Thomas Schnell ,
VP of O T C Brokerage Service
Mr. Albert Helmig , 55
Exec. Chairman and Member of Fin. Committee
Mr. Marc-Andre Boisseau , 43
Chief Financial Officer and Principal Accounting Officer
Mr. Yechiel Abraham Zucker , 33
Exec. VP and Sec.
Primary State of Incorporation: Delaware
Country of Incorporation: USA
Transfer Agent
Continental Stock Transfer & Trust Company
17 Battery Place South
New York, NY 10004
Phone: (212) 509-4000
E-mail: cstmail@continentialstock.com
Website: http://www.continentalstock.com
Outstanding Shares: 52,263,403 as of 2007-04-20
Estimated Market Cap: 21.95M as of 2007-05-25 (based on Outstanding Shares as of 2007-04-20)
Number of Shareholders of Record: 14 as of 2007-03-23
Major Holders
http://finance.yahoo.com/q/mh?s=OPBL.OB
Insider Transactions
http://finance.yahoo.com/q/it?s=OPBL.OB
OPTIONABLE, INC. |
CONSOLIDATED BALANCE SHEETS |
September 30, 2009 | December 31, 2008 | |||||||
ASSETS | (Unaudited) | (1) | ||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 3,958,302 | $ | 8,974,282 | ||||
Recoverable Income Taxes | 985,525 | 958,294 | ||||||
Notes Receivable, net of allowance for doubtful accounts of $80,000 at September 30, 2009 | - | - | ||||||
Prepaid Expenses | 1,167,868 | 1,269,827 | ||||||
Total current assets | 6,111,695 | 11,202,403 | ||||||
Total assets | $ | 6,111,695 | $ | 11,202,403 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current Liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 756,949 | $ | 420,590 | ||||
Due to stockholder | - | 97,907 | ||||||
Income Tax Payable | - | 83,555 | ||||||
Total current liabilities | 756,949 | 602,052 | ||||||
Due to stockholder, net of unamortized discount of $2,618,270 at December 31, 2008 | - | 2,426,240 | ||||||
Due to director, net of unamortized discount of $316,961 and $355,126 | ||||||||
at September 30, 2009 and December 31, 2008, respectively | 191,736 | 153,571 | ||||||
Total liabilities | 948,685 | 3,181,863 | ||||||
Stockholders' Equity: | ||||||||
Preferred Stock; $.0001 par value, 5,000,000 shares authorized, none issued | ||||||||
and outstanding | - | - | ||||||
Common stock; $.0001 par value, 100,000,000 shares authorized, | ||||||||
52,428,203 issued and 48,328,328 and 52,423,403 outstanding at September 30, 2009 | 5,242 | 5,242 | ||||||
and December 31, 2008, respectively | ||||||||
Additional paid-in capital | 162,783,753 | 162,766,096 | ||||||
Treasury stock at cost, 4,099,875 and 4,800 shares at September 30, 2009 | ||||||||
and December 31, 2008, respectively | (47,552 | ) | (2,506 | ) | ||||
Accumulated deficit | (157,578,433 | ) | (154,748,292 | ) | ||||
Total stockholders’ equity | 5,163,010 | 8,020,540 | ||||||
Total liabilities and stockholders’ equity | $ | 6,111,695 | $ | 11,202,403 |
OPTIONABLE, INC. |
CONSOLIDATED STATEMENTS OF OPERATIONS |
For the three-month period ended | For the nine-month period ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | $ | 527,785 | $ | 226,646 | $ | 2,803,433 | $ | 1,831,230 | ||||||||
Research and development | - | 98,660 | - | 559,105 | ||||||||||||
Total operating expenses | 527,785 | 325,306 | 2,803,433 | 2,390,335 | ||||||||||||
Operating loss | (527,785 | ) | (325,306 | ) | (2,803,433 | ) | (2,390,335 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Interest income | 3,944 | 42,070 | 38,635 | 198,758 | ||||||||||||
Interest expense to related parties | (13,103 | ) | (97,362 | ) | (141,879 | ) | (283,581 | ) | ||||||||
Total other expenses | (9,159 | ) | (55,292 | ) | (103,244 | ) | (84,823 | ) | ||||||||
Loss before income tax | (536,944 | ) | (380,598 | ) | (2,906,677 | ) | (2,475,158 | ) | ||||||||
Income tax benefit | 338,341 | 72,165 | 76,537 | 881,579 | ||||||||||||
Net loss | $ | (198,603 | ) | $ | (308,433 | ) | $ | (2,830,140 | ) | $ | (1,593,579 | ) | ||||
Basic earnings per common share | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.06 | ) | $ | (0.03 | ) | ||||
Diluted earnings per common share | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.06 | ) | $ | (0.03 | ) | ||||
Basic and diluted weighted average common | ||||||||||||||||
shares outstanding | 48,328,328 | 52,023,047 | 49,183,344 | 52,023,047 |
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