Prestige Capital Corp (fka PGEC)

[Renee]

PGEC: FINRA deleted symbol:

https://otce.finra.org/otce/dailyList?viewType=Deletions

[lucky, mydog]

ITEM 5. OTHER INFORMATION



On April 7, 2020, the SEC issued an “Order of Suspension of Trading” temporarily suspending trading in the securities of the Company because of questions that have been raised about the accuracy and adequacy of information in the marketplace relating to the Company’s common stock, including its financial condition and its operations, if any, in light of concerns about investors confusing the Company with a similarly-named private company that is a manufacturer of N95 masks and the subject of increased media attention during the ongoing COVID-19 pandemic.



The temporary suspension started April 8, 2020 and ended April 22, 2020, however, the Depository Trust Company (“DTC”) has imposed a “Global Lock” on the Company’s stock because of the notification of the “Order of Suspension of Trading” from the SEC. The Company has had difficulty finding a broker-dealer who is willing to rely on the Company’s published financial statements without some indication from the SEC that it no longer has questions regarding the concerns it raised by the suspension of trading. Therefore, the Company has requested that the SEC provide the Company with an SEC Termination Letter which will allow trading of our stock to resume. However, the SEC has indicated that it cannot provide the termination letter because the investigation is ongoing. The SEC has indicated that it will consider the request for the termination letter at the appropriate time.

[lucky, mydog]

Commitments and Obligations



During the three months ended March 31, 2020, the Company borrowed $2,700 from a shareholder resulting in a notes payable – related party balance of $163,815 at March 31, 2020. These loans are due on demand and bear interest at the rate of 8%. Interest expense on the loans for the three months ended March 31, 2020 was $3,218, resulting in accrued interest of $39,864 at March 31, 2020.

[lucky, mydog]

Results of Operations



We did not record revenues in either 2020 or 2019. General and administrative expense was $5,424 for the three months ended March 31, 2020 (“2020 first quarter”) and the three months ended March 31, 2019 (“2019 first quarter”).



Total other expense increased to $3,218 for the 2020 first quarter compared to $2,918 for the 2019 first quarter due to the interest expense on notes payable – related party.



Our net loss increased to $8,642 for the 2020 first quarter compared to $8,342 for the 2019 first quarter. Management expects net losses to continue until we acquire or merge with a business opportunity.

[lucky, mydog]

wow! a capital company has 81 bucks.



We have not recorded revenues from operations and we have not established an ongoing source of revenue sufficient to cover our operating costs. We have relied upon loans and advances from related parties to fund our operations.



Our cash decreased to $81 at March 31, 2020 from $105 at December 31, 2019. Our total liabilities increased to $213,579 at March 31, 2020 from $204,961 at December 31, 2019, primarily due to accounts payable – related party, notes payable – related party and accrued interest on notes payable – related party.



We intend to obtain capital from management, significant stockholders and third parties to cover minimal operations; however, there is no assurance that additional funding will be available. Our ability to continue as a going concern during the long term is dependent upon our ability to find a suitable business opportunity and acquire or enter into a merger with such company. The type of business opportunity with which we acquire or merge will affect our profitability for the long term.



During the next 12 months we anticipate incurring additional costs related to the filing of Exchange Act reports. We believe we will be able to meet these costs through advances and loans provided by management, significant stockholders or third parties. We may also rely on the issuance of our common stock in lieu of cash to convert debt or pay for expenses.

[Threeflight]

Yeah I just don't get how they can suspend them when they are a shell with no operations-so no revs or real expenses, issued no corona prs, traded such a small amount of shares since March, and they get suspended because investors confusing the Company with a similarly-named private company that is a manufacturer of N95 masks and the subject of increased media attention during the ongoing COVID-19 pandemic?

Makes zero sense. I could see if the stock trades millions of shares during that time and put out corona tweets or something.

This seems like twilight zone stuff.

[lucky, mydog]

they released a 10k today. we won't go into their debt right now because it's not germaine to the current situation. but here is what they say about the suspension. they are investigating.

On April 7, 2020 the SEC announced a temporary suspension of trading in the securities of the Company because of questions that have been raised about the accuracy and adequacy of information in the marketplace relating to the Company’s common stock, including its financial condition and its operations, if any, in light of concerns about investors confusing the Company with a similarly-named private company that is a manufacturer of N95 masks and the subject of increased media attention during the ongoing COVID-19 pandemic. Currently, the suspension starts April 8 through April 22, 2020. Management is currently investigating this issue.

https://www.otcmarkets.com/filing/html?id=14071796&guid=1wnWUq67dugne3h

[elkonig]

One would have to wonder why PGEC which is basically a bankrupt entity is even worth any more than 0.0001 cents per share. The major shareholder Daniel Drummond has had at least one other ticker UAGH suspended and revoked before.

[db7]

That’s bs at best; I have lost close to 6 figures on sec suspensions and I only play quiet, illiquid shells. The sec didn’t save a soul suspending any of my holdings but sure affected my financial well-being. The worst offense? Late on filings- But I will say again that this PGEC situation tops the cake-

[Threeflight]

Yes, a company that has issued no/zero/nada PRs in years, let alone any about Corona, that is a shell with no business, who's OS has not changed in over a year at 3.3 M, is somehow a scam, bilking people out of their hard earned money.

That is your contention from an earlier post right? All so that insiders could dump shares during a Corona runup?


Wattttttttttttttttttttttttt?

Of course explaining how this insider dumping took place, when only 35,000 shares traded in a month, is a mystery.

Perhaps you could shed some light on how such a huge insider dump of shares took place when just the 35 K shares traded?

I am waiting with breathless anticipation.

[lucky, mydog]

Hurting thousands of people in their stupid process

if people didn't spend money on scams, they wouldn't get hurt.

[m_m007]

They seem to do what ever they want. SEC is a fraud and a bully. Hurting thousands of people in their stupid process

[lucky, mydog]

PGEC NOW SHOWN ON GREY MARKET.

https://www.otcmarkets.com/stock/PGEC/overview

[Threeflight]

None of that has anything to do with why the SEC said the stock was suspended.

[1manband]

First, it cost an easy $50 k to keep filings up to date. I work with a company that has to do it. $12 K? LOL try again.

It is $12K, on average over the 10 years. Maybe less. The SEC filings prove it. I suggest you read them.

And yes, FINRA may have information that a large dump was about to occur. The suspension stopped it in its tracks.

But even so, there are massive red flags in the SEC filings. And they failed to file an 8-K with the change in management, and he never filed the required Form 3. Lots of issues which would have attracted the SEC anyway.

[Threeflight]

We Minority Report now? Companies get suspended for something that may happen in the future?

First, it cost an easy $50 k to keep filings up to date. I work with a company that has to do it. $12 K? LOL try again.

Second, this has nothing to do with any of that. This is about the company getting confused with a private company that had something to do with Corona.

The stock has traded 35 K shares in a month. That is maybe $20-$40 K worth of stock.

Cmon.

[1manband]

Well you didn't answer why it is that you believe this company would spend 10 years on $millions worth of filings, only to risk that by selling 35 K shares over a months period based on a a tweet that was made about a private company that has nothing to do with PGEC.

Millions? No. Try about $12K a year total for being an SEC reporter.

That is all.

And considering that FINRA was thanked by the SEC for their help in the trading suspension, it is not only possible, but likely, that the SEC decided to suspend the stock now before whatever was planned has happened.

[Threeflight]

Well you didn't answer why it is that you believe this company would spend 10 years on $millions worth of filings, only to risk that by selling 35 K shares over a months period based on a a tweet that was made about a private company that has nothing to do with PGEC.

Nor have you answered how it is this stock moved up to $2 on literally 500, 300, and 1000 sized buys.

Does that sound like dumping to you.

Please respond.

[lucky, mydog]

we're done.

[Threeflight]

You honestly believe a stock that traded 35 K shares in a month, or just over a 1000 shares a day, was the victim of massive insider selling?

35 K shares that took it up a dollar on super light volume?

Tell me with a straight face you honestly believe this company should be punished for that?

I mean....I am dumbfounded.

Is there anything the US govt could do that you wouldn't support?

[lucky, mydog]

to some, that's a lot of money. if you want to believe that the sec suspends for no valid reason, that is your right. i do not.

[Threeflight]

I am really REALLY waiting for your reaction to my last post showing the absolutely massive insider dumping that took place the last month during the Corona scare.

A huge 35 K shares dumped in a month. My god! No wonder the SEC took action....the humanity!

Please respond.

[Threeflight]

You are making an assumption that is completely without merit-that insiders were selling.

And I can refute it 100000000%. How?

Well here is the list of the daily volume and price for PGEC the past month.

Add up the volume. It is about 35,000 shares in a month. Not 500,000. Not 5 M. Not 50 M.

35 K.

Are you honestly going to sit here and tell me this company deserves to get suspended based on a premise that insiders sold a whole 35 k shares of stock (assuming it was all insiders) in a month? An entire month?

Is this what you want me to believe? A company that has dutifully paid the expense and time and effort to keep its filings up to date for years...deserves to be suspended based on 35 K shares sold in a month that may or may not be related to a private company with a similar name?

Is that what you are saying?

Apr 07 2020 1.85 -0.15 -7.5% 1.825 1.85 1.825 1,300
Apr 06 2020 2.00 0.56 38.89% 2.00 2.00 2.00 455
Apr 03 2020 1.44 -0.31 -17.71% 1.44 1.44 1.00 1,950
Apr 02 2020 1.75 -0.25 -12.5% 1.75 1.75 1.75 600
Apr 01 2020 2.00 0.90 81.82% 1.20 2.00 1.20 1,600
Mar 31 2020 1.10 0.00 0.0% 1.10 1.10 1.10 0
Mar 30 2020 1.10 -0.10 -8.33% 1.02 1.20 1.02 361
Mar 27 2020 1.20 0.15 14.29% 1.10 1.20 0.101 605
Mar 26 2020 1.05 -0.65 -38.24% 1.15 1.30 1.00 3,885
Mar 25 2020 1.70 -0.33 -16.26% 2.00 2.00 1.70 1,936
Mar 24 2020 2.03 0.83 69.17% 1.74 2.9499 1.74 16,955
Mar 23 2020 1.20 0.68 130.77% 0.75 1.20 0.75 901
Mar 20 2020 0.52 -0.18 -25.71% 0.735 0.735 0.52 505
Mar 19 2020 0.70 0.00 0.0% 0.70 0.70 0.61 3,005
Mar 18 2020 0.70 0.20 40.0% 0.70 0.70 0.60 3,755
Mar 17 2020 0.50 0.00 0.0% 0.50 0.50 0.50 0
Mar 16 2020 0.50 -0.25 -33.33% 0.75 0.75 0.50 2,502
Mar 13 2020 0.75 0.00 0.0% 0.75 0.75 0.75 132
Mar 12 2020 0.75 0.22 41.51% 0.50 0.75 0.50 1,340
Mar 11 2020 0.53 -0.22 -29.33% 0.75 0.80 0.53 6,100
Mar 10 2020 0.75 0.31 70.45% 0.80 0.80 0.62 511
Mar 09 2020 0.44 0.00 0.0% 0.44 0.44 0.44 0

[lucky, mydog]

did i say that the were suspended because of what was in a filing? i think you have me confused with someone else. my suggestion is that insiders may have been dumping because of the outside pump. whether or not they were complicit with this twitter pump is immaterial. if they were selling they knew about the outside pump and if they knew about that they were obligated to comment. there have been plenty of 8k's issued by companies that say something like "we are aware of unusual sales activity in our stock due to outside promotion. the company has no knowlege of this promotion and no one from the company has sold any shares.".

[Threeflight]

Well, as you like to say, we can't assume anything right?

We have to go by what is in the SEC filing. And the filing says another private co. with a similar name possibly caused PGEC to go up. It is that simple. They said it.

And PGEC got suspended for it.

Just like you say we can't assume that anything good can happen to NBDR because as you said, it is all right there in the SEC filing why they were suspended.

You can't have it both ways. :)

If you honestly think that this company stock deserves to be suspended BASED ON WHAT WAS IN THE FILING then I have no idea what to say to you.

[lucky, mydog]

you are not understanding that that is NOT necessarily the whole criteria.

[Threeflight]

No we don't know but we can only go by filings, prs and tweets about Corona by the company and there are none.

[lucky, mydog]

do you know for a fact that insiders didn't sell based on the outside pump? the sec knows and the sec suspended. was it based on that reason? no way for us to know. what we do know is that they investigated and found reason to suspend. the sec's record in these matters is pretty good. i think i almost remember a number of years ago where a company sued for improper suspension. they lost if i remember correctly but i'm quite old and my memory isn't what it used to be.

[lucky, mydog]

lol. well, yes. a bill passed the house that would eliminate most of that problem. it can't get out of committee in the senate.

[Threeflight]

I feel very bad for this company. Having been involved in it before, I know how costly it is to maintain filings especially when the company is not bringing in revs. The owners of this shell have spent a small fortune maintaining filings over the years.

To have that wiped away because some private company with a similar name was mentioned in a tweet?

I mean...what kind of world are we living in where that can happen?

Then again, what kind of world are we living in where an entire world can be shut down for a virus that has killed less people than the entire flu season in 2018?

[Threeflight]

I am sure.

[db7]

Aren’t they the ones who are allowed to trade on insider information(?)

[lucky, mydog]

you should send your recommendation to your congress people so that they can change sec regulations.

[Threeflight]

IMO anyone the sec suspends should be given 2 weeks to come back to the SEC for any proof refuting the SEC claims. And then if the SEC still wants to kick them to the greys then can.

That seems fair.

Now if PGEC was told about this a few weeks ago and did nothing? Then that is a different story.

[Threeflight]

Yeah it really is a shame. Spend all that money for all those years on filings only for this to happen? Really hope they are 100% innocent and come out of this ok.

[db7]

just trading again, on the greys, with no mm's isn't much for a pristine shell that is fully reporting that did nothing wrong

I've held this for like 10 years waiting for a reverse merger and 'this' is the ending I get????????

[db7]

it probably doesn't matter as no one is going to question them on it imo

[Threeflight]

It will still trade in 2 weeks, most likely on the greys. At what price who knows.

[Threeflight]

I am 100000000000000% in favor of the SEC going after scam companies and they do a very good job, but this just seems way way over the top.

[Threeflight]

That is ridiculous and you know it. How can you possibly defend this?

My God.

[Threeflight]

Yeah I am all for people wanting to get rid of scams, but sure doesn't look like PGEC is one.

Hope the sec has proof.

[db7]

and yet it seems there are several respected posters that are backing/justifying the SEC here and of course 'nothing' will change this decision that they've already made

[Threeflight]

It makes zero sense. The govt (sec) seems to be way over reaching here. I am all for getting rid of scams if that can be proven, but to wipe out a company and its shareholders over this?

Honestly it seems like something you would see in the old USSR.

[db7]

this is worse than 'guilt by association'... there wasn't even an association?

[Threeflight]

It should matter. This isn't Nazi Germany.

[db7]

agree 100%.. after holding this for a loooong time the shell is now ruined AND the company did nothing wrong

I couldn't even find a related company name or corona pr until I saw someone discovered '1' poster on twitter

WTF

[Threeflight]

I completely disagree. If the company is not putting out any PRs about Corona, they should not be responsible (and have to spend money for a PR) for how a stock trades or what investors do. Buyer beware.

[Threeflight]

I don't own any of this, but let me get this straight. They suspended the stock because it may have been confused with another company doing Corona related stuff?

Are these guys for real? How is that legal?

[db7]

yeah but all my time being invested here is now down the drain and I only sold a little into the run b/c I didn't know it was all based on a pumper; hoped it was legit since 'I' couldn't find anything proving otherwise.

oh well … live and learn... expensive lesson for me here (1 I still don't agree with but it is what it is)

[lucky, mydog]

wish the SEC prosecuted the problem

they still could. notice the last line in the suspension order.

The
Commission appreciates the assistance of the Financial Industry Regulatory Authority

the sec now has all the trading records and they know who did what.