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Good! Glad you are still here to add to the group. Yes, Square is doing great, but now the BIG guys like BofA and other big banks are jumping in. RFNN has to get things going very soon! I think that the bad debt with horrible terms was limiting them and now with the new funding should help them to consolidate debt and buy equipment. Their merchant count (14K) has not changed in the last few 10Qs, so either there filer is lazy and didn't update the number or they didn't grow the count and therefore the Revenue number did not grow. Lets see how the year ends and then it is time for all of us to decide to take the loss and move on. They better do something for their loyal shareholders after all this time of hangin on by a thread. Take care everyone. Maybe we will see more BIDs tomorrow?
No I am still here. Was nice to see all the Intuit Go Payment ads. Now i am starting to see Square One payment ads. I just hope the technology does not pass them by. Major concern for me is revenue is dropping not rising. Are customers going to other providers that are getting there name out there. Still a plus that we got in early and hopefully this company takes off within the next year because honestly i think that is all it will have left. Worst case a buy out from a major company.
Yeah, but I was looking for more of what they WILL be using it for rather than what they COULD use it for!
Hopefully the Team will consolidate debt, buy inventory, hire a real IR/PR group and get this $&^@! stock price going!!!
Nice to see the BID close the gap a little. A BID of .00## is ridiculous.
I have been here for many years and expected a much quicker rise to the top and there has been too many games played and bad decisions made. Mobile Payments is HOT right now and if they (RFNN) don't get going, they will miss it!
Have a great day everyone (I think there are about 4 of us left)...
LOL. But seriously, the answer is in the very first section.
"for working capital financing for Borrower and for any other purposes permitted hereunder;"
I didn't read further into it, and there may be some restrictions, but it seems to be for use as RFNN sees fit.
Thanks! And when you are thirsty and ask for a drink of water, I'll just point at the ocean!
;o(
Hey CC! Great to see a post from you. Can you give us any insight to the loan from TCA?
Is is strickly for equipment or can it be used to pay down other (more expensive) debt?
Thanks!
cayce:
You got it right!!
:)
CC
Today's Form 4 is Coded P
P - Open market or private purchase of
non-derivative or derivative security
Looks like MF got almost 5M shares for
a penny each.
It's a belief that if Congress would just stay
home and do nothing but collect their salary,
we would be better off. This same theory is
beginning to fit RedFin.
The inmates are running the asylum!
TRAZMAN!!!!!!!!!
Hey buddy, good to see ya.
Holy crap...the bid left the house!! How you all doing peeps..just stopping by to say hi!
10Q is OUT! Yes, early!!!
10Q Link...
Sales $597,670 (2012) $779,908 (2011)
Cost $367,574 (2012) $493,314 (2011)
Another Reason Mobile Payments Are Exploding!
http://www.fool.com/investing/general/2012/11/07/another-reason-mobile-payments-is-exploding.aspx
RedFin is part of the mix. Don't miss out!!!
NEWS...
8-K Filing
Form 8-K for REDFIN NETWORK, INC.
--------------------------------------------------------------------------------
1-Nov-2012
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On October 26, 2012, RedFin Network, Inc. closed a Senior Secured Revolving Credit Facility Agreement (the "Credit Agreement") with TCA Global Credit Master Fund, LP, a Cayman Islands limited partnership ("TCA") which had an effective date of September 30, 2012. Pursuant to the Credit Agreement, TCA agreed to loan us up to a maximum of $3 million for working capital purposes. The initial credit line of $350,000 was funded by TCA in connection with the closing. Any increase in the amount of the credit line from the initial amount up to the maximum amount is at the discretion of TCA.
--------------------------------------------------------------------------------
Seems as though they are consolidating debt and building their working capital!
This is very good!!!
I would like Jeffrey or Michael to
explain the last 8-K with the "super
voting rights."
And please don't give me that crap about
reading the quarterly. RedFin is a public
company and should be treated as such.
We should get in-depth info more than once
every 3 months.
How can mgt. justify taking the majority vote
out of the hands of shareholders?
If this move is a prelude to a buyout at a
richly deserved profit, you may dismiss
this fulmination.
Oh and btw, RFNN TO DA MOON!
Seems as though the ducks are lining up...
According to today's 8-K, Jeffrey awarded
himself voting rights equal to 50M shares.
He was probably worried about getting
voted off the island and decided to remove
the Stuckerts from the equation.
CC, are you going to get in on some of these
Blank Check shares?
The King is not always right, but he is
always the king!
Yes, of course if they went Bankrupt, but I don't see this as an option either.
Goldie would be very unhappy and so would the officers and I don't think they could sell the company after that.
I can't believe that there is a loophole this big that the SEC hasn't filled.
This would mean that ANY company could claim bankruptcy and then just take it private and benefit from a sale after.
Anyway, we shall see after earnings how this latest move impacts RFNN.
No they don't. If they claim BK and the company gets sold, you lose all your shares and get nothing.
Wouldn't "they" (if there was a buyer) have to offer a "reasonable" PPS for the other < 51% shareholders?
Oh crap, if this goes private, we are all screwed.
New Accounting Firm...
Hmmmmm...
http://biz.yahoo.com/e/121022/rfnn8-k.html
http://www.lvwcpa.com/carlton-vogt.html
CARLTON VOGT, CPA | Carl has worked on numerous initial public offerings (IPOs) in addition to ongoing involvement with finacial reporting for public companies registered with the Securities and Exchange Commission. Carl has nearly 20 years of experience as a practicing CPA and has developed expertise in such areas as Assisted Living Elder Care Facilities; Financial Reporting of Prospective Financial Information for inclusion in Private Debt and Equity Financings; and Mergers and Acquisitions.
Carl emphasizes a hands-on, entrepreneurial approach with his clients, which stems from his past experience in auditing small businesses and ownership in his own business enterprises.
He has served on the boards of two not-for-profit organizations, including a Day Care Center and the New York State Snowmobile Association.
Carl received his Bachelor of Arts Degree in Accounting from Pace University an he's a member of the New York State Society of Certified Public Accountants who has served on their Finance and Leasing Committee.
Outside of work, Carl enjoys snowmobiling and other outdoor activities, as well as, performing home renovations.
When you have a year with more
Form 4's (mgt's free shares) than PR's
it is bad sign.
I believe it is best summed up in
the writings of the great
Chinese philosopher Sum Ting Wong.
Oh and btw, RFNN TO DA MOON!
I saw Intuit was running commercials all weekend for Go Payment.
I digress. Someone has a bid in for 500,000 shares at .01. So I guess you could unload a significant number of shares right now.
IMO there is no point in selling now and I don't think you could move substantial shares even for .0001. There is nothing on the bid. The time to sell was when it was moving down. I unloaded a bunch of shares on the way down, for a profit believe it or not.
The rest of my shares I will just sit on, counting them as a loss unless some miracle happens. I've seen these things bounce back before.
ada, I think it can still move. Just not in the direction we all want. I'm seriously considering selling the remainder of my shares at a large loss, just to get something (anything) out of this.
One good thing, the Stuckert's can't sell because there is no one willing to buy at any price! This will not move until the debt issue is resolved.
I don't think they care enough about
us to even make excuses. If their
customer service is anything like
IR is we are in for .0001's
Sooner or later the Stuckert's will
move on or make a change at the top.
If they start selling, LOOK OUT BELOW!
Still not breaking even 2 years after
announcing they would should be a
huge red flag.
As my Uncle Cayce Dangerfield used to say,
"REDFINS DON"T GET NO RESPECT!"
Hey Cayce! What do ya s'pose the excuse will be this time?
RFNN is now sub-penny
0.008 as of 10:40 AM today
I say this with a heavy heart because things don't look good for shareholders and more importantly those that are employed at RFNN.
One can only hope that things turn around. I know what it's like to work n a firm with financial troubles. I've also experienced the results which include salary cuts, painful budget cuts and the the ever-present concern about supporting a family.
RFNN has excellent management and is on top of opportunities for funding and income. We'll soon enter the Holiday season. With more transactions and businesses looking for ways to cut expenses, RFNN may see a return to good news more business, more accounts and strengthened income streams.
GLTA
CC,
Can you share with us any future
plans for RedFin?
Merger? Take Private? Business as Usual?
Reverse Split? Nothing?
Miners Have More Light Shed On Their
Work Than RedFins!
Ada:
I agree with you. At least for current conditions. There was a time, not too long ago, where RFNN was doing well and approaching positive cash flow. That was the time when some news would have attracted more buyers and the time when we were begging them to do so.
They are now in the unfortunate position where their only recourse seems to be continued toxic financing, if they can even arrange it now. I think your comments are spot on. I feel bad for the people employed by the firm.
While I have money invested that looks more and more like a complete loss, there are people that stand to lose their livelihood. I know how terrible that is on a personal level. There is always a chance that something positive can happen. The choice now for current investors is to stick with it in the hopes that things may turn, or to take the loss now and avoid a complete loss in the coming months.
Thanks for putting things into perspective.
Homeland, while your comments do make sense I think I understand why the company has kept quiet. The debt that this company has incurred makes it very unattractive to investors and the pps reflects this. So their point (IMO) is, why should we waste $ promoting what is a bad investment anyway. The volume reflects the investor’s interest and has only been kept alive by the debtor converting shares and James buying them.
The only hope here is that the company continues to make a profit and can get rid of the debt. It would become more attractive and then the company would promote themselves again.
As of last filing it looks like they are going to default on their debt unless something miraculous happens. If this happens (default) this stock is done. If they could somehow get past this tough period we could see a rebound in the pps.
While I'm still a stockholder here, I've lost my enthusiasm for RFNN. They had a great chance to let the market know how well they were doing, but decided it was "too expensive" to release news of their success. Instead, they chose to let the share price dwindle away, costing them increasingly more in stock trades for capital.
And now, RFNN is in a market where other, more forward thinking firms are capturing investor's interests and seeing growth in their share price. RFNN is in the unfortunate position of needing to dilute our shares in greater volume, in order to raise money it needs to operate.
I've found a few interesting firms that are in a similar business, and one with a niche market that is seeing amazing strength in share price. I sold a small amount of my RFNN holdings less than two weeks ago and already made up my losses. I won't mention the name here, as it isn't appropriate. But it did show me that a trading loss doesn't always equal lost money.
I don't know what the future holds for RFNN. I hope it overcomes the immediate hardships and will again become an exciting company to be a part of. I'm still a part of it as a stockholder, but I don't know for how long. Someone posted here that RFNN may go sub-penny before it recovers after the summer. As summer comes to an end, I'm hoping to see some good things here. Maybe changes from lessons learned, maybe a better 10Q, maybe even a positive cash flow. Time will tell. There's not much else to say.
I try to be appropriate in my posts and I certainly don't wish any ill on RFNN or anyone else (unlike and despite some). I'll continue to monitor the stock and this board with so many great people here. Meanwhile I'll keep looking for other great opportunities in the same growing field and lie in the sun on my boat while drifing and gently rocking with the waves. At least until the summer sun is fully gone. By then maybe there will be something exciting to talk about on the RFNN board.
Regarding the attached post from MMM:
....seems a pink slip is in order here. This is ridiculous.
I've noticed that the published amount of BID/ASK shares on any stock may not represent the actual BID/ASK. Also, some may have come in after I put the big BID out there. Some MMs keep some on hand, just in case somebody needs to pick up a larger sum of shares than normally traded on a daily basis. All I know is that I am very happy now that my cost avg has improved since the beginning of RFNN (SFNL).
;o)
Go RedFin!!!
RFNN
I didn't think there where that many shares available on the ask.
OK, it was me! (but not all me)
I just couldn't help myself.
Too cheap and I needed to jump at the chance before anyone else nabbed them.
I didn't like everything that I saw in the most recent 10Q, but I don't think that they are a sinking ship. Jeff is a smart guy, even though I have to give him a rant once and a while.
They are in the HIGH GROWTH Mobile Payments space and this is the place to be right now!
I will wait and see what happens now and possibly pick more up as long as it stays below my AVG range of less than $0.04
RFNN almost has more LinkedIn "followers" than shareholders @40 and 23 "likes" on FB.
There are some very interesting and $$$ type people following RFNN.
Let's see how many merchants are added before the Christmas rush, which should be shown in the next 10Q (mid November).
Good luck all!
Go RedFin!!!
RFNN
Someone is buying. What is going on today, does anyone know?
Some things are so backward in the US. I just got back from Europe and the servers come right tho the table with a wireless scanner. No taking your card away and waiting for them to come back.
Shows as 5th from the bottom of this "Partner" page...
http://www.redfinnet.com/partners.php
I am still a stockholder. Does anyone know if Redfinn is involved with Intuit on the Go Payment. Just read that Intuit will be adverting Go payment till November. Also found article that said Mobile payments are taking longer for the americans to accept.
I'm still lurking. Waiting to see what happens in Sept. when the debt is due.
Hi guys. Is anyone even left besides me?
This is all so pitiful.
10Q is OUT! Congrats C.C. and J.S. for a timely (very early) filing!
A serious drop in SALES this Q - Economy or Company?
But a drop in expenses also, so the net loss is about the same.
Other good news...
On February 29, 2012, the Company entered into a promissory note with Ellamate, Inc. of Courtland, NY by lending Ellamate, Inc. the sum of $50,000. Terms of the note are 12% interest and the note matures on August 28, 2012. In addition to the 12% interest, Ellamate has also agreed to remit 3% of their “residual” income as additional consideration. This note was repaid to the Company in full on July 9, 2012.
Bad news...
Still only 11,000 merchants!!!???
<No growth for 6 months???>
Some good news on the "no growth"...
Results of Operation for the Three Months Ended June 30, 2012 Compared to the Three Months Ended June 30, 2011 and the Six Months Ended June 30, 2012 Compared to the Six Months Ended June 30, 2011
We generate revenues from the sale of the Blue Bamboo wireless terminals, our recurring monthly data plans and sales of our RedFin Gateway transaction platform. Our revenue decreased approximately 30% and approximately 9%, respectively, in the three months and six months ended June 30, 2012 compared to the same periods in 2011. The Company believes that the recent reduction in revenue is temporary and that subsequent quarters in 2012 will result in sales levels and sales growth that will be in line with the previous upward trends
Go RedFin!!!
RFNN
Build a better mousetrap and the world will beat a path to your door. Does anyone know where your door is?
I once had a philosophy professor who asked selected students to stand up and provide the definition of "nothing". The point was, of course, that any definition would identify the word as being something. The correct answer was to stand in silence.
I relate this to RFNNs complete lack of IR/PR which played a large part in bringing us to where we are today. When we stand (or sit) in silence, we are(?) nothing and don't exist to the world.
Yeah, I know it's corny. But it does fit the situation. As I mentioned previously, I'm no longer angry about it because the mistakes are over and done with. I'm just being a bit philosophical about the experience as a RFNN shareholder.
I agree with you Cayce. RFNN still refuses to do any IR/PR. The plunge in PPS is partially the result of that. We can only hope that when all of the dilutive shares are absorbed, we may start to see an increase in the PPS. Why would anyone buy RFNN? Nobody in the investment community ever hears of it or knows anything about it.
It may be so far gone now that a pop won't bring it back to decent levels. We're in a death spiral. If RFNN needs to raise more money, we could well be in the triple zeros, seeing dilution 10 or 100 times what we've seen.
With new firms entering a similar POS niche, (and btw doing a decent job on IR) I'm afraid that RFNN may die. It's not the first stock I've lost money on, and probably not the last one. It's a shame, RFNN had such good potential.
At this point they probably can't afford to hire an IR firm, so that discussion is over IMO. I'm not even upset any more. In my mind, it's over. You can't make someone else see what's plain and obvious to you and I, (regarding IR). We tried. I wonder if RFNN sees the error in hindsight.
This is a major disappointment, but
it is the risk you take by not self-
promoting your company.
If mgt is finished diluting we need to
publicize the RedFin potential.
My girlfriend (sig pic) is even threatening
to leave me now that my wealth has diminished.
She says I can't support her in the sty she has
become accustomed to.
RedFins Used To Do It In The Mud!
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Secured Financial Network, Inc.'s (RFNN) Virtual Payment Solutions Subsidiary Announces Its RedFin Network PCI/CISP Receipt of Compliance by Visa
Monday October 20, 7:00 am ET
http://biz.yahoo.com/pz/081020/152467.html
Secured Financial Network, Inc.'s (RFNN) Virtual Payment Solutions Subsidiary Announces 99 Percent Revenue Increase in Quarter
Tuesday October 7, 9:37 am ET
http://biz.yahoo.com/pz/081007/151722.html
http://biz.yahoo.com/pz/080929/151140.html
Shareholder updates:
Wednesday April 30, 9:39 am ET
http://finance.yahoo.com/q/ce?s=RFNN.PK+Company+Events
2008 PROJECTED REVENUES AND MARKET SIZE
Exchange OTCBB Symbol: RFNN
Revenue (forecast 2008)
SFNL (old name for RFNN) $3 million run rate for Q1 2009
Market Size
2006 Credit Card $49 Billion
2006 eCheck / ACH $13 Billion
2010 Credit Card $85 Billion
2010 eCheck / ACH $19 billion
Primary Markets
Merchant Credit Card Acquisition
* Internet-based POS merchants
* Wireless POS terminal merchants
* Premium card not present merchants
Secured Transaction Processing
* PCI / CISP Certified Gateway
* Envoii Secured Transactional Services
Mobile and Wireless Technology
* Wireless POS Terminals and Services
* Mobile Accessible Payment Services
CEO PROFILE
Jeffrey L. Schultz, CEO
Brings to Redfin Network Inc. more than 30 years of increasingly high levels of executive responsibility and experience. Most recently, he served as Vice President of Sales and Marketing for InteleTech Corporation. Earlier, he acted as a consultant to several companies in the plastic printing and card issuance industries. Prior to that, Schultz was Director of Business Development for Continental Plastic Card Co., one of the top-10 plastic printers in the USA, coordinating the financial and sales restructuring of the company and executing a business plan that made Continental Plastic profitable.
COMPANY STOCKCHART
http://stockcharts.com/c-sc/sc?s=RFNN&p=D&yr=0&mn=6&dy=0&id=p98209470351&r=.....
FINANCIAL STATEMENTS AND FILINGS
Latest 10-q
http://pinksheets.com/edgar/GetFilingHtml?FilingID=6111844 />
Insider Transactions
Recent Filings
OWNERSHIP TOTALS as of DATES SHOWN BELOW | |||||||
Form 4 | (insiders transactions) | ||||||
http://www.sec.gov/Archives/edgar/data/1100394/000114036112000665/xslF345X03/doc1.xml | |||||||
Stuckert, James W | as of 01/03/2012 | ||||||
as "Ten Grand Ltd." | 455,000 | shares | |||||
as "Diane V. Stuckert" | 11,400,000 | shares | |||||
as "James W. Stuckert Trust" | 850,000 | shares | |||||
Form 4 | (insiders transactions) | ||||||
http://www.sec.gov/Archives/edgar/data/1100394/000114036111059170/xslF345X03/doc1.xml | |||||||
Fasci, Michael E | as of 12/29/2011 | ||||||
Michael E. Fasci | 6,021,920 | shares | |||||
Form 4 | (insiders transactions) | ||||||
http://www.sec.gov/Archives/edgar/data/1100394/000114036111051595/xslF345X03/doc1.xml | |||||||
Schultz, Jeffrey L | as of 11/03/2011 | ||||||
Jeffrey L. Schultz | 8,770,334 | shares |
Archives
http://www.sec.gov/Archives/edgar/data/1100394/000114036107012675/xslF345X02/doc1.xml
http://www.sec.gov/Archives/edgar/data/1100394/000114036107011680/xslF345X02/doc1.xml
http://www.sec.gov/Archives/edgar/data/1100394/000114036107010735/xslF345X02/doc1.xml
http://www.sec.gov/Archives/edgar/data/1100394/000114036107012675/xslF345X02/doc1.xml
http://www.sec.gov/Archives/edgar/data/1100394/000114036107011680/xslF345X02/doc1.xml
http://www.sec.gov/Archives/edgar/data/1100394/000114036107010735/xslF345X02/doc1.xml
http://www.sec.gov/Archives/edgar/data/1100394/000114036107006863/xslF345X02/doc1.xml
http://www.sec.gov/Archives/edgar/data/1100394/000114036107006620/xslF345X02/doc1.xml
http://www.sec.gov/Archives/edgar/data/1100394/000114036107001635/xslF345X02/doc1.xml
CEO OWNS 8,770,334 SHARES........CFO OWNS 6,021,920 SHARES (as of 01/03/2012)
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