Trucept, Inc. (TREP)

[XenaLives]

The truth is no one gives a damn about this scam.

[MR1906]

Zero volume for some time now, and on a day like today still no selling? I know people always say “the float is locked up”, but it sure seems to be the case for $trep!

[MR1906]

Agreed!

[batty boots]

I have called the company and spoke to the CEO Norman Tipton. While guarded conversation he was informative as much as he could share.

[batty boots]

Where does this information imply or suggest fraud and deceit. Looks like to me its full disclosure by the company that Mr Bonar is associated with. Again old data and not relevant to future performance.

[J0L]

I’ve tried numerous times to get in touch with the company, and can’t get hold of anyone. Super frustrating. I always liked the potential here, but turned off by the lack of shareholder communication. I’ll keep trying…

[XenaLives]

BONAR had a lot of stuff scrubbed from the web, I have an archive, but this is still out there.

Anyone thinking about "INVESTING" in any of his companies should look at the track record of his shells. Over 40 years worth of fraud and deceit.
:

Mr. Brian Bonar serves as Chairman of the Board, President, Chief Financial Officer, Treasurer, Secretary of the Company. He is no longer Chief Executive Officer of the Company, with effect from 30 June 2017. Prior to this, Mr. Bonar was appointed to the STTN Board on May 29, 2009 and named President of STTN on September 17, 2009. Mr. Bonar has over 18 years of experience with IBM in Europe, Asia and the USA and an additional 20 years in high growth companies both private and public in various locations in the USA and the United Kingdom. From 2003 until 2006, Mr. Bonar was the Chairman and CEO of The Solvis Group, which provides staffing, PEO and ASO services to mainly the medical and call centre market segments. From 2004 until 2009, Mr. Bonar was the Chairman and CEO of Dalrada Financial Corporationrationration, a California based financial service corporation providing workers compensation, health insurance and various other insurance products directly to the end consumer and marketed via various PEO and staffing companies. From September 2007 until 2009, Mr. Bonar was the President and a member of the board of directors of Allegiant Professional, a publicly traded company. Also from September 2007 until 2009, Mr. Bonar founded AMS Outsourcing, a PEO focusing mainly in the transport market place and also established an international presence in the Czech Republic and Mexico. From 2004 to 2009, he was a member of the board of directors of the following companies and organizations The Solvis Group, Warning Management Corporationrationration, Dalrada Financial Corporationrationration, American Marine LLC, Alliance National Insurance Company and The Boys and Girls Club of Greater San Diego

https://www.macroaxis.com/invest/manager/TREP/Brian-Bonar

[batty boots]

only your obsessed opinion not a FACT

[XenaLives]

Relevant fact: BRIAN BONAR IS A CROOK.

[batty boots]

Old news not relevant

[XenaLives]

Typical BONAR....

benderostap4

Re: DallasInvest post# 17904

Saturday, June 24, 2017 2:00:18 PM

Post#
17906
of 28756

The former CEO Mr Bonar got $860,000 salary last year, and company's market cap is $540,000.
What do you think who is he?
Where is new president's people to put such guys in a proper place?

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=132467840&txt2find=bonar

[batty boots]

Yes he is and he manages the board NOT the company

[MR1906]

Whelp it may be late, but I’m very glad they’re fulfilling there promises from a year ago. And they’re still growing revs. So that’s something!

[XenaLives]

Mr. Brian Bonar serves as Chairman of the Board, President, Chief Financial Officer, Treasurer, Secretary of the Company. He is no longer Chief Executive Officer of the Company, with effect from 30 June 2017. Prior to this, Mr. Bonar was appointed to the STTN Board on May 29, 2009 and named President of STTN on September 17, 2009. Mr. Bonar has over 18 years of experience with IBM in Europe, Asia and the USA and an additional 20 years in high growth companies both private and public in various locations in the USA and the United Kingdom. From 2003 until 2006, Mr. Bonar was the Chairman and CEO of The Solvis Group, which provides staffing, PEO and ASO services to mainly the medical and call centre market segments. From 2004 until 2009, Mr. Bonar was the Chairman and CEO of Dalrada Financial Corporationrationration, a California based financial service corporation providing workers compensation, health insurance and various other insurance products directly to the end consumer and marketed via various PEO and staffing companies. From September 2007 until 2009, Mr. Bonar was the President and a member of the board of directors of Allegiant Professional, a publicly traded company. Also from September 2007 until 2009, Mr. Bonar founded AMS Outsourcing, a PEO focusing mainly in the transport market place and also established an international presence in the Czech Republic and Mexico. From 2004 to 2009, he was a member of the board of directors of the following companies and organizations The Solvis Group, Warning Management Corporationrationration, Dalrada Financial Corporationrationration, American Marine LLC, Alliance National Insurance Company and The Boys and Girls Club of Greater San Diego

https://www.macroaxis.com/invest/manager/TREP/Brian-Bonar

[batty boots]

The CEO is a Norman Tipton

[XenaLives]

BONAR has been "audited" before and still run the shell into the ground.

[MR1906]

What are your thoughts re the recent management statement that audited results are underway? Would the fact that they’re audited by an independent firm elevate some of your concerns?

[XenaLives]

Welcome to the wonderful world of BONAR -

He's been running the same OTC scam, in multiple shells, for over 40 years.

[MR1906]

Good management comms this week with fins. Specifically it appears audited results are still a priority. I assume because they’d like to uplist. I’m very intrigued by the frequency and quality of comms as a potential precursor to something else potentially

[vrekke]

Awakenings?
We don't need too much attention, too fast is not needed.
Steady climb is healthier, while today is a bit fast indeed ....
Cheers

[J0L]

I think because net earnings is dropping and their expenses have risen a ton. Need to see expenses drop…I’m trying to figure out why they rose so much the past 2 quarters.

[JNdouble1]

Increasing revenue, totaling nearly 20 million per year, profit approaching a million per year...

Why does the stock price not reflect any of that? P/E is barely 2x, What am I missing?

[genlou]

If you learn anything please let us know.

[J0L]

Wow, I’ve been watching this one for a while…pretty shocked at how much their expenses have grown and net income has decreased by a lot.

I suppose that’s the reason for the price decline lately. Guess I’ll hold off buying until they can turn this back around. Going to try giving them a call to see what is going on.

[genlou]

Trucept Announces New Subsidiary Trucept Risk Management, Inc.

Mar 24, 2022 | Announcements, Press Releases

Trucept Inc. (OTC Pink: TREP) announced today its new subsidiary, Trucept Risk Management, Inc. Taking an innovative approach to the administration of workers’ compensation claims, the Company focuses on reducing Professional Employer Organizations’ costs.

[genlou]

https://www.otcmarkets.com/otcapi/company/financial-report/343835/content

[XenaLives]

ITEC is still a scam - All of BONAR's shells should be busted and scrapped:

guru2002 Thursday, 04/18/19 12:45:03 AM
Re: None 0
Post #
12903
of 12903
SEC Charges 15

The Securities and Exchange Commission charged fifteen individuals with acting as unregistered brokers or aiding-and-abetting such activity in connection with Intertech Solutions, Inc.'s fraudulent and unregistered securities offerings.

https://www.sec.gov/litigation/litreleases/2019/lr24446.htm

https://www.sec.gov/litigation/complaints/2019/comp24446-saccomanno.pdf

https://www.sec.gov/litigation/complaints/2019/comp24446-bevil.pdf

and a host of others at sec.gov

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=148300886

[XenaLives]

BONAR scams are well known:

Quote:

frankie_fillet Wednesday, 05/20/09 01:03:14 PM
Re: Black Dog post# 5979 0
Post #
6075
of 6124
wnmi CEO now CEO for APRO who bonar transferd WNMI assets to in that bogus sale

make APRO your favorite and keep an eye on that one... he is going to run it like he did early WNMI and DFCO...

time to get back money.

real



https://investorshub.advfn.com/boards/read_msg.aspx?message_id=37986717

[XenaLives]

BONAR learned about "Wild Ducks" at IBM.

https://onmogul.com/brian-bonar

If you have money and power, ethics be damned.

[XenaLives]

I made an incorrect post on this board (see replied to post)

Per BONAR's twitter he's been doing the OTC for 40 years .

Multiple shells with multiple reverse mergers in each.

[vrekke]

Are we taken in speed ? Strange move in the red today .....

[vrekke]

With the covid crisis, more people have certainly used the online services from PXHI U-Sell. 2Q sales will be good ....

[MR1906]

I’ve noticed increased volume this past week or so as well.

[vrekke]

Volume ??
Will we have a positive surprise for 2Q ?

[XenaLives]

Yes financials "dropped" all right....

TREP Net income:

2022 - 144,946

2021 - 672,967

https://www.otcmarkets.com/otcapi/company/financial-report/333881/content

[XenaLives]

Apparently theire was an audit of Trucept just before it went under.. probably because if IRS issues, not because they were making any money.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and
Stockholders of Trucept, Inc.

We have audited the accompanying consolidated balance sheets of Trucept, Inc. (the Company, formerly Smart-Tek Solutions, Inc.) as of December 31, 2012 and 2011, and the related consolidated statements of operations and comprehensive loss, stockholders’ deficit, and cash flows for the years then ended. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Trucept, Inc. as of December 31, 2012 and 2011, and the results of its operations, and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has sustained recurring losses from operations and has an accumulated deficit of approximately $22 million at December 31, 2012. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in this regard are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome from this uncertainty.

As of December 31, 2012, the Company had an obligation for $16.7 million in delinquent payroll taxes and $2.4 million in accrued penalties. These amounts are due to the U.S. Treasury and represent collection of employment taxes from its PEO employees. The Company is in discussions to reach a payment plan with the Internal Revenue Service (IRS) regarding these amounts due. The U. S. Treasury and IRS will have a priority claim on all accounts of the Company until this is resolved.

PMB Helin Donovan, LLP

/s/ PMB Helin Donovan, LLP

April 15, 2013
Dallas, Texas



Quote:

Liquidity and Going Concern

At December 31, 2012, the Company had cash and cash equivalents of $546,057, a working capital deficit of approximately $19.9 million and an accumulated deficit of approximately $22.1 million. As of December 31, 2012, the Company had an obligation for $17.6 million in delinquent payroll taxes plus $1.4 million in accrued penalties. These amounts are due to the US Treasury and represent collection of employment taxes from its PEO employees. The U.S. Treasury and Internal Revenue Services (IRS) will have a priority interest in all assets of the Company.

The Company incurred a net operating loss of approximately $7.85 million for the year ended December 31, 2012. Because of these conditions, the Company will require additional working capital to continue operations and develop its business. The Company intends to raise additional working capital either through private placements, public offerings and/or bank financing, and continues to strive to increase its revenues each year. As a result of the outstanding obligation to the U.S. Treasury it is doubtful the Company can obtain third party financing.

There are no assurances that the Company will be able to achieve a level of revenues adequate to generate sufficient cash flow from operations or obtain additional financing through private placements, public offerings and/or bank financing necessary to support the Company’s working capital requirements. To the extent that funds generated from any private placements, public offerings and/or bank financing are insufficient the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available, the Company may not continue its operations or execute its business plan.

https://www.sec.gov/Archives/edgar/data/947011/000106299313001899/form10k.htm

[XenaLives]

Big Whoop - BONAR bought a worthless corp from part of the crew that was involved with the earlier con.

From Corporation Wiki:

[XenaLives]

BONAR is a crook -

FACT:

[XenaLives]

TREP IS FAILING!!!!

TREP Net income:

2022 - 144,946

2021 - 672,967

https://www.otcmarkets.com/otcapi/company/financial-report/333881/content

[XenaLives]

A 2011 post detailing FACTS about BONAR.

He is a crook.

This is the way his OTC shells have been pumped and dumped for 40 years.

STTN some research inspired by the filing of the last 10Q on November 21, 2011

The stock started to plummet the day before the 10Q filing (maybe some insiders with advanced knowledge that the 10Q was going to be brutal decided they better start getting out early?)




-----

So what was in this 10Q?

Before we get to that a quick rundown on the events that have happened over the past few months:

-----

Starting shortly after the former Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer and founder of the company, Perry Law, tendered his resignation from his last remaining position of Director effective immediately on June 3, 2011 things have taken a very bad turn for the worse.

-----

On June 9, 2011, Brian Bonar signed a toxic financing agreement with La Jolla which included a $500,000 debenture agreement and the right for La Jolla to purchase up to $5,000,000 worth of stock at 80% below the market price. To date this agreement has not been executed.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7997447

On June 15, 2011, Brian Bonar issued himself 21,897,999 shares at no cost. According to the recently filed 10Q those shares were issued for $218,979 in compensation owed. On June 15, 2011, STTN closed at $.071/share making the actual value of those shares $1,554,757.93.

http://www.sec.gov/Archives/edgar/data/947011/000106299311002630/xslF345X03/form4a.xml

On June 17, 2011, Brian Bonar issued to his Director, Owen Naccarato, 3,000,000 shares at no cost for $225,000 in compensation owed.

http://www.sec.gov/Archives/edgar/data/947011/000106299311002672/xslF345X03/form4.xml

On July 29, 2011, Brian Bonar and Owen Naccarato met at the Rancho Bernardo Inn and used their 24,897,999 shares to elect themselves as the new Directors for the STTN shell.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8069037

On October 17, 2011, Brian Bonar brought his son, Colin Niven Bonar (aka C. Niven Bonar aka C N Bonar), into the picture by purchasing a group of companies which were all wholly owned subsidiaries of American Marine LLC, a company controlled by both Brian Bonar and C. Niven Bonar, for $50,000 and a $500,000 debt Note.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8194094

Solvis Medical Group consists of three revoked Nevada entities

Solvis Medical Inc and Solvis Medical Staffing Inc and Solvis Physical Therapy Inc all with Eric Gaer and Robert Dietrich listed as officers.

Former chairman of the Solvis Medical Group is Brian Bonar.

American Marine LLC is controlled by both Brian Bonar and C. Niven Bonar

http://www.corporationwiki.com/California/Escondido/american-marine-llc/47532519.aspx

Owen Naccarato (STTN Director) served as the legal counsel for the signed agreement between father and son.

C. Niven Bonar and Brian Bonar were previously linked with Dalrada Financial Corp (DFCO). Both C. Niven Bonar and Brian Bonar's daughter, Pauline Bonar, were initial shareholders in Dalrada Financial Corp back in 1999 while Brian Bonar was the CEO. Not so coincidentally Owen Naccarato was and still is the legal counsel for Bonar linked Delrada Financial Corp.

http://www.otcmarkets.com/stock/DFCO/company-info

The Bonar, Bonar, Naccarato connections don't end there.

The three can be linked to Allegiant Professional Business Services, Inc. (APRO)

Where daddy Bonar served as a Director and president, son Bonar served as the COO, and Naccarato once against served as legal counsel:

http://www.otcmarkets.com/stock/APRO/company-info

http://investing.businessweek.com/research/stocks/people/people.asp?ticker=APRO:US

APRO was (I used past tense because that company is basically dead now) a PEO company just like STTN is now.

APRO even uses the same address as STTN

11838 Bernardo Plaza Ct.
Suite 240
San Diego, CA 92128

Which is in shouting distance from American Marine LLC

11838 Bernardo Plaza Ct
Suite 210
San Diego, CA 92128

And is within walking distance from Dalada Financial Corp

11956 Bernardo Plaza Drive
#516
San Diego, CA 92128

John Capezzuto who works with Brian Bonar with APRO also worked with Brian Bonar with scam company Warning Management Services Inc. (WNMI) which was revoked by the SEC on May 22, 2009

http://www.sec.gov/litigation/admin/2009/34-59968.pdf

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=64388493

Legal counsel for scam company WNMI was Owen Naccarato.

Are you beginning to wonder if Brian Bonar always uses Owen Naccarato for a reason?

Here is a list of companies for which Owen Naccarato currently provides legal services:

http://www.otcmarkets.com/service-provider/Naccarato-&-Associates?id=2062&b=n&filterOn=3

Allegiant Professional Business Services, Inc. (APRO)
Com-Guard.com, Inc. (CGUD)
Dalrada Financial Corp. (DFCO)
Diverse Media Group, Inc. (DVME)
DPOLLUTION International Inc. (RMGX)
eMamba International Corp. (EMBA)
Family Room Entertainment Corp. (FMYR)
Genco Corp. (GNCC)
Global Digital Solutions, Inc. (GDSI)
Icon Media Holdings, Inc. (ICNM)
ITonis, Inc. (ITNS)
Lexico Resources International, Inc. (LXXI)
Markray Corp. (RVBR)
Quad Energy Corp (CDID)
Ree International, Inc. (REEI)
Smart-Tek Solutions, Inc. (STTN)
South Shore Resources, Inc. (SSHO)
TapSlide, Inc. (TSLI)
Velocity Energy Inc. (VCYE)

This link draws some interesting past connections between Corey Ribotsky and many companies that used Owen Naccarato as legal counsel

http://www.offshorealert.com/WorkArea/threadeddisc/print_thread.aspx?id=60&g=posts&t=37726


---------------------


I got side tracked though back to the 10Q

Then on November 21, 2011, the STTN 10Q for the 3rd quarter came out and it was ugly.

Cash on September 30, 2011 - $270,048
Cash on June 30, 2011 - $882,069

STTN lost $612,021 in cash during the 3rd quarter

Accounts payable and accrued liabilities on September 30, 2011 - $8,384,307
Accounts payable and accrued liabilities on June 30, 2011 - $3,256,689

STTN added $5,127,619 in accounts payable and accrued liabilities during the 3rd quarter

The accounts payable and accrued liabilities for the 2nd quarter was only $82,477

$5,127,619 is $2,129,070 more than STTN had in accounts payable and accrued liabilities for its entire existence from 1995 - through the 2nd quarter of 2011.

Why the $5,127,619 in accounts payable and accrued liabilities all in just a 3 month period? Who is all that money owed to?

Gross profit on September 30, 2011 (for 3rd quarter) - negative $155,177
Gross profit on June 30, 2011 (for 2nd quarter) - $1,685,183

STTN went from a profitable business to a company with a failing business. The cost of revenue for the 3rd quarter of 2011 was higher than the revenues themselves. They would have been better off not doing business in the 3rd quarter.

Subtract away the operation costs/expenses and

Overall operating loss on September 30, 2011 (for 3rd quarter) - $2,963,852
Overall operating loss on June 30, 2011 (for 2nd quarter) - $599,161

STTN's operating losses increased by $2,364,691.

During the 1st quarter of 2011 (the period ending March 31, 2011), STTN didn't have an operation loss. They had an operating gain of $363,354 after subtracting away all the costs of operations from the revenues for the quarter. It is obvious the direction that STTN is headed, and it is not good.


A further break down of the Selling, general and administrative expenses helps partially explain why STTN is headed down the toilet.

Salaries & Related Expense
1st quarter - $311,430
2nd quarter - $582,969
3rd quarter - $553,404

Consulting
1st quarter - $220,366
2nd quarter - $158,823
3rd quarter - $353,624

Commissions
1st quarter - $177,223
2nd quarter - $269,583
3rd quarter - $633,742

Outside Services
1st quarter - $31,688
2nd quarter - $62,403
3rd quarter - $211,287

Overall Selling, General, and Administrative Expenses
1st quarter - $1,272,515
2nd quarter - $1,685,183
3rd quarter - $1,997,439

Since revenues dropped by 28% from the 2nd quarter to the 3rd quarter why did commissions increase by 235% during that same stretch?


----------------


The most disturbing parts of the recent STTN filings:

#1) Brian Bonar paying himself $1,554,757.93 in shares for a $218,979 balance that was owed to him then writing off the payment in the books as a $218,979 stock expense.

#2) Brian Bonar issuing himself and his son a $500,000 debt Note for a group of revoked business entities.

#3) The $5,127,619 in accounts payable accrued during the 3rd quarter alone. Who is all that money owed to?

#4) STTN went from a positive balance sheet at the end of the 1st quarter to a failing business whose revenues cost more than what they make.

#5) The past connections and histories of the main players involved in STTN.

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=69486867

[MR1906]

Looks awesome! Maybe some news soon (fingers crossed)

[genlou]

Check out TREP's vastly improved website. Investors can now sign up for company news. https://trucept.com/

[MR1906]

Anyone else seeing large intermittent swings in TREP’s share value pre market in their TD Ameritrade or other brokerages?

[MR1906]

Agreed!

[vrekke]

results not exceptionnal, but pretty good,
enough to stay inn ...

[MR1906]

Quarterly numbers posted

[MR1906]

Thanks for the update! Just checked it out and it looks awesome! Just wish mgmt would update us as we REALLY need catalysts at this point!

[MR1906]

Thanks for the update! Just checked it out and it looks awesome! Just wish mgmt would update us as we REALLY need catalysts at this point!

[genlou]

Website has been updated.

[genlou]

I do not know. I just decided to check Trucept website this morning.