says, "Companies that trade on the OTCBB will require Cash/Cheque. "
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Another Q filed, another 3 months gone.
The mirrors were liquidated for which the company netted about 80K. Remember that they raised over $3 million, ostensibly to produce 3000+ mirrors. I figure they might have made 1500ish mirrors. They sold/gave away maybe 100-150ish. The rest of them have apparently gone to Woot for a net 80K.
Debacle. The last hope is the Connected Chef. Supposed to be coming soon in June 2022, then June 2023, then Holiday season 2023. They have no purchase commitments as of August 2024. They've manufactured no inventory (no money).
Debacle. They have no other product to sell, and no money to create new products.
All debt extended to October 2024 and November 1, 2024. Kicking the can down the road. They have no way to pay this debt.
So, a No to Home Health care, Tequila Mixto, CBD gummies, Bitcoin mining, Block Chain miner hosting?
It's really fortunate BLQC managed to land on The Hottest Trend right now, AI. I'm sure this will mean Great Success.
Alonzo always seems to be on the Forefront of the Next Big Thing... just ask him.
They dumped a bunch of the wardrobe mirrors on Woot this month.
https://tools.woot.com/offers/capstone-touch-screen-smart-mirror-22-5in-x-60-in
$189. At least one buyer wasn't too happy with the 'deal':
https://forums.woot.com/t/capstone-touch-screen-smart-mirror-22-5in-x-60-in/1720850/24
I don't think capstoneconnected.com is coming back...
They probably should delete links to it from their corporate web page, capstonecompaniesinc.com. And delete the link from their twitter page too.
connected-chef.com still works, but there have been zero updates for a whole year. If they have no ability or intent to produce the product, they should take that website offline too.
The guy referenced in that picture was 66, not 62, and he died in April, not Monday.
Lots of posers on the Internet.
10Q on 5/15 is next.
That's more money out of Wallach's Wallet to get filed. At some point, he has to give up being the bank.
Capstone has debts they can not pay. Capstone has no product to sell, and no capital to create new products.
Capstone has 2 employees, Wallach and Wolf. Both in their 70s.
https://www.otcmarkets.com/otcapi/company/financial-report/400233/content
They've filed a OTCQB Certification!
https://www.otcmarkets.com/stock/CAPC/disclosure
Haven't filed their OTCQB Certification yet. It's due within 45 days of the 10K due date. The form probably takes 15 minutes to fill out, after you've filed the 10K. They typically file it in April.
While we wait for Capstone to say something, anything, we can watch for the OTCQB Certification. If their plan is for Chapter 11 or 7, the Certification is moot - it kicks them off OTCQB.
Half a billion here, half a billion there, pretty soon you're talking a maxxed OS
https://dealstream.com/financial/public-shells
Several hundreds of thousands, maybe, for a good, clean shell?
Before they can 'sell' the ticker, they have to shell-ify Capstone
They're close on the Assets side: they wrote off the remaining value of the smart mirrors. They'll have to book a one time gain when they sell the inventory to a liquidator; watch eBay if you want a mirror.
The $43K they spent on molds for the smart cutting board will have to be written off; they still carry that on the books as of 12/31/2023.
The remaining asset would be the Goodwill, an intangible.
On the liabilities side, they have over $3 million as of 12/31/2023. They'll need to use bankruptcy to settle this debt.
That's the old CEO that says 'Cancelled', right, not the new guys? 11 months ago.
New Owners, New CEO, New 13G on March 1, 2024 says Brian has 203,500,000 shares.
Something smells a bit toxic, no? Caveat Pumptor
Just the timecard, Oceans. Don't need to see your manual, I wrote the Book.
If you're in Legal, do you have a contact in Maintenance? Could you call them and get the TP replaced in our Men's Room?
The GVSI shares are scratchy, and leave an irritating rash. Could we get some Charmin, Please?
Hey Oceans, my direct supervisor is on vacation this week.
Could I get you to sign my timecard in his stead? TIA. E'rebody gotta get Paid, amiriite?
Gonna suck when they steal 99.9% of your shares
so that they can give them to their customers as perks.
AXXA has negative net tangible assets.
Net Tangible Assets
(45,195)
Shares in AXXA are tangibly worth less than zero. At any price, you're paying a premium, even .0001
Wait for the audits (snicker) to get real numbers, though.
Mike, you always seem to find the skeeziest OTC stocks to promote
This one looks worse than that magic mirror stock, or that Canadian gold mine concession stock.
How are those doing, by the way?
Unaudited.
Repeat that over and over as you try to sleep.
Is it true they re-domiciled in Wyoming because they're thinking of running Unlimited A/S?
Why else would they move there from Delaware?
AXXA is not an SEC reporting company.
SEC does not 'scrutinize' AXXA fins. Stop the false claim.
It's a pink OTC company, Alternate Reporting Standards. The financials are not audited.
What's the current market cap? 3 to 4 million? (after today's 75% haircut)
A clean, reporting shell goes for what, 300 to 400 thousand?
GVSI is neither clean nor reporting. I don't get it.
Also, blockchain? That's so 2020. The new hotness is AI. Time for GS to re-tool this noob scam.
The Series B preferred shares have a 10,000:1 conversion and voting rights. The Series A preferred shares are voting only and have no conversion rights. The voting is equal to 50% of the issued and as converted preferred shares plus 1 vote.
It's 3 billion shares he can convert, not 300 million. He gifted these to himself for the $50,000 he invested in taking over the shell.
That's .0000166 per share. Even if this shell gets cellar boxed, he can dump on the clueless noobs from here to eternity for a 6x gain.
It's good to be the penny stock non-reporting shell King.
Capstone Florida SOS moves...
Bye, Capstone Lighting Technologies, we barely knew ye. The lighting products brought in $37 million in 2017, before Capstone turned their attention to the smart home products.
Don't fret too much, they filed annual reports for Capstone Companies (the one that represents CAPC stock) and Capstone Industries (the company that CHDT/CHDO acquired that brought Stewart to CAPC).
There are only 2 guys (Stewart and George) left, so they really didn't need 3 corporations. Is Jonathan Caparco still with the company? What would he still be doing? There haven't been *any* company announcements since last June. Is CAPC really paying the guy to do nothing?
3 weeks until the 10K.
Two months later, and nothing has changed.
The Transfer Agent still hasn't been informed about the share structure change, voted on last May, and filed with the SOS at Sunbiz.com in June. Why? I think because it longer serves the purpose of generating new capital, and satisfying old debt.
I believe they intended to satisfy the ~$3 million in debt with preferred shares at a dollar per share (liquidation preference of a dollar a share, plus conversion to common at 66.66 common shares per share). The collapse of the share price under a penny makes the deal less appealing to debt holders. The limited wash trading we saw in January really hasn't changed things. I think we're headed back under a penny without real positive news.
So what now? I see 5 possibilities:
1) Status Quo. Wallach continues to pay the minimal accounts payable as they come due, increasing his debt holding, while external debt holders (Khoury and Fleisig) hold off on demanding payment. I figure this could go on through the end of March, when they file the 2023 10K.
2) Reverse split. Maybe another 10 or 15 to one. That gets the share price up temporarily, making the convertible preferred more attractive (assuming the 66.66 to 1 conversion rate still holds after the Reverse split).
3) Chapter 11 reorganization with a DIP lender (probably Wallach) getting the bulk of the new equity.
4) Chapter 7 liquidation. Not really likely, as no one gets paid (really quite scant tangible assets left to liquidate - debt holders will not get full repayment, and common shares wiped out).
5) Sold to another company? I doubt this. There's nothing really to buy, but a warehouse full of mirrors no one wants, and some plastic molds for the cutting board that will never be built (my opinion, but backed by consumer action).
So, what's it going to be? Maybe we'll know in another 2 months.
Looks like the web site error has been fixed.
Carry on!
capstoneconnected.com
Fatal Error
I wonder who is maintaining the CAPC websites these days. Seems to be a ?temporary? glitch on capstoneconnected.com
Gonna be hard to move those mirrors if people can't get to the website.
https://capstoneconnected.com/