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It is, everything I've found and read states it is toast. I actually gave Mr. Sean Tan a call....he didn't have anything very optimistice to say....
I haven't followed any other company's filing for bankruptcy, I wonder if this is normal
all the way up to a full penny today with an ask of 2 penny's, briefly! I might consider hitting 2 cents soaring.....unfortunately, only a few hundred dollars traded...but should there be a shimmer of light, it should soar like an eagle...LOL
So, when does this thing finally close the doors and stop trading?
I've called many times in the past and never once talked to a live person nor did they return calls. I have had communications with a lady at Uncommon Grounds and she said its business as usual there....she also was asked to field all emails from investors but she cannot get any answers either.
205,000 shares traded only represents $500
Yes I see the same thing, people are buying today....the company is not talking, will not return calls, website has been shut down....but they are still selling coffee!
I just expect one day to see it gone and delisted.
The website is gone!
"n' smoking a fat bowl right now!" That would explain why you are buying a bankrupt stock!
Guess there is something to be said in proof reading!
I would guess the law suit has to be thrown out since they are in CHP7 and will sell everything off to pay current debts...maybe the people sueing them will get some of their money, but they are probably behind the secured debt holders but ahead of the shareholders in the payback line!
On a bright note, the stock has tripled from two days ago! ; )
I owuld guess the law suit has to be thrown out since they are in CHP7 and will seel everything of to pay current debts...matbe the people sueing them will get some of their money, but the are probably behind the secured debt holders but ahead of the shareholders!
On a bright note, the stock has tripled from two days ago! ; )
Not much is going on! Chapter & Bankruptcy, court appoints someone to liquidate all assets and payoff as much of their debt as they can...shareholders get ~0~ since their debts outweigh the value of the companies assets!
Does anyone see any trades or a b/a today?
Someone just sold 1000 shares at 0.001 Who would trade a dollars worth of shares??? one dollar!!
I was wondering about that myself(a fake)....seems to be buyers....and they are still selling coffee....time will tell
That is true, CHP 13 allows reorganization....same thing happened today, bid kept getting higher...
why were people buying yesterday? Bid was going up all afternoon???
Filed for Chapter 7
Someone dumped a few hundred thousand shares....no news from what I can see....
Anything is possible, if you believe....and have magic fairy dust!
Great News! They now have a new answering system....no company directory though!!! LOL Thats as good as the news gets here! Market value of the company now below $180,000
Calls Now Go Unanswered at the Company Office in CA.....although they neer once returned a call, at least there was an answering machine!!
Who can explain this in simple terms...It looks as if the number of shares is limited to 6 million at the current stock price thats only about 50,000 dollars if they converted to shares.....is this correct?
To obtain additional cash flow for its on-going operations, the Company entered into Subscription Agreements with
five accredited investors on March 19, 2007. The Company received gross proceeds of $2,250,000 by the issuance
of Convertible Notes (the “Notes”) at an original discount of 16% to the selling shareholders listed herein. The
Notes, due March 18, 2009 may be converted, at the option of the Noteholders, into shares of common stock of the
Company at the conversion price of eighty-five (85%) of the preceding ten (10) days VWAP. Each investor also
received warrants (the “Warrants”) equal to that investor’s pro rata portion of the Note Principal divided by the
VWAP on the closing date of the Subscription Agreement. The Warrants are exercisable until March 18, 2010.
None of the Shares being registered pursuant to this registration statement will be available for issuance pursuant to
the exercise of the Warrants.
This Prospectus relates to the resale of the common stock underlying the Notes. The selling stockholders have
contractually agreed to restrict their ability to convert or exercise their Notes and Warrants and receive shares of our
common stock such that the number of shares of common stock held by them and their affiliates after such
conversion or exercise does not exceed, 4.99% of the then issued and outstanding shares of common stock.
We have set out below, in tabular format, certain information related to: the payments which we may be required to
make to parties in conjunction with the sale of the Notes and Warrants; the total possible profit to those parties as a
result of the conversion discount related to the Notes; the total possible shares underlying the Notes; the total
possible profit to those parties as a result of any conversion discount related to the Warrants; the total possible shares
underlying the Warrants; the gross proceeds payable to the Company with respect to the Notes; and other relevant
financial information related to the sale of the Notes and Warrants by the Company.
5
Payments on Closing March 19, 2007 Cash Non Cash Explanation
JPC Capital Partners Inc. placement fees $ 180,000 Fee of 8% of gross proceeds $2,250,000
JPC Capital Partners Inc. broker shares $220,500 283,147 shares valued at $0.7791 per share
JPC Capital Partners Inc. broker warrants $137,177 240,662 warrants valued at weighted average
exercise price $0.57
Cantara SA (affiliate of Cresent International Ltd) $20,000 Due Diligence fees
Grushko Mittman $25,000 Legal fees for documentation
Total $225,000 $357,677
Less Gross Proceeds $2,250,000
Net proceeds to Grower’s Direct $
2,025,000
Other Payments on closing to selling shareholders
Original discount of 16% paid on Convertible Note
principal amount
$428,571
Possible profit to selling shareholders from share
conversion discount
$274,248
Possible profit to selling shareholders from warrant
conversion discount
$233,099
Total $935,918
Convertible Note
Principal Amount
Purchase price
paid
Original discount of 16% paid on
principal amount on closing
Crescent International Ltd $1,190,476 $1,000,000 $190,476
Pierce Diversified Strategy
Master Fund LLC
$ 59,524 $50,000 $ 9,524
Enable Growth Partners L.P $1,011,905 $850,000 $161,905
Enable Opportunity Partners
LP
$ 119,048 $100,000 $ 19,048
Bristol Investment Fund Ltd $ 297,619 $250,000 $ 47,619
JPC Capital Partner Inc. 0 0 0
$2,678,572 $2,250,000 $428,571
There are no provisions that could result in a change in the price per share
We have set out below, in tabular format, disclosures comparing: the number of shares outstanding prior to the sale
of the Notes and Warrants (which are held by persons other than the Noteholders, Warrantholders, Company
affiliates or affiliates of the Noteholders and Warrantholders); the number of shares registered, in prior registration
statements, by the Noteholders and Warrantholders; the number of shares previously registered that are still held by
the Noteholders, Warrantholders and/or affiliates thereof; the number of shares previously sold by the Noteholders,
Warrantholders and/or affiliates thereof; and the number of shares being registered, on behalf of the Noteholders,
Warrantholders and/or affiliates thereof, pursuant to this registration statement.
We have set out below, in tabular format, disclosures which are intended to set forth the potential costs, to the
Company, in the form of liquidated damages, interest payments and other penalty amounts (collectively the “Penalty
Amounts”), which may be incurred by the Company under certain listed circumstances. Prospective Investors
should carefully review the following documents with respect to the Penalty Amounts: the Subscription Agreement
(filed herewith as Exhibit 4.1); the Convertible Note (filed herewith as Exhibit 4.2); and the Warrant (filed herewith
as Exhibit 4.3). Prospective Investors should also note that notes set forth below each set of disclosure tables below
contain information regarding the hypothetical nature of many of the Penalty Amounts calculations contained within
the following tables.
Payments on Notes
6
Total
Warrants
Issued
Maximum
Shares
Issued on
Warrant exercise
Value at closing
market price $0.73
3/19/07
Exercise Price
fixed at $0.6622
Possible profit
for discount from
closing market
price
Crescent International
Ltd
1,528,015 1,528,015 $1,115,451 $ 1,011,851 $ 103,599
Pierce Diversified
Strategy Master Fund
LLC
76,401 76,401 $ 55,773 $ 50,593 $ 5,180
Enable Growth Partners
L.P
1,298,812 1,298,812 $948,133 $860,074 $88,059
Enable Opportunity
Partners LP
152,801 152,801 $111,545 $101,185 $10,360
Bristol Investment Fund
Ltd
382,004 382,004 $278,863 $252,963 $25,900
JPC Capital Partner Inc. 240,662 240,662 $175,683 $159,366
TOTAL 3,678,695 3,678,695 $2,685,447 $2,436,032 $ 233,099
# of shares
outstanding prior to
this Offering as of
September 30, 2007
# of shares
registered, in prior
registration
statements, by the
Noteholders and
Warrantholders
# of shares
previously registered
that are still held by
the Noteholders,
Warrantholders
and/or affiliates
thereof
# of shares
previously sold by
the Noteholders,
Warrantholders
and/or affiliates
thereof
# of shares being
registered, on behalf
of the Noteholders,
Warrantholders
and/or affiliates
thereof, pursuant to
this registration
statement
30,559,328 None None None 6,350,584
Date of Calculation Interest Due on Notes* Total Principal and Interest Due on Notes*
10/31/07 0 $2,678,572
11/30/
You are probably right, however it seems restructure is better than default!
I imagine the next news posting could be make or break...either they have restructured their debt and have new financing or they are going under.....time will tell but the stock price doesn't show much optimism
Yahoo shows the following info:
Mr. Terry Klassen , 52
Chief Operating Officer $ 120.00K N/A
Mr. Sean Tan ,
Chief Exec. Officer and Pres N/A N/A
Mr. Nepal Kanti Muhuri , 55
Interim Chief Financial Officer N/A N/A
Mr. Benard Goma , 47
VP of Global Sales and Member of Advisory Board N/A N/A
Mr. Austin E. Hills ,
Special Advisor N/A N/A
Is this accurate?
People need a reason to buy, any hint that they can stay in business should stop some of the selling. I can't see it going anywhere until they let us in on what's going on...
Through our arrangement with Trabocca B.V. of Netherlands, they are supplying GWDC with Sidamo and Yirgacheffe coffee from Ethiopia. Ethiopia is the word’s sixth largest exporter or Arabica bean coffee, producing approximately 150,000 tons annually. The bulk of the country’s coffee are grown in small farms and sold via cooperatives. Ethiopia’s coffee has a distinctive rich aroma and sweet flavour coupled with a heavy body. It has a mocha taste to its coffee that is greatly appreciated by coffee connoisseurs.
They don't have money to fund day to day operations, how will they pay for an attorney??
Google them, they appear to be an importer or handler of Coffee Beans....I have found any details on the case. I suppose if yu do a search of cases in that county you could find more info.
New SEC filing, Lawsuit against GWDC and Uncommon Grounds
Maybe Santa will bring GWDC a few million dollars so it can continue to operate!
.06 good thing is it can only go about 1/2 of a cent lower!!
Ping.....how was that coffee you ordered....hopefully its been delivered! Looks like they will spare us any bad new prior to Christmas.....no news is better than bad news!
Merry Christmas to all!
is this people realizing there tax losses or inside info leaked out?
Well at least they still have some coffee to sell!
Willy, what do you know about Tan's finances and private holdings of this stock? Do you have details or supporting info?
I think it all comes down to whether financing is available and what the terms are...without any new money, this is going to 0
8K filed outlining pay plan for CEO and CFO
I agree, and when you don't have many positives to cling to....every little one helps!
We have our new CEO, another investor.