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TY dannol48, enclosed is Part I of my “Fraudulent Activities” series. Today is “Margins” and “No Cash in ASFX Bank accounts” (except for the “One month” amount, per ASFX BOD’s latest 10Q.)
“While ASFX is progressing, having record sales with decreasing margins of over 50%,”
Sorry dannol48 for the use of “over”, will revise to:
“While ASFX is progressing, having record sales with decreasing margins of 24% from 48% (a 50% decrease) for the three months; and 25% from 45% (a 45% decrease) for the nine months.”
Talking about the actual “decrease %” of the margins, not the margins directly. These 45% to 50% decreases indicate the lien holders are selling the inventory for whatever price they can. Sort of like a FIRE SALE. I’m sure these lien holders are getting nervous about their $785,000 loan to ASFX. The lien holders have full control over the cash, inventory and AR related to the ASFX “Sales Cycle”. The ASFX Customers are sending the AR Balances directly to these lien holders, instead of ASFX’s cash accounts. ASFX Management is well aware of it too.
Your use of “$3,530 against $106,085 for 2011 Q3 comparison” just makes the Accumulated Loss amount of $15,457,491 for the last two years look “MASSIVE”, but maybe that’s just me. But either way, $15 Million in LOSSES is a lot of BUCKs.
Your use of “I'd sell a Thousand for 24% over a Hundred for 48% return any day.", is Nice, but the ASFX’s revenues have not increased 1,000%. It’s increased only 20% (just going by your statement “In FACT, the quarter had a record revenue of $439,644, 20% higher than any prior quarter in the company's history”). So I’m not sure what you are implying, but 1000% is not even close to 20%.
When taking into consideration the interest expense and related costs of borrowing the $785,000 credit line, the gross margins are pretty close to 15%, give or take, of course. I think my use of “OVER” now comes into play dannol48, but no big deal.
Regarding
“and slightly improving cash flow, it’s CLEARLY not enough to address our need to raise $3,000,000”
Thanks for agreeing with me, but your use of “They are pushing-forward cash use in anticipation of "large purchase orders"”, is Nice, but concerning the Cash Flow requirements of completing such an order, the actual cost of bringing this "large purchase order” to the customer is a little difficult considering the Upfront cost of producing these items. The Chinese want “Cash in advance”, and is illustrated on the ASFX Balance Sheet. Where exactly is this cash coming from dannol48????
It has been two years now, with losses growing by the Millions, maybe if you provided a “Cash Flow Projection” related to your “anticipation of large purchase orders”, then maybe I could agree with your point. The Exmen have only sold a little over a million of their product, and their advertising is everywhere.
To me, the ASFX Business model makes no sense, unless of course, there’s Massive Dilution. With the Uplisting failure, there’s little chance of any capital gains for investors.
Have you investigated the latest MASSIVE selling vol of ASFX Stock. It’s shocking, to say the least. For example, just to pay for the 2011 auditing fee and related expenses, will require the sale of 20,000,000 shares, or over 66% of the latest published OS figure. The CPA can't hold shares of ASFX, they need CASH.
And since Nov 21st, the PPS is down 60% ~ 80%.
But make no mistake about it dannol48, the fraudulent activities outside of ASFX Management’s control will continue. Good thing you didn’t invest, and trying to guess the “turn around” date is a little risky, shall we say. Maybe the annual Shareholders Meeting will give the common shareholders a chance to discuss their concerns. Do you know when the Meeting will be dannol48???????
Parts II and III will follow over the next couple of days due to my “only one post per day”. Part II of my “Fraudulent Activities” Series, is all about “Massive Dilution” with Charts, Graphs and “Cash Flow Projections”.
MANY Thanks for continuing this lively debate. Part III will be “The Christmas Disaster” and the current Auditing problem.
TY dannol48 for providing MORE evidence of FRAUD.
Your use of “The progress”, “record topline”, “restoration of gross profits”, “improving cashflow” in regards to the Sept 2011 10Q, is not the message that ASFX Management is telling the investing public.
What the investing public is hearing from ASFX Management, via the 10Q, is the following:
“While ASFX is progressing, having record sales with decreasing margins of over 50%, and slightly improving cash flow, it’s CLEARLY not enough to address our need to raise $3,000,000 and stop our massive losses of over $15 – $20 MILLION since Sept 2009. In fact, we are NOT EVEN CLOSE. We have issued our common stock at an alarming rate, over the past 81 days with no end in sight. This dilution is a 10% increase, PER WEEK, since Aug 29th.”
Compounding the OS at, 10% per week, makes the ”record sales with decreasing margins of over 50% “, seem very WEAK. In fact, at this rate, within a year, the OS will be 4 BILLION. If you require PROOF of “NOT EVEN CLOSE”, then please ASK.
The WARNINGS from Management have been too numerous to just disregard as simple “boilerplate”. Add in the WARNINGS of DOG and MINT, and I’d say the three of them have been RIGHT all along. Current shareholders should have listened to the dire warnings of the ASFX BODs, plus Dog and MINT, since Sept 2009. And nothing to date has SIGNIFICANTLY changed since then.Not “progress”, “record top lines”, “gross profits” and/or “cash flows”.
In the meantime, despite what the fraudulent forces attempt to do, the WARNINGS from ASFX Management, Dog and Mint have all come true.
Thanks for responding, I'm sorry I only have "1 post per day".
TY dannol48 for providing additional evidence of FRAUD. The quote was also used in the Sept 30, 2011 10Q, under the same section, “Liquidity and Capital Resources”, (page 42, 2nd para), with a slightly different wording, but still essentially the same.
“Management estimates that it will need $3,000,000 over the next twelve months to fund all of the Company’s current product development and marketing projects, including $1,000,000 to fund marketing programs for the VeraTemp thermometers. The Company expects to procure large purchase orders for its thermometer during 2011 from customers. If these orders are to occur, and the Company is able to procure, assemble and deliver product, cash flow will greatly improve and lessen the need for outside financing.”
The use of “expects to procure large purchase orders” from Dec 2010, and the subsequent “If these orders are to occur” from Sept 2011 10Q, dated Novemenber 21st, 2011, indicates that the Company still has made NO major progress in its attempt to get the needed $3,000,000. And there's only 41 days left in 2011.
In addition, while failing in regard to the $3,000,000, they have continued to lose MILLIONs, as noted in the Sept 2011 10Q.
“These financial statements have been prepared assuming that the Company will continue as a going concern. As of and for the nine months ended September 30, 2011, the Company had current liabilities that exceeded current assets by $6,111,788, has incurred a net loss of $6,927,652, and used $1,015,288 of cash in operating activities. As reported in the December 31, 2010 audited financial statements, the Company had current liabilities that exceeded current assets by $5,149,524 as of December 31, 2010, and had reported a net loss of $7,040,767 and used $896,346 of cash in operating activities for the year ended December 31, 2010. In addition, the Company remains in default with regard to payment of certain of its obligations.”
In the context of “needing $3,000,000”; “a net loss of $6,927,652” and “a net loss of $7,040,767”; and “current liabilities that exceeded current assets by $6,111,788”, its simply fraudulent to suggest that ASFX is making progess because they are making $194,264 in gross profits.
The Company is telling the investing public that “We aren’t even close, and we are making no progess in 2011 that would indicate we will succeed in our goals of raising the needed $3,000,000”.
It’s that simple, and to suggest that ASFX is lying to the public about the above disclosures, is Complete and Utter FRAUD.
ASFX management is very clear to the investing PUBLIC about it's FAILURES, and the proof is the drop of 97% in the PPS during 2011.
It's FRAUD to suggest, that Management is Not telling the TRUTH, in regard to their 10Q disclosures. And that being,
"Management estimates that it will need $3,000,000 over the next twelve months to fund all of the Company’s current product development and marketing projects, including $1,000,000 to fund marketing programs for the VeraTemp thermometers."
In order to raise $3,000,000, ASFX would have to sell, at the current PPS, 300,000,000 Million shares. Or 10 TIMES the current "Outstanding Share" level.
Massive dilution is required, and to suggest otherwise, is simple and complete FRAUD. The Uplisting, was the vehicle to raise these funds. And that was a TOTAL FAILURE.
I think its FRAUD. Plain and simple. Massive dilution.
Interesting how Management is hiding this information from the investing public.
"On October 11, 2011 the Company issued Exchange Agreements to four private investors who in the aggregate invested $145,000. These Exchange Agreements converted private placements to two year maturity and with a conversion price of $0.10 per common share. The Company formally cancelled the previously issued shares on November 12, 2011."
No 8k and no exhibit in the filings yet. It appears to be a material event, yet no disclosure anywhere about these 4 private investors. A very inconsistent disclosure policy, since Justin DeRezze was disclosed last year in the filings. And his investment was only $50,000, at a discount of about 66%.
How does this Company get away with this stuff?
At the time of the Lanktree Conversion Deal, the conversion price of $.10 was a big N/A. Granite, a Noteholder, had converted twice at $.02. THIS was a MATERIAL EVENT in the eyes of the Common Shareholder, maybe not to you, but most certainly to them. Non-disclouse of the effective date of Rule 144 requirements on both Conversion deals wasn't disclosed either. In fact, the Lanktree deal has yet to be shown as an EXHIBIT. The Granite agreement was just released, and all hell broke loose on Nov 5th and on subsequent trading days.
Now if you are saying the shareholders were NOT hurt by these non-disclosures, then I don't know what to say DAN. The common shareholders got KILLED on this Non-disclosure. And the proof is the current PPS.
This information was witheld by ASFX, its as simple as that. From Nov 5th the PPS has dropped about 70% ~ 80%. Its was "MATERIAL", by anyone's definition.
The bottom line Dan, the shareholders are paying off the Creditors by buying these discounted shares. Little do they know, the PPS is dropping with each conversion. Again the proof is the current PPS.
Fact is Dan, the Granite agreement wasn't disclosed to the shareholders until well after the Rule 144 date. I'm sure Granite had dumped all their converted shares by then. I wonder what Lanktree Rule 144 date is going to happen. Do you know Dan?????
Per 8K – 9-26-2011
At the option of the Holder (Lanktree), the Holder has the right to convert all or a portion of the outstanding principal balance and accrued interest into fully paid and non-assessable shares of the Company’s common stock at a conversion price of $0.10. Further, if any other noteholder of the Company converts a note according to its terms at a conversion price of less than $0.10, then the Holder shall be able to convert the Note at such lower conversion price.
And that’s EXACTLY what Granite and Lanktree wanted KittyHawk!!!!!!!!!
Here you go Kittyhawk regarding the infamous “TWO CENT” deal for Granite. And a month later, the 8k filed for Lanktree stock conversion deal appears to lack the proper disclosures since Granite had already converted two times. In addition, since no 8k was filed when a conversion was actually made, it appears these Material Event(s) were withheld from the shareholders. Granite appears to have made as much as 500% on these deals, with the common shareholders holding the bag. Its Fraud, because ASFX knew on Sept 26th that Granite had already converted at two cents TWICE, and made no disclosure to the common shareholders.
The true management is the Creditors Committee, not the BOD. And they want their Cash back, and they’ll get any way they can. Any shareholder buying during this time period lost BIG TIME. Thanks IR, super job for THE COMMITTEE.
Like I have said many times, the creditors are running the SHOW. It’s an informal Bankruptcy, without the Judge. And a Judge would have stood up for the Shareholders.
Per 8K – 9-26-2011
At the option of the Holder (Lanktree), the Holder has the right to convert all or a portion of the outstanding principal balance and accrued interest into fully paid and non-assessable shares of the Company’s common stock at a conversion price of $0.10. Further, if any other noteholder of the Company converts a note according to its terms at a conversion price of less than $0.10, then the Holder shall be able to convert the Note at such lower conversion price.
Per 10Q
On September 14, 20 and 30, 2011, Granite provided the Company with notices of conversion to convert $9,000, $4,000 and $2,000 of principal into 450,000, 200,000 and 100,000 shares of common stock, respectively, at the conversion price of $0.02 per share. These shares were issued in October and November 2011.
On November 3 and 11, 2011, Granite provided additional notices of conversion to convert $12,000 and $16,000 of principal into 600,000 and 800,000 shares of common stock, respectively, at the conversion price of $0.02 per share.
And for Lanktree
On October 7, 2011, and November 11 and 15, 2011, $25,000, $15,000 and $5,400 of this principal was converted into 477,783 shares, 870,827 shares and 380,825 shares of common stock at conversion rates of $0.05233, $0.01723 and $0.00945, respectively.
EDIT: Thanks for responding Dan. Please note I only have "1 post per day".
Your comment about "stock options" is completely invalid, and that being "Hopefully, a good sign on what insiders see in out years for the business." This move by Management is a pure PUMP, meant to drive the PPS up. There is absolutely no foundation, or business reason, for stock options to be granted at that time. ABSOLUTELY NONE!!!!!!!!
This type of "PUMP" is a common technique employed by PINKS. Team Roth has lost close to $20 million since Sept 2009, with no real end in sight. Gross profit on sales is decreasing at an alarming rate. This management team doesn't deserve "stock options".
My specfic question was in regards to the $2.3 Million GAIN in the third quarter. This gain reduced the 3rd qtr LOSS from over $3 Million down to the reported $760,000 Loss. And per your comment regarding the 2nd Qtr loss of $4,009,697, two major reasons for this were,
"(ii) the charge resulting from triggered anti-dilution provisions within certain convertible debt agreements, (iii) fair value changes within derivative instruments,".
And please note, ASFX is using the accrual basis of accounting and the PPS as fallen about 90% since the mid-September uplisting. The explanation/disclosure made by Management in Derivative Footnote is so WEAK, it borders on FRAUD (IMHO). Please keep in mind the 1st Qtr 10Q was AMENDED due to the Accounting error made in the derivatives calculation, and that error was close to $1 Million in additional losses.
Now please explain the current $2.3 Million GAIN, in light of what happen in the 1st & 2nd Qtr regarding the "anti-dilution provisions" and the "derivative instruments????
My estimate didn't include a $2.3 Million Gain but just the opposite. The "anti-dilution" provisions alone is a HUGE Loss. Maybe I miss something in the "TWO CENT" Deal agreement, but either way, common shareholders are screwed.
Once you have a COMPLETE understanding the Balance Sheet, only then will you have an understanding of whats really going on in ASFX Land. Management isn't really being direct and forthright with the shareholders, but its all there in "black and white". You just have to take about 20 Hours to read and understand it.
Or you can take a "short-cut", and just listen to the "Facebook Gang".
Do you really understand the "anti-dilution" and "derivative" calcutions, from Qtr to Qtr Dan?????????????? But more importantly, does the following explanation/disclosure make sense when comparing it to the 1st (as amended) and 2nd Qtrs???
"During the three months ended September 30, 2011, the Company’s trading price of its common stock fell significantly. As the Company’s trading price is the primarily component in determining the fair value of the Company’s derivative instruments, the Company recorded a mark-to-market gain of $2,257,627 for the quarter ended September 30, 2011."
I predicted it. And I'm not backing down. Expecting an amended Q, like the 1st Qtr.
The $2.3 gain makes no sense. Does it make sense to you???????
Looks like a "Fire Sale" to me, with gross margins dropping from 48% to 24%. The demand for this product is so weak, they can't even cover their admin overhead, much less pay for the 50% to 70% interest rate charges.
If it looks so promising, then please explain the 90% drop in the PPS since the uplisting.
This is Fraud, CUTE, but still Fraud. The SEC Boys will bounce this S-1 quickly.
ASFX tried this once before, and it resulted in the Big CFO "firing/resignation/departure".
ASFX has to the stupdest management team on the face of the earth. The S-1 is completely invalid, with the 3rd Qtr information just days away. The 3rd Qtr results are DONE, and to withhold them, is FRAUD.
So the question remains, "WHY?????"
JMHO, of course
EDIT - ASFX now selling discounted shares at $.0168!!!!!!!!!! "Panic City" at the ASFX Corral.
Been saying this for 2 years. Its over IMHO. The uplisting was a JOKE.
Nothing left, except the FACT ASFX is now losing Millions every month and the OS increased 75%, in less than 3 months.
The company needed $6 Million from the uplisting, and got NOTHING.
Its OVER!!!!!!!!!!
This latest PR is insulting to the shareholders.
Then its FRAUD, Pure and Simple!!!!!!!!!!!!!!
JMHO
Expect 2011 YTD losses to exceed 12 Million Bucks, with the 3 months ending 09/30/11 to exceed 6 Million BUCKS. The Hit to the Bottom line on just the "Anti-dilution" agreements will be amazing.
IMHO the 3rd QTR 10Q will be a disaster. Its the reason for the MAJOR Sell-off since the Uplisting. Not even the Uplisting, could off-set the dismal 3rd Qtr performance.
Down 75% since Uplisting, SOMETHING is seriously wrong with this Bankrupt Balance Sheet.
They need a BOATLAOD of PRs, just one, will not save this sinking ship.
IMHO, buying this stock is insanity. The 10Q is ready, so just release the thing and get it over with. Releasing any PR BEFORE the 10Q, will accomplish nothing. Unless someone is "buying more time" to DUMP their shares.
Just get the BAD NEWS out. But Transparencey has never been a strong suit of this Company. .000125, Pre split is a JOKE IMHO.
It appears to be OVER, since the anticipated affect of the Uplisting didn't happen. AND IN FACT, the opposite occured. Instutional Investors turn their backs on ASFX with a simple "Thanks, but No Thanks!!!!!!" Seriously what do you expect when the Company doesn't even have a Full-time employee. All are getting a "Cash" paycheck from another Company, even the CEO.
Expect the total assets to be less than $300,000 by year end (after the Complete Write-off of the 2009 deal), with liabiliies exceding $20 Million. Like I said, its INSANITY.
Actually, an initial order should be for a lot more than 5,000 Units. Just more "Crack Creme" Arm-twisting it appears. It sounds like a favor.
Most likely a consignment deal.
During 2011, ASFX has been losing over $1,000,000 per MONTH, and closing in on Accumulated losses of almost $20,000,000 since Sept 2009, the date in which Roth began his tenure. In order to breakeven, Roth would have to sell over 2,000,000 Units by the end of the year. The Exmen have only sold 1.2 Million Units in entire History. Roth’s job, as with any Management team, is to turn a profit based on the actual Revenue, or estimated Revenue. He’s not even close, and for this performance, Team Roth has received over 2.4 Million in Compensation, during the past year, and since Sept 2009, well over $4,000,000. Total Gross profit is less than $400,000 during this entire period. This is insanity.
Total debt/liabilities to current assets ratio is well over 150 to 1. This Bankrupt Balance Sheet is being controlled by the informal “Creditors Committee” and the only thing missing is a Bankruptcy Judge. Granite, Lanktree, Concorde Capital, Goldin and their family and friends are controlling this operation via this informal Committee. The new mysterious 10 Lenders OWN everything now, and no one knows a thing about them. ASFX has not disclosed their names, relationships with other creditors, stock holdings, and/or relationships with ASFX’s BOD/Management team . WE know about this Fake IR guy, Justin and his infamous “Trip Reports”, but not ONE THING about the individuals who have liens on all the Tangible assets. These 10 Lenders own everything, and it appears they are keeping watch over these assets in a FL Garage, 1500 miles away from ASFX Management.
It looks like a Total SCAM. Nothing makes any kind sense. Not one single thing. Yet the Pumpers, such as IR ASR, continue to LIE about this and that, while MANAGEMNT remains SILENT.
Something is WRONG!!!!!!!!!!!!!!!!!!!!
JMHO 4nkool, but the reason for "the money" and "the effort" is because of Section 804 of the "The Sarbanes-Oxley Act of 2002" regarding the "Statute of Limitations for Securities Fraud" and more specifically,
"(b) Notwithstanding subsection (a), a private right of action that involves a claim of fraud, deceit, manipulation, or contrivance in contravention of a regulatory requirement concerning the securities laws, as defined in section 3(a)(47) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(47)), may be brought not later than the earlier of--
"(1) 2 years after the discovery of the facts constituting the violation; or
"(2) 5 years after such violation.".
Your statement of "the money" is a distortion of the FACTs. Its not their MONEY, its the powerless shareholders' cash. The real cash was taken during the run up to 7 cents, which in fact,"Tens of Millions" changed hands. All because of the worthless agreement between Roth (and Concorde Capital) and ASFX. The same agreement that was written off by the Auditors last year. That's the reason for Dr T's CC, to stop the INSANITY.
Your statement of "the effort" is a JOKE. The only effort by Management is to drive the PPS down via the various hilarious PRs (the lastest being a "500 Unit" sales) and various SEC filings. The latest being the "Two Cent" conversion, along with the infamous 200-1 RS. Losing a Million Dollars a month now, working out of a garage is an insult to any reader of the 10Qs. Management is LOLOLOLOOLOLOLOL everyday at the shareholders.
So they pay professional fees to keep the BS flowing, while the "Statute of Limitations" keeps moving along. Protecting the "Tens of Millions" from Section 804 of "The Sarbanes-Oxley Act of 2002" is the main focus right now. Doing it with little "effort" on their part. Wall Street and Institutional Investors see the BS for what it is, and that's why no one is buying the stock.
Again, just my humble opinion. To bad your post was deleted "4nkool", because your question regarding "the money" and "the effort" was excellent.
Wow!!!!!!!!!!! More Facebook friends and now ASFX can pay their electric bill with CASH.
CLEARLY to "DA Moon".
That's because someone else does. Roth's parents pay for the utilities, via their "Crack Creme Company" for the past two years, and bills ASFX via a "management fee".
The NEW Guys are paying the FL bill.
Don't you read the filings?????? A couple of light bulbs for the garage, and a monthly bill of about 50 Bucks. Seems CLEAR to me.
Even "Baseball Cap" works for the "Crack Creme Company" and so do the rest of them. The guys who work in the garage, get their paychecks from "Crack Creme". Same goes for Roth, so long as he needs CASH to pay his own mortgage, taxes, food and whatever, he gets a "Crack Creme" payroll check.
Except for the 5 hrs per week the garage has activity, the lights are turned OFF.
Per SEC filings. Go back and read them again.
It's not an assertion, it's a FACT and they are indisputable. Per the latest 10Q:
"Net revenues from product sales for the six months ended June 30, 2011 were $323,376, an increase of approximately $10,000 or 3% from net revenues of $313,151 for the same period in 2010.
Stock based compensation = $2,334,320"
Again, what exactly is the justification for this amount of Compensation??????
This Compensation is the primary reason ASFX is losing a Million Bucks a Month. Once again, a FACT, not an assertion.
Why are roughly SIX individuals getting $2,334,320 in Compensation?????????????? There's a very good reason for NOT having Shareholder Meetings. And this is a perfect example. The PPS is down 99.6%, yet somehow Management and directors get $2,334,320.
Can anyone on this board justify this Compensation??????????
One would think, with all the defenders of Management on this forum, at least one person could explain the various business and ethical reasons for this Compensation.
Can you explain this MATH Kitty??????
Net revenues from product sales for the six months ended June 30, 2011 were $323,376, an increase of approximately $10,000 or 3% from net revenues of $313,151 for the same period in 2010.
Stock based compensation = $2,334,320
What exactly is the justification for this amount of Compensation??????
A very simple calculation on the "Millions" Gentlemen. Review the Sept 2009 FS and note the OS and related PPS. Now compare that to the June 2011 OS and related PPS.
On the matter of "Transparaecy", please explain how ASFX can just get away with the following disclosure:
"Second Quarter 2011 Inventory loans. During May and June 2011, the Company entered into ten note agreements with various lenders in the aggregate principal amount of $785,000. These notes are secured by 70,000 units of the Company’s VeraTemp thermometers and accounts receivable related to these units. These notes mature six months from the date of issuance, collection of the accounts receivable or upon a new financing event in excess of $200,000, whichever occurs first. The notes bear interest at 8% per annum payable at maturity. In conjunction with the issuance of these notes, the Company issued an aggregate of 494,643 warrants to lenders and 301,786 warrants as commissions to others for arranging these financings. The value of these warrants was determined using the Black-Scholes pricing model on their respective dates of issuance as $169,784 to the lenders and as $112,589 as commissions."
Who are the TEN Note Holders/Lenders??????????????? They only have liens on EVERYTHING of any value in this Company, that being "Inventory" and "Accounts Receivable". They own the whole Cash Flow cycle on the 70,000 Units, PLUS over $314,000 in commissions ($112,589), financing costs ($169,784) and interest ($31,400).
Who are they Gentlemen????????? Because they own EVERYTHING of any value Now.
"Dog" and "Mint" have saved countless investors Millions of Dollars with their fact-based messages about this Company. They have consistently warned "newbies", and they have always been right. Proof is the fact the PPS is down 99.6% since 2009. They are Great Americians.
Here's some DD from the latest 10Q:
"Net Revenues
Net revenues from product sales for the six months ended June 30, 2011 were $323,376, an increase of approximately $10,000 or 3% from net revenues of $313,151 for the same period in 2010.
Net Loss
The net loss applicable to common shareholders was $6,142,744 for the six months ended June 30, 2011 compared to a net loss of $2,293,774 for the same six month period in 2010.
As of the date of this Quarterly Report on Form 10-Q, we currently have sufficient cash to sustain our operations for a period of approximately one month. Management estimates that it will need $3,000,000 over the next twelve months to fund all of the Company’s current product development and marketing projects, including $1,000,000 to fund marketing programs for the VeraTemp thermometer."
So on Revenue of ONLY $323,376, ASFX is losing $6,142,744!!!!!!!!!! So the real question is "Just how long can this continue????" Answer "For as LONG as the Creditors keep pumping Cash into it."
Now ask yourself one final question "Do the Creditors really care about the Shareholders???" IMHO the Creditors don't care at all, they just want their Cash back. And where are they going to get that CASH????? From investing newbies.
Read the SEC filings carefully. Seriously, is it all about Facebook friends and insignificant $3,500 PRs?????
Confusing "net profit" and "gross profit" Mint. But your point of the "losing 96%", is what makes the whole concept of investing in this Company laughable. Down 99.6% and losing a Million Bucks a Month, speaks for itself.
But somehow, some investors believe losing cash is a GOOD thing. This current Management has Lost 17 Million Dollars since Sept 2009 and by the end of 2011, will be well over 20 Million Buckergroos. And the final write-off of the NDD will occur by the end of this year, after the 1.8 Million last year. And its this NDD deal that started it all back in 2009. Its a Complete WRITE-OFF, so the question remains, "What's left to invest in at the moment????".
It appears "$3,500 PRs" and "Facebook additions of 100" are the NEWS now.
Down 99.6% says it all Mint. Plus the fact, Wall Street is NOT buying shares from the Company in any significant amount (per the Sec filings).
Uplist or not, at $.08, its still a "Penny Stock" per the rules and regulations of the SEC and FINRA. Its "Brokers Beware" Baby!!!!!!!!!!!! And for good reason.
And a "Shareholders Meeting" happening, is the final joke. Shareholders have no power, in addition to NO MEANINGFUL Cash, Sales and/or Profits. The Shareholders have nothing to show for their investment. NOT ONE THING IMHO!!!!!!!!!!!!!!!
The fact that the Daily # of Facebook friends added, far exceeds the actual Daily Trade Transactions, says it all. No ones Buying in any significant amount.
100 people have joined!!!!!!!!!!!!!!!
Truly amazing news to go along with that 500 Unit PR, that will result in a gross profit of $3,500.
ASFX is losing a Million Buckergroos a Month!!!!!!!!!!!!!!!!!!!!
Congrats on the 100, but when is ASFX going to do something about the RED INK??????????????
ASFX is down 99.6% and thats a FACT!!!!!!!!!!
ASFX has lost $6.1 Million for the first six months, and thats a FACT!!!!!!!!!!!!!!!
If they continue on this path, ASFX will have to sell $36 Million @ a 35% Gross Profit %, or 1,800,000 Units, just to breakeven. And thats a solid assumption, which at the moment, is all we have to go on. Without solid sales PRs in the 4th Qtr, nothings going to change. Based on this ASSUMPTION, the Company is not even CLOSE.
What else do you need???????
About the Financial Industry Regulatory Authority
The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s mission is to protect America’s investors by making sure the securities industry operates fairly and honestly. All told, FINRA oversees nearly 4,525 brokerage firms, about 163,580 branch offices and approximately 633,390 registered securities representatives.
Its Hilarious to PR a 500 Unit order. And its a $20 item DOG, for a lousy $10,000.
500 Units is a joke. This is the best Roth can do in Two years on the job.
He should be FIRED!!!!!!!!!!!!!!
Not dropping hints CW, Granite wants their CASH by year end. They have their own financial problems to address, and are going to pressure ASFX with their "Two Cent Deal".
Their needs = They want their CASH Back.
Their Threats = Massive dilution and/or Involuntary Bankruptcy.
Thats why the $785,000 note holders have EVERYTHING secured with liens, and Everything of any value locked up in the FL Warehouse.
Its Granite vs these new Noteholders (AKA "The Coral Gang"). If they don't get their CASH, they'll let the bankruptcy Judge decide who gets what.
Question????? Do you even know WHO these Noteholders are CW?????? Does Anyone?????????
No disclosure from ASFX management!!!!!!!!!!!!!!! And they have liens on everything, including cash invested by shareholders in the Company. Good Luck Shareholders
OK Kool!!!! Are you aware of the relationship of Resnick, Goldin and Roth, pre-ASFX????????
Are you aware of Resnick's and Goldin's family and friends are Major Creditors of ASFX?????????
Hmmmmmmmmmmmmmmmmmm
Per the SEC filings, of course. You did read them?????? Go back to the beginning.
So the main question is "Do they care about the Creditors, or all the powerless common shareholders?"
One could draw the conclusion that the ASFX BOD is NOT working for the benefit of ASFX common shareholders.
Makes for a tough investment, wouldn't you say???????
EDIT: Maybe YOU won't, but Granite will. Dilution at its FINEST.
5 Trades Today!!!!!!!!!!!!!
Better tell the MMS to start swapping stock.
And don't forget, FINRA is watching.
Their WARNING, not mine:
"Pump and Dump" scams where messages are sent urging readers to quickly buy a stock, based on a future company or economic development. The message senders may be insiders or paid promoters who gain by selling their shares after unsuspecting investors pump up the stock price."
But ASFX is now losing a Million Bucks a Month now. That I'm Positive of, because it's explained in the latest 10Q.
Its a "Cheapey" for good reason.
Page 40 of latest 10Q:
"Net Loss
The net loss applicable to common shareholders was $6,142,744 for the six months ended June 30, 2011 compared to a net loss of $2,293,774 for the same six month period in 2010."
Its a Huge Failure!!!!!!!!!!!! Losing a Million Bucks per MONTH.
8,750,000 shares will be converted (thats means NO CASH) in Dec 2011.
Someone is selling RIGHT NOW for 10 Cents, knowing full well, he can buy back shares for TWO Cents from Granite in three months.
What a Country!!!!!!!!!!!!!! Perfectly Legal too.
Merry Christmas
Expanding!!!!!!! Not even close Golf.
This time last year, ASFX had a PO for 10,000 Units.
Thats why the PPS is down 88% YTD.
ASFX is EXPANDING their Net Losses ONLY.
The TRUTH really hurts. And 1,500 is just a PO, not a sale yet.
No one is buying shares from the Company. ASFX is not seeing a Dime from these transactions. Its just MMs passing stock back and forth.
Huge difference.
And what this "fully reporting" company is telling the shareholders and potential investors, via the 10K and 10Qs, is that ASFX has no way out of their current "cash flow" problem. Either Wall Street buys new shares from the Company (adding to the dilution problem) or they are going DOWN the drain.
Its really that simple. And Wall Street is not BUYING, and proof of this is in the current cash flow statement and the equity statement. ONLY $160,000 of new capital for the first eight months of the year (plus $20,000 per subsequent events footnote).
They need 6 Million in new capital to execute their "business plan". Roth is not even remotely close.
And Roth can't "ship their way" of out this problem either. ASFX is now reduced to dealing with SHYLOCKs, who are taking all the Gross Profit from the current sales of inventory items, via loan costs.
You need proof - No one's BUYING, the PPS keeps falling and DILUTION is taking over. Its really pretty simple, the Company has NO Cash.
OS appears to be increasing at an alarming rate. Latest SEC info is very distrubing.
Maybe the slingshot for the OS is pointed at the MOON, but the PPS Slingshot is broken.
ASFX Dilution at its finest. Maybe 200% increase in OS, in 2011 alone.
I wonder if investors even bother reading these SEC reports.
Nice Mint