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Has been over a year since I left this board, it's interesting to see some of the same names still around. I had tried to flush this thing out my mind due to the $10k I lost when the Company first listed with their "electronic records" promises, but each year at tax time my wife gets on me to file all of the stacks of empty promises and lies we were fed to the SEC and Delaware attorney general. Hope you guys have at least made some money back by trading this thing, otherwise looks like not much has changed.
With the end of a year it is time to say goodbye. I have been a shareholder since March 2005 and therefore have lost about 99% of my original investment. Today I finally sold it off to at least get the tax usage from the loss. I wish everyone here well, it has been an adventure and most importantly one of those "hard way" lessons. While not near the poster as many on here, I have watched daily, and collected information, press releases, etc. My last Medify/Petel act will be the organization and submission of good portions of my 3" file on this ordeal to the SEC. While not looking for any type of lawsuit or restitution, the behavior management of these organizations have exhibited are not what should be emulated. The Company may be too small for the SEC to give a rat's a$$, but at least I will feel I have done my part. Public news releases of forward books and revenue streams that never materialize, timing of positive press releases with the issuance of 504's known after the fact, reverse stock splits with the non-public knowledge of a management stock issuance at 340% of the total o/s shares days after split (similar to backdating), declared dividends which never come to fruition, purchase of companies with revenues that, after acquisition, never seem to make the income statement, reference of 10-KSB filings with the SEC that are not present, the acquisition of a porn company by a healthcare company in which the only product of the healthcare company in development for 2 years is shelved, etc, etc etc. All things that the SEC would not tolerate at a Fortune 500 company, should at least be giving a 9-volt spotlight. To be understood, not sour grapes, just documented facts to clear my conscious and move on.
Again, good luck to all.
Poker
Wasn't the Q3 report due yesterday? 45 days after Sept. 30 was yesterday, anyone seen anything?
From the Press Release this morning:
"For a more complete description of these and other risk factors that may affect the future performance of Petel, Inc. see 'Risk Factors' in the Company's Annual Report on Form 10-KSB and its other filings with the Securities and Exchange Commission. "
I would love to read Petel's 10-KSB or other SEC filing if they had one.
So, anyone taking odds on the CEO getting a 33 million share grant dated monday?
For anyone who has been around long enough (2+ years), history repeats itself, it just requires a new ticker symbol.
Two questions:
1) If the Medify by itself is worth $15 million in total, why was the current value of Petel, with Medify 100% owned, only worth $12 million?
2) Every Petel release has the obligatory "forward looking statements" CYA clause at the end which reference the risk factors in the Company's 10-KSB on file with the SEC. If anyone can offer evidence of anything ever filed with the SEC by either Medify or Petel, please let me know.
My two cents worth....
I have been in this thing since March 2005. Given the track record since then, this "sale" is nothing more than a spin-off of the name "Medify" (as I there can be no other assets to send with it per the last PTEL balance sheet), in which PTEL will retain 20% of the shares, give the three or less people that will "run" the new Medify entity some shares, and float the rest on pink sheets. There is no actual sale here in the traditional sense, in my opinion.
"This wll not go anywhere till positive revenue or a big contract comes into play."
How many times have I read this since March of 2005 when I bought into this POS? Ironically enough, in the 2.5 years and 2 companies and multiple acquisitions, dividends and "on track forecasts" still no revenue.
Just a simple question...
From the May 9 PR - "Petel Incorporated, who amassed gross profits in excess of $300,000 in the period prior to their pink sheets launch..."
I can understand additional expense due to restructuring when a company is acquired, merged, etc. So I am not refering to net income or loss. My question is:
If in the period prior to going on the pink sheets Petel had enough top-line revenue to generate $300,000 in profits, what happened to make all of that revenue disappear so that in the quarterly report only $167k of sales are reported for FY06 and $43k for YTD FY07?
Should I assume MedifyRemote is now dead??
I cannot see anyway that the UK government or any government agency can sign any type of contract with an adult entertainment company using tax-payer money. While I am glad to see the pps move slightly higher (still have about $8 to go for breakeven), I can't help but feel that any of us who invested in the Medify technology itself have just gotten the bait and switch.
Wouldn't the number shares needed for a stock buyout by a company who is selling at $0.045 be extremely large in number, especially for a company generating significant revenues? It would take 22.2 million shares for every $1 million of purchase price. Assuming the Company is worth more than $1 million, that would be much greater dilution than 504's as a Company is only allowed to issue 504's up to $1 million per year, correct?
Why would the Company with revenue not acquire MDFY (it sure would be cheap enough at current share price) and then use its structure?
Not bashing, just questions from a LONG time shareholder.
tjak:
No, I haven't. After the way the past two years have gone, my thought of getting a straight answer is basically not existent. Much of that is not Nik and Ian's fault, but still my mindset at this point. I feel like all of our money has been used on a shotgun approach, throwing a bunch of different ideas and pocesses out there, and not behind a solid step-by-step strategy of marketing the product and getting the product sold. I have gotten tired of being patient after 2 years of promises and reported successes, to be down 99.7%. Just really frustrated at this point. I just wanted to know if anyone else had thoughts. Thanks.
Quick question about a 15c211.
This will be the third 15c211 filed since August 2004. (1 as Secutrieyes and one as Medify Solutions.) I am trying to determine why file another one? A 15c211 allows a non-reporting company to trade on the pink sheets. A Company may file a Form SB-2 with the SEC and then later a 15c211 to be an OTC:BB company. My assumption is that this is why we have never seen them affiliated with the SEC (10-K and Q reporting, 8/k's, Form 4's, etc.) because they had not filed a SB-2. Unless, they are also filing an SB-2 with the SEC to become an SEC reporting Company and trying to get to the OTC:BB, I do not see the reason for a 15c211. Just wanting some discussion, not throwing stones. Anyone have ideas??
bvdog:
I think alot of people wanted to believe it would turn around at some point, I know I was one of those. I am not sure who the Pink Lawyer that was referred to a few days ago, but is it a website? I know I am putting a small package together concerning the RS and immediate subsequent grant to management as I believe that is illegal, the release of 504's without public notice, the V2V acquisition which was originally released as being done, and then later said to not have happened, etc., and sending it to the SEC enforcement division, Delaware Attorney General and my state Attorney General. Most of the PR's and e-mails and stuff were just me making what turned out to be a horrible investment. But I do think there were a number of things which took place that were misleading and the stock grant flatout illegal, just the same as option backdating, only releasing the bad news first with the knowledge that a management grant was soon to follow. I don't know if any of the agencies will follow-up, and I do not expect to see my money again, but someone should be accountable.
So we are seeing a mass exodus of a number of fellow long-timers. Why does that give me an even sicker feeling?
For anyone who has previously spoken to the transfer agent, has anyone ever gotten a count of the number of shareholders? I know we have gotten share counts, but was curious to know if anyone had ever gotten a shareholder count. Thanks.
Regulatory Agencies....
Just a quick question. In following the Board for 2.5 years now, I like many of you a feel physically, emotionally, mentally and FINANCIALLY beat up. I am not wanting to start a huge conversation, just some advice from others who know more than me. If one was to contact or forward information to regulatory bodies, my understanding is that it would be the following:
SEC Enforcement Division
State of Delware Attorney General (Securities area)
My own state of residence Attorney General
Is there anyone I am leaving out? Thanks for your time.
Big problem is that with the pps so low, double the number of 504's will have to be sold at such low prices to generate the same amount of operating cash. Means that dilution is going to be worse at these levels than it has been to this point.
Level II
Anyone have what Level II bid/ask is strating at? Any effect of news?
The dilema....
Everytime I have averaged down with this stock, I continued to get screwed. Whether is was MM manipulation, Mgmt's RS, etc. If this was true it would be a no-brainer to average down here and at least try to cut the losses from 98% to 50%, but tired of hearing and being burned and throwing good money after bad money.
The release says private equity firm, so it won't be anyone publicly traded. Much like a number of the private buyouts here in the US lately.
Even at $2 per share, still would be down 77% and see no way it goes for $2 per share. Thing to keep in mind, majority shareholders (JB and Mgmt) got their's for free, so regardless of price its all profit for them.
Lem:
The sales of 504's would never hit the Income statement. The accounting entry would be a credit to equity (Common Stock and Additional Paid in Capital)and a debit to the cash account. The impact to the income statement would only be felt as expenses were incurred, debit to expense and a credit to A/P and ultimately to cash. The sales of stock would not constitute revenue, just as getting a loan does not. It is simply a different way of financing the entity. However, in the financials from 12/31, all of the equity balances are in Retained Earnings, so I am not sure how it was recorded.
I personally find it interesting that the liabilities in Acocunts Payable are higher than the total expenses for year. That would indicate that their were balance sheet only entries running through AP, which can happen if there are PPE purchases, or other asset purchases, but the amount of total assets are so small that it doesn't seem plausible.
Thanks.
Can I blame you guys for not trashing it when I bought in 2 years ago????
An SEC Company would have to release a proxy statement wouldn't they? That would include Executive Compensation, shares held and awarded, Board Compensation, etc.
The interesting part of the CF to me is extremely basic. It appears to indicate cash growth for the year (I am assuming that is the definition of "Net Cash Movement" here) of $29,488. However the Cash balance year-over-year was from $122 to $445, a change of $323. So I am not quite sure how to follow it.
Good news is that PPS hasn't declined.
Helps when there is not any activity. It is depressing that I consider that some sort of victory at this point.
Maybank:
Not being an attorney, my thought would be inquiry with the SEC involving the facts (dated material about the surprise RS and then the subsequent awarding of the 33 million days later, with no Form 4 filings to my knowledge with the SEC)would be the only step. Even with that, given this is a pinkie who knows if they do anything. It would all come down to if they wanted to make an example out of them, IMHO.
I know it is nit-picking, but the Balance Sheet doesn't balance (sorry I am a CPA for a large company, things I look at). That and $1 million plus in AP doesn't bode well for future 504 issuances. Also, wondering how we have AR higher than revenues? Would have thought we would book Income and post to AR? Just "analyst type" questions that would come if they had a conference call.
Below is the link to an article on cnnfn.com that discusses different types of option scandals. It was certainly illegal to do an unannounced RS and 6 days later grant yourself 3.5x the OS count with the price of the shares artificially higher. To believe the thought of issuing the shares had never occurred to them before the RS would be a ludicrous arguement for even JB to make.
http://money.cnn.com/2006/11/13/magazines/fortune/options_scandals.fortune/index.htm
Thanks Clancy. so instead of a number of MM screwing us over, we get to decide which one gets all of the business?
For people with more experience than I, a bigger board would seem a better idea, but would this improve our circumstance?
Thanks for the post. Sounds like things have been a cluster over there, but that there are people in charge now who want to do the right thing. A move to OTCBB, that does not involve MM's, correct??
Webchat meeting today....anyone have a copy they can post? Am at work and could not participate, how did it go??
Medify announces that it is going to track trades and their detail for the next 13 days and we are up all day to this point on Day 1. Interesting.....
Can they not request the trade detail for the prior 13 days before they let everyone know what they were going to do??
At leats a step in the right direction, I am anxious to see what the meaning of "Demand for the product from its go live date of 17 November 2006 has been consistently strong," turns out to be in the Year-end report. Also, I do not remember seeing Dr. Coleman's name before either.
Here's hoping, since that is about all I have left at this point.
A quick question for anyone. In the "forward looking statements" language at the end of each release, they reference their SEC filings, a 10-KSB in the weekly update instance. I have repeatedly searched the EDGAR database for evidence of MDFY and have not found anything. Has anyone else seen copies of any SEC filings? Thanks.
It seems we have 3rd party confirmation of Medify working with Doncaster and the pilot moving forward (thanks Sidney), but no excitement. I understand it should be "par for the course" at this point, but was hoping for even a couple of cents bump.
Sidney:
Where did you find this? Thanks for the post.
rely this is a keying error when it was trading at $0.17 and is now $0.017, right or wishful thinking????? Not that it would still be down 90%+