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DocMark----Please view the post I was replying to. I have quoted the entire post at the end of my response to you. Essentially as as answer to all the people calling out the company for referring to it's Hemp Products as Medical Marijuana--which it isn't---the company posted an answer on FaceBook claiming that they replace the "CBD" with "THC" in Marijuana "friendly" states without violating federal law as justification.
Whether or not this practice would violate individual state laws is questionable at best, would require a prescription in most of those states and to give a correct response would require a state by state review to determine legality in each individual state--I know it would not be legal in NJ---but the practice would clearly violate Federal Law.
FITX has Hemp Products. Hemp is legal but it is not Marijuana and therefore does not qualify as Medical Marijuana. If it contained the THC as the Company claimed it would be classified as a scheduled drug by the federal government and require full FDA approval and then need a prescribtion---otherwise it violates Federal Law.
To cover up for an ads that were misleading at best--possibly false advertising to begin with---the compay released an official claim on FaceBook that is a blatant lie.
THe OP Read verbatum:
" SIObserver
Thursday, June 13, 2013 11:41:04 AM
Re: None
Post # of 37797
This from an hour ago on the Creative Edge Nutrition Facebook page.
"We have had numerous questions about the company's entrance int the Medical Marijuana sector and that we are not really in this sector. We want you to actually read the Press Releases that we put out. "We have a licensing model in place where businesses in Marijuana friendly states can license our formulations and replace CBD with THC and have these products produced locally, without Creative Edge Nutrition violating Federal Laws." This should answer all questions. Thank you CEN"
https://www.facebook.com/creativeedgenutrition?fref=ts
SIO "
ALL Medical marijuana violates federal law. ALL Pot of any kind violates federal law except what is grown by the government for use in government funded and supervised experiments. That is why the operators of legal dispensaries get busted by DEA agents every so often, all their stock get confiscated and they get closed for awhile. It makes national news every time it happens. It happened a lot more before we got an ex(supposedly) stoner in chief who has instructed federal law enforcement "not to make locally legalized marijuana a priority"
There is no such thing as a state law that supersedes federal law. This fact is elementary school level civics.
According to federal law, Pot and most THC containing substances are illegal as THC is considered a controlled substance with no legitimate use. There are several drugs containing THC or synthetic THC that are prescription only. FITX's products DO NOT QUALIFY.
Once we get past the violation of federal law, in states where "medical marijuana" is legal it can only be obtained with a prescription from a medical doctor. Who would ever ask for or receive a prescription for one of these products? Second, even in the 2 states where recreational use has been decriminalized, a) it still violates federal law and b) there are restrictions on sales, use, possession and more.
Since many of the people who visit this site will still believe the company:
http://www.whitehouse.gov/ondcp/federal-laws-pertaining-to-marijuana
This is such a blatantly false statement from the company on so many levels it takes me from being an investor who is bothered by company practices but believes in the product to one that is considering liquidating and notifying FINRA about FITX and its illegal practices.
JoeMonte1---I appreciate the response and the info. ceo1 and I have had a bunch of interesting conversation about SAFC itself, their interactions with MFTH and how the two companies are affecting each other. I found SAFC only after MFTH announced the dividend would be the SAFC shares they received in the licensing contract.
I am not that worried about SAFC unless the ties to MFTH drag it down. I was initially worried that the whole thing was a 2 company pump and dump scam in part because SAFC has used the tactic in the past--see the website pumpanddumps for specifics.
I really think the MFTH dividend fiasco is holding this company down right now. I got started by buying MFTH looking for the pre-dividend run up which never occurred or a good dividend. I ended up holding through the ex-dividend date and then cutting my losses by selling half my shares.
If I get the dividend as defined MFTH's 8-k from 4-30-13. I will be happy with my investment. I did pick up some SAFC but unless it really tanks again I won't buy any more and will just sit with what I have now and hope it hits that .70 pps or higher as SAFC guaranteed the shares MFTH got would be worth.
I wonder what the number of outstanding shares was on the ex-dividend date. I wonder if the insiders were expanding that number just prior to then to reduce the number of shares of SAFC were given out per share. This is another potential FINRA holdup.
In their initial announcement of an upcoming dividend they stated in the announcement that the outstanding shares were around 550 mil. The outstanding share count was about 100 mil higher when they gave the ex-dividend date. Now it is 200 mil above that number.
Shady shady shady. Considering that we know a significant portion of those added shares---possibly all of them---are not, or at the very least were not part of the float as of the ex-dividend date, FINRA would take notice of such deception without a doubt.
If all of the shares have hit the open market since the ex-dividend date it would easily explain the price drop. Even if only a portion of them are newly part of the float.
I repeat---Shady shady shady. Here are the official numbers as of 3-31-13:
MFTH Security Details
Share Structure
Market Value1 $909,743 a/o Jun 12, 2013
Shares Outstanding 649,816,679 a/o Mar 31, 2013
Float Not Available
I just checked the 10-Q filed in early for the quarter ending 3-31-13. It states:
Common stock, par value $.0001 per share, 2,000,000,000 shares
authorized; 649,816,679 and 91,903,319 shares issued and
outstanding, respectively
So if I am reading that correctly the float was less than 92 mil shares as of 3-31-13 That means that 86% of the dividend was going to be paid out to themselves at the point it was announced. Since that time, one of two things has happened. Either MFTH used the announced dividend as a pump and dump and lined their pockets with a bunch of cash or they gave themselves an additional 200 mil shares to increase their share of the dividend to almost 90%.
Based on the share volume and the fact that once MFTH hit .004 it fell back very quickly I wouldn't be surprised if it was a combination of the 2 moves thereby giving themselves some quick cash while intending to still own more than 8 out of 10 SAFC shares with a guaranteed value of .70 per share.
Shady shady shady.
Exactly. But I already knew you understood from your previous post.
I have given long explanations here and shown the rapidly expanding share and float counts, given specifics about the sudden 100 million share bumps in daily volume with either little or negative impact on the PPS of a stock does not have very bad news. Discussed the info in the PR's and still many people here do not understand what is going on or just refuse to believe it.
I have even addressed the basic laws of supply and demand and how it applies to share counts without making a dent.
So in the end I will just hold my limited investment for now and hope the P&D's stop so the actual value of a really good product line can get a grip in the market or enough people get angry and flood FINRA with complaints and the stock goes grey.
I like the company and I like the products. I just don't like that the company is being used as a printing press for the insiders--who by the way would make a lot more money in the long run if they concentrated on growing FITX rather than pumping FITX.
If they need to convert some shares for a little cash because most of your pay has been in shares? Then liquidate a reasonable number of insider shares in an ethical way. I understand doing that and it does not have a significant impact on the PPS.
There is a reason that FITX is not a fully reporting company. It gives the management team more leeway under less oversight.
I do not come here to bash FITX but to have intelligent conversations about what the company is doing. Most of the posting I do on I-hub is information gathering or speculation with other posters about whatever stock we are discussing. What I can add here is an understanding of how P&D's work.
The only thing that is going to stop the repeated P&D's by FITX is the diminishing returns that can already be seen if you follow the progression back to September. Once that happens, the question will be if FITX has a strong enough product line to withstand the erosion of shareholder trust. If not we will see another name change or a reverse split so the PPS can drop like a rock from there.
Thanks for the investment advice. The PPS for FITX would have to drop into the 000's for me to put anything else in to this company until they stop the repeated pump and dumps.
Beyond that, I will remind you that the fisrt thing they teach in economics 101 is the basic law of supply and demand. The PPS will never achieve significant growth if every time there demand for FITX goes up there is a corresponding increase in the supply of FITX shares that is signifcant enough to quench that demand. If the increase in the supply of FITX share goes up deyond that demand, the PPS will fall even on "good news" just like you have seen over and over with FITX.
It doens't matter how good the news is---yes, even GNC---if the magnitude of the float increase is suffucient to match or exceede the new interest in owning company shares.
Wow...SOmeone who understands what a pump and dump is! Rayman will never get it. The company doesn't even get any cash out of the share dumping the insiders do so it doesn't help provide revenue to the struggling company but spending money to those who were previously issued shares as compensation fro something.
As for any of the Medical Marijuana claims---All the products they have released are HEMP based, not Medical Marijuana. Hemp and pot are not the same. Hemp is a THC free cousin of the Pot plant. THat is part of the misleading pr's put out by the company as part of the latest P&D.
Next up, GNC. First, we have been promised GNC with FITX supposedly receiving a vendor number for months at the very least as part the P$D process. Second, GNC won't help the share price if another 1 billion shares are added to the float within 24 hours of the annoncement.
ceo1--My broker has the same number.
I just looked at the 10-k released on 5-10. THe full report on EDGAR, not the sumary in the link just for the share counts. It verifies the 107 mil # and gives what I believe is a float of just over 76 mil although the terms they use are "issued and outstanding" as ooposed to OS and float.
Didn't read the full report right now.
Buy back stock???
This company is printing stock, paying management with it and then doing a monthly Pump and Dump.
From this page:
Share Structure
Market Value1 $1,070,233 a/o June 30, 2012
Shares Outstanding 535,116,780 a/o June 30, 2012
Float 47,293,250 a/o June 30, 2012
Authorized Shares 600,000,000 a/o June 30, 2012
Par Value 0.001
From the 3-31-13 Financials
STOCKHOLDERS' EQUITY:
Preferred stock, Class A Preferred Stock
1,000,000 shares authorized, $.001 par value, 1,000,000 shares
issued and outstanding at March 31,2013 and
September 30,2012 1,000
Common stock, $.001 par value; 1,099,000,000 shares authorized;
895,827,760 and 589,586,780 shares issued and outstanding at
March 31, 2013 and September 30, 2012, respectively
From OTC Markets 6-12-13
Share Structure
Market Value1 $6,907,983 a/o Jun 12, 2013
Shares Outstanding 1,684,873,919 a/o May 15, 2013
Float 814,165,226 a/o May 15, 2013
Authorized Shares 1,888,888,888 a/o May 15, 2013
THese numbers do not include the latest P&D--the 4th one in 5 months when about 100 mil shares were dumped into the market after a series of "press releases" that were paid for with our money and included info that ranged from true to misleading to false.
ceo1---These are the numbers I posted before:
SAFC Security Details
Share Structure
Market Value1 $753,080 a/o Jun 10, 2013
Shares Outstanding 107,582,851 a/o Mar 31, 2013
Float Not Available
THe e-mail you received today says:
There are currently 138,062,154 shares outstanding. The company is
authorized to issue 1,000,000,000 common shares.
It would appeara that the difference in these 2 sets of OS frrm
3-31-13 to 6-12-13 is essentially the 30 mil shares listed as being bought on Sunday. The AS has risen significantly but the AS I posted before was 2 years old.
I would hazard a guess that the 30 mil share purchase was not for a P&D as they could clearly have gotten significantly more shares in their personal holdings if that is what they intended to use the shares for.
Therefore it is my opinion that the share purchase was a legitimate purchse from the company in advance of some significant news for SAFC.
I wish we knew the current real float. We know it is at least 30 mil shares less that the OS.
If the company continues to operate the way it has, once the market dries up--back douwn to the usual 2-3 mil shares a day average---we can count on 30-60 days before we get a new mix of accurate PR's, misleading PR's and downright false PR's.
This will quickly be followed by another massive dump of the shares privatley owned by management and other indsiders who, prior to this last P&D, owned more shares than the rest of us combined.
It is a shame that a decent product line is managed by a bunch of crooks too busy lining their pockets to worry about really growing the company.
If the company continues to operate the way it has, once the market dries up--back douwn to the usual 2-3 mil shares a day average---we can count on 30-60 days before we get a new mix of accurate PR's, misleading PR's and downright false PR's.
This will quickly be followed by another massive dump of the shares privatley owned by management and other indsiders who, prior to this last P&D, owned more shares than the rest of us combined.
It is a shame that a decent product line is managed by a bunch of crooks too busy lining their pockets to worry about really growing the company.
ceo1--I don't think they put the shares in the market. I think they put the shares in their pockets. To me that means 1 of 2 things. Either they are expecting a big run up and legitimatly bought shares in advance of it or they are gearing up for another P&D.
Since all we know is at this point is that they bought the shares, it is difficult to tell. Did they pay fair market value? At least that would help company cash flow if nothing else. Did they excecute options at a reduced rate? If so, what was that rate?
It is also possible that they are just geting around to reporting the 30 mil shares they bought that upped the OS to where is is now because I don't see anything that tells me 30 mil shares hit the open market recently. Again, the lack of information as to what is going on makes the company look sketchy.
When you ask about the OS, see if you can find out the float as that does not appear to be listed anywhere.
Thanks.
ceo1--This info comes from my newewst go to web site for company information---OTCMarkets:
SAFC Security Details
Share Structure
Market Value1 $753,080 a/o Jun 10, 2013
Shares Outstanding 107,582,851 a/o Mar 31, 2013
Float Not Available
Authorized Shares 200,000,000 a/o Dec 31, 2011
Par Value 0.0001
Shareholders
Shareholders of Record 29 a/o Mar 25, 2013
Short Selling Data
Short Interest 140 (-99.16%)
May 15, 2013
Significant Failures to Deliver No
Transfer Agent(s)
Nevada Agency and Transfer Company
While I hate the fact that they are not required to update this information any time there is a change (including a change to the float)--I think you said the current OS is 130 mil plus---SAFC clearly had enough AS to bump the OS by 30 mil even without increasing the AS. I would think this type of news needs to be disclosed to the SEC but I am not sure of the time frame they have to submit the filing before they are no longer considered a fully reporting company.
ceo1--If I am reading the CNBC link correctly, the 30 mil shares were purchased on Sunday by company management. If so, they bought shares from the company not on the open market and have therfore increased the number of outstanding shares rather than decreasing the float.
I'm not sure if this is a good thing or a bad thing.
ceo1--I'm pretty sure what's going on with the dividend is that MFTH is trying to figure out how they can give away the shares since they filed an 8-k saying that was the dividend without giving up the guaranteed value.
1. I don't see how they can do this
2. I don't see why it makes that much difference since the insiders own most of the stock anyway.
After reading the information FINRA requires and that restricted stock can be given away, just not sold into the open market, I can't see any other reason for the delay.
As for SAFC, I think Friday was a run up to people expecting news comming out of this conference and today is dissapointed people getting out just in case the bottom drops out again.
ceo1--It is good to see your enthusiasm for SAFC has returned. Some of the stuff driving the price down was really getting to you.
Very interesting how strongly they are distancing thmeselves from MFTH.
I almost forgot, these are the numbers from 6-30-12, about 3 months before the first P&D from FITX.
Share Structure
Market Value1 $1,070,233 a/o June 30, 2012
Shares Outstanding 535,116,780 a/o June 30, 2012
Float 47,293,250 a/o June 30, 2012
Authorized Shares 600,000,000 a/o June 30, 2012
Par Value 0.001
These numbers come directly from the transfer agents website and are dated 5-13-13:
FITX Security Details
Share Structure
Market Value1 $8,255,882 a/o Jun 07, 2013
Shares Outstanding 1,684,873,919 a/o May 15, 2013
Float 814,165,226 a/o May 15, 2013
Authorized Shares 1,888,888,888 a/o May 15, 2013
Par Value 0.001
Shareholders
Shareholders of Record 181 a/o May 15, 2013
Security Notes
• Capital Change=shs increased by 1.2 for 1 split. Payable upon surrender.. Ex-date=04/02/2013.
Short Selling Data
Short Interest 28,661 (-69.21%)
May 15, 2013
Significant Failures to Deliver No
Transfer Agent(s)
Action Stock Transfer Corporation
I'll do the math for you---there are 204,014,969 authorized shares that were not issued as of 5-15.
The difference between the outstading shares and the float was 870,708,693 shares. That means that management and insiders owned more share that the rest of the shareholders combined as of 5-15.
Management and the insiders have almost 4.5 times the number of shares to put into the open market than the company and can legally do so without making any annoncement that the shares will be sold because they already exist.
In other words, as I have been trying to explain, FITX itself has not been flooding the float with shares. Insiders and/or management has. It will be very interesting to see the difference between the float and the outstanding shares the next time the transfer agent publishes the numbers. If youi check the info at the top of the FITX page here at I-hub, the float is no longer known because nobody knows how many shares got dumped this week. It may take a few days to get the new numbers.
In the mean time I suggest that people do a google or yahoo search for "Anatomy Of A Pump & Dump" and see if anything sounds familiar to what has been going on with FITX. You will see that it lines up with what I have been saying in previous posts.
Here is some additional information about what FITX gets away with since it is not a fully reporting company.
On 5-15-12, FITX purchased Science Defined Nutrition. Because they are not a fully reporting company they did not disclose the terms of that purchse. It could easily have been tons of shares with a one year restriction which would mean those shares are now free to be converted into cash by dumping them into the market. Normally this transaction would have been listed on EDGAR in an 8-k with the actual contract attached so all the investors can review it and know all the details including the exact compensation for the purchase.
Again, because FITX is not a fully reporting company, Bloomberg has the outstanding shares still listed as 330.54 mil shares and Scottrade has it in the 700 mil share range. This is well below the nearly 1.7 billion share that are actually outstanding.
Also as a company that is not a fully reporting company, FITX can release unaudited financials which really don't mean anything more than the PR's that the company releases.
I will reiterate one more thing I have said in the past. All of this drives me crazy because FITX has quality products and is growing its distribution methods. IT has all the potential to grow into a rock solid company it the people running it would focus on long term growth of the company rather than short term theft from the shareholders.
BeachBum---I'm pretty new to I-hub so I don't know exactly what qualifies as too much re-posting so I will refer you to what I posted late last night. Please read post #37308 and the discussion that followed. It is currently on the third page. I am pretty sure it will help with what FITX management has been doing since September of 2012.
There is no doubt in my mind that FITX has not been excessively shorted and that FITX itself has not been diluting. Management has been unloading shares they received as part of their compensation for personal gain.
For the record, I do own shares and would like to see this company prosper. So with that in mind, this is my history with FITX. When I first found FITX I did not invest anything because I could not find the ingredients in the products listed anywhere. I put a little bit into the company when the dividend was announced hoping I could make a quick profit on a run up to the dividend or at the very least get out quickly with my 20% profit after it. There was no real run up and by the time I could trade I was about even so I let my limited investment ride.
As soon as I read the prosource announcement I looked the products up on their website because I know they list all the ingredients in everything they sell. After seeing the quality of the products, I almost bought more FITX on the spot but checked out pumpanddumps for the company history first. What I saw on that web site made me decide to just ride with the shares I have for now.
My share count is significant enough that I will be thrilled if the FITX blows up and limited enough that, while the wasted potential will anger me, I won't be hurt if it bottoms out.
I replied to your post because I was replying to what was in your post but it was really meant more for Rayman to help him understand what is happening with FITX.
As for the scenario I described, I am pretty sure that if the restriction on the shares is defined in the contract as expiring at a specific point, they expire at a specific point. I used a 1 year time frame just to describe how the shares can be converted. I believe the 144 is to lift a restriction prior to its defined expiration date.
And, of course, the option of holding the shares even once the restriction expires always exists.
Restricted shares do not expire. The restriction expires.
Restricted shares are shares that are owned but cannot be sold while the restriction is in place. Once the restriction expires the shares become regular shares and are free to be sold.
Restricted shares are given out with an arbitrary value as part of a contract--employment or otherwise. Say you are a majority stock holder in a publicly traded company with 1 billion authorized shares but only 200 mill outstanding shares. You have limited cash flow so we agree on a contract that pays me a salary of $2000 in cash a month so I can at least pay my rent and eat + a lump sum of 100 mil restricted shares valued at a PPS of .0001. even though your company's actual PPS is .01. The contract also specifically defines the terms of the restriction as 1 year.
When that year is up I have 100 million shares of common stock that I can do whatever I want with. I can continue to hold them while I continue to work to improve the company and therefore the value of the stock and the value of my contract. I can slowly sell some off at fair market price to free up some cash for myself without causing a major impact on the PPS because my shares were already part of the outstanding shares even if they were not part of the float. Or I can pump the stock and dump all 100 mil shares into the float in a day or 2 converting my shares to cash without care for what happens to the stock price.
That is what is known as a Pump and Dump.
Rayman---if there was suddenly enough demand clamoring for 100 million more shares than sold the day before, how did the price per share drop if the supply of shares did not go up a whole lot?
It is simply the way Pump and Dumps operate.
Bill himself said the company is not selling any stock. Therefore the stock was not sold to raise capital for the company.
Individuals who personally received restricted shares sold those personally owned shares into the float once the restriction expired. The individuals who personally owned those shares received the cash from selling them---not the company.
Dilution very rarely drives a stock up.
The company itself is not selling stock. And the company is not generating any operating cash from this.
This is how a pump and dump works 99.9% of the time.
Small cap stocks can’t afford to pay top dollar for their management team so they include massive quantities of restricted shares as compensation. The company also compensates “insiders” or those that fund the company with massive amounts of restricted stock. All this restricted stock is part of the outstanding stock but not part of the float. After a certain period of time the restriction expires and the management team and insiders have massive amounts of unrestricted stock that is still part of the outstanding stock but not part of the float. Now the goal is to sell all these newly unrestricted shares into the open market to become part of the float.
The question becomes, how do you unload 100’s of millions of shares when only a few million shares trade each day? If, like FITX, you have a recently signed $2 mil line of credit you withdraw some of that money for “advertising” and hire a penny stock pumping newsletter or 3. The purpose of the “pump” is not necessarily to raise the PPS but to raise demand for the stock. Remember the simple economics laws of supply and demand. The demand created by the “pump” can be filled only 2 ways. The stock price shoots up or the float explodes. And this is when the “dump” begins.
The management team can now flood the float with all the shares they own that just had the restriction expire to satisfy the new demand. Instead of 4 million shares changing hands with the PPS going through the roof, 1-200 million shares change hands as the management team pockets all the cash.
The company loses. The shareholders lose. The managers and insiders make tons of cash.
To show exactly what I am talking about, last week, about 16 million FITX shares changed hands. Since there were only 4 trading days, that averaged out to about 4 million shares per day. With the news at the start of this week there was more demand and FITX averaged about 6.3 million shares trading each day and the higher demand caused the price to rise. Then came the P&D on Wednesday. Almost 110 million shares changed hands as FITX management flooded the market with what appears to be about 100 million shares that previously were not part of the float. If they averaged .005 per share, they made $500,000.00 on Wednesday alone.
Two P&D’s ago in March, over a 5 day period FITX had 764,443,089 shares change hands. Considering that FITX historically averages about 3 million shares a day or less when not being pumped, it is safe to guess that about 750,000,000 shares were added to the float over that span. From March 25 to March 30 FITX averaged nearly 1 cent per share. That comes out to $7.5 million dollars management pocketed over those 5 days.
FITX has had 6 P&D’s since September and 4 in the last 5 months. Think about how much money is being made by the people who are supposed to be trying to create a viable, growing business but instead are lining their own pockets with cash.
The worst part about it with FITX is that they have what appear to be good products and could really be a great long term company where the management and insiders could eventually have 100’s of millions of dollars but they would rather make a quick buck and destroy the company while stealing from the shareholders than do the right thing.
I'm not agreeing with you. FITX was on a steady upward progression of PPS in the days leading up to the P&D. From low of .0032 on May 27 it progressively grew to a high of .0065 on June 4th. Of course there were a few bumps but the upward progress was generally steady and consistent.
In the last 2 days, after 22 e-mails pushing the stock and more than 20 times the daily volume, the dump of shares has dropped the PPS back down to a low of .004 in half the time it took to build the PPS.
Added volume SHOULD equal added interest in therefore added demand for a stock. That should equal a higher PPS, not a lower one. This should happen even if the stock was stagnant before the added demand. A stock that is growing before the demand spike should explode. Not lose more than a third of its value.
There is no way the repeated P&D policy of this company's management is good for anyone but this company's management.
The P&D is not keeping the price stable. It is only driving traffic to the stock to create enough volume to allow them to sell all of the shares they want to.
In March FITX was doing 1-4 mil shares a day. The pump got the volume up over 200 mil for a few days and over 100 mil on another. That was the dividend spike. Volume then dropped back down to 10 mil/day til the next pump when it went back up near 100 mil. Before this latest pump, volume was peaking at less than 4 mil/day and then yesterday over 100 mil again.
The only pump that bumped the price up was the dividend one in March. Every other time FITX pumped the stock the PPS fell because of all the new shares in the float.
This management doesn't even do a quality sustained pump that drives the price up over a few weeks before the dump. They don't care about the PPS at all. Just getting the volume so they can liquidate what they own and cash out.
I am not bashing FITX, I am calling out the management team for taking steps that enrich themselves at the expense of the company and it's shareholders.
I have actually had very good things to say about FITX and that is why the repeated P&D's by the management team bother me. This company has the product and distribution to become a very successful company it which point the management and the shares they own become worth a lot.
There is no need to hurt the company now just to make a quick dollar through the repeated P&D's.
It's not the short sales that are killing this stock. I'm really not sure where you got that my complaint is about shorts--at least not right now.
My complaint is about the repeated pump and dumps being perpetrated by the management of this company. They are paying a lot of money---probably company funds listed as "advertising expense"---for paid promotion of the stock to drive up interest and volume. That is the pump part.
Then they are flooding the market with personally owned insider shares--previously not part of the float and often just released from being restricted shares--which drives the price down while filling their pockets with cash. That is the dump part.
FITX's current management makes money but the company and the shareholders suffer. It happens all the time in penny stocks but is technically illegal. And, as I said before, with this company it is unnecessary because the products are good and the revenue stream should be growing. There is a lot of potential if the greedy people in charge would look out for the company first---which is also a legal responsibility management has to the shareholders.
I just wanted to add that I went to clean out my spam folder for the day and had 2 FITX pump e-mails. Each Company was compensated 15K for tonight's pump.
According to OTCshortreport, on may 31 100% of MDHI shares sold were naked shorts. While that mey not seem like a big deal since less than 50k shares changed hands, on June 4th, more than 1.3 mil shares were sold and 99.55% were naked short sales. Today--the 5th--67.34% of the nearly 4 mil share volume was naked short sales.
All of OTCshortreport's statistics supposedly come directly from FINRA. They show 5,493,696 naked short shares flooding the market in the last 5 days alone.
I can't argue that point with you but is is especially frustrating when a company has a quality product, is generating sales, has multiple revenue streams and therefore has the potential to really be a great long term investment for everyone involved only to have it flushed down the hopper by greedy short term thinkers who risk everything about the company and jail time for a quick dollar today.
To both BeachBum and Fellowshort---Any time a company does a Pump and Dump it makes them look bad. On top of that, a significant portion and often all of the dump is always enriching the management team and insiders rather than generating operating capital for the company.
I repeat part of my initial statement that today's P&D was the 6th one since September of 2012 and the 4th in the last 5 months. This is a direct quote from the disclaimer in 1 of the e-mails sent out pumping FITX during their last P&D in April--I didn't get any of the pumps this time.
"PennyStockCircle is owned and operated by Global Marketing Media LLC. Global Marketing Media LLC has been compensated forty five thousand dollars for a two day marketing and promotional effort on FITX by Stockmister, LLC."
According to pumpanddumps, in April they paid for 11 e-mails. This time they paid for 18 e-mails so far during the current P&D by FITX. How much money did they spend on this P&D alone and who actually profited from the share dump?
The managers and insiders have a legal fiduciary responsibility to the shareholders of FITX that requires them to do what is best for the shareholders. It is time for them to start living up to that responsibility rather than lining their own pockets.
FITX has the quality products to do just that.
Ceo1--Please be more specific. Are you talking about the final buy of the day? The drop in general is no good but that final buy was 10k shares.
That is price manipulation.
I am really getting mad at FITX. I found the company a while back and wouldn't put any money into it because all it had was some nice labels and no place to find the ingredients.
When they announced the dividend I bought some to turn a quick profit (preferably) on the pre-dividend run up which never occurred. Then, after the dividend, by the time I could trade the stock I was basically at break even so I held.
When they announced the purchase of the Canadian stores I was happy because they would generate some much needed revenue. The prosource deal which allowed me to see the ingredients was even better because now I know the ingredients are high quality and prosource is one of the best online retailers for the target of performance enhancement.
But they follow that up with a pump and dump. It is the 6th one since September and the 4th in the last 5 months. They are not even worried about driving the price up, just the traffic so they have buyers of all the cheap stock they are flooding the market with.
Unless the products are a scam, without the actual ingredients listed on the label, why damage the long term strength and growth of the company which could be truly life changing for the insiders just to line their pockets with some quick cash today?
Hopefully there will be good news---BIG good news---for both SAFC and MFTH at that point.
It is needed for both companies.
ceo1--When is the conference you have been talking about taking place?
In my opinion, there are only 3 things that would legitimately get MFTH moving again.
1. Follow through on the dividend so it stops looking like a scam. Not same BS dividend just so they can say they gave one but a real, high quality dividend as promised.
2. News from SAFC that they have finally integrated all the parts of their I.V. drug delivery system that includes MFTH's product and are approved for use.
3. A third company buys non-exculsive rights and actually pays cash for those rights rather than just having MFTH push the hypothetical future value of the contract.
There is always the 4th possibility of more P&D which may get the stock moving but will hurt the company in the long run.