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The seafood business alone is sufficient to show positive retained earnings.
With so many different entities that have to be examined, unaudited financial statements can take quite some time to compile. Although these financials are the representation of management, still, the accountants require that everything be documented. For example, they have to check out previous years' tax returns to make sure they correspond to transactions that are on the books. I would also expect there to have been many intercompany transactions that had to be sorted out by the accounting team. All of this takes plenty of time. How much time also depends on the number of staff accountants assigned to the case.
Another thing is that the financial report must include a description of contigencies, that is, whatever lawsuits the Company is involved in, the outcome of which might affect its financial position. I would think that each case had to be separately analyzed to determine whether it is the Company that is at risk or only its officers who are individually named in a lawsuit.
What we don't want to see is a "going concern" statement from the accountant expressing any doubt that the Company might not be able to continue its operations due to undercapitalization or for whatever other reason. From what has been posted thus far by Bayport, it would appear that the likelihood of such an opinion is virtually nil.
What I would like to see is a positive number in retained earnings rather than a deficit, which would reflect multi-year profitability.
I understand Bayport has plans to move to a higher exchange after some time, where yearly audited financials will be required. I therefore believe the financial statements that are being prepared currently are being done scrutinizingly in anticipation of those future requirements. If the accounting firm lays the groundwork now in preparation for audited financials, the work will be much less time consuming the next time around.
I'm not making any predictions now regarding specific future share value, and I'm not mentioning a timeline of future administrative successes. I do see this as having great potential now that there are responsible legal and accounting teams in place, and so I am adding today. If it takes a month or two or three, I can be very patient waiting for this up and coming multi-bagger to show genuine market strength.
IMO, the Company has made some intelligent moves this month to get its house in order. From now on, in terms of their management style, they will be acting more professionally than before. The new website is a sign of the new direction they are taking.
I hope that when the financial statements are released they are also presented professionally, and that the Company shows a profit in 2010 of at least a few million dollars. That alone should push us back into pennyland within a day or two after they are posted. Then a series of PR's will take us up the capital gains ladder to new heights.
Let's try not to get spooked by these early gyrations in pps. The recovery to a penny could be as quick as its descent today from .0078.
I just picked up 95,000 shares to add to my collection. Very happy with my total and ready for the next leg up. Thanks to everybody for the lively discussion. It keeps many eyes on EXTO.
Looks to me like Lou is not making any independent decisions anymore but is now in step with the new legal team. This tells me Bayport has given up much of its cowboy personality to position itself as a serious player vying for the attention of serious investors.
Absolutely!
All we can do right now is wait for this administrative work to get done. From what I am hearing, it is just a day or two away. I'm thinking of these words of advice I recently got from a friend: If there is nothing you can do, then do nothing.
This is a buy and hold situation. Our day will come, and it will come soon enough.
Actually, DFB is a smart guy and Snoop would be proud to know DFB
is one of the first to get in on EXTO/Bayport.
I don't have my glasses on, but it looks like Hulk Hogan.
Most recent information in the Quebec Business Register (I hope the link works)
https://www.registreentreprises.gouv.qc.ca/RQAnonymeGR/GR/GR03/GR03A2_19A_PIU_RechEnt_PC/PageEtatRens.aspx?T1.JetonStatic=3eaa978d-158b-41ba-a02a-5a7cf6d98df9&T1.CodeService=S00436
Nicely done, Larry.
Many nice steps being taken now by EXTO/Bayport management to safeguard the future growth and success of the Company. It's like creating a foundation before actual construction of a building begins.
Great prospects here with multi-bagger potential. A little more patience is required. Keeping an eye on the plan for future expansion and not worrying about moment to moment price fluctuations is the key to seeing huge gains with this investment.
Are you predicting no news next week?
Nice volume today.
I picked up some earlier at .0075. Total EXTO shares held now is a nice round number. Ready to rock!
I'm hoping to pick up another 50K shares of EXTO this week in anticipation of the next leg up. All I have to do is locate some dry powder to put into my Scottrade account. EXTO is just about ready to ignite!
I agree and picked up 50,000 more shares just below .007. What
a steal!
As a holding company, Bayport Corp. has many divisions and subsidiaries. The danger I see in this approach to a family run business is the risk of losing focus by over-diversification.
Now they are busy compiling the numbers and organizing all of these units under one umbrella. This administrative work is tedious and time consuming and while it is being done, regular business operations must continue without being disrupted.
So everybody should give the Company the time it requires to get its house in order. I think everyone here accepts that Bayport's annual revenues already surpass several millions of dollars just from its seafood division alone. That places Bayport head and shoulders above most pinksheet companies.
While wanting to share his enthusiasm and optimism, Porter twice gave a time line in Bayport's PR's which he will not be able to meet. I hope he learned a lesson from this faux pas. Lou -- don't PR a specific timeline, especially when the elements are beyond your control.
VortMax must have gotten on their wrong side. He might have been expecting them to immediately contact Mayan Gold and share with him their impression of that opportunity. Don't become disgruntled with management, VM, for not responding within days to your inquiries. There are pinksheet CEO's who haven't responded to shareholders in months and even years.
Let's keep the big picture in mind. It may take a couple of months to see the full benefit of this company's potential, but it will be well worth the wait. All IMO.
I picked up a few more this morning on the ask. Waiting for some other buyers to take this higher.
I'm looking for geometric gains, with EXTO doubling from here (.008) each month over the next three months. With that time frame in mind, anything below .01 is a great buying opportunity, IMO.
If that deal is ever sealed, VortMax, we will all owe you, Big Time!
Just picked up whatever was left at .0025.
Averaging down here.
If all Bayport had was a seafood business with $5M in earnings per year, the earnings per share would be .01. Using a conservative price per earnings multiple of 10, Bayport should eventually trade at $.10 based only on the profit of its shrimp and lobster sales.
The big WOW announcement came before the name change and ticker change. This created a credibility gap that will be filled once the awaited filings are PR'ed. Until then, many will remain in a suspended state of disbelief with regard to the potential of the mining operation. Others are just happy to have gotten in on the ground floor of this monster in the making.
All we need is the official name change announcement and sub-penny trades will be history.
I think if all we had was the seafood business, we would eventually see .05.
We have to see some filings now to gain credibility. When the Company posts consolidated financial statements, I expect new buyers to come in and take this to a whole new level.
I'm doing my part, buying at the ask here and there, today at .0054.
The Company anticipates beginning production no later than the end of October, 2011 -- still a good two months away. I take this to be a best case scenario, but because it is a forward looking statement, I won't hold it against them if their expectations are not met on time. Projections reflect the Company's optimism, but when they are able to announce that production has actually begun, we will have more reason to celebrate.
Still a good entry point for those waiting on the sidelines or for those adding on the dips. As soon as a few filings are announced to change the Company name and stock symbol, we will be trading in a much higher range.
As more and more news is announced, we should be seeing a steady climb in pps over the next few weeks and even months. All IMO.
I add when I can, expecting this to be back in the 80's soon.
I'll stick to calling every other week.
My sentiments, exactly.
Gold, REE's, lobster pounds, shrimp sauce, resorts, oil and gas.... The only thing missing is dried fruit and nuts.
LOL-- I'm just a squirrel trying to get a nut. If EXTO works out, I will be one happy camper. Anything can happen between now and year end. GLTA
Year end is a little more than four months away. I would be very happy with a share price of .10 by then, overjoyed at .25, ecstatic at .50 and a millionaire at .67. Anything in between is also acceptable.
Could close even. Let's see.
I thought Lou personally checked and double checked the numbers stated in the PR before it was approved. What happened?
Go for it, MT.