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Good luck to you as well. I will continue to watch the events unfold here and may jump back in if I feel that Bonar has righted the ship. Just don't see where he is going to get the cash to cover the working capital deficit and it looks like these workers compensation costs are going to continue. On that regard, do you know what kind of business they are in that is conducive to high workers compensation costs? Thanks. GLTA
It's pathetic after all we have been through to not get any updates in months on what their plan for the future is, or is not. How can you claim to be a Christian with a clear conscience and treat your investors like this? If the game is over then they should just come out and tell us so we can take the tax writeoff. GLTA
Over 50,000 today. Sold some previously as well. GLTA
You're welcome. It's the only way to get the truthon what's really happening with this company. All we get from Black is a bunch of #$%%^&^&. GLTA
Maybe not yet but they have a $2 million cash flow problem that may require them to issue additional shares. Right out of the 10-Q. GLTA
I'm working on it as we speak. GLTA
Have you tried to contact Timmy? Do they have an office or not? I have called and e:mailed and never get a response. GLTA
I'm out. Good luck to everyone. Had high hopes for this one but the last report was a disaster. They have a serious cash flow problem that may require more dilution. $270K of cash on hand and a working capital deficit of $2.1 million. I'm sure that was related to their failure to pay $6.6 million in taxes. In addition, they have doubts as to their ability to function as a going concern in the future. It appears that the nature of their business will require paying substantial workers compensation costs on a routine basis and these are not unusual expenses. My take on things. From the 10-Q
"We had cash on hand of $270,048 and working capital deficit of ($2,057,304) as of September 30, 2011 compared to cash on hand of $781,720 and working capital of $727,491 for the year ended December 31, 2010.
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Cash Provided In Operating Activities
We used cash from operating activities in the amount of $634,526 during the nine months ended September 30, 2011 as compared to cash provided in operating activities of $907,314 in the comparative period in 2010. Cash used from operating activities resulted from the net loss from continuing operating.
Cash Used In Investing Activities
We used cash in investing activities in the amount of $46,125 during the nine months ended September 30, 2011 as opposed to $35,675 cash provided in investing activities during the nine months ended September 30, 2010.
Cash from Financing Activities
We provided cash of $168,979 in financing activities during the nine months ended September 30, 2011 and as compared to $nil in financing activities from the comparative period in 2010. Cash used in financing activities during the period increased primarily due to a loan of $275,000 to AMS Inc. to cover an insurance payment.
Withholding Taxes
Due to several factors including an error in the preparation of the quarterly 941's for the March and June 2011 quarters, it was discovered that approximately $6.6 million in 941 taxes was not submitted to the Internal Revenue Service. The Company has hired a consultant/expert to review, recommend and implement changes in the Company's policies, procedures and safeguards in order to prevent this from occurring again.
Future Cash Needs
STTNS future capital requirements will depend on numerous factors, including the control of workers compensation claims, the establishment of reasonable workers compensation premiums, and growing the business with business that employee more favorable worker compensation class types. We cannot for certain claim that our current operations along with financing from outside will be sufficient to meet our ongoing operating needs. We will need to seek outside capital in order to continue as a going concern. In addition, we cannot predict when and if any additional capital contributions may be needed and we may need to seek one or more substantial new investors. New investors could cause substantial dilution to existing stockholders
Going Concern
As shown in the accompanying financial statements, the Company has incurred a large loss from operations, and as of September 30, 2011, its total liabilities exceeded its total assets by $2,057,304. These factors raise substantial doubt about the Company's ability to continue as a going concern. Management has hired a consultant to put controls in the cash management area and will institute more efficient management techniques in the finance department. All areas of operations will be reviewed to look for savings. However, the Company has a need for additional capital investment. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. "
No. Only upon request. GLTA
They are alive and well. GLTA
Boy that sure is a surprise!!! You mean another PR from Black that can't be verified? If I didn't know any better I would think this is a scam. GLTA.
Maybe the SEC should investigate and see what's going on. Black won't talk to us but I'm sure he would talk to them. Maybe they could fill in all the blanks on all the previous PR's from Black that have never been followed up on. And we could certainly get an update from them on the great Microfill technology and the patent applications as well as the legitimacy of the financials. GLTA
It's been 2 years now and the PPS is at a 52 week low. Investors have been more than patient with Black and he has done a horrific job of providing shareholder value. Can't wait to see his next PR on how the mircofill has been delayed again or maybe we will get another "buyout" offer. GLTA
I have sent very professional e:mails and left similar voice mails and have never once gotten a response. You combine that with the fact that not one thing he has PR'd is verfiable and the obvious conclusion is this is a scam. GLTA
I have sent e:mails and left voice mails and never once gotten a response. He obviously doesn't care about shareholders. You can tell that just by looking at the PPS. I'm sorry but I think he has stolen your hard earned money. GLTA
We've been hearing about patents forever but we never get a status update on where they are at in the process. Seems like they should have already been approved by now, but again, we don't have any verification on that, like everything else. GLTA
Exactly. There is no rationale reason for him not buying his own company stock at these levels if the "HNS Fund" is generating all the cash he says it is in the PR's. Then again, if the financials are bogus then he probably is diluting. GLTA
Nobody has seen it because it most likely doesn't exist. Just another in a long line of unsubstantiated PR's from Black. GLTA
I guess HNSS must not be earning money then because you guys say it's the shorts that keep driving this lower. Maybe if they were reporting losses the PPS would go up. GLTA
I am because all I hear out of you guys is that the evil shorts/manipulators are the reason for the decline in the PPS but Black himself said he had the formula to defend against them. But he isn't doing anything about it. So why aren't you asking why Black isn't executing the defense he himself articulated? Read the PR from April 19th.
NEW YORK, NY--(Marketwire - 04/19/11) - Healthnostics, Inc. (Pinksheets:HNSS - News) provided short-sale defense details.Strong circumstantial evidence indicates that there is a sizable short position in the stock. This evidence includes:
1. Contacts with the Company by individuals and firms seeking to buy large amounts of discounted stock;
2. Increased selling volume when positive news is released;
3. Attempts to dispense negative rumors on chat boards;
4. Trading activity that appears to circumvent normal trading procedures (T-trades, unfilled orders, etc.)Shorting falls into several categories:
1. Normal market-making shorting that maintains liquidity;
2. Hedge fund and investor shorting to profit from stock price declines;
3. Predatory shorting designed to drive a stock into oblivion.There are two types of shorting:
1. Legal shorting in which the short-seller borrows stock and sells it;
2. Illegal shorting in which the short-seller fails to borrow and fails to deliver stock. This is naked shorting.Short selling entails substantial risk because the potential loss is virtually unlimited. When a stock begins to make significant gains, short sellers may be forced to cover, creating a short-covering rally.The best defense to a short-selling attack is strong fundamentals. Companies that earn money and do not need to raise capital are impervious to a short attack, and this is enhanced when companies continually update information and keep their stockholders informed. Further, companies that have a policy of never selling stock to short sellers close that fallback outlet. And there are additional stratagems, the most powerful of which are the repurchase of stock or the sale of the Company.
I didn't say anything about the disclosure although the PPS would go up immediately if he came out with it. Black said the defense to the shorts is to buy back the float or sell the company but he hasn't done either one. Go back and read the PR's. GLTA
M-I-C-R-O-F-I-L-L must not be enough as the PPS hit another 52 week low today. Why isn't he following up on his own stated defense to the shorts and manipulators by either selling the company or buying back the float? He isn't practicing what he himself is preaching. GLTA
I'm just stating the facts, like it or not. Black has done absolutely nothing to get the PPS back up. Absolutely nothing. So we sit in the trips. Can't get much worse than that. GLTA
He is twisting the truth. The board recommended that shareholders decline the offer because it felt the offer to be inadequate. If Black felt the offer was too low, what is he doing to get the PPS over the offer price of $.01? GLTA
That is not correct. Read the PR from July 20th:
NEW YORK, NY--(Marketwire - 07/20/11) - Healthnostics, Inc. (Pinksheets:HNSS - News) has been authorized to present its shareholders with an offer to purchase a minimum of 51 percent of the Company's outstanding shares for $.01 per share cash.The Healthnostics Board of Directors had approved this transaction and agreed to recommend it to Healthnostics stockholders. That recommendation is now withdrawn. The Board believes the offer to be inadequate.
Black said he could get us out of this mess by buying back shares or selling the company. Why isn't he doing either one of those to combat the supposed shorts? GLTA
Black said he had an offer to sell the company for $.01 per share and recommended that shareholders turn it down because he thought the company was worth more. What a joke. GLTA
Sorry for your loss King. The pinks are full of scams and this is just another one in the bunch. They should really shut these operations down so honest people don't lose their hard earned money. GLTA
I am surprised that Black just doesn't sell the company to get a good return for himself and all shareholders. After all, he had a previous offer for $.01 per share. GLTA
Not so. Most pinks go to zero because they are scams. GLTA
No news from the company in a long time and no transparency. The death knell for a pinkie. GLTA
Well Timmy never returned my phone call of a few weeks ago. Jared, the Christian that he is, really handed the ball off to a great guy in Timmy. Gives us a PR in February about how things were going to start moving forward and we haven't heard anything since and he doesn't return phone calls. What a sorry situation. GLTA
Back down to the 52 week low today and we haven't heard from our infamous CEO in quite some time. What a great investment this has been!!! Still can't figure out why he turned down the "buyout" offer for $.01. GLTA
The SEC doesn't monitor scam company's on the Pinks. It's buyer beware. Do you think the Microfill really exists? GLTA
Anybody home? Follow this company? GLTA
You must be talking about a different company. Read the 10Q that was posted on November 14th. Revenues reported to the SEC of $385K for the quarter. It's never a good thing to lie to the SEC. GLTA
Could be because the first "offer" was fake. i.e. there was no offer. IMO GLTA
If he was doing it in any significant volumes the PPS would be going up, not down as it has for quite some time now. GLTA
Black could buy back the whole float for a little over $100K which is a fraction of what he reported in earnings for the last quarter alone!! So he could still propel the microfill forward and suck up the float as well!! He himself said this is one way to combat the shorts and MM manipulators(Reference his PR from several months ago). Simple supply and demand. Now all he has to do his follow through on it. Oh. Therein lies the problem. GLTA
They may want to get someone out of the stock but they do have a business. They are filing 10-Q's with the SEC. GLTA