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The 10-q for the second quarter is out and, as expected, a complete and utter disaster.
I think someone will be going to jail for saying this: << We have estimated our current average burn, and believe that we have assets to ensure that we can function without liquidation over the next twelve months, due to our cash on hand, growing revenue, and our ability to raise money from our investor base. Based on the aforesaid, we believe we have the ability to continue our operations for the foreseeable future and will be able to realize assets and discharge liabilities in the normal course of operations. >>
I suspect that this is based around the ridiculous valuation of their IP assets which are, essentially, redundant and generate close to zero in licensing revenues. I suggest that the investigators carefully review and audit all communications between the company and the firm that produced the valuation document.
Also, the revenues are shrinking, not growing despite the bare-faced lies from the CEO.
I think that there are currently 16 billion authorized, but that could change in a heartbeat.
Three new releases: (1) 230,000,000 new shares on the 8-k and (2) $712,500 proceeds on the Form D (more than 3 billion shares worth) plus the 10-Q will be filed late (the CFO is at Staples trying a find a calculator that will be capable of computing the share count)
Not his mother, actually, but rather his aunt (founder's widow)
His mother got millions of penny options also ... I don't think his sister has ever been particularly active in the business and, in any case, doesn't appear to have any relevant skills that would improve company performance.
The "independent" Board member got bought off with a gift of restricted stock.
Another near-disaster of a quarter with the only highlight (for John at least) being that on top of his salary he has taken over $250,000 in "back pay" that he claims that he is owed ... you may recall that during those many years of austerity and abject failure by the CEO that he believed that his salary (over $300,000) was fully appropriate.
It was not, in any way, appropriate but as there was no independent oversight, nor any responsible Board committee, his decision was unchallenged. When there was no money in the kitty, he simply submitted IOU's rather than reducing the salary value and the company's obligation. Then he issued himself millions of options at below market rates - not as a replacement for salary, but in addition to it.
So, having squandered the family's legacy through lack of vision, bad management and ineptitude, he sells off the IP and the rights to the product(s), generates a substantial cash injection to the company, and then proceeds to trouser the cash as fast as he reasonably can as a reward for his prior failure.
Maybe I would be a bit more tolerant if we were generating $2 to $3 million in revenues per quarter but the supply agreement looks like it is going nowhere and has pretty thin gross margins. The one big deal we get is with a bankrupt utility with hoped for delivery pushed out yet again into Q4.
Hopefully we will know more when the Q2 results come out ...
The lack of progress and the lack of communication are appalling. Nothing we can do, as there is a lack of accountability also.
I think they should get access to some financing and take the company private.
Hoping that massive WaterChain success will bring the price back to a penny.
ROTFLMAO
Microbes everywhere:
American dairy farmers, who are dealing with a 35% decrease in mammal-milk consumption over the past 4 decades, have new competition: Lab-grown milk.
Startups such as Perfect Day and Motif have raised big bucks ($61.5m and $90m, respectively) to develop cow-free dairy products.
These companies use microbes to grow dairy proteins that make their milks taste like, well, milk -- and they’re also working on developing cow-free cheese, yogurt, and sour cream.
Another 430 million shares are out of the box - the recent electrical surge in LA must be caused by their printing presses running night and day:
https://ih.advfn.com/stock-market/USOTC/originclear-inc-OCLN/stock-news/80456833/current-report-filing-8-k
3.4 million sold at $0.0001 this morning ... I reckon that R/S announcement is days away and maybe a new ticker symbol also to hide the sins of the past
That is possibly one reason, as they concoct deals (ponzi-style) to raise money that persistently hurt the prospects of all other shareholders.
The company has notions of grandeur and has a ridiculous cost structure such that it is almost impossible for them to operate profitably. This requires perpetual raising of funds through debt and equity financing with massive dilution. I think there are, maybe, 50 times as many common shares available now as there were just 4 or 5 years ago and there are billions more in the box waiting to be issued.
Also, we have a CEO who is accountable to no one as he has effective control at all times of more than 50% of the voting shares - his first order of business every month is to bank his $30,000 in salary (that's 100 million shares dumped into sucker hands every month). Even worse, he is basically a con man and shill for some fairly decent technology - I think there are some fine folks working in this company and it must aggravate them greatly that they are shackled to a greedy and ignorant huckster who has little understanding of what they do.
What do you think they are giving him? 100 million shares?
It's been a month and a half since the last 8-K about stock issuance
And here is some history on the predecessor company (BUGS) and its spinoff (GMND - formerly SSWM)
Interestingly, the Wikipedia page was updated only last week:
https://en.wikipedia.org/wiki/US_Microbics
For those that are new to this stock, this is the kind of thing that they do:
https://www.usnews.com/news/best-states/virginia/articles/2019-07-14/on-virginia-farm-microbes-turn-organic-waste-into-compost
Just imagine what a PR about a microbial clean up project would do to this!
Hold on tight - Bob is back!
While there hasn't been much fanfare, the company is celebrating its 25th anniversary this month - the original articles of incorporation were filed on 7/7/1994
It is good to see that they remain up to date with their Corporate filings:
https://www.nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=CUzvtgkHl%252bsQAwsXrEZGpA%253d%253d
It looks like this accurately reflects the changes in the Board structure and composition from earlier this year -and- they have now managed to spell one Director's name correctly! (Thomas Paulsen)
36 trades by 1:00 must be a record - almost all "buys"
Somebody is stocking up - I wish I knew why!
Hopefully something is about to happen and we can aim for a penny!
... and, without regard to however many billions of shares that he issues, he still manages to remain in absolute control (as a result of his ten cent investment):
<< On March 15, 2017, the Company filed a Certificate of Designation for its Series C Preferred Stock with the Secretary of State of Nevada designating 1,000 shares of its authorized preferred stock as Series C Preferred Stock. The shares of Series C Preferred Stock have a par value of $0.0001 per share. The Series C Preferred Shares do not have a dividend rate or liquidation preference and are not convertible into shares of common stock. For so long as any shares of the Series C Preferred Stock remain issued and outstanding, the holders thereof, voting separately as a class, shall have voting power equal to 51% of the total vote (representing a super majority voting power) on all shareholder matters of the Company. Such vote shall be determined by the holder(s) of a majority of the then issued and outstanding shares of Series C Preferred Stock.
As of December 31, 2017, all shares of Series C Preferred Stock are held by our chief executive officer, T. Riggs Eckelberry. This means that our chief executive officer is the holder of 51% of the total vote on all shareholder matters of the Company presented for a shareholder vote. This may prevent or frustrate attempts by stockholders to change the board of directors or current management and could make a third-party acquisition of the Company difficult which could limit the price that investors might be willing to pay in the future for shares of the Company’s common stock. >>
As far as I am aware, the company did not make a tender offer to buy back shares from all shareholders, Rather, I think some folks with substantial holdings were probably seeking liquidity for part or all of their investment and offered shares to the company to purchase.
As billions more shares come onto the market this is only going to go in one direction
The O/S is 16 billion
No - I think it is/was a real deal ... it's just our luck that the customer for one of the biggest orders in company history goes bankrupt.
I do think it will be delivered and paid for, hopefully this calendar year.
5.4 million shares traded?
Something is going on
My calculations indicate that the Venezuelan bolivar is a better investment at the moment.
Nope - it's a dead link:
http://evtn.com/case_studies/Hillsborough_Final_Report.pdf
I don't think there's been a new case study posted in the last 8-10 years.
Better than "ho hum", I guess!
Did you get the first quarter results?
What is your verdict?
25 million shares dumped at $0.00029
Did anyone "hear" anything about the prospect of royalties? The three year window will be closing pretty soon.
Intrexon is a complete disaster.
Mostly 3's this morning - might see some 2's within the next two weeks
Another R/S must be imminent - I'm thinking 1:50
Another 315 million shares per today's 8-K
Dilute and repeat ...
Domain registration dates back to December 2010. Registration is private:
https://www.whois.com/whois/rockcreekpharmaceuticals.com
Any guesses when we will see the first 3's?
Out of interest, how do you think things are going? Do you have any contact with them?
Hopefully shareholders will be sent 1st quarter results pretty soon (which I think will be OK, but not thrilling).
The one really good thing for shareholders is the degree of transparency as opposed to the prior "black hole" (necessitated by the SEC non-compliance).
It's not really steak, but rather microbes - deployed to great effect in environmental cleanup and remediation as well as in agricultural applications.