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Wowza..OTC Markets has put the smack down on VSPC!
https://www.otcmarkets.com/stock/VSPC/overview
"Delinquent SEC Reporting"
"Shell Risk"
"Warning! This company has posted limited financial disclosure through the OTC Disclosure & News Service or is late in their filing obligations with the SEC."
"The Shell Risk designation indicates that a company displays characteristics common to Shell Companies. This designation is made at OTC Markets’ sole and absolute discretion based on an analysis of the company’s annual financial data and may differ from issuers’ self-reported shell classifications in their own public filings."
Hmmm...seems this lady has been saying "SHELL" all along! Glad the OTC finally agrees!
Hope Rowdy Roddy's report of the SEC investigating VSPC is correct!
Watch Carl flee! (to nicaragua; non-extradition country)
Should have the very late 10-Q out tonight. Must be making up some stories why Elite and yard weeds aren't making money!
The only thing VSPC management gives shareholders is coal & piles of cow manure!
Maybe email pete ricketts and ask him what more he can do to help this project along?
Let us know what he says.
Just making sure you weren't some investing n00b who decided to invest $50 on hopes and dreams, unicorns and rainbows.
My 150,000 shares are just fine until financing. Then i'll buy some more.
Cheers!
Mark Smith and his hand-picked team of professionals have been working 24/7 for the last 5 yrs.
Tilray was up today after hours on great earnings report.
I would bet this will help propel WEED/CGC tomorrow.
10-Q NT Filed (late)
The 10-Q won't be issued on time.
One thing from the 10-Q NT is this little bit -
"The Company anticipates that, when filed, the Form 10-Q for the period ended March 31, 2019 will reflect total revenue for the period ended March 31, 2019 of approximately $1,000,000, compared to the total revenue for the period ended March 31, 2018 of approximately $198,000. The Company anticipates that, when filed, the Form 10-Q will reflect a loss from operations for the period ended March 31, 2019 of approximately $1.5 million, compared to the loss from operations for the period ended March 31, 2018 of $760,000.
So, I guess my original guess was more accurate.
https://www.sec.gov/Archives/edgar/data/355379/000120677419001728/midwest34852817-nt10q.htm
Best explanation in a long time.
Slot machine that never pays out. The house "insiders" always win.
From the 10-Q:
"In addition to outstanding accounts payable and short-term liabilities, our average monthly expenditures are approximately $350 per month where approximately $270 is for corporate overhead and estimated costs related to securing financing necessary for advancement of the Elk Creek Project."
So, $350,000 monthly burn rate for those who were asking.
The Company anticipates that it may need to raise $7.7 million - $8.5 million to continue planned operations for the next twelve months focused on financing and detailed engineering efforts related to the Elk Creek Project.
More private placements planned.
Cheers!
https://www.sec.gov/Archives/edgar/data/1512228/000161577419007479/s118045_10q.htm
I totally understand your position. I foolishly invested in a large volume of shares also, so we are in the same boat.
This company has been a shit-show since the beginning. The Meyer clan were a interesting group - and not in a good way. When Rick Meyer "retired" i had renewed optimism.
Now that we have a new Chairman & CEO, which I am happy they split the role even though they appear to be friends. These guys have an energy about them that I can't help but like. The website (www.american-life.com) has been remade and doesn't look like a 1990's dial-up website. They shuffled up the board, added a new member and changed the business model.
The 10-K was a disaster - but we expected that with the news they had put out.
A lot will be revealed when the 10-Q (quarterly report) comes out next week. The new product, the MYGA (multi year guaranteed annuity) will have had 3-4 months of sales. I originally expected one to two million of sales for the quarter. I think I may have underestimated the sales. We could have sold much more than that, so I am revising my estimate. Ten million or more in sales. Anything less will be a disappointment.
Also in the 10-K the company stated they will be rolling out a new product this year as well. No info about what type it will be.
This is a highly risky company with a highly risky stock, but I am cautiously optimistic. The next few quarters will tell us if it has a chance or not.
Best wishes for a profitable future for this company!
Final closing of private placement
CENTENNIAL, Colo., May 09, 2019 (GLOBE NEWSWIRE) -- NioCorp Developments Ltd. (“NioCorp” or the “Company”) (NB.TO) (NIOBF) is pleased to announce the close of the second and final tranche (the “Final Tranche Closing”) of its non-brokered private placement (the “Private Placement”) announced April 18, 2019. Aggregate gross proceeds for the Private Placement (including both the first and the final tranche) totaled approximately C$1.77 million. Pursuant to the Private Placement the Company issued an aggregate total of 2,957,164 units of the Company (“Units”) at a price of C$0.60 per Unit. Each Unit was comprised of one Common Share of the Company and one half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each full Warrant entitles the holder to acquire a Common Share of the Company at a price of C$0.72 until two years from the date of issuance.
NioCorp closed the first tranche of the Private Placement on April 29, 2019, consisting of the issuance of 1,666,664 Units, at a price of C$0.60 per Unit, for gross proceeds of C$999,998.40. The Final Tranche Closing consisted of the issuance of 1,290,500 Units at a price of C$0.60 per Unit, for gross proceeds of C$774,300.00.
Proceeds from the Private Placement will be used for working capital and general corporate purposes. The Company paid cash commissions of C$29,999.95 in connection with the Private Placement to brokers outside of the United States. All of the securities sold pursuant to the Private Placement will be subject to a four month hold period, which will expire four months and one day from the date of issuance.
MDWT fires their auditors and hires a new group per 8-K issued today.
Yep. Came in last.
Could be farting hydrogen! Never doubt Carl! He's a scientist!
GKG is capable of anything!
The next fake news story Kevin, Carl & Co. will tell in order to sell shares to the sheeple?
Thanks for the hot tip!
I can't speak for others and I wouldn't want to. But for me personally, I don't invest more money in speculative stocks than I can afford to lose. And yes, this IS a very speculative stock.
Most of these emotional types, IMO, are over-invested and stand to lose more than they can afford. And those are the ones who attack others with differing opinions.
I am comfortable with the amount of shares I own in NioCorp. If NioCorp goes to zero, well, so be it. It isn't a giant loss and I won't lose sleep over it. If NioCorp goes to $20 per share, great!
It's just business and you have to keep emotions out of business & investing to keep your sanity (and your profits!).
Sounds good!
Putz,
Don't give up hope. Even with this private placement and no financing in sight, you can always bet on that good 'ole "cup and handle".
"Time is of the essence!"
"Cheers!"
10-K is out.
Results as expected. But, reading the proxy, I believe better days could be ahead. It will be interesting to see the 10-Q which will cover the first quarter sales/earnings of their new product.
The 10-Q should be out in about 2 weeks.
A lot of finance professionals involved now. Mr. Salem, Mr. Minnich, Mr. Goel, this could get VERY exciting, VERY fast.
The new proposed board member, who we will vote on during the annual meeting:
SACHIN GOEL : Mr. Goel, age 38,was nominated by Xenith to fill one of its slots on the Board. Mr. Goel is a Managing Director on the investment team and leads the capital markets activity for Brightwood Capital Advisors, LLC in New York. He joined Brightwood in 2013. Prior to joining Brightwood, Mr. Goel was a Managing Director in Macquarie Capital USA’s credit trading division from 2009-2013, where he was responsible for a portfolio of distressed and high-yield corporate credits.
A little info on some of the board members up for nomination:
Information relating to each of the Nominees is set forth below.
A. MICHAEL SALEM : Mr. Salem, age 38, was nominated by Xenith to fill one of its slots on the Board. It is anticipated he will be named Chief Executive Officer of Midwest on April 30, 2019. He has served as Chairman of American Life since June 2018. Mr. Salem is Founder and Co-Chief Executive Officer of Vespoint LLC, ultimate controlling party of the Company since 2018. In addition, he has served as managing member of AMS Advisors LLC since January 2011. From July 2013 to August 2017, he was Co-Founder, Managing Principal and Co-Head of Advisory Capital at Vaubridge LLC.
MARK A. OLIVER : Mr. Oliver, age 60, has served on the Board since 2010 and was nominated by Xenith to fill one of its slots. Mr. Oliver was the Chairman and a member of the Board of Directors of Midwest’s primary life insurance subsidiary, American Life and Security Corp. (“American Life”) from March 2017 through June 28, 2018. He served as CEO since that company received its Certificate of Authority from the Nebraska Department of Insurance on September 1, 2009 until June 28, 2018. Since June 28, 2018, Mr. Oliver has served as Vice President and Secretary of American Life and remains on its Board of Directors. Mr. Oliver also serves as President and a Director of Midwest. From October 2015 through March 2019, he served as Chairman and CEO of Midwest. Beginning March 30, 2019, he was named President and Director. From 1984 until June 2007 Mr. Oliver was employed by Citizens, Inc., a life insurance holding company with principal offices in Austin, Texas, serving as its President and in various other executive capacities since 1997. He serves as a Director and Treasurer of Pacific Northwest. Additionally, he serves as Chairman and Chief Executive Officer of the Board of New Mexico Capital Corp.
MICHAEL W. MINNICH : Mr. Minnich, age 47, was nominated by Xenith to fill one of its slots on the Board and, if elected, will replace Todd Boeve. It is anticipated he will be named Executive Chairman of Midwest on April 30, 2019. Mr. Minnich was named President and a member of the Board of American Life in June 2018. Mr. Minnich was founder and Co-Chief Executive of Vespoint Capital LLC with Mr. Salem in 2018. Since July 2010, he has been Managing Member of Rendezvous Capital LLC, a New York firm advising issuers on capital and investments. From February 2013 to May 2017, he as Chief Investment Officer of A-Cad.
SACHIN GOEL : Mr. Goel, age 38,was nominated by Xenith to fill one of its slots on the Board. Mr. Goel is a Managing Director on the investment team and leads the capital markets activity for Brightwood Capital Advisors, LLC in New York. He joined Brightwood in 2013. Prior to joining Brightwood, Mr. Goel was a Managing Director in Macquarie Capital USA’s credit trading division from 2009-2013, where he was responsible for a portfolio of distressed and high-yield corporate credits.
SCOTT MORRISON. Mr. Morrison, age 45, has served on the Board since 2015 and was nominated by Xenith to fill one of its slots on the Board. Since 2006, Mr. Morrison has been Managing Partner of Oaks, Hartline & Daly law firm in Austin, Texas. Mr. Morrison is Texas board certified in estate planning and probate law. He practices law in the areas of estate administration and planning, probate and general business law. He has been named a “Texas Rising Star” by both Law and Politics Media, Inc. and Texas Monthly magazine. Mr. Morrison served on the Board of American Life from 2015 to June 28, 2018.
https://ih.advfn.com/stock-market/USOTC/midwest-hldg-inc-MDWT/stock-news/79779074/shareholder-nomination-disclosure-sc-14n
Call it a hunch...I believe I/we may be in for a surprise when the quarterly is filed in May.
Hopefully they have the 10-K filed this week.
With the most recent filing, seems a new face is joining the board of directors. Mark Oliver is being replaced as CEO, as we will become the President of the company. New Chairman of the Board as well.
I'm excited!
Absolutely correct!
Schewe gives Carl $7,000 in exchange for 12,939,002 shares.
Carl, who is down in Nicaragua right now, must need to buy some groceries.
More BS from the CEO (Schewe). No business to speak of - just fake news!
https://www.sec.gov/Archives/edgar/data/1270200/000156459019013209/vspc-8k_20190422.htm
Awww shucks. It makes me feel all empty inside knowing I don't have your approval.
That's ok, though. I'll be quietly standing among you all at the ground breaking, laughing under my breath.
Cheers, mate.
I think Scott mentioned the name in the conference call. I don't remember the name off the top of my head.
Yawn. You are boring me.
Can you show where I said I don't like Mark?
Can you show where I said I don't trust Mark?
I just stated something that is in the 10-K. Maybe you should direct your inquiry to Jim?
Relax. You'll give yourself an aneurysm.
LOL
I suppose that's always a possibility.
But what if he doesn't like his wife and left her out of his will?
I'm not saying he WOULD. I am just saying he COULD.
Just going by what the 10-K says. It doesn't specify an amount.
Since we are dependent on PP at this point in time, any foreclosure on any amount of assets would be a serious material event.
Taken from the most recent 10-K (annual report):
We have, pursuant to the Lind Agreement and in connection with the Smith Credit Agreement and Original Smith Loan (collectively, the “Current Smith Loans”), granted security interests to Lind and Mark Smith (together, the “Secured Creditors”) over all of the assets of the Company in consideration of the debt facilities provided by each Secured Creditor. In the event of certain breaches of the Lind Agreement, and the terms of the Current Smith Loans, one or both of the Secured Creditors may be entitled to execute on their security interests and seize or retain our assets, including the shares of 0896800 and ECRC, as well as any assets of either subsidiary. Certain rights of each of the Secured Creditors to execute on their security interests are subject to notice and cure provisions in respect of default by us; however, any such exercise could materially damage our value and our ability to retain or progress development of the Elk Creek Project.
https://www.sec.gov/Archives/edgar/data/1512228/000161577418009046/s112353_10k.htm
You're welcome.
You are only focusing on one scenario.
Yes, he's making interest on his loan.
The second scenario, which you didn't read, is if things go south, he can personally foreclose on the loan he made to NioCorp, and claim all of NIOCORP's assets for himself.
Which according to SEC/SEDAR filings is about 100 million.
Pretty good deal, huh?
Actually, Mark has absolutely nothing to lose. Remember...he's earning interest on his loans.
The loan agreements state that should Niocorp not be able to obtain financing or violate any terms of the loan agreement, Mark can foreclose on his loan to Niocorp, and personally take possession of any and all assets, including Elk Creek Resources Corp.
Which would leave us with shares of an empty shell named NioCorp.
Why don't they take the German loan??
In 2016 they said they are very, very close to financing??? What happened?
Sooooooooooooooooooooooooo...
Did they smoke so much weed that they forgot to run their fake business?
Watch it....umm....I forgot...munchies!
He said SEC & Canadian law. Nothing about your phantom "quiet period".