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I'm seeing conflicting definitions of float online and it's pretty unclear what happens to float when Restricted shares held by company insiders or lenders become Unrestricted, but are still held in the hands of the company insiders or lenders. Clearly the company insiders or lenders aren't the "general investing public" mentioned in your definition of float, but the shares themselves ARE "available" to the general investing public since these parties can now choose to sell to them whenever to whoever.
I think this part is wrong:
It is curious, an audit perpetually delayed with no reason given...
...Paired with someone(s) unloading tons of shares during that whole time.
It could be speculated that the selling parties are being forced to drag out the selling to avoid selling too fast and cratering the price, and that the corresponding new and unexplained delays in the audit schedule confirm suspicions of such a conspiracy.
While I personally don't think that's what's happening, it's hard to rule that possibility out.
Now, I've generally thought of the audit being delayed due to share ownership disputes in the ongoing lawsuits. How can they finish the audit without knowing who owns which shares?
https://imkingofprussia.com/cases-im-following/
Peter Mergenthaler vs. Enzolytics, Inc. - Still ongoing, no recent updates.
Enzolytics, Inc. vs. Kona/Cimarron - Still ongoing, expecting Kona/Cimarron to file a new document by Today (March 1).
Enzolytics, Inc. vs. Dimitar Savov - Still ongoing, no recent updates.
Afaik audits in the OTC must adhere to GAAP standards.
Great post!
Yeah I accidentally had my chart in weekly mode, not daily. 2.8 bil traded in the WEEK of 9/14/2020
https://investorshub.advfn.com/boards/replies.aspx?msg=168008477
I'd fix it if iHub let me edit after 15 minutes.
What is "launching"? If that means "getting the product out in front of prospective retailers for the first time ever" then that's what they'll be doing in late march at that retail convention.
Afaik most understand "launching" like a rocket leaving the pad, or a video game hitting shelves, etc. The date WE can find it in mass retail. The way the word was used in the interview was rather ambiguous.
Did a bit more digging and found the source filings with the info in your screencaps.
All from https://www.otcmarkets.com/stock/enzc/disclosure
Annual Report - Annual Report Disclosure information December 31, 2019 https://www.otcmarkets.com/otcapi/company/financial-report/268123/content page 5 shows a bunch of shares for Livingston Asset Management as restricted.
Quarterly Report - For the period ended March 31, 2020 Disclosure Information https://www.otcmarkets.com/otcapi/company/financial-report/268124/content page 6 shows something like 400 Million unrestricted.
So Livingston was free to sell conversion shares starting sometime in Q1 2020 as far as I can see. Did they sell or hold?
by the time we get to:
Quarterly Report - For the period ended September 30, 2020 Disclosure Information https://www.otcmarkets.com/otcapi/company/financial-report/268126/content starting on page 5, I'm seeing something like 1.5 Billion unrestricted shares listed for Livingston, Seacor Capital, Sky Direct and a few other parties.
So these parties were free to sell conversion shares starting sometime in Q3 2020 as far as I can see. Did they sell or hold?
The big ENZC run began in late 2020, some time after Livingston could have unloaded many of those shares. But if Livingston waited to sell for some reason, and the run happened, there could be as many as 1.5 Billion shares waiting to unload in 2021+
Based on the historic volume I'm seeing, there was more than enough volume for them to have cleared out their holdings by May-ish 2021. Compared to the dramatic 2021 run, ENZC has been trading relatively flat-ish since May 2021 and on somewhat lower volume, so perhaps conversion selling is playing less of a role now?
I don't have time to snoop in the later filings or figure out where the other pre-2020 restricted issuances dropped off in the accounting, but in the latest quarterly report there are updated tables that show a few new restricted issuances that may have since gone unrestricted. (We'll know in a later filing.) Few or no new conversions.
Quarterly Report - QUARTERLY DISCLOSURE FILING 09.30.2021 https://www.otcmarkets.com/otcapi/company/financial-report/311215/content starting on page 5
You are correct, I overlooked that I was in weekly view.
Point being that the amount of shares traded seems to greatly exceed the amount of unrestricted shares in the filings. Even if all the people with converted shares intended to dump them, where is the sell volume coming from? Flippers? New investors hitting their stop loss? Ancient issuances finally becoming unrestricted?
Since that time the entire float has traded many times over.
For example, on 9/14/2020 by itself (historic highest volume day) there were 2.8 billion shares traded.
Yet this trades like dilution or conversion keeps happening. It's wild.
Fins remain unaudited.
Edit: Oh I see, the shares were issued in 2019 but in a later filing, the Restricted/Unrestricted status flipped. Hmmm.
Investors like myself who weren't in on last year's big run are almost certainly in the red, if we held through the months of downtrend. 90% in the red? No way. XD You're right that folks who started in the trips or low cents are still seeing green. That's awesome and congrats - but the only way it goes higher for you guys is to bring more money, or if new investors are attracted to these price levels and bring more money. (Obviously the company can create value too, but that means deeeeliverrrring.)
It's important that folks entering post-2021-mega run start seeing some green.
Chart setup for Friday is primed for a pretty big drop. It could also rebound from here if bulls say "no" - but bulls failed to break it above the bollinger midline (bold blue line) so this is now the second test of the bottom band. Russia news, RSI dipping, MACD nearing crossover, late audit all bad signs.
Most breakouts or breakdowns happen on the outer band retest after a midline crossover, the situation we find ourselves in today. If we're lucky ENZC will post news Friday or the whole market will correct upward from today's deep red to help avert a price drop.
GLTA
1d markup showing head & shoulders formations and breakdown points.
Dark blue is 200 day moving average, light blue is bollinger midline and 20 day moving average, dashed pink are bollinger bands.
1d no markup
News trumps charts. Ignore charts if you don't use charts. Charts are less about raw prediction and more about evaluating trend strengths and setups that might support runs or breakdowns. Nothing is guaranteed but it's better than flying blind.
.
If you're averaging down and traded any of the runs last year, you're likely not 91% down. Capital preservation is important though.
Nice job averaging down! Good chance you'll be at break even before long, with new opportunity from there. :)
It's currently just a rumor for now. People who are saying it's "announced" need to link to something official.
All the info we have on share counts is at the link below, and in the public financials. It's not unusual for companies with billions of outstanding shares to do a R/S eventually.
https://www.otcmarkets.com/stock/enzc/security
This would only sink faster with yet another lawsuit. They need to stay focused on delivering cures!
Agreed, if we're going to see a R/S, it'll be shortly after the lenders or whoever finishes unloading their shares. Kinda wondering if that's early March...
While I agree with others that ENZC pps can technically rise on its own merit without a R/S, if the company starts delivering results -- imo they would have more control of share value by limiting supply, ie they should reduce share counts now across the board, increase authorized later to create new shares, and be more selective how they distribute the new shares to make deals sweeter for future partners.
2.8 billion O/S is ridiculous and there's only 200 million headroom from the current authorized for future maneuvering. That looks unsustainable to me.
If the company pairs a R/S with big news and fresh revenue, maybe the buy and sell pressure would balance out. (Assuming no more convertible unloading.) In this very red market, R/S would be disastrous otherwise, since it'd give this ticker a whole new cliff to go over. And pie in the sky: if they R/S and price stays high enough long enough, it could also give them a faster track to Nasdaq. (Assuming they deliver the audit)
Here's the part about ENZC in the article Chandra linked
Good point.
The original tweet was in response to Fujifilm announcing wanting to invest in newer biotechs. So they may have already been familiar with each other as companies, but not had any opportunity for a business connection until now. The tweet (and that they haven't worked together so far) strikes me as fresh networking.
Fujifilm CDMO being literally next door to ENZC's lab, it'd be cool if they could work together someday for veterinary mAbs.
I mean nobody invests expecting price to go down, so if they don't poll neutral parties, the result is gonna be skewed. And if the poll was on twitter (what's your source btw?) it's even less likely to be representative.
Agreed that optimism is never a substitute for knowledge. But optimism is still important! :)
I'm more curious why they aren't working together already! They probably park in the same lot.
(Edit: looks like it's one lot over.)
College Station looks like a good place to make biotech and veterinary connections.
Best to talk to the drug company directly if it's something you'll be putting in your body. Hopefully they get the instructions onto their labeling at some point.
Looks like ENZC is reaching out to Fujifilm to see if they're interested in investing in ENZC's proposed veterinary mAbs. Twitter user is pumping this development as hard as they can.
I wondered why it was moving, ty.
https://patch.com/georgia/canton-ga/memory-jt-whidby-75-retired-fire-chief
Facebook looks active thru Feb 8 so the son and daughter-in-law must have continued the family business as VP and office manager from that expired LLC listing. Seems to have 10k facebook followers.
https://www.facebook.com/georgiafirerescue/
News PR said it's a "7-member sales team" and "6,000 square foot distribution warehouse" so it's likely not just a husband and wife working out of a basement.
Good catch & good idea to check. Google maps for "Georgia Fire & Rescue Supply" shows an office location downtown, which streetview shows is a Publix supermarket and Walgreens. But that image is from Dec 2018.
The image you linked is the official business address (per a link in another reply) and it looks like a house, but your street view image is dated 2015.
Either location could have been bought/repurposed/expanded over the last few years. Worth some more DD in case it's people in a house running an internet mail order thing with a mailbox in a supermarket office-closet. The supermarket is sus because there'd be no way to store vehicles and bigger equipment there, it would need to be a garage. The house address has room for garages and equipment.
Maybe Onco had all its money committed to other projects and couldn't afford another.
The PR is a heads up that funding *might* be possible now. Not a promise by any stretch. But less of a shock than RGBP waiting silently until it has funding to give any update.
Chart could support a run, hopefully they follow up with a finalized deal.
That's informative to see in real time, ty for sharing.
Disclaimers are standard for sure. The forward looking disclaimer is usually enough for most companies.
The PR reads as 'RGBP and ONPH might work together, if they actually decide to work together and ONPH brings the $$ to finance it.'
Still nice to have an update from the company. :)
"Muddying the waters" refers to accounting. ENZC owns half of Rosetta and Rosetta owns $2.5 million worth of par value .0001 ENZC Series E Preferred shares which may be convertible to an unknown amount of ENZC common stock.
If Rosetta can convert shares, the conversion itself is the only part that would need to be in ENZC's accounting. Whatever else Rosetta would do wouldn't be on ENZC's record books, even though ENZC would stand to benefit. IMPL has the same potential, but I don't remember them owning any ENZC stock.
To avoid the appearance of Insider Trading or other types of fraud, I would suppose ENZC needs to avoid trading vicariously through Rosetta.
The next financials they file might clarify some things. Also, I'm just a fox on the internet, so maybe somebody with more experience can weigh in.
This document from Rosetta mentions fetal bovine serum in EnzoImmune Active:
I thought I'd seen a document somewhere that described the difference in more sciencey terms, but offhand my guess is the difference is in secondary ingredients only, since IPF is the active ingredient.
Yeah, no problem!
This is really dense information with a lot of tangents, so take it slow. (And fact check me please!)
There's at least three companies who might have ownership and profit stake in ITV-1:
- Enzolytics
- International Medical Partners (IMPL)
- Rosetta
Muddying the waters, ENZC owns a 50% stake in IMPL, and also a 50% stake in Rosetta.
Rosetta apparently owns at least $2.5 million worth of ENZC Series E preferred shares as their half of the deal announced May 12. Preferred shares often come with various benefits, but usually one benefit is the ability to convert the preferred shares to common stock at a rate like 1 preferred for 5.5 common. (Each series has its own conversion rate.)
The par value of ENZC's series E that Rosetta bought is .0001. Rosetta paid $2.5 million, which could be worth as much as 25 billion ENZC Series E preferred shares at .0001 per share...
- According to ENZC's latest filing, there are 10 billion Series E authorized, 25 million issued, and 0 outstanding as of June 30, 2021. (Page 1)
https://www.otcmarkets.com/otcapi/company/financial-report/312797/content
- In the same filing, ENZC reports that zero Series E have been issued or converted between December 31, 2019 to September 30, 2021. If this is true and not omission, Rosetta hasn't received any of their Series E shares they bought until maybe sometime after September 30. (Page 3)
- The information in that filing also seems to contradict an earlier filing that shows 2.5 million Series E issued (restricted at the time) to Valentin Dimitrov between June 1 and June 16, 2021 (Pages 6-7)
https://www.otcmarkets.com/financialReportViewer?symbol=ENZC&id=311215
- Incidentally, this second filing shows only 10 million Series E authorized, and 2.5 million outstanding, as of September 30, 2021 (Page 3) So it's ambiguous how many Series E are even in play here... :P
Assuming Rosetta got any Series E preferred, and that those shares could be converted to common shares without restriction, Rosetta could have converted anywhere from 25 million to 25 billion series E to common stock at some conversion rate I don't know yet, sometime after September 30, 2021, and be holding or dumping those shares onto the market.
Some examples of the type of legal questions this all raises:
Once shares are converted to common stock, it's hard to track down who owns them and what they're doing with them. ENZC won't have that info on their company records. ie common shares are privately owned and mostly untraceable.
It would make sense and be pretty standard practice for ENZC or Rosetta to sell some number of shares into the market to raise money for the ITV-1 or Enzoimmune Active launch.
If ENZC has any deals that stipulate ENZC will not issue any new common shares directly, issuing preferred shares and allowing conversion could be a way to circumvent such agreements.
It would probably be illegal in US markets for ENZC to coordinate with insiders to schedule buys and sells to take advantage of news and other announcements. If Rosetta owned a bunch of common stock, and Rosetta is a foreign entity that doesn't need to be on ENZC's accounting, but ENZC and Rosetta share ownership and profit, things could maybe get tangly. It could look to regulators like they were trying to avoid certain types of accounting by moving assets around.
It could also be possible to line the pockets of various parties through IMPL. Do we have info on who this group even is? (Maybe the people involved are listed somewhere and I just hadn't seen it.)
If ENZC was a pump and dump (and I don't think it is) this type of chaotic company structure and mingling of assets could facilitate taking full advantage of the next big run. There are other, less conspiratorial explanations of how we got to this point (many players with dibs on ITV-1 licensing, products and companies evolving in parallel and later coming together, long colorful history etc) but it raises a brow, at least.
What I find confusing:
- ENZC and Rosetta are both licensing IPF (from the same Zhabilov Trust patent)
- Both products have slightly different compositions. (Why?)
- Rosetta appears to be the partner from ENZC's May 12, 2021 PR about licensing ITV-1 for sale and distribution in various Asian, African and Middle Eastern countries. In that deal, ENZC gets 50% ownership of Rosetta and its future profit, and $1 million cash.
$ENZC
— YODL (@YODL17) June 29, 2021
Looks like their international Licensing deal is already underway.
Pursuant to the Agreement, Enzolytics will received $1 Million USD and 50% ownership in the Licensing Entity valued at $8 Million. #ITV1 #HIV #COVID #licensing https://t.co/2kp3nb1159 pic.twitter.com/BwxxgjmVic
Nice theory.
Very speculative, but your reasoning make sense. Will be awesome if that's how it goes down. :)
Two different products, two different companies.
https://rosettalifecarebg.org/cooperation-between-enzolytics-inc-and-rosetta-lifecare-bulgaria-in-advanced-phase/
Here's more info on ECRM's Weight Management, Nutrition, and Vitamin Program.