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LOL, this is the company that on Sept 18 said, "Players Network eliminates the majority of convertible notes and debt".
When the 10Q was filed for Q3, $270k in toxic notes were reported and 1 month later they began issuing new toxic notes, reaching over $1 million in new notes in less than 3 months. Take what they SAY in PRs with less than a grain of salt.
On December 15, 2017, the Company received net proceeds of $120,000 in exchange for an unsecured convertible promissory note that carries a 10% interest rate with a face value of $122,400 (“Third Group Ten Note”), which matures on December 15, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $2,400 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 30 million shares of common stock for potential conversions.
On November 8, 2017, the Company amended the two notes with Black Mountain Equities, Inc. (“First Black Mountain Note”) and Gemini Master Fund, Ltd. (“First Gemini Note”). The amended notes extended the maturity dates to December 9, 2017, increased the principal amount owed by $8,250 each, and established conversion features. The principal and interest became convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the lowest volume weighted average price (“VWAP”) over the fifteen (15) trading days preceding the conversion date, as limited to $40,000 of conversion during any 10 day trading period. The notes were originally entered into on May 8, 2017, pursuant to which the Company sold to each Investor, for a purchase price of $150,000, (i) a Promissory Note (a “Note”) in the principal amount of $165,000, and (ii) a Warrant exercisable until May 31, 2022 to purchase 1,500,000 shares of the Company’s common at a price of $0.14 per share (a “Warrant”), resulting in aggregate gross proceeds to the Company of $300,000. Each Note matures on November 8, 2017, bears interest at a rate of 10% per annum payable at maturity, and is subject to acceleration in the event the Company becomes delinquent in its reporting obligation with the Securities and Exchange Commission and upon other customary events of default set forth in the Notes. The Warrants can be exercised on a cashless basis by the Investors, and the Company can require the Investors to exercise the Warrants on a cashless basis at any time following the six-month anniversary of the issuance date, provided that at such time (i) the volume weighted average price of the common stock has been greater than $0.25 for a period of thirty (30) consecutive trading days, and (ii) trading in the common stock has not been suspended by the Securities and Exchange Commission or the OTC Bulletin Board (or other exchange or market on which the Common Stock is trading). On December 11, 2017, each noteholder converted $40,000 of principal in exchange for the issuance of 757,576 shares each. The note is currently in default.
On November 8, 2017, the Company issued a $200,000 promissory note (“Second Group Ten Note”) in exchange for the debt acquired from Rxmm, as note below. The new note matures on November 8, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the ten (10) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company must at all times reserve at least 50 million shares of common stock for potential conversions. On December 6, 2017, the noteholder converted $50,000 of principal in exchange for the issuance of 908,760 shares.
On November 7, 2017, the Company received net proceeds of $120,000 in exchange for an unsecured convertible promissory note with a face value of $122,400 (“First Group Ten Note”), which matures on November 7, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy percent (70%) of the average of the two lowest closing traded prices of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $2,400 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 50 million shares of common stock for potential conversions.
On November 8, 2017, provisions within two notes with Black Mountain Equities, Inc. (“Second Black Mountain Note”) and Gemini Master Fund, Ltd. (“Second Gemini Note”) established conversion features. The principal and interest became convertible into shares of common stock at the discretion of the note holder at a price equal to seventy five percent (75%) of the lowest traded price during the fifteen (15) trading days preceding the conversion date. The notes were originally entered into on September 14, 2017, the Company entered into a Securities Purchase Agreement with Black Mountain Equities, Inc. and Gemini Master Fund, Ltd. (the “Investors”), pursuant to which the Company sold to each Investor, for a purchase price of $150,000, (i) a Promissory Note (a “Note”) in the principal amount of $158,000, and (ii) a Warrant exercisable until May 31, 2022 to purchase 1,500,000 shares of the Company’s common at a price of $0.14 per share (a “Warrant”), resulting in aggregate gross proceeds to the Company of $300,000. Each Note matures on March 14, 2018, bears interest at a rate of 10% per annum payable at maturity, and is subject to acceleration in the event the Company becomes delinquent in its reporting obligation with the Securities and Exchange Commission and upon other customary events of default set forth in the Notes. The Warrants can be exercised on a cashless basis by the Investors, and the Company can require the Investors to exercise the Warrants on a cashless basis at any time following the six-month anniversary of the issuance date, provided that at such time (i) the volume weighted average price of the common stock has been greater than $0.25 for a period of thirty (30) consecutive trading days, and (ii) trading in the common stock has not been suspended by the Securities and Exchange Commission or the OTC Bulletin Board (or other exchange or market on which the Common Stock is trading).
On October 27, 2017, the Company received net proceeds of $73,000 in exchange for an unsecured convertible promissory note that carries an 8% interest rate with a face value of $76,500 (“First Fourth Man Note”), which matures on October 27, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy five percent (75%) of the lowest traded price of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $3,500 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 5 million shares of common stock for potential conversions.
On October 27, 2017, the Company received net proceeds of $73,000 in exchange for an unsecured convertible promissory note that carries an 8% interest rate with a face value of $76,500 (“First Emunah Note”), which matures on October 27, 2018. The principal and interest is convertible into shares of common stock at the discretion of the note holder at a price equal to seventy five percent (75%) of the lowest traded price of the Company’s common stock over the fifteen (15) trading days preceding the conversion date. The note holder is limited to owning 4.99% of the Company’s issued and outstanding shares. The Company paid total debt issuance costs of $3,500 that is being amortized over the life of the loan on the straight line method, which approximates the effective interest method. The Company must at all times reserve at least 5 million shares of common stock for potential conversions.
You are 100% correct. The only thing legally binding is a contract. And even those have termination conditions.
A "Letter of INTENT" is nothing more than "here's what we might do". The only thing binding about it is that until it's resolved the seller can't sell to someone else most likely.
There's a reason we only see a PR and not the actual agreement.
More pre-10Q disaster fluff to keep the PPS and volume from collapsing until toxic lenders can dump more shares.
Toxic lenders can't convert when the company has a stop sign.
At least that's the theory.
LOL, why would he keep 4.99% of the stock so he doesn't have to report his trades, then buy shares to go over the 5% mark so he has to report them?
Isn't it a safe assumption that Mr. Egan is not an idiot?
But Picasso keeps going.
It just got a lot more expensive for him today. The 500 shares were only $60, but the $18k it took to get the ask up, now THAT was expensive.
Looks like 12 is the new 14 cents.
Hilarious watching the seller forcing big buyers to absorb his shares and allow Picasso to close it higher.
150k shares gone. Mr. Egan?
Wow, someone looking to dump 50k shares at $.116. Picasso may be screwed.
Gotta love the buyer of 1 share at 11.6 cents to bring the last trade price up from 11.3 cents. He/They must have a ton of shares to spend 11 cents plus commission to raise the PPS by .3 cents.
Someone is trying to get a big buyer to take out that 50k. Egan?
Too funny.
Not sure where you get that. Since the 25k dump and 100 share buy there have been 46k shares dumped into the bid, including 32k sold BELOW the bid and 8500 shares traded between bid and ask.
Kinda sounds like selling continues.
Bid down to 11.3 cents, ask at 13 cents.
Picasso will probably close it up, but we all know it's been down all week.
Gotta love the panic games. 25k shares dumped into the bid, 100 shares bought to hide it.
Picasso starting early.
Too desperate. Too funny.
Now it's my turn to be more pessimistic than you. I'm thinking its value will fall to $.01 or less once the RM details are announced or if there is no RM.
That makes as much sense as the folks that say, "You can only lose 100%, but you can make 1,000% or more".
The odds of having funds greatly diminished are roughly 95%. The odds of having them somewhat diminished are 4.5%. The odds of a large increase are about .01%.
That's completely wrong. EVERY possibility is a binary event. Either it happens or it doesn't. Any using 50:50 odds to calculate whether something happens is bound to lose a lot of money. Imagine taking 50:50 odds that the Browns will win the Superbowl this year.
LOL, If I buy a Powerball ticket, the lottery is a binary event too. Either I win or I don't.
Doesn't make it a 50/50 bet.
I'd say the odds of a RM are close to 1:2. The odds of the company NOT doing a reverse split afterwards is closer to 1:100. The odds of the stock going to $20 is at least 1:10,000
What price? I don't blame you for thinking it was going lower.
Tomorrow will probably be down again if your patient.
90% of the pinks are garbage companies. The ones that are dark like DKAM at least are traded less. Many are hyped by toxic lenders who dump shares on retail for a 100% profit.
The OTC is a multi billion dollar scam machine. No one has the will to shut it down. DKAM is too small to be on anyone's radar.
Thanks BZ.
It's a free site and a good source of charts.
http://stockcharts.com/
Warren Buffet buying on the QT. He's going to merge Berkshire with DKAM.
But mums the word.
Yeah, that's the sign of a pump and dump. Virtually every hyped OTC stock has a huge accumulation line, then it has a lot of shareholders stuck at a loss because those big buying days came as the price rose on hype.
The A/D moving up is good IF the price is also moving up. You'll notice the A/D moving up on TGLO, but the price moving down in many cases. That indicates a lot of folks buying, but they're generally at a loss going forward. And when the bad news hits, the D will cause a quick collapse.
Wow, it must have been a low bid. From 3:30 on it was nothing but dumps into bids below 12 cents.
I was able to dump some .14s and thought about reloading, but all the late sells convinced me to wait and see what happens tomorrow.
It's a race between the 10Q filing and more hype.
Just more pump and dump. Hard to believe so many shares were bought above $.13.
Ah look, Picasso came back today. Too funny.
Smells to me like more fluff before the bad news 10Q is posted.
Yeah, you'll never see the agreement.
$800k in revenue is meaningless unless you know the gross profit. Likely far less than $100k or the $5 million price tag would be stupidly low.
And of course MJ in CA is still struggling.
https://www.nbcnews.com/business/business-news/growing-weed-california-marijuana-market-slow-start-n867871
It perfectly explains why Delfin will not place their assets into a reversed merged company and leave TGLO's current shareholders, who hold near worthless shares, with 29% ownership in the merged entity.
To properly value current shareholders ownership in the new company though (less than 1%), a reverse split is necessary.
They are members in an LLC.
Exactly the same as shareholders.
Believe it or not, there is such a thing as private shareholders.
Indeed, Delfin has owners just as TGLO does. The difference is that Delfin's owners have provided 100.x% of the assets to a merged company. TGLO's owners have provided -.x%.
So how will those combined assets be divided between the two groups of owners? Food for thought.
MPET shareholders contributed 3% of the assets to the merged company, TELL provided 97%.
MPET shareholders got 3% of the merged company, TELL shareholderholders got 97%.
TGLO shareholders will contribute -.x% to the merged company. Delfin shareholders will contribute 100.x%. Now I'm not math whiz, but even I can do that calculation and 3% is WAAAYYY too generous.
LOL, no doubt Delfin's $43 million pipeline is every bit as functional as TELL's $24 BILLION version.
I guess if it sounds reasonable that Delfin will give away 29% of its assets to a group of stinky pinkie shell shareholders, buying a $24 billion pipeline at 98% off makes sense.
I'm a bit skeptical of both notions.
The next filing will show more toxic notes on top of last Q's $1 million plus in new toxic notes.
The "Annual report" was just another fluff piece to try and pump up the stock price ahead of the filing in a couple of weeks.
It didn't work as investors now see through these company games.
Look out below.
Make no mistake, PNTV is focused on identifying those who own the shares and those who comment on the stock. The use of FB and website with required registration before getting information is an attempt to get at identifying individuals.
Caution is advised.
Nah, those things get announced. This is probably just handing shares to insiders as they continue to dilute.
Restricted shares are generally shares given to insiders. There is no buyback, that would have to be reported.
Yeah, disproved that theory quite a while ago.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=140390225
The reverse split will be much higher than 1:5.
AND AGAIN
Because Egan had 75.89% of the O/S.
He waned to end up with 4.99% so he could dispose of his shares whenever he wanted to without having to file anything.
That left 70.9% for Delfin.
Q.E.D.
Over 1.5 million shares traded below $.12 the last 4 days and less than 200k above $.12.
You're right, it's a bit early to see that as good news.
Egan didn't keep 5%. He kept 4.99%. Pretty obvious why.
The Delfin ownership is easy. It was all of Egan's holdings less 4.99%.
For anyone wondering why 4.99%, I would direct you to https://www.investmentfundlawblog.com/resources/investments-by-funds/acquiring-5-publicly-traded-company/
Lower highs and lower lows. It's the pattern of a pump and dump with toxic debt and it's the patter of PNTV.
Fridays are a good time to sell if there's any volume because those down a lot will make buys at the ask to try and get it as high as possible going into the weekend.
That 10Q is gonna be a real stock buster though. Worse than the 10K IMHO.
Completely wrong.
Anyone who bought PNTV at $.10 could by 3X as many shares today for the same cost. HUGE opportunity cost.
And the ones buying today at .035 will likely be able to buy at $.01 at some point.
Holdings worth $10k last year are worth $3k now and falling.
Meanwhile, the real market is going gangbusters.
Holding a stock until it hits $.0001 doesn't mean you haven't lost anything.
BUYER BEWARE!!
PNTV issued a million $ in new toxic notes in Q4. They burned $500k cash in the quarter and cash is down below $100k. Look for more toxic notes in Q1.
Anyone buying shares now is simply giving the toxic lenders half their investment as profit. Toxics sell you $10k of stock, then pay $5k to the company to cover their short sale. The toxic lender makes $5k and you get to watch your shares drift down as more toxic shares get dumped.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=140115556