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Looks like $.085 is as low as these note holders will dump shares. Always blocks of 10,000 but haven't seen any go for below that price.
Maybe that's our floor for now.
wonder how the administrative adjustment is going
Anyone ever look at Kudo and think that was Edwins dream. They went the kiosk route, like Edwin wanted to do with PTMDU. Found people didn't trust machines, so created a working version of the KPOP mini stores. E-commerce. Bill payment. Kpay even partnered with UBER at one point, bet Edwin wished UBER purchased Kpay for $100 million, like Grab did Kudo.
Even their logos looked the same.
Here's a page featuring their logo : https://agenkudo.weebly.com/contact.html
I think he wanted to be them so bad, when it came to finding financing, he found "Agoeng Noegroho" from a company call Gabriel Capital.
Coincidentally, Kudo's CEO is "Agung Nugroho"
Here he is : https://www.suara.com/bisnis/2017/03/26/231716/agung-nugroho-inovator-ritel-digital-lewat-kudo
Funny huh?
you should go back and read my post about how all these companies you mention got started. You know most are only less than 3 years old right? Modalku, Koinworks, Investree. See how much money Modalku got started with $1.7 mil. How Koinworks was thrilled with their last round of funding that raised $12 mil.
There isn't a lot of ground to make up here. Read the article about Investree, where they say they were "bootstrapping" to find $500,000.
Making up ground isn't an issue, actually getting $7.5 million is.
The only thing I can figure, and if it were the case, they could have wrote it a lot clearer is : They want the full $25 million (22.5 after fees), and Gabriel probably showed up with something worth $25 million for collateral.
The bank isn't going to offer 100% LTV on that collateral, so Gabriel had to shake the bushes for some more.
Believe me, I know this is a stretch. But I'm not Miss Cleo.
Don't forget this :
You'll notice almost all of convertibles with 1 year dates, normally begin converting 6 to 7 months after issue date. Sometimes all at once, sometimes on multiple dates. So maturity date doesn't tell the whole story.
So we have one that was issued on 5-15 for $300,000 that you can bet will start tomorrow if it hasn't already.
Great time for another PR
From 10-23 "The final HSBC bank guarantee for $25 million is expected to be received in KinerjaPay’s account with CCBI within the week."
From 11-8 "We believe that all the minor complications have been cleared and we should receive the first guarantee over the next week."
From 11-8 "Gabriel remains the key collateral provider and the Company expects to close on the first tranche of the initial $25 million, as reported in the Company’s October 23, 2019 release, in the very near term."
From the 10Q "The final HSBC bank guarantee for $25 million, which we understand has already been approved by the bank’s credit committee, is expected to be received in KinerjaPay’s account with CCBI during November."
A,B,C, or D? Which one do you like best?
Adjust it HSBC. Send it over! Edwin is ready for blast off.
Also to the other investment groups. Send it over! Send all the guarantees over. We love bank instruments.
"The Bank has notified the company that once it draws down on the first $22.5 million, it will arrange in a short period of time to increase the line to match the bank guarantees that will be delivered to fulfill the $200 million private placement."
Isn't that great of CCBI. Theyre ready to up the credit line as soon as someone coughs up more collateral. Amazing.
The delay has been due to administratively adjusting the amount of the initial HSBC guarantee dollar amount to match the initial credit facility provided by China Construction Bank, Jakarta.
So is this to mean the amount of collateral pledged needed to be increased to match the $25 million on a loan to value the bank uses?
The Orgenesis JV agreement was on 5-6-19. Using April, May, and June, you see a lot of restricted shares issued to third parties for consulting services. No one could tell by this if it was anything related to Orgenesis.
On April 2, 2019, the Company issued a total of 300,000 restricted shares to a third party for consulting services already provided, valued at $180,000 based upon the market price of the shares of $0.60 on the date of issuance.
On May 23, 2019, the Company issued 150,000 fully vested common shares to a third party for consulting services for a 12 month term, in accordance with the terms of a consulting agreement dated April 17, 2019. The shares were valued at $63,000 based upon the market price of the shares of $0.42 on the date of issuance, and will be amortized over the life of the agreement. An additional 100,000 shares were issued on June 7, 2019, valued at $24,000, based upon the market price of the shares of $0.24 on the date of issuance. An additional 200,000 shares were issued on August 19, 2019, valued at $34,000, based upon the market price of the shares of $0.17 on the date of issuance. The additional shares issued are being amortized over the remaining term of the agreement.
On June 6, 2019, the Company entered into a consulting agreement to issue 500,000 restricted shares to two parties, for consulting services to be provided over the year term of the consulting agreement, valued at $115,000 based upon the market price of the shares of $0.23 on the date of the agreement. The fair value of the shares was recognized in Prepaid assets and the expense will be recognized over the term of the agreement. The shares were issued on July 2, 2019, and are included in Stock payable as of June 30, 2019.
Another jewel. Oncolix. That's great and all that you bought a note from a company trading at $.0000
Should be a breeze to convert that. Although earning 12% interest on $20,000 for 6 months was good. Matures end of this month. Were you hoping their phase 1 trial would be wrapped up by then?
Edit --- Never mind they went under. Company is being liquidated, and KPAY will get a 50% bonus for the default.
Not by name. it will take me a few to see if its hidden in the dates.
Full Convertible update - issue date in parentheses
(2/28) 11-28-19 $115,000
(3/5) 1-15-20 $79,500
(4/1) 2-15-20 $64,500
(5/15) 2-15-20 $300,000
(3/4) 3-5-20 $82,500
(3/14) 3-14-20 $118,000
(3/25) 3-24-20 $178,750
(7/31) 4-3-20 $200,000
(7/8) 4-8-20 $150,000
(9/13) 4-21-20 $395,000
(5/17) 5-17-20 $82,500
(4/25) 5-17-20 $165,000
(5/29) 5-29-20 $115,000
(6/13) 6-3-20 $192,500
(9/3) 6-3-20 $82,500
(9/3) 6-3-20 $82,500
(9/3) 6-3-20 $82,500
(7/2) 6-28-20 $118,000
(10/29) 7-29-20 $91,500
(10/29) 7-29-20 $91,500
(10/29) 7-29-20 $91,500
(8/23) 8-23-20 $110,000
(8/27) 8-27-20 $82,500
(9/16) 9-16-20 $200,000
(9/24) 9-24-20 $149,453
(10/1) 9-30-20 $94,000
(10/1) 10-1-20 $55,000
(10/24) 10-17-20 $118,000
(10/23) 10-23-20 $30,000
Grand Total = $3,717,203
You'll notice almost all of convertibles with 1 year dates, normally begin converting 6 to 7 months after issue date. Sometimes all at once, sometimes on multiple dates. So maturity date doesn't tell the whole story.
So we have one that was issued on 5-15 for $300,000 that you can bet will start tomorrow if it hasn't already.
I was right on the Series C. All related to PT MDU. And after all this time, we finally find out now.
On October 4, 2018, the Company entered into a Preliminary Share Sale and Purchase Agreement between PT Kinerjapay Indonesia and PT Mitra Distribusi Utama (“PTMDU”) to acquire PTMDU for Rp40,000,000,000 or approximately $2,758,621. However, during the negotiations regarding the terms to complete the acquisition between the parties, there were several unresolved issues of which mutual agreement could not be reached, which prompted both parties to finally agreed to terminate the process of acquisition amicably.
On November 2, 2018, the Company filed a registration statement on Form S-1 for the purpose of offering a total of up to 300,000 shares of its 11% Series C Cumulative Redeemable Perpetual Preferred Stock (“Series C Preferred Stock”), at an Offering price of $25 per share. If the Offering is successful, of which there can be no assurance, the gross proceeds will be $7.5 million. The Company’s intention is to have these shares of Series C Preferred Stock subject to quotation on the OTCQB. Due to the termination of the PTMDU acquisition, on October 30, 2019, the Company withdrew its registration statement.
Still love to know who FRS Lending is. KPAY has a market cap around 4 mil, and we acquired FRS for $2,372,945 on 1-15-19. They must be a super company to give them over half our market cap.
Keep up the great work FRS! Whoever you are. You've really pushed KPAY to new heights. Well worth the investment. No assets, and we got you for 3 years.
On January 15, 2019, the 200,000 Series D Preferred Shares were issued to the shareholders of FRS Lending, Inc., a Delaware corporation (“FRS”) in consideration for the acquisition by the Company of 100% of the capital stock of FRS, which shall operate on behalf of and provide the Company with services related to the Company’s lending and micro-lending activities and related lending services in the U.S., Indonesia and internationally, which is a newly developing division that the Corporation is planning to devote resources to grow its operations. The fair value of the consideration was calculated at $2,372,945, based on 10% of the fully diluted common shares of the Company as of the date of issuance. FRS did not have any significant tangible assets or liabilities as of the date of acquisition. The agreement also includes an employment agreement with a three-year term. The consideration issued in the acquisition has been recognized as consideration related to the employment agreement and will be amortized over the three-year term of the employment agreement. The current portion is included in prepaid expense and the long term portion in other assets, on the accompanying condensed consolidated balance sheet. The amortization expense for the three and nine months ended September 30, 2019 was $197,745 and $540,490, respectively.
Converting at really low prices.
These guys are eating this shit up. Almost every one of these notes has the same language, example : "The note is convertible at 65% multiplied by the lowest closing price during the 20 days prior to the conversion. The conversion price shall be adjusted upon subsequent sales of securities at a price lower than the original conversion price. The variable conversion price has been adjusted to 45% of the market price, based on the conversion price of a new note on May 9, 2019."
That note was converted on 8-1-19. The 20 days leading up to that the lowest close was $.1114. So the shares would have converted at 65% of that, instead they filed the one 10Q late, and now they can convert at 45% of market price.
So you see a bunch of shares converting at $.05, $.06. Not only did you get screwed with the penalties added to the principal, you gave these guys a 20% discount on their converted shares. How nice.
im working on it, takes a while to read through
Only 8 convertibles issued this quarter we weren't aware of
8/23 auctus $200,000 4-30-20
8/27 black ice $110,000 8-23-20
8/27 lg cap $82,500 8-27-20
9/3 armada $82,500 6-3-20
9/3 bhp $82,500 6-3-20
9/13 granite $395,000 4-21-20
9/16 auctus $200,000 9-16-20
9/24 adar alef $149,453 9-24-20
total $1,301,953 (very close to my prediction)
from the big Labrys convertible :
On September 5, 2019, $50,000 of the Labrys 2019 note was converted into 1,000,100 shares of the Company’s common stock at a conversion price of $0.05, at which time the derivative fair value of approximately $77,000 relating to the conversion feature was reclassified to equity. The derivative was revalued prior to reclassification, resulting in a decrease in the fair value of $12,000, with the key valuations assumptions consisting, in part, of the price of the Company’s common stock of $0.13; a risk-free interest rate of 2.44% and expected volatility of the Company’s common stock of 210.74%, and the various estimated reset exercise prices weighted by probability.
Also :
Also included in Prepaid expenses and other assets, current portion is $247,000 paid as finder’s fees in connection with an expected equity investment in the Company and a related standby letter of credit. The amount will be offset against the investment in equity when the transaction closes.
Going to take a bit to go through 10Q. I see the bought convertible notes from MMMM, Big Foot Project Investment, and Accelerated Pharma.
There has been rumors of KPAY acquiring some of these companies correct?
I think its a good thing there is no volume and share price isn't moving. Sends Edwin a message. People aren't reacting to "almost" anymore. Do your job and deliver.
Wahana vs Gabriel
This was from the 5-2-19 Press Release "With the acceptance of the SWIFT message transfer by PT. Kinerja Pay Indonesia’s (a fully owned subsidiary of KinerjaPay Corp) Bank Account in Jakarta, the Company acknowledges that the Wahana Group has made a substantial investment toward completing its Series F and Series G subscription agreements. The recipient bank’s officer has confirmed and verified the SWIFT. The Bank will now begin the monetization of the $100 million bank guarantee into KinerjaPay’s bank account to be concluded in the near future."
This was where the Wahana deal ended. The last press release and 8K a few days later to ever mention Wahana. Never got monetized.
From 8k 11-12-19 "The Company announced, in substance, that while finalizing the receipt of the initial HSBC bank guarantee from Gabriel Capital Ltd can be a timely process, we believe that all procedures have been cleared. The Company has secured the monetizing bank non-recourse credit facility with China Construction Bank Indonesia. The announcement of this facility has attracted several other collateral providers in addition to Gabriel for the initial $25 million major bank guarantee. Gabriel remains the key collateral provider and the Company expects to close on the first tranche of the initial $25 million, as reported in the Company’s October 23, 2019 release, in the very near term."
We haven't got to the part with Gabriel yet where CCBI begins trying to monetize collateral.
If all this is happening with SBLC/Bank guarantee. Which step do you think were on? "Finalizing the receipt of the initial HBSC bank guarantee" Which part are they finalizing? Step 2? Step 4? :
Closing Process – SWIFT
1. After execution of the Standby Letter of Credit Monetization contract by both parties the Client will instruct his bank to send SWIFT MT799 to the bank coordinates provided by the Monetizer.
2. The Monetizers bank on receipt of the SWIFT MT799 from the client’s bank will reply with a SWIFT MT799.
3. On receipt of the Monetizers bank SWIFT MT799 the Clients bank will deliver the Standby Letter of Credit (SBLC) by SWIFT MT760 to the Monetizers bank.
4. Upon receipt, confirmation and delivery of the SWIFT MT760 the Standby Letter of Credit Monetizer will within maximum four (4) banking days grant a Non-Recourse Loan for the LTV as agreed from its nominated bank to the Client.
5. The Standby Letter of Credit Monetizer agrees to return the Standby Letter of Credit (SBLC) unencumbered fifteen (15) calendar days before the 1 year anniversary of the signed contract between the parties.
Press Realease vs 8K
~Press release "We believe that all the minor complications have been cleared and we should receive the first guarantee over the next week."
~8K "Gabriel remains the key collateral provider and the Company expects to close on the first tranche of the initial $25 million, as reported in the Company’s October 23, 2019 release, in the very near term."
Here we go again.
I guess im confused.
Item 8.01 Other Events.
KinerjaPay Corp., OTCQB: KPAY (the “Company”) is filing as Exhibit 99.1 to this Form 8-K a press release issued on November 8, 2019, titled “KinerjaPay Corp. Update Financing Process Almost Complete.” The Company announced, in substance, that while finalizing the receipt of the initial HSBC bank guarantee from Gabriel Capital Ltd can be a timely process, we believe that all procedures have been cleared. The Company has secured the monetizing bank non-recourse credit facility with China Construction Bank Indonesia. The announcement of this facility has attracted several other collateral providers in addition to Gabriel for the initial $25 million major bank guarantee. Gabriel remains the key collateral provider and the Company expects to close on the first tranche of the initial $25 million, as reported in the Company’s October 23, 2019 release, in the very near term.
Mr. Edwin W. Ng, CEO of KinerjaPay Corp. commented “We feel that we are at the end of this very complex process and look forward to receiving the beginning of this significant capital infusion. We are excited that other investors agree that securing a monetizing bank has made KPAY an attractive investment.”
A copy of the November 8, 2019 press release is attached as Exhibit 99.1 hereto.
JAKARTA, Indonesia, Nov. 8, 2019 /PRNewswire/ -- KinerjaPay Corp., (OTCQB: KPAY), would like to share updates about the financing process. Finalizing the receipt of the initial HSBC bank guarantee from Gabriel Capital Ltd has taken slightly longer than anticipated. We believe that all the minor complications have been cleared and we should receive the first guarantee over the next week. It is important to stress that securing the monetizing bank is the hardest and most crucial part of the process of using this method of financing. Our non-recourse credit facility with China Construction Bank Indonesia is firmly in place. The announcement of this facility has attracted several other collateral suppliers to want to deliver the first $25 million major bank guarantee. All of these suppliers are agreeing to the same investment terms. The numerous other investors highlight the value of securing the monetizing bank. Gabriel is still the most likely supplier. Mr. Edwin W. Ng, CEO of KinerjaPay Corp. commented "We feel that we are at the end of this very complex process and look forward to receiving the beginning of this significant capital infusion. We are excited that other investors agree that securing a monetizing bank has made KPAY an attractive investment."
So CCBI is now the monetizing bank?
This 8K is a joke right? Same quote from Edwin used on the previous one.
Also listed project for Yosep on his LinkedIn page :
Project
Grand Summit Pecatu
November 2018 - Currently
See project
Remember what that is from :http://www.pecatuindahresort.com/product/item/grand-summit-pecatu
For projects in Bintan, for example. Edwin successfully developed several portfolios at once, precisely in the Integrated Tourism Area, Lagoi, Bintan, Riau Islands Province. Among them, international standard condotel hotels titled Grand Lagoi Condotel by Swiss-Belhotel International, Quincy Heritage condotels and serviced apartments operated by Far East Hospitality (FEH) and Bintan Market Place with a total investment of more than Rp700 billion. While in Bali, Edwin and his partners also expanded into the hotel business by developing the Pecatu Grand Summit hotel in the Pecatu Indah Resort Area with an investment of Rp250 billion.
~http://mpi-update.com/anak-muda-visioner-yang-siap-mengambil-resioko/
Strangest KPAY story yet:
~From the 8K on 5-2-19 updating us about the Wahana funding: Mr. Yosep Eko Purnomo, President and Director of Wahana Group stated: “We are excited to begin closing on our $200 million commitment to fund KinerjaPay’s future growth. We believe that a long-term commitment to KPAY will reward our group’s desire to participate in Indonesia’s online e-commerce growth.”
~https://id.linkedin.com/in/yosep-eko-purnomo-4869b7190
This is a LinkedIn page for a Yosep Eko Purnomo that apparently now works at KPAY as VP of Business Deveopment as of August 2019.
~https://www.linkedin.com/company/kpay-innovation-pvt-ltd
And believe it or not, he apparently worked as a Business Consultant, and VP of Business Development for another company called Kpay Innovation Pvt. Ltd. out of India.
~https://kpayasyougo.com/about-us/
He no longer appears as a member of their team
~https://kpayasyougo.com/join-us/
And they are now hiring a Business Development Manager
So what are the odds the same guy worked for Wahana, Kpay Innovation Pvt. Ltd., and now KPAY?
If the LinkedIn links don't work, throw the url into google, then view them.
wonder how Edwin feels seeing that his "update" hasn't moved anyone into buying this stock.
I know today is the holiday, so lower volume day. But 52,000?
why don't you read it and tell me where it says the per share value of either the F or G series.
Who knows what they agreed preferred series f & g are valued at. They never said. They were created around the Wahana deal.
To give you an idea, the Series B that was given to Edwin was 500,000 shares valued at $871,000 on 9-30-18. $1.742 a share. The closing price on 9-28-18 was $.232.
Where did they arrive at that value? An extra $1.50 over the common shares.
The timeline:
1. Sometime before 10-23, Edwin finished negotiating with CCBI for a $25 million non-recourse credit facility (a loan secured by collateral).
2. Sometime before 10-23, Gabriel Capital goes to HSBC to get a bank guarantee (the collateral for CCBI), which the banks credit committee approves.
3. 10-23 we get the 8K letting us know that #1 and #2 happened. Also letting us know, the $25 million guarantee from HSBC would be received by CCBI "within the week".
4. 16 days pass with nothing.
5. 11-8 we get a press release stating "Finalizing the receipt of the initial HSBC bank guarantee from Gabriel Capital Ltd has taken slightly longer than anticipated." and we should get the guarantee over the next week.
So Gabriel can't manage in 16 days to get whatever their collateral is through a monetizing bank. So HSBC was willing to offer a bank guarantee, but Gabriel had to monetize something to get the guarantee.
Now there's other people willing to try to monetize collateral? Why didn't Gabriel find out from a monetizing bank first if there collateral would work? If their having trouble monetizing collateral for the first $25 million, the next $175 million should be a breeze. Right?
Keep in mind, the loans given out will likely be around 65% of the value of the collateral. So Gabriel needs to find something worth around $38 million to pledge for the first guarantee. They would get the collateral back when it is repaid. So if the plan is to keep these guarantees coming up to $200 million, Gabriel has to keep finding collateral.
KPAY is going to issue them Series F preferred stock which cant be converted until the share price reaches $1.80. So Gabriel doesn't get anything back until we get to $1.80. How long will that be? Do they have the assets to pledge to keep the guarantees going until that point?
"All of these suppliers are agreeing to the same investment terms. The numerous other investors highlight the value of securing the monetizing bank."
Well no shit. You mean theres value in finding a bank who will monetize whatever the hell collateral Gabriel is trying to give them?
They couldn't monetize what Wahana was offering up. We have zero info on Gabriel, besides the fact they're a "holdings company". God knows what they have for assets to pledge.
I could see how there could be value in that.
Nobody is pulling for this to happen more than me, but really. $25 million is getting turned into $22.5 million, meaning your getting an loan-to-value of 90%. And your shopping around? Sign the paperwork!
No one worry, birdman today said "their getting the money Monday, I'm 90% certain"
This guy is the best, magnifying glass, parrot, dirty sloppy shirt. Never gets old.
Just did the same thing at 2:37
Fun with manipulation. Its in the note holders interest to keep this thing propped up.
Look at 1:57, sold all the way down to $.087 from $.093 on 60,000 plus shares.
Then at 2:10 someone buys 3500 shares at $.0979. Why would you bid that? When it was selling at $.087.
Then we return to the next 3 sells of 121,200 - 18,800 - 100,000. Wow, what a time to dump a bunch of shares, right after the price jumped on a buy of 3,500 shares.
Must be their lucky day
With volume like this, good luck unloading those convertibles.
That note was for a 6 month period to Labrys Fund, issued on 5-9-19. If Labrys was smart, they already converted it for the outstanding balance prior to 10-23-19 (The 8k).
(a) Mechanics of Conversion. Subject to Section 1.1, this Note may be converted by the Holder in whole or in part at any time on or following the Issue Date, by (A) submitting to the Borrower a Notice of Conversion (by facsimile, e-mail or other reasonable means of communication dispatched on the Conversion Date prior to 11:59 p.m., New York, New York time) and (B) subject to Section 1.4(b), surrendering this Note at the principal office of the Borrower.
They could have converted for the lesser of : 1. the lowest trading price 20 days leading up to 5-9-19 (the issue date) $.4695 or 2. the alternate conversion price which is 45% of the lowest price in the last 20 days up to the conversion date (say 45% of $.08).
So obviously they would convert using option 2, get a shit ton of shares, then try to sell the bulk of they when the price was higher (the 23rd, the 24th).
Or they still haven't redeemed any of the note, they convert at 45% of $.0698 ($.03141), and they have to find someone to buy their 13,750,000 shares.
When your really bored, why don't you try figuring this one out : Who is FRS Lending, Inc.? Why on earth did KPAY pay $2,372,945 for them? A company that was incorporated on 11-13-18.
https://icis.corp.delaware.gov/Ecorp/EntitySearch/NameSearch.aspx
Along with a finders fee of $157,000. A finders fee to who?
From the 10Q 3-31-19
Pg 29:
On January 15, 2019, the 200,000 Series D Preferred Shares were issued to the shareholders of FRS Lending, Inc., a Delaware corporation (“FRS”) in consideration for the acquisition by the Company of 100% of the capital stock of FRS, which shall operate on behalf of and provide the Company with services related to the Company’s lending and micro-lending activities and related lending services in the U.S., Indonesia and internationally, which is a newly developing division that the Corporation is planning to devote resources to grow its operations. The fair value of the consideration was calculated at $2,372,945, based on 10% of the fully diluted common shares of the Company as of the date of issuance. FRS did not have any significant tangible assets or liabilities as of the date of acquisition. The agreement also includes an employment agreement with a three-year term. The consideration issued in the acquisition has been recognized as consideration related to the employment agreement and will be amortized over the three-year term of the employment agreement. The current portion is included in prepaid expense and the long term portion in other assets, on the accompanying condensed consolidated balance sheet. The amortization expense for the three months ended March 31, 2019 was $165,000.
No tangible assets. But the good news is whoever it is signed a 3 year employment agreement, so they must expect KPAY to be around for 3 more years.
Probably something related to KFUND, but another company with zero background info.
The one from 11-9-18:
Common stock offering
(1) Consists of up to 1,352,866 shares of Common Stock to be sold to Tangiers Global, LLC under the Investment Agreement dated November 3, 2017.