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I'll just copy and paste my post from last week:
~From the S1, Page 4: Use of Proceeds
We plan to use the net proceeds from this Offering for acquisitions (we have not entered into any agreement or commitment with respect to any acquisitions or investments at this time), to fund organic growth initiatives and general corporate purposes. We will place proceeds equal to 18 months of dividends ($1,237,500 based on an Offering of $7,500,000 or 100% of Series C Preferred, $829,125 based on an Offering of $5,025,000 or 67% of Series C Preferred or $408,376 based on an Offering of $2,475,000 or 33% of Series C Preferred ) into a separate bank account to be used to pay Series C Preferred Stock dividends, however. Please see the section entitled “Use of Proceeds.”
~Here it is spelled out for you in the last 10K, Page 32:
On October 4, 2018, we 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. Depending on the amount raised in this Offering, we intend to use $2,500,000 to $3,000,000 for financing the acquisition of PTMDU.
PT. PTMDU has been providing as mobile prepaid data package to all telecommunications operators in Indonesia since 2007. PTMDU generated sales of exceeding $30 million in 2017, mainly by selling prepaid data plans for internet usage to Indonesia’s fast-growing mobile internet users. Depending on the amount raised in this Offering, we intend to use $2,500,000 to $3,000,000 for financing the acquisition of PTMDU.
~From the last 10Q, Page 34: As of June 30, 2019, there are no shares of the Series C Preferred Stock issued or outstanding.
They never sold any Class C shares, it never got listed as "KPAYP". The offering isn't needed anymore. Either means they aren't acquiring PT MDU, or they are financing the acquisition from other means.
My thoughts are, no one takes the time to read previous posts.
Scroll back to the date of that was issued. you'll see about 100+ posts about it.
13 buys in a row for around 120,000 shares, and the price doesn't budge.
I wish they were more specific in their 10Q a to when they get dumped, it usually will say something like "they were sold on multiple occasions through the quarter".
Like to see the effect it has on the share price.
Let them dump the 4 mil convertibles. Who's going to buy them? Better come up with a magical press release about the funds deposited.
What do you think were going to see 4 mil in volume in a day as people jump in line to buy some KPAY.
Tomorrow is this company's last chance. No press release saying funds are in their account, and you better get ready for the biggest flush ever.
We either go north of $.40, or we go down to $.03, followed by more misery next week.
This is your big chance Edwin, don't let us down.
Did you sell all your shares already? Or are you still on board with KPAY?
That's how you interpreted the registration withdrawal?
Even though it clearly states its in reference to the S1 released on 11-2-18. That S1, if you read it, was created for the issue of Class C preferred shares.
~From the S1, Page 4: Use of Proceeds
We plan to use the net proceeds from this Offering for acquisitions (we have not entered into any agreement or commitment with respect to any acquisitions or investments at this time), to fund organic growth initiatives and general corporate purposes. We will place proceeds equal to 18 months of dividends ($1,237,500 based on an Offering of $7,500,000 or 100% of Series C Preferred, $829,125 based on an Offering of $5,025,000 or 67% of Series C Preferred or $408,376 based on an Offering of $2,475,000 or 33% of Series C Preferred ) into a separate bank account to be used to pay Series C Preferred Stock dividends, however. Please see the section entitled “Use of Proceeds.”
~Here it is spelled out for you in the last 10K, Page 32:
On October 4, 2018, we 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. Depending on the amount raised in this Offering, we intend to use $2,500,000 to $3,000,000 for financing the acquisition of PTMDU.
PT. PTMDU has been providing as mobile prepaid data package to all telecommunications operators in Indonesia since 2007. PTMDU generated sales of exceeding $30 million in 2017, mainly by selling prepaid data plans for internet usage to Indonesia’s fast-growing mobile internet users. Depending on the amount raised in this Offering, we intend to use $2,500,000 to $3,000,000 for financing the acquisition of PTMDU.
~From the last 10Q, Page 34: As of June 30, 2019, there are no shares of the Series C Preferred Stock issued or outstanding.
They never sold any Class C shares, it never got listed as "KPAYP". The offering isn't needed anymore. Either means they aren't acquiring PT MDU, or they are financing the acquisition from other means.
Convertibles, Series C, Series E, Penalties.
Here is whats left from the last 10Q for convertibles with maturity dates :
11-6-19 $423,000
11-28-19 $115,000
1-15-20 $79,500
2-15-20 $64,500
2-15-20 $300,000
3-5-20 $82,500
3-14-20 $118,000
3-24-20 $178,750
4-3-20 $200,000
4-8-20 $150,000
5-17-20 $82,500
5-17-20 $165,000
5-29-20 $115,000
6-3-20 $192,500
6-28-20 $118,000
For a grand total of $2,384,250. These can be paid off early. They have done it in the past. There is usually a penalty associated with early payoff, but they have to weigh it vs outstanding interest that's left.
Series C according to the 10Q was issued to fund the acquisition of PT MDU. There were 300,000 shares at a face value of $25. They were going to list this stock on the OTCQB. $2.5 mil to $3.0 mil was going to be used for the acquisition. They never sold any. This was what the withdrawal of registration was related to today. Getting rid of the Series C. Possibly because they no longer need this avenue of funding. Or the PT MDU acquisition goes away, which is what I thought awhile ago. Hence the KPOP mini stores. Why use their kiosks when you can make your own. An acquisition like this made sense before getting a large amount of money to do your own thing.
Series E was issued to Edwin for negotiating the Wahana deal. 200,000 shares valued at the time at $3,559,417. Or 15% of the fully diluted common shares. Curious to see in the next 10Q what becomes of this. Maybe they say it was prepayment for the Gabriel deal instead.
You want to know what a delinquent filing gets you when it comes to convertibles? How about a penalty of $582,000. Added up all the penalties in the convertible section related to the 10K that was filed late. Not good.
If funding comes through, the convertibles that are beneficial to pay off need to go. If this quarter is like last, they probably added another $1 mil. So figure a total around $3.5 mil to get rid of them all. The $25 mil can have a huge impact on this company. It sure as hell can make them debt free in a heart beat, with plenty left over.
Looking forward to good news tomorrow or Friday. Go KPAY!
Might as well get 4 mil in volume too
My goodness. Look at the volume
Whoa. there it goes
Did that registration withdrawal post around 12:50 today?
So, do we shoot for $.15 today?
Last chance for some cheapies? I hope so!
Look at the volume the last 15 min. Hmmm
And you speculate in the other direction. With dreams of Edwin going to jail and all your other fantasies.
The notes wouldn't equal the 7.5 mil they would have got from selling the 300,000 shares of Series C.
Yep, here goes the share price. Everyone realizing the same thing.
It was $25 a share, with an 11% div. When your desperate in 2018 for funding, this probably seemed like a good idea. You were also entitled to first money upon a liquidation sale.
Now their not so desperate. Why offer it anymore.
The need to sell Series C has probably went away. When your desperate for funding, you offer things like an 11% dividend.
With secured funding why offer that anymore. Seems logical.
Is that date correct? The only offering described in that S-1 was the Series C Preferred stock. Which was offered at $25 a share and paid a 11% dividend. It was redeemable 36 months after offering, which would be November 2021.
Its a year into the offering. If they have financing coming, maybe no need to offer this anymore.
Getting real about the P2P competition.
~Koinworks, the biggest in Indonesia. Been around for 3 years. To date has raised a whopping $28.5 million dollars through 2 rounds of funding.
https://techcrunch.com/2019/06/25/koinworks-indonesia-seriesb/
~Modalku/Funding Societies, started in 2016. To date has raised $37 million through 2 rounds of funding. By year end 2019 expects to give out a million loans, with a dispersed value of $700 million.
http://www.theasianbanker.com/updates-and-articles/p2p-lender-modalku-grows-to-disburse-1-million-loans
~Investree, started in 2015. Round 1 of funding was between $2-$5 million. Round 2 of funding was $10 million. Now seeking a third round of funding. From article : "Before securing the funding commitment, the company has been bootstrapping for almost a year, raising $500,000 for its initial stage development."
https://theinsiderstories.com/indonesias-investree-gets-series-b-funding-us10m/
If you can't understand yet what even $7.5 million could do for KPAY/KFUND, you're lost. Does this competition look all that far ahead? When Koinworks is getting excited over it's last round of raising $12 million. If you secure even $25 million, your probably in the top 5. Pay off whats left of the convertibles, market the hell out of it, and away we go.
So what you're saying is they need an investment to change that? No kidding?
KFUND and mini KPOP store.
Looking back, it seems like plans got put on hold for a lot of great ideas while the search for funding went on. The biggest of the ideas was KFUND.
FROM 4-18-19:
At the same time, the Company also would like to update its investors that the Company has completed its submission of documents and aptitude tests for its Commissioners and Directors of PT. Kinerja Simpan Pinjam ("PT. KSP"), a fully-owned subsidiary of KinerjaPay Corp., in Indonesia, as part of the main requirements of the Company to obtain Peer-to-Peer License in Indonesia. In doing so, the Company is currently in full compliance with the regulations set by OJK (Financial Services Authority), an autonomous agency that governs, regulates, and supervises capital market and financial institutions in Indonesia. Furthermore, the Company expects to start its lending operation within 30 days and anticipates the lending service to be its mainstream product line.
FROM 9-17-18:
Speaking about the lending platform’s launch, Edwin Witarsa Ng, Chairman and CEO of KinerjaPay Corp. stated:
“We always think on how all of our business services can be connected and useful to one another, KFUND is one of the answers to our innovations. KFUND will not only bring thousands of transactions to the Company and billions of Rupiah to our Company’s business volume, but it will also bring the Company’s subsidiary to become the main supplier for the mini KPOP Store.
You would think that if documents were submitted in April, they have to be close or already have notification from OJK that they're registered and good to go. Who the hell knows, because the OJK website is a piece of outdated crap.
I wonder if the PT MDU acquisition will still happen, and their existing kiosks become the mini KPOP stores? Or does KPAY forget about PT MDU and create their own version. The idea behind the KPOP stores in their words is "a concept outlet shop to increase user experience of KinerjaPay. With this new development, KinerjaPay aims to engage more with users, particularly the unbanked population, through in-person interaction with customer services such as electronic transaction, bill payment and top-up services."
Then there was the fully built KFUND website, ready to go, hidden in a church website (I know it was you Anoki, sorry about everyone 404ing the site), but good news I archived the whole site that night: https://web.archive.org/web/20190919185800/http://www.gks-l2dn.org/eform/tes/peminjam/
Looks like the timeline is back on track. Maybe lending starts before long, and we see this company really start to grow.
How about we show you a share buyback and drive the price up, will that make you get on board?
Congrats to all the true supporters! There were a handful of us who have rode this thing out.
Hope the company is massively successful. They have so much potential. The article I posted about Modalku, and them starting with 1.4 million in funding, and turning it into what it is today. Here Kpay gets 25 mil, imagine the possibilities.
Funny how noticing the CCB logo on the website a while back makes sense now huh? Remember all the stupid comments I got about how it was for "tech support". LOL.
Imagine shorting this stock, and then today happens. Sucks to be you. You did your best to post negative comments every day. Now youre done.
More than likely work for one of their competitors.
Man, just got home. have to get caught up. what a big day
That was a strong 45 minutes
Wow! From 2:32 to 3:09 ZERO VOLUME
Then from 3:09 to 3:14 from 722,763 to 1,283,764 on the buy side
Nothing for an hour, than that???
I still cant see level 2. how big was the buy?
That was a big jump. I cant get to level 2. how big a purchase caused that?
Know who your audience is. They're not marketing to Americans. You ever look at any other Indonesian e-commerce sites? Does Tokopedia really blow you away?
KFund open to internships:
https://www.pictame.com/media/2146215085161143232_5917363125
Heres a happy intern:
https://www.pictame.com/media/2147983502469974061_5917363125
When will the selling of convertibles end? At some point everyone will had to offloaded. Look at today 10,000 - 10,000 - 10,000... 13 times so far, throw in another 100,000 block.
Get ready for the 7's
If it wasn't for the purchase of 250,000 around 11:47 where would this be today? $.07
Hope the company is actually paying attention.
We've got another month until we see a 10Q. Feel free in the mean time to put out an 8K to let us know your still alive.
Getting a peer to peer lending license in Indonesia seems to take a long ass time, let alone just getting registered.
Read an article that said there are now 7 licensed companies total. SEVEN! I believe there are around 135 that are registered, with another 100+ waiting on a referral from AFPI just to get registered.
Who the hell knows where they are with AFPI. Their website is as bad as the OJK. AFPI last updated their list at the end of August. Hopefully they do it at the end of every month, and September will be up soon.
OJK looks like they operate in the stone ages. Their list of registered fintech lenders hasn't been updated since June. Their website is an embarrassment.
KPAY could have money to lend, who knows. But without being registered, what does it matter.
Some Orgenesis articles. The joint venture hasn't been talked about enough. Orgenesis reports earnings on 10-14-19. Work plans from the 2 companies were to be submitted by July 6th to their formed steering committee, letting us know what each company's tasks would be. Sounds like Kinerjapay was going to be responsible from data from clinical trials. Looking forward to any information in the 10Q.
From 5-6-19 the JV filing:
https://ir.orgenesis.com/all-sec-filings/content/0001062993-19-002066/exhibit10-3.htm
From 8-12-19, 16 mil in cash, 1 mil from new POCare Platform
https://www.globenewswire.com/news-release/2019/08/12/1900441/0/en/Orgenesis-Second-Quarter-2019-Revenue-Increases-95-to-a-Record-7-8-Million.html
From 9-3-19, with mention of joint venture partners
https://www.outsourcing-pharma.com/Article/2019/09/03/Orgenesis-reports-record-revenue-as-it-looks-to-develop-scalable-processing-solutions-for-cell-therapies
From 10-5-19, Analyst puts price target at $9.00, Vanguard and Blackrock increase their positions
https://rivertonroll.com/news/2019/10/05/orgenesis-otcmktsorgs-coverage-initiated-at-benchmark.html