says, "Companies that trade on the OTCBB will require Cash/Cheque. "
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Now there is some solid
information that people can use! Well done, Salve.
CHDT has apparently executed on one of its PRs. Well done, CHDT.
That's got to make some people here happier.
Regards
Here's another good one and one
newbies should see too:
April 5, 2007 - 7:20 AM EDT
China Direct Trading Gets New Product Placement
China Direct Trading Corp. (OTCBB: CHDT) (China Direct), a Florida corporation, announces its wholly owned subsidiary, Capstone Industries ("Capstone"), has developed a new product called the "Travel Flip-Neck Booklight." This product will be introduced through a major book retailer's chain-wide 2007 Father's Day promotion. Our new booklight will be offered to all of Capstone's existing retail partners.
Today's scavenger hunt! Everyone go out to your local Barne's and Noble and search for the aforementioned book light.
A cookie to the first one that finds it!
Regards
Minimum payments of $5011.60 due
monthly, and they credit to interest accrued before principal, which means the loan is all interest, if they make minimum payments over the next two years.
There is conflicting information in the Promissory Note about prepayment penalties. I'm guessing no prepayment penalty.
The Promissory Note also includes this howler of a typo:
"Any Shares issued hereunder shall have a value of twenty cents ($0.02) per share for purposes of calculating the amount of Principal or Interest paid by the issuance of each Share."
The Note:
http://www.sec.gov/Archives/edgar/data/814926/000093980207000159/form8k053007ex99-1.txt
Regards
I think the Promissory Note language
should rule over a PR. Unless they changed the Promissory Note and forgot to file the updated one with the PR.
Always a mystery with this one.
Regards
DD, I think it's a balloon loan
Interest only payments for 2 years.
$575,000 x (.10459/12) = $5,011.604
Regards
DD, in another part of the filing
they state the loan will be repaid monthly, starting at $5011.60/month, which is all interest, no principal:
1. PAYMENT; MATURITY.
(a) Payment. The Holder shall pay Interest and Principal payments on a calendar monthly basis of FIVE THOUSAND ELEVEN DOLLARS AND SIXTY CENTS ($5,011.60), with each payment being due on the first business day of each calendar month Payments shall be made to Howard Ullman's Merrill Lynch Account, specified in Exhibit One hereto.
(b) Unpaid Principal and Interest thereon shall be due and payable in full on May 30, 2009 (OMaturity DateO). If the unpaid Principal and Interest is not paid in full by the Maturity Date, then the monthly installments of Principal and Interest shall be increased to FIVE THOUSAND EIGHT HUNDRED AND TWENTY FOUR DOLLARS AND TWENTY FOUR CENTS ($5,824.24) for the six (6) calendar months from June 2009 through December 2009. (c) If the unpaid Principal and Interest is not paid by December 31, 2009, then the monthly installments of Principal and Interest shall increase to SIX THOUSAND THREE HUNDRED AND FIFITY DOLLARS AND NO CENTS ($6,350.00), which payments shall commence on January 1, 2010 and continue till all unpaid Principal and Interest is paid in full.
This is from the Promissory Note, so I would guess it should be right.
Regards
Could I be his SEC filing proofreader?
I think they could use one. I'd have to beat out DizzyDon for the job, though.
Regards
Which one?
.027, or .02? Never mind. I wanna be like Howard. Take a home equity LOC on my Florida properties (pay what, 7%?) Lend that to the company at 10.459%, receive interest payments for two years in the form of stock ($5011.60/month or 250,580 shares/month).
I figure it costs him less than 1.4 cents per share that way. At the end of the two years, pay off the Home Equity LOC when the CHDT loan matures, and be 6+M shares to the good.
It's good to be the king, and always remember the Golden Rule.
Regards
When did CHDT move to the pinks?
Did I miss an important announcement?
And, at .02 per share, it's about a 5% dilution. Yeah, they could pay him back in cash, let's wait and see how that goes.
My main point was that yet another SEC filing has glaring typos.
The interest rate was described variously as 10.455, 10.459, and 10.449. Which is it? Not that big a deal, actually, but get it right.
The more serious typo, the debt to share conversion factor: Is it 20 cents a share, or 2 cents a share? It's a rather important distinction.
Regards
Another sloppy filing
From the promissory note:
Interest shall accrue from the date of this Note on the unpaid principal amount at a rate equal to TEN and .449 PERCENT (10.459%) simple interest per annum
If agreed by the Holder, Maker may pay off the loan at maturity in stock in lieu of cash in "restricted shares" (as defined in Rule 144 under the Securities Act of 1933, as amended) of Maker's Common Stock, $0.0001 par value,
(OShare(s)O) or a combination of cash and Shares. Any Shares issued hereunder shall have a value of twenty cents ($0.02) per share for purposes of calculating the amount of Principal or Interest paid by the issuance of each Share.
Maybe they should hire someone to proof their SEC filings.
Regards
Shoe #1 has dropped
That gives them some operating cash to do the new product development and roll-out, while currently making losses. A necessary move.
Shoe #2, an increase in the A/S. Howard's new loan will take roughly 30M shares to pay back. Add in the when-converted preferred shares and the A/S is oversubscribed (not that I see them converting those shares any time soon).
A 50% increase to 900M, or go whole hog an make it an even billion?
Anyone see any other options?
Regards
Those inscrutable charts
Chart showing me also that .027 is a triple bottom.
Did you notice
how long CHDT can stay in an oversold condition vs. staying in an overbought condition?
Last oversold condition before this one lasted 6 months.
What the chart says to me is: "Be a flipper", and "Wait for it to exit the oversold condition before buying in".
Regards
What is this chart telling you?
Are you hinting this is the last chance
to buy in the 2s again?
As for being ridiculously low priced, the rally to .23 last July put the P/S at around 6 (wasn't there talk of $20M annual sales, largely because of CPS?).
I make the P/S right now about 6 (I'm guessing at $2M in revenue this year).
The chart may scream oversold to you, but I don't see the price as ridiculously low.
Yes, some are trying for a hurricane play here, and if one does head for Florida, buying at .02 will net some quick profits, I would guess.
Travel Flip-Neck booklight, FM radio pillow, STP products, let's hear about them soon, and I'll re-evaluate my revenue guess for the year.
Regards
At the same time
it's pretty clear some still see this as a hurricane play. Witness the strong buy interest whenever this hits the low low 2s. Also the mystery investors popping in to ask if CHDT still sells tiles and generators.
Should a big one start bearing down on South Florida, watch for the Pumpmetto Bugs to start crawling out from behind the cabinets.
It'll pop in that case, and buyers now will be happy. The downside here is if no hurricane hits before mid August, the earnings report will chase all that buy interest out of the stock.
Regards
How do you know there are shares shorted
that aren't being shown as shorted? How many?
Regards
The B&N mystery shopping
reiterates the point that someone dropped the ball on the Father's Day Travel Flip-Neck Booklight promotion. That new product seems to be missing in action, and one of the reasons touted for being optimistic about 2Q is out the window.
I'm going to guess 2Q comes in at $300K or so, making the first half just over $500K or so. It would mean another loss, because of increased overhead.
Tiles, the FM radio pillow, or the STP products better start becoming reality, or it's a dismal year ahead. I guess $2M in revenue for the year, which would be a 33% increase over 2006, but should result in a loss overall for 2007.
Some actual tile sales, or concrete information about the pillow or STP products could cause me to revise my revenue guess for the year.
Regards
There were 5550 shares short as of April 10th
and 732 shares short as of May 10th. Brokers are only able to quote unsolicited orders from customers, and not for their own accounts, until they file a form 211 in order to 'make a market' in SKCI.
Bring on the Form 211s!
Regards
I think WSM said they were working on getting
a 15c211 filed, so this should be a temporary thing.
Regards
I read it the opposite way
The mirror trades are indicative of a broker not wanting to carry any inventory. They only complete a trade when they have both a buy and a sell, and then they do it simultaneously.
Also, there are no "Market Makers" in SKCI, as I understand the term, because none of them have filed a 15c211 for SKCI.
That's why all the bids and asks show as 'Unsolicited'. It's also why I think they are reluctant to carry any inventory, as they are unable to show a bid or ask for their own account.
Regards
The preferred shares issued to CPS
were returned and cancelled in the first quarter. The series B shares sold to Mr. Ullman, Mr. Postal and Mr. Holtz for cash are still held by their owners (minus 15K that were traded in for about a million common shares). At least that's what I can see, anyone else?
Interesting to note, if all the preferred A and B shares were converted to common(series A at 1000 to 1, and series B at 66.67 to 1), they'd need about 67M common shares, by my calculations. They don't have that many left for issuance.
Regards
The form is 15c211 I believe
They need only to get one of those filed, and the MM games should subside.
To get the 15c211 filed, they should file some kind of audited financial statement.
That shouldn't be a problem for a reputable company.
Lots of great PRs, let's see something on paper, audited, stamped with regulator approval.
Regards
EKG
They purport to be selling them
Try this link:
http://www.chdt.us/obs.htm
The generators may still have problems with UL approval, so importing those might be problematic, but they've said the tiles are ready to go, awaiting your order.
I don't think they're set up to sell to end users, but if you have a large-ish order, try 'em out. I believe you will have to prepay and wait a couple of weeks to get them.
Regards
When is that and when will the company officially
announce the CUSIP change?
Regards
Bart Fisher's wife
she hasn't sold a share. Gotta love the confidence!
Regards
Good News, DizzyDon
They took notice of your complaint that the percentages were wrong in the DEF 14C filing (it was you that noticed that, right?), and filed an amendment to fix their errors.
Of course, you have to take the good with the bad. They still got the numbers wrong.
Case in point, Jeffery Postal has 9,000,000 shares, according to the filing. They say roughly 564 million shares were outstanding as of May 10th.
Now class, what percentage does Mr. Postal hold? If you said approximately 1.6%, go to the head of the class.
If you filed an amendment with the SEC and said he held .016%, please stay after the class for some remedial instruction.
You're in accumulation mode
from what I can discern, DD, and you're making some pretty good buys at what looks like the bottom right now.
You don't pump it, so I'd guess you're in for the intermediate to long term (until STP starts paying off).
So, why don't you appreciate the strident view that Salve provides?
Isn't it far better than "WEEEEEEEE, We're all going to WEEEEEEVILLE today! Last of the .02s! Shorts are scared!! Shorts are frying!!! Get in Now!!!!!"
Regards
Yes
It sure appears like someone thinks .02 is the bottom, and that .023 is still not too much to pay, in a gotta-have-it-before-the-long-weekend kinda move.
Maybe it's Salve. :)
Regards
Yes, the selection was intentional
And I think .02 cracks today, generates some minor stop loss selling and then some bargain buying and the day finishes flat to up slightly.
Regards
732 shares?
Was that tongue-in-cheek?
Regards
OK, Cassandra
will .02 hold tomorrow?
Regards
Short Interest for May on SKCI
SKRCO INC (SKCI) OTC Type: Other-OTC
Short Interest for May 2007
Short Interest Percent Change Average Daily Share Volume Days to Cover
732 (86.81) 370,779 1.00
It was 5,550 shares in April.
We're all kinda in the dark about the STP
products. Maybe Mr. Ullman will illuminate soon, PDQ.
Regards
As long as Walmart
gives them the shelf space for new products from STP/ArmorAll, the stuff from CHDT should be a welcome addition to their line. They do about a quarter of their business through Walmart.
STP/ArmorAll is a part of their Household group, and that group saw single digit sales growth in the latest quarter.
Household Group — North America
The Household Group – North America reported net sales growth of 5% and 3%, and volume growth of 9% and 1%, for the current periods, respectively, as compared to the prior periods. Increased shipments in the current periods were primarily driven by increased shipments of Clorox® Disinfecting Wipes due to higher trade-promotion spending in response to competitive activity. Also contributing to the volume increase were the launch of Clorox® Disinfecting Cleaner and increased shipments of Armor All® auto-care products due to improved trade-promotion spending and favorable March weather. Volume increases in the nine-month period were partially offset by decreased volumes in Clorox 2® color-safe bleach and other products facing competitive pressure.
Volume growth outpaced net sales growth in the three-month period primarily due to the impact of product and channel mix and increased trade-promotion spending. Net sales growth outpaced volume growth for the nine-month period primarily due to the benefits of the prior year price increases.
Earnings from continuing operations before income taxes increased 8% and 1% in the current periods, respectively, as compared to the prior year periods. The increase for both periods primarily reflects higher net sales and cost savings, partially offset by increased trade spending and product and channel mix. Additional factors contributing to the increase during the nine-month period were the benefits from the prior year price increases, partially offset by increased commodity and logistics costs, and increased advertising and sales promotion costs.
Regards
Truth, Justice, and the American Way
Ohhhh, you mean what does my screen name denote. Just an old email address I've used. Three words, smashed together, without the vowels.
What's nice is the name is usually available when I go to a new email domain.
Regards
You keep this up
and you too can be delinquent in your filings like Bart!
Regards
Good News Coming
The Company is aware of the manipulation of the stock price and will be changing the CUSIP number so all shares must be accounted for.
Why is that necessary? Are they alleging hanky panky with SKCI shares? When will we have an accurate, documented share count?
Regards
Ah, yes, I see that now
Thanks.