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Sorry but I call BS on Dan as this is the e-mail that was sent to buyers of MiVape this morning.
subway13029 said: ?
Are you 100 percent positive u getti g new one??cuz directly from the horse moutj is that new units havent arrived yet rught??
Greetings, below is what vaporfection sent me today about replacements
Our last e-mail to you was to inform you that our miVapes were expected to arrive at our warehouse last Friday, September 18th. Due to an unforeseen inspection before leaving, the miVapes en route to us were delayed by several days; they have since been cleared and are now back on their way.
The new expected date of arrival is September 28th, 2015. We apologize for the inconvenience and will have your replacements sent out as soon as they arrive, along with an e-mail with tracking information.
Please remember that if you have not returned your old unit(s), make sure to do so as soon as possible in order to get your replacement sent out.
If you have any questions, please reply to this e-mail, e-mail support@vaporfection.com or call us at 866-997-6111.
We appreciate your patience and support throughout this matter.
Kindest Regards,
Your Friends at Vaporfection
=============
So the Vapornation guys are actually still selling the old model because they don't have the new model from Vaporfection yet. Each old model sold will likely have to be swapped out by Vaporfection. Plausible deniability . Hide truth from consumers and just sell, sell, sell.
Must be the culture at this company.
All those sites you listed are for the the product that was delivered July 24th....that were found to be mostly defective...stores still have old unit...and are selling to unsuspecting buyers who when unit breaks are told to call Vaporfection who then send buyer a return label with the promise of shipping them a replacement when the new, improved units come in...which was supposed to Sept 18...but it didn't happen....we will see if a few days turns into few weeks or a few months.
Those guys are so confused on that board. My bet is they are receiving the old unit that was ordered from a retailer, not from the Medbox owned Vaporfection.
I guess we will have to wait and see if Vaporfection can deliver when promised or if it was just all "vapor".
By the looks of things VV's wife is trying to sell her FL home, still renting out her Las Vegas condo and probably has whatever paperwork for Paradigm in her possession which she would gladly sell for the right price imo. Plus she still has the olive oil company.
VV left a trail of deceit and scorned business partners all over the country.
Medbox needs to find money any way it can. They already had this institutional investor who wanted to give them cash but the exercise price became to high to make sense to complete transaction.
So what to do you do?
Medbox needs cash. They can't get loans from a bank or do a normal public offering, You screw your existing shareholders again because it's the easiest thing to do. You discount from the current price of .14 because you need to guarantee your investor that he will make money in exchange for the almost 3 million shares. This give the investor a cushion when he sell the shares into the open market. The guy can make money all the way down to 6 cents.
Why would you give Medbox money at .14 when you are taking all the risk? The discount eliminates most of the risk.
BTW it also very easy for management to reprice all its own shares, options, and warrants as well since they have the votes. But don't worry they are looking out for the common shareholder first!!!
Lol.
You left out part of the conversation.
"Having received my tracking number yet" ...so that means it not shipped.
Either one of two things is happening....the retail Vape Life Store is still selling the old defective units because why turn down a sale when Vaporfection will replace it anyway or 2) the are selling the new unit, collecting payment up front, and then telling customer later that item is not in stock.
You must remember that Vaporfection (the Medbox company) specifically made a point that the new updated units would be in their warehouse on 9/18 and SO FAR it looks like another promise broken. Vaporfection customers should be used to broken promises as the MiVape was originally promised several years ago but only came a few weeks ago with really cheap construction that deviated a lot from what was promised.
Vaporfection has supposedly told customers on phone that the units did not come in today as promised. Should we be surprised?
<Just like Jan. 2014. Went up 800% in 2 weeks>
That is when Vince was just making up revenue numbers.
Looks like controlled buying at this time. Too many people have been burned jumping into this stock as it's spiking so most of the flippers are staying out for now as they fear the trapdoor. Stock will have to eat it's way thru all the shareholders who just want to get out and breakeven IMO.
You must remember that convertible note holders are getting their shares at about .025 to sell into the market (49% of the lowest daily VWAP in the proceeding 30 days before conversion , which was around .05) . And there are several of these types of agreements from different hedge funds.
===========
On August 14, 2015, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with accredited investors (the “Investors”) pursuant to which the Company agreed to sell, and the Investors agreed to purchase, convertible debentures (the “Debentures”) in the aggregate principal amount of up to $ 3,979,877, in up to 11 tranches.
The initial closing in the aggregate principal amount of $650,000 occurred on August 15, 2015. The second closing in the amount of $185,000 will occur on August 28, 2015, the third closing in the amount of $125,000 will occur on September 4, 2015, the fourth through seventh closings are in the amount of $60,000 each and will occur on September 11, 2015 with the remaining 3 closings occurring every 2 weeks thereafter, the eighth closing in the amount of $250,000 will occur 3 days after the filing of a registration statement on Form S-1 registering the shares of stock underlying the Debentures and any accrued interest thereunder (the “Registration Statement”), the ninth closing in the amount of $250,000 will occur 8 days after the filing of the Registration Statement, the tenth closing in the amount of $1,278,877 will occur within 3 business days of the effective date of the Registration Statement, and the eleventh closing, at the sole option of the purchaser, in the amount of up to $1,000,000 will occur by October 15, 2015 if the Investor’s option is exercised. The Debentures bear interest at the rate of 10% per year and mature 12 months after issuance.
Each of the Debentures are convertible at any time, in whole or in part, at the option of the holders into shares of the Company’s common stock at a conversion price that is the lower of (a) $0.75, or (b) a 49% discount to the lowest daily volume weighted average price of the Company’s common stock during the 30 trading days prior to the conversion date.
Let's just say for jollies that there are 100 million shares outstanding right now (400 million authorized). Do you really think the company is worth 50 million or 100 million dollars (at 50 cents or $1 per share)? They have 150K in annual revenue and tens of millions of dollars of losses.
Here is the San Diego conditional use permit (application):
http://www.sandiego.gov/development-services/pdf/hearingofficer/reports/2015/HO-15-035.pdf
Watching that video I'm glad to see that they finally got the ladders on property. Completely amazing that they haven't done more work than this and that this video was supposed to get you excited?
Nowhere near the volume of the last run. We'll see what tomorrow brings.
I think you are counting your chickens a little early here with MiVape.
First batch after years of promises was defective. More promises that new batch will reach Vaporfection on 9/18. Three weeks seems pretty quick to get all the defective parts made, tested, and assembled. They have to be air freighted from China which is expensive. Let's see if they can meet this first deadline. There is also no guarantee that the corrected product will be any better in real world use.
If you scroll down far enough on all the 8-k's the company is releasing you can see the financing dates and amounts. The company needs cash now to pay for salaries, consultants, greenhouses ,, whatever for cash they cannot obtain thru a bank or other traditional means. They have to offer deep discounts to financiers in order to obtain capital. Financiers are getting shares at .025 and selling them at .10. Why should they hold shares. They need cash back so they can finance other deals for other companies. They win, the company has enough cash to stay alive but it is all at the expense of shareholders.
This stock will have quicks spikes here and there based upon speculation where a new group of buyers thinks they have discovered a gem that no one understands. The spikes are less intense each time, in other words lower highs and lower lows. If you can time each spike exactly then you may make money. But hardly anyone ever does that and at some point you get trapped because you refuse to sell. But I can see most people riding this to .0001 because they just believe too darn much and have fallen in love with the company.
Just say it....you believe the pumpers and are sticking your head in the sand and don't want to investigate further when someone has something negative to say, backed by facts about a company that you have way too much money invested in.
Current mgmt is better than old management but they get paid regardless of how the company does . The longer they can stay in business the more salary they can collect provided that they raise money through toxic financing. Can you say the same thing about your investment?
Vaporfection issued a note saying they never said 9/16 as a date. They EXPECT the units to arrive the week ending 9/18/15. They also mentioned the Vapelifestore and said if those guys send the old unit to that they would replace it with a new unit.
So given the history with these guys expectations and reality usually mean two different things. Hopefully they get them by the end of next week but their track record is spotty at best.
We talked about it weeks ago...spend some time looking thru the posts and you will find your answers.
Run and run fast from this stock. You got lucky enough that it started trading again. Same guys from Medbox. Same time period as the fraud. Now they are trying to copy Medbox plan again, vastly overpaying for supposed property and warehouse , then payment plan doesn't equal the purchase price. Furthermore a search of that type property doesn't reveal any sold properties in that city.
So beware.
Vinny will say anything to make himself look great. If Feinstein has hooked up with Vinny, then you have to question his judgment given what happened at Medbox.
hopefully Vaporfection isn't stupid enough to ship the old defective units in order to bolster cash flow.......
The e-mail message people are receiving about the replacement miVape is that it will be in Vaporfection's warehouse by 9/16 and is expected to ship as soon as they have them. Of course buyers heard this same story for several years so I wouldn't be surprised if there was another delay. Coming from China there could be many unexpected bumps, such as customs releases or shipping delays to Vaporfection once they land in Florida. And why wouldn't the company want to random sample units BEFORE they get shipped.
Guess we will find out shortly. The company SHOP button still won't let you order anything..
Then buy as much as you. There is plenty of stock for sale. You are going to be a billionaire.
That's really not the point as the miVape was initially promised to hit the market in Sept 2011.....then delay after delay , broken promise after broken promises . Ask the people who prepaid for this item if they are happy . Then after 4 years the product is vastly different in quality than the prototype. Then they have to change the end product yet again because of all the flimsy, cheap parts. It appears someone tried to cut costs without letting the end user know until the product hit the market.
What a waste of time. The product isn't even available for sale on their website. In fact it's all broken links, not even a reason why it's not available . The cape products represented a majority of Medbox's meager revenues.
I'm sure the Vapoerfection guys are trying hard. Who knows what is going on behind the scenes that is affecting their decision making.
Another letter from Goh to Vinny is Released as PR. Wonder whose idea that was? Feels like an indictment of VM is going to happen soon since many letter being written on his behalf saying how appreciative others are of him for retiring shares and Vinny's recent set up of charitable foundations to make himself look better.
They had 3+ years to develop and produce the miVape yet it ended up being a cheaply made product that quickly got pulled because many units were DOA. Back to changing production details and having to bring in another load from China....whenever that might be.....many of their customers may just move on to another mfg...they are tired of waiting and all the broken promises .
Thought you said .12 was good support and it should test .15-.17 today.
Wrong on both counts!
Why don't you just admit you are guessing.
Really easy for market makers to unload their inventory .
Are you talking about Mitchell's bonus payment or his equity incentive stock reward, neither of which he purchased ?
How does one get a bonus when a company loses so much money?
Goh sure looks like a busy fellow...by my count he has 3-5 other jobs and strategic advising gigs going besides Medbox according to his LinkedIn page.
Where does he find time for Medbox?
And whatever happened to those promises in filings that Vinny would only sell a few thousand shares daily with a cap on monthly sales? Another promise broken.....he's up to the same thing with Globestar now , with another ex Medbix guy, Matthew Feinstein.
From the most recent 10-Q for the period ending 6/30/15:
"The revenue from sales of vaporizers and accessories slightly decreased to approximately $33,000 for the six months ended June 30, 2015 from approximately $41,000 for the six months ended June 30, 2014. The sales decline was caused by the transition to a new model. In April 2015 we introduced our new model vaporizer, the miVape, which was well received. During the second quarter of 2015 the Company received a preorder from a wholesaler partner which will be delivered starting July 2015. We expect to begin recognizing sales on the new product in the third quarter of 2015, and, as a result, are anticipating an increase in revenue in the future quarters"
The actual news is that the miVape did not get to customers until July 24, 2015 where it was found that many units were DOA and also quite flimsy because of cheap plastic being used. They had to halt shipments in early August, recall some, if not all units in market place, fix the problems, and make new production units which have not yet been received by Vaporfection. So that pre-order mentioned above has obviously been delayed, they have incurred costs for return postage, their current inventory is not sellable, and it will take time for them to settle with their Chinese mfg.
Either someone was asleep at the wheel during the production process or the Chinese mfg just decided to cut costs on their own figuring if it looks close enough to the prototype maybe no one would notice that it really didn't work as advertised.
IThere is actually a forum dedicated to the miVape and it appears that after three and a half years of production delays the first units arrived from China on July 24 and were shipped immediately to customers. Unfortunately many of these units were DOA and Vaporfection had stop shipping the units. On Aug 12 the owner of Vaporfection noted they had made the following changes :
Modified battery door to close flush when battery was inserted.
Strengthened hinge on battery door.
Modified mouthpiece latch to fully retract.
Strengthened eject spring for battery ....
And several other issues plus more updates to the user guide.
Once again they are finalizing their new production schedule , have asked users to send back their inoperable units at the company's expense, and as of yesterday still have not received new units from China.
So I think that pretty much explains your back order question. Is not because they are sold out, it's because the product broke upon use and they had to recall units. And they are still waiting for replacement units to come in .
Strange that this wasn't mentioned in the shareholder letter. Pretty material since the miVape represents a bulk of their revenues.
Not good!
Go to www.fuckcimbustion.com/threads/mivape-by-vaporfection
Start on page 22 ...read through page 36.
Nothing but facts.
New management has done a great job getting the company to this point. Everyone there appears to be very competent. Siegel is probably the only exception. He has the potential to be a loose cannon like Vinny just not as scummy. He definitely likes to travel first class at the companies expense based upon what I've heard from from his other penny stock shareholders comments. If Siegel can be reigned in and if the companies can somehow get past all the toxic shares it is issuing then it may have a chance. It's best bet IMO would be to merge with some other company. I think one should really dig into the details of the Colorado land ownership because other companies were created for this transaction.
Having items on back order and not available to sell means potential customers will go elsewhere to buy a product. Out of stock means lost opportunity and that is not good news. You can bring in tens of thousands of these units at time from China but Medbox apparently didn't do that. And for good reason. They probably had no idea what the sell through was going to be. Plus the have to lay out cash in advance to receive the product in the USA.
This type of product is a commodity . So many mfg to choose from. Little brand loyalty.
Most of the new management has been here the better part of a year. Millions of dollars paid in salaries for very little revenue return. Most of them work has been administrative.
Old management's SEC investigation and the Grand Jury indictment will hang over this stock until they are resolved . If resolved favorably that's the time to consider an investment.
Tired of hearing the truth?
You'd rather hear phony cheerleading posts?
Nice letter but tell me one thing you learned about the company from this letter that hasn't already been released as a or by the company and dissected by this board.
Didn't you find it odd that Goh didn't disclosed how many shares had been added to the O/S count from toxic financing. Of course he didn't say a thing because investors would flee from this stock if he did .
Everything is great at Medbox so that's why the stock has fallen to 13 cents. Management will continue to receive big salaries until there is no more money. Buy at your own risk.
Wow....where did all the posters go?
I see some claiming they sold at .20 and above days after the fact...
How is that insider doing again? Down over 40% again.
I see Dr. Bruce sold more shares again. Guy doesn't even realize he owns less than 10% of O/S by now....probably less than 4% using companies latest published figures and probably 1% if you count toxic shares.
Off by just a little....
0.174 which will probably be the hod.
<Time has come for another big week, MDBX to open at $0.22 tomorrow!>