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It's funny that you think FROZ sold ICE-CREAM and people are listening to what you are saying. That has to be the joke of the day!
And when APT announced the accounting firm handling the fins, that was part of the scam too? I can't recall the firm but it was in an 8k I believe. someone will post the name but it is a big firm and their name isn't on this 10q.
MaloneBailey CPA FIRM is the name of the firm that is completing the audited fins. their name isn't on this 10q
My "guess" is that Dittman is working his a** off to get this thing turned around with audited fins and whatever else he needs to provide to prove his position. (since we all know nothing and guessing seems to be all the rave right now. HA!) Either he is a crook and this is a scam or it is what I have been saying since day 1. Dittman is unorganized, lazy and not focused on the daily movement of the pps...but he is a pioneer in the industry and knows his stuff. It doesn't fit that he would be giving advice to other start-ups about growing their company or on so many boards to get MJ mainstream or lobbying congress, when he is running a scam on his own investors. Makes no sense. It doesn't add up. so we will see who is right! (is this dejavu?)
I'm so glad that you are so confident. Is this a dire situation? Yes! have many ever come back from the GREY's? No. Do you know everything that has gone on here and have all the facts? no again. I never was kind to Scott when it came to being on time but being a scammer? I don't think he is and until all the facts are in, he gets the b.o.d. from me but thanks for your "um umm" Help?*!
This just feels exactly like when people thought the old FROZ management were dumping shares but in actuality those shares were retired and the pps fell from basically .01 to .005. And yes these fins were unaudited. APT specifically told us that we were getting audited fins and even named the accounting firm. This 10q wasn't a release from them. I believe that there is more to come and this is more like the last FROZ financial statement rather than the first APT fins. I could be wrong but this isn't the complete picture we are getting right now.
lol. good luck with that. I believe that there is more info to come. People can throw away their positions if they want to. Companies that have been around for as long as APT has just don't enter mergers and start to rip people off as a 2014 new business direction. 10q shows me that they didn't have enough working capital to fill all the orders that they received. For a company, that is a good thing to have. Demand so high that you struggle to keep up.
Everyone else that is looking for "paid pumpers", ghost and trying to capture wind with their fist could be spending that time counting the grains of sand on a beach somewhere; at least they will be outside.
People sell in panics and are more like sheep. One person says something or reads something and people start selling. I.E. when people thought the retired shares from the old FROZ management were being dumped and it turns out that they weren't. All the people who sold that day were just misinformed. A turn around is coming in APT and they only need a couple of good QR's and they will be great. If you can't hold until then, see ya later.
No. I guess I'm "paid" to pump FROZ too,eh?
You guys need to get a clue. This whole "paid pumping" thing is the same if you had gone out of town for two weeks and on the first night you left, someone stole the stereo out of your car and you just discovered it two days after you get back. If, there are "paid" pumpers, they have cashed out a long time ago. So are you going to sell the car because the window is broken and the radio is gone? Fix it and move on. For every post of mine you can show that I was "pumping", I can show you one where I told people to be "cautiously optimistic". At this point, I wouldn't be listening to anybody. Hold your positions and wait for an upturn. APT is here to stay. IMO.
I have been a long for a while.. if you look at my previous post around the times of the run ups.. people on the board were cautioning against pumping.. just FYI.. We (longs) tried to shut the whole pumping thing down and there were a good 5 to 10 of us that would try to comment on any pumping that was going on.
PHOT insiders or someone close were putting out PR's, selling and making money off the scheme was the charge. CBGI was suspended on 5-7 and starts back up tomorrow.. This was a complete scam. They sell real-estate for other pot companies..(are you kidding me?)
CBGI CEO said he had no warning before the suspension.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=99589628
Contrast FSPM: This suspension is harder to understand because they do make a product and either they made up the revenue and sells or they have it. My gut says that either the request for information were brushed off or that Dittman (because of his schedule) didn't receive them or that a member of his staff let him down. Hell, they hung up on me one time that I called and wanted to get info. Seems like they had a policy to not talk to investors and took that to the max.
What we know.
Dittman is a leader in the MJ industry. His personal credibility is diminished if he is the CEO of a failed MJ company. How does he go out and advise other MJ companies on anything, when his company has failed or is failing?
What I expect.
My gut tells me that Dittman is either folding up the tent or getting audited financials done now and doing everything he can to get the correct info to the SEC. Because he has such an ego, he is probably doing the latter right now. If he says nothing or we never see anything, then this was a scam and he got caught and it is game over. I never pulled any punches when talking about Dittman but until I hear otherwise, I will give him the benefit of the doubt.
I wouldn't expect any word from DITTMAN until he has some positive info to provide unless this is truly a scam. No one knows yet what really happened here and what is being done now. We will just have to wait and everything else is just speculation.
You guys need to be strong and hold if that is what you are going to do. IMO. We are in the hands of APT and it's management for those who are longs. There is DD that is pretty solid and at least the fins will be audited by a third party. All you can hope for if you choose not to sell is that the company is profitable, has sells for its future and management doesn't decide to do a R/S anytime soon. that is a lot to hope for but it is doable. I hope they let the pps run for 6 to 10 months without any interruptions. No other hidden debt. No R/S. No raid on the equity. It is disheartening that all of these companies seem to have some hidden agenda and if they would only let the pps grow, they would have true long, long term solid investors. You will have a more solid company if you aren't out to screw people. I can only hope for the best but the worst in people keeps coming to the for.
Do you know if the share structure will change with a ticker change?
Seems to be a isht ton of support@.004
Huge buys going thru at .004. I just hope APT lets this run to a dollar or even 50 cent before they think about a R/S. That is the only thing that concerns me about this company. The longs have supported and held thru the dilution, they should let us recoup a little before the R/S comes. MAKE NO MISTAKE - A R/S IS COMING...NO INSIDE INFO - JMHO! So plan for it. This will take off soon. I just hope our investments are in good hands. I'm going to call the CFO and leave a message and let him know our situation. Specifically let him know that a R/S this soon would severely damage the confidence of the shareholders and probably kill the volume of the stock. MON*D just did a 10000:1 R/S and basically wiped out the shareholders positions - they might as well have gone GREY. The volume there today was two (2) - go figure. Still cautiously optimistic about APT but a lot of these companies have been doing shady stuff, so I can't put too much faith into them. Still long and strong but want to see some performance because I have already invested in FROZ and now it is their turn to show us that our investment counts.
I was in heavy with FS*M and now the company has been suspended. Basically some pissed off investors kept calling the SEC and complaining that fins were not out on time and no PR was coming out while the pps was dropping from 9.20 to 2 something. Their complaining and FS*M lack of response led to the suspension.
HOW DOES THIS HELP FROZ?
It tells me that our voices matter. If only people would organize and voice them, we would be listened to. APT/FROZ will have decent fins. Dilution is pretty much over and the majority of the preferred shares aren't able to be exercised for 12 to 18 months. The only thing we have to fear is any other hidden debt (which I don't think there is) and a R/S.
I urge anyone long to make a phone call to William Maher. The number is 816-767-6166 and ask to be transferred to his office and/or voice mail.
For me. I am going to say my name, how many shares and how much of my hard earned money I have invested, how much I believe in the company and it's vision but a R/S would be devastating. Also mention that you have held strong in spite of the recent debt that had to be funded through equity disbursement payments.I will provide him with the example that I just gave you about MON*D and let him know that they would lose my support if this were to happen before a solid foundation is built here.
These calls do make a difference. The more people that call, will have an impact and one phone call to protect your investment is well worth it IMHO! Stay strong longs and make that call if you can!
I am really interested in this.. Can you tell me what was the average loss here or give an example of what your position was before and after the R/S. I'm not trying to pry but the only thing to do at this point is learn from the experience bc this can happen to any of us who invest in these companies. This is (almost) - well i believe - CRIMINAL to just basically nuke shareholders investments to the tune of a 10000:1 R/S. there has to be some sort of regulations or laws that prevent this... I wasn't even invested and I'm mad as hell. This is ridiculous. This is a scam and a shell game..changing the rules in the middle of the game..in no way is this remotely fair!
10000 to 1. was it weighted or was this just a power grab by the company? That seems insanely high.. Did they have like 20billion OS or something before the R/S.. i can't see how anyone kept but a portion of their original investments here.. am I wrong?
umm.. yeah.. just asking a question..
what happened to this stock? wasn't this sub pennies like 2 or 3 weeks ago? I must be in the wrong place.. I was looking for MONA.. is this the same ticker? And where is the volume?
Because this company has done nothing but raid its stock equity for EVERYTHING in the past month. I need some groceries, here is a few thousand shares. Toilet paper, a few hundred shares.. Got a nose bleed.. here is 20,000 shares.. hire a janitor..100,000 shares.
It is give away share party central at f-ing ERNT.. If you are looking for a scam, this may be it. They keep pushing back the inspection dates and the pps is just dropping like a rock. there is your intelligent answer.
I don't think so. The author of the article got her info from somewhere tho. you may want to go to the website and probably send her an email to see if she will source the info for you.
The thing is "NOW" Dittman has to show his books and anything but an independent audit wouldn't be unacceptable to me. Either they have a good business or they don't ; it's put up or shut up time. Plus he will have to get a good third party to vouch for him as he had repeated warnings and produced inadequate information. Anyone who thinks Dittman can produce his own fins going forward, is mad! and if you think he is "still" a good accountant, you are delusional.
I'm curious if he is going to fold up the tent or push back on this. He very well can't go around giving speeches on the MJ sector and advising other start-ups on how to do business when his own house isn't in order. That is a text book HYPOCRITE!
So we will just have to wait and see.
It really isn't about those other companies, it's about FSPM. I just read the article by Flavia Carruth and it is a pretty damning indictment "if only half is true." I will post the article at the end of this.
It seems to me that people were bi*ching about not being able to get enough info on the company and that is understandable to anyone who wants to do proper DD on a company. They shouldn't be stonewalled when trying to get information. FSPM either has that info and was unwilling to provide it or doesn't and was just stonewalling. In any case, a "satisfactory" degree of transparency wasn't provided according to the SEC and the stock was halted.
In the article it states that they were given warnings and like I have said all along is that by his own admission in his iCannibus Radio interview on YouTube, Scott Dittman said, (paraphrasing) He doesn't worry about (care about) the stock price too much." This whole thing, if FSPM has the data, is a thing of "PRIDE" and not wanting to turn over info when asked to because he just doesn't believe they (shareholders) are worthy of the time to put in to address their issues IMO. That, if it is the case, is a total let down and CEO malpractice. He, Dittman (if he does have that info) probably never thought it would get to the point where he would get halted over a few complaints and we all have to suffer for his decision. But this is the Donald sterling era where a-holes get wiped out.
I have read about 10 other articles of this author and they look pretty solid and not really adding anything to the stories but just reporting the facts. She probably has good sources after 4 years too. If what she states is in fact the case, then it is good and bad. Good in the sense that I give Dittman the b.o.d. that he isn't just cooking the books but bad in the sense that he is an a-hole who just thru all his investors under the bus because of "pride". This is a public company and you have to comply or he puts everyone at risk.
I don't get the "scammer" vibe from Dittman... it is more of an indifference and strong will to do stuff his way or the highway and he got smacked down for it. IMO. If he has that info and refused to turn it over, then he has opened himself up to a ton of liability but likewise if he was just "cooking the books" and has no real revenues or sells. It will be interesting what Dittman says when he makes a statement. I don't read anything into him not being vocal yet because he is the type who would be addressing the S.E.C. "first" before relaying anything to his shareholders - to have everything continue to be consistent; we will be the last to hear anything. Plus anything he says that is ill-prepared puts him in potential legal jeopardy. Hell - he probably thinks it is all our fault or the fault of a few investors that we are in this mess in the first place.
I'm making no decisions on what I'm doing with my position in FSPM until I get more information from the company and all issues have been address and aired and I strongly suggest others make their decisions not based on what some other people experienced with other halted companies but get all the facts and details of what really happened here and that should show you how to proceed. I'm not going to post until some news comes out or questions are asked of me... I'm treating this like a total loss and will be switching my trading to be as liquid as possible and make up every penny that I have invested in FSPM. I hope you all make the best decision for yourselves going forward.
Here is the article.
Boston, MA 05/16/2014 (wallstreetpr) – The leading pharmaceutical company Fusion Pharm Inc. (OTCMKTS:FSPM) has been suspended temporarily from trading by SEC (Security and Exchange Commission).
The decision was taken under the section 12(k) of the Securities Exchange Act of 1934. The main reason which prompted SEC to take this strict action is nothing but the lack of accurate and reliable information about the company. There were several complaints raised by investors, traders and brokers that the company had not made public some of the information which could be quite crucial at times. After giving several warnings, when Fusion Pharm Inc. (OTCMKTS:FSPM) couldn’t give any justifiable explanation, then SEC had to take this strict decision.
What information did company not made public:
There are news in the market that the investors who had bought the shares of the company, wanted to get the actual information about company’s assets (both fixed and current), financial statements (balance sheet, cash flow and I&E statement), revenues earned in the most recent quarter, details of all the business transaction done by the company in last three months, and the current financial position of the company.
In this regard there were several requests made by the concerned authorities in front of the Fusion Pharm Inc. (OTCMKTS:FSPM), but it couldn’t give a satisfactory answer to those queries. As soon as this decision has been made public, SEC has warned all the brokerage firms, investors, traders, and dealers to avoid any transaction in the name of FSPM. Ignorance of this warning will be considered unlawful according to the 15c2-11 under the Exchange Act, and further actions might be taken against such individual or firm.
In case someone wants more clarity about this matter, then he can directly get in touch with the Division of Trading and Markets, Office of Interpretation and Guidance. Till the time this matter gets resolved, SEC has suspended Fusion Pharm Inc. (OTCMKTS:FSPM) from further trading.
While I hammer Scott Dittman all the time, your statements are extreme and have not basis in fact what-so-ever. You have no evidence that the orders are from insiders. You have no evidence that the company has "NO" revenue. You have no evidence that they sold pods to "buddies" and basically played a shell game to show revenues. The stock wasn't "pumped" ... for people who are long FSPM, we often complained about the lack of PR. All your assertions are just plain wrong and not factual. I understand this is a train-wreck and everyone has to have their say and I have a ton of faults with this company but none of what you say is at all based in fact. as you say.. you "suspect" these things but you have no evidence. Even the SEC doesn't site the halt as being a scam or fraud but issues with accounting. So while I see the outrage..again.. call a spade a spade.. Dittman is lazy. stupid. may have used some creative accounting in some areas and in over his head thinking he could audit the business himself but to say the whole business is a sham is a bridge too far..
Obviously he wasn't capable. That is the charge. I would like to hear four things from Scott.
1. A PLAN!
2. An explanation!
3. Safeguards that this will never happen again. (AUDITED FINS FOREVER)
4. Retire a percentage of the shares that he holds. The share structure should shrink in order for him to keep his long term investors.
You have to call a spade a spade. I am long with probably the most invested on this board but DITTMAN is a dumbyass. The only thing I had faith in was the product. This fool couldn't be on time and failed to hire professionals to prepare the financial statements on a multi-million dollar business. He has hundreds, if not thousands of shareholders and they deserved better than some ad-hoc poorly prepared financial statements. This is basic competency. There were not a whole lot of PR's, the fraud or scam charge is a moot point. This is about dotting i's and crossing t's and transparency. If he had spent 5k on an accounting firm, we would not be in this situation. He would have fins done in a timely manner and someone to point to if there are any discrepancy's plus the reputation of said firm or agency to back up his standing or claims. Again...CEO Malpractice. To answer your question. I would complain about Scott.. I think he is lazy and indifferent toward shareholders and sees them as a nuisance rather than co-owners of the company. He sees our pursuit of DD as unwarranted and if we would have had more of an impact and pursued harder, he probably would have spent the 5k for the audited fins rather than try to submit it himself. We don't know what the SEC has and how far out of whack the fins are or they just have a problem with being able to rely on the fins but it was enough of an issue to have concern and cause a halt that could have been avoided IMO.
Everything you said has merit and may be exactly correct but if the door wasn't left open, the SEC couldn't walk thru it. This was one mans fault..DITTMAN..PERIOD! If the pps is going to take a hit with audited fins, then let it. Nothing matters right now because DITTMAN didn't follow the rules and left an opening for this to happen. I would rather have crappy audited fins and the pps takes a dip and we are still trading and in the game, rather than him putting forth iffy fins and leaving an opening for the SEC to send us to the showers. That was the choice and DITTMAN chose wrong to all of our detriment. Let the chips fall, even if it is not in our favor.. we will bounce back.. Now we have little to no chance of bouncing back unless a miracle happens and I don't see too many miracles happening here. This is just sad and was completely unavoidable. The SEC investigated something and found that it wasn't up to par. I'm sure these companies "know" before hand what these rules are and if there is some GRAND conspiracy to take down the MJ sector, don't leave yourself open and vulnerable to attacks. I'm sorry but FSPM vs the SEC is a 90 -10 blame ratio respectively. You put out fins like the 2013 fins, that is just low hanging fruit waiting to get picked first.
Correct. Right/Wrong we are screwed! Deep 6'd. Sank. Game over man, Game over! Even if he is 100% right, it will take years to recover. You have to be clear minded about this. There is no magic bullet that is going to get the SEC to change their mind and save us. Scott screwed us and he really didn't dilute the stock. The money he did take out of equity he invested it back into the company for expansion but his carelessness with the books cost some of us big. I haven't a clue what I'm going to do. Real talk. I have too much to unwind. This was a turn in the pps but all that is gone down the sh*tter. There is absolutely nothing positive to be gained from this experience. Losing 10's of thousands of dollars because the CEO is too cheap to hire a firm to audit the books. This was no pump or dump...this was just lack of housekeeping and transparency. I wouldn't be surprised though if this investigation wasn't started when PH*T was halted or someone there leaked some info on FSPM to help their situation. Partners rat on the other when one gets caught. In any case, we are here now.
Do I see Dittman fighting for his company? Can I stand by and support that effort and truly be a long, hoping that he makes it back to the pinks? Probably only if there is significant action on his part. Immediately audited financials. A thorough explanation of everything. A plan to get back to good standing. With that said, the egg is still broken. Still no way to un-ring the bell.
Ha! I did say FSPM was good..I also cautioned everyone that CEO had issues. I never had any problem telling folks that I thought Dittman was lazy and always late. now I can add incompetent to that too. I will lose (a lot) and I will survive it. On to the next. This is shocking though.
This wasn't fraud. This is a technical reprieve. The mistake made is so glaring that instead of an SEC conspiracy that some seem to think happened, I fall in the opposite direction. Scott Dittman was paid to tank his own company. By who? I haven't a clue. Why? I don't know yet. The mistakes made are too basic to over look as just mistakes. I would believe this rather than some SEC big business knocking down all the competitors to take over a sector. this is a guy who is in the industry, on boards, congressional lobbying and he puts forth financial info that he doesn't know will leave him exposed to being delisted? If there is a conspiracy, Dittman is in on it... No way he didn't know that this was possibly coming.
The SEC can't take down anyone without cause. Flimsy unaudited financials, if what you say is true, is their way in. I don't care how big a player you are and in what industry, if their is a chink in your armor, it will be exploited. This, to me, says that Dittman isn't "smart" or just doesn't care. Either way, it was stupid not to hire someone to prepare your financial statements. it's not like the stock had been on a tear and PR's were pumping it everyday and dilution was off the charts..none of that happened here. we lost because a guy hit a home-run and didn't step on 1st base. Basic isht and we have to pay for a dipisht mistake.
Absolutely not. I had a feeling when those 2013 fins came out and they "looked like they were written in crayon on the back of a napkin while at Denny's" that something was off. How do you have a great 4th qrt 2013 fins come out in January and not have audited 2013 fins when they are already late. This is CEO malpractice. Why would you take the risk of doing it yourself when you already have enough on your plate running the company. sorry but this, to me, is inexcusable. Dittman may be able to "fix" this quickly and I don't think that FSPM is in any financial difficulty at all but that isn't the charge. Dittman is either stubborn, stupid or indifferent and it has led to this point we are at now. Fix your own house before you run around trying to tell others what to do. He should get off all boards, relinquish all other duties with groups he is involved with and suspend anything that takes his focus off his business and correcting this mistake that he, himself, has single-handedly created for his shareholders.
No way getting around this is Scott's Fault.100%
I don't care about how many congressional hearings you go to, how many grows you helped people start, how many boards you are on in promoting the industry bc at the end of the day..The guy who "works on the building the business" more than worrying about the pps, left us exposed to something that takes probably 5 or 10k to fix by hiring an accounting firm. Hundreds of thousands of dollars down the drain because this guy is too cheap or too stupid to hire help.
SEC Warns Investors About Marijuana-Related Investments Amid Recent Trading Suspensions
FOR IMMEDIATE RELEASE
2014-99
Washington D.C., May 16, 2014 — The Securities and Exchange Commission today cautioned investors about the potential for fraud in microcap companies that claim their operations relate to the marijuana industry after the agency suspended trading in the fifth such company within the past two months.
The SEC issued an investor alert warning about possible scams involving marijuana-related investments, noting that fraudsters often exploit the latest growth industry to lure investors with the promise of high returns. “For marijuana-related companies that are not required to report with the SEC, investors may have limited information about the company’s management, products, services, and finances,” the SEC’s alert says. “When publicly available information is scarce, fraudsters can more easily spread false information about a company, making profits for themselves while creating losses for unsuspecting investors.”
Spearheaded by its Microcap Fraud Task Force, the SEC Enforcement Division scours the microcap market and proactively identifies companies with publicly disseminated information that appears inadequate or potentially inaccurate. The SEC has the authority to issue trading suspensions against such companies while the questionable activity is further investigated.
As the markets opened today, the SEC suspended trading in Denver-based FusionPharm Inc., which claims to make a professional cultivation system for use by cannabis cultivators among others. According to the SEC’s order, the trading suspension was issued “because of questions that have been raised about the accuracy of assertions by FusionPharm” concerning the company’s assets, revenues, financial statements, business transactions, and financial condition.
“Recent changes in state laws concerning medical and recreational marijuana have created new opportunities for penny stock fraud,” said Elisha Frank, co-chair of the SEC Enforcement Division’s Microcap Fraud Task Force. “Wherever we see incomplete or misleading disclosures, we act quickly to protect investors.”
Other marijuana-related companies in which the SEC recently suspended trading are Irvine, Calif.-based Cannabusiness Group Inc., Woodland Hills, Calif.-based GrowLife Inc., Colorado Springs-based Advanced Cannabis Solutions Inc., and Bedford, Texas-based Petrotech Oil and Gas Inc.
Under the federal securities laws, the SEC can suspend trading in a stock for 10 days and generally prohibit a broker-dealer from soliciting investors to buy or sell the stock again until certain reporting requirements are met. More information about the trading suspension process is available in an SEC investor bulletin on the topic.
“We know from experience that fraudsters follow the headlines,” said Lori J. Schock, director of the SEC’s Office of Investor Education and Advocacy, which prepared the investor alert. “Given the attention that marijuana-related companies have attracted recently, we urge investors to exercise caution when looking at investments in this space. Always thoroughly research the company – and the person selling the investment – before making a decision.”
How do you take extra time for financials and not have them audited?
Who has contacted or attempted to contact FSPM?
This isn't a rorschach test. "boilerplate info" Really? When they say you have been suspended and give 5 reasons, they might not tell you specifically "how" each rule was broken but they tell you "which" ones where broken. FSPM is not a company that puts out a lot of PR, so it is easy to track down what they are talking about here.
(1) the company’s assets; (2) the company’s revenues; (3) the company’s financial statements; (4) the company’s business transactions; and (5) the company’s current financial condition.
Either they are talking about the 2013 fins or the 1st Qrt fins that are out now. Something didn't jive correctly with these last two filings and with one just out yesterday, they probably had issues with the 2013 filing and with the release of the one yesterday, it sent them over the top. All avoidable if they are audited. We all were underwhelmed with the 2013 fins and someone complained about it. With the extension, we all expected at least a professional presentation of 2013 fins and when those came out, it was clear that it was everything but "professional".
I always said Dittman won't do anything unless he is "forced" to do it. He doesn't really care about the pps until he needs some equity to fund his business. I hope he doesn't like getting burned over and over again and hires someone to do the fins from here on out. I'm probably 100% sure he will be sued over this.
They can't un-ring the bell of being halted. That is the problem here. If Dittman comes out with audited financials that clear up all the issues with SEC, he is potentially liable for "NOT" using a firm in the first place. It's like a person who is rich driving around in a car with no insurance and hits someone. This could have all be "prevented". If I saw it, I'm sure others did and complained about it. Probably someone who has posted here has complained about it. If anything comes out of this, it's that Dittman (by the hard way) will have learned to hire others to prepare the fins going forward. That way they won't be late and won't be questioned and if they are, he can't point to someone else. This whole thing is Dittman running face first into a brick wall for no reason. I believe that the fins are not that far out of bounds and probably are as accurate as if prepared by a professional, but Dittman may have been an accountant in the past but that doesn't put him out of the realm of scrutiny and that is what happened here. His own hubris is costing everyone and that is sad.
Did you not read the link to the suspension? Here it is in plain english of "WHY" they were suspended.. This is Dittman's fault, 100% .. He put forth unaudited financials when he could have spent a mere 5k to get a firm or agency to prepare them for him. Sh*t, I would have loaned him the 5k to get it fuggin done. Dittman is a dipsh*t and this is how you run a company into the ground.. A "potential" multi-million dollar company and you don't hire someone to prepare your taxes? anyone one could have reported this with the Note 4 Restatement and him being 700k off and has to change that, why would anyone believe a word of what this guy puts out on a tax statement? Like I have always said, Dittman is a dumbyass..I love FSPM but this guy is late and now he has driven the car into a ditch with no one else on the road. When you put out the 2013 fins that look like they were "quoting myself" "look like they were prepared, in crayon, on the back of a napkin while at Denny's" anyone could have raised this question with the SEC. Unlike PH*T, we know exactly why this was halted and it is 100% Dittman's fault and was 100% avoidable.
The Commission temporarily suspended trading in the securities of FusionPharm due to a lack of current and accurate information about the company because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things:
(1) the company’s assets; (2) the company’s revenues; (3) the company’s financial statements; (4) the company’s business transactions; and (5) the company’s current financial
condition. This order was entered pursuant to Section 12(k) of
the Exchange Act.
This is what happens when you don't hire professional accountants to do an independent audit; you are subject to anyone questioning your financials. That is what happened here. Dittman is a clown. I bet this stems back to that Note 4 of his financials that are out now... The Restatement. Every time I read it, I'm asking wtf is this? It makes no sense not to hire an independent firm or agency to prepare your books no matter what accounting background he has. I'm sure compared to the hit that the pps is about to take and the potential for great losses, it is not worth it to continue putting out unaudited financials. The best thing that can happen is that he, TODAY, hires someone who can audit his crap in the next (10) ten days. Barring that, he has some explaining to do. This will drop on the news that this was halted and it is more embarrassing that Dittman has a background in accounting and FSPM was halted because of questions about "HIS" prepared reporting on said fins.
This is what "shooting yourself in the foot" looks like.
24 pods in 1stQRT sounds good. But sounds like FSPM has a problem with people ordering and not picking up their isht. This will happen tho in the beginning and after a few harvest, they will order more when their crops are sold and so on and so forth. Sells will ramp up over time. Pretty soon FSPM won't be able to keep up with the orders.
nope..they have about 60 days or so..
i have another stock that just went thru a reverse merger and u should know that when these reverse mergers happen, as soon as the pps runs up, jump all the way out. the shell company is looking to cash in. any debt will be dumped onto shareholders and all kinds of funky stuff the company wants to do before the ticker changes, you are at their mercy. I will buy some of this at around 1 dollar but not before then. I'm really glad I didn't pick this up before the R/S.. I would have been mad as hell. Reverse mergers are mainly to save one company and bail one out. So on any news, be ready to sell and hold for the dips. I would go as far to say, don't buy until after the first or second day after you really think you know there has been a turn around and things stabilize. IMO of course.
Down! 48%. Volume. 1095. The company did a 10000/1 R/S and basically just punk'd shareholders for their investments so that they control 97% of the stock..ridiculous.
I guess you were really wrong on this call!