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Could a class action suit be a possibility. Not only against ERHC which has no money but does have assets but also against Deloite which has lots of money and may not have lived up to it's obligations (if they have any). If this turns out to be a scheme to get the assets into Offers control and Deloite participated in this then a suit could be a possibility.
I believe you live in or near Houston. If so are you going to the conference?
We might get a better idea of how many shares are being issued by checking with mpierson@corporatestock.com weekly
It looks really bad. The only thing that is hard to explain is why PN and the Sylvan have been buying. I know some will say it's to keep there salaries coming. We know PN has a salary of 250K but what about Sylvan?
ERHE outstanding shares: 1,391,658,234
current total O/S for ERHC:
1,391,658,234.0000
best,
Meagan D. Pierson
Celebrating our 30th year in business!
Client Services
Corporate Stock Transfer
3200 Cherry Creek Drive South
Suite 430
Denver, Colorado 80209
303-282-4800
If you think ERHC is a bad investment and the management sucks there are thousands of other stocks you could invest your money in. Even if you have a big loss like condor1 (300K) it would be better to take the loss and invest what is left elsewhere if you think ERHC is a bad investment. The only reason to leave your money in ERHC is if you think there is a reasonable chance of success.
Company sues message board posters:
http://www.fhdlaw.com/html/articles/sf_gate-offline_lawsuits.htm
RS might be only option iif AS shares aren't enough to accommodate April conversions.
DK said no increase in AS without shareholder approval and don't think enough time to get shareholder approval before end of April. RS may be possible without shareholder approval.
DK said they would answer questions that they can answer about every 2 weeks in FAQ section on the web site. I sent a couple of questions today. Everyone should send questions they have and let's see if they answer any of them.
I know some will respond that is not worth their time to ask questions but it doesn't hurt to try and doesn't take any more time that is spent writing posts for this message board.
Shareholder approval for a RS if required would take time to send out proxies and tabulate votes but you are correct it probably would be approved.
As SSC said the big risk at this price is that they do a reverse split and leave the AS the same (3B) giving them billions of new shares to issue creating further dilution. I don't think an RS requires shareholder approval but I could be wrong.
That's BS in this day and age no one should buy and hold forever. I bought in 2000 and sold some in 2009 (should have sold all) for a decent profit. That was 9 years is that a long enough hold for you. Don't tell me to restrain my comments. I'll post what I want if you don't like it tough.
I asked Dan if he was still with ERHC. His response indicates that he is.
Shareholder questions should still be directed to me. We will not respond individually because doing so can be time consuming and the Company is controlling costs. We will post responses to the questions that we can answer (there are always lots of questions asked that we can't answer) every week or so to the website's FAQ page.
Maybe Offer didn't care about the shareholders when he loaned the company money and converted to shares in the early 2000's but the shareholders could have done well. If you were a shareholder then (I was) you had 3 opportunities to sell at least some shares at close to $1. I believe when he converted the share price was about .03. So even with the dilution that occurred you could have made money if you sold some.
Many wanted DK fired. Now that maybe it has happened we have no one to direct questions to. As a past president said "do you miss me now?"
Interesting read on another companies issues with convertible notes. Read section 5
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
March 20, 2015
Date of Report (Date of earliest event reported)
Vapor Group, Inc.
(Exact name of registrant as specified in its charter)
Florida
000-51159
98-0427526
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
3901 SW 47TH AVENUE
Suite 415
Davie, Florida
33314
(Address of principal executive offices)
(Zip Code)
(954) 792-8450
Registrant’s telephone number, including area code
_____________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
SECTION 5 – CORPORATE GOVERNANCE AND MANAGEMENT
ITEM 5.03 - AMENDMENTS TO ARTICLES OF INCORPORATION
On March 6, 2015, the Board of Directors of Vapor Group Inc., a Florida corporation (the "Company" or the “Registrant”), with the approval of a majority of votes of its shareholders, approved an amendment changing Article IV, “Capital Stock”, of the Company’s Articles of Incorporation (the “Amendment”), wherein the total number of authorized shares of common stock of the Registrant shall be increased from three billion, five hundred million (3,500,000,000) shares to four billion, five hundred million (4,500,000,000) shares. An increase of one billion (1,000,000,000) shares of common stock.
The Amendment was submitted to the Florida Secretary of State and was declared effective on March 10, 2015, the date of filing of the file-stamped copy by the State of Florida.
As reported on our Form 8-K filed December 4, 2014, and as reported in the Condensed Consolidated Financial Statements and Notes to the Condensed Consolidated Financial Statements of the Registrant filed on Form 10-Q for the quarter ended September 30, 2014 and filed with the SEC on November 14, 2014 (collectively referred to as the “Filings”), the Registrant has accumulated “convertible notes payable” in aggregate amount of $3,583,423 (the “Aggregate Convertible Notes Payable”) as of September 30, 2014. Since the Filings, several holders of said convertible promissory notes (the “Notes” or individually, a “Note”) have exercised their right to convert all or a portion of their Note(s), in accordance with Federal and State law and regulation, into free-trading shares of common stock of the Registrant pursuant to the exemption from registration under Rule 144 of the Securities Act of 1933, as amended and per the terms of each holder’s respective Note.
Consequently, as a result of such ongoing debt conversions and the Registrant payment in full of outstanding balance of two of the Notes, the aggregate amount of convertible notes payable has been significantly reduced as of the date of this filing from its total on September 30, 2014.
Also, as reported on Form 8-K filed with the SEC on February 4, 2015 by the Registrant, included in the documentation related to each Note is often the requirement that the Registrant authorize its transfer agent to reserve a quantity of shares of common stock in advance of any conversion of debt to shares of common stock in the event that the Note holder decides to convert all or any part of the outstanding balance of their respective Note (each a “Reserve”). Such Reserves are frequently variable in that downward changes in the market price of the Registrant’s common stock may trigger an increase in the quantity of shares required to be reserved by the Note holder. Moreover, such Notes allow the Note holder to convert all or a portion of the outstanding balance of each Note, in accordance with Federal and State law and regulation, without the approval of the Registrant, meaning that such conversions of debt into free trading shares of common stock of the Registrant are outside of the Registrant’s control.
As a result of the continuing low market price of the Registrant’s common stock, several Note holders have again required increases in their Reserves equivalent to many times the total possible number of shares that could be issued from their conversions greatly inflating the total number of shares set aside as Reserves. Such increases have again resulted in a significant reduction in the number of authorized shares of common stock in the Registrant’s treasury which need to be available for general business purposes. Therefore to maintain an adequate quantity of common stock in its treasury for future uses, the Registrant has been required to again increase the number of shares of its authorized common stock.
Regardless of this increase in the authorized, the Registrant plans in the coming weeks to pay in full before maturity one or more additional convertible promissory notes that collectively account for a large quantity of shares held in Reserve. Such action by the Registrant will result in a meaningful reduction in the total Reserves, as well as the prevention of further dilution of the common stock by the Note holders being paid in full by the Registrant.
Interesting read on another companies issues with convertible notes. Read Section 5
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
March 20, 2015
Date of Report (Date of earliest event reported)
Vapor Group, Inc.
(Exact name of registrant as specified in its charter)
Florida
000-51159
98-0427526
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
3901 SW 47TH AVENUE
Suite 415
Davie, Florida
33314
(Address of principal executive offices)
(Zip Code)
(954) 792-8450
Registrant’s telephone number, including area code
_____________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
SECTION 5 – CORPORATE GOVERNANCE AND MANAGEMENT
ITEM 5.03 - AMENDMENTS TO ARTICLES OF INCORPORATION
On March 6, 2015, the Board of Directors of Vapor Group Inc., a Florida corporation (the "Company" or the “Registrant”), with the approval of a majority of votes of its shareholders, approved an amendment changing Article IV, “Capital Stock”, of the Company’s Articles of Incorporation (the “Amendment”), wherein the total number of authorized shares of common stock of the Registrant shall be increased from three billion, five hundred million (3,500,000,000) shares to four billion, five hundred million (4,500,000,000) shares. An increase of one billion (1,000,000,000) shares of common stock.
The Amendment was submitted to the Florida Secretary of State and was declared effective on March 10, 2015, the date of filing of the file-stamped copy by the State of Florida.
As reported on our Form 8-K filed December 4, 2014, and as reported in the Condensed Consolidated Financial Statements and Notes to the Condensed Consolidated Financial Statements of the Registrant filed on Form 10-Q for the quarter ended September 30, 2014 and filed with the SEC on November 14, 2014 (collectively referred to as the “Filings”), the Registrant has accumulated “convertible notes payable” in aggregate amount of $3,583,423 (the “Aggregate Convertible Notes Payable”) as of September 30, 2014. Since the Filings, several holders of said convertible promissory notes (the “Notes” or individually, a “Note”) have exercised their right to convert all or a portion of their Note(s), in accordance with Federal and State law and regulation, into free-trading shares of common stock of the Registrant pursuant to the exemption from registration under Rule 144 of the Securities Act of 1933, as amended and per the terms of each holder’s respective Note.
Consequently, as a result of such ongoing debt conversions and the Registrant payment in full of outstanding balance of two of the Notes, the aggregate amount of convertible notes payable has been significantly reduced as of the date of this filing from its total on September 30, 2014.
Also, as reported on Form 8-K filed with the SEC on February 4, 2015 by the Registrant, included in the documentation related to each Note is often the requirement that the Registrant authorize its transfer agent to reserve a quantity of shares of common stock in advance of any conversion of debt to shares of common stock in the event that the Note holder decides to convert all or any part of the outstanding balance of their respective Note (each a “Reserve”). Such Reserves are frequently variable in that downward changes in the market price of the Registrant’s common stock may trigger an increase in the quantity of shares required to be reserved by the Note holder. Moreover, such Notes allow the Note holder to convert all or a portion of the outstanding balance of each Note, in accordance with Federal and State law and regulation, without the approval of the Registrant, meaning that such conversions of debt into free trading shares of common stock of the Registrant are outside of the Registrant’s control.
As a result of the continuing low market price of the Registrant’s common stock, several Note holders have again required increases in their Reserves equivalent to many times the total possible number of shares that could be issued from their conversions greatly inflating the total number of shares set aside as Reserves. Such increases have again resulted in a significant reduction in the number of authorized shares of common stock in the Registrant’s treasury which need to be available for general business purposes. Therefore to maintain an adequate quantity of common stock in its treasury for future uses, the Registrant has been required to again increase the number of shares of its authorized common stock.
Regardless of this increase in the authorized, the Registrant plans in the coming weeks to pay in full before maturity one or more additional convertible promissory notes that collectively account for a large quantity of shares held in Reserve. Such action by the Registrant will result in a meaningful reduction in the total Reserves, as well as the prevention of further dilution of the common stock by the Note holders being paid in full by the Registrant.
DK said several months ago that an increase in the A/S required shareholder approval. Not sure if an R/S requires shareholder approval.
Please tell us how you short this stock. You must be using a offshore broker. If we get good news some day and you are short your losses could be unlimited.
Yes that's what I said "only invest what you can afford to lose". It's a big risk and you could lose all you invest but it hard to pick the exact bottom and it's also hard to make big profits without big risk. You can also lose big money in what you percieve is a safe investment. Think of gold and silver.
With all the bickering and negativity we have to be close to a bottom. I say again buy only what you can afford to lose. We are at .0017. That's the most you can lose. The upside could be much more.
Should have been done a long time ago but better now than never. Let's see what other cost cutting they put if place.
I have submitted numerous questions as has Julius and DK does respond but the answers are usually not what we are looking for. We all want disclosure and they are not disclosing anything that they don't have to. BTW I am sure i annoy you just as much as you annoy me.
Probably they won't respond but asking Pete questions on this board won't get an answer either.
Why don't you send these comments directly to Peter or DK.
IMO ERHC's biggest hope is the EEZ not the JDZ. I think the JDZ has been mostly written off in investors minds at this point.
If I am correct you said you were back in ERHC somewhere around .01. If that's correct your are down about 80% on that purchase. Did you not see the price going this low when you bought. I know you think it's a lotto pick on your part. I have said before I think it's a lotto pick here.
What other companies were Rick, Al, and Chris envolved with?
That rule only applies if you have less than $25K in your account. If you have more than $25K in a margin account you can trade as many times as you want. At lease you can with E*Trade,
If everyone starts trying to flip for a few ticks the stock will have a hard time ever going up much.
Are you telling us you are day trading ERHE now?
Same as going to Vegas. Most are willing to lose $500 in Vegas. Less of a gamble here IMO.
One shouldn't invest more than they can afford to lose. But if you invest $500 here at .002 you can only lose $500 however if the toxic notes stop and we get some good news and the stock goes back to .03-.05 the $500 could become $7500 - $12500. I like the odds. As Clint Eastwood would say "do you feel lucky today punk?"
www.freerealtime.com
16:09:15 0.00205 7210000 OTO
16:02:19 0.00211 574706 OTO
15:03:03 0.0018 31000 OTO
14:25:55 0.0022 500000 OTO
14:23:41 0.0019 1112000 OTO
14:22:37 0.0019 500000 OTO
14:22:36 0.0019 90000 OTO
14:22:33 0.002 500000 OTO
14:18:51 0.0021 500000 OTO
14:11:52 0.0023 200000 OTO
13:28:44 0.0023 19853 OTO
13:28:34 0.0023 54853 OTO
Are you happy you bought yesterday? Hopefully you got a good price.
The price doesn't have to go over .01 to make some decent money here. Someone could hold their long term positions but also become a trader. They could buy here @ .002 and possible sell for a multi bager if the price just goes back to .008. Might help some long term holders recover some of there losses.
Any opinions on what Deloitte is doing to earn their fees whatever the fees are?
How many times have you had the opportunity to cash in handsomely on ERHC since 2000. I can think of 3 times the stock went up close to $1. If you didn't make money on this stock over the years it's no ones fault but your own.
What happened to MNGA? Are you still in?