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Close, it's actually 51.7M O/S, but the Christmas 8K from Dean should be coming out for all his shareholders this afternoon. Thanks Dean! UMFr
Correct, if the update isn't ERFB paying off the remaining 1.25M in convertibles then it's all fluff as usual. But go ahead guy's pump away Im ready on the sell button!
".0119 close at end of November 2014, we are down over 70% so far in less than a month" The sad thing is if Dean would have kept his word to me and all shareholders when he said " paying off the convertible debt is our highest priority" (I have it in writing) and used the $1M that he used to payoff 3 individuals and instead pay down the convertibles, we would be well above that level. Makes no sense and Im not at all happy about it.
The only thing we can hope for is there is some grand plan here that will be revealed before we hit .0001. At this point my account with this stock is down almost 90% anyway. Not much more to lose. Got a bunch of paper worth about 4K at todays price so I cant get hurt too much more LOL.
Sure, but they had 400K from the financing to payoff converts near term, of which they have used about 150K to payoff 2 of them. That leaves roughly 250K to use for 1.25M in convertible debt left. So near term I still see quite a bit of dilution coming till the rest is paid off. If you see something I dont Im listening. Thanks!
And thats the mystery/problem here. If the #1 priority is to payoff the convertibles that is putting continuous presure on the stock, why did Dean not pay them off before restructuring the rest of the balance sheet?? The stock would be much higher with a larger market cap and we wouldnt be giving shares away at .005 and lower and killing the new and old shareholders once again. Makes no sense to me
Well we had better start seeing the 8k's coming out rather quickly showing the payoffs of the remaining converts. And if you happen to know where the money is coming from please do tell cause I dont see it. Thanks!
Correction:
I had those figures written down from the 2nd qt 10 Q
The last 10Q accounts for some of the conversions although Tonaquint is higher:
Tonaquint $769,094
JMJ $145,011
Willowcreek $211,950
Vista $43,354
KMB Worldwide $64,349
Total $1.2378M
The 5 remaining from the last 10Q
Tonaquint $680, 406
JMJ $170,388
Willowcreek $225,431
Vista $75,453
KMB Worldwide $104,795
Now some of this debt has been converted to shares so you can subtract that but you have to add in interest and penalties hence my est. of $1.3M
Someone else better then me can take a shot at the total
ars, I personally would not buy now till the rest of the convertibles are gone as there will be downward pressure on the stock till then. By my calculations they need to payoff about $1.3M more in convertible debt. They had 400K to start the payoffs of which they used about 150K to payoff 2 of them. 5 more to go by my count totaling about $1.3M
From the 10Q. This is what is being paid and refinanced.
Dakota Capital Fund LLC Equipment Financing
In November 2011, the Company entered into debt financing agreement with Dakota Capital Fund LLC, for financing of up to $3,000,000. During the fourth quarter of 2011, the Company received proceeds of $2,000,000 and had the option of additional funding of $1,000,000 for equipment purchases. This debt facility is secured by certain ERF Wireless assets and there is no prepayment penalty. At June 30, 2014, the outstanding balance on the debt financing agreement totaled $1,518,000 and the Company has elected not to request any additional funds under this credit facility. The payment terms are $178,031 per quarter including interest, at an annual rate of 18% per annum plus 10% of positive operational cash flow as determined on a quarterly basis for repayment of additional principal beginning July 1, 2012. The funding was utilized to purchase equipment to build out networks in oil and gas exploration regions of North America.
The Company issued 30,000 shares of Common Stock for the consummation of the initial $2,000,000 debt financing agreement from Dakota Capital Fund LLC resulting in a debt discount of $93,600. The Company uses the effective interest method to record interest expense from the accretion of the debt discount and accretes the unamortized discount upon conversion which totaled $18,156 for the six months ended June 30, 2014. The estimated debt accretion for the remainder of 2014 is $6,455.
Investor Financing Loan
On July 13, 2012, the Company entered into a three-month secured debt financing agreement with certain individuals for $1,000,000 with an interest rate of 12% per annum. Under a subsequent modified agreement dated April 2014, as amended, the maturity date has been extended from April 15, 2014 to October 15, 2014. Both parties under the amendment agreed to apply the Dakota Capital Fund payment of $181,235 including interest as a subset to the bridge note. The Company has also renegotiated the subset interest rate from .5% interest per day on a 360 day calendar year to 12% rate per annum retroactive to March 23, 2013. The Company in consideration has accepted the return and cancellation of 796 common shares (post-split) of Company common stock issued during the third quarter of 2013 for interest. The Company also agreed to additional consideration of 5,000 of preferred A shares to be issued as long as the note remains unpaid and to be remitted once the note is paid in full. The Company has agreed to add a $50,000 penalty to principal in January 2014 for the consideration of the extension of the note. The Company has accordingly reversed the payment of interest of $159,259 in December 2013. The Company has agreed to add an additional $25,000 penalty to principal in April 2014 for the extension of the note to October 2015. In addition, the Company will pay $1,500 toward the bridge loan interest on the 1st and 15th of each month beginning May 15, 2014 until loan is fully paid. At June 30, 2014, the outstanding principal balance totaled $548,000.
PR out:
ERF Wireless Continues Balance Sheet Debt Reduction by Paying Off, Paying Down, and Restructuring Existing Loans
Print
Alert
LEAGUE CITY, TX(Eteligis Inc.)
LEAGUE CITY, TX, United States, via ETELIGIS INC., 12/10/2014 - - ERF Wireless Inc. (OTCQB: ERFB) announced today that on December 4, 2014, it closed its second lease schedule with its Senior Lender, WISPer Ventures Leasing LLC, in the amount of $1,250,435 under a $2,500,000 three-year Master Lease. Funds received previously under the first lease schedule of $403,000 were dedicated to the repayment of convertible debentures and that process is ongoing. Under the terms of the second lease schedule, the financing proceeds were used to retire our remaining ERF Wireless Inc. bridge loan and to restructure another term loan. Specifically, the unpaid existing balance of a $1,000,000 bridge loan with three individuals was completely paid off including penalty and interest. In addition, a term loan with Dakota Capital Fund LLC, a South Dakota limited liability company, and was paid down by $603,970.56 and the balance was restructured as an interest only one-year note due December 4, 2015.
Dr. H. Dean Cubley, CEO of ERF Wireless Inc., commented, "The payoff of our bridge loan from 2011 and the partial payment and restructuring of our Dakota Capital Fund LLC term loan is just one part of our overall process of debt payoff and restructuring that has been in progress throughout most of 2014. With the completion of these transactions we have completed a significant portion of one of our major objectives for 2014. We will continue to pay down and retire our other debt, including the convertible debt, as funds availability permits, and also focus on our other key objectives for the remainder of 2014 and beyond."
Dean does not want to talk about the 2014 objectives anymore imo hence the new fluff PR's trying to move our thinking forward to "CY2015". My e-mails now go unanswered when asking about still being on track to becoming profitable as promised ext. At the rate he is paying off converts now and only the smaller ones at that we will have 100M+ O/S. In all those PR's regarding 2014 objectives Dean stated after the multi million dollar non-core asset sale (2M lol) shareholders would see the benefits, as in paying off the convertibles. Like I said at this rate and the rate the debt holders are converting were screwed.
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Better then him selling is all I can say Bob.
Dean just bought 1M more shares. Hopefully those 8K's keep coming paying off convertibles.
Growth is great but they did say the number 1 priority was to payoff the convertible debt and then grow through M&A ect. Hopefully that is happening still but what this PR tells me is their growing using the remaining capital from the asset sale. So is Dean putting the cart before the horse?? INVESTORS will not touch ERFB until the toxic debt and the dilution it brings is gone. As usual we shall see soon.
Until Dean pays off all or at least most of the toxic debt, it's all a "sell the news event".
ERF Wireless Focuses on CY 2015 with New Products and Services to Grow Revenues and Margins
Proceeds of Non-Core Network Sale Partially Used to Add Products, Expand Service Areas and Diversify Customer Base
LEAGUE CITY, TX / ACCESSWIRE / November 25, 2014 -- ERF Wireless Inc. (OTCQB: ERFB) announced today that its recent residential network divestiture ideally positions it in CY 2015 to focus its Energy Broadband Inc. ("EBI") subsidiary on the highly profitable oil and gas sector in a totally new and dynamic manner. Specifically, the available new resources are contributing to this new EBI growth opportunity in three distinctive ways.
ERF Wireless and EBI recently have begun development of a number of new products and services that are in great need by the oil and gas industry. The available additional resources now allow the full deployment to the oil and gas marketplace of these new products including very high bandwidth wireless delivery technology and products in addition to more and diversified drilling site products.
Some of the new products not only deliver a higher bandwidth service to the EBI oil and gas customers but also should allow EBI to offer this same level of service to its oil and gas customers well beyond the existing wireless footprint of the currently owned ERF Wireless networks due to the unique manner in which the new products deliver the bandwidth to the customers.
One of the primary CY 2015 ERF Wireless business objectives and also an expected by-product of the expanded new products and service areas is the anticipated increase of the number of active oil and gas companies on the EBI customer list. EBI has typically had over the past few years a central core of several dozen oil and gas customers for fixed-site as well as drilling operations but, with new expanded product and service offerings and service areas that are not limited to company-owned wireless footprints, the available potential customer list is almost limitless.
Go ask Group10 who already did ptc
One thing no one can complain about (unless short) is there has been huge accumulation of all the shares dumped on the market by the conversions. Pump and dumps like we saw usually leave a stock lower then where the pump started but that did not happen. I do want to see more toxic debt paid off and soon. Have no idea what takes so long to come to terms and write a check.
He will need to buy shares since he's short and would love you to sell your shares to him cheap. end of story with that one
Exactly right. Only shares for sale now are from the flippers trying to get out as I said earlier. Convertibles are history imho. As usual we shall see! soon
I will be ready every time Rodger and so should you.
I disagree. The day traders were selling today but 221,000 @ .0191 on the bid for quite awhile and no sellers. If you were issued shares @ .007 and .01 as the last 2 converts were would you not sell those shares?? Sure ya would and so would I. They just may be done. We held up way better then I thought we would when the day started.
There has been much progress since this 8/15 PR. #1 in late stage progress and #3 complete.
ERF Wireless Provides Update on Progress Made on Corporate Objectives and Updates Guidance for 2014
ERF Wireless Balance Sheet Restructuring Begins---Major Items Completion Expected Before End of September
LEAGUE CITY, TX -- 08/15/14 -- ERF Wireless Inc. (OTCQB: ERFB), the operator of the nation's largest terrestrial wireless broadband network servicing the domestic oil and gas sector, today is updating shareholders on the progress being made on the 2014 key company objectives that were originally outlined to the investor community in our press release of January 21, 2014, and summarized below.
Paying down and eliminating a significant amount of company debt to clean up the balance sheet and to reduce interest and other capital costs as well as to significantly reduce the debt-based growth of the outstanding common stock.
Continuation of our ongoing program to eliminate unnecessary cost and to improve operational efficiencies.
Complete the sale of certain of our wireless networks that are non-core to our oil and gas business for additional improvement of our balance sheet, debt repayment, and for expansion of our oil and gas business.
Possible investment in/from, or partnering with, other innovative technology companies to increase ERF Wireless revenues and cash flow.
Continue to work toward meeting the requirements for an up-listing to one of the national markets to improve stockholder value.
Continue to execute operations in all business segments with a plan to achieve cash flow positive and profitable operations in the year 2014.
Dr. H. Dean Cubley commented, "We are continuing to focus significant resources on expanding, both geographically and functionally, our core oil and gas business to ensure we meet our objective of cash flow positive operations and EBITDA profitability in 2014. In addition, we have also significantly advanced, in the first half of 2014, most of our other key company objectives listed above. In particular, the first and third items above were initiated earlier in the year with most major components of these two key company objectives expected to be completed in September, or before, and the accompanying benefits to our shareholders being realized thereafter."
I believe in the next week or two the rest of the convertibles will be paid off. Shortly after that we should here of the accretive acquistion Dean has been boasting about since April. The balance sheet is being restructured so that by the EOY we are cash flow positive. If all these objectives are meet and I believe they will be, the stock price will be much higher then .03
All jmho and the CEO's
No doudt Roger we were blitzed by the crew but I did take advantage and another positive is with the price where it is and the premium to the shares issued I don't see the selling from the debt holders maybe indicating they are done. As usual we shall see.
Infraction was from 2013 and they have been fined 50K. If you look at the 2014 filings, ERFB is very transparent now.
If you would take the time to check out exactly what is happening here you would know that the convertibles causing the dilution have and are being paid off as we speak. So your claim of dilution to 1B is off the charts iggy!
"But don't forget, shares will be issued for the use of that cash. Just not reported. " Can you explain how they can issue shares but not report them in a 8K? Never heard of a way to legally dilute without reporting. By the way the CEO also reports he is in talks with the other 5 debt holders to rid of the last convertibles.
Pay no attention to the shorts and disgruntled longs that got caught in the last RS and lost their ars. The 2014 objectives have and are becoming reality to their dismay. The convertibles that have not been converted into shres are being refinanced into non-convertible debt and soon after big news coming. Dean is batting 1000% on my watch.
I believe there is enough. Remember all the debt converted since June is off the books. There was about 1.5M plus interest at the time owed so the 2.5M should do it. As usual we shall see
By my count there are 5 more convertibles to be paid off. They are in talks with the debt holders to pay them off so hopefully that stopped the dilution. As always we shall see.
I don't see them selling those shares at that premium either. 750K on the bid and no sellers. I try not to make price predictions but lots of accumulation above .01. I believe you will be the one wrong in the end here. Baaaa baaaa
Even a broken clock is right twice a day. You have been saying this for how many weeks sounding more like a broken record.
LOL, you stopped highlighting just before my point. "We receive no additional compensation at the time of the conversions beyond that previously received at the time the Convertible Promissory Notes were originally issued." They don't pay back the 17K in debt that got converted but there is no money to pay the monthly bills with that you keep claiming Dean is doing. The balance sheet is being cleaned up to make them cash flow positive by the EOY.
He's not paying any bill's with the conversions. They already received that money when they took on the debt.
Waiting could be a smart move Bob. But we have had some 13M shares issued under .02 and if you look at the volumes most have been bought up hence my comment that there is major accumulation above .01.