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First quarter report has been posted to OTC Markets
https://www.otcmarkets.com/otcapi/company/financial-report/333727/content
I was not aware of this when I posted my last message to IHUB. It is surprising that nobody has commented on the first quarter report yet, so I will give it a shot.
WSRC did receive income from GBHPF for their water services in the amount of $195,500. This is far short of the income payment WSRC was originally expecting from GBHPF. However, I believe they are still expecting more payments from GBHPF although there is no mention of receivables on the asset side of the ledger. I am not a business major, but I think no receivables are mentioned because technically a receivable is a balance on an overdue account. Since WSRC and GBHPF have reworked the payment schedule, payments due in the future cannot be listed as a receivable. Nevertheless, first quarter 2022 income is infinitely better than first quarter 2021 income, which was *zero*.
Since WSRC did not receive the income they were originally expecting, the market has expressed its disappointment. Nevertheless, from my perspective WSRC is in a much better position now than they were in the same time last year, immediately prior to the big run-up in the stock price in June of last year.
GLTA!
WSRC issues press release concerning the financing agreement today
https://www.otcmarkets.com/stock/WSRC/news/Western-Sierra-Resource-Corporation-Status-Report-and-Acceptance-of-a-25-Million-Non-Diluting-Financing-Commitment?id=357790
This announcement also mentions that WSRC is in the process of filing a 144A REG S in compliance with SEC disclosure regulations concerning marketing to foreign investors.
Things are looking better everyday!
Thanks for the clarification !
I have to admit that I had not taken a look at the annual report. The excerpt that you have provided suggests that the financial issues with GBHPF will be successfully resolved with time.
In message 15085 dated April 19 Kookoovia says that GBHPF failed to make their contractual payment to WSRC that was due on 25 Feb 2022. Since he does not speak for the company I regard this as a rumor that may or may not be true. If true, this is an unfortunate development which would have a negative impact for the stock. However, if it turns out to be false, then there should be a major bounce for the stock coming when the 1st quarter report comes out on 15 May. The income that was due 25 Feb is a large amount of income for a small company like WSRC.
Excellent message, lawyernotinvestor !
Your report shows that this much cited incident is really a minor offense, and I agree with you that it amounts to nothing more than driving without a license. Hopefully this will put this issue to rest, once and for all.
If I could, I would make it a sticky note to keep it at the top of the message board. Attention, moderators; please make this message a sticky note to stay at the top of the message board !
Clarify what you are saying.
Are you accusing the company of lying on their Form 10 registration statement when they said they have received $1,065,993 in net income from their water assets, and that they will have received over $3,000,000 in net income from their water assets after a contractual payment on 25 Feb 2022 is received? Are you saying they lied when they said their water assets have recently been appraised for over $60,000,000?
As far as the income goes, we should find out soon if the contractual payment on 25 Feb occurs. If that payment occurs as stated, I believe that an apology is called for.
Why all the seeming panic, guys?
This looks like a pretty routine announcement from WSRC. It is good news for the company in the fact that the SEC did not reject their application outright. The SEC is simply asking for more information which the company will provide with the completion of the 2 year audit. When that information is provided with re-submission of their Form 10 application, I expect that the SEC will promptly approve their application or simply allow it to stand without challenge. We will have to wait for the completion of the audit, but delays like this are to be expected. People who are patient will be rewarded!
Getting listed on NASDAQ is the ultimate goal as announced by the company. However, I don't think they will get there in one jump. Before they get there, I believe they will have to go through an intermediate step such as getting listed on the OTCQB first.
Page 8 of the company's Form 10 indicates that more income from the water rights assets is coming in February 2022 !! Excerpt from Form 10:
PLAN OF OPERATION
The Company owns $47,591,426 in audited water assets (recently appraised at over $60,000,000) which WSRC is actively applying to "beneficial use" projects in Routt County, Colorado. These water assets have serviced 3 rural residential subdivisions for over 10 years, and have been decreed for residential, commercial, and industrial development as well as agriculture, storage, and several other "beneficial uses" under Colorado State Water Law. These water assets (water rights and extensive infrastructure) have, since execution of a February 5, 2021 contract with Global Hemp Group, Inc. become pivotal in a plan being active executed for cultivation of industrial hemp on 664 acres of land; processing and manufacture of hemp-based construction materials on 44 acres; and construction of affordable homes on 166 acres of land using hemp-based materials to meet a serious demand for housing to support the Steamboat Springs Resort area. To that purpose, the Company acquired (closed June 15, 2021) the 44 acres of commercial/industrial property at a price of $1,400,000, which is now in the final stages of City Planning Commission approval after receipt of the Company's final engineered site plan design for this collaborative project with Global Hemp Group Inc. This approval paves the way for construction of the processing and manufacturing facilities for scheduled completion in late Summer 2022. The 664-acre agricultural land parcel and 166-acre residential development land parcel are under "hard contract" with $450,000 paid October 21, 2021 as non-refundable earnest money pending City approval of land use plans submitted for commencement of development in the Spring of 2022. As of the Company's September 30, 2021 audited financial statements, this project has generated net income for the Company in the amount of $1,065,993, with an additional contractual payment resulting in over $3,000,000 of net income for the Company as a receivable on February 25, 2022.
As announced in a press release of 09.30.21 the Company confirmed the audit and filing of Company's 09.30.21 Financial Statements. The Company's 3rd Quarter financial statements were completed and filed within the guidelines of Generally Accepted Accounting Principles (GAAP) and reflect net income of $1,065,993 and total assets of $50,137,216. The Company filed copies of the completed 2019 and 2020 Audits on OTC Markets concurrent with its 10.27.21 press release.
8
There's nothing wrong with wanting a stock you're invested in to win; nor did I criticize that in any way. I believe there is a future for the hemp plant and that is why I bought HEMP stock 4 years ago. I was taken in by Bruce Perlowin's PR machine and his master conman skills. However, after doing my DD and learning from the posted research of GAILM, detective Robert Thorn, and others on this forum, I came to realize that this company is a scam intended to separate foolish retail investors from their money. Hence I sold all of my shares at a small profit with no intention of buying HEMP stock again.
Why do I continue to follow this stock? For a number of reasons:
1. I want to see how long it takes for this scam to be shut down. If you have seen my previous messages on HEMP, then you know that I expected this scam to already be shut down at this point. With all the obvious evidence available, I am surprised that the SEC has not shut this down already. Nevertheless, I understand that brokers such as Ameritrade have informed their customers that they will only execute sell orders and not buy orders for HEMP stock. If the SEC doesn't shut it down, I want to see how long it will take for the market value to merge with the intrinsic value (0) of the stock.
2. I believe I have a small role to play in helping newcomers doing their DD on this stock to realize that this company is a scam and will protect themselves by refraining from buying this stock.
3. I want to see Bruce Perlowin & accomplices prosecuted for the fraud they have committed against the investing public. It angers me that crooks like Bruce get rich by defrauding the investing public.
4. It is instructive and entertaining to see how people can be deceived by a scam like this, and to see people defend their bad decisions. And people often resent the very people who are trying to help them see the fraud they have gotten involved in.
If you are a bagholder in HEMP stock, you have my condolences. My only recommendation for existing stockholders is to sell your shares while you can still get something for them. I believe that the longer you hold your shares, the worse it is going to get. My recommendation for traders who don't care about the hemp plant and HEMP Inc. is to find a better trading vehicle to use than HEMP stock. It is not worth the risk to trade HEMP stock when there are much better stocks to trade than HEMP.
What are you feeling? Is it going to pop to its intrinsic value of zero soon?
It great to see that WSRC is beginning to receive substantial income from their water assets! Hopefully this asset will be producing income on a recurring basis. The announcement states that this income represents utilization fees for the water assets.
My questions are, who is the customer paying these fees, and how are the water assets being utilized, exactly? If anybody has an answer to these questions please post a message on the board.
Thanks in advance!
Bruce Perlowin is not Steve Jobs.
It shouldn't need to be said, but there is no comparison between Bruce Perlowin and Steve Jobs. Steve had a real product that was selling like hotcakes almost from day one. After 16 years Apple was already big business, unlike Hemp Inc. whose only real product is selling billions of worthless common shares and getting more & more into debt. After 16 years, Hemp Inc. Q1 results show a measly $14,300 in sales and $9,300,000 in operating losses!! How do you even do that? Needless to say, Bruce is a convicted felon with questionable business partners.
Face it people; Hemp Inc. is a scam that is never going to succeed as a business enterprise.
Ameritrade prohibiting customers from buying HEMP stock is not "bashers talking amongst themselves." I'm sure other brokerages have done the same thing. I could be wrong, but I believe a full trading halt will be imposed on HEMP stock before the end of this month. And when the company is dissolved, and remaining assets distributed to creditors, common stock holders are going to receive a big fat *zero* for their shares.
They've been replaced by Poopers, putting out fraudulent poops.
Yep. The "Pump & Dump" phase is over, and we have now entered into the "Poop & Scoop" phase of the market cycle.
OTC Markets Stop Sign has been re-instated today!
Thanks! This is very helpful.
So, although the WSRC management hasn't announced anything, it appears that Plum Daisy is moving forward with some CBD infused products! The future for WSRC is looking brighter and brighter each day! I appreciate your effort to provide this response to my inquiry.
What's going to happen in September?
Does anybody have any opinions or betting odds on HEMP being subject to a trading halt in September? In my opinion, the warnings from OTC Markets and the yield sign are not going away, and I believe the odds favor a trading halt in September.
You better believe it !
I am surprised that the SEC didn't act sooner to stop frauds like this. After all, you have been warned from OTC Markets with warnings and stop signs on this stock for years now, and yet the public continues to buy and trade this stock even though its own financial reports show that the company is in debt up to its eyeballs, and the book value of the common shares is less than zero!
Consider yourself fortunate that you have been warned in advance of a probable trading halt in this stock. It would not have surprised me if the SEC had taken action to immediately halt trading in this stock with no warning whatsoever.
Sorry! My mistake.
From what I recall of the discussions of a couple years ago, I assumed that you had personal contact with people in the WCFI operation. It looks like the partnership with Global Hemp Group is really going to get some profitable business operations going.
The Global Hemp Group announcement posted by Medsouth is welcome news as well !
How are things going with the Western Colorado Farming Initiative?
I haven't heard about anything going on with WCFI for quite a while. Is progress being made in producing and marketing Plum Daisy and Mountain Jam products, and plans for CBD infused products?
Also, you mentioned that your JV and WSRC are a good match, which I take to mean that the two operations (WCFI and HAIZ) will supplement and complement each other, with a synergistic effect. Will farming equipment and workers be shared between the two projects? T.I.A.
With the massive increase in lumber prices due to supply chain issues which will only be exacerbated by the oil supply shutdowns, I agree that this is an opportune time to be researching and producing alternative construction materials.
The future looks bright for WSRC ! But it seems one needs patience to see these efforts brought to fruition.
WSRC issues press release on this year's plan for the HAIZ property
https://www.otcmarkets.com/stock/WSRC/news/Western-Sierra-Resource-Corporation-Contracts-on-Strategic-Property-for-the-Hemp-Agro-Industrial-Zone-HAIZ?id=302151
Thanks for the updated outstanding share information.
I looked on the OTC Markets website and the Hemp Inc. website and cannot find any information about 1st quarter 2021. It looks like shares are being issued at an accelerating pace as I suspected. Where were you able to find this information?
Increasing the outstanding shares causes immediate harm
Increasing the outstanding shares causes immediate harm to existing shareholders by diluting your shares worth, diluting your vote in shareholder meetings, and putting a drag on the market value of your shares when those new shares are dumped in the open market. It is irrelevant whether the management chooses to do a reverse split or increase the authorized share number at some point in the future. The damage has already been done !
Average of 20 million new shares sold each trading day
I neglected to add an additional observation to my previous message. A quarter is about 12 weeks or about 60 trading days. If you divide the approximate 1.2 Billion new shares issued in a quarter by the number of trading days (60), you discover that an average of 20 million new shares must be sold each day to keep up with the stock issuance.
I don't know about you, but that is a staggering thought for me to consider!
Outstanding shares 8.24 Billion as of 12/31/20
Spot, the annual report says 8.24 Billion shares were outstanding as of 12/31/20. There were about 7.06 Billion shares outstanding at the end of 3rd quarter 2020. Thus, 1.18 Billion shares were issued during the 4th quarter. If the issuance continues in linear fashion, then there should be 9.42 Billion shares outstanding by the end of 1st quarter. However, due to decreasing share price, I suspect that even more shares were issued to fill the piggy banks of Bruce Perlowin and his accomplices. It would not surprise me if there are more than 10 Billion shares outstanding as of the present date.
Not to worry; as previously reported, the Authorized Shares has been raised to 31.95 Billion shares, so Bruce has a way to go yet before a reverse split is needed or the Authorized Share number needs to be raised again.
The massive ongoing losses (or transfers into Perlowin & partners piggy banks) requires the continuing issuance of more & more shares. People who talk about stock buybacks don't seem to understand that a stock buyback can only happen with a company that is solid and very profitable.
Face it people: the only "shorts" in this stock are Bruce Pelowin & partners who effectively have a money printing machine to sell more & more stock to a very gullible public. As explained before, it is illegal for anybody else to sell this stock short in any way as an investment position.
Who is the big stock "shorter"?
Your message about B/Ds or anybody else shorting HEMP stock is nonsensical for a number of reasons:
First, it is illegal to naked short any stock period.
Second, as GAILM has explained many times, it is not possible to short HEMP stock because of the financial regulations that he has pointed out. Thus, shorting HEMP stock is illegal, period.
Third, you have failed to name any one person or entity that is currently shorting HEMP stock. If you do know anybody, you should forward their name to the SEC as they would be very interested in this information for prosecution.
Fourth, even if what you allege were true, then you are insulting the intelligence of Bruce Perlowin. Bruce is a criminal but he isn't stupid. He knows very well what the B/Ds or anybody else will be doing with the new stock that he issues into the open market.
Fifth, the fact of the matter is, that Bruce Perlowin himself is the big shorter that you always complain about. By constantly issuing new shares into the market, he is effectively shorting HEMP stock in a massive way. Since he sells the stock without any need to buy it back, it has the same effect as engaging in a short selling transaction. And, as others have noted, you can bet your bottom line that he is never going to do a share buyback.
In summary it is Bruce Perlowin who is the big "shorter".
Saturation in the POT market is noted.
Thank you, silver bars, for those charts. I am not overly concerned about this for several reasons:
First, the POT market and the hemp market are separate markets. They are related yes, but people generally want MJ for the THC component, not for the CBD. And as I understand it, hemp is a better source for CBD than MJ.
Two, the information I see is that the market for CBD products is going to be growing like gangbusters for years to come.
Three, these MJ companies became overvalued in the market price of their stock, so naturally their stock prices had to go down at some point. This is not the case for WSRC. In fact, according to the latest financial report, the book value for WSRC is about 11¢ per share, which is several times the current market price for WSRC.
Recent Activity
I've been following WSRC although I haven't posted anything to the message board since early last year. I am delighted to see the recent activity and hope the stock continues higher and the company will be able to bring their business plan to fruition in the CBD sector. I am cautiously optimistic!
Hello,
I am a new IHUB member and following WSRC with great interest. I am posting this message to inform the board that I recently researched the OTC Markets website for their rules on Pinksheet listing and discovered that their rules require companies to publish an annual report within 90 days of the end of the year if they have not already published a 4th quarter report. Thus for WSRC to remain in compliance with OTC Market rules for Pinksheet listing they need to publish an annual report before the end of March! We should be getting some news soon!