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They'll liabilities will decrease to a couple millions dollar.
It's in the contract. You can look at it in every 10Q/10K filing.
Btw, apparently (according to a mail someone received from the ceo) half of the convertible has been already converted.
It all depends on how much shares will be in the float once CR will convert all the convertibles he owns. He must do that before this next April. Anyway once he converts (conversion takes place at a fixed price which is not much lower than the current levels) he may artificially run the stock since he has the interest to sell the stock at a pps higher than what he converted at, and since he has much shares to sell he'll want that the pps will maintain much higher than his conversion price.
He could also decide to make the conversion price lower by selling more shares, but then a RS may be necessary and I don't think he has an interest in that to happen now that we are near the final conversion.
But the new company did a private placement some months ago, so the merger should have gone through.
From the last filing, the company is currently in search for a new business, like every other shell.
So you could potentially have to wait forever: this is how shell investing works.
Looking at the filings it was because he moved the company to Nevada (which is more enticing to potential shell buyers) and wanted it to look as a whole new shell (since there's nothing left from the Metropane past activity).
I have to disagree, the idea is not surpassed but it's even more present today than two years ago. The company was not getting revenues from LifeStem for the simple fact that they weren't operative!
The pps tanked for the simple fact that there was a lack of interest due to the company being late with LifeStem launch + convertible debts getting converted.
Nothing. It's only the waiting game on shells. It can last a really long time.
They have been converted for more than half, usually CR the debenture holder used to run the stock they are converting at half the conversion.
We only saw that 3 ECN (ARCA, EDGX & AUTO) came on bid and pushed this, the same happened with stocks that later had a run (like SYDI). Lets hope...
If you'll follow this board you'll see who is new here and who has been here since a lot before you.
The company had a 278M OS as of last filing. The AS is 3B because the company is full of convertible debentures that can be converted in an indefinite amount of shares.
The current run is clearly (at least for people who have been there for a long time) the result of a pump and dump, but of course we must only guess where the dump will begin, ie how much high they will let this go.
Oh yes, that's the same of last may. I'd like to read that document.
What's a REGDEX? Where did you read this?
RSI14 at 2.77!
From the last 10Q, GTEC has not 70M$ in revenues (it had 3M for the first 9 month of 2007) and is not profitable (it has a 1.7M$ loss for the same nine months, which is a lot more than CLBE).
It has a much worse cash flow, and the accumulated deficit is at 18M$, a lot more than CLBE.
You are a liar.
ps. GTEC also recently issued preferred stock convertible to as much as 300M shares, and rised the AS to 600M shares (the current OS was at 80M) so major dilution is going to happen there.
400K$ were retained at the beginning (Calbatech received only 1.6M$ cash out of the 2M$ debenture), then more than 900K$ were rised from the selling of 116M shares by DOMS.
Someone said that Mr DeOlden told him that there are 865K$ of the cd left to convert.
You'll see in most balance sheets that the shareholders equity is much much worse than this one and the convertible exposure is a lot more than 2.5 millions (1.3 of which have already been converted and sold).
It's a lot less a mess than most otc companies... and their total accumulated deficit is in a down trend, unlike most pennies.
I didn't receive any mail in the past year, anyway you know that's the way shell plays like this work, with just a little buying pressure (because 1M shares traded is a very little buying pressure, and not the result of a pump in any way) the pps goes rapidly up and with the same little selling pressure the pps goes back to bottom.
You can call a pump and dump when misleading info and news are put out by the company only to sell shares in the market, and that's not been the case here.
The OS and the float remained the same, and no news was put out, so there was no pump and dump, but simple retailers trading based on expectations because of the name change. The number of shares traded was negligible, too. You can call a pump and dump when there are a lot more shares traded and news put out to pump the stock. Like I told you before, look at USSE.
Well, are you able to motivate that this was a pump and dump? Can you tell us where the pump was? I can make you a perfect example of pump and dump: look at USSE, with all the false and misleading prs. Did you see false and misleading prs here?
You can't talk about a pump and dump: I've not seen any false or misleading news put out by the company, and the volumes does not justify any pump and dump at all, but simple trading on expectations. That's the way shell plays work.
USSE and FCCN were big pump and dump (the former even more than the latter). A whole different story.
I'm back to PASL too with the pre-split share count!
RSI14 felt to 3.77, I've never seen such a low value.
The float is really tiny, as soon as the company will finally talk about what they are doing this may turn up big time.
This shell was bought at 0.002 a share, I doubt the pps will go lower than that.
They did death financing but you must admit that most every reporting penny stock you have touched did exactly the same, but perhaps you were trading it when no conversion was happening.
You should also admit that 1 million in revenues is much in the penny world where most companies have no revenues at all.
It has been being sold by shorting related to debts converting/debts converting, period. That's what has been going on since September here, no more, no less.
At the end this will be run up (i feel before a reverse split, but is a guess). Of course we can only guess were the end is.
Well that's a normal statement for a company in search of an acquisition. Of course you'll only see that statement in a reporting company...
A quarterly report is out! Actually, it covers the 9 months ending on September, 2007.
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=itrm#getCompanyInfo under filings
From it: the OS is the same as one year ago; the number of shares tradable is just 7,510,675! That's really tiny.
On July 27, 2007, Metropane, Inc. merged into
Intermountain Ventures, Inc., a company organized in the State of Nevada for the sole purpose of changing the domicile of the company.
There is no change in the address of the Company. Mail can be sent to: Intermountain
Ventures, Inc., 6337 South Highland Drive, Suite 1054, Salt Lake City, Utah 84121.
Note that by now all the preferred stock issued in the past have been converted.
The company has a debt of 25K$ to Kip himself, so it's in his best interest to complete a merger or acquisition.
I still like this shell more than others. This is clean, more or less reporting and ready for an uplist, with a pretty low market cap (190K$) and a really tiny float (7M shares).
Ok.
Btw, the debt holder here is not Cornell but Corey Ribotsky of the NIR group, which uses DOMS for selling. The cd matures on April 2008.
Anyway I don't understand how they can sells shares ahead of conversion and it should not be considered naked shorting.
But you also know that every convertible note is floorless, even those issued to the banks, if naked shorting is allowed. Of course the banks don't usually nake short.
And I've seen plenty of stocks (even both small e big Nasdaq and Nyse companies) with floorless convertible debentures issued, even much more than CLBE... pretty much every operative .ob company has issued convertible debentures with more or less the same clauses. Of course that would not be a problem if naked shorting was not allowed.
At 0.001 this has a 25K$ market cap, I've never seen a such low market cap (except for bankrupt or halted stocks like CSHD). I believe that a minimum of 100K$ market cap (0.004) must be considered. Triple zeroes are higly unlikely imo.
I think at this point that there was no deal at all that time... he only moved the shell in a more public company friendlier state to make the shell more interesting.
Anyway being currently at 180K$ market cap for a clean shell this has a great growth potential.
I added today.
I'm expecting some more selling off based on the tax season.
The difference sadly here is not about being reporting or not... as it's not the company that it's diluting.
The convertible debenture holder is naked shorting the stock in order to get a lower conversion price and hedging it's risks. Once he'll convert, then this will run (as he'll have a ton of shares to sell at the highest possible prices). But now we can only guess to how low he'll send this.
For now he raised about 900K$ from the start of the selling off. So, out of the 2.2M convertible debts maturing next April, he recovered .9 + .4(the first 8 months of interests were already retained at the beginning) = 1.3M$, so he now has to recover another 900K$.
If he'll convert today he can convert up to 900M shares.
Of course if DOMS starts dumping again they can convert many more. If they can get it to 0.002 they could convert up to 2B shares.
Nope. The company sold only 12M shares for a convertible to a bank. That has nothing to do with the shares dumped by DOMS, which is up to 100M shares now.
And DOMS has always been the dumper for Mr. Ribotsky group, and has always acted this way before converting the debts, on every stock CR's group has ever been.
Fully diluted this has now a 5M market cap because right ow the convertible may be converted to up to 1B shares. Anyway 5M is still low for this sector.
All the shares were sold by DOMS, which is usually used by C.R. (the convertible debts holder) to nake short stocks prior to conversion in order to get a better conversion price thus hedging the risks.
That's the (sad) story behind this.
The problem is that the shares that were sold from DOMS totally destroying the pps are not coming from the float!