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you have to wait until the stock is back at no bid to sell it
8K filed today
Item 3.03 Material Modification of Rights of Security Holders
On July 6, 2012, CoroWare, Inc. (the “Company”) filed with the Secretary of State of the State of Delaware a certificate of amendment to the Company’s certificate of incorporation to give effect to a 1-for-200 reverse stock split (the “Reverse Split”) of the Company‘s common shares. The Company has submitted to FINRA the requisite notification of the corporate action. There were 2,293,324,939 shares of Company common stock outstanding as of July 6, 2012, an amount that corresponds to 11,466,625 shares of Company common stock outstanding after completion of the Reverse Split.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
3.1 Certificate of Amendment of Certificate of Incorporation filed on July 6, 2012,
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
COROWARE, INC.
Date: July 11, 2012 /s/ Lloyd Spencer Lloyd Spencer
Chief Executive Officer
So where do we go now Lloyd,
now that COWI is at zero bid? Not quite sure that I
have an understanding of how you are playing this out.
Looks to me as though the doors are closing. I guess
that I should stop by personally just to see.
Lloyds Response:
Well Johnny, it's like this
Since "Sha Na Na" and I own all that Series D Stock and therefore control the company despite the fact that you and all the other bagholders have supported us all this time i think we'll just do a little 1 for 200 reverse split, get the stock price back up to .02 for a while so all these debtholders can convert and get their money out (which will surely drive the stock back to sub penny levels) at which time we will rinse and repeat.
Your Pal
Lloyd
PS - come on by for a visit, would love to see you again
are you saying you read it wearing glasses?
you might also want to read the statement of cash flows and see that regardless of the fact that they reported net income in Q1 of 2011 they did not generate any cash
that's been their problem since inception, they can not generate cash from operations and have to continue to issue debt/equity to finance the company
that was for the 1st quarter of 2011
i see net loss of $2,028,596 in 2011, not sure what financial statement you're looking at
2011 2010
Revenues $ 1,799,352 $ 2,009,563
Cost of revenues 1,214,737 1,502,230
Gross profit 584,615 507,333
Operating expenses:
General and administration 863,299 954,001
Sales and marketing 314,195 339,032
Research and development 122,221 92,959
Depreciation and amortization 21,765 41,933
Total operating expenses 1,321,480 1,427,925
Loss from operations before other income (expense) (736,865 ) (920,592 )
Other income (expense):
Gain on sale of patents - -
Interest expense (804,893) (624,204 )
Derivative income (expense) (485,772) 453,921
Other income 31,265
Gain (loss) on debt redemptions (76,582) 50,726
Gain (Loss) on extinguishment of debt 75,517
Total other income (expense) (1,291,730 ) (88,292 )
Net loss $ (2,028,596 ) $ (1,008,884 )
Net loss per share:
Basic and diluted $ (0.00) $ (0.05)
Weighted average shares outstanding – Basic and diluted 43,152,766,014 22,266,735
where do you see net income in 2011???
kinda tough to fight witn no $$$$
10Q filed
another banner quarter - revenues are down and $0 cash balance at 3/31/12
go COWI
COWI is now COWIE - delinquent again
What's next???
Where O where is the 10Q (or the NT-10Q)????
Looks like COWI may make another SEC List - the list of stocks that get delisted
Now COWI, lets get that report filed with the SEC before they ban you
What is the hold up???
you are reading wrong if you're saying they have 2 million in revenues
i keep claiming a cash problem exists because it clearly does - when you begin your fiscal year with $0 and end the year with $500 in cash on 1.8 million in revenues i'd have to say you have a rather serious cash problem, especially when they borrowed an additonal $80K
increased revenues do not necessarily mean increase in share price, of course they'd have to show an increase in revenuues first, not the decrease they showed last year LMAO
if you really think this is going anywhere then you should be buying it up at these levels
2+ million in revenues??
either you're reading the wrong 10K or you're adding the years together
my opinion of this has not changed
1. they have no cash and have shown that they can not generate cash from operations
2. they keep diluting the stock - either through new preferred issues or RS
3. they have enormous amounts of debt that will likely be converted once the RS takes effect
4. they control the majority of the stock and therefore the shareholders/bagholders have not got a prayer
5. it does not matter if they bring in a big customer until their margins improve
6. they have 2 customers who made up 74% of their revenues (im guessing on of them is microsoft) who else are they gonna get
this is not going to go anywhere, after the split it will be back down to sub penny just like in the past
bottom line
the shareholders are screwed
you can sugar coat all you want but this is done
once the rs takes place you'll see massive selling
might have to short it again
http://sec.gov/cgi-bin/browse-edgar?company=coroware&match=&CIK=&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany
To the Holders of Common Stock of CoroWare, Inc.:
This Information Statement has been filed with the Securities and Exchange Commission and is being furnished, pursuant to Section 14C of the Securities Exchange Act of 1934, as amended (the “ Exchange Act ”), to the holders (the “ Common Stockholders ”) of Common Stock, par value $.0001 per share (the “ Common Stock ”), of CoroWare, Inc., a Delaware corporation (the “ Company ”), to notify such Common Stockholders that on Date, the Company received a unanimous written consent in lieu of a meeting of the holders of Series D Convertible Preferred Stock, par value $0.01 per share (the “ Series D Preferred ”). Each share of Series D Preferred has the equivalent of one hundred thousand (100,000) votes of Common Stock. Currently, there are 3 holders of Series D Preferred (together, the “ Series D Stockholders”), collectively holding 100,000 shares of Series D Preferred, resulting in the Series D Stockholders holding in the aggregate approximately 82% of the total voting power of all issued and outstanding voting capital of the Company (the “ Majority Stockholders ”). The Majority Stockholders authorized the following:
· An amendment of the Articles of Incorporation to reflect a one-for-two hundred reverse split;
Bottom line is that going forward the company controls the majority of the voting power and will do what ever it wants - shareholders are screwed
You can bet the ranch that once the split is effective you'll see massive amounts of debt being redeemed resulting in enormous issuances of stock
GL
you stated in your recent 10K filing that you'd be keeping shareholders updated on events
Quote from 10K:
We are internally developing an investor relations program that will help the company communicate more effectively and actively with CoroWare shareholders, and generate greater awareness of CoroWare and our services, solutions and products.
why no announcement of the 1 for 200 reverse split - that would qualify as an event
don't expect a reply to this, as usual the company wants to do everything it can to screw the shareholders and release as little information about what's going on as they can
1 for 200 reverse split
LMAO
.003
are u serious
this thing has been no bid for the last month
did you mean .0003??
either way i don't see that happening
not necessarily bashing, just pointing out that this thing has no chance of recovery
the company controls the majority of the stock, can't generate cash, is saddled with debt and just keeps diluting
couple that with inadequate filings and we have a real possibility of a meltdown
Yeah, they preserved $550 of cash
LOL
why isn't there an audit report in your recent 10K filing???
where is the audit report for the year ended 12/31/2011
I'll bet the SEC will consider this a non-filing by the company
What was the company's intent by filing without an audit report
1. Did they not pay the auditors and therefore the auditors withheld their report
2. Is the audit not complete but the company did not want to get another strike for delinquent filing
Inquiring minds want to know
PS - nice increase in revenues as alluded to in posts by the company
LMAO
Here's a fine example of integrity:
On March 1, 2006 Manor Systems, LLC (Manor) filed a lawsuit against Lloyd Spencer, President of CoroWare, Inc and an ex-employee of Manor, and CoroWare, Inc. for violation of Mr. Spencer’s contractual duties to Manor pertaining to an agreement Mr. Spencer signed with Manor wherein he agreed to certain restrictive actions including prohibiting Mr. Spenser during his employment with Manor and for two years thereafter from soliciting or interfering with any Manor employee, contacting or soliciting any Manor customers and retaining and misappropriating any confidential information. On June 19, 2006 this lawsuit was successfully settled and the parties entered into a Settlement Agreement wherein Mr. Spencer agreed to pay Manor a total of $110,000 by September 14, 2006.
Suprise
NT10K filed
And Johnny on the spot thought they'd file early this time
keep dreaming
apparently he doesn't share the same opinion of the management
LMAO
yes, obviously not intended to be investment advice, because this is obviously not an investment, just a crap shoot
showed up in what way -
as far as the company showing positve cash flow from operations??
showing an operating profit or net income??
please elaborate - cause i'm willing to be the proverbial ranch on neither of the above happening
the point is that they don't have a choice - the debt holders are redeeming their debt because they don't think the company will ever be able to pay back the debt
let's see how much cash they generated from non-financing activities when the 10K is filed - as in the past i'll bet it will be negative cash from operations
shares being issued for debt redemptions do not generate cash for the company
Here's an interesting post from a board member: 5/10/2011 12invest COMPANY VISIT
I met with Lloyd Spencer, CEO and president of CoroWare, yesterday at their office. Real nice guy. Mr. Spencer explained the history of CoroWare, the products and services, and the plans going forward. He set up a conference call with employees in Utah, Canada, and Arizona. It was nice to get feed back from personnel working in sales and their insight on the products and services.
First and foremost, CoroWare is a great company with experienced staff and products that are competitive in the market place. However, they are a smaller company and anyone can see in the financials, that there is a large debt. That being said, management is confident that future revenues will be able to repay debt without having to issue additional shares in the market.
At the time of this post there were 331,591,635 shares outstanding
As of 3/16/12 (when they filed to issue additonal $1,000,000 of series E preferred which could potentially be converted into 10Billion common shares) there were 1,660,121,017 shares outstanding. Guess their revenues were not quite enough to repay debt.
JMO
Benny
I think youve been spending to much time on that canibis site
LMAO
If you could read a financial statement there is no way this company is going to show a profit or positive cash flows for quite some time - just look at the interest costs, they more than eat up any gross profit, then factor in all the other operating expenses and it gets ever worse
but hey, you gotta believe in something and i believe that this company will continue to issue more and more shares and keep on diluting the stock
your quote:
If I am correct COWI is releasing more and more shares to keep the share price down and raise money?
COWI is releasing more and more shares but they're not getting any money form this - these are shares that are being redeemed for debt (not counting the new preferred to be issued) so there is no cash flow to the company
whats your definition of positive filings
do you mean showing a profit from operations?
a net income?
if you expect that i think you'll be disappointed
cat got your tongue
LMAO
click on detailed quote, this will open new window
click on trades and you can see buys, sells, etc
if you look at the trading last week you'll see millions of shares being sold at .0001 followed by a 100 share purchase at .0002, clearly someone is trying to deceive
how long have you been watching this stock
have you read any of the filings
they're issuing enormous amounts of stock due to debt conversions, paying employees and vendors, issuing new series of preferreds - the OS shares have doubled since November 2011
the majority of the volume on this has been and will continue to be on the sell side and there continues to be enromous amounts of stock offered for sale
it closes at .0002 unchanged due to 100 share paints at the EOD
whats your definition of positive filings
do you mean showing a profit from operations?
a net income?
if you expect that i think you'll be disappointed
Wrong again
Each outstanding share of Series E Preferred Stock shall be convertible into the number of shares of Common Stock determined by dividing the Stated Value by the Conversion Price as defined below, at the option of the Holder in whole or in part, at any time commencing on or after the Issuance Date; provided that any conversion under this section must be made during the ten (10) day period immediately following the date on which the Company files with the Securities and Exchange Commission any periodic report on form 10-Q, 10-K or the equivalent form; provided further that, any conversion under this Section IV(a) shall be for a minimum Stated Value of $500.00 of Series E Preferred Stock.
This stock is going nowhere fast - look at the post by Aries - 450 to 500 million shares on the ask
GL to you
glad to see you also noticed those 100 share trades, what a joke
also if you look at the times when it went to no bid and there were buys reported i believe those were really just sells in disguise
if you look at today's volume it might appear that buys and sells were about equal - however i fell that this was another 40+ million sell day
can't wait to see the 10K - the OS will be way north of 2Billion IMO
i should have taken you up on this offer
LOL