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Where exactly was that said??? The whole point of financing was to get out from under the toxic, dilutive debt. No??
I have said it before but, for those who missed it, Tony has no balls. He was happy to communicate with shareholders when things seemed to be on track and only a few questioned his remarkably large salary and his easy deals with the death spiral guys. Once things went awry and he needed to actually earn about half of what he's paid, he curls up in the corner under his blanky and hides.
Hope he doesn't need any shareholder support for the next reverse or increase in the AS.
Well, at least the toxic death spiral guys will get a GREATconversion here. Maybe that's the plan. But that means that .0088 will be a double for them and they will sell it down even lower than their conversion rate next go round. Anyone buying today better make sure to be one tick below them on the ask and hope that there are some future bag holders to buy your shares.
i am still holding about $25,000.00 worth at .10
I am sorry to say that the SEC won't do anything - that's why these guys operate in this market in the eyes of the SEC, anyone who trades here deserves what they get. These are all the same. They set up a company, a story, hire a few people at huge salaries, pay folks to pump the stock in hugely discounted free-trading shares and make their deals with the death spiral guys. The perps got their money long ago. Any shares issued to them were sold multiple times. Now they will move on to the next one.
Audited financials and revenue- if there isn't any, don't buy. That's the only protection you have here. No one is your friend and no one is trying to help you. It's all about the money.
I posted the link where Tony got in trouble for this very same thing with the last company he ran. He was smarter about it this time and stopped his communications earlier but it is pretty much the same. The link is in my post. Sorry no time right now to look it up and repost it.
Surely, you jest! No way.
PNCH - the post speaks for itself. Another Exec worried more about what is posted on message boards than about producing a quality product at a profit. Sigh
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=84019835
I always assume that the best traders are women! LOL
Mid-April will tell the tale.
It certainly seems that way. I have been a member of her fan club for months.
its the managers job to boost the price by creating shareholder value.
So we will take the fact that there have been no 8K's filed as a positive then. Seems odd that there have been no material events for such a long time now, no?
I am not the expert, X is. But, in my opinion, they still have more to sell than the market is willing to buy at these prices and they still have many millions that are unconverted.
Krissy is the one who has called it all along. She says .005 may be the bounce point.
If you look at the financials to date and note the conversion terms, you will see that the current AS probably will not accommodate the conversions that remain. Investors will not know if there are any more toxic financing deals in Q4 until the financials are filed in mid-April. In my opinion, there have probably been more trips to that well.
It is not a difficult concept to grasp at all. Most here who watch these OTC companies are very familiar with it. Probably 60% of them start out as legitimate, although under-funded. Instead of going out and finding real partners, paying themselves realistic salaries and working their asses off, they chose to believe that everything will go perfectly and their product will go to market quickly and without a hitch. It is so easy to sign those deals with the devil because of that first snag and then the snags continue, and the deals continue.
The people who pay the price are the "investors", "longs", "bulls", or whatever the term of the day is. Anyway, they are the ones who become convinced that the stock is the next Apple and they do not want to miss the boat. Meanwhile, management who has failed, keeps signing away millions and millions of shares to keep paying themselves salaries that were not commensurate with the size of the company to begin with. This is exactly the reason NOT to get in on the bleeding edge of these; 99% fail. 60% do not plan to steal money from investors, it just happens.
Wise words, and true. It is best to sit on the sidelines with your money in your pocket and watch for verifiable facts. If the company is real with real business there is always time to get in. Maybe this one will be real, but it is easier to watch and wait with no money tied up in it.
For those who got caught up in the hype and speculation, take away a positive lesson.
I will still be watching and hoping they turn this around. Green screens to you all.
Is VM-179 producing something? Do reputable lenders lend money based on potential and audits that are over a year old, especially for a start-up with no revenue until Q4 of last year? Who has assessed the potential of VM-179? How much were they paid for their services? Oh that's right, that would not be a material event. There are too many unanswered questions and this is the last of my 15 posts today.
Here's the other thing - this must be done by "trade". The number of shares in the transaction is not relevant. For example that 750k at the bid was only one trade so it is minor in the overall trading session. Those two subsequent trades of 5k each at the ask are much more indicative of the price of the stock. It's all about education.
with that giant forward looking statement at the bottom, no doubt. I will wait for the audit to be complete. Those poor auditors, struggling for 4 and a half long months. Whew.
The equivalent of a short form - the difference between the audits and tax filings of large, multinational corporations and the 5 or six pages that WGAS will file showing it's rent, travel expenses, executive comp and toxic loan terms oh, and those couple of days of revenue in December.
Again, what reputable financial institution will loan millions of dollars without audited financials? Is Tony going to pinky swear that his well is producing, will a handshake and a kiss seal the deal? Doubtful.
The measure of a company, pennyland or not, is the ability to make money producing a product and audits to prove it. That is the minimum, until then, most will not be buying here. To me, when WGAS just produced it's first revenue in December, they are missing out on investment dollars by sticking to that schedule.
99% of the OTC companies are total scams and that is the reason they hide their annual financial reports in the herd that files in April. So, again, if WGAS chooses to file the equivalent of the short form on the last possible day, well, that's pretty telling.
Edit - what reputable financial institution would invest millions of dollars in a company that cannot hand them audited financials? So will those non- equity based loans be delayed until mid-April?
Okay so investors will wait to buy until mid-April when there is proof of the viability of this company and it's stock as an investment. That's an excellent strategy for the company. I know, I know, those investors will miss the big run. So far, it's been far more lucrative to be outside looking in here.
That is the minimum performance standard. As long as Tony and co perform at the minimum. by reversing the stock, acquiring their funding from the most toxic of sources, not answering their phones, not speaking about the amount, flow rate, etc of their only producing asset and filing their audited financials at the last possible moment, their stock will command the minimum price. My point is that maybe everything else is beyond the realm of their limited experience BUT audited financials on a company with very little activity do not take four and a half months. It looks as if something is being hidden.
Okay, the seller sold over 7k in stock and then to prop up the price, $125 was reinvested in my opinion.
Yep and then the ask was painted.
Thanks!
Real companies are about generating products and revenue. This company needs to generate products and revenue and they need to get their audited financials completed to show that they did, in fact, generate a tiny bit of revenue in December. Waiting until the last possible moment to get those financials completed and filed is not acceptable.
It would be a great gesture to let the owners of the company have some clue as to what is going on. Silence is not golden in public companies. And, calling the IR guy who is also a board member, take a pass on that one. Not worth the time.
In my opinion the that 800k will be hard to resist for this whole trading session. That's probably at least a double for the seller.
dangled as in referenced over and over again for months while the company continues to dilute.
weeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee
Certainly, as soon as that 10% of the first well starts gushing they will throw money at Tony. That's what "investors" on this board have been told over and over. The only reason the money isn't being thrown his way yet and he still needs to go to the toxic well is because that darn pipeline broke. The money is just waiting for those first barrels of oil, right.
I hope you managed to grab some of those cheapies today - it would be a shame if the toxic guys buddies were still getting them all. And they're nice, shiny, new ones!
Mason is a wonderful Pink Sheet CEO - he has only your best interests at heart and wants you to make a gazillion dollars.
This company has billions in untapped assets there is just a court order and we are off, or the boat wrecked and delayed it or the pipeline broke and delayed the sale of that black gold that was just sitting there waiting to be pumped from the ocean. Odd that Exxon owns all the surrounding leases but not this one little one, isn't it. Anyway, never fear you will all be wealthy soon so keep buying what an opportunity these ever lowering prices are.
Audited financials and revenue, heck we don't need any of that. Mason would never lie. He is a great business man who is CEO of an OTC company. These guys are totally honest.
And, oh gosh, I almost forgot that 8.5 million in non-equity based loans that has been dangled like a golden carrot to everyone to keep them buying.
Ignore that toxic financing it is just a way for the Ashers of the world to load their buddies with cheap shares while making sure that Tony and co make those quarter million dollar salaries. They aren't anawering the phone, well most companies don't, do they? No Problem, a guy that makes 250k a year must be so busy.
Those 3 reverse splits mean nothing - this stock is going to da moon!
Insert any OTC ticker and BTW, sarcasm font is firmly engaged.
Is that what they thought in August or in November when they converted? They were wrong every single time if you say they don't convert until they think the stock has bottomed so they will be wrong this time as well. I think people are finally starting to see what's really gone on here.
Here's what I find interesting. Large companies have been reporting their annual financials for the last two weeks. These are companies with worldwide operations and multiple operating divisions yet they are able to report their fiscal 2012 financials before the end of January - I get a list every week of the ones coming out the following week. And yet, little, one-well Worthington will make shareholders wait until, what, mid-April, to report a few days of revenue in December, multiple toxic financing deals and the exorbitant salaries of it's management team (and I use the term management loosely). Can this be more than two pages? Yeah, this should concern anyone who might even consider investing the change found in their couch cushions, let alone real money.
Keep it real here Krissy - I have a great respect for your honesty! So far, all indications are that you are trading this perfectly. Nice job.
Like I said- smoke meet mirror.
And, as you well know, message board posts are people's opinions based on their interpretation of the info available to message board posters. It's important to consider all possibilities.
Since no information has been provided by those who actually know what's happening, I guess the conjecture will just become more and more "out there". Maybe the company will find a pair between them all and actually let the shareholders know what's happening one of these days. Until then we will all just keep speculating and the price will continue to sink into the abyss.
No worse than hitting the ask for a few thousand dollars to "encourage" folks to buy. Those CEO's and toxic financiers who pad their pockets don't follow the rules of polite society, do they.
talk about desperate move to keep the stock from subbie land - someone lost the coin toss and had to "average down" yesterday. Nice bull move - seems that not many were fooled.
Nite - 90k on the bid and 150k on the ask
CDEL - 35k on the bid and (ahem)an unlimited 10k block on the ask
Penny stock level 2
Smoke meet mirror! Ha.
Yes, we shall. There are still eyes here watching but there are too many unanswered questions. Will the loans fund? Is the well performing to expectations? Why is no one answering the phones, even if it is just to direct the calls to IR? Why can't they find some investors who are not so toxic?
Maybe these questions will be answered "shortly".
Oh, and I disagree with your interpretation of the financials. They obviously paid off some of the 2011 accruals in 2012 and that is why there was less salary accrual on the books at the end of Q3 2012 than there was at the end of Fiscal 2011. My take is that everyone was taking partial salaries and what was left to be paid, was paid by Ironridge and was or will be converted into shares. We will see if the next financials confirm that.
Thanks for the discussion.
Well, if you are correct and they will be successful then this will be the last year of fairly uncomplicated financial reports, so it would be a great gesture on their part to get these out early and it might shore up the price of the stock, but I guess they will just keep doing what they always have. Hope they have different results.