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It looks like Lumb is finally washed up as far as these scams go.
The price stabilized and even went up a bit when they stopped dumping this morning. That won't continue though with the tens of millions of shares that insiders keep issuing to themselves.
And still no bid! At least Lumb has $4,000 in volume so far today, LOL!
HUGE indication of what's coming
That's why they waited until the absolute last second and filed those with OTCMarkets in the middle of the night.
Weren't they all shipped back to China to be upgraded? Oh that was good one!!! How many people believed that? How many will believe the next one?
In the meantime Foley is issuing himself tens of millions of shares.
Yes we all knew the NP1 was vaporware with a life span of zero. That was never in doubt once it was discovered it was a Madcatz clone.
and it was a vehicle to get UltraFlix onto platforms that didn't support it.
LOL!!! More like a vehicle to defraud investors!
They cancelled the retail buyback yesterday and then clarified that $750,000 will instead be going to insiders in exchange for paper that they just printed a month or two ago.
Typical Lumb. He's done the same thing more than once in the past.
What happened to all the NP1's? Didn't they spend millions of shareholder dollars on those? Or is this just another insider-enrichment scheme with a new story every 6 months when the last one can't be defended any more?
They lied again. Not audited.
The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented have been
reflected herein. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year.
On May 21, 2014 under terms outlined in the Company’s Employee Investment Stock Option Plan, Issued David Foley, employee, 22,500,000 shares, used to reduce debt and increase the company’s cash position by the same amount
covered in a convertible note.
Issued David Foley, employee, 489,998 shares to eliminate compensation past due under the terms of an employment agreement from 2007, and reducing the company’s debt by the same amount covered in a promissory note.
Issued David Foley, employee, 2,350,000 shares to eliminate compensation past due under the terms of an employment agreement from 2007, and reducing the company’s debt by the same amount covered in a promissory note as well as eliminating $75,000 of short term liabilities owed by the company to third parties.
Issued David Foley, employee, 2,000,000 shares to eliminate compensation past due under the terms of an employment agreement from 2007, and reducing the company’s debt by the same amount covered in a promissory note as well as eliminating $50,000 of short term liabilities owed by the company to third parties.
Issued David Foley, employee, 1,620,000 shares to eliminate compensation past due under the terms of an employment agreement from 2007, and reducing the company’s debt by the same amount covered in a promissory note.
Since it doesn't look like we'll get a 2014 AGM this year I found a copy of the first one from 2010. It's f'ing hilarious!
Do you think the bid will come back tomorrow? Maybe in a fortnight? LOL! $1,500 total traded today? LMAO!
Or a fortnight. Lumb likes to say "fortnight"!
Lumb has always been the poster-child for pennystock fraud failure. His scams are so lazy.
I think he's finally broke now too.
I'm not sure why. Lumb tried the exact same thing with FFGO. Or was it GNCP? Or both? I forget with all of his scams over the years.
LOL! Yes, we know they are repurchasing the paper they printed for free and issued to insiders. They just won't be repurchasing anything on the open market from people who actually paid for their stock.
That Lumb is such a card!
They're saying the same thing but hope you read it differently. They cancelled the open market buyback. Lumb does this with all of his scams.
Oh yes it has! You'll see how successful those have been in the past by the market's reaction tomorrow. :)
I did. They also say NTEK is a scam.
Audits can't just go back two years or they aren't really audits. There has to be an audited starting point.
That's exactly what the people dumping stock are hoping for. Less competition on the bid.
There's nothing in the public domain about any engineering firm. Nothing. They don't even mention it in the 10q now. That was just another silly message board rumor meant to keep saps holding so the promotions firms didn't have competition on the bid while selling.
Why won't they just tell the truth instead of speaking in code that nobody understands?
No 2014 AGM? Not even an update concall? Secret codes instead. No share selling scam here!
So they couldn't even file unaudited fins with OTCMarkets on time?
LOL! Why would they need to signal that way? Especially if Google has broken the secret code?
Hilarious!
No engineering firm and no plans for processor sales either. Looks like they're closing down 20 Iroquois.
It's time for those 50 shareholders who "know the identity of the engineering firm that's in the public domain" speak up.
When is the 2014 AGM?
I wonder what Jerry Lenfest must be thinking about the remaining TEVE shareholders now.
"I will be taking a brief hiatus from the company in order to finish my autobiography set to be released in the latter part of January 2015. I have faith and confidence in allowing current management to 'carry the torch' so that Medbox can fulfill its destiny as one of the biggest and brightest companies that serves to secure the integrity of the burgeoning legal marijuana industry."
No that's going to be put off another year. Same thing they did last year.
Why does a Form 15 filer need an auditor? Seems like a waste of money... Is he related to Foley too?
That means they have to produce two years of audited financials. In order for those to exist - by definition - then audits had to have been performed from the company's inception.
For Example: Company XYZ that has existed since 2000 which has never been audited cannot simply hire someone to audit 2011 - 2013. What numbers would they start with to represent 2000-2011? Simply accepting the company's word would cause that auditor to lose their license.
That's probably why NTEK can't find an auditor.
The machines successfully turn plastic to fuel.
There is no brokerage in existence that would accept restricted shares for deposit before the one year holding period.
ALAN STONE DOESN'T NEED A JOB, HE IS A MULTIMILLIONAIRE ,IMO.
I talked to peeps who actually worked in the TV department of Best Buy yesterday about NP-1 and they showed me where they will be stacked on the showroom floor!
One guy told me he bought NTEK stock!
NTEK said they would have audits done for 2013 and 2014. They do not need to go back to the beginning of the companies existence. That is ridiculous!
The auditor has to have an audited point to start from. Not a piece of paper coming from the company saying "Our numbers were X, Y and Z as of Dec 31, 2013. Audit us from there." That is not how an independent audit works. If the auditor is new they will either have to start from an existing certified independent audit performed sometime in the past or start from scratch at the inception of the shell and/or company.
This isn't debatable. Anything else would not be considered independent.
A company can't just audit a single quarter. The auditor has to have a starting point. If there are no audited financials from the past for the auditor to start from then he will have to go to the beginning of the company's existence.
The auditor can't just take the company's word for the past numbers. That's the whole point of having an independent audit.
P.S. this is why the claims of filing audited fins have always been an obvious sign of scam here.
Charges come after the investigation. The SEC doesn't launch formal investigations unless they already pretty much have the goods.