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Come on man. Kind of like saying the singer couldn't get a contract because they couldn't get an audition with the CEO of Sony. The reason why the stock is trading where it is right now is because after eight years of being a public company, the company has posted about 200,000 in revenue. The reason why the stock is trading where it is right now is because they spent millions of dollars on a facility in Iowa before they had a proven technology to grow shrimp. The reason why the stock is trading where it is right now is because they knowingly did business with one of the worst toxic financiers in the United States. By the way, they signed on with him when they knew that he was being actively sued by the United States government. The reason why the stock is trading where it is right now is because they are in $20-$30 million in debt with virtually no revenues, no cash, and no ability to even service the debt, except for the fact that the toxic financiers are selling stock into the market to pay off the debt. I get the fact that the company line now is NASDAQ is going to solve all the problems, but that is false. What will solve the problems is a viable technology that could grow shrimp at a cost basis in which they can turn a profit and they don't have to be selling shrimp at over $30 a pound online trying to convince people that these are the best tasting shrimp in the entire world which is false.
Utah I am not bias. Look at my history of posts. I would be very happy for all SHMP shareholders if the stock went to $5. I deal with reality. Why in the world would Yotta move forward with the present deal when they know SHMP is in deep financial trouble. Or are you going to say the balance sheet is healthy. It is beyond ugly. I know enough about the financing of small public companies that if this SPAC does not go through, the company is in deep trouble. And you not admitting that is much more biased. Citibank and Goldman Sachs is not coming to the table
But real and honest.
Utah, I will remain steadfast that this deal is not happening. That is why someone continues to convert and sell. You I believe said it is not Fife. Then it's Schissler who has been with the company much longer than Fife and he doesn't agree with your rosy assessment. Neither do I. And the market does not agree either. I also don't believe that Gunnar and Roth will be able to bring in much money because of the small market cap. With Fife still involved even post acquisition, most institutions will pass. You should research the list of Fife stocks that are now priced at a fraction of a penny because of his practices.
Half of that answer will collapse the stock. Even a positive outlook with disclaimers may be viewed as negative so they can't say much. The silence is telling you all you need to know and the stock price is telling the rest.
I believe the chances of that happening are zero
Any financial analyst would look at the company's balance sheet and income statement and conclude that if the SPAC deal fails, the best course of action may be bankruptcy. It is demonstrably absurd to say there will never be a BK. Absurd and that conclusion is as wrong as people calling this a scam
Doogey, educate yourself on the shrimp business. The survival rates are not as important in outdoor farms because their cost of production is at the minimum 25%-40% of RAS. I have mentioned Bowers many times on this board. His sweet spot is 31-35 per pound. His cost is much less than $3.00 per pound. As shrimp goes into full production if they ever do and remove the head, they will be in the 26-30 category or possibly competing directly with Bowers. His main customer is HEB. American grown shrimp grown in Texas. His cost is less than $3.00. Shrimp's cost which is still not clear is at least double. Do you see the inherent problem with the business model. By the way, they both grow PW shrimp. I am using Bowers as the answer to your question because it is the most relevant. You can speculate on what the success of Trans American will be. Bowers is proven. Shrimp likes to say we are not competing with imported shrimp. I 100% agree. However, they are competing with Bowers and TA. To combat that, Shrimp likes to say our shrimp are sushi grade. There is no such grading system in the shrimp distribution business as sushi grade shrimp. It is a marketing gimmick. I would suggest that you find one seafood store or supermarket in your area that selling a shrimp called sushi grade Shrimp. There is no such thing
Wrong. You are valuing it based on what was invested. That is not how you value an asset according to GAAP and any high school accounting student would confirm that. If is sad that is what it had come down to. To try to make an argument the facility is worth $100 million. Until you can explain why the company is not producing a few thousand pounds a week out of that facility, that argument will fail with anyone with average intelligence if the tech is real and everything is swimmingly well, what is the weekly product and sales. The answer is little to none. And the 10K will not create market confidence. Then there will be a different spin.
So if I pay $50,000 for a bicycle in Walmart, does that mean it's worth $50,000 or does that mean I am stupid. Review the history of litigation related to Veroblue including the Canadian conmen who were involved
And exactly how do you come up with that number since it was bankrupt and no one put in a competing bid.
And everyone that has used a version of a clean water system has also failed because the cost of production is too high. Can't say that enough.
Look for new penalties that have been absorbed in the new 10K
I also have even money odds that the 10K is delayed
SPAC is not happening but that narrative must be kept alive
I agree on the competence of US Foods. US Foods sales are now less than the Chinese Supermarket.
And how much money has the billionaire invested in SHMP. Zero. You also may want to research Atlantic Sapphire. Indoor systems have been 100% losers.
And you know how I know it's zero, Because SHMP would have announced it.
The SPAC deal is not happening and the stock action is telling you that
There is also an old saying that you don't put good money after bad money. Yotta people know that saying which is a staple in the Asian community.
They are not handing $50 million over to pay off Fife. They had a gut reaction after US Foods. Now that US Foods has named their price which is I guess IQF, heads off, 16-20 for $10-$12 a pound and SHMP has zero ability to fill any of those demands, that is it.
Natural Shrimp can not deliver 16-20 heads off.
Assets are 3 times. That is quite funny. If they put a national ad in the paper, they wouldn't get $10,000,000. All someone would have to do is do some research about Peter and Lattitude and see how that wound up. A web of lawsuits.
The SPAC deal is not going through
Yeah I guess they simply want merge with a company that has $30 million in debt, no cash, virtually no revenues, no processing capabilities and a cost structure that indicates they will never make a dime. So according to your research, they should hand the $50 million over which a large percentage of that will go to Fife (the full amount) instead of losing about $700,000. Your logic has wine me over.
Don't get too excited. The SPAC deal isn't going through. It should be common sense by now.
Because I don't believe substantial real news is coming
Stock looks fantastic today. Maybe good news coming?
Utah, which officer are you comparing to Henry Ford since Henry Ford doesn't work here.
1. Fife is owed $25M. That is completely false. The original amount of the note(s) was approximately $18M. Interest is right around $2m which would put the total at about $20M, not $25M (20% higher).
Fife is owed right around if not more than $25,000,000. Selective math doesn't count
You forgot the 2% each month plus penalties Also, calculate the interest rate which right now is 18%.
The Restructured Senior Note was analyzed under ASC 470-50 as to if the change in terms qualified as a modification or an extinguishment of the note. The changes in terms were considered an extinguishment as the conversion feature has been eliminated and therefore the modified August Note is determined to be fundamentally different from the original convertible note. As such, with the removal of the original note and its debt discount and accrued interest as compared to the restructured note with a fair value of approximately $18,914,000, there was a gain in extinguishment of approximately $2,540,000. As a result of the extinguishment and at the Company’s election of the fair value option under ASC 825, the Senior Note will be accounted for at fair value until it is settled. In accordance with ASC 815- 15-25-1(b) a hybrid instrument that is measured at fair value under ASC 825 fair value option each period with changes in fair value reported in earnings as they occur should not be evaluated for embedded derivatives. Therefore, the provisions in the Senior Note were not evaluated as to if they fell under the guidance of embedded derivatives and were required to be bifurcated. The Senior Note was revalued as of December 31, 2022 at approximately $20,223,000, with a change in fair value of approximately $1,309,000 recognized in the Statement of Operations.
2. The number of shares are increasing. That is a true statement. The company has a Registered Direct Offering with GHS. In the filings.
3. Fife just recently took out a UCC against the company. That is a false statement. Fife placed his UCC when he did the original note. Standard practice for any lender.
The Company entered into a securities purchase agreement (the “SPA”) with an investor (the “Investor”) on August 17, 2022. Pursuant to the SPA, the Investor purchased a secured promissory note (the “Note”) in the aggregate principal amount totaling approximately $5,433,333. The Note has an interest rate of 12% per annum, with a maturity date nine months from the issuance date of the Note. The Note carried an original issue discount totaling $433,333 and a transaction expense amount of $10,000, both of which are included in the principal balance of the Note. On the Closing Date the Company received $1,100,000, with $3,900,000 put into escrow to be held until certain terms are met, which includes $3,400,000 upon the completion of a successful uplist to NYSE or NASDAQ. The SPA includes a Security Agreement, whereby the note is secured by the collateral set forth in the agreement, covering all of the assets of the Company. All payments made by the Company under the terms in the note, including upon repayment of this Note at maturity, shall be subject to an exit fee of 15% of the portion of the Outstanding Balance being paid (the “Exit Fee”). As the Exit Fee is to be included in every settlement of the Note, an additional 15% of the principal balance, which totals $816,500, was recognized along with the principal balance, and offset by a contra account in a manner similar to a debt discount.
Wrong again chief. You have been schooled.
MF:
I sir don't have an agenda. The number of shares continues to increase. But no one is converting.
And John Fife is so confident about the future that pursuant to the last check he wrote, he filed a UCC lien against all the assets. Everything.
Finally, of course John Fife wants the deal to happen. Do you really believe he is confident that he can recover his $25,000,000 by dumping shares of a 4 cent stock.
Do you know what happens to the stock price if he dumps 25,000,000 in stock. Clue 1, it's not staying at 4 cents. Clue 2, it will be in excess of 1 billion shares
Don't believe me.
1. I don't care.
2. I don't have an agenda
3. I don't care if you buy it, sell it or short it.
No I am telling you in a very respectful manner that this stock will collapse quicker than a person who is not dealing with reality eventually arrives at the very hard truth. SPQC deal isn't happening with Yotta and this could be the worst balance sheet on the entire OTCQB. Don't believe me, I don't care. I said about 2 weeks ago multiple times the stock was going to collapse. Now down 20%. Very likely another 25% down in the next 7-10 trading days. That is what I believe based on my experience.
John Fife sir. If he believes the deal isn't happening, he will accelerate his sales. So unless you're going on the bid for about $2,000,000 in stock, nothing you can do. Don't believe me. I don't care
As I've said all along, the stock action will tell you what you need to know. If the stock hits 3-3.5 cents short term, maybe today, it would be a real signal the deal with SHMP is not happening
The answer is you need to read the original SPAC docs. I DON'T BELIEVE it works that if you don't vote for redemption, you remain a shareholder and your money stays in. I would bet the SPAC docs require a majority vote or a 66% vote etc. So if the trigger hits (i.e 50% or 66% etc.), then the corporate action is what the group that meets the trigger point votes for. I would bet on that and it's probably in the SEC filings. Read them. I don't have the time today.
What promise is that?
No what I'm saying is the Yotta deal is not going through and you already know that. I'm also saying that at least 25 million with penalties and interest is owed to Fife. I am saying that is at least 700 million shares wackingb the bid. As I said less than 3 weeks ago, stock collapse is imminent. Now down 20%. Here is the good news and I am serious. I am a buyer at 1 penny.
So when you say shareholders banded together, LMFAO. No he aided them chief. And DeJoria is much nicer than John Fife.
So why don't you post the lawsuit because you have it. We both know what the accusations were. If you post the full complaint and settlement, I will never post on this board again.
Because people will speculate on the fact that the SPAC is worth more than cash value if they acquire something.
Is that in the SEC filings? Usually material litigation histories are stated in full.
Did he invest $1 in NSI. Did they pitch him. Please answer on Boy Scouts honor. The respective answers are no and yes.
You scary. It's about 3 % north of cash value. It's a SPAC.
Tell the full story. They were sued by his partner to the best of my recollection Michael Gustin. While you're at it, why don't you tell us why Otto Happel passed and instead sold them Iowa. Can't get away with fables with me buddy. Arranged a buyout. BS. Gustin sued them
Unless you can go on the bid for 20 million in stock, Fife can make this 1 penny in about 3 weeks. You say I give too much credit to Fife and refer me to a 14A. I refer you to SHMP's filings. Fife has a UCC lien against all the assets of the company. He's just a big important ya think?
Complete crapola. The stock price is saying Yotta is not happening. Let me get this straight. 40 million market cap and SHMP is getting $100 million cash and $175 million in Yotta stock. Yotta can simply go to Fife, tell him to foreclose take all the assets and pay Fife $40 million. Oh and by the way, your Series A preferred. Any good lawyer would get that cancelled in a Nevada court on summary judgment. Saying Yotta is happening is misleading naive people
Actually you should invest in real time quotes. Just hit .039.