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If you think about, with wi-fi and a laptop computer, why bother with an office and the wasted rent? It doesn't take much of an office to run a shell company. Santini can work from home or a beach if he wishes. In fact, i'm jealous.
But it can't rally before noon to three eastern time. ScotTrade tells me that's when that cashiers check that I dropped off today will clear. I asked if they'd accept cash to speed up the process but they said no. They don't accept cash.
Funny though as how printed on that cash is the statement "This note is legal tender for all debts, public and private". Guess that doesn't mean anything. Like the time pre-debit card days that I went to a McDonald's to buy dinner but only had a $50 in my wallet. They refused to take it because they said they were having problems with counterfeit $50 bills. So I drove to the KFC next door and gave them the "suspicious bill" in exchange for a chicken dinner instead of a Big Mac.
Please guys and gals, keep this between .001 and .0018 at least until I grab a few more shares. Purdy please!
This 8-K today is old news. You should have already known about their need to restate financial statements as they mentioned this fact in an 8-K filed in May. They said back then that they would be filing the amended returns. Here's a copy/paste from that 8-K:
" ... As a result of the foregoing matters, our Board of Directors has directed the Company to prepare and file an amended Form 10-KSB’s for the fiscal year ended December 31, 2006 and December 31, 2007 and amended Form 10-QSBs for the quarterly periods ended March 31, 2007, June 30, 2007 and September 30, 2007, which include a restatement of our financial statements for the fiscal years ended December 31, 2006 and December 31, 2007 and the interim periods as of and for the three month periods ended March 31, 2007, June 30, 2007 and September 30, 2007, to reflect the correction described herein. The company
will file such amendments as soon as their responses to the SEC comments have been approved by the SEC and the Company completes its analysis and its independent registered accountant completes its review procedures and audit work with respect to the Form 10-KSB ... "
Here's the link:
http://finance.aol.com/company/universal-property-development-and/updve/nab/8-K/08821692/html/sec-filings
But what concerns me is the fact that even back in May UPDV was waiting for an approval to their responses to the SEC and by the looks of this current 8-K they apparently still haven't received one. Seems the SEC is dragging their feet.
But the good news that can be extrapolated from this; it appears that at least since May UPDV has gotten their analysis completed and their independent accountant has completed their review and audits. So it's not all bad.
Though UPDV is nearing the deadline before being booted from the OTC, they may be able to appeal to the SEC to extend that deadline being as how the ball is now more or less already in the SEC's court, and has been there since May. The SEC granting appeals or bending the rules a little isn't unheard of in certain situations.
My opinions
Oaks, here's why they need to restate:
" ... brief description of the facts ... is as follows:
Upon further evaluation of our accounting methodology and the relevant accounting principals, we determined that we should
have calculated and recorded asset retirement obligations and related accretion, depletion and impairment expense in the
financial statements. We should have properly recorded the breakup fee to Sundial in the Consolidated Statement of Cash Flows.
We also needed to expand several disclosures in equity, risk factors, etc. and remove certain disclosures that were incorrect.
-
Our disclosure controls and procedures were not effective at the reasonable assurance level due to a material weakness surrounding the calculation of the asset retirement obligations. We had inadequately designed processes to properly calculate our asset retirement obligations.
-
Related to the above, the Company did not have any asset retirement costs or obligations because part of its agreement with its operator was that the operator would cover all retirement costs related to the Company’s leases.
-
We have incorrectly presented two separate amounts for diluted loss per share on the face of our Statement of Operations.
-
The disclosure of the costs incurred for oil and gas property acquisition, exploration and development activities was inadequate.
-
There was no disclosure of reconciliation of the changes to the Standardized Measure and the changes in proved reserve quantities.
http://finance.aol.com/company/universal-property-development-and/updve/nab/8-K/08821692/html/sec-filings
Like I said, an act of congress LOL.
Because if just getting the shares cancelled was this complicated, then lowering the A/S might take an act of congress ;)
Better yet Greedy, name ONE pink sheet company "worthy" of owning! Where did I state in my post that pinkies with billions upon billions of shares are worthy of anything or are not scams? I was simply stating that FFGO isn't the Lone Ranger in the BS club (that's billion share club, not what you're thinking). If you want my honest opinion, I feel that 98% of ALL pinksheet companies are losers (and that figure may be on the low side).
I've never worked for that stock transfer agent (or any for that matter) so I don't know what their protocol is. Maybe copies were sent to speed up the process. The TA could review and tally and re-tally the mess today, then simply put their stamp of approval on the heap tomorrow after receipt of the originals. Who the hells knows? This is just my guess. Simply call IR and have them explain to you why Santini sent copies in before the originals. Besides, wouldn't you rather hear it from the horses mouth? I'm not worried about the reason so I'm not going to waste my time to call the TA. I'd probably just get a busy signal anyway because of the other 800 shareholders already on hold ahead of me.
So what's your point?
You appear to be new to pink sheet companies PF. Let me explain; tens of billions of authorized or outstanding shares are commonplace in pinkie world. Nothing unusual or too funny about it in my opinion.
When I purchased my home long distance the attorney and realtor requested faxed copies of certain documents from me as our closing was just two days away. But they also requested that I next day air the original signed documents of the same. Now why did they want the copies first? Who knows, I just gave them what they wanted because I wanted the house.
My guess is FFGO submitted copies of the cancelled certs electronically and are overnight FedExing the hard copies to the TA. Come on now! This isn't rocket science!
Just got back from my broker. Dropped off 2 grand. But won't be ready until between noon and three tomorrow they tell me (always friggin delays). Locked and loaded. Keep it down at least another day boys and girls. Preferrably .0015 or less.
Agreed, but the T/A's numbers can change ... when shares are cancelled for example.
No need to apologize, we were all newbies at one time.
But in regards to your question, there is less liquidity trading in the pinks. Not a real market. Generally harder to get orders filled and more expensive to buy or sell because of the wider spreads between the bid and ask. Not the end of the world for a stock (but darn near), but not good either. Minimum sentence there is one year, and that's assuming they can get current and stay current on all their filings. OTCBB is bad enough, let's not even think about the pinks. In my opinion it's a moot point anyway because they'll get their filing in before it's too late.
But keep in mind, this is only my opinion. So buy, sell, or hold at your own risk. That said, there is a lot of risk here, but at the same time greater potential for reward. Always do your own DD and invest accordingly.
I really don't see that happening. Rather, UPDV would make a nice target for another O&G company (or holding company) of deeper pockets looking to make an acquisition. They're a perfect candidate in my opinion. UPDV has a decent infrastructure in place with real customers and revenues, just short on cash. Now that would be a good thing for us shareholders if that were to happen. But what the hell do I know.
I'm afraid though that if the SP stays depressed like this that they'll probably resort to another reverse split, and that seldom does investors any good. Regardless, I plan to hold on to what I have and anxiously await the 10-Q for answers and more clues as to where this may be headed.
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I hate to even guess. But I'm hoping it comes no later than the 12th which is a Friday. The grace period is 30 days from the time the symbol recieves an "E" to my knowledge. They got the "E" on the 22nd, but the delinquent date was the 20th.
I wouldn't have a problem selling my shares to someone face to face. If they want to buy them from me I will certainly sell to them. I'm not sticking a gun in their face or twisting their arms.
In regards to selling at or near a top, who knows what that price is? And let the buyer beware. I trade to make money, it has nothing to do with my "character" if I'm lucky enough to have some of their wealth transfer from their pocket into mine. Any time anyone realizes a gain in the stock market, it comes at the expense of someone else. It's the nature of the beast.
Most here just can't see the forest because of all the trees. I look at it this way; so what if UPDVE's late filing their 10-Q? When it finally comes out they will be reporting once again their best quarter ever regarding revenues. I know revenues are not net earnings, but growth in revenues is still a good thing no matter how you slice or dice it. Net earnings will follow.
Secondly, I think the SP will fall even more on the day that the 10-Q comes out because people are always expecting way too much. Most have never ran a business and have no idea how long it takes to get traction. I think a lot willl also be upset to see the dilution near a billion shares or almost 10 fold that of their last 10-Q. But if you do the math, 1B times the current share price is only $2.1M, and in my opinion a bargain for a company doing $70M/year in revenues.
The ONLY way to do it Bluespirate!
Then so be it. I don't know how to invest. However, my broker account proves to me that I know how to trade profitably.
And I think you meant to say "fundamental" analysis, not "technical". Technical trading doesn't concern a company's fundamentals.
Regardless, best of luck to you. We can agree to disagree on our ways and means of making money in the stock market.
UPDV has blown off quite a bit of share price on insignificant volume. The way I look at it, outstanding shares are currently around 1B, so no biggie if a few investors or traders decide to give their shares away. 20M shares traded in a day amounts to just 2% of the outstanding shares, so that tells me that the other 98% of the shares are being held in tight fists.
I have another $1500 to throw at this, but only if I can get more at $0.0015. I need to get my average cost per share down to a more acceptable level. Still holding 4.2M shares.
Best of luck to the few longs remaining. And to those of you who sold at a loss, better luck on your next trades.
I have a buy order in for .0015. I don't really expect it to fill but you never know with the way that the weak hands have been continuing to fold daily. I'm holding just one ace but waiting to see the flop. If I'm lucky everyone will fold into my bluff and I'll win the pot without even a pair.
I agree. Hedge funds with hundreds of millions of $$$$ can and do take down small public companies regardless of how well managed or profitable those small companies are. One large hedge fund can relentlessly drive down a targeted company's share price making it virtually impossible for that company to do any type of equity financing to expand or sometimes even continue operations.
You left off the rest of your last sentence greedy:
... just as stock bashers can't stand the positives.
Yeah greedy, stick to investing only in blue chip stocks based on fundamentals and hold them long term. Just think how much you would have made if you bought GM 60 years ago and held on to it until today LOL. What a waste of a lifetime that would have been.
Face it, since computers and online trading at $7 a trade, it's a swing trader’s paradise and you can throw all that "old school" pre-computer days investment advice out the window as it is seriously dated and no longer applies. The days of buying companies based only on their strong fundamentals and holding on to them are a thing of the past. People can and do make serious money buying decent or crap companies and flipping them a few hours or days later. No, I didn't say it was "investing". It's called trading, and the best way to make money in this crooked stock market.
My opinions of course.
These 3 things combined BTW, create the perfect storm.
That's one of the reasons that I prefer to own UPDV over HTOG. All of UPDV's eggs are not in one basket. That said, HTOG may be behind in their production forecasts but any type of increase is better than no increase at all. More dollars will be coming in for Heartland too after they get those 12 wells in SE KS tied in. Not to mention that decent new oil well in northern KS, with maybe more to be drilled on that same acreage.
Still long and strong UPDV looking at the bigger picture. I also believe that unless HTOG pays UPDV cash on that loan, UPDV will settle for more HTOG stock keeping them the controlling interest of Heartland. I don't see UPDV just forgiving that debt as others have posted.
In my opinion, over the long haul, oil will continue marching higher which will be good for O&G companies. Short term there will be pullbacks as usual, but over time (3 to 5 years) oil even if $150 will look cheap.
Also, my crystal ball says that UPDVE will file their 10Q before the possibility of being delisted. They have 30 days from the original due date and by my math that gives them until Sep 13th.
My opinions
I agree. The SEC is just as corrupt as the rest of Wall Street that they "supposedly" regulate.
My opinion
Wrong. What do you call cash dividends paid by many companies?
Didn't you read the latest PR on this topic? Santini's now saying that the 13g filers are waiting until the TA has been updated. We shall see. The TA should be updated (early) this week per Santini.
I agree with you leoncio1. Market cap is a very important metric. Once we know what the current market cap is, then we can better determine if the current share price is about right, too high, or too low (based on other factors of course such as growth in revenues, growth in net earnings, assets to liabilities, etc.). Basically we're waiting to determine the current O/S.
At .0023 the market cap is around $2.3M in my opinion. Still very low considering they'll do over $70M in revenues this year and the net has been improving for the past 4 quarters. Still negative, but has been improving nicely. Don't know about the net for quarter ending June though. Revenues will probably be another record, but it is possible that the net could have taken a downturn from the previous 4 quarter trend. That's what I'm waiting to find out from the 10Q. In my opinion the number of shares outstanding are now around 1B, about 10 fold from last quarter. Still long and strong about 4.5 million shares but done buying for now. I have just a hair over $20K in this now, need to cool it a little. Will pick up a boatload more in the mid 1's though if it gets that low. 52 week low was around .0013 not too long ago, may retest it at this rate. Still, longer term I'm not worried. I think our patience will pay off.
All my opinions only.
They can be 30 days late before poop starts to hit the fan. About half way there.
Perfect trading range to make decent money as long as the volume stays liquid. 3 to 5 is a 67% gain, nothing wrong with that, especially if you can keep peat and repeating the process several times a month.
Shorts can only borrow shares from people's margin accounts. If all your shares are held in a cash account they can't be borrowed. Or so ScotTrade tells me.
$27K traded hands today. Whoopee! Just a few traders unloading. Compare how many shares traded the last several days during this downdraft to the float and it is a very insignificant percentage of shares. It simply means that the majority of UPDV stockholders are sitting on their shares. Let the few weak hands bail, for they know not what they do. It really helps to get a nice low price when accumulating though as they drag down the share price. Please, by all means MM's, take it down to triple zeros! I'll simply keep doubling down. The bashers will call me an effing fool, but it's my money so why would they be concerned what I do with it?