L2 screen shot, please? Just want to see that pretty setup... I'm too cheap to pay the Ihub folks. TIA

IMO, the discrete PR was a carefully orchestrated maneuver. They (whoever "they" is) knew what that PR would do to the share price. These folks know how pinkies work and what reverse splits ultimately (9 times out of 10, anyway) seem to do to the SP in the long run. Why spoil such great R/M news with R/S news? Doesn't make sense to me although I've heard the theories about attracting larger investors by virtue of having a higher SP. I don't buy it. Quite a ride already. Good luck all, and GO STDF!!!

You mean to tell me I'm not a liar and part of a large conspiracy? Others would be disappointed. Thanks for the validation. I even doubted myself for a minute, and then I went back and double checked my cell phone "dialed calls" vs. the Franco number listed, and yep - it was the same. What a tangled web that has been woven.

That's the number I called... When the woman picked up the phone she said the name so quick I couldn't tell what she said, so you may be right about the South Bay Holdings piece. She asked me my name and the purpose for the call, and I said I was a shareholder and had a question about a news release. "For Scorpion?" she asked, to which I replied, "Yes - Steadfast, correct?" She then told me to hold and that's when Mr. Initial Man talked to me.

Hey man, I'm not making this up. I just jumped into the pool here this morning, and I don't have a lot invested. Heck, the cell phone call to Franco was free, so I said "why not?" and called the number. I realistically didn't expect an answer, but I'm being truthful.

Not trying to bash or pump - just trying to add perspective through one man's experience.

Yes, odd to say the least. In that he didn't give me his legit name and there's no way to verify the info he gave me (vs. an email, for example), I don't know. I'd expect something after hours, f I was (any more of) a bettin' man...

Agree. All is not as clear as it should be. Tomorrow should be interesting.

I just called Investor Relations: Franco Inc. (310) 891-1838

The man on the phone (who would only give me his initials (maybe JG??) just confirmed that the press release is legit. He said the securities folks forced them to put out the PR after all of the activity on Friday.

Im specifically mentioned the validity of the split, and he said "absolutely."

Still sounds fishy, but I don't have any idea of what's right or wrong.

Agree with you completely. Something seems odd, but noone can seem to come up with a definitive answer. Roll the dice and see what happens... LOL GLTU

OK - sorry about that. "Filing" isn't the correct term. Just news, that's all.

http://www.otcmarkets.com/stock/STDF/news

filing is on pinksheets.com

Peter was certainly a nice find, eh? I would like to know what's included in the $600k of General/Admin expenses each year. What have we done to incur costs like this year to year? We have nothing, yet we continue to spend $. I don't get it. Well, I do, but I don't like it.

Best case scenario is we get the 592K IMO. Very seldom do they ever award legal fees. As a practical matter, this is just a tactic to raise the plaintiff's claim so when they settle on less, each side feels that they at least got something.

Why can't our CEO stay out of the courtroom? These distractions are costing time, money, and opportunity. We have had enough resources to provide equity/collateral so that a legit lender could be comfortable, yet we choose to so business with someone like Mulvana?

Edgedoc for president/CEO 2011!!! LOL

Agree completely, diesel. I think I also commented on the ambiguous asset back when they were issued as well. That's why I think the financials did more damage than good - it really shows how amateurish PPJE is (IMO) and how much uncertainty/crap we're expected to believe. If this were my first experience with PPJE, and the financials that were issued were supposed to incent me to invest, then I would laugh and walk the other way. Hopefully I'm wrong. GLTUA

Funny he wrote that after midnight in August - he was probably in the bag after a long hot day stuffing his face with crab and martinis.

ironhammer - I can't PM so I'll respond publicly. I did email Basu with my concerns about the financials and I got no response. For some reason it didn't surprise me LOL.

Yep, the asset side of the balance sheet works - it's the liability and equity side that's wrong...

You are absolutely wrong. If you look at the 12/31/10 financials on pinksheets the balance sheet does not balance. I pointed it out right after the financials were issued and noone really commented on it. If you add the liabilities and equity together, they do not add up to $5,932,342 as indicated. They only add up to $4,524,231, which is an error of over $1.4 million - pretty material on a +/- $6 million balance sheet. Also, her O/S shares are being shown at market (.0003), which is wrong. She should show the equity at par value (.0001), and then if she sold the shares for more than that it would be reflected in Additional Paid in Capital. Then you can see if she's diluted into the market on a pump or not. Regardless, I think it smells.

These are significant errors and it's an embarrassment for both the company and the attorney signing off on it. Wouldn't/shouldn't it be part of the lawyer's due diligence and professional standards to ensure the addition is correct and that there are no material errors if he's going to sign off on them?

So no, young grasshoppah, it is you that is misunderstood.

Nice News!

Regardless of whether he's innocent or guilty, there appears to be a standard mode of operation for our CEO. He's no stranger to law suits, which I think reveals this cat's stripes. I somehow manage to go on with my life and stay out of the courtroom, and he can't seem to do the same. He should be called out and be held accountable for what he's doing or not doing. If this is a scam and he's as incompetent as he appears, we truly have nothing, in which case we can write the entire thing off and move on with our lives. All IMO GLTUA

Must have pulled a muscle with his gymnastic maneuver.

The Gates info is posted as a Subsequent Event - see the last paragraph of the filing (way at the bottom). Financials were not good IMO. They have sold shares all year to pay operating costs/salaries and not grown the business appreciably.

News

When I found the mistakes and confusion the day when the financials were posted I did email basu. Mo response so far surprise surprise.

Sorry, madwop - I'm not a "fly by night(er)" or desiring a pump & crash as you are accusing me. I've been in this thing for quite a while and just would like some glaring errors/ambuguities/misleading information in the financials clarified - its' that simple. I'm just saying that in my opinion these "problems" with the financials are hindering progress and PPS. GLTUA

see my posts #20670 and #20686 IMO

Way too many unanswered questions about the financials to feel really good right now IMO. I think that's why the PPS is stagnant - trained eyes can see through the BS. Balance sheet out of balance, poor disclosure, mystery assets, lack of revenue. Actually, I think publishing what she did caused more harm than good.

Another thing about showing the equity section correctly - it can potentially show how much dilution has occurred at a particular share price. If the additional paid in capital is high, the company has likely diluted after a share price increase (pump & dump) and they have received your money. If it's low, then the company has diluted at or close to par value (.0001) and some other lucky Ihubber has made off with your money.

All IMO GLTUA

Crap financial point #1: The balance sheet does not balance. If you add the liabilities and the equity together they fall $1,328,111 short of the $5,932,342 shown.

Crap financial point #2: The equity section is messed up, too, because she should show the issued and o/s at 607,280 (the 6 bllion x par value of .0001), and whatever excess they sold them above par should show in additional paid in capital.

Crap financial point #3: If we recorded any receivable then we would also see revenues for the same amount. That's part of the reason why the financials are crap.

How and why an attorney signed off on this is beyond me. I would think his due diligence would have at least roughly checked the math and seen that there was a material error on the balance sheet in addition to all of the other crap. A $1.3 million error on a #5.9 million dollar balance sheet is a big boo-boo.

Their current ratio, which is the ratio of current assets to current liabilities, and is a sign of liquidity, is 2.2:1, which is pretty good. It shows that if, in a time of need, it needed to liquidate some of its assets to pay off its current creditors, would it be able to, and the answer appears to be "yes."

What I don't like about it is that there's almost $5 million in "other current assets." What could this be? It's not cash or receivables or inventory or equipment, and it's definately the whole story of the balance sheet and I think the overall health of the company. It's a smokin' mirror for me at this point, and we need more disclosure to make sense out of it. Can anyone here on the Ihub board please find out the answer?

In your earlier email, you said that the ratio is always 1:1 - and you're correct if you're comparing assets to liabilities + equity. By default, the only way that assets = liabilities is if there's no equity in the company.

Sorry for the Accounting drivel - it's the way I'm wired. Hope I helped make some sense of it all and spurred some questions to Ms. Basu. I'm going to email her right now and see if I can get some clarity.

Wrong, robots - Assets to liabilities is not always 1:1. A healthy company's assets, particurlarly its current assets (cash, receivables) should normally be a multiple of it's liabilities. Depending on industry and financial health, the ratio of assets to liabilities can vary greatly, and can even, in some cases, drop below 1:1. The difference between the two is equity, and is a driver of the company's value.

I think that's misstated. The issued and outstanding should be shown at par value ($607,281), not market at .0003. Whatever the difference is between the .0001 par value and what she sold them for should be reflected in the additional paid in capital. Then we can tell what the effect of dilution is in both the equity and asset side of the balance sheet. If these were audited it would be adjusted.

Exactly. Spin this whatever way he needs to. We fell for it, so maybe someone else will as well and we can get our moolah back.

His sheer incompetence infuriates me - everything he has attempted thus far has been a failure. I think edgedoc ought to do a hostile takeover and hire me to get this thing off the ground.

Shoot, duck tape a couple of Denamis on the back of a semi and get 'er dun Mr. CEO,you incompetent schlep!

All IMO of course.

Tried to buy 10 mill today - no fill. How does this still show no bid when I'm tryin' to buy?

What I don't understand is why escrow money is even at stake and is somehow being held ransom. Escrow is just a deposit held in trust by the attorneys until a transaction is consummated. Then, the escrow money is either applied to the transaction or refunded to the depositor.

If this transaction were to buy SOMETHING (as is the case with earnest money on a home purchase), then I think the other party might be able to keep the escrow if they could prove damages (i.e. they missed a potential sale to another buyer). However, as I understand it, the escrow was to be used in obtaining a loan/line of credit, so there are no damages or lost opportunities. The worst case scenario is that we don't get a loan/liability and we walk the other way and work with another lender. The maximum we should lose are attorney's fees and other costs, which on a $5MM loan shouldn't be more than $50k or so.

What the hell did Peter and Brian get us into where we shouldn't be able to get our own money back and instead we should essentially write it off? Something smells raunchy here... MAybe if this pathetic CEO would communicate with us and actually disclse somwthing in the financials we could tell what the hell is happening.

Hence, the comment about the SEC earlier. I agree with you. sp. This guy has been a total failure thus far. The only thing he has produced is stockholder anger and confusion. I'm beginning to see where BSIAFL comes from. Noone here has any reason for believing in Brian except MAYBE they made some money on the shenanigans of 2009 and think they can do it again.

No worries, mate. I've been watching this one for a while (and you guys are doing well...good job!), but I understand some peoples' concern after that last debacle I mentioned. There was abundant and verifiable DD, but it appears they even fooled the SEC. For comparison's sake - mining is mining, and pinkies are pinkies. If there's a pending .15 offer, and it had merit, your pps would take off even more. However, there's risk involved so until it happens, caveat emptor.

GLTU

Look at that other stock that had "verifiable" DD, a great NI-4301 (or whatever it was), and a series of buyout offers in December. It ended up being a total scam and alot of people lost a bunch of money after being mislead. People are and should be skeptical IMO. GLTUA

Maybe he needs to go to one of his spinal decompression centers. Oh wait, maybe he did already. Regardless, he sure deserves some time off to go float around and eat crab. He's really earned it.

Brian would probably consider a reverse split a "gymnastic maneuver."

We the shareholders are the "gymnastic" ones here - we're getting bent over in unimaginable ways.