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Is the product being sold on submarines?
It's good to know that SFI has a cadre of followers that support it blindly. I'm impressed.
For a company the size of SFI that does not have ANY reported sales for 2008 and 2009, the audit fees would be approximately $25k to $30k per year. (Contact the Tennessee Society of Certified Public Accountants: 615-377-3825.)
It is clear that SFI cannot afford audited statements and it seems that for many posters on this board, that may not be an important item. But until the financial statements can be audited, why aren't the statements prepared by a CPA? Even a loser company like MMUH had their financials prepared by CPA.
I find it peculiar that SFI's predecessor, Courtside Products DID have complete financial statements prepared by a CPA. If you look the filings for 12-31-2007, the company's shows a balance sheet, income statement, statement of cash flows and notes to the financial statements. So SFI management has elected not to maintain the same reporting standards as Courtside? What's wrong with this picture. I'll state it again, SFI may not be hiding anything but they are omitting material information that would enable shareholders to make an informed decision. I have no doubt that SFI is flying under FINRA'S radar.
OK, lets say that SFI is not hiding anything however they are omitting material information. From the persepective of serious and especially institutional investors this is a BIG problem, a major caution flag. I invite you to verify what I am saying.
I can tell by your responses that while you defend SFI management, you also recognize the concern.
Last post should have read: "$25k-$30k if you don't use one of the BIG 5 CPA firms." Sorry about the error.
Two years audit would probably cost about $25-$30k per year if you don't use one of many regional CPA firms. But if SFI cannot afford a full audit, what about non-audited FULL DISCLOSURE financial statements? If you look at the 12-31-09 financials there are significant missing items:
Statement of Cash Flows
Statement of Stockhloders Equity
Notes to Financial Statements
Balance Sheet shows no accounts payable. (Are you kidding? Zero accounts payable?)
Also, FINRA requires that the name of the person and qualifications of the person preparing the financial statements needs to be disclosed. Where is this information?
Spirit, I DO want SFI to succeed. Remember they have been at this for more than a year now and they're still not a full reporting company? IMO this is a major indication that something is just not right. And again, where can someone like me (or you for that matter) buy the product?
I'm sure you know how to read financial statements and surely you must recognize that their quarterly financials are far away from GAAP standards or SEC standards. It concerns me a great deal that they may not want to be a full reporting company because they are hiding something. I cannot understand why as responsible shareholders there are not more investors screaming for FULL REPORTING. I continue to maintain that as long as SFI is not a full reporting company the stock cannot go far. Can you think of ONE public company that can be considered a serious player that is not fully reporting? I would also like to know why SFI can't tell us why they are not a full reporting company.
I am semi-retired. However I was co-founder of a publicly traded company which started on the pinks and ended on AMEX then sold to Europeans. I got interested in SFIO at the request of a friend who is also an investor. SFI has some great potential but I do not understand why they don't go fully reporting and they need to be clear about where their product can be purchased. Any investor who is interested in the future of the company and in protecting their investment needs to insist that SFI management make these two items a top priority. Unfortunately too many of the posters on this board are far too easy on SFI management and much too gullible. Investors need to insist: DON'T TELL ME, SHOW ME!
Despite the tone of my postings, I really DO believe that SFI is the premier e-cig company in the industry. But I also believe that they are not doing enough to deal with some fundamentals such as "fully reporting" and a clear position on consumer availability of the product. In my opinon this is the principal reason why SFIO pps cannot get any traction. On a regular basis I bring up these two subjects but SFI is not reacting quickly enough to address these vitally important matters.
All of SFI's press releases are projections with a heavy dose of hype. While they are getting some credit lines, it is only a drop in the bucket relative to the cash they will need to achieve even a portion of their projected sales, not to mention the legal fees for FDA attorneys. To date, nobody can say for certain where the product can be purchased. Many of the posters on this site are waiting for first quarter results but it seems the financials are prepared by Mickey Mouse. And of course, there is no news on when the company will be fully reporting.
Keep in mind the following, what I am giving you are facts. The majority of the comments in this site are posted by five or six "wishful thinkers" who love to speculate.
Great news this morning, pps jumped up 33%. But now the pps is down to .023. So the question is, with such great news, why can't SFIO sustain the opening share price? The pattern has been quite clear: price jumps up before noon and by the end of the day pps goes down to the day's starting point or below. For those looking to make a quick buck the advice would be, buy 10 minutes before market close and sell first thing in the morning.
What year? Also, can anyone give me one retail location where product is available? You would think with all the pretty press releases there would be at least one reference as to where a potential customer can buy some product. SFI has been in business now for one year, where is the product? Until SFI can answer this question, the pps is not going anywhere but down.
The press release about a $400k line of credit reveals a significant problem with SFI's cash situation. $400K is a
drop in the bucket. Where will the cash come from to finance
$10 million (or more) in sales? (Inventory/Receivables).
Also nobody seems to know where SFI has a retail presence. The collapsing share price is reflective of a total lack of investor confidence.
The first quarter financials will not be "full reporting". SFI would have made an announcement by now if there was a chance that they would be full reporting. That means whatever is reported has little or no value.
Earnings (i.e profits)?, a long, long way off. I predict that first quarter sales will not be more than $2 million. For those waiting for some remarkable results in April, don't hold your breath. One more thing, does one have to travel to Europe to buy product? That's ridiculous!
Thank you, Fink. In spite of what the "blue-sky" posters may feel, I do want SFI to succeed. But a big part of the road to success must be "full reporting" and credibility. I just dont think SFI is doing enough to correct these major deficiencies. Until they do, the PPS will remain in the toilet. I am tough on SFI because if I prod them enough, maybe they'll do something about plugging-up what I see as major holes in the boat.
As with every pinksheet stock, two groups of investors emerge. There are the "blue-skiers" who think that no matter what the company does it's ok. Then there are the "cloudy-skiers" who believe that there are storms that need to be dealt with. One storm is the lousy financial reporting. Not once does SFI deal with the issue of full reporting. The second storm is the press releases that are full of hype and no substance. Just once I would like to see the "blue-skiers" challenge SFI management to improve the financial reporting and issue press releases that provide real information, not just empty "fluff". There are plenty of storms all around SFI and it seems no one is dealing with them. By the way, is Mr. T the only SFI manager? Where is Wilbrink, the CFO?
Will first quarter financials be "fully reporting"? Probably not! And if they are not, the financials are not reliable. I say to SFI, and all the eternally optimistic posters, "GET REAL".
Like so manu e-cig companies, this company's shares cannot get and sustain any traction.
Excellent news. That will make a BIG difference.
The stock continues to go down. I guess that's good for those wanting to average down. But when will the stock start heading in a positive direction? I've looked at prior press releases and I don't see any mention of SFI going fully reporting. Until SFI submits financial statements that comply with "full reporting" requirements, we are dealing with a bunch of amateurs.
The revenue figures are constantly being pushed back. First it was the fourth quarter of 2009, then it was first quarter of 2010, now it's the second quarter of 2010. As of today, SFI has not reported one dollar of actual revenue. What about profit? A long way off, IMO.
It is very close. However too often in life the majority of problems lie in the final details. Let's hope that SFI will overcome "devil in the details" situations.
OOPS! I meant to respond to AAK. (Sorry about that.)
SFI needs to get out of the start up phase (where it is now) to the momentum phase. Hopefully that will happen after 1st qtr results. Once it gets to the momentum phase, SFI share price will take on a life of its own because the ones who really influence the share price (institutional investors) will jump on the bandwagon.
You make a good point. But SFI is at a critical juncture in their momentum curve. They need to have more preventative maintenance and less fixing. (IMO)
SFI cannot seem to get traction. IMO two reasons: No predictions on 1qtr sales and financial reporting sucks.
In the past their sales predictions have been way off.
It's time for SFI to get real about predictions.
What you say is true. But as a start-up company, credibility can be your friend or it can be your worst enemy. At this stage of the company's development, SFI needs to be very careful about their predictions. As the saying goes: ACTIONS SPEAK LOUDER THAN WORDS.
Good response. IMO the only e-cig company that has a winning product is SFI. My dissapointment is that SFI is way behind on their sales and distribution predictions. You may recall that some press releases predicted sales for the last quarter of 2009. We are now entering the last month of the first quarter 2010 and still nothing definitive about sales. SFI is a public company and I think they need to be more accurate about the timing of their predictions. More than anything I think SFI's inability to actually do what they say they are going to do negatively impacts the share price. It affects all shareholders.
Too many of SFI's press releases and statements are fairy tales and BS. SFI theme song: "When you wish upon a star..."
This stock is still going down, down, down. When was the last time the stock went up? Even with good news the stock goes down.
You have done a good job Freak. It is good to provide a different point of view. By the way, St Gallen is a beautiful town. I am sure some people believe it is in Sweden.
This is the right mentality. If SFI can really place product in stores, god bless them. But the reality is that SFI management do not have the best history. I dont think anyone wants to make trouble. Its just that we should all know that there is another side besides the press releases from Mr T.
I hope that the stock goes to $1 per share and more.
It is sad when people open their eyes but cannot see. Google searches about this group (Metropolitan, Bel Air, Nicstic, etc) are full of warnings about stock fraud. SFI management is associated with all these companies. By the way, we never hear anything about Wilbrink. Is he still with SFI?
Who is the jerk? Wilbrink or Schröpfer?
Very interesting. Wilbrink Schropfer and Wang all worked with the vermin at Nicstic. Now they all work for SFI.
Do you know if Robert Wang was with Nicstic?
From the website of Swan Group: How can Mr T say he has nothing to do with Swan Group?
August 3rd 2006
Metropolitan Worldwide, Inc. and NicStic AG Negotiate to End Legal Procedures and Resume Cooperation
NASHVILLE, Tenn. & ZURICH, Switzerland, Aug 03, 2006 (BUSINESS WIRE) -- Metropolitan Worldwide, Inc. of Nashville (Pink Sheets:MWWM) ("MWWM" or the "Company"), its subsidiary Bel Air International Corp in Hallandale, Florida, and NicStic AG of Zurich, Switzerland have negotiated to cease all pending legal proceedings between parties and their board members. Bel Air President Evert Wilbrink stated that "with the shareholders of NicStic AG making the welcome decision on June 30 of overhauling their full Board of Directors, as well as the complete management of NicStic AG and appointing the acclaimed Mr. Gutknecht as Chairman of the Board, we trust that we are back on track trying to achieve a common goal." As soon as the new Board of NicStic AG was appointed, Hans-Jorg Gutknecht, the new Chairman of NicStic AG, contacted MWWM and signed a practical business settlement with MWWM Chairman Michael Berresheim, including acknowledgment of the previous contracts between NicStic AG and MWWM. MWWM Chairman Michael Berresheim commented: "Legal action is only destroying our shareholder value. We have to concentrate in looking forward to develope our smokeless cigarette to fulfill our markets demand. We appreciate the immediate efforts of Mr. Gutknecht of NicStic AG. Combining our resources would enable us to adequately position our smokeless alternatives into the cigarette market and improve the potential worldwide success of the Bel Air and NicStic product." The signed contract that completed the first round of negotiations will be submitted to Board of both companies for approval, hopefully before the end of August 2006.
All information provided within this release pertaining to investing, stocks, securities must be understood as information provided and not investment advice. Emerging Equity Alert advises all readers and subscribers to seek advice from a registered professional securities representative before deciding to trade in stocks featured within this release. None of the material within this report shall be construed as any kind of investment advice. In compliance with Section 17(b), we disclose the holding of independently purchased shares of MWWM prior to the publication of this report. Be aware of an inherent conflict of interest resulting from such holdings due to our intent to profit from the liquidation of these shares. Shares may be sold at any time, even after positive statements have been made regarding the above company.
I have now found out some new information today from contacts in Switzerland. Patent was developed by Nicstic but Nicstic never able to complete patent because the company was forced to close by Swiss authorities because of massive fraud. When Nicstic closed Mr T took over the patent. Mr T knows he not developed the patent.
Good things are coming for the last four years.