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Excuse me?
iEquiScam has the 60% power far and away over anyone out there.
First of all they get it with the 5 million preferred shares, which GUARANTEES they own 60% voting power (aka they can do what they want, including a 1:24444444444 reverse split to wipe out everyone's shares and then convert their notes to own the company outright).
Since those have CONveniently not been issued yet it then comes down to the convertible notes, and how much iEquity is owed by SKTO, at a rate of $50,000/month. As we have explained, translated into shares that is (conversion rate of .0003) 1 billion shares every six months.
Say goodbye to your theory, it is incorrect.
Shareholders get nothing.
Except what you can muster getting out at the open on first day after suspension. iEquity will be waiting to sell any shares that naive believers choose to buy. It'll be ugly, but lesson #2 for investors.
Warnings were given by those smart enough to know what was staring them in the face.
Sorry about that.
IMO/FWIW
This isn't about MMJ Stocks,
no matter the attempts to paint it that way.
It's really no different than how the SEC shot down the mining stocks, the phony dotcoms, and any other fad that was used by penny thieves to extract money from the naive by running a share-selling scheme.
GW doesn't announce billions in revenue and not collect any of them.
GW keeps all of it's proper information current and public.
GW's sharecount is not hidden because their TA is gagged.
GW doesn't announce a dividend and not give it for over a year with no explanation.
GW doesn't announce they are giving preferred shares that hand over power of the company to an entity that claims 150 million in credit line available in a one sentence blip, never to actually see that money.
GW doesn't consider dealing with an SEC suspended person a "matter of ordinary business."
GW doesn't write off bad debt based on a calculation and then miscount by 3 and 8 million dollars.
GW doesn't announce deals with entities they won't name, only to be found to be collecting nothing from them, only to have regular folks be able to connect the dots about companies they created for the purpose of fulfilling the "count" in a PR.
The SEC isn't going after GW because they don't have anything to go after.
SKTO/AEGY have tons to go after. And that's why the SEC suspended them.
Sorry about that. Not so squeaky clean after all.
Warnings were there.
IMO/FWIW
Newsflash...SKTO and AEGY were suspended.
Business isn't booming..hence $89 in AEGY's coffers and SKTO selling stock at insane conversion rates, and writing off 52 million dollars in "receivables." Oh, wait, that's part of what got them suspended.
The greys will be a permanent resting place for SKTO.
The SEC will continue to question about all of the financials that don't add up...until they get answers.
There won't be a "merged Medical Greens." The SEC has made it clear they don't think either company is above board.
The winners are going to be the insiders dumping into the hands of naive believers that there is any company here.
It was always about selling shares.
And now it's about "defendant #1, defendant #2..."
IMO/FWIW
A refresher...
As has been stated multiple times, this was never about "killing the MMJ industry." This was never about MMs looking to profit from some naked short position. This was never about evil conspiracies. This was about SKTO's management posting enough false and misleading statements, financial reports, and insane "conference calls," that brought the SEC to say "ENOUGH ALREADY."
I saw a request for 10 things that caused anyone to think SKTO was a scam...the list is much longer than that.
1.Claims of millions in revenue from a company that was acquired before they existed. (source: State filings showing MG existed starting 6 weeks after the original PR).
2.Claims of contracts with collectives, with no actual revenue collected in 2013 to back it up (source: filings, and prior posting of all of the "collectives" showing at the same PO Box.
3.Hipple's signature on a document that was submitted to OTCMarkets (I-Glow can direct you to information on that one, I don't have it handy).
4.All of the unnamed notes in the filings.
5.All of the shares given to Crystal Falls (source: Filings) at a ridiculous conversion (might not be so ridiculous now!) rate, for a lawsuit involving items never named that was merely threatened.
6.Conference call 1.
7.Conference call 2.
8.Conference call 3.
9.The gagged transfer agent.
10.The failure to correctly follow their own accounts receivable impairment formula in not one (annual) but TWO (1Q 2014) filings...shorting the amount actually needed to be written off by 3 million, and then 8 million dollars.
11.Claimed acquisitions of companies that have no footprint (Sovereign International, Paragon), and even claiming to have purchased a company that earned 1.34 million in revenues monthly for an amount nowhere close in valuation. (I-Glow has broken that one down deeply)
12.Not announcing the specifics behind the departures of Kevin Allyn, Michael Choo, Roy Laughlin.
13.Announcing that iEquity was given 5 million preferred shares, which account for 60% voting power and when transferred to common shares 60% of the outstanding shares of SKTO, but constantly postponing the actual issuance to iEquity of those shares.
14.Paying iEquity a $50k/month fee, when they supposedly "own" the company via full control of voting power.
15.Posting financial statements where none of the documents within matched up with each other (as all financial statements should).
Folks, feel free to add to this. It's just 15 points. I'm guessing we can add about 15 more.
SonofGekko,
I agree, this could be his political downfall. I suggest everyone, especially affected shareholders in California, should contact his Republican opponent for the November election. I wonder what their further investigations will reveal about Mr. Newsom's involvement in what has become a suspended ticker.
IMO/FWIW
I wonder what
the opponent from the Republican side, Mr. Ron Nehring, thinks of Gavin Newsom's endorsement of this SUSPENDED company?
Methinks he'll have some weapons to throw the incumbent's way as November approaches.
IMO/FWIW
LeGoose,
I think somehow you have wrong information. That's definitely not SKTO.
Recheck that and get back to us. Believe me if you found something we all didn't, this is a good place to share.
Thanks!
I'll tell you what I do know...
6/6/14 AEGY and SKTO: SEC Suspension:
http://www.sec.gov/litigation/suspensions/2014/34-72337.pdf
Order:
http://www.sec.gov/litigation/suspensions/2014/34-72337-o.pdf
This much is FACT.
Perhaps someone needs to be out on Twitter making sure to reply/retweet about the suspension of their public stocks, SKTO and sister AEGY.
May as well use the twitterverse to get the entire picture out there. Perhaps some links to the erroneous filings...
It's all about setting up for the insiders to get out fast at the open.
I'm sure the SEC will follow VERY closely as to who sells what.
I wonder if stocks have been revoked during a suspension period?
Hmmm.
IMO/FWIW
This might set off some bells and whistles...
In light of the debacle that has rewarded insiders handsomely at the expense of numerous common shareholders, it should perhaps be pointed out that Directors and Officers of public companies are not immune from being held personally liable. For that reason, D&O insurance, once the exception, is now becoming the rule among many corporations. However, these policies do not protect the insured against acts of fraud. In that case, the fraudster must self-insure.
"Liability can exist for officers and directors when they cause financial harm to the corporation, act solely on their own behalf and to the detriment of the corporation, or commit a crime or wrongful act. Certain acts may subject an officer or director to personal liability, and other acts--although they would otherwise subject them to liability--may be either indemnified by the corporation or insured against by the corporation."
Yikes! Not good for the folks...especially Benz.
And all deserved.
IMO/FWIW
You know,
In some places I hang out, there's a cry for a "cash dividend for those who got stuck in this."
You know what the cash dividend is? Whatever you can get selling at the open.
Consider it a gift to collect anything over zero for your shares post-suspension.
The earlier post by nopancakemix was dead on. If SKTO truly had 50 million dollars in revenues, there are lawyers who would have GLADLY taken 20-30% to collect it all, and bust their tails doing it.
I-Glow said the revenue was fake. He said it in March, he said it this March, he said it June 5.
HE. WAS. RIGHT.
And anyone who listened to that "CC3" on Sunday should have had their finger on the sell button come 9:30am on Monday.
SKTO insiders owe NOTHING to anyone naive enough to have kept a long position in the stock. They will be taken to task.
Gavin Newsom will have his information sent to all of his political rivals. I'm sure the news media in the LA area would LOVE a piece of this action. And they'll get it.
The colorist will have to really paint a picture to keep him out of the orange jumpsuit.
The "Rainmaker" will be forever etched in history as a fraud conveyor. Whether he's indicted or not.
And Benz? Oh, watching him fall will be fun. I wonder what Fox would think to learn about all of this. I doubt he'll be on any NFL telecasts this winter. Could end up a story in the news, though.
His cockiness was part of his downfall. As were those who swore this was the next big thing.
Promoters are guilty. But ultimately, the company's leadership is the most guilty.
PUT THE BLAME WHERE IT BELONGS.
IMO/FWIW
surfgreen,
You're right. Anyone who promoted what the Company claimed, and did so continuously as to attempt to sell shares at a higher price, could be prosecuted as well.
Since OTCMarkets showed quite clearly there was no shorting of SKTO and no failures to deliver, there are no "shorters" to worry about their fate. They never existed.
However there were 84 promotions of SKTO with over half a million dollars in compensation for them, and billions of convertible shares based on what has and hasn't already been converted.
So you're absolutely right...finding out specifically who those individuals are could be the SEC/DOJ's next target after Benz and the gang.
IMO/FWIW
Seems the SKTO "Ole Faithful" are still trying to grab on to that dangling carrot.
The latest is Pharmajanes adding items on their website (which is a COD delivery service, with no proof they are actually making a dime), and more specifically mentioning that the products are out of Colorado.
Guess they missed the memo that a company was created in CO that has nothing yet to do with SKTO/AEGY (but was created conspicuously around the time the merger PRs were announced)...and that they're probably funneling any revenues into that company, and offsetting them with "administrative expenses."
SKTO seems to mean Sheeple Killing Time Off for now...trying desperately to garner enough volume to dump those insider shares when trading resumes.
I wonder if the SEC targets message board posters who are extremely positive during a suspension, to tie them into the scam itself. I have to believe it's happened.
I think AEGY stands for "All Eggs Gone Yo!" for the nest eggs that were destroyed thanks to Hipple and his cronies pulling off this fast one for a year on the unsuspecting.
Nobody thinks these two will be like the "others" that were suspended.
Boy, a rude awakening awaits.
IMO
Seems like an attempt to precondition his minions to believe he's "squeaky clean."
If I were with the SEC, I'd start looking at each and every company/person that compensated him and start to piece together the six degrees of burnt bacon that leads back to him.
Hard to believe otherwise.
IMO
There is a reason the SEC felt it necessary to suspend both stocks the same time.
It isn't because of a grand SEC conspiracy. It isn't because the MOASS was coming and the big bad message board villains didn't want it to happen.
It is because of the considerable question as to the authenticity of anything SKTO and AEGY have said and done.
It is because of 52 million claimed to be revenues, but in the end, none of it is actually booked. But it sure helped in selling shares.
It is because of the writing off of that 52 million that the company is still short 8 million on what should be gone as of 1Q 2014.
It is because of all of the convertible notes.
It is because of the Crystal Falls connection between Ashvin and Hipple.
It is because of ALL of the connections to Robert Hipple.
It is because of the false and misleading press releases related to the dividend.
Related to the merger with Medical Greens.
Related to the "Going Live" of Janes Card and Pharmajanes, which actually hasn't happen on either front. A COD delivery service is not what Pharmajanes was PRed so many times to be for.
It is because of the claims by a public company that they have cured cancer...without any scientific studies to back it up. But it was used to sell shares.
It is because of the gagged transfer agent.
And many, many more reasons...all of which the SEC knows, and SKTO/AEGY know, despite their laughable PR claim to have no idea what could have caused this.
As General Counsel for BOTH COMPANIES, Jeff Benz knew, or should have known, and certainly with the amount of information posted (which he clearly reads because his entire platform has been attacking those questioning the company via message boards) would have known for at least A YEAR NOW, that what he was allowing the company to post in their press releases was false and misleading.
He would have been able to "fast-track" the work needed for any merger/dividend related to the two companies because he was privy to all the information he needed.
He is in big, big trouble.
And as for Gavin Newsom, I'm sure the Lt. Governor will be getting some emails about his involvement in this scam. As will his opponents. They should know what he's lent his name to. I think the opposing party would find that quite a revelation.
The SEC isn't done.
They've only just begun.
Oh, what a tangled web we weave....
Sorry about that.
IMO/FWIW
This might be worthwhile for people to read...found it in a place I hang out from time to time.
According to latest filing (2014 Q1), the certificates for the 20 million SKTO shares have not been issued yet to BBio. Share certificates are the rule for consummation of acquisitions.
"On June 30, 2013, SK3 Group closed an acquisition agreement to acquire 100% of the outstanding shares of BBORL, INC (Berkeley Bio-Organic Research Laboratories), a California Corporation from its four shareholders for 20 million shares of SK3 Group, common stock (5 million shares to each shareholder). The share certificates have not yet been issued, but the shares are included in the issued and outstanding shares at December 31, 2013 and March 31, 2014."
The same story applies to the acquired CA collective, the four extraction machines, and iequity corp preferred shares (60% control). In the case of the preferred, they have yet to file a new Certificate of Designations with Delaware.
Let me see if I can clarify this some.
A market maker would have to file a form showing they are "willing" to sponsor them. Then FINRA would have to review AND APPROVE the request. The market maker would be putting his/her/its reputation on the line trying to sponsor a suspended stock banished to the greys. Further, FINRA (who has issued warnings specifically regarding this sector) is NOT going to just say "sure, they're squeaky clean, have at it!" They are going to demand answers to everything first.
I saw a request for 10 things that caused anyone to think SKTO was a scam...the list is much longer than that.
1.Claims of millions in revenue from a company that was acquired before they existed. (source: State filings showing MG existed starting 6 weeks after the original PR).
2.Claims of contracts with collectives, with no actual revenue collected in 2013 to back it up (source: filings, and prior posting of all of the "collectives" showing at the same PO Box.
3.Hipple's signature on a document that was submitted to OTCMarkets (I-Glow can direct you to information on that one, I don't have it handy).
4.All of the unnamed notes in the filings.
5.All of the shares given to Crystal Falls (source: Filings) at a ridiculous conversion (might not be so ridiculous now!) rate, for a lawsuit involving items never named that was merely threatened.
6.Conference call 1.
7.Conference call 2.
8.Conference call 3.
9.The gagged transfer agent.
10.The failure to correctly follow their own accounts receivable impairment formula in not one (annual) but TWO (1Q 2014) filings...shorting the amount actually needed to be written off by 3 million, and then 8 million dollars.
11.Claimed acquisitions of companies that have no footprint (Sovereign International, Paragon), and even claiming to have purchased a company that earned 1.34 million in revenues monthly for an amount nowhere close in valuation. (I-Glow has broken that one down deeply)
12.Not announcing the specifics behind the departures of Kevin Allyn, Michael Choo, Roy Laughlin.
13.Announcing that iEquity was given 5 million preferred shares, which account for 60% voting power and when transferred to common shares 60% of the outstanding shares of SKTO, but constantly postponing the actual issuance to iEquity of those shares.
14.Paying iEquity a $50k/month fee, when they supposedly "own" the company via full control of voting power.
15.Posting financial statements where none of the documents within matched up with each other (as all financial statements should).
Folks, feel free to add to this. It's just 15 points. I'm guessing we can add about 15 more.
IMO/FWIW
I-Glow,
I wonder if anyone from SKTO actually wrote that joke of a press release. If they did, the folks at the SEC are in there laughing it up. It does more to help them revoke than it does anything else. Not that I believe they'll ever get out of the greys.
If it wasn't from someone who is actually employed at SKTO/AEGY, this one could be one for the record books. Imagine if it was a desperate shareholder!
Neither situation benefits SKTO.
You can't write off all of your revenue for a year and then say you didn't know this was coming...among other things.
The noteholders probably set up w/their brokers their sell orders the moment the suspension hit.
Seems people don't get that it's extremely easy to paint a nice close on the stock in the greys. Just set up with someone specific a buy and sell at the same price. As long as it's a number not set up by anyone else prior, they'll be able to pull off the trade, and end the day on an uptick, giving the "impression" that there's positive flow in the stock. The next morning, those who fall for the bait will put in buy orders trying to make sure they get back in, and the schemers achieve their intent.
The volume will dry out. It will be high on day one. Seen it before. In the end, they're toast. And I would venture several will be all over Benz and making sure the news outlets know a bit more about this pair of companies and their history.
Benz is really in deep now.
Who was the amateur attorney again?
Sorry about that.
IMO/FWIW
Had a thought, I-Glow.
In all of the filings, iEquity was never actually issued the 5 million preferred shares. It was constantly bantered that they were "to get them," but they never did.
If that's the case, who owns SKTO?
Could BBIO claim they were never actually issued the shares to be purchased? Could they then own all of their own stuff, leaving SKTO, the stock, with nothing?
Believe me, THIS is part of what the SEC wanted this thing suspended for.
Look at all the filings. The SEC is going to want to know EXACTLY who owns what.
I think in the end, the Stoner Boys will end up on their own with all the products they claim to have, and SKTO will end up with zero. Hoye however might have sealed his fate by taking a board slot.
Fun watching any attempt to defend SKTO/AEGY. The SEC wasn't buyin' it. But they were squeaky clean, right? Right? Riiiiiiiight.
IMO/FWIW
It is truly amazing...
to see the psychology of a suspended ticker.
The brutal attacks directed at those who spent time trying to help the very people directly affected by the suspension.
Really think those of us who were alerting the board of all the missteps on the filings were trying to hurt shareholders? Guess again.
The goal was to PREVENT people from being on the wrong side of a suspension that history showed was coming. It was so obvious it was stupid, really.
That CC should have sent everyone running for the exits.
You had Jeff Benz making like every "hard" question was a nuisance. He didn't BEGIN to answer any truly hard questions. He spent half the time threatening those who were pointing out every LEGITIMATE MISSTEP the COMPANY made.
Even the "letter" that nobody in the company had the kahones to own up to writing. It was spent more trying to get people not to listen to those who were trying to help them. And why not? There's lots of paper not yet pushed.
My guess is that "response" only brings the SEC in deeper. It reeked of "just try me, SEC, I'm not scared of you."
Look how well that's worked so far.
IMO/FWIW
What often happens during suspensions...
is you find out even more about the wheels operating the suspended bus.
I believe the SEC suspended both stocks together for the very reason that their actions (and violations) were done in tandem. It's the "i" that binds.
Now, the process begins in learning more about those convertibles.
More about the 84 promotions. Who paid them...who accepted payment for them.
Those holding all these shares to unload have the most to lose...literally and figuratively. They lose an opportunity to make bank if there aren't buyers to take those shares away from them. They lose even more if the SEC decides to make sure they can't.
I'm sure they were made aware of the issues with SKTO courtesy of many sources, not the least of which are the dutiful watchdogs that patrol the internet and listen intently. I'm sure they're continuing to watch the activity in these 10 days.
IMO/FWIW
Perhaps now might be a good time to educate on how the grey sheets work.
You no longer have a market maker. The only volume is created when there is one person who will buy X shares at a given price Y, and one person who will sell those same amount of shares at the same price.
You need a buyer to sell any shares. Finding a seller to buy shares from is easy initially, especially in the greys. As for the price, well, that's not going to be so good.
What sellers will do is try anything to create enough interest to get buyers to take the bait. Maybe compare it to the 1 of 1932 stocks that actually got out of the grey sheets. Maybe try to claim there's a legitimate business here. Whatever the reason, make no mistake...the goal is going to be to get buyers to take their shares.
The volume dip comes when, simply put, no more gullible buyers of a grey sheet stock are buying. Nothing to sell into. There will likely be those who will wait for the bloodbath and think "if I can get 300K shares at a really low price and flip them for a quick double I'll make some of my losses back."
It's a crapshoot at best. And don't get me wrong, some might actually be able to pull it off. But not many, and not for very much.
This, of course, with SKTO, is assuming that the SEC does not revoke the shares, due to the volume and severity of the offenses which SKTO's management claims (laughing very hard) they have NO idea why this could POSSIBLY have happened.
Then, everyone who's got shares, has got nothing.
IMO/FWIW
I'll put my bet on one of two angles...
1.He'll try to play "this caught me completely off guard, I trusted in the information provided to me by the officers of the company as being reliable, truthful, and correct in all ways." Attempt to be the innocent one in the mix.
2.He'll get angry and defiant. Shown he can do that with the CC.
Of course the boilerplate response keeps him out of either of those, so maybe 3 angles on this.
There is no easy way out for Benz now.
IMO/FWIW
There's still more pain to come here...
See, the SEC wasn't going to do this until they had ALL their ducks in a row. Apparently now they do. As has been said by Integral, the fallout will take YEARS. For some, it will be sooner.
I doubt Hipple is let off of his suspension after 5 years...he may get the earliest penalties. Benz's actions will come to immediate challenge I'm sure via complaints to the Bar...I would hope longs who had contact with him/saw his actions on Twitter and in the CCs would be eager to jump on that bandwagon.
I expect that the SEC is going to speedily figure out who owns each and every share of convertibles, especially the unnamed on numerous filings. I expect they'll not find any shorting, but they'll find a ton of unregistered shares. A TON.
I expect they'll find out who paid for the 84 promo pumps.
I expect they'll figure out who has been working message boards in order to help facilitate volume in SKTO/AEGY across the internet.
I expect they'll figure out who was directly affiliated (or unofficially affiliated) with SKTO and was attempting to manipulate the volume of the stock for his/her personal gain.
You don't suspend sister stocks the same day without a ton of ammo.
The ax will fall on many.
This is what happens when scams are suspended.
One by one, people fall. Those who roll, land softer.
IMO/FWIW
Where does the blame go??????
So now that the stock has been suspended for ten days (the maximum days permitted by the SEC), the attention turns to who is to blame.
Of course there's tons of blame to anyone who is/has been associated with the company.
1.Robert Hipple and Henry Jan-the tie that binds. If anyone really thinks the SEC hasn't put the puzzle pieces together about them, guess again. They were the top of the pyramid. In this case, more like Jenga.
2.Kevin Allyn-Looks like he's going to be making subpoenas rain down now. He was the figurehead who took SKTO on to the scene, posting pictures with Larry King, talking on the Daily Dees, being on the first Conference Call/Recorded press release. His exit from the company will NOT keep him out of the line of fire. Though I'm sure his willingness to cooperate and corroborate to nail Hipple and Jan could lessen his pain.
3.Michael Choo-You let your name be affiliated...you will be involved. Again, another one who laid low the entire time, so what he's willing to provide to the SEC won't hurt his case.
4.Roy Loughlin-Same as Choo.
5.Artemis Mayor-Wow, this guy has certainly put himself in a pickle, hasn't he? All the connections to Hipple, and his monotone read of the script on the CC3, plus his name on so many of the false and misleading press releases. He was quoted in some of them, as A Mayor, writen as A Mayer, the list goes on.
6.David Hoye aka D. Gold (aka Fools Gold)-Talk about destroying the Berkeley Bio name (not that it held much weight). He accepted a position on to the board. His facebook posts (and all on that page) will be subpoenaed and scrutinized. You don't go on to a board of a company without explicit knowledge about what is going on. He can try to play the "too stoned to know" card, but I don't think that will go over well.
7.Jeffrey Benz-Had to save the "best" for last. I hope I-Glow has the screenshots of his tweets about "future defendant boy" in a nice, neat binder for the attorneys. Benz showed nothing but cockiness throughout. He acted like he could bully his way through everything, even if he cowered like a lone boy in a sea of bullies with the Crystal Falls settlement. I still hold that deal wasn't as simple as it appears. I think he knew exactly what he was doing when he allowed it. I'm sure over the years we'll see. Benz attacked I-Glow. Benz attacked longs. He was an equal opportunity shnook. And now, those he has hurt will do all they can to "lay the smackdown" on him. BTW, I'd say I-Glow 1, Benz 0 given the week's activity. :)
Beyond all the blame that lies above...there is blame on anyone who held a position and is now holding a position. The risks were there. They were pointed out here on a daily basis. They were pointed out on nodummy's article. They were pointed out on P&D Websites. The data was there. A shareholder is ultimately responsible for the knowledge of the company, and all information surrounding it, when they press the buy button. When I said "CAVEAT HEMPTOR," I meant it. Buyer of pot stocks beware. Buyer of SKTO/AEGY even moreso since I've seen the inner workings here.
Nobody who held shares into the suspension can ONLY blame the company. The warnings were there. By FINRA, by the SEC, by posters on this forum and other forums, by the suspensions of other stocks with very similar storylines. This is NOT to say none of those in the company don't bear the legal weight of responsibility. But you bought in on something that was a HUGE risk, and have to accept that today, the price is being paid.
I hate to see people lose so much money all at once. It's a very, very costly lesson.
But none who did (that have posted on the forums like this one) can say they were not warned on a daily basis by people who were, in fact, trying to protect them from what we see today.
IMO/FWIW
Well WHADDYA KNOW!!!!
For 14 months, CGardner, so many people saw the writing on the wall.
For many of those months we heard "THE SEC LOVES SKTO...SKTO SQUEAKY CLEAN WITH THE SEC!"
For many months we heard "if this was a scam it would already be suspended. $KTO is too legit to quit!!!
For many months we calmly explained that the SEC works in its own timeline...as we saw with SRG#. It's not always swift, it doesn't save everyone...but it does happen.
And now, June 6, 2014, the SEC has stated, quite clearly, that those of us who posted detailed analysis of the sharecounts, the revenue claims, the bad debt calculations, the contracts being phony, etc, etc, etc...WERE DEAD ON.
Where I hang out sometimes I've seen apologies towards several of us. To anyone in that group, thank you.
Sometimes it pays to listen to people who are actually looking out for regular people.
This was one of those times.
More to follow.
IMO/FWIW
Low O/S? Hardly.
At a conversion rate of .0003 (which it seems all of SKTO's items are), every month's payment of $50,000 to iEquity is 166,666,666 shares.
Explain to me again how that works...seems to me they get 2 BILLION shares a year for what, exactly?
Sorry about that.
IMO/FWIW
I-Glow,
You forgot to mention that they should have written off 8 million more than they have, based on the schedule they put IN THEIR OWN FILINGS!!!
The more press appearing like the one you posted for the alleged merger partner, the more likely the SEC is reading along.
Often wondered if articles like that were supposed to be a hint.
Sadly, most don't get the hint.
IMO/FWIW
Seems SKTO is now trying to say they're going to have a clothing line...
So here's a few possibilities for the first printings!
I bought 100,000 dollars of SKTO Stock and all I got was this lousy T-Shirt!
Or maybe a picture of someone with an apple in his mouth and a quote saying "Hey...don't look at me, I'm just the Transfer Agent!"
Or maybe a picture of Kevin Allyn with David Copperfield, saying "Watch me make $52 million in revenues disappear!!!"
Or perhaps the best one...
"Don't sue me! Here's a few hundred million shares of stock!!!"
I'm sure there's plenty more...but the one that will most accurately describe em soon enough is a picture with a soldier with the letters S E C on his uniform saying "HALT!"
IMO
Bastick,
I think the SKTO shirt line will start with one that looks like this...
I bought 100,000 dollars of SKTO Stock and all I got was this lousy T-Shirt!
Or maybe a picture of someone with a gag in his mouth and a quote saying "Hey...don't look at me, I'm just the Transfer Agent!"
Or maybe a picture of Kevin Allyn with David Copperfield, saying "Watch me make $52 million in revenues disappear!!!"
IMO/FWIW
Too bad SKTO will be suspended.
Such a shame.
Those who got out will look back and say how smart it was.
Even a double wide can see through the gaps in the SKTO fantasy.
Sorry about that.
IMO/FWIW
If the Government wishes to permit the full, completely regulated world of Marijuana, you can bet first they will shut down each and every company that is pretending to be a part of the market. The money that the large companies have to lobby, plus to get through the hurdles the government will set so that ONLY those companies will be able to make it through, will end ALL of the "wannabe" companies, SKTO will be gone LONG before the last of the not-so-legit ones are removed.
SKTO will not be bought out.
SKTO will be suspended and eventually revoked.
IMO/FWIW
SKTO files false financials!
Writeoffs to Bad Debt are MISCALCULATED!
Shorted the writeoffs by THREE MILLION LAST QUARTER.
SHORTED AGAIN BY EIGHT MILLION THIS QUARTER!!!
Wonder why Benz didn't discuss THAT in the call????
Benz seems to pick and choose when things are "relevant."
He didn't want to admit that the numbers for all of 2013 were fake.
Good thing people were willing to show they were, and why...and how they were proven RIGHT by the 1Q this year.
SEC coming knocking.
No merger.
No dividend.
No nothing.
IMO/FWIW
I'm actually surprised it's trading as high as it is...the writing is pretty well plastered to the wall, and sprayed over in permanent ink.
This doesn't bode well for SKTO...
This is in California...
http://news.yahoo.com/study-finds-medical-pot-farms-draining-streams-dry-142619088.html
Ouch.
IMO/FWIW
CGardner,
Part of what I found interesting was that Benz spent so much time laughing off the requests for transparency, and never addressed issues that by NO means should be "secretive," such as WHERE the grow facilities and 50 acres are shown on the balance sheet, what their specific values are. Don't need the address...don't even need the pictures, though I see no reason why a picture of said "facility" couldn't be done, even if the address isn't given. But it's a supposed "asset," no?
Transparency would include the TA being ungagged. Again, no need for a physical office (sure, every legitimate company operates in hiding), but they could allow the public to have accurate tracking of the sharecount. Unless of course they're trying to hide illegal acts.
As I-Glow said, there was not one mention of the exits of Allyn, Loughlin, or Choo. No reason not to be forthcoming about that.
The filings show clearly that they aren't making anything off of anything. They need loans to make anything happen...and they have not properly filed with the State to recognize any revenues collected, which, if Pharmajanes was yielding revenues, they would have to do.
This means each dollar of "revenues" is the result of the issuance/sale of shares.
IMO/FWIW
Actually,
He spends quite a bit of time on the subject, LOL!
Tosses in a little backhanded threat "We've got more important business to attend to, but I won't rule out action at some time..."
It's pretty funny. No mention of why Allyn, Choo, Laughlin left and nothing was explained, but he talks all about "bashers," and laughs disgustingly at some of the questions he answers. It's real good comedy. And it's got the sheeple all happy, ready to buy into it and give the insiders an extra few ticks per share.
IMO/FWIW
If you're interested in 20 plus minutes of comedy...
Check the SKTO "conference call" on their website.
Never saw a lawyer act like a disgruntled 4th grader on the playground.
Guess you learn something every day.
IMO/FWIW
Escabar,
Lots of the same questions were raised with SRG#, too.
It took 18 months. It looked insanely obvious, in that case the "leaders" didn't even physically exist (but were killed off!), it had touts, it had all the same features as this one. And when nobody thought it would happen, BOOM. SEC steps in. Squeaky wheel...I'm sure some are already well in touch with the "well in touch."
This CC only helped seal the deal for their fate.
IMO/FWIW