Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Wow. Convincing. GLTY.
Care to elaborate on why you think this is a scam?
In a broad sense, quite possibly. But that doesn't explain the price action I referenced. It's the second time in a few days someone has almost driven the price down to 4 only to fall short and fail to incite a selloff.
Bitcoin just passed $8,000 for the first time.
There’s some optimism amongst people I trust on the subject that $10k is still very much possible by the end of the year.
Testing the 4s means there would have to be volume on RMRK. Which lately, for the most part, there hasn't been.
Even yesterday most of the volume occurred in 30-ish minute stretch which wreaked of someone trying to start a panic sale. Problem for them being, there was no volume so they ended up selling a lot of 5s for no reason.
Now, strangely enough, there are a lot more shares on the ask at 6.
We will know once the financials come out!
Starkman might be a complete douche. I have no idea. He might even be deserving of some of the names he’s been called on here. Which have been numerous.
The thing is, if CRCW was nervous about his ability to get Rimrock current they would have gone in a different direction. They at least had enough faith in him to do that job. And best I can tell, so far he has.
Two things.
RMRK is doing 3 years of audited statements. Again, it’s not just that they are a worthless shell company now, it has to be documented how they got there from where they were in mid-2014. There could be issues with retrieving records from back then, confirming things with people who no longer work there, vendors that may no longer exist, etc.
And how long the audit(s) takes really isn’t under Starkman’s control. The initial gathering of data and actually preparing the financial statements is Rimrock’s responsibility so Starkman may be responsible for lag there. But the auditing firm controls the timeline of the audit. The amount of attestation work depends on how much source material is available, the quality and integrity of the data, and the number of audit personnel assigned to the engagement. Plus a load of other things. The audit is done when the firm says it is done. They won’t issue a clean opinion until they are satisfied with everything. Rimrock needs 3 clean opinions to get current. They’ll wait as long as it takes.
Without knowing the specifics, no, I don’t think it’s unreasonable to expect it to take this long.
Could something have gone terribly wrong at some point? Sure, but we’ll read about CRCW writing off the Rimrock-related expenses and removing Rimrock from the balance sheet if it did.
I’m relatively confident saying that everything was on track as of 9/30/17*.
Everything IMO.
*Edit: Now that I think about it, an asset write-off would probably have been listed among subsequent events in the latest 10-Q. I’d say then on track at least through the end of October.
Yep, it's not just Starkman's name on the line, the auditor needs to be able to stand by its interpretation of GAAP. The auditor won't issue a clean opinion unless the books actually are clean by GAAP standards.
The process to make sure that is the case takes time.
December 1st (when the NT 10-K is due) and December 16th (when the Late 10-K is due) are the dates I'm looking forward to. If there's nothing by EOD on 12/16, it may be time to get worried, unless there's a legitimate reason given explaining the further delay.
Personal opinions of Starkman aside, it's not like he has nothing to do here. RMRK financials have to get from here:
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10422616#V399293_10KA_HTM_F_002
...to whatever their present state is.
Things happened between 8/31/14 and now, and to get current they have to go back and dig through all that stuff. At this moment that's two full years of auditing to do, but really it's three if they want to get current through FY2017. 10-Ks for companies with 8/31 year-ends are due November 30th. Two weeks from today for RMRK's FY2017.
Even a small audit can be time-consuming. Three years of a small audit can be quite time-consuming, especially with the rather arcane accounting of gold mining.
My hope would be that they can get fully current by December 16th, which is the latest date they could file a 10-K for 2017.
I'm far from an expert on this, but it looks like someone tried to sell a bunch of 5s in bursts of 100,000 to 3,000,000 shares in order to make it look like there was a widespread selloff and cause panic selling down into the 4s.
Problem is, there just isn't enough volume on this stock right now to make that work, unless said person was willing to run it all the way down into the 4s themselves, but that would seem to defeat the purpose.
Also guessing that block of 93 million shares on the bid earlier was to make it look like there was more of a selloff than there actually was. As in, "OMG there used to be 110 million shares at 5 but now there's only 15 million - panic!!!"
A miscalculation on someone's part. And it's back up to 6 now. Lol.
Of course, now that I say that watch there be another run on 5s.
(Sorry, didn't mean for this to be a reply. Wrong button.)
I kinda think BWAHAHAHAHAHAHA is just a really, really, really complicated acronym that only Steve Berman knows the meaning of.
Not me. There are very few cases where I'd rather have a wall on the ask. Bid walls are good.
Not today unless there's a huge volume spike on the buy side.
There are people, myself included, who aren’t trading this on technical analysis. I honestly don’t care if this dips to .0003.
The fundamental reason I own the shares I do is that I believe CRCW is run by relatively intelligent/non-scammy people, and that they “have plans” for RMRK, likely a reverse merger. IMO, I can say without much doubt that a year from now, RMRK will either be worth a whole lot more than it is now or will be worthless. I’m obviously betting on the “lot more” side of that binary outcome.
$350 million market cap at 19,000,000 shares equates to a PPS of $18.42. I guess it's not impossible, but giving away shares for $2 when it might be worth $18 seems to be an extremely steep discount. JMO
There has been an annoying pattern of 6's constantly being backfilled once they are bought. If it gets down to 5 million on the ask, about a minute later it's back up to 10 million.
Just curious as to how you arrive at a 600 million market cap for CRCW?
They have approximately 19,000,000 shares outstanding according to their September 30th income statement. They've been selling shares at $2.00, with the only exception being a $6.00 per share option agreement on November 6th.
They have an equity incentive plan where 5 million shares are reserved.
So being generous and rounding up to 25,000,000 shares outstanding at $6 per share, that's a $150 million market cap.
Not saying you're wrong, just curious how you got to 4x the math above.
It's only a 2-3 hour read.
No, nothing wrong with it. Just saying there was lots of insightful discussion that is probably not going to be all rehashed again. When you have the time to read it.
The beginning of the 10-Q discussion is here: https://investorshub.advfn.com/boards/read_msg.aspx?message_id=136200219
Lots of discussion on this last night - look down the board a bit.
Hope that Rafe likes working there and takes care of himself:
Our ability to identify, consult regarding and trade in cryptocurrencies and develop our business is largely dependent on the services of Rafael Furst, our Chief Investment Officer, and other employees and contractors which assist him in management and operation of the business. If we are unable to retain Mr. Furst’s services and to attract other qualified senior management and key personnel on terms satisfactory to us, our business will be adversely affected. We do not have key man life insurance covering the life of Mr. Furst and, even if we are able to afford such a key man policy, our coverage levels may not be sufficient to offset any losses we may suffer as a result of Mr. Furst’s death, disability, or other inability to perform services for us.
Here is the text I believe you're referring to:
Risks Related to the Ownership of our Common Stock
There is a limited trading market for our common stock, which may make it difficult for to sell shares of our common stock.
Our common stock is quoted on the OTC Pink Market on the OTC Markets Group, Inc. and has had limited trading activity since inception. An active trading market for our shares may never develop or be sustained. As a result, investors in our common stock must bear the economic risk of holding those shares for an indefinite period of time. We do not now, and may not in the future, meet the initial listing standards of any national securities exchange. As a result, our stockholders may find it difficult to obtain an accurate determination as to the market value of their shares of our common stock, and may find few buyers to purchase their stock. As a result of these and other factors, it may not be possible to resell shares of our common stock at or above the price for which they were purchased, or at all. Further, an inactive market may also impair our ability to raise capital by selling additional equity in the future, and may impair our ability to enter into strategic partnerships or acquire companies or products by using shares of our common stock as consideration.
I don't know how the market will react, but this bit was interesting:
No definitive agreements have been entered into and no assurance can be given that we will successfully complete and close the proposed acquisition or business combination.
The business combination bit was not mentioned in the previous 10-Q.
I was certainly hoping for better news, but I also don't think it is terrible news.
Rimrock update from the 10-Q:
6. Other Assets
Pursuant to a Note Purchase Agreement dated as of March 27, 2017 by and between the Company and Rimrock Gold Corp, (“Rimrock”), the Company agreed to fund up to $300,000 to settle outstanding convertible debt of and accounts payable by and on behalf of Rimrock and to pay certain ongoing accounting expenses, for the ultimate acquisition of Rimrock, a public company located in Las Vegas, Nevada with limited operations. The Company expects to consummate the acquisition in 2018 and does not currently have plans for future operations of Rimrock. No definitive agreements have been entered into and no assurance can be given that we will successfully complete and close the proposed acquisition or business combination. For the period from Inception to September 30, 2017, the Company advanced $108,250 on behalf of Rimrock to settle the aforementioned liabilities.
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12382236
CRCW 10-Q is posted!
https://www.otcmarkets.com/stock/CRCW/filings
Sorry, replace 10K with 10Q - it's what I get for posting while trying to eat lunch.
Whether you're referring to RMRK or CRCW, yes.
RMRK's volume has been low for the most part recently. Everyone's just waiting for news.
If you mean the 10K, this was discussed a few posts below. It will either be today or tomorrow. If they file an NT-10K tomorrow, they will have to file the quarterly 10K by Monday the 20th.
8Ks don't have a schedule. They are required to be filed after significant events in the interim between 10Ks. Here's a list of the events:
https://www.sec.gov/fast-answers/answersform8khtm.html
Sorry, you're right. I remembered the two being due on the same date.
CRCW (then operating as Croe) filed a NT-10Q back in August, so it’s not unreasonable to think they might again.
But whether a 10Q or NT-10Q, yes they are obligated to file something by today.
...and we have our first trade, 26 minutes into the trading day.
Bitcoin Cash has subsequently dropped back down to the $1200 range. Wasn’t able to hold its gains. I sold a bunch at $1900ish (when it started popping out of its long term channel) but am reloading again.
With Bitcoin Gold coming online in the past few hours, there is some thought that it could spark another big bull altcoin run. There was a lot of Bitcoin Cash selling when it first came out, and a lot of that was funneled into altcoins. Gold is seen as somewhat less reliable than Cash was at the time so history may repeat itself.
How dare you say true things.
I just responded to this earlier today, but the float is not locked in the common sense. There are literally only a few thousand shares available to be traded by non-accredited investors.
It’s simple economics. Scarce supply will create demand that is stronger than it would be with normal supply.
Re: Bitcoin Cash, I think it’s important to keep as a long term asset. There are some out there who think it will surpass Bitcoin in price someday. Who’s to say, but this is a pretty good defense of Bitcoin Cash:
https://docs.google.com/document/d/1r3FuA01WM9OelwecopwrzXJK3DHA_m8T7iki1rbnlw4/mobilebasic
“All of our apps are about saving lives. Except the golf ones.”
Made me do a spit take in my car.