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Money doesn't just magically "appear" in a Cash Account. It has to come from somewhere, like stock sales or borrowings. If it hasn't been stock sales and they haven't borrowed money, where would the money come from?
DudS r US had a NEGATIVE BALANCE in the Cash Account they inherited from PVEC. They OWE almost $4 MILLION CASH to the Series C Preferred shareholders. On top of that, they inherited $7.6 MILLION in Liabilities (unless PVEC paid them off and what's the chance of that?).
The Liabilities are only partially offset by the Assets as much of the Assets are in the form of Intangibles and Prepaid Expenses and are therefore non-fungible.
The company SHOULD have filed merger documents, including financial information by now which would let investors know exactly what they were getting. Since they haven't, it pretty safe to assume that this is nothing more than another Stinky Pinky SCAM!
Hope that helps!
Changing the stock symbol doesn't relieve the "new" company of the obligations of the old company. The Issued and Outstanding stock, including Preferred stock, is STILL Issued and Outstanding stock.
The DEBTS of the old company are now the DEBTS of the NEW company!
Hope that helps!
Makes one wonder if the "stooges" that put up a portion of their private businesses to become subsidiaries are going to be BIG LOSERS. If they have given DudS r US an interest in their business, the company may have to liquidate those interests in order to pay off the Series C stockholders.
At least to pay off Kerry, CMR, PV and other insiders.
Has anyone else considered asking the question of Kerry, "Where is the company going to get the CASH to pay out almost $4 Million in Series C Preferred Stock redemptions?"
I suspect they will pay out on a first come first served basis until they run out of Assets. After all, according to the last Quarterly Report (what passed for one, anyway), the had a NEGATIVE CASH BALANCE! LOLOLOLOL!!!!
The fake "vote" before redemption seems like just aother STALL to give time to Kerry, CMR, PV and other insiders to drain the Assets before anyone else can claim what's due them and they're left holding the bag.
It was confirmed that the Florida manufacturing facility is used to produce the ProSearch drone...
Makes one wish this company was a real mining company instead of just another desert dirt scam, doesn't it?
Transparency? WHAT "transparency"?
WHERE are the merger docs? Where is ANYTHING filed by this company?
First Kerry tries to convince shareholders that redeeming the "certs" was optional (it's NOT). Now Kerry is trying to STALL the redemption of the Series C Preferred Stock by calling for a "vote" when NONE is required! I imagine the outcome of any "vote" would be rigged anyway.
Evidently she's giving out a false deadline date for the redemptions, telling investors they have until April when the COMPANY BYLAWS STATE, the date and timing of the redemption shall commence six months and SHALL NOT EXCEED 24 MONTHS from the signing of the amendment....THE AMENDMENT WAS SIGNED ON FEB 18, 2014! By the way Kerry, that means the deadline is February 17, 2016, NOT APRIL!
Seems like she's trying to trick the holders into waiting until it's too late! SHAME!!!
It's already seen the "top". This is now headed for the sub basement. Might be slow and jerky, but it will get there alright.
Always "getting closer" but never here. The old carrot on a stick scheme. LOL!
"Shifting gears?" This company is ALWAYS "shifting gears" but NEVER going ANYWHERE!
This company is merely an insider enrichment scam aimed at the transfer of wealth from investor's pockets to company insiders. It is probably not long for this world either.
Yes, the Series C Preferred shares (commonly referred to here as "the certs") have indeed been duly registered and authorized in the State of Nevada. So far, at least 18,627,799 are issued and outstanding.
The obligation created by the Series C Preferred shares is legally binding. The company MUST redeem the shares. At 20 cents each, that works out to more than $3.7 Million.
Some, with insignificant positions, may elect to take restricted shares in exchange but any significant holder would be extremely foolish not to take the cash. If they want shares, they can use the cash to buy free trading shares on the market and not be locked in while at the same time being non-dilutive.
By the way, just an FYI.....
There is NO provision in the bylaws (which sets forth the stock rights) for a "vote" on whether to take cash or shares. It is up to each individual Series C shareholder whether to demand 20 CENTS CASH per share or take restricted shares in exchange.
There is NO requirement need to wait for any "vote". That would just be another stalling tactic to allow insiders to get theirs FIRST.
Any holder of a significant amount is going to want the cash rather than shares that will immediately lose value due to the dilution.
You can bet that Kerry, CMR and Peter Villiotis will be taking CASH!
By the way, it would be in the best interest of any Series C Preferred holder not to let Kerry string you along too far. The rights expire in Feb. The "certs" will be worthless after that and they're certain to drag their feet.
Notice that LAST part?
- Preferred Series C Authorized: 20,000,000
- Preferred Series C Oustanding: 18,627,799
Nah, not an opinion, EXPERIENCE!
Or, more likely, buy low, watch it go lower to NO BID, become "bagholder" with a TOTAL LOSS.
Once again, NOT "rumor" but FACT!
A/S raised from 2 Billion to FIVE BILLION on July 6, 2015
Here's a place to start.....
http://nvsos.gov/SOSEntitySearch/CorpDetails.aspx?lx8nvq=6Hj%252bCOYb%252fKVvsO%252fJjA6rRQ%253d%253d
BWAAAAAAHAAAAAAAHAAAAAAHAAAAAAAAHAAAAAAAAAAAAAAAAA!!!!
"Peter and Kerry are still running the show imo"
You are undoubtedly correct, and I wonder who will be at the head of the line to redeem their Series C Preferred shares while stalling most of the others?
Like a game of musical chairs, when the Assets are gone, those remaining are just SOL!
NONSENSE!
No RS, just 16 TONS of DILUTION!
I think it would be foolish for Series C Preferred Shareholders to request shares instead of cash for the reasons you state and because the redemptions will sink this faster than the Titanic.
They CAN'T renege on the deal because we're talking about the Company's Preferred Stock here, not some "promissory note". The exchange terms are written into the bylaws.
The only alternative to making good on their own Preferred Stock is to declare BK and dissolve. I imagine they'll pay some of it before BK and PV and CMR will be FIRST in line. They'll try to make the other holders wait until it's too late.
Yup! That IS a lot of money. Holders will NOT just let it slide, nor should they.
The only way to pay off the Series C Preferred shareholders is with money from the pockets of current and new shareholders.
That's just the way it is.
I think some people are thrown off by the term, "certs".
The "certs" are CERTIFICATES OF OWNERSHIP OF STOCK in the company. They are NOT optional agreements. They are DULY AUTHORIZED, ISSUED AND OUTSTANDING SHARES OF COMPANY STOCK!
The redemption rights are written right into the COMPANY BYLAWS! Also NOT optional.
According to the company Bylaws, they are redeemable any time after September 17, 2014 for FACE VALUE! Face value is 20 cents CASH!
Read the company bylaws.
NO! The "certs" are certificates of OWNERSHIP of Series C Preferred Shares. They were duly authorized, issued and outstanding (though apparently not all delivered) at the time PVEC changed its name. The rights of the Series C Preferred are written right into the company's bylaws! The company CAN'T fool around, they MUST honor their own stock!
MORE THAN $3.7 MILLION DUE TO HOLDERS OF THE "C" PREFERRED!
THAT WON'T GO AWAY NO MATTER HOW MUCH SOME MAY WISH IT TO.
BWAAAAAHAAAAAAHAAAAAAAHAAAAAAAAHAAAAAAAAAAAAAAAAA!!!!
Indeed, scam companies even mention "government contracts" when in fact, there are NONE!
How many executives of a CHINESE company do you think are reading every US PR to see if some scam has mentioned them? They have better things to do.
Are they really going to honor the Series C Preferred Stock redemption obligations? Where are they going to get the $3.7 MILLION or so it will take to do it?
IT'S A SCAM!!!!
They can't drag it out too long without running the risk of a class action lawsuit. there are at least 18,627,799 shares at 20 cents apiece that's worth $3,725,559.80 MINIMUM! I can here the lawyers smackin' their lips NOW! It won't be hard to find a firm to take the case.
So either the con will end very soon or they HAVE to pay up!
ROTFLMAO!!!! DudS r US is NEVER going to hit .30!
Series C Preferred holders are entitled to redemption NOW @ .20 per share according to the terms. NO IFS, ANDS OR BUTS!
"The issuer declared a stock dividend as a one-time gift distribution of its newly authorized Series C Preferred Shares on February 18, 2014."
"Series C Preferred Stock is a preferred stock that will be restricted from redemption for six (6) months from the date of issue and has a par value of $.20 (twenty cents). Series C stock will be issued in certificate form and mailed to all shareholders of record beginning the following week after recording, the week of March 17th, 2014, arriving to shareholders by mail. Beginning September 17th, 2014, certificates will be eligible for redemption for face value in cash or $.20 worth of PVEC (now DSUS) common stock. In the event the price per share is higher than face value of $.20 (twenty cents), the Preferred C Series Stock may be redeemed for 1 (one) share of common stock at the current price per share."
Again, NOWHERE does it say that the stock has to be at .20 or higher! The agreement states CLEARLY...".Beginning September 17th, 2014, certificates will be eligible for redemption for face value in cash!"
To try to paint it otherwise is laughably FALSE!
BWAAAAAAHAAAAAAHAAAAAAAHAAAAAAAHAAAAAAAAAAAAAAAAAAAAA!!!!
What do you mean, they do not have to honor them????
OF COURSE THEY DO!!!!
They are Duly issued "Series C" Preferred Shares of the company! Just because they didn't send out all the certs, doesn't mean it's optional. That's like saying they don't have to honor the Class A Common stock.
When DudS r US took over PVEC, they took over ALL the stock! They can't pick and choose which stock is theirs.
BWAAAAAHAAAAAAHAAAAAAAHAAAAAAAHAAAAAAAAAAAAAAAAA!!!!
NO!!!! Read MORE CAREFULLY....
"Beginning September 17th, 2014, certificates will be eligible for redemption for face value in cash"
"In the event the price per share is higher than face value of $.20 (twenty cents), the Preferred C Series Stock may be redeemed for 1 (one) share of common stock at the current price per share."
NOWHERE DOES IT SAY THAT THE PRICE MUST FIRST REACH .20!
It says that, if (on or after September 17th, 2014) the SP is MORE than .20 at the time of redemption, the cert will be redeemed at one for one (or MORE than .20)
Again, NOWHERE DOES IT SAY THAT THE PRICE MUST FIRST REACH .20!
BWAAAAAAHAAAAAAAHAAAAAAAHAAAAAAAAAHAAAAAAAAAAAAAAAAA!!!!