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There are no longer any issues with CBJ. It's all been resolved.
Right now I don't see any catalyst to move this higher or lower. There's no pump and dump and there's no reason for it to tank. The company has virtually no debt and the current pps is at a rational level based on its current revenue (roughly $2 million/yr). We need to see new guidance or an increase in actual revenue or potential revenue to see significant pps movement again.
BTW, has anyone noticed that the OS went down by 28 million shares (from 516,624,596 to 488,624,596 shares OS) since July 31 and the authorized shares have been raised to 1 billion from 550,000,000? I'm not surprised that the AS has been increased. They were dangerously close to the old limit and didn't have much wiggle room. However, I'm not sure where the 28 million reduction came from.
To answer your questions, we need to go back to the last 10-Q (for 1FQ20 ending 7/31/19). As of May 1, 2019 mCig owns less than 50% of OBITX...
mCig 1FQ20 10-Q
As OBITX is no longer a subsidiary controlled by the Company we have reclassified the investment as an equity basis investment. Effective May 1, 2019 OBITX is no longer consolidated with MCIG’s financial statements. The Company records its equity investment (loss) as other income(expense) on the profit and loss statement.
Under both the cost method and the equity method, you place your investment in the other company on your balance sheet as an asset equal in value to whatever you paid to acquire the investment. Since intercompany investments typically involve owning stock, you'd list the value of the investment as the price you paid for the shares. Once the investment is on the balance sheet, however, the cost and equity methods diverge substantially...
...With the equity method, the balance-sheet value of the investment changes according to the net income (the profit) of the "owned" company. Say your company owns 30 percent of a firm, and that firm reports net income of $100,000. You would increase the balance-sheet value of your investment by $30,000 – 30 percent of $100,000 – and report the gain as revenue on your income statement. If the firm had a net loss, you'd decrease the value of the investment by your share of the loss and report the decline as an expense.
Finally, dividends from the stock are considered a return of invested capital, not revenue. You would decrease the value of the investment by the amount of any dividends received.
The Company subsidiary, Grow Contractors, Inc., along with the Company and its officers was sued by APEX Management, LLC and Apex Operations, LLC (the “Solaris” project) for the return of approximately $600,000 in cash paid for services they allege were never provided. We have countersued for the payment of approximately $425,000 in services provided that have not yet been paid for. In addition, we have sued both Michael Sassano and Ronald Sassano individually for their roles in the alleged actions. The cases were settled in August 2019, which results have been reflected in this annual filing. The case files were sealed by the state and federal courts for the protection of all parties.
The Company subsidiary, Grow Contractors, Inc., was sued for alleged faulty services provided in the state of Oregon. Grow Contractors alleges it has outstanding, unpaid invoices and services were stopped for lack of payment. The case has been sent to arbitration which is expected to be conducted within the next calendar year.
Due to the discontinued operations of Grow Contractors and the settlement agreement, the Company has eliminated the construction reserve for the period ending July 31, 2018. The Company recognized $111,835 and $586,525 as an uncollectable reserve for the three months ending July 31, 2019 and July 31, 2018, respectively.
Apparently, it's not slowing them down...
InMed Receives Clinical Trial Application Approval for INM-755, a Rare Cannabinoid Formulation Under Development for the Treatment of Epidermolysis Bullosa
VANCOUVER, Dec. 9, 2019 /CNW/ - InMed Pharmaceuticals Inc. ("InMed" or the "Company") (TSX: IN; OTCQX: IMLFF), a clinical stage biopharmaceutical company developing cannabinoid-based medications targeting diseases with high unmet medical needs, today announced it has received regulatory and ethics board approval of its Clinical Trial Application ("CTA") to conduct a Phase 1 trial in the Netherlands for INM-755, a cannabinoid-based topical cream. The Company intends to initiate subject recruitment immediately.
The initial clinical trial, Study 755-101-HV, is a randomized, double-blind, vehicle-controlled, Phase 1 study designed to evaluate the local and systemic safety, tolerability, and pharmacokinetics of INM-755 applied daily on intact skin in healthy volunteers. Two strengths of INM-755 cream, plus vehicle-only, will be evaluated in 22 adult subjects over a 14-day treatment period.
INM-755, the Company's lead product candidate, is a single-cannabinoid topical cream under development for the treatment of symptoms associated with epidermolysis bullosa ("EB"), a rare genetic skin disease characterized by fragile skin that can lead to extensive blistering and wounding. It may also address the underlying disease by enhancing skin integrity in a subset of EB patients.
"INM-755 is the first rare cannabinoid formulation for the treatment and symptomatic relief of EB to advance to clinical trials," commented Eric A. Adams, President and CEO of InMed Pharmaceuticals. "Initiating this Phase 1 trial of INM-755 was one of our key corporate objectives for 2019. It represents a significant step in bringing forward a potential new treatment option for EB patients who are in significant need of new and more effective treatment options. The extensive preclinical safety, toxicology, and chemistry, manufacturing and controls (CMC) data included in the CTA is reflective of the strength of our development program and the Company's team."
There's no pump, they're simply reporting their latest initiatives. A JV is news. It has to be reported. Where do you see any pumping?
It seems obvious that the company needs to overhaul their website since the recent financials have indicated that they have restructured the business and will no longer be reporting in segments. Their main source of revenue lately has been Cannabiz Supply and that website is still active...
Cannabiz Supply Website
Here's a three year chart. Looks Thu me like an accelerated decline...parabolic even. Not a good idea to try and catch this one...imo
Rsi still needs to hit 30. Going much lower.
The way they've explained it, the ICO would be for a new JV company of which ALYI would be a part owner.
Here's a link to the presentation from the recent December 4th and 5th conference...
Global OTCQX Consumer and Resource Company Investor Presentations Now Available for On-Demand Viewing
LOL So I guess if you're right we should expect a pps above $1/share in the not too distant future to wipe out Adam's losses. I can take that. Hang in there folks we're due for a real nice ride. SMHLMAO
My bad, however, the point is still valid. All those options are under water. He also purchased warrants for 222,225 shares at $1.25 on 6/21/18 and purchased 222,225 common shares at $0.90 on 6/21/18 and another 300,500 common shares at prices ranging from $.25 to $0.4836 during 2019. Again all of these share purchases are under water. No shares have been sold since January 2018.
Yes, Adam's sold most of his shares at $2.55 CAD in January 2018, two years ago, when it was around an all time high. A lot of people recognized that there was an MJ bubble at the time and made a good profit by selling shares. He bought back options for more than half of those shares two months later in March at $1.55 CAD and by May, his option holdings had exceeded the number of shares he'd previously owned and he has been buying shares all the way down as the pps has tanked. He hasn't sold a single share since January 2018 and is probably very much in the red now. Check it out...
SEDI Insider Report - Eric Adams
LMAO calling a stock a pump and dump doesn't make it so. Except for a brief $.10 spike in September, the pps has pretty closely tracked the MJ industry index. Saying that management is enriching themselves doesn't make it so when no executives have sold shares in the past 8+ months. I hear a lot of criticism of Adams, however, the main critique is that everything is taking too long. Well sh$t happens and things get delayed. Companies and people aren't perfect, and mistakes happen. That doesn't make the company a scam.
Calling Adams a bunch of names and accusing him of incompetence won't improve the pps. Stick to facts. Perhaps there are better people to lead the company than Adams, but right now he's all we've got and calling him names every day doesn't do shareholders any good at all.
New PR out today. This one seems different. It appears to have some new info...
ALYI - Alternet Systems Announces Strategic London Meeting To Advance African Electric Vehicle Initiative
Dallas, Texas--(Newsfile Corp. - December 6, 2019) - Alternet Systems, Inc. (OTC Pink: ALYI) today announced the company CEO, Randell Torno will meet in London the week of December 16th, 2019 to advance a developing opportunity anticipated to bring global attention to ALYI's electric vehicle initiative in Africa if the opportunity can be fully developed. The opportunity out of London has been in the works for months and ALYI management considers the upcoming meetings to be a major watershed event. The next step following the meetings is anticipated to advance rapidly and to be the first step where the public will become aware of the full magnitude of the opportunity.
ALYI is developing $300 million in electric vehicle projects in Africa targeting the shared ride market. The company has signed orders to produce in Africa, electric motorcycles with a side car initially for shared ride providers in Kenya. The company successfully passed an electric motorcycle prototype testing milestone recently and anticipates having its production design pilot motorcycle completed any day. ALYI has also recently announced a $100 million cryptocurrency investment strategy targeted at expanding beyond the company's existing $300 million in electric vehicle projects in Africa.
To address the current limits regarding the information so far release pertaining to the opportunity in London, ALYI is republishing a previously released statement: "Alternet Systems believes in and is committed to its electric vehicle initiative in Africa. Accordingly, we are enthusiastically developing resources to advance and expand upon our electric vehicle initiative in Africa. Our efforts to develop resources absolutely includes engaging with major brand names in the global electric vehicle market. We have made inroads with one major brand name in particular and anticipate making a joint announcement soon. Until then, we are not at liberty to comment on the specific organization nor any details regarding the nature of the potential agreement."
For more information, please visit: www.alternetsystemsinc.com
Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.
Alternet Systems, Inc. Contact:
Randell Torno
info@lithiumip.com
+1-800-713-0297
I don't mean to nitpick, but they can't write the investment completely off so long as the shares they own have value. They wrote down the value of their investment by $108k. Nevertheless, I don't see much hope here unless someone decides to utilize the shell. However, that might not be worth the effort of catching up on their financials.
The quarterly Report for the end of March shows...
ALYI 03/31/19 Quarterly Report
Common stock, $0.00001 par value, authorized 500,000,000; 275,596,851 and 218,690,001 shares issued and outstanding
The "Going Concern" statement is included on the financials of 90% of the companies traded on the OTC Exchange. The "Related Party Transactions" indicates to me that management hasn't been taking any salary and is probably setting themselves up for additional shares once the company starts earning revenue or becomes profitable (it's one way to keep the OS low for the time being).
I find both of those items transparent and encouraging.
I invested in Abbatis Bioceuticals (ATTBF) and Creative Edge Nutrition (FITX) a few years ago. They both expected they'd get a license. FITX even invested millions in building a huge new facility from scratch. The licenses never came.
Health Canada won’t grant the processing license to the CMO and this is adams fault as well
According to the PR's, the prospects were shown a prototype and requested some customizations and design changes. We're waiting for a final prototype or release of the final design model. That's how I understand it.
There seem to be a lot of posts disparaging management with little or no evidence that they've done anything wrong. The main cause of the discontent appears to be the fact that it's taking so long to get product out. I've got news for you folks. That's the normal course of business for pharmaceutical and biotechnology companies. It takes time to conduct research and there are often many setbacks. There's zero evidence that there have been any intentional unjustified delays.
The other main argument seems to be that they are a pump and dump. Again, I see no evidence that this is the case. There have been no insider sales in the past six months. They seem to sell shares early in the year to meet their income needs for that year so I wouldn't be surprised to see some insider sales in 1FQ20.
Why would management want their pps to continually drift down. Yes, InMed will probably need more funding sometime in 2020 to complete clinical trials. Normally, as a company comes closer to producing revenue the share price goes up and fewer new shares need to be issued to fund the R&D. Hopefully, Biosynthesis will be generating revenue by the time new funding is needed and this will result in a higher pps. Otherwise, shareholders should be welcoming a nice pump to preserve our investment.
There is a market for THC and CBD but not much of one yet for the minor cannabinoids, so before inmed counts its revenue for biosynthesis they need to create a market.
We're still waiting to see the final production version of the bike they're targeting for their African customer(s). No price yet. They had previously indicated that the prototypes were being assembled in China and that they want to eventually build electric cars.
The revenue was expected to come primarily from the cryptocurrency software, ATM's and advertising. The entire crypto market collapsed in the past two years and this made the ATM's obsolete. Without the ATM's as an advertising vehicle and with increasing public sensitivity to individual data collection, the advertising initiative couldn't move forward as planned. Obitx should see some revenue from Haultail, which is currently being tested in Hawaii.
I'm not sure that Hawkins is completely out. His contract expired so he's not getting a paycheck. I would expect that since the company isn't bringing in as much revenue as before and Paul would want to cut back expenses. However, he still owns a ton of shares and he's still identified on the 10-K as a related party. Paul/mCig are still partnered on Redfern Systems. However, from the 10-Q...
Note 24. Subsequent Events
The Agreement between the Company and Michael Hawkins expired on August 30, 2019. Mr. Hawkins elected not to renew his agreement as Chief Financial Officer for the Company. Paul Rosenberg has assumed the duties as Acting Chief Financial Officer effective September 1, 2019.
Sorry GV, but according to the 10-K, VitaCig is now owned privately by Paul...
mCig 2019 10-K
VitaCig, Inc.
On May 26, 2016 we incorporated VitaCig, Inc., (“VitaCig”) in the state of Florida. VitaCig headquarters our global e-cig operations. VitaCig, Inc., is a wholly owned subsidiary of the Company. VitaCig ceased operations under MCIG on April 30, 2019. On May 1, 2019 the assets of VitaCig was transferred to Paul Rosenberg as settlement of debt.
More than 95% of our e-cig sales are international sales.
Next stop is increasing the authorized shares. Nothing requires a reverse split at this time.
It is not that difficult to comprehend.
Interesting! Does anyone know how InMed is involved with spasticity research?
That would probably be a mailing address at the home of the CEO or CFO. OTC Markets lists the company address as...
1319 Crampton Street
Dallas, TX 75207
Google Maps View
The last 10-Q lists their corporate headquarters as...
2665 S Bayshore Drive Miami FL
Google Maps View
They could all be valid addresses for the company.
Therefore they must be very close to the next AS raise, or else another RS if they can't get up PPS very quickly
If the schedules are correct and there were no unforeseen delays, they're already past the timeframe when the deposits would have been due. It's unlikely that they would completely fabricate something like that and put it on an 8-K. There are definite criminal penalties involved with that kind of fraud.
Not quite inflexible...
FDA Fast Track
Fast track is a process designed to facilitate the development, and expedite the review of drugs to treat serious conditions and fill an unmet medical need. The purpose is to get important new drugs to the patient earlier. Fast Track addresses a broad range of serious conditions...
...Filling an unmet medical need is defined as providing a therapy where none exists or providing a therapy which may be potentially better than available therapy.
Any drug being developed to treat or prevent a condition with no current therapy obviously is directed at an unmet need...
...A drug that receives Fast Track designation is eligible for some or all of the following:
More frequent meetings with FDA to discuss the drug's development plan and ensure collection of appropriate data needed to support drug approval
More frequent written communication from FDA about such things as the design of the proposed clinical trials and use of biomarkers
Eligibility for Accelerated Approval and Priority Review, if relevant criteria are met
Rolling Review, which means that a drug company can submit completed sections of its Biologic License Application (BLA) or New Drug Application (NDA) for review by FDA, rather than waiting until every section of the NDA is completed before the entire application can be reviewed. BLA or NDA review usually does not begin until the drug company has submitted the entire application to the FDA
Fast Track designation must be requested by the drug company. The request can be initiated at any time during the drug development process. FDA will review the request and make a decision within sixty days based on whether the drug fills an unmet medical need in a serious condition.
Once a drug receives Fast Track designation, early and frequent communication between the FDA and a drug company is encouraged throughout the entire drug development and review process. The frequency of communication assures that questions and issues are resolved quickly, often leading to earlier drug approval and access by patients.
Apparently you didn't read the last sentence of my post...
This doesn't mean that all of the loans (or even any of the loans) were actually converted. Think of it as always having enough collateral to cover your loans.
Bills are coming in every month again, how would they pay those?
And what about the hard-working (lol) staff salaries?
Clarification on CBD Extraction System Purchase Orders and Delivery
The company received purchase orders from United Opportunities LTD on May 28, 2019 and July 31, 2019 in the amounts of $2,880,000 and $16,945,668 respectively.
The company received a purchase order from Brand House Ventures Inc. on July 10, 2019 in the amount of $4,320,000.
The company is manufacturing the systems in Grass Valley, California in order to maintain quality assurance. Each system requires a 50% deposit upon successful on-site inspection, C1D1 Certification Approval, platform design needs, and process specifications based upon a needs assessment. This process can take 90-120 days depending upon State and County regulations.
Currently, the company anticipates manufacturing and delivery on or before December 15, 2019.
Yes, they would have to show any new toxic notes. However, paying off notes that are due now with new notes to keep them from converting can be a useful strategy if you expect new revenue that can be used to pay them down.
I wasn't aware of the first page requirement. I stand corrected.
I understand that their TA, just like most other OTC TA's, will not respond to shareholder inquiries.
We'll know for certain in a few days. That leaves the door open for lots of speculation and FUD till then so have at it and knock yourselves out.