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Drip Drip Drip, IMO still a long way down.
From current 10Q:
For a $100 million market camp company this kind of financing raises questions in my mind.
4. Loan Payable
a)
On May 26, 2015, the Company entered into an agreement whereby it sold future receivables in exchange for $250,000. Per the terms of the agreement, the Company would repay the $250,000 plus 10% of the principal balance, for a total repayment of $275,000. The amounts are to be repaid from future sales. As of November 30, 2015, the Company had received $250,000 (May 31, 2015 - $75,000) pursuant to this agreement.
b)
As of November 30, 2015, the Company owed $126,152 (May 31, 2015 - $nil) to a non-related company for loans. The amounts owing are unsecured, bear interest at 10% per annum, and are due on demand. At November 30, 2015, accrued interest of $5,252 (May 31, 2015 - $nil) is owing on the loans payable.
Daily massive paid pumping along with toxic financing are huge red flags for me.
Seen this movie before and it has an ugly ending.
More FLUFF. Much more downside IMO. That amended 8K yesterday that showed audited financials gave me more reason to believe the market cap of this is way overblown, the HYPE machine by Traders Choice and others is certainly doing the job for volume and the third parties who paid for it.
And what is this? "Also,i hear we should see soon some exciting news from Detroit?"
If anyone is leaking undisclosed information that is problematic.
Just the beginning of the slide IMO, as I have stated before.
Today's amended 8K shows few assets and zero revenues for Bosch.
Next up is the 10-Q, IMO it will leave reader underwhelmed.
Sorry to hear, will be praying!
IMO it ends very ugly and sooner than later. The 10-Q will shed a lot of light good or bad.
The late 10-Q should be filed by tomorrow. Will shed a lot of light on current operations.
Lol, 2009-really? I stand by that the chances of cash repayment are slim to none and the principal and interest (12%) gets converted into common shares at the 40% discount to market.
Prepay terms are onerous as well:
Pre-Payment of Principal . The Company may pay this Note in full, together with any and all accrued and unpaid interest, plus any applicable pre-payment premium set forth herein and subject to the terms of this Section 1.a, at any time on or prior to the date which occurs 180 days after the Issuance Date hereof (the "Prepayment Date"). In the event the Note is not prepaid in full on or before the Prepayment Date, it shall be deemed a "Pre-Payment Default" hereunder. Until the Ninetieth (90th) day after the Issuance Date the Company may pay the principal at a cash redemption premium of 135%, in addition to outstanding interest, without the Holder's consent; from the 91st day to the One Hundred and Twentieth (120th) day after the Issuance Date, the Company may pay the principal at a cash redemption premium of 140%, in addition to outstanding interest, without the Holder's consent; from the 121st day to the Prepayment Date, the Company may pay the principal at a cash redemption premium of 145%, in addition to outstanding interest, without the Holder's consent. After the Prepayment Date this Note shall have a cash redemption premium of 150% of the then outstanding principal amount of the Note, plus accrued interest and Default Interest, if any, which may only be paid by the Company upon Holder's prior written consent.
Most DO have repay provisions from those I have seen. point to others that don't, they would be interesting to read.
10-Q should be due out by Friday, now that will be interesting to read!
This kind of financing is taken usually when no other options are available.
As the other poster stated, huge red flags with that kind of financing.
Fact is more likely than not to be converted into highly discounted shares.
Now thats about it.
Highly doubtful it gets paid off early. Regardless its like 12% interest.
Almost certainly it will all be converted, at large discount to market, into common stock diluting shareholders. Time will certainly tell.
All hype IMO. Toxic funding is a huge red flag IMO.
I agree with your assessment, for a company to take this toxic funding is a huge red flag, let alone the email promotions.
Under .05 is a likely scenario by year end, IMO.
Very nice move today on that!
Smells like a HYPE job to me, latest filings show zero assets, $101,000 in liabilities and zero revenues.
Daily emails going out to hype this up, it just does not add up to a .90 cent stock, IMO.
Given these latest fundamentals .09 would seem WAY overvalued IMO.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10937205
No kidding, why ask the question? This name is so hyped imo.
How would anyone know about news but insiders?
Few are ever prepaid. Most convert to shares and get crushed.
The convertible debt holders can start converting at a 40% discount to the then market, 180 days from issue date, which it looks to be December 3rd.
So June 3rd at the earliest, plus accruing interest at 12% in the meantime that can also be converted into shares at the 40% discounted rate from what it looks like.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11059177
Most of these convertible debt deals end badly for shareholders.
Merry Christmas to all!! I hope to be more active on the board next year.
I believe you will be proven very wrong, time will tell soon enough.
At the same time the common authorized was increased from 550 million to 700 million.
This is probably to accommodate the shares that will be needed for the convertible debt coming from the latest financing. The debt converts at a 40% discount to market.
Not buying it, seen this movie before and (spoiler alert) its a gory ending.
XLIT chart will look like AXMM 6 to 9 months out IMHO
Last 10Q=Zero assets, Zero revenues,December 11th 8k showing $250,000 convertible debt and likely more to come. Once conversion starts the results on stock price is not pretty.
Ill pass on this one.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10937205
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11059177
Nice!
Yes the .40 cents seems correct.
I think your math is incorrect. .0001 X 500 reverse = .05 cents.
So the 4000 shares might be worth $200 bucks.
Great advice!
Zero revenues zero cash and this on their latest filing:
"At this time the Company does not have any significant tangible assets"
http://www.otcmarkets.com/financialReportViewer?symbol=SNXG&id=134277
This is worth a $23 million market cap?
Not with my dollars.
Nice PR, thanks.
Getting promotions on this from Juicy Penny Stocks stating the outstanding shares are 775,000.
According to the latest 10K there are 44,775,656 outstanding.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10573626
3-6 months seems generous, time will tell. The .10 also seems VERY generous based on the latest financials.
What would be the reason for a bounce?