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BOOOOOM
This company did not just start business last year. Its first SEC filing was back in 2005. ARTs has had enough time to build capital and have something to show for itself.
This is also worth a good look over in anticipation of the 2010 10K.
2009 K Filing: http://www.sec.gov/Archives/edgar/data/1168738/000121478210000071/artfest10k123109.htm
It was interesting to note their change in independent auditors from Thomas Bauman, CPA to Eugene M. Egeberg, CPA in February of 2008 (Item 8, page 19 and 20). Bauman resigned as their independent auditor due to a financial statement qualification as to the Registrant’s (ARTS) ability to continue as a going concern (i.e.- bankruptcy). Apparently, the financial statements for the fiscal years ended December 31, 2005 and December 31, 2006, and thereafter through January 16, 2008, did not contain an adverse opinion or a disclaimer of opinion, and was not qualified as to audit scope or accounting principles.
The 2010 10K should be very informative.
If the stock is on the up and up, then how am i laughing at someone's potential loss? I laugh at my own loss every time i open my TD Ameritrade account each morning... 99.96% loss and $1,500 flushed down the drain. Now that is factual.
Buy the dips and sell the highs, right?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=59383782
As someone once said on this board, "help the helpless and forget the clueless".
I laugh out loud every day I see the charts... down, down, down, down.
Building capital is a weak rebuttal and the idea of such is speculation as well. I see it more as keeping the wheels on the bus and not building a business (the cashflows will back up that statement). The fact patterns leading up to now sure don't suggest that is their intention.
It is apparent that he has been building capital for quite a while... and leaving investors nothing to show for it.
Are these not factual?
"This company has only given shareholders years of grief and recognized losses." IMHO and just saying, yes. Two years of investors injecting their hard earned cash into this company and two back to back reverse splits. Seems pretty clear to me.
"In order to have a strong shareholder base and ultimately a continuous stream of capital funding, companies also need to follow through on projects/promises and eventually start turning a profit." IMHO and just saying, EV hasn't delivered on anything he promised over the last two years. I myself normally only dabble in long-term investments and this was my first and last penny stock investment. I am not a flipper and never have been. The only thanks I received from EV for holding on to this POS for too long was a 24,000 to 1 RS.
In all sincerity, other than building capital, what potential do you think this stock has?
It will gap down in the morning. Someone painted the close... this was seen throughout 2010. Does anyone remember the 100 share bandit? That is factual.
"This company has only given shareholders years of grief and recognized losses." Can EV address why this "company" finds it necessary to steal people's money and then throw it away with 2 reverse splits in two years (the last being 24,000 to 1... gets me every time).
"In order to have a strong shareholder base and ultimately a continuous stream of capital funding, companies also need to follow through on projects/promises and eventually start turning a profit." Can EV address why they have yet to turn around any of their "projects" that suckered most of us into this POS (http://investorshub.advfn.com/boards/read_msg.aspx?message_id=53826386).
Finally, this graph says everything you need to know... EV can run, but he can't hide from the truth.
"Our system posted a WAIT today. The previous SELL recommendation was issued on 12.09.2010 (64) days ago, when the stock price was 0.7000. Since then ARTS has fallen -99.29%."
http://americanbulls.com/StockPage.asp?CompanyTicker=ARTS&MarketTicker=OTC&TYP=S
64% Overall Sell
http://www.barchart.com/opinions/stocks/ARTS
sorry, i meant to say that companies have an additional 45 days to file.
10Q - 45 days after the end of the reporting period
10K - 90 days after the end of the fiscal/calendar year
Oh and to answer your question...
"If company was doing good you would think reports would be filed as soon as possible or a p r saying 2010 was a good year The falling p p s is not a good sign it seems neither is no recent p r"
Yes, most companies try to file accelerated returns or at the very least, file on time. Take SIRI for instance. They actually sent out a PR that they are moving up their earning's call 7 days sooner than previously announced. This company was on the brink of bankruptcy in 2008 at a price of $0.06 and is now trading for close to $1.80.
The differences between SIRI and ARTs management (honestly, too many to mention here but I will highlight the main differences... IMHO... and of course, just saying):
1. PRs are substantial and ultimately delivered on (i.e.- SIRI reducing debts, positive cash flows from operations, increased subscriptions)
2. Provide investors with quarterly earnings calls to discuss financial results and provide forward looking statements about where the company is looking to focus on/go.
3. Projects are ultimately delivered on
4. Investors have a say (i.e. - when Siri was trading under a $1, in order to stay on the NASDAQ, SIRI contemplated a 10 for 1 RS (not 24,000 to 1). Investors were actually contacted to vote on whether or not the company should take the RS approach or try to get the PPS over a $1 by other means. Thankfully, the company's fundamentals took care of themselves and a RS was averted).
At the end of the day, I feel a successful and legitimate company provides visibility and input into how the company is ultimately run. The shareholder then feels they are educated enough to make the right decisions.
If ARTs was genuinely looking for capital funding, then they would take the time to educate the shareholders on the company's business and secure a continuous inflow of funding from happy investors.
Hey Jonah,
10Q's are filed for Jan-March, April-June and July-September reporting periods. 10K's are only filed at year end and there is not a separate 10Q for October-December.
There are additional disclosures that are required at year end or within the 10K and that is why companies have an additional 15 days to file.
Based on ARTs track record (using last year as a proxy), this PIG won't file until the middle of April... after they file for an extension and then file and amended filing, we should have a final 10K by the end of April.
2009 Notification of inability to timely file Form 10-K - 3/31/10
http://www.sec.gov/Archives/edgar/data/1168738/000121478210000057/0001214782-10-000057-index.htm
2009 Initial Filing - 4/16/10
http://www.sec.gov/Archives/edgar/data/1168738/000121478210000071/0001214782-10-000071-index.htm
2009 10K Amended Filing - 4/22/10
http://www.sec.gov/Archives/edgar/data/1168738/000121478210000091/0001214782-10-000091-index.htm
Also, if you want a good laugh, read some of the SEC letters and ARTs sad correspondences on the Edgar SEC sight. This company is in trouble and i feel the 2010 10K will only confirm this (i.e.- no net income and therefore, no cash inflows from operations; cash inflows from financing activities (our hard earned money) offset by hemorrhaging of cash from operating activities (i.e. EV's salary).
What does this have to do with ARTs current situation? To answer your question, Yes, all companies need to raise capital. In order to have a strong shareholder base and ultimately a continuous stream of capital funding, companies also need to follow through on projects/promises and eventually start turning a profit.
Most shareholders (at least i know i do) eventually like to see a return on their investment. This company has only given shareholders years of grief and recognized losses.
The company is to blame for its current share price... not the posts on IHUB and Yahoo. EV needs to stop delegating blame and giddy up.
The 2010 10K will be out soon enough... albeit, late. EV's track record through the Q3 10Q doesn't look too promising. We will be able to see what his "recapitalization" plan has done for this stock and what information his forwardlooking comments contain.
Be on the lookout for the "notification of inability to timely file Form 10K". Looks like EV has until 3/31 (or 90 days after year end) to file the 2010 10K.
http://www.sec.gov/answers/form10k.htm
I would agree with you... if that were an option. Do you or anyone on this board know of a brokerage firm that will actually short this POS? My queries have turned up empty.
Trust me, if i could short this PIG, i would bet the farm on the fact this stock is heading towards no bid by EOY (IMHO). Two years in a row and the same story. What is a third RS in three years... especially given our last 24,000 to 1 split (i still laugh when i think about that).
I entered at this level last year when fast Eddy sent out a PR regarding dividends... which i have still not received.
This is where you will find them... once they are finalized... and posted late (i.e.-file for an extension). There is nothing posted as of today.
http://www.sec.gov/cgi-bin/browse-edgar?company=artfest&match=&CIK=&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany
These poor attempts to sucker newbies into this POS is quite sad.
Please educate me on how anyone is possibly making money off of this trend:
It appears the overall sentiment regarding this POS echoes the comments on this board:
"Our system posted a WAIT today. The previous SELL recommendation was issued on 12.09.2010 (61) days ago, when the stock price was 0.7000. Since then ARTS has fallen -98.03%."
http://americanbulls.com/StockPage.asp?CompanyTicker=ARTS&MarketTicker=OTC&TYP=S
64% Overall Sell
http://www.barchart.com/opinions/stocks/ARTS
you do have a choice and don't do it. wait until they issue the K (which will be late) to perform a little more DD. I assume that Cashflow will be negative or flat (operational cash hemorrhaging offset by capital financing inflows (your hard earned cash)).
If things are turning around based on the information within the K, then i would pull the trigger. Now is not the time. This is following the same fact pattern many of us fell into during 2010.
i have three... P.O.S.
Plus, look at EV's cashflow track record... once the cash inflows from contributed capital dries up, the doors will close. It is also interesting how our operating expenses have basically tripled when comparing June 2010 versus June 2009. I can only assume the 2010 Q4 filing will be no different.
September 2009: Cash outflows from operating activities $(1.9)M, offset by Cash Inflows from Contributed Capital $1.8M
December 2009: Cash outflows from operating activities $(2.2)M, offset by Cash Inflows from Contributed Capital $5.6M
March 2010: Cash outflows from operating activities $(1.0)M, offset by Cash Inflows from Contributed Capital $0.6M
June 2010: Cash outflows from operating activities $(2.4)M, offset by Cash Inflows from Contributed Capital $2.2M
Ha,ha,ha,ja,ja,ha.... Wait a minute, wait a minute.... Ha,ha,ha,ha
Ok, ok... Chalk this guy up with the infamous Kais. Before you know it he will be making statements like "up to $.50 next week... Take your girlfriend out for dinner, etc.". These comments are welcomed like a fart in an elevator.
This stock speaks for itself and no one but EV is to blame.
JMO, just saying
Tron, it doesn't alarm you at all given this stock is following the same factual pattern it did at the end of 2009? I.e.- 1st RS, followed by a "great" year-end party, followed by no bid stock, followed by the 2nd RS at the end of 2010?
I consulted with a former colleague that now works for the SEC. He stated the SEC is interested in this type of information.
The link to file complaints with the SEC is: http://www.sec.gov/complaint.shtml
Apparently, all registrants are reviewed on a rolling 3 year period. Some of the larger companies are reviewed more often (each year, every other year), but some of the smaller companies, such as this POS, may not get touched as often. If we do not file complaints regarding inconsistencies outside of their incorporated rights, then EV could possibly continue this BS. I have never seen a lack of respect for the SEC and the responsibilities that accompany being an SEC registrant, as this company has portrayed.
As FASTEDDIE has stated, bombard the SEC with formal and factual complaints. Talking directly with EV and his incestuous band of cronies will get us nowhere, nor help save others from this apparent scam.
The lack of visibility is another reason to run from this turd.
The Q/K's are not informative; no quarterly earnings call to explain the company's financials and forward looking statements; vague PRs; etc.
I hope you are able to sing the same tune this time next year and prove us all wrong. You sound like most of us did early in 2010... Only to be left with nothing after a 2nd RS in two years. If that doesn't make you sick to your stomach, then I am not sure what will. Like someone stated before, "help the helpless, forget the clueless".
As far as DD, read post 24755 and the Q's filed in 2010 (along with all of the SEC inquiries). Any reputable company would never even think about filing late, let alone laugh in the SEC's face with it's inconsistencies found within their filings. IMO
Good luck
All potential buyers should read this post (24755). It used to be a post-it but was taken down late this year.
The "ugly" section is a little out dated given some of the more recent failures of this company.
Good luck with that. Many of us invested quite a bit last year hanging on to that same hope... That EV would actually deliver.
The last chart I looked at showed the price had dropped. I am not here as a basher. I am here to help warn potential buyers that there is a lot of risk investing into this stock. A warning I wish I would have listened to in early 2010.
When this POS hits sub penny land again, I won't feel sorry for you. This pattern of trading and unsustainable upticks looks all too familiar. To see people buying into this stock after a year of undelivered promises, followed by a 24,000 to 1 (that's right people, 24,000 to 1), is really sad
In your honest opinion, where do you see this stock going? Just wait until EV turns on the dilution machine once he thinks enough dust from previous stockholders has settled. It has happened twice in two years... I see history repeating itself in 2011...IMO, of course.
I am sorry... But "it is time to move on"??!! I am a bit disappointed with that statement. I, like many others on this board, have nothing to move on with. My 77 shares at $18 are utterly worthless!! Yet people on this board continue to usher newbies into the EV buzzsaw even as they sit and watch history repeat itself before there own eyes. The reverse splits are factual and helpful DD to any potential buyer. If EV and his cronies didn't want to bear these scarlet letters, then they should have thought twice about stealing peoples hard earned money. These splits should never be forgotten and only overshadowed by successful execution of the business plans that suckered most of us into this POS.
HA, HA, HA... EV is truly a POS! I still troll this board from time to time with my 77 shares at a cost of $18!!!
Really EV??? "Artfest International, Inc. (OTCBB: ARTS) is pleased to announce that the Company has acquired a controlling interest in a publicly traded company for cash."
This company only had $22k dollars on the balance sheet as of 9/30/10. Even if he liquidates his quick assets (inventory and other current assets), we are talking $500k. If he blew through our cash and sold through our "inventory", then what money have we left behind to settle operating obligations?
I have to call BS on this and everything that comes out of the POS. Looks like ARTSD is back on flat line with little to no volume. Bankruptcy is right around the corner... cash in-flows from capital financing has held this company above water.
Scottie... I am still drafting my response but will be filed by the end of the holiday weekend. We need to turn up the pressure cooker on this turd. We might not be able to fry this bastard but we can make him uncomfortable and make him realize he is accountable to his stockholders for his actions. If he didn't want to be held accountable then he should have gone private.
Hey Key, just suggestions. I think these were relevant post-its until a few things were called into question and EV's total disregard for complying with SEC requirements came through their Q3 filing.
Lion... I would suggest removing the "10Q is out" post-it note. It is posted with the SEC but is not completely correct.
I would even argue to remove the "Picasso that ARTS owns" post-it note since there has not been any confirmation that we truly "own" this statue.
EV is playing nothing more than a shell game here. Unfortunately for us, we picked the wrong shell. Check mate and EV is the victor.
I honestly can’t believe we are still debating should-of, would-of, could-of’s at this point. There is nothing we can do about the R/S and none of us are getting our money back. The only thing we should be focused on at this point is how do we get the word out about EV so others don’t fall into the same trap we did… and some twice in two years.
The link to file complaints with the SEC is: http://www.sec.gov/complaint.shtml
Apparently, all registrants are reviewed on a rolling 3 year period. Some of the larger companies are reviewed more often (each year, every other year), but some of the smaller companies, such as this POS, may not get touched as often. If we do not file complaints regarding inconsistencies outside of their incorporated rights, then EV could possibly continue this BS.
I have never seen a lack of respect for the SEC and the responsibilities that accompany being an SEC registrant, as this company has portrayed. The fact that these guys uploaded Q2 financials as Q3 and have not corrected this nor addressed it is unacceptable. I will be filing a complaint over the weekend and ask that others follow suit.
Bombarding EV’s email will do nothing to address our concerns. The release of PR’s at this point is worthless and EV knows it. He will wait until the dust settles from his previous stockholders and will save “PRs” for future potential investors when the PPS is driven into the ground and he needs to support his hemorrhaging of cash.
You are correct. This is disclossed in the risk factors section of the 2009 10K.
Also, if you want to file a complaint, you can do so through this link:
http://www.sec.gov/complaint.shtml
Current board:
Edward Vasker (President, CEO)
Anzhelika Tassan (Ed's sister, CMO, Secretary
Larry Ditto (involved with company since 2005, was once the CEO but now just a board member)
Interesting to note the VP of production is the brother in-law of Ed (J. Scott Tassan).
You are correct. It is laughable at this point. Apparently, this Eugene guy (independent auditor) is from Baltimore... I now question if this guy has even stepped foot into ARTS HQ or if he "performed" his audit in Baltimore. I am popping popcorn in anticipation of the SEC lighting up these tools. I would expect the SEC to submit their response on EDGARS within the next couple of days.
This is the beginning of the end...IMO.
HOLLY SH*T!!!??? Did anyone notice these are the same financials with the dates changed??? Take a look at the income statement, balance sheet and cash flow statements from the june 2010 and september 2010 filings.
Folks, i have never seen a company laugh in the face of the SEC like this company. Most companies would fall on their own sword before they would be late on a filing. I can't wait to see the SEC response to this masterpiece
Then, what does this company do?? They change some dates and push it out... incomplete at that. Look at page F-12.
If anyone has any hope in this thing coming around, my heart goes out to you. I believe this quote came from someone on this board... "Help the helpless, forget the clueless."
I guess we can thank Brother Vasker, his sister Vasker and the other POS that has been with this company for ever for:
On November 4, 2010, the Board of Directors approved a 1-for-24,000 reverse split of its common stock. The reverse stock split was effective on November 16, 2010 and the Company’s common stock began trading on a post-reverse split basis under the trading symbol “ARTSD.” The reverse stock split reduced the number of outstanding shares of the Company’s common stock from 11,973,566,937 to 498,899. Corresponding proportional adjustments were also made to any outstanding stock options previously issued by the Company.
Speaking for myself, I now need ARTSD to reach $18 in order to break even. I am going to sell to help offset some gains this year. There is no way this thing will ever see dollar land, let alone $18. I know I am not putting another dollar into this company. A company like Sirius is struggling to break $1.50 and it has everything going right. ARTSD will see bankruptcy before it see's dollar land. I have a suspicion that the Q will reflect another quarter of hemorrhaging cash without any offsetting operating cash in-flows. Time will tell.
I don't think there is much we can do about the RS. At the end of the day, it appears they are operating within their rights outlined within the articles of corporation. The board has all the voting power and it is quite incestuous (brother, sister, guy that has been involved with artfest forever).
I for one am going to sit back and hope EV gets his. Given the trend of lack of operating cash in-flows, this POS is months away from being insolvent. Chapter 11 is not too far away. I am regretfully pleased to see the sharp drop in the price of the stock post RS.
I am also going to focus on what the ARTS board and independent auditor has negligently glazed over. I plan on notifying the SEC about the PR promising dividends and the lack of delivery. I believe many (myself included) purchased additional shares to be on record to receive the artfest direct shares based on their PR in March of 2010. We can only report items that might spark the regulators interest and is viewed as negligence and outside of ARTS' directors' rights.
I would like to put some pressure on their independent auditor. It is shocking that their original auditor left the engagement in February of 2008 due to a qualification regarding going concern (basically the firm did not feel Artfest could continue without going bankrupt). Then a small firm from Baltimore becomes their auditor and the qualification regarding going concern magically disappears. Also, the lack of disclosures about the "dividends", "acquisitions", is even more troubling.
At the end of the day, the gig is up and we lost. Sad... i have choked down my medicine on this one.
HA, HA, HA, HA EV.... you POS!
$2.40 post split and already down to $0.70. I am not sure who said it, but i am all for the scorched earth approach at this point. At the very least, it will save other potential investors from the pain we are now enduring and others have endured twice in two years!!!
Let this thing bleed like a stuck pig. I have a few ideas for where he can stuff his "acquired picasso statue".
Well, I think this will be my last post. I am going to throw this POS down a wishing well and look back at it six months from now. I just hope when I do it is not to find out ARTS is filing for Chapter 11.
I was really hoping we would get our financials on time and win back some shareholder trust. Their track record of consistently blowing past SEC deadlines and ever increasing SEC inquires, tells me everything I need to know. I think someone on this board said it first, “ARTS is just a penny stock not ready for Prime Time”.
Based on ARTS lack of operational cash inflows, we are not far from being insolvent. Even if we liquidated our current assets of $1.9M as of June 2010, we still couldn’t cover the amount of cash we are hemorrhaging out the door. It is also interesting how our operating expenses have basically tripled when comparing June 2010 versus June 2009.
September 2009: Cash outflows from operating activities $(1.9)M, offset by Cash Inflows from Contributed Capital $1.8M
December 2009: Cash outflows from operating activities $(2.2)M, offset by Cash Inflows from Contributed Capital $5.6M
March 2010: Cash outflows from operating activities $(1.0)M, offset by Cash Inflows from Contributed Capital $0.6M
June 2010: Cash outflows from operating activities $(2.4)M, offset by Cash Inflows from Contributed Capital $2.2M
Good luck everyone… I genuinely hope I can come in on Monday and have the Q3 financials prove me wrong.