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Well, I think it's a little of both. He thought that where he lived was more prestigious and thus a better address.
The Beverly Hills address had/has no practical use though ... It's a virtual office. It's not like Santos changed it to an actual office building that he worked out of.
It is hardly fair to imply Paul is up to anything nefarious in regards to the Korean locations.
They are setup and run by VitaCig's Korean distributor and are not controlled by Paul / Mcig / VitaCig.
It's no secret that the former VitaCig CEO, actor Al Santos, switched the official headquarters address to be a "virtual" office in Beverly Hills in an effort to make the company look prestigious.
What does any of that have to do with cash burn?
What? Are you serious?
This is pretty basic math les. It's called subtraction.
If a company takes in $1 MM in a quarter and spends $1.025 MM in that same quarter, then at the end of the quarter they have $25k less than they started with.
Why do you say it was based on zero revenues?
You could have revenues of 1MM a quarter but if your spending 1.025MM and you only have 100k of cash to start, then you only last 4 months before needing a capital infusion ...
Correction:
470k (185k+75k+55k+77.5k+77.5k)
Only 350k for Q1?
1st quarter should be record revs. If you go through their June 22nd press release and total up all of the revenues they say *already occurred* then you get 470k (185k+75k+77.5k+77.5k).
That doesn't mean 2015 wasn't disappointing. I wasn't expecting more than 500k but I sure was hoping for it. The quarterly revs sure don't paint a pretty picture, and if they hadn't made those rev details in that June 22nd press release, I'd be tempted to cash out now. But I'm not going to. I'll probably double down again. Sigh.
WTF are these paragraphs doing in the attestations of the 10-k?
Energizer Resources Inc?
Really? Is this a copy-paste error? Sloppy...
And in the attestation I didn't include before, they reference Maury Winnick as CEO, but Paul signs. I'm pretty sure Maury is only running VitaCig, right? Sloppy...
"In connection with the annual report of Energizer Resources Inc. (the "Company") on Form 10-K for the period ending April 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Charles B. Mathews, Chief Financial Officer, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002"
Why would you not?
When will I learn? Every quarter I back the truck up and average down thinking "this is the quarter that is the start of something big". Only to see my investment crushed in the following days.
If they really do end up making 7-10 MM in revs for FY 2015, then it will more than cover a burn rate of 25k/month, and I can stomach some dilution to get us there.
The problem is I think their burn rate is going to go much higher i order to get to a level of operations that sustains double digit millions in revs...if they can even deliver on that forecast...which there doesn't appear to be any evidence thus far that they can.
Let me rephrase using words that you lesser people may have a chance at understanding:
A $5 share price is easily obtainable via a reverse split. I propose that given its current business model and verticals, VPOR's market cap will never be in the billions.
Being granted with superior knowledge really does come with its own burdens. It's hard for me to convey such complex concepts.
"MCIG report: train is getting ready to rip upward: "
Mixing your metaphors perhaps?
Trains leave stations. Rockets rip upwards.
$5 ... right ... because this is a 20+ billion dollar company ...
Let's at least attempt to keep posts based in reality.
I think you mean an SDA not an MDA ... We are talking about JCP Wholesale ...
Being affiliated with a company does not negate the need for distribution agreements. Whenever you have two distinct legal entities, they will use business agreements to conduct business together ... Do you think Pepsi bottling company doesn't need a distribution agreement with Pepsi just because they are affiliated? ...
Unless you have information we are not privy to, I don't think you can make any statements of fact regarding who controls the company.
I could be wrong, but my interpretation is that MCIG setup JCP wholesale themselves as an entity to distribute JCP products at the bulk level.
JCP wholesale and MCIG share the same Beverly Hills "virtual" address.
JCP == Just Chill Products ...
Hopefully Maury has kicked that shtty marketing campaign to the curb.
It's good to see some humor and fun on this board :)
Too much gloom and doom as of late!
I hope the financials, whenever they are finally filed, bring the same smiles to us!
Here you go:
https://en.m.wikipedia.org/wiki/Sarcasm
Link to what?
No, you did say that. Here are your exact words:
"Consequently, they can not respond to your emails seeking such information."
Ok, Les, if you agree they can respond, then you shouldn't state that IR reps are prohibited from replying to an email.
I don't care about this filing delay. It sucks, but what can I do about it? Nothing. It'll be filed eventually.
I've not emailed the MCIG IR rep, but every IR rep I have emailed for other companies has replied usually same day and always within 2 days. A lot of times they simply state that they have no public information they can disclose. They still reply. That is their job after all ... to handle relations with investors.
It's absurd that MCIG's IR rep did not reply to his email.
An IR rep can absolutely respond to any email requesting information. That's their job.
They obviously can't reveal any information that would violate SEC regs, but that does not prevent them from responding to emails.
If a company files an -NT and subsequently files their report within the relevant 5 or 15 day extension, then their filing will be considered to be filed on time.
This is the first time VPOR has not filed within the extension time.
The IR rep didn't respond?
Can you post a link?
I checked Edgar and didn't see any 8k or extension filing.
If they are "done" I doubt they would be making all these reorg changes like shifting sales off of the Mcig.org site to multiple other website sales channels. Nor would they have introduced their financing program.
Who said anything about SEC discipline? I certainly didn't. Stop muddling the discussion by bringing in new and irrelevant statements.
I'm just pointing out that changing auditors is not a "totally logical" reason for a delayed filing.
Well, fortunately we are dealing with factual statements, so it doesn't matter if someone is in the know.
SEC forms are SEC forms and they can be filled out differently according to a company's situation.
"the general consensus from those in the know"
What constitutes being "in the know"?
You were claiming it was "totally logical" for the audit to take longer than expected since they changed auditors.
I pointed out that the sec allows extra time for a company when they change auditors, and thus "an audit taking longer than expected" is no excuse.
He didn't have to check box (b) of the -NT, agreeing to the 5 calendar day extension, but he elected to do so.
He could have checked (a) and only (a), along with an explanation in part III of the -NT. that would have been a much better way to handle things.
A firm has a 90 day grace period after a change in auditor. They changed auditors effective May 13, 2015. Their 90 days were up last Wednesday.
It would be totally logical that an audit would be completed during the official SEC time period allowed for a change in auditor.
It would also be totally logical, that a CEO would put out a PR explaining the delay in filing of a 10-K, especially after opting to commit to a 15 calendar day extension and then failing to file within that extension period.
Damn, well I would want to know that ... I get drug tested at work!
B.S.
Where are you buying puts on an OTCBB stock?
Of course he has a legal right to sell, but as was pointed out, he must also follow legal rules for selling. To sell shares on the open market he'd need to convert to common shares which would require SEC filings. Then he'd need to file form 4's for his sale.
Shareholders will know When Paul sells ... and they'll know before he actually does.
Furthermore, as was also pointed out, logistically it would take a long long time for him to liquidate his shares on the open market with the current liquidity.
Does it say em-j on the package?
I have never predicted a late filing catastrophe, nor do I intend to.
I do think it gives them a completely avoidable black eye. They have the capability of filing on time. They should.