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"The reported gross profits of 696,000 for the quarter ended June 30, 2014 compared to 564,000 for same quarter June 30, 2013 a more significant increase an overall increase of 23% in our gross profits. Our overall gross profit margin for the second quarter was 43% and that compared to the gross profit same quarter last year of 36%, so a noticeable and significant improvement in our margins quarter-over-quarter last year."
Shorts need to stop posting mis-information
"reported revenues of 1,635,000 for the quarter ended June 30, 2014. That compared to revenues of 1,563,000 for the same quarter last year June 30 of 2013, which was an overall increase of 5%."
With accretive acquisitions and a return to profitability a 300K market cap if we can get these @#%! convertibles paid off before we go sub penny we have great upside in the future.
I believe they are going to be paid off but how many more and how low will shares be converted to the debt holders before the rest are paid off is the question? Terms have been met to use the 5M to pay them off yet mores shares are being converted and driving the price way lower then I ever thought Dean would let this go.
The April 30th PR regarding the investment banking firm attained and had come to terms with stated they had 5m dollars for refinancing company debt. That was contingent upon the asset sale and the payoff of the senior debt holder. That is all complete so why further dilution? Why are they not paying off the debt instead of running the stock this low? Dean called the stock price a joke at .08 during the conference and encouraged buying to new shareholders yet he is converting shares at what looks like .02 now?? I really believed he thought more of his company and shareholders then to let this go this far. He has just slaughtered his new shareholders along with the old. Sure hope this is about to end with some great news to accompany the payoff of debt or he can kiss the rest of his 2014 plan and beyond goodbye.
Refinancing the convertible debt is paramount at this point. We need a PR asap not more converted shares.
He bought them out of his own salary as he said he was going to do during the conference call.
Once they deviate from the plan I invested here for including what was said on the conference call I will be the first to call Mr. Cubley out. Here is where we are at and where we are going near term.
- Paying down and eliminating company debt to clean up the balance sheet to reduce interest and other capital costs. -----In Progress
- Possible mergers and/or acquisition activities with other innovative technology companies to increase ERF Wireless revenues and cash flow. -----In Progress
- Execute operations in all business segments with a plan to achieve EBITDA based positive cash flow and profitable operations in the year 2014. -----Ongoing
The M&A activity was mentioned to be accretive a number of times meaning immediately adding to the top and bottom line. If this plan continues on track pennyland will be behind this company and many will wish they bought up as much as they could down here.
Could there be further conversions before the payoff? Yep and like the rest I will be disappointed that Dean issued shares lower then what I thought he would but not because he deviated from the game plan.
Everything in the 2014 plan is being executed as promised. The one thing we did not know is how many shares would be converted before the payoff. There is a mis-conception that they have enough money from the asset sale to payoff the rest of the convertible debt which is not the case. That is why they are attaining long term financing to pay it off. 2.3M from the sale minus the 1.16 to payoff TCA debt minus the 450K locked up for 90days only leaves you about 700K. If you look at the 10Q they owe over 2M minus what they have converted into shares. Go do the math. Nothing has been mis represented to this point. I just hope like the rest of the longs that there will be no more converted before the payoff below the .035.
During the conference call Dean was pretty adamant that he would never vote for another R/S in the future.
This dilution has been a painful but necessary part of this whole process. I do hope we have seen the end of it. Hopeful for a PR this coming week.
I think that was the last and we get the long term financing to payoff the rest of the convertibles in a PR next week. After that the accretive M&A in the oil and gas begins.
Doing the same MBD. The shorts have made easy money here the convertibles constantly pressuring the stock but that is VERY SOON to change. They are in deep and will have a hard time covering when this takes off which is why they polite the board with mis-information on a daily basis.
You are correct, this is the PR to the 8K. Not sure why Dean waited this long to put this out in a PR. So were still waiting on longer term financing that will be used to retire the short term debt that is creating the stock pressure and provide additional working capital as well.
WOOP! THERE IT IS!!!!!!!!!!! http://ih.advfn.com/p.php?pid=nmona&article=63823501
Totally agree MBD! The run is soon to begin and my boat is full!
Hard to say exactly since the company has converted some of the debt to shares but after they paid off the senior note I would say 6 remaining totaling somewhere around 1M$
Copy and paste Bob. You bought at a bad time and for all the wrong reasons. Never buy just because the Ceo is.
Dean now owns 675K. You can bet at $6750 every penny up or down his interests are now squarley aligned with ours no matter what crap the shorts will try to sell us. This should provide a measure of confidence for all longs that the company continues to execute its 2014 plan to profitability.
Very nice! Good sign of things to come! IMHO
The senior note was paid with the asset sale and as I thought the rest will be paid off with the new financing. I averaged down again this morning and will also wait now for this all to be confirmed in a PR and 8K. Things are still on track, don't let the shorts rattle you they have a job to do and spreading fear and doubt is their specialty.
MBD, do you have any insight as to how Mr. Cubley is going deal with the rest of the convertibles? They could payoff more with the asset sale money and payoff the rest with the new credit line under much better terms. Been quite since they paid off the big note.
Our buddy on twitter claims to be the culprit:
"shortallBBPK: $ERFB going 2 FAKE BID evryday so JUNKIE CUBLEY can go out & borrow more money & put BAGHOLDERS into debt 4 life. LOOK @ 20M shr bid @ .001
about 2 hours ago from Twitter Web Client"
Transfer agent: Olde Monmouth stock transfer:
732-872-2727
I would like to see them payoff the largest convertible left, Tonaquint which at the end of June was $680,406
Shorts never get the message they are paid by the response which is why they try ever so hard on Twitter to lure anyone they can over to Yahoo with link after link. They hate IHUB because when they get belligerent the post is deleted.
Looking forward to more progress this week!
By my count we are roughly at 10.4M O/S
Yes, at this point it has been a gift for the financiers to have kept the SP down while we finish loading the boat, and I have seriously loaded the boat! This is the most undervalued stock on the BB with the tiny float and soon to be profitable. Wont be long before people take notice and start jumping on board.
That was the big one. Tonaquint is the only other large one as of the end of June at $680,406. That one may be next! Great news to see this moving so quickly!
Some of the other smaller ones my have been converted to shares.
Selling non-core assets to pay off toxic debt is called good business on wall street shortallbbk.
They will have to buy back at much higher prices and are in panic mode! Just go and read Twitter where shortallbbpk spends all day posting and insulting. They are in deep and with only 10M O/S the price will move up fast when the time comes.
I also believe they have a big acquisition waiting in the wings that will at least double the revenues. Dean first needs to extinguish the convertible debt. JMHO
The asset sale is what sets it all in motion! 8K's on the way!
Next step in the growth plan from the CC
"We’re now actively working to eliminate that convertible debt. Obviously the sale of the non-core assets will be a part of the elimination. There are other things that go with that. I can’t give you a hard and fast time-table because of the other reasons I have mentioned here in terms of when we’re going to close the sale. But eliminating convertible debt is very high on our requirement list. And we will of course put out some information on that after it happens."
Looking for the first of the 8k's.
You will get them.
Yes! And there will be NO more R/S!
Nice post! Great to hear from someone in the business that has some insight. Keep sharing in the future.
Thanks
"I am expect more follow up news shortly! " Yes, expect the same. We will get more detail imo.
It's on Twitter!
Just as promised! Dean batting 2 for 2 since I became a shareholder and this is just the start!
"Sale proceeds from this multi-million dollar sale will be utilized to retire existing debt, support ongoing operations and improve the ERF Wireless balance sheet."
Accretive acquisition(s) coming up next along with profitability all this year = stock price of $1 or more!
Next year on to a larger exchange!
That little spike did wonders for my portfolio. Just the beginning imo. News should be out any day/time now!
Every buy I have made was at the bid never once at the ask. These debt holders always come down and sell the shares cheaper then their ask price. Hopefully they are done or soon out of shares to sell.
GLTA
Yes sir! Selling non-core assets and paying down debt is "extracting shareholder value" and we will see a nice rise in SP. Hopefully soon after the M&A activity announced and we should be well on our way to a larger exchange.
Someone bought all those shares yesterday. Maybe people in the know as someone said here on the negative side?