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Well the company is real and the sales are real and the products are real, so the company is legit, they have just been in the shitter for a while financially and theyre really bad about communicating. Every OTC company is a risk for sure, so I suppose there is a little bit of a scam vibe to all of them. At this point, all we can do is hope for the best when it comes to the future here.
Well it seems like the 1:4000 split is pretty set in stone, but I'm hoping they plan to gain some market confidence after they split. If they continue to mess up their investor relations, they will never get anyone to buy in and I can't imagine how that would benefit the company moving forward. I've heard the requirement to uplist is a 3$ share price. With a 1:4000 share split that would still be in the red for me. We'll need to hit 4$ for me to break even after the split. but if they're projecting around $600,000 for the month in revenue, that would be around 7.2 million a year. not bad at all. Doing the math with the O/S that would put us up around $10 a share. I know thats an oversimplification of the math, but hey, maybe we'll get lucky. If the company wasn't being so horrible at rolling everything out, I would consider averaging down, but I really don't want to throw another cent in here at the moment.
Still concerned the market won't really care about it, just like how they didn't care about these latest acquisitions. I really hope I'm wrong though.
You have hope for getting your investment back buddy?
my fear is that a small 10k showing these little acquisitions will do nothing for the price.
Oh I'm with you! I know we're all down here. I'm really happy with the acquisitions the company is making, but it seems that the marketplace has lost all confidence here and we just keep going further and further down. I'm hoping for the best because that's all I can do, but my discouragement comes from closing these acquisitions that I thought were good and then just seeing the price go down. Makes me wonder what will even make it go up at this point.
Man I'm not gonna lie, I'm usually very positive about stocks, but this one truly sucks. I'm down so far on my investment and it sucks.
I'm not on yahoo or else I would.
agreed. I'm hoping we are not screwed here and I'm hoping it doesn't take another year to get out of the hole. Fingers crossed for some honesty from the company and something to save all of our asses.
Now when is the R/S actually going to take place? I'm truly tired of this company tbh. I just want out without losing any money.
I had to reach out to Network Newswire myself and get them to forward my email to Jimmy. Here's my email:
"Hi Sugarmade,
This is John Finster. I decided to invest in your company after reading your PR about executing on an agreement to acquire SKY Unlimited. Bringing your revenue guidance to 70 million for 2019. We haven't heard anything regarding this revenue prediction for the year, or if things are being executed in this fashion for the year. The last Q showed no numbers that indicated anything close to that being the direction that we are headed. I understand being patient as an investor, but since I have not heard anything about these acquisitions or revenue guidance updates for the year, I start to wonder if I am being played for a fool as our share price slowly declines over time. Please inform shareholders that everything is still on track and we are moving forward with plans for the year."
Here's the response from Jimmy:
"First of all, thank you for being a shareholder and sharing our dream. Both Sky Unlimited and BizRight are huge opportunities for Sugarmade. As of yet, our ability to recognize revenues has been very limited due to accounting and audit issues. These issues have nothing to do with the veracity of our team or our accounting, but instead relate to complex Generally Accepted Accounting Principles (GAAP) and our ability to raise the funds required to fully close the deals and begin full revenue recognition.
We assure you we are working diligently to resolve the issues, so we can realize our fully potential as a Company and maximize the share value for you, the other common holders and our staff almost all of whom also hold shares in the Company. We certainly have a plan relative to the issues you identify.
Thanks for being your concern to our attention. We plan to increase our communication over the near term so that the trust investors have placed in us can be maintained.
Thanks,
Jimmy Chan
CEO"
I finally got an email from Jimmy after calling Network Newswire 5 times.
Yeah I think the news is fine, but the market responds poorly. I guess I'm stuck waiting until the market changes their opinion on this stock.
Agreed. Company keeps putting out news, but the market seems to hate it.
Seems like positive news to me!
So you've met jimmy in person and been to the location?
Yeah I'm fine with all of that. I just want to make sure the company is on the right track so the
ups can follow suit.
This idea just makes zero sense to me.
Agreed my friend! I understand Bob is busy trying to build a company, but it would be nice to get a little clarity so I don't spend my nights worrying about this!
Agreed. I'm pretty pissed about having to wait like this, and being put through this confusing process, but since I'm not going to sell, all I can do is choose to think positive and be patient. IMO the idea of splitting the O/S by 4,000 and the A/S by only 6 is absolutely absurd and overkill. What company would do that if they wanted anyone to ever buy their stock? No person would ever invest in a company with that kind of SS. This is all my opinion. I really hope we all make money here and can take a nice vacation. Peeeeace.
Oh I'm not being negative at all, I'm just looking for some clarification and updates about their announced plans. We've seen PR's announcing over 70 million in revenue coming up for 2019, and the last financial report didn't look too much like that was going to be the case. I at least want to be updated that all the acquisitions are happening as promised.
Agreed. Still confused about the whole 1:6 filing to begin with, but just going to choose to believe the company that they are doing 1:4000 for both like they said. They did say that it was happening from a position of strength, so I'm still placing my bets that we can all make some money here, just maybe not as soon as we hope.
I just hope that doesn't mean we have to wait 25 years to make any money here...
Well, the 20th is here and we've seen no evidence of the 1:6 A/S R/S. I'm going to take that as a positive sign.
Well I'm holding here and refuse to lose my investment. Sadly my average is .0024. I hope we can get back up there at least.
Any new updated timeline for when we will be making a "ton of money"? Originally you thought March.
Thanks for reaching out! Sorry I don't have PM. Do those folks seem hopeful still about things here? I do believe we can bounce back from the R/S, but the company needs to get their act together and give us some communication.
You guys think we are due for a bounce sometime soon? I feel like we haven't heard from the company in a very long time. I'm invested at .10 and feeling stressed.
I wonder what happened to DonCamel and Varok and Lindy here. They were the biggest cheerleaders for the company.
As the one person who went to the shareholders meeting, what's your take on the reverse split? Would love to get your opinion.
I guess the only thing it boils down to is, whether or not we think the company lied to us in the first 8k and then tried to pull a fast one on the investors. I know most people will say the CEO will pull a fast one on us, but I'm choosing to believe the opposite. I'm not quite sure they would have company conference calls and shareholder meetings and desires to uplift, just to do something incredibly sketchy. It doesn't all add up, and I'm just going to choose to believe the first 8k.
JMO.
We need some damn communication from the company here. That whole 1:6 filing thing is really throwing everyone a wrench here, and it says it's supposed to be happening on the 20th. I guess we'll see what happens here tomorrow, but I would love to get an update ahead of time. Very frustrating.
Haha! I already do that and am only 30, but my fears are still very real.
I'm just afraid I will be dead before I get to break even here.
Is AFG still on the table/ ever going to happen?
That would be great, but I really think they are just going to go through with the 1:4000 A/S as well as O/S.
I know everyone here is concerned. I'm super concerned, but still a 1:4000 split to the O/S and only a 1:6 split on the A/S is just completely nuts. 499 million on the A/S is just so excessive it doesn't even add up to me. I'm going to stick to what the company said about 1:4000 to the A/S as well as the O/S.
So what catalyst is going to make us see the buying pressure?
Man, this was super discouraging here. Seeing the price go down on good news. Smh
Just trying to figure out when that day will be.... Taking forever!