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moderator - please update I-box with latest share count info
Outstanding Shares
1,230,000,000 as of Jan 25, 2010
Authorized Shares
2,490,000,000 common
10,000,000 preferred (class A & B)
there were more shares issued than traded during the period from Jan 6th to the 26th, but it is close enough to know that pretty much all shares traded during that dilution were dilutive shares issued by HOP-ON. There were approximately 392 million shares traded during that period.
I see you caught that the Nevada SOS website reveals no effective date for the 2.5 billion share authorization. Not sure if this means they can only dilute to 1.5 billion shares until it becomes effective. I'm guessing they are pretty close to the 1.5 billion share limit since Jan 26th last update from the company.
Maybe this is why they haven't been issuing the fluff press releases. They may be waiting until they can dump hunbdreds of million more dilutive shares on unsuspecting bagholders.
Pags has tried the military consultant group thing in press releases before. I think they thought announcing a military and drug store chain distribution channel before they have any real distribution in any is mostly to get a press release about something, anything, out there LOL. I believe they are trying to keep the dilution going right up and through the next reverse split coming (1:300, IMO, of course), and probably another ticker symbol change to HNFB
Please update I-box for HOP-ON's new share structure
HOP-ON increased common share authorization to 2,490,000,000 shares (Nevada Secretary of State website, business entity search)
and posted that there were significantly more shares outstanding to pinksheets (Jan 25th - Outstanding Shares
1,230,000,000 as of Jan 25, 2010)
The I-box has outdated share structure,(Jan 6th 2010 data).
Thank you.
Paper - only manipulation takes it higher
The shady traders make a few buys of 5,000 or so shares at a higher price, then the gullible get stuck buying at high prices. Now they find they can't sell at that price or higher, so they hold for a while. They hope for fluff press releases and the shady newsletter penny stock pump groups to temporarily help hype the stock. Sometimes they can a pump/dump to allow them to sell. Other times, facts come out revealing massive dilution and that HOP-ON's CEO is actally CEO of USACIG, too.......very suspicious.
Anyone know if Peter Michaels is getting paid shares through USACIG. Anyone know if USACIG president Worley is getting paid in hop-on shares? We all know hop-on is basically flat broke, as of last report, so there is reason for concern about where hop-on is getting cash to pay their $30/month mail box fees.
HOP-ON is also listed as "In Default" in their state of incorporation (Nevada). How long until they are revoked, just like HOP-ON Wireless is now revoked?
If they get revoked, the shares can no longer trade and will be worthless.
69 hemi - the dilution is real
How can you call it BS, when you can see that there has been massive dilution during January. For all we know, they may already have issued another billion shares since Jan 26th (their last update to pinksheets.com).
There is a reason they raised the share authorization twice already in 2010, now to 2.5 billion shares. They did it because they ARE diluting tons of shares.
69 Hemi - monsterous dilution is how I would describe it, too.
Did you know about this massive dilution hop-on has been doing?
I suspect most longs had no idea, and now have to face the facts and the likelyhood that HOP-ON is still dumping shares as fast as possible.
steal - they've been diluting like there is no tomorrow
Now you find your investment is now an even smaller percentage of the total outstanding shares. That can't be what you were hoping for.
Could they already be closing in on the maximum share authorization of 2.5 billion shares already? Now that is what I call dilution!
HOP-ON sure didn't include the dilution projections in their fluff PR's. I wonder why? Just who did all those dilutive shares go to? Are they claiming exemption from registration of those shares?
When longs see what hop-on has actually been doing, they may think twice about holding as they head for their new A/S limit of 2.5 billion shares.
I also am guessing they are working hard to craft the next press release to slow down the PPS decline a little bit.
Moderator - please update I-box with new share structure/outstanding share count.
Authorized shares: 2,490,000,000 shares (common)
10,000,000 preferred shares (Class A & B)
(info available from Nevada Secretary of State website, under business entity search)
Outstanding shares:
1,230,000,000 as of Jan 25, 2010
http://www.otcmarkets.com/pink/quote/quote.jsp?symbol=hpnn (click on "company info" tab)
HOP-ON now increased share auth. to 2.5 billion shares....ouch
from Nevada Secretary of state website (hop-on listed as in default, too).
Actions\Amendments
Action Type: Amendment
Document Number: 20100106444-32 # of Pages: 1
File Date: 2/19/2010 Effective Date:
Previous Stock Value: Par Value Shares: 1,490,000,000 Value: $ 0.0001 Par Value Shares: 10,000,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 159,000.00 New Stock Value: Par Value Shares: 2,490,000,000 Value: $ 0.0001 Par Value Shares: 10,000,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 259,000.00
Action Type: Amendment
Document Number: 20100008501-57 # of Pages: 1
File Date: 1/07/2010 Effective Date: 1/07/2010
Previous Stock Value: Par Value Shares: 800,000,000 Value: $ 0.001 Par Value Shares: 10,000,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 810,000.00 New Stock Value: Par Value Shares: 1,490,000,000 Value: $ 0.0001 Par Value Shares: 10,000,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 159,000.00
Action Type: Commercial Registered Agent Resignation
Document Number: 20090732087-48 # of Pages: 12
File Date: 10/02/2009 Effective Date:
(No notes for this action)
Pizza - technicals do not apply to a stock that has been dumping dilutive shares as fast as they can. It now looks like almost all shares traded were dilutive shares dumped by the company.
Where did all the unregistered shares go?
HOP-ON news - massive dilution confirmed
HOP-ON is already close to their share limit, just over a month after doubling the share authorization.
From HOP-ON's info given to pinksheets.
Outstanding Shares
1,230,000,000 as of Jan 25, 2010
Authorized Shares
1,490,000,000 as of Jan 6, 2010
Who's selling it? Hmmmmm....
Wasn't that George Calvi dude involved with Pagnano in Heathrow before Pagnano changed the name of World Golf, reverse split (3rd time in 3 years), and later had the failed stem and natural products deals? Finally, he annouced he found a new way to issue flufiies. Get heathrow natural? Wasn't that same Calvi the head of Upwon, the company that supposedly sold memberships in pagnano's golf tourney venture (where he failed to pay prize winners what he admits he owes). This seemed to be more of a dilutive shares for cash deal to me, but why quibble now?
And now we see the latest PR. LOL
Wrong, HOPPING-IN. HOP-On is not an e-cig company.
They are only a claimed distributor of someone else's product, and have not sold anything.
I also noticed HOP-ON has no cash left in the bank, per last report. This terrible financial condition makes one wonder how they even pay their $30/month P.O. Box rent at their drop box they use instead of a real corporate office address.
Solid? Are you kidding?
HOP-ON has no cash and hasn't proven they can sell anything.
They also would be sure to check the USACIG's CEO's felony record and note the fact he is still on felony probation.
NOpe - scam runup will be limited to manipulators
You can already see the little $3 trades to make it look like there is a higher bid for shares. The sucker investors then buy a few more and often are stuck with them.
Pizza - I think delayed 'till fall 2010
All their previous projections for product came and went...still no product.
Yahoo poster talked to USACIG president. They apparently have no devices to sell.
I wouldn't be confident they could sell anything, or that hop-on could distribute anything for them if they had the devices.
Thanks garyev - I saw that. I was just curious to see if anyone tried to find out of they have been dumping hundreds of millions more shares lately.
Since HOP-ON reported $0 cash in the bank and $0 sales, one wonders how they pay the bills or pay for their press releases?
Could O/S count be well above 1 billion by now? I see the company had to raise the share authorization....doubling it. This is USUALLY DONE JUST BEFORE A BUNCH OF FLUFF PRESS RELEASES AND A LOT OF DILUTIVE SHARES BEING ISSUED.
Doesn't PM need permission to travel, from his probation officer?
You think he would be allowed to go to China? LOL
I don't think Canada would let him in. They have rules against felons entering, and even restrict those that have DWI offenses.
PIZZABUST - please - date AND SOURCE FOR YOUR NEWS YOU SAY IS READY
otherwise, if this is just you posting incorrect info, please disclose.
Also; you may want to review the insider trading info warning the SEC/pinksheets put out on penny stocks, and what can happen if one trades based on material non-public info provided by a company or their paid promoters.
bankruptcy is the only way they can write off the judgment or other debts. Preferred shareholders would be in line behind creditors for any assets left. Common shareholders usually would see nothing.
If a judgment lien is obtained by a creditor, in California, that is good for 10 years against the company or individual.
A creditor can also ask to have a judge require the creditor appear before him to explain why the judgment is not being paid, and to report on what real property the debtor owns and can be used to help satisfy the judgment. An individual can also be forced to turn over anything they have with them (cash, watch, etc.) at the hearing. Failure to appear for this type of hearing can result in a bench warrant being issued.
If he is the CEO of the cig company, too, why would they need hop-on for anything but selling dilutive shares at steep discounts for cash?
The ecig company could easily set up selling without hop-on. Hop-on sure has not demonstrated any ability to be successful in selling or distributing anything. Longs may be facing a rude awakening and hop-on shares could easily become worthless.
Default status for hop-on
I see their registered agent resigned, too.
From Nevada secretary of state:
Business Entity Information
Status: Default File Date: 3/16/1993
Type: Domestic Corporation Entity Number: C2878-1993
Qualifying State: NV List of Officers Due: 3/31/2010
Managed By: Expiration Date:
NV Business ID: NV19931035864 Business License Exp:
Registered Agent Information
Registered Agent resigned
Are you sure the court judgment is against the company, and not just PM? If it is against the company, that could be why assets and cash in the bank are so little and non-existant, respectively.
$0.0080 ? LOL $40 worth at that price? Double LOL.
Probably hoping for a series of press releases to allow more volume pumps and cash to pay bills from dilutive share sales , IMO.
dcjr - there are no naked short problems with PYCT
PYCT even paid for a stock audit to confirm this. Your repeated posting of such speculation is well documented, and seems to happen more with no bid stocks like PYCT and those where there is a huge bloated share pool. 20 or so billion shares out and uncertainty about where PYCT is getting cash to stay afloat a little longer are just two reasons this one may need a reverse split early this year. When they R/S, they con continue selling shares as the price declines 90% + within weeks. That's the only way the market cap can drop to levels where more gullible investors may buy dilutive shares issued.
jimstock - HOP-On didn't gain anything. HOP-ON CEO controls the E-cig company, although he failed to disclose this in his press releases.
HOP-ON's serial failures as a business are noteworthy. I have little confidence they will sell much of anything, and margins as a distributor in the few states annouce do not inspire confidence, either.
It would be interesting to see if a lot of preferred shares were converted and how quickly the O/S count is rising. Since hop-on reported being basically flat broke, in their last report, I'm not even sure how they are paying the rent or their stock promotion activities.
mrgreen - death spiral financing
How do you know. At what discount to the avg. share price were all those shares dumped, as reported in their last financials? This dilutive share issuance was about the only thing that paid the bills. There were no sales and NO cash left in the bank.
They likely still have no cash, and no sales.
After his 2003 indictment, Peter Michaels did resign, with Dan Gannon replacing him. He remained chairman, I believe. Samuel Demissi was named president, but later apparently stepped down and Peter Michaels named himself president/CEO again.
luventemec -
Thanks.
Do you know or guess why the CEO is not disclosing pending action & details and/or resigning, if what you say is true? I've seen the report of revocation hearings.
I wonder if the financial report showing $0 cash, no sales of antything at all, and the fact that almost all operating money was raised through financing (dilutive share issuance) will get some attention. That report itself should concern anyone, as it does not show a good financial condition, IMO.
Where did the money go (read older past PR's)?
I doubt it was due to any sales at all.
Now that we know Peter is in charge of that company, too, I have little confidence in what either puts out, IMO.
They deleted some BRS posts, though. I think a few hours of DD would help BRS understand why there are posters that post opinions about HOP-ON and its CEO that some consider unpopular.
I'd like to see some HOP-ON longs try to keep everyone updated on the share structure and if and when significant numbers of either common or class B preferred stock have been added to the share pool.
So far, pretty much all cash for operations has come from adding hop-on shares to the share pool, per last report. Also, that report did not show any cash in the bank....not one penny. That, alone, should raise a few eyebrows.
BRS - RE: CEO's felony conviction
Note - see also stock patrol article below. Note also, that the CEO of HOP-ON, Peter D Michaels was sentenced to jail, but his lawyer negotiated a fine and felony probation to avoid jail.
..................
Hop-On, Inc. Founder Sentenced for Stock Fraud
Investigative Reports
November 20 2005
When it came time to call his attorney, Peter Michaels may have wished he owned the disposable cell phone he had been promising investors. His phone privileges will be decidedly more limited for the next 8 months. Michaels, the former CEO of Hop-On, Inc. (Pink Sheets: HPNN), whose unfulfilled promise to deliver a disposable cellular telephone enticed investors and seduced much of the mainstream media, has been sentenced to serve 8 months in jail for defrauding investors in connection with an online gambling company called World Wide Web Casinos (WWWC).
Michaels grabbed headlines with his promise to deliver "the world's first disposable, fully-recyclable and contract-free cell phone." The hype attracted media attention and persuaded Time Magazine to cite Hop-On's disposable phone as one of the "Inventions of the Year" in 2001. There was just one problem – Hop-On did not appear to have a phone to deliver. See HOP-ON.COM, INC. — TROUBLE IN RIVER CITY.
Meanwhile, authorities were focusing on Michaels' earlier activities promoting another tiny public company, WWWC. On April 17, 2003, prosecutors charged Michaels and four other men with raising $12 to $15 million for WWWC by orchestrating an aggressive telemarketing scheme and issuing online press releases that created "a veneer of legitimacy for WWWC and affiliated companies." That same description could be used to characterize Michaels' efforts to promote Hop-On.
Once he has completed his 8 month jail term, Michaels will remain on probation for 3 years. He also has been order to pay a $100,000 fine – a seemingly paltry sum considering the alleged scheme allegedly netted millions of dollars.
While Hop-On – sans Michaels - currently offers cell phone for sale, the Company no longer appears to be marketing its erstwhile invention of the year. It seems that the product, like Michaels, became disposable.
BRS - HOP-On being broke is not a guess. See their financials.
Me guessing about HOP-ON needing to dilute tons more shares is an opinion, based on the FACT that HOP-ON is known for massive dilution. What other asset do they have that can pay the rent or for stock promotion or to pay the rent?
Also, I will move on when I feel like moving. Until then, I will continue posting opinions and you will have to get over it.
Anyone doing a little DD on HOP-On would probably see why they are issuing PR's like the recent ones. You may also now be aware of the CEO's connection with the ECIG company. Do you think an unafiliated company would do business with HOP-ON if they did DD on his series of business failures and stock fraud conviction?
BRS0903 - why? HOP-ON has no cash at all? They have no money to launch any sales. I'm guessing, since HPNN is about broke, they needed to double the share authorization so they could dump hundreds of millions of dilutive shares at a steep discount to generate a little cash to keep HPNN afloat a little longer.
milz - hop-ON has never been successful at anything. This is just another attempt to peddle shares to stay afloat, IMO.
No cash in the bank should make you wonder how hop-on even pays the rent.