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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.
Maybe that partially explains why there is no cash in the bank at hop-on and claimed assets are dwindling fast.
I agree that is appears pretty fishy that PM does not disclose in the fluffies the apparent conflict if he is actually CEO of the ecig wannabe company. The PR's appear design to purposely make it look like it is a real company that allows hop-on to be a distributor in a few states.
With HOP-ON's track record, I can see why he had to resort to making a so-called deal with his own company, but make press releases that make it appear that it is an unrelated company.
It will be interesting to see how many dilutive shares are dumped on this latest potential failure.
Nope jim, market cap is already much too high. Will likely see 95% to 98% decline after investors do some DD on the HOP-ON CEO and his historic failures.
Maybe a clue can be obtained by asking the CEO who actually runs the e-cig company. Would any real company do biz with a CEO convicted of felony stock fraud? Stay tuned.
I'm guessing they will need many more PR's to slow the price decline, so even more dilutive shares can be dumped. HOP-ON has no other source of any money to stay afloat and pay for fluff press releases.
Could see $0.0003 soon.
Still no sales or revenue, and HOP-ON has no money for websites or marketing anything....per their financials.
HOP-ON's convicted felon CEO
Still reporting to the P.O. regularly? Still have to get permission from him to travel?
So how did those revocation hearings go, Peter? LOL
Dilution drives HPNN to $0.0003 or lower soon.
Longs won't even be able to see the outstanding share count, unless they can actually find a transfer agent.....lol
Since HOP-ON reported NO cash in the bank at all, you can guess they will dilute until investors see what a complete failure hop-on has become...in pretty much everything they try to peddle. No sales at all.
Plus, HPNN is flat broke - no cash, no sales reported, and no money for websites or advertising.
The financials tell the story.
I think I know why they doubled the share authorization. Dilution, what HOP-ON is best known for, second to having a stock fraud felony conviction for the CEO of HOP-ON.
Pagnano is owed more than the market cap of the company....alot more.
Just look at the notes to their financials. I see he seems to rather have the debt owed to him, rather than shares? He was getting paid back a bit.
He will probably reverse split again, so the market cap can drop fast with the share price after a reverse split. But he will still be owed the money....LOL I wouldn't take the shares as compensation, either.
nors - float is NOT low. HOP-ON has NO cash in the bank at all, no sales or money coming in, per their financials. Where do they get the cash to pay their bills and their fluff press releases?
They just doubled the share authorization, which means more dilution to keep the little operation running, IMO.
Just look at the float, as compared to outstanding shares. It is very high. Market cap is much too high already with assets dwindling and no money apparent to run operations or pay Peter's salary.
Outstanding Shares
794,049,000 as of Jan 6, 2010
Authorized Shares
1,490,000,000 as of Jan 6, 2010
Float(shares)
700,000,000 as of Jan 6, 2010
nors - huge float for HOP-ON bad news
maybe you should do a bit of research, first.
Also, take a look at the (convertible) preferred shares and how many are out....ouch. Are the common even worth anything, with hop-on's terrible financial condition?
Note - they just doubled the auth. shares to 1.49 billion.
...........
Outstanding Shares
794,049,000 as of Jan 6, 2010
Authorized Shares
1,490,000,000 as of Jan 6, 2010
Float(shares)
700,000,000 as of Jan 6, 2010
Number of Shareholders of Record
10,000 as of Jan 6, 2010
Investors finally look at financials for HOP-ON?
No sales at all, no cash in the bank, and then they just doubled the share authorization, signaling massive dilution could be going on right now and in the future.
So HOP-ON is really about flat broke? No caSH AT ALL, PER THEIR FINACIALS?
No wonder they just doubled the share authorization, so PM can dilute as fast as he can before investors figure it out.
hadesdog - usually alleged violators only see action by regulators in civil court. They often end up settling, agreeing to not violate again and paying a fine or disgourgement.
I wonder if their accounting firm knows that HRNF appears to have not included the liabilities from all their judgment liens against them and the court case they lost? I see no evidence that HRNF disclosed this in their financials, which Pagnano SIGNED in each financial report.
I agree that shareholders and others should be making complaints if they do DD and believe things are not right.
HRNF big problems evident:
From Yahoo message board post
HRNF big problems seen in Press releases
8-Jan-10 09:46 am
here are a few things to consider.
1. HRNF's press release about Glu Pro claims to have an "exclusive distributorship" w/Glu Pro.
Problem: A shareholder contacted GluPro. Sam Pratt indicated they have NO exclusive distributorships with anyone.
2.
hrnf's Dec 7 PR.
Problem: No one can seem to find evidence that those two companies actually exist. If you can, please list the address and telephone number, plus a website, if possible.
3. HRNF's financials. HRNF doesn't seem to list all the judgment liens entered against them and the court judgment they lost. HRNF is well aware they owe these moneys, so this should be listed as a liability.
4. HRNF admits people cannot buy HRNF shares through at least two major US brokerages. These are not the only ones that won't let customers buy HRNF shares. Rating :
(1 Rating)Rate it:
jlatham901
PIZZA - not dumb? Well, I beg to differ. He appears to be putting out stuff that, when DD is done by others, does not pass the smell test.
Continued flouting of this kind of behavior can easily result in action from regulators, if they decide to make an example to deter other co's from doing the same.
Your support of a company exhibiting such questionable PR's, while we all know the stock is under distribution (massive dilution), makes one wonder how you can sleep.
Claiming exclusive distributorship, when GluPro indicates they have no such agreement with anyone, is just asking for regulators to step in, IMO.
I've seen suspesions from trading for less than this.
Please update I-box with new share structure. New info is on pinksheets under the "company Information" tab when viewing the quote for HRNF... link to pinksheets is in the I-box.
Dilution often increases following updates and PR blitzes from the company, IMO.
Pizza - was this an incorrect PR by Mike?
If so, maybe you should email mikie and demand a retraction be put out.
More evidence that HRNF is not an "exclusive distributor". Apparently GLU PRO DOES NOT HAVE EXCLUSIVE AGREEMENTS WITH anyone, based on what I read on the Yahoo message board.
.......
from Yahoo message board:
chaos-infer...
Male
11-Jan-10 09:53 am
I went to glu-pro's web site and I emailed them. I asked if they had HRNF as their exclusive distributor or if they even have a contract with them. This is what i got:
Hi Alden, There is some confusion here. There is no agreement for "exclusive distribution" with anyone at this time. Sam Pratt, RPh, FIACP Sec/Tres and 25% owner/patent holder
Terry, Please forward this e-mail to Dr Habib. Thanks Sam
On Jan 9, 2010, at 11:22 AM, chaos-inferno@_____.____ wrote:
Alert: HOP-ON doubles share authorization
Common shares authorization raised so they could dilute, dilute, dilute even more shares on unsuspecting investors.
............
Outstanding Shares
794,049,000 as of Jan 6, 2010
Authorized Shares
1,490,000,000 as of Jan 6, 2010
Note also that class A preferred is at its limit, and Class B preferred is growing....ouch.
float is 2.6 billion shares. Latest info from mike is now on pinksheets dot com. Look at company info tab, when viewing the quote for HRNF.
Outstanding share count has increased. Looks like dilution will continue unabated.
Here is latest share structure info. Check w/ the TA to make sure HRNF hasn't already been dumping hundreds of million more stock.
Outstanding Shares
2,718,000,000 as of Jan 5, 2010
Authorized Shares
5,000,000,000 as of Oct 9, 2009
Float(shares)
2,600,000,000 as of Jan 5, 2010
Seeing big problem with HRNF's unaudited financials, IMO
Nowhere does it list the liabilities associated with all the jdgment liens against the company. Maybe Pagnano thinks that he can hide from obligations and file unaudited financials without those known liabilities because he simply changed the company name.
Since he knows HRNF is liable for the judgments and court judgment HRNF lost, I am wondering if there are any penalties possible for filing such financial statement?
It would be interesting to see why HRNF seems to think they don't have to list such company liabilities in their financials....they are supposed to be prepared according to generally accepted accounting rules, and Pagnano certified them as such.
HRNF's "third party is actually its CEO. LOL
Pagnano now is owed close to 3.69 billion shares-worth of HRNF at $0.0002. This does not include deferred salary or bonuses. While he actually is not owed the actual shares, it is illustrative to see just how many shares that really would equal. It is also interesting that he seems to rather keep this as a debt owed to him, rather than own the overvalued HRNF shares. He probably already knows a reverse split will be needed in 2010, for the 4th year in a row. Anyone think the new ticker will be HNFB?
This info can be found in the latest financials, and in the notes to those unaudited finacials.
.............
Advance From Third Party
$737,000
Excerpt from notes:
NOTE B – Advances from Related Parties
This reflects monies owed the CEO from direct cash loans and does not include deferred salary or bonuses.