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soup - the CEO has destroyed shareholder value of anyone that is long.
The complete lack of disclosure is something that the SEC should consider taking action to protect shareholders. Other co's have been suspended for not providing timely financial info. Just look at the SEC's "trading suspensions" to see how similar those co's disclosure are to HRNF's, IMO.
Simple math confirms this. Even if there were 15 billion shares out prior to the last 1:300 R/S, that would result in 15,000,000,000 / 300 = 50 million shares after the R/S.
This would not count the shares converted to preferred, which makes this all the more shocking.
From 35 to 50 million shares to well over 300 million shares outstanding in just days?
Think about it. Longs are getting diluted right back into the ground, just like in 2008 and 2007 after those reverse splits.
Birdiew - the O/S is MUCH higher than that
speak to Henry. He will tell you some stories about what Pags is doing to each and every long.....and it ain't pretty.
Sure can
Thanks for asking - lots of dilution again today, but buyers seem to be avoiding this thing at any price. Maybe they did research on Mike Pagnano's antics. All they would have to do is read the past press releases for the last two or three years, then look at how almost everything failed miserably. Yet the massive dilution continues to increase exponentially.
Vagabond - it is massive dilution, not the MM's
Pagnano is dumping hundreds of million of dilutive shares into the share pool once again. The MM's have nothing to do with the fact that tons of shares need to be dumped before the stock price is at $0.0001 soon.
You may also note that in the latest info from HRNF, there is also $1million in possible convertible finacing that can happen later, in addition to the $125K in convertible discounted shares for cash that DLC Capital can dump.
$1 million at $0.0005 means there may be, at a 35% discount to the common share price,
$1,000,000 / $0.0005 / 0.65 = 3.08 BILLION shares needed.
The share authorization is 750 million right now. Looks like they will need to increase the authorized shares by billions in the next month or soo.
they may even need a reverse split in a few weeks when the share price goes to NO BID like in 2008 and early 2009.
the preferred shares are already almost worthless, even though each can convert at a 20% discount to the price of the common shares. The massive dilution has already rendered the preferred shares almost worthless.
Tons more dilutive share selling today
per the transfer agent info. Lots more yesterday, too.
If there were more gullible buyers, the share could could be getting very close to 750 million and the next reverse split.
Birdie - Heathrow doesn't own any of Exfuze, per their own disclosure. Is Pagnano paying you to help him dump dilutive shares? If so, what do you think of his failed business plans and the fact that almost none of what he projects as far as revenue, etc., ever happens? If he worked for you, you probably would have fired him long ago, right?
Another reverse split being planned by May
I think another reverse split is being planned to help Pagnano dilute even more. So far, almost all shares sold again yesterday & today have been dilutive shares added to the share pool, based on data from the transfer agent.
soup and shaker actually never contacted the T/A. They know those two by first name already, and a comment about "they must be in real deep" was made after being told that they are claiming no dilutive shares added today.
Anyone concerned should look at their past posts to see just how wrong they have been. Simply stock promoters with shares they are trying to dump before retail investors sell.....all while hundreds of million of dilutive new shares are being added to the share pool.
Soup - Pagnano's projections don't seem to inspire confidence from most, as his projections for revenue, share count reduction, and general performance have been about as bad as any other company I have EVER seen.
HRNF's non-disclosure practices also may lead to action by regulators for not filing timely financials, IMO.
Looks at all the other co's where the SEC is suspending trading to protect investors from a comapny's non-disclosure and non-filing of financials.
Again - T/A did not say that. T/A has no control over it. You obviously know there are likely hundreds of millions more shars to be dumped in the coming week or so.
Dilution now increasing exponentially. Not good news.
Sellers appear to have hundreds of millions more shares to dump. Soon panic-stricken longs will be lining up to sell at $0.0003 or less, based on past experience watching this one repeatedly go to $0.0001 o n massive dilution.
News - Dilution just starting - getting worse each day
See the news from those getting updated share counts from the TA. They are showing dilution is getting worse each and every day.
TA has no control over share being dumped (issued). Looks like there are tons more shares being issued (dumped) each day, and much more to come. Problem is, the discount is once again forcing the financeers and stock promoters to dump before their shares are almost worthless once again.
Not sure how you can remain positive knowing all those shares you hve been "loading up" on almost daily are now worth less and less each day.
Are you sure you haven't been paid in shares to try to promote this thing? Otherwise, it is hard to understand you supporting it while the death spiral in the stock price continues, and dilution appears to be just starting to ramp up.
Bid dropped to $0.0007
Looks like the overhang of dilution will be driving this down to $0.0001 even faster than the 2008 and 2007 reverse splits and following exponential increase in dilution caused.
Pagnano's company appears to be diluting like there is a race to dump as many shares into the share pool before it goes to NO BID like it did in 2008 and early 2009.
manwe - selling (dilution) will continue unti HRNF is sitting at NO BID, $0.0001 ask once again.
HRNF doesn't have any other source of money to stay afloat, so it needs to dilte as fast as they can before they can't get a bidder to buy anymore.
Pink sheets still has WARNING about HRNF? This despite HRNF's attempt to file preliminary info with NO FINANCIALS.
Look at the big red stop sign when viewing the quote for HRNF. This is the warning:
Indicates companies that are not able or willing to provide disclosure to the public markets - either to a regulator, an exchange or Pink Sheets. Companies in this category do not make Current Information available via Pink Sheets News Service, or if they do, the available information is older than six months. This category includes defunct companies that have ceased operations as well as 'dark' companies with questionable management and market disclosure practices. Publicly traded companies that are not willing to provide information to investors should be treated with suspicion and their securities should be considered highly risky.
Whenever there is toxic financing or a company pays huge number of shares for stock promotion, there always seems to be downward pressure. They don't call it toxic death spiral financing without good reason. The financeers get shares at a steep discount to the average share price, but must sell as fast as they can before the stock price drops below their profit margin point. This puts on even more downward pressure and as the stock price falls, HRNF has to dump even more shares to get the same dollar in toxic financing.
The stock promoters have no intention of holding, because they often know the company has little or no cash.
No, dilution is actually ramping up. It looks like it will get MUCH worse, because HRNF has little cash at last report and they have serious judgment lien problems in florida.
What the F - so mikie is again feeding insider information (material information not available to the public) to the select few?
The SEC tipline at http://www.sec.gov/complaint.shtml must be getting an earful between your stuff mikie is feeding you and the other stuff others have been reporting he is feeding to them in hopes they "spread" the fluff.
recognizer - technicals do not apply to a stock where almost all shares traded are dilutive shares being literally dumped into the share pool as fast as it can be dumped. You should know that!
At this rate, they will need to increase the share authorization in a couple weeks.
percent change:-97.3%
Stock price has tanked 97.3%
Since the $0.0001 pre-reverse split trading
It may be at $0.0001 again within a few days, as the massive dilution is already starting to ramp-up.
Reiko - soup also confirmed from Mike P that the outstanding shares were around 32 million and no shares were diluted into the share pool.
One should look at soup's message, number 16150. Soup apparently spoke directly with the CEO and passed-on info not available to the general public.
Hopefully soup saves any emails to/from the CEO, as this is getting the attention of the big boyz. Developing...... He will have to hope he also got no shares to be a promoter, either.
The SEC also has a tip line if there are any penny stocks you own where you think anything fishy is going on...either a lying CEO when he knows his company's stock is under distribution, or a CEO giving info out to a select few...in hopes they will "spread" the news to help slow down the decline while the dilution is going on.....
FINRA can also be contacted. They are responsible for penny stocks, especially if the SEC onlyy sends you theyir form letter response.
Hiding behind the SEC's safe harbor statement, when it doesn't even apply to penny stocks like this one.
Shameful. Why doesn't the SEC go after him for all these lies it appears are being made?
One lie he appears to have made to pinksheets - He claims they are not in default...
but from the SEC filing for period ending Sept 30th, 2006
:
WE ARE IN DEFAULT ON NOTES THAT WE ISSUED TO THE WINNERS OF THE 2001 WORLD GOLF LEAGUE NATIONAL TOURNAMENT.
We entered into a Stipulated Injunction with the State of Florida, Office of the Attorney General in July 2003, regarding a settlement of our unpaid obligation to the winners of the 2001 World Golf League National Tournament. During the fiscal year ended December 31, 2003, we executed notes payable to the winners of the 2001 World Golf League National Tournament for an aggregate of $300,000 bearing interest at 5% per annum. The notes became due in September 2004, and the remaining balance owed as of September 30, 2006 of $280,081 is in default. As discussed under the heading "Legal Proceedings," an individual has sued us alleging that they are one of the winners of the 2001 World Golf League National Tournament holding one of the notes which is in default in the amount of $22,500, and such individual has obtained a default judgment against us in the amount of $22,500, which has not been paid to date. Other plaintiffs may file lawsuits against us regarding the notes. If this plaintiff, or other plaintiffs who may sue us, are successful on the merits of their cases, it could have a material adverse effect on our financial condition, liquidity and results of operations.
...........
another issue warning of regulators' action against the company...from the same SEC filing:
OUR PREVIOUSLY FILED PRESS RELEASES DISCUSSED CERTAIN ANTICIPATED EVENTS WHICH FAILED TO OCCUR AND PROJECTED REVENUES FOR CERTAIN OF OUR PROJECTS WHICH MAY NOT COME TO FRUITION AND AS A RESULT, WE COULD FACE LIABILITY FROM SHAREHOLDERS OR REGULATORS IN CONNECTION WITH SUCH PRESS RELEASES.
Certain of our press releases issued within the past six months referred to the anticipated entry into distribution agreements for our MDSO, including our October 26, 2006 press release which stated that one of our partners would negotiate "eight additional" airing rights agreements, which may have misled investors into believing that we currently had one or many airing agreements in place, which we don't, as well as our October 23 and 24, 2006 press releases which stated that we believed we would close up to four airing contracts within thirty days (which now seems unlikely as we have not closed any airing agreements to date), and our October 9, 2006 press release which stated that we anticipated closing a network contract with an Asian television network on October 11, 2006, which contract has not closed to date. Additionally, certain of our press releases, including our October 30, 2006 press release which projected revenue of "over 12 million dollars" during the first season and over "thirty million dollars" over the next two years in connection with the broadcasting of the MDSO, which projections may not come to fruition, and which projections our management now believes were too aggressive as we do not currently have a distributor in place for the MDSO and there is no way to project with any accuracy the future revenues the broadcasting of such show might generate. If any investors purchased shares of our common stock based on our previous press releases, which may have led certain investors to believe that the closing of broadcast contracts on our MDSO was imminent and/or that we would generate substantial revenues from the MDSO, which we currently believe it is too early to tell, we could face liability for such purchases if those investors end up losing money on our common stock. Additionally, because certain of our press releases may have included aggressive projections, which may not have been clearly marked as estimates, we could face liability from market regulators in the future in connection with such press releases.
We are all aware of Pagnano's claims and how the company never seems to even get a tiny fraction of the revenue he claims the company will get. So, $2.7 million may only mean around $27 sales.
Even if they claim sales, it will laikely be pass-through sales he will claim...most of it is just passed-onto EXFUZE.
correct, they all are charter members - every one of the people that paid $40 to be a member, that is. Tons of those already in the Orlando area. Doubtfull if any of them will make any money on this expensive product that can't even make any real health claims. Now if Pagnano could get on Dancing with the Stars......
Heathrow only has two employees...not counting stock promoters paid in shares to help with the dilution.
soup - HRNF does not get a percentage of all EXFUZE sales...only the stuff they talk people into buying. I'm not even sure their claim of having 128 independent distributors can be relied upon. The PR you cited had no claim of a percentage of all Exfuze sales.
I will agree that HRNF paid EXFUZE $40 to be a distributor, like all the others in that marketing scheme. I dount they will sell enough to pay for PAGs' company car lease.
Thanks TAKI - dilution is worse that thought
Second-hand info that I had showed even fewer O/S. Dilution has EXPLODED since then.
Evendence suggests you're right, although the CEO has never been convicted or been found liable as of this date, IMO.
New O/S count from T/A this am.....309,195,346 shares
Dilution is increasing exponentially. Almost EVERY share sold is a dilutive share dumped into the share pool.
Can't repeat the rest of the message posted on the Yahoo HRNF message board......
NEW Outstanding count as followed 27-Mar-09 11:36 am 309,195,346
thats as of this morning ,,not icluding today massive dump!!
Soup - it costs $40 to be a member and deistributor....just like so many other multilevel marketers are a part of this.
Based on past experience monitoring Pangano's antics, this seems just a tool to help them sell dilutive shares through almost-daily press releases.
I see they didn't even issue financials, but just a preliminary info statement to pinksheets saying they would disclose sometime in the future. Not a good sign for investors hoping to avoid losing their entire investment once again after this reverse split.
Almost every share sold since the reverse split has been a dilutive share added to the share pool, based on volume evidence and the ever-increasing oustanding share count.
Selling will accelerate until there is NO BID $0.0001 soon on dilution and lack of revenue prospects.
We all know how well Pagnano projections have turned-out in the past. Only a percent or two of his actual projections resulted....many times it was less than this.
It is almost as if the fluff press releases are designed to help unload dilutive shares, or at least slow down the shatre price decline. Lack of disclosure also seems to help them dump dilutive shares until the shareholders find out how their shares have become almost worthless shortly after each reverse split.
Yes, PAX cancelled airing of the MDSO because Pagnano failed to pay PAX contractually-agreed-upon money. Sound familiar? Why does HRNF try so hard to not pay their obligations? They are facing serious judgment lien problems in Florida.
Selling should ramp-up with dilution
Looks like Pagnano is diluting like he knows it will be at $0.0001 soon and will be hard to find a bid. Dilution has risen exponentially since the reverse split, just like in 2008.
hadesdog - no SEC filing or PR indicated that the airing was to be national. It was aired nationally years ago in both UK and Ireland....apparently they got little or no revenue from those two national airings or there would have been a fluff PR.
They did not settle with the contestants- HRNF owes them money....and a lot of it.
They settled with the Florida attorney general and agreed to pay the contestants the remaining money owed. They also agreed to no longer advertise/hold ANY contests without first placing the prize money in escrow. HRNF has not followed the attorney general's (now governor) order in both instances.
Why do you think HRNF has so many judgment liens in Florida against the company?
soup - info is indeed corect as posted by me
from their 10Q (note - the final episode aired years ago) for the quarterly period ended September 30, 2006
.....excerpt:
Additionally, per the participant contract, the $1,000,000
prize money is not due until thirty (30) days after the final episode airs. We plan on paying the prize money from license fees received. However, if sufficient fees are not offered, we may choose not to air The WGL Million Dollar Shootout and will have no further obligations to pay the prize money.
The MDSO was filmed in 2005 - it is old, and it is not likely it will even be aired.
HRNF already owes the $1 million to the winning team, per HRNF's own past SEC filings.
Soup - Golf Channel confirms the show is not scheduled for airing on their network.
Others concerned may have been letting them know that HRNFdoes not pay prize money they owed, and even goes to great efforts to avoid paying the prize money. The court judgment and judgment liens are proof of the enormous efforts by HRNF to avoid paying their obligations....for years now.