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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.
and they are dumping tens of millions, or almost the entire daily volume, per the info on daily share trading and the most recent O/S count from the TA.
This is texbook Pagnano dilution business model.
The daily press releases are designed to keep the most gullible from selling and get a few more bagholders to buy to help hide the dilution going on and slow down the share price decline, IMO.
Same thing the company did in 2008 and 2007 right after those reverse splits. The stock price was right back down to $0.0001 in no time.
The company has much more dilution possible after DLC capital.
Read their prelimminary filing with pinksheets. Look at the so-called line of credit they have and then see how many shares at $0.0002 or $0.0003 it could take to satisfy the $1M line of credit at a 30%-40% discount to the $0.0002 or $0.0003 share price HRNF will be at within days!
They don't even have close to the number of shares authorized they will need! for even 1/10th of that dilution.
So dilution is still INCREASING in volume. Oh my!
This is scary as heck for longs, who were told or though there were 35-38 million shares outstanding after the reverse split, purportedly from emails from Mike P himself.
280 million shares x 300(reverse split ratio) = 84 BILLION SHARES on a pre-reverse split basis.
They had 15 billion otherized before the last reverse split! Ouch...the bad news keeps getting worse for longs, IMO.
Just saw HOP-ON not an exhibitor at CTIA
on the raging bull message board. I checked CTIA exhibitor lists and HOP-ON is not listed as an exhibitor at the show. Same thing happened at the show in January - they never made the list as an exhibitor for that show or the 2008 show.
Sounds like the trunk of a car is how they are planning to attend. I believe the HOP-ON CEO also has tro get permission from his felony probation officer to travel, too, based on the latest court filings in his felony conviction case.
MDSO Birdie - then you probably have a pretty poor opinion of the man, based on the fact that his comapany does not pay prize winners what they are owed, having the numerous liens against the company, and putting out press releases and then almost everything and his projection failing to materialize.
Knowing what you now know, I can see why you don't own any shares. The CEO apparently didn't ever hold very many shares, either. This shows his lack of confidence in the share price, IMO.
Too bad so many others are now holding the shares that keep declining in value almost daily.
re: short interest
This is mostly because pinksheets did not have the correct share structure info as of March 13th.
One would have expected the O/S count to be much less than 30 million based on the oustanding shares many thought existed prior to the reverse split. Now there appear to be more than 4X that number of shares already, due to dilution. The so-called float is also much more than double what could have been expected. The float is probably also climbing exponentially along with the oustanding share count.
Tiny trades at $0.002 at ask to try to prop-up the share price temporarily.
here are a few of them...LOL
Time & Sales
Price Size Exch Time
0.002 5000 OTO 11:04:33
0.002 5000 OTO 11:04:30
0.002 5000 OTO 11:03:50
bid really falling now
ask has dropped to $0.002
looks like dilutive shares are on the ask, but few are willing to buy at these high prices after learning of the massive dilution happening.
and we should believe anything you write?....NO!
how about your attempts to get people to believe the O/S count was 35 million....email reports from the CEO himself relayed by YOU.
Then we find that the O/S is at least 222 million as of 3/25/2009, and it looks like they are again diluting the shareholders into the ground.
bud - no, HRNF is gonna tank on dilution and lack of much revenue problems
Right now it is not dropping as fast becuase the company is trying to do stock promotion to slow down the decline while the dilution is going on (obviously).
The CEO did this after the last two reverse split in 2008 and 2008, too. Soon the stock price was at $0.0001 and then later NO BID at all.
soup - your track record doesn't seem too good
Your posts indicatie you were buying at $0.0001 and higher before the reverse split.
So far the stock has dropped over 93% since the pre-reverse $0.0001 level.
Pagnano also did not disclose how much he paid himself and Calvi for Heathrow. Non-disclosure seems like it is the way the company can dump so many dilutive shares, trapping shareholders. By the time htey learn about it from those doing DD, it is too late and there is no bid or the stock price has dropped 90% or more.
soup technicals don't apply to thinly-traded penny stocks that provide little disclosure to the public markets.
stock promoters often use that site to try to get gullible investors to get suckered-into buying stocks that are likely to tank 90% or so soon.
HRNF has less than $2,000 cash on hand
I saw that most recent filing that confirms this. They stopped filing financials, but not sure is it was so they would not have to disclose the dilution going on or if they couldn't afford an accounting firm?
They got booted of the OTCBB (delisted to the pink sheets)before that for not filing timely reports, too.
They'll need a reverse split in a few weeks again
They are diluting faster than ever before. Contact the TA....ouch.
bud - huge dilution going on
The O/S count WAS 222,546,013 shares.
multiply tjhis by 300 (reverse split ratio) and you get.....66,763,803,900 shares. Thats almost 67 billion shares on a pre-reverse split basis.
Note that the share authorization was 15 billion shares and there were actually around 10 billion O/S not too long before the 2009 reverse split.
That means dilution has been happening FASTER than ever before, and appears to be increasing FAST.
Green - not going into major retailers. HRNF is right back into its fluff press release and projections to help them dump hundreds of million of dilutive shares again.
The current O/S count proves the dilution is rising exponentially once again, just like after the 2008 and 2007 reverse splits. The stock price then needs to decline to reflect the massive dilution of current and future (all those 6-month restricted shareholders that converted to preferred)shareholders.
Company is deep in debt and has liens against it (lots of them)
See the judgment liens against the company at florida's sunbiz and by searching for judgment liens WGL Entertainment and World Golf League.
They also owe lots of prize money they have so far refused to pay. The Golf Channel seems to be aware of this, I think. Hopefully they avoid the problems that will arise (non-payment of prize money issues) if they sign any agreement with Pagnano, IMO.
hadesdog Fuze, the real reasonably-price drink could also take axtion agains exfuze for dilution of trademark. The same way Dr Pepper could sue a comapny producing or distribution a drink called Dr Popper.
I imagine the former may have already had complaints asking why exfuze is 12x more expensive but the real company Fuze drink is in stores for $1.59 or so.
Could that be why you will never see the Ex in retail stores for long, IMO?
Multilevel marketing schemes and those trying to take advantage of them are fun to watch as they implode and fail.
HRNF may not "distribute" a single bottle, but they can dump dilutive shares into the market a little longer with $100 PR's and possibly even shares given to stock promoters to get their names in the promoter's sucker magazines and online scamsites. Soon the stock is trading at $0.0001 and they can't pay their bills again.