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I don't think that the verified purchaser makes a difference but do agree with you in that the reviews are not real but more of sales pitches. There are other reviews by independent groups which I found on the Internet with about half giving good results and half bad or mediocre results. So although I am long I do believe that they need a better product in version 2
He never sold enough to hurt the stock imo, shorts probably did most of damage and profit taking. Just try and realize that this does not have to become a refinery and can go to .0001 - and it can also go to big dollars. The important part to keep in mind is that neither result is a sure thing.
Except to be fair to hanks and them they most likely made it contingent on hanks obtaining everything - permits, land and financing befor they move forward
Yes as to accredited but sold based on them bringing a lot to the table including the land.
Only partially agree some people who understand the graph chart of red and green have pointed out some indicators that he has. I'm not ready to say 100% for sure that is the case but it seems so.
And you are correct that it is not necessarily a bad thing.
That's something that we both should try to confirm as it doesn't mean it will become a refinery but it sure adds some credibility to the financial situation
The sec filings say that the company must sell shares to pay bills and keep going.
No trickstar is not wrong - hanks says in the sec fillings that they have to sell shares to stay a float - I agree that you can't say for sure this is a scam but you also can't say this is a done deal
Absolutely 100% correct
There is no known financing as of yet for the land or refinery - it's even debatable if he has a contract for the land which is contingent on getting the financing [this is the one thing which he probably has as he stated so but never showed any proof of], nor is there any proof that the permits have been filed.
None of this proves that the company can't build a refinery but it also shows that a lot more has to happen for this to be completed. There has been way too much pumping , inferring that this virtually a done deal, that is absolutely not true. If this is going to actually happen even hanks is not close to 100% sure at this point.
This post is not intended to be negative or positive but rather a realistic view of where mmex stands currently given known information - assuming too much leads to pumping and being overly negative doesn't give hanks a chance to make something happen, which although maybe slim, is still not impossible
I am not saying that this is the sole reason for the gagged ta but I believe that hanks sold many shares of mmex during the last week or so.
He stated this in one or more of the sec fillings, that they would need to do this to stay a float and keep things running. Which is fine from a business point but may look bad to stockholders who don't understand why he had to do so.
What I am concerned about is if he sold a lot more than he needed to and then adds that to the valuation - saying look at all the revenue we did this last month so it can be unrealistically pumped, thus making the stock go up falsely and setting us up for another collapse - that won't be good. I am not saying that happened or is his plan but I am concerned that it could be the case as evidenced by the gag order.
Your point could even be worse than my senerio if the company actually diluted the share count significantly. So your point is well taken, at least with me.
I read his valuation - I don't have time now to go over all of it - maybe over next week I will try. But it appears that he used gross profit / gross margin, not net profit. Huge difference
- quick example I worked for a company that made a product which they sold millions a year. Their cost was 37 cents to produce the product, they sold the product for a 1.59 for a gross profit of 1.22. When ALL COSTS were applied they made 1 cent per piece even with a gross margin of $1.22. It appears that he used only the profit and costs based on oil not everything else in running a business + paying all the loans back.
Also land won't have any positive value at first as it will have a loan approximately equal to the value of the property on it and also even if paid off has nothing to do with pe ratio other than if no loan payments it will allow more cash flow to turn into profits but that is a long way down the road.
Bottom line is that he has made a good start but now all costs need to be added to get the final number which no doubt will be much lower. This really should be done by a cpa.
I based mine on 5.5 billion shares - what number of shares did you use?
I figured about 5.5 billion so you are saying around 2.75 billion?
If that actually happens it would put the price around 5 cents
And probably the land is contingent on the permits and financing happening first as I was never able to find in any sec filings anything saying that they outright own the land.
Only if good news
Please respond over weekend when you have more posts but where did you find info?
I really don't understand what you said
You maybe right but without reasons & facts of why it will tank, your post doesn't support anything we can use.
I only see name change
I totally agree that the next filing will not show anything financially great as they ran out of money and only borrowed 500,000 of which they can only use 50,000 until cse listing. Which does not leave much money to purchase new inventory. However that being said it doesn't mean that they can't address the progress on the cse listing and long-term financing as the 500,000 even when all released won't cover everything.
Also guidance into this years earnings, sales and overall future progress can really make a difference. Remember that they traded at .44 within last 12 months and over a dollar in the last two years.
The low volume is based on no updates once they come it should move some more. Maybe not as much as we want but nevertheless it should go up. Then we will need the actual cse listing followed by more cash into the pipeline followed by real profits and then the new cover.
Hopefully it steadily climbs the ladder unlike owc+ and mme+ which soared in both directions - fast up and fast down - we don't need that.
No maybe you misunderstood me - I agree with you 100 percent of what you said, even the timing. All I am saying that just because Jack wants to build it doesn't make it a go. There still is a lot to get done. He may never succeed even if the idea is a perfect one at a perfect time.
The key is when the permits get approved in 6 to 9 months and he secures real financing will it be a virtual done deal.
Even if this was exon trying to do this deal it would have no guarantee at this point that it would happen for sure.
But that being said your points are all very valad and correct. I just hope in the end that Jack can pull it off. I just have some doubts that's all.
I agree with your assessment as to the basin and oil overall it's just that it is very hard to do and at best is a long shot. The idea of a long shot has not been addressed on this board for the most part leaving many to think it is more or less a done deal.
I still believe it is possible just think it should be looked at as a very high risk play, certainly not a done deal until financing and permits are confirmed as being finalized
Good luck to you
His overall success is very debatable - he has had 21 companies - 15 are defunct with 6 remaining - some of which have been delisted and other things which went bad with them.
Many business men have some glitches in their careers but 15 closing out of 21 is definitely not stellar
If you really read their sec fillings there is a lot of info that suggests that in the fine print and yes they never say it is a share selling scam. But they do state very clearly that they need to sell stock to survive and that they have no property or other assets other than disclosed.
No mention of permits etc.
You maybe right but please give info on why this will happen not just that it will happen.
Probably right as far as new highs but they will be false highs with many hoping for a lot more and thus loosing most if not all of their gains
Remember it doesn't have to be a scam, maybe the truth is that it is a very very hard project to do and only has a chance of happening vs what many have portrayed as being virtually a done deal.
Thanks kingmack for posting your perspective which I agree with.
The problem is that many do not really read the sec fillings. The company says that they can't make it without selling stock (which they have been doing a lot of.) In fact the truth may come out in the so called valuation (if it even comes out) that they have made money - the money from the stock they sold from all the pumping that has been going on.
Then the pumpers will have something to pump again and this may falsely surge ahead again only to drop down after a short run.
Remember it doesn't have to be a scam, maybe the truth is that it is a very very long shot which has only a chance of happening vs what many on this board have portrayed as being virtually a done deal.
If it indeed it works, it could be a very long time plus some REAL luck involved. Doesn't mean it can't happen but the REAL odds are not good.
Plus one other thing I want to say to all this talk of pps in the dollars range. At this share level it is almost impossible - I saw a few posts saying $7, if that happened it would make mmex bigger than ford or general motors. Not going to happen. Numbers like that are unfair and wrong.
Is that legal to do it that way?
I fully agree - I have even had 2 separate orders in on the same stock for the same price and one was 8 days old and the other 2 days and the 2 day order went off first which is totally against sec rules.
Also sometimes the L2 shows a lower price being sold on the bid while other bids are higher
Maybe a misprint but both ihub and td ameritrade say the same thing?
I agree, especially when management keeps making bad decisions
Management must be as stupid as can be - let it run and it would go somewhere but to keep destroying your stockholders at every chance is insane. They could get funding very easily if this was trading in the dollar++ range. They need to make a buck every time it has a chance to move and in the end make very little compared to what they could.
Big stainrr is correct the big boys did not buy amazon under a dollar - the problem is that the actual manager of the trust, pension fund, hedge fund etc. Are usually (like near 100%), are not allowed by thier by laws or charter to buy anything under $5.
And even then if they were allowed to and something went wrong they could be fired or be libel and sued for the mistake. If Microsoft takes a dive it is more understandable then a penny stock. With pension funds it may even be illegal for them to make such a risky purchase. That part I am not sure of what is legal or illegal but I know that in most cases it can't be done because of restrictions on the buyer.
You are correct exon probably doesn't even what mmex is, nor do they care
I'm waiting for another stock of mine to make its move and I will buy another 20 thousand shares - until then I need to hold where I am
For what is worth I did hit the ask a couple of times each day this week including today. Everytime someone would just come back and buy at the bid.
So I then put an order in at .0385 thinking it would never go off and it did right near the end.
Bottom line is that it is a combination of bid sitters and ridiculously low volume. We need a catalyst to make it move to where it should be