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u cant be serious?
"have legit business and are a cash making machine"
Waiting for a hurricane is NOT a year round legit business AND WEGI revenues "cash making machine" are nill. They have more money tied up in lawsuits from customers then they made all year long. LOL u r to funny.
I have been posting on WEGI for few short months . NOT YEARS > If you dont care they have MILLIONS of shares optioned at .001 that is fine by me, I am not here to convince anyone of anything, just posting the FACTS. WEGI is in dire financial shape AND WEGI has millions of shares underlying the O/S in options and warrants at strike prices .01 or LESS. Please feel free to refute, but, those are the FACTS.
· the original note, which is convertible at $.09 per share into approximately 19,222,533 shares of our common stock;
· options exercisable at $.0001 per share currently for 28,895,179 and 9,631,343 shares. Laurus has acquired 3,013,603 shares in connection with its partial exercises of these options; and
· a warrant exercisable at $.10 per share for 13,750,000 shares.
We also have other outstanding options to purchase up to 26,806,273 shares of our common stock, which include 24,306,273 shares issuable upon exercise of options granted to our president and chief executive officer exercisable at $.01 per share
The issuance of any of these shares will dilute the percentage ownership of our current shareholders. The existence of these convertible and derivative securities could negatively effect the price of our common stock.
Future sales of substantial amounts of our common stock in the public market could have an adverse effect on the market price of our common stock.
Conversion or exercise of our outstanding convertible or other derivative securities could substantially dilute your investment and the existence of our convertible and derivative securities could negatively effect the price of our common stock.
As required by Laurus in connection with consummating our amended financing transaction, we have issued to Laurus, subject to a beneficial ownership limitation of 9.99% :
· the original note, which is convertible at $.09 per share into approximately 19,222,533 shares of our common stock;
· options exercisable at $.0001 per share currently for 28,895,179 and 9,631,343 shares. Laurus has acquired 3,013,603 shares in connection with its partial exercises of these options; and
· a warrant exercisable at $.10 per share for 13,750,000 shares.
We also have other outstanding options to purchase up to 26,806,273 shares of our common stock, which include 24,306,273 shares issuable upon exercise of options granted to our president and chief executive officer exercisable at $.01 per share with respect to 2,000,000 shares, at $.07904 per share with respect to 5,486,309 shares and at $.09 per share with respect to 15,469,964 shares. Options to purchase 1,350,000 shares issued to our president and chief executive officer are exercisable at prices between $.1875 and $.34.
The issuance of any of these shares will dilute the percentage ownership of our current shareholders. The existence of these convertible and derivative securities could negatively effect the price of our common stock.
Future sales of substantial amounts of our common stock in the public market could have an adverse effect on the market price of our common stock.
As of September 27, 2007, we had 41,986,396 shares of common stock outstanding. There is currently effective a registration statement which registers for resale by Laurus 5,395,061 shares of our common stock, a portion of which we understand have been sold. In addition, Laurus may demand that we file additional registration statements upon 45 days notice to register shares held by them.
We are unable to predict the potential effect that sales into the market of these shares may have on the then prevailing market price of our common stock. It is likely that market sales of these shares (or the potential for these sales even if they do not actually occur) may have the effect of depressing the market price of our common stock. As a result, the potential resale and possible fluctuations in trading volume of such a substantial amount of our stock may effect our share price negatively.
11/15/2007 4.05PM
As of June 30, 2007, the Company owed an additional $482,425 and $85,245, for unpaid federal and state payroll taxes, respectively, for the third and fourth quarter of fiscal 2007, not including penalties and interest which are to be negotiated. The Company is otherwise current in its payroll taxes.
Do any of you on the board understand how SERIOUS an issue this is?
DO ANY OF YOU KNOW HOW SERIOUS THIS IS>?
Attack me all u want - moan groan about me all you want - the FACTS show WEGI is in DIRE finacial shape > when you cant pay payroll tax do you know what the Fed does? Do you understand the implications of NOT paying these taxes?
And on side note > just IMO > Laurus I am sure shorted WEGI long ago , they will make money either way if it tanks .01 > IMO of course
FROM THE FILING >
We have been unable to pay certain payroll tax liabilities.
We have not paid $567,670 in payroll taxes owing by us, exclusive of interest and penalties which may be significant. If our cash flow or other capital resources do not improve, we will be unable to pay these amounts. If we are unable to pay the amounts currently owing, or are unable to pay such amounts as may become due in the future, our business will be harmed and we may be forced to curtail or cease our operations.
lol > u guys r 2 much > IMPO WEGI wont make it thru end of the year w/o major dillution or chapter 7/11 type of action > Did you read the filings? THEY ARE NOT MAKING DEBT PAYMENTS > THEY ARE BEHIND IN PAYROLL TAX PAYMENTS > THEY ONLY HAVE 153K CASH > Please guys - make your own "guesses" IMO WEGI is in DIRE financial shape - borderline shut the doors type > IMO
? Please post your rebuttal ? Not sure what you mean - I post FACTS from filings? Sorry you dont agree , but, it is wide open board, please feel free to disagree and post your rebuttal. AGAIN > WEGI is in DIRE financial shape.
I dont know - but It is clear > WEGI is in BAD financial shape - only had 153k cash at end of period. Laurus payment is 100k. WEGI is broke, has millions of shares underlying the O/S actually more then current O/S is underlying at strike prices .01 or less, no large contracts in sight, not looking good for sure....
I hope to have some time go over filing in next few days - just from glancing tonight it is pretty CLEAR > WEGI is in DIRE financial shape.
ITEM 3. LEGAL PROCEEDINGS
In April 2003, we commenced a remediation project in New York City for a local utility to remove sediment from an oil storage tank. During the course of the project, the sediment in the tank was found to be substantially different than the sediment that the customer represented to be in the tank prior to the inception of the project. We continued to work on the project so as not to default on the terms which we understood to exist with the customer. The additional costs incurred to remove this matter were approximately $1,600,000. We have recognized revenue of approximately $1,700,000 with respect to the original scope of this project. All amounts due under the original contract have been paid. We have not recognized the revenue associated with our claim for the additional work for which we billed the customer. The project has been completed and the customer has refused to acknowledge its liability for these additional charges. On October 22, 2004, we commenced an action against the utility in the New York State Supreme Court, County of New York, claiming that we are entitled to approximately $2,000,000 of contractual billings and related damages in connection with this matter. On December 6, 2004, the utility filed an answer, denying our claims. The case is currently in pre-trial discovery.
On August 5, 2004, we commenced an action against the New York City Economic Development Corporation in the New York State Supreme Court, County of New York, seeking to collect approximately $1,255,000 of contractual billings relating to a large roof tar removal project. On October 15, 2004, the Economic Development Corporation filed an answer, denying our claims. On November 4, 2004, the Economic Development Corporation filed an amended answer denying our claims and asserting counterclaims in unspecified amounts, seeking liquidated damages, reimbursement for consultant’s fees, and breach of contract. The case is currently in pre-trial discovery. In July 2007, we filed a motion for partial summary judgment for approximately $750,000 for work related to undisputed change-orders.
We are a plaintiff in approximately 17 lawsuits, including those described above, claiming an aggregate of approximately $7,500,000 pursuant to which we are seeking to collect amounts we believe are owed to us by customers, primarily with respect to changed work orders or other modifications to our scope of work. The defendants in these actions have asserted counterclaims for an aggregate of approximately $1,000,000.
We are party to litigation matters and claims that are in the ordinary course of our operations, and while the results of such litigation and claims cannot be predicted with certainty, we believe that the final outcome of such matters will not have a material adverse effect on our financial condition.
Conversion or exercise of our outstanding convertible or other derivative securities could substantially dilute your investment and the existence of our convertible and derivative securities could negatively effect the price of our common stock.
As required by Laurus in connection with consummating our amended financing transaction, we have issued to Laurus, subject to a beneficial ownership limitation of 9.99% :
· the original note, which is convertible at $.09 per share into approximately 19,222,533 shares of our common stock;
· options exercisable at $.0001 per share currently for 28,895,179 and 9,631,343 shares. Laurus has acquired 3,013,603 shares in connection with its partial exercises of these options; and
· a warrant exercisable at $.10 per share for 13,750,000 shares.
18
--------------------------------------------------------------------------------
We also have other outstanding options to purchase up to 26,806,273 shares of our common stock, which include 24,306,273 shares issuable upon exercise of options granted to our president and chief executive officer exercisable at $.01 per share with respect to 2,000,000 shares, at $.07904 per share with respect to 5,486,309 shares and at $.09 per share with respect to 15,469,964 shares. Options to purchase 1,350,000 shares issued to our president and chief executive officer are exercisable at prices between $.1875 and $.34.
The issuance of any of these shares will dilute the percentage ownership of our current shareholders. The existence of these convertible and derivative securities could negatively effect the price of our common stock.
Future sales of substantial amounts of our common stock in the public market could have an adverse effect on the market price of our common stock.
As of September 27, 2007, we had 41,986,396 shares of common stock outstanding. There is currently effective a registration statement which registers for resale by Laurus 5,395,061 shares of our common stock, a portion of which we understand have been sold. In addition, Laurus may demand that we file additional registration statements upon 45 days notice to register shares held by them.
We are unable to predict the potential effect that sales into the market of these shares may have on the then prevailing market price of our common stock. It is likely that market sales of these shares (or the potential for these sales even if they do not actually occur) may have the effect of depressing the market price of our common stock. As a result, the potential resale and possible fluctuations in trading volume of such a substantial amount of our stock may effect our share price negatively.
In order to successfully bid on and secure contracts to perform environmental remediation services of the nature offered by us to our customers, we sometimes must provide surety bonds with respect to each prospective and, upon successful bid, actual projects.
The number and size of contracts that we can perform from time to time is to a certain extent dependent upon our ability to obtain bonding. This ability to obtain bonding is dependent, in material part, upon our net worth and working capital. Our ability to obtain bonding has been limited in recent years. There can be no assurance that we will have adequate bonding capacity to bid on all of the projects which we would otherwise bid upon were we to have such bonding capacity or that we will in fact be successful in obtaining additional contracts on which we may bid, which could have a material adverse effect on our results of operations. None of our current projects require surety bonding.
We have been unable to make required monthly payments on our notes due to Laurus and have only obtained short-term waivers with respect thereto.
We currently have outstanding notes to Laurus which include the original convertible note in the current principal balance of $5,730,028 due June 30, 2009, and three non-convertible notes, in the aggregate principal amount of $600,000, due January 12, 2008. Since January 1, 2007, we have been obligated to make monthly payments of $100,000 to Laurus with respect to original note, applied first to interest and then to principal. The payments due January 1, 2007 through March 1, 2007 were made by virtue of partial note conversions into our common stock by Laurus in the amounts owed. With respect to the payment due on April 1, 2007, a partial conversion of the note was made to pay the interest due and a portion of the principal due. For the payments due May 1, 2007 through August 1, 2007, partial note conversions were made by Laurus to pay only the interest portion of the monthly amounts due. With respect to the unpaid principal payments due for April 2007 through August 2007, as well as the full payments due September 1, 2007 and October 1, 2007, we have received, on a monthly basis, waivers from Laurus. Should Laurus not grant a waiver with respect to the prior amounts or the monthly payment of $100,000 due on November 1, 2007, then on November 1, 2007, we will be liable to Laurus in the amount of $554,651. Should the waiver not be granted, it is highly likely that we will be unable to make full payment of the amount due and therefore risk being in default and having all the Laurus loans called for immediate payment. As Laurus has a security interest on all of our assets, such a default would have a material adverse effect on us.
In addition, the non-convertible notes held by Laurus bear interest at a rate of 17.5% per annum, payable monthly, as to which, as of September 27, 2007, we are $37,309 in arrears.
We are also obligated to Spotless Plastics (USA), Inc., an affiliate of our previous majority stockholder, under a $500,000 variable interest rate promissory note and an accounts receivable sale agreement in the amount of $189,197. We have not made payments on the note or pursuant to the sale agreement.
YES > BOTH wells had increased production > HOWEVER still about 50% of "touted" or should I say expected production. Lets see how it goes thru the next few months, and if when they add some new wells.. August shows FTXN with only wells 11 & 12 on the RRC online system.
WELL #12
April > 1,467 (must be partial month?)
May > 4,276 > (137.93 per day)
June > 3,904 > (130.13 per day)
July > 3,968 > (128 per day)
August > 5,103 >(164.62 per day)
Well #11
May > 5,226 > (168.59 PD)
June > 4,401 > (146.7 PD)
July > 4,473 > (144.29 PD)
August > 5,584 > (180.13)
http://webapps.rrc.state.tx.us/PR/publicQueriesMainAction.do
Production by Filing Operator
check Gas Wells
Operator# > 701606
District > 7C
good luck - U R GOING 2 NEED A TRUCK LOAD OF IT IMO.eom
CTBG Time & Sales
5.7 MILLION SHARES ?
Price Size Exch Time
0.037 100 OTO 15:59:28
0.035 5000 OTO 15:58:24
0.026 53334 OTO 15:57:31
0.026 50000 OTO 15:57:12
0.027 15000 OTO 15:56:43
0.027 3200 OTO 15:56:28
0.026 35000 OTO 15:56:02
0.0261 3560 OTO 15:56:01
0.026 10000 OTO 15:55:39
0.027 500 OTO 15:55:27
0.026 50000 OTO 15:55:24
0.03 20000 OTO 15:53:08
0.031 20000 OTO 15:52:59
0.035 30000 OTO 15:45:26
0.035 100000 OTO 15:44:28
0.036 235000 OTO 15:44:18
0.0355 100000 OTO 15:44:11
0.037 500 OTO 15:43:45
0.035 250000 OTO 15:40:23
0.036 500000 OTO 15:40:16
0.0355 250000 OTO 15:40:01
0.037 500 OTO 15:38:01
0.035 250000 OTO 15:33:49
0.0355 250000 OTO 15:33:42
0.035 2110 OTO 15:17:49
0.036 75000 OTO 14:59:38
0.035 225000 OTO 14:59:10
0.0355 75000 OTO 14:59:04
0.039 100000 OTO 14:58:44
0.0355 100000 OTO 14:58:33
I am about over it - the warning about the distribution going bad is all I need to know . JIM DIAL STANK is still all over this little company. Who knows how many MILLIONS of shares Jim Dial screwed folks out of distribution - but per the filing - CTBG is still caught up in his mess - I may buy back in later on.
I am hoping for $.05 - have order to sell CTBG @ .05 GTC > way to much BS with the distribution for me - gonna try to get somethin while gettin is good. Hopin for .05 in next 10 days.
This is EXACT same family that Jim Dial made into PDEI . If you review the facts - UERI / FTXN have followed the same path as UEHI/LSGH on these wells - almost PR for PR.
YES > USF is taking the nation by STORM! I had them @ +7 AND straight up +220 - NOT to mention Aubrun +17 last night and to add the cherry on top had 3 team parlay USF , ND , FSU > GOT TO LOVE COLLEGE FOOTBALL! > I also am really enjoying UCF - I work few blocks from the new stadium and eat lunch down in the heart of UCF land - they are really supporting the team here BIG TIME - UCF the next USF? or is USF the next UCF >? WHO CARES > They BOTH are awesome teams coming up into 1a ball and doing great! Love to see that!
IMO > IT IS MORE UN-AMERICAN TO SPEND COUNTLESS HOURS HOPING PRAYING PLOTTING FOR A HURRICANE TO DESTROY A USA CITY IN ORDER TO MAKE PROFITS FROM A FINANCIALLY FAILING OTC STOCK OWNED BY AN OFFSHORE HEDGE FUND
I suggest CTBG investors read thru the amended sb2. I simpley glanced at some of it. I applaud Jerry for having the guts to disclose this news , even if it is not the best of news for his small company. IMO Jim Dial would never allow such news to get into shareholders hands.
Exactly if shorting is allowed it needs to be changed - the same rules for everyone - AND - the shares MUST be able to be delivered in 3 days - end of story or the trade cant be made. Shorting IMO is were these imbalances come from - the MM and brokerages create false shares when the shorting gets heavy. I agree and would rather see shorting abolished totally - IMO it is Un-American to 'INVEST' in a companies failure - to me that breeds manipulation. Shorting causes so many problems. Especially in OTC and pinks.......
shorting needs to be totally revamped , I say BANNED , but that is not realistic, However shorting is harming the US Equity markets - funny Knight > the KING of the OTC/BB market makers is in protest - that proves it needs to pass and SOON.
be careful with WEGI accounts receivable > total farce IMO > every filing they count another few million of previous AR as doubtful > they have 7.5million of AR tied up in lawsuits... Also best to go read the actual filing yahoo does not have the footnotes to such things. Anyway > WEGI is in major BAD financial shape - they had to borrow 500k just to make it thru last 2 qtrs - not enough cash to make Laurus loan payments so Laurus lent them more money to make the payments and defered payments for few months - Laurus is also hoping for hurricane or they will be dumping MILLIONS of shares to get money back should cash payment not come thru , you better beliece that.
At least they are truthful > Filing is going to be BAD >
Per todays NT
Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected
by the earnings statements to be included in the subject report or portion
thereof?
|X| Yes |_| No
If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
The Registrant expects to record a decrease in revenues for the year ended
June 30, 2007, compared to the year ended June 30, 2006, primarily as a result
of the significant revenues generated from the Registrant's operations in the
gulf coast region due to Hurricane Katrina during the year ended June 30, 2006,
which revenues were not duplicated in the more recent year. A reasonable
estimate of the Registrant's results of operations cannot be made at this time.
market not impressed with the filing?.eom
IMO this is one BIG reason why WEGI stock price is tanking > WEGI is in dire financial shape >
Revenue
Total revenues for the nine months ended March 31, 2007 decreased by $22,520,376, or 74.8%, to $7,571,851 from $30,092,227 for the thirty-nine weeks ended March 28, 2006.
Lets see what the new filing due anyday now says > IMO It WILL be BAD > WEGI is in very very BAD shape financially.
EXCELLENT POST FA >
"Stupid is when you buy this stock at .25-.29 and get greedy and start praying for people's lives to be destroyed by an act of "mother nature." That's bashing if you ask me. Now if it happens naturally and you're long this tiny company, then so be it. But all season long to see people literally praying for catatrophic storms is rediculous."
price holding strong? down 60% in matter of weeks, barely above the 52 week LOW is holding strong? Please get real - price has DROPPED HUGE last few weeks.
Due on 9/30 at latest I believe - gives them until Monday > History says they will file N/T and be late as always...... Cant be easy to calculate WEGI massive -(losses) and millions of nearly free options and warrants underlying the O/S.
The offering Laurus filed is at .09 > also if u read some of the contract language with Laurus/WEGI they need to keep price over .08 or there are cash implications with the monthly payments.
I thought it would pop today - have some interesting storms nearing FL.
I did NOT think you were making up the numbers - only they are NOT TRUE FACTUAL PRODUCTION numbers. I followed your link and reviewed the "potential" test results.
I am going to leave your excuse of the day post alone. The RRC will give us the TRUE FACTUAL MONTHLY production of these wells - all the other stuff in your post is Jim Dial day dreamers delight stuff IMO. I am sure it is all well and good and truthful stuff but to create spreasheets and predictions with coulda woulda shoulda data is waste of time - Personally I am going to stick with ACTUALL RRC Production numbers myself.
WELL #12 May June July Average is approx 132.02 mcf daily
WELL #12 has had an 8% DECLINE in production May to July
April > 1,467 (must be partial month not included in calcs)
May > 4,276 > (137.93 per day)
June > 3,904 > (130.13 per day)
July > 3,968 > (128 per day)
Well #11 May June July Average is approx 153.2 daily
Well #11 has had a 15% DECLINE in production May to July
May > 5,226 > (168.59 PD)
June > 4,401 > (146.7 PD)
July > 4,473 > (144.29 PD)
http://webapps.rrc.state.tx.us/PR/publicQueriesMainAction.do
Will be interesting to see how future months stack up - I am in no way an expert but I do find it interesting and will follow along.
Question? > is a 8% - 15% DECLINE in production over 2 months normal for these wells? When does it level off or does it? I have built a spreadsheet of my own - of course I will only enter in true production numbers, all that other "potential" funny math stuff makes me ill when taken in context with a Jim Dial operation. Will be interesting when more wells show up on RRC and existing wells deliver more data.
The biggest disconnect with pink sheet investors is they dont know the true structure of the companies. Being most dont file Q,K 144 etc.. you have no idea if in fact the assets r being used for shareholder good. I think a lot of pink investors see assets and PR about sales and revenues, and some are verified like FTXN with the RRC, so they buy buy buy thinking it has to go up because they have this income or assets, but if they knew the true inner workings of the company they find CEO is paying himself millions, taking loans on stock, issuing stock for everything, more or less robbing shareholder equity every chance and thru every avenue they can find, all the while issuing PR after PR about huge sales and contracts giving the impression of a super strong company. Again IMO it really doesnt matter if the FTXN wells are doing good or bad, we have no idea the true structure of the company, and the FACTS say Jim Dial cant be trusted > IMO he is a stock thief. I see the market agrees with me. But I am not here to convince anyone of anything, it is my opinion..... IMO
Maybe the massive drop in FTXN stock price IS connected the wells production after all?
BBB was posting "factual" daily production of 335 mcf per well per day > with new well up over 400 > Maybe MANY other investors bought FTXN on these "factual" totals - Then low and behold the actual totals per RRC production reports are posted and they are 60% below the touted daily production rate.
IMPO > Makes you wonder what OTHER misleading or misguided info leaked from FTXN insiders will be proven outright BS by verifiable facts. For a new company with a suspect CEO trying to gain credibility these obviously horrid productions totals compared to what investors were led to believe they would be has to be huge red flag > IMO
BBB quick question >
Per your post >
Now, FACTUAL evidence shows that the first three wells tested at 337 mcf/day, 355 mcf/day and 427 mcf/day. It doesn't take a scientist to determine that these wells are turning out far better than anticipated by the professionals.
OK >
I may not be reading the reports correctly but the data for "monthly" totals is not even close to 230 mcf/day? Am I missing something? My math is the simple kind - were do you get your totals?
By no menas am I a gas well expert but when I look at RRC "Monthly" total and divide by the days in the month I dont see anything close to what you posted?
WELL #12
April > 1,467 (must be partial month?)
May > 4,276 > (137.93 per day)
June > 3,904 > (130.13 per day)
July > 3,968 > (128 per day)
Well #11
May > 5,226 > (168.59 PD)
June > 4,401 > (146.7 PD)
July > 4,473 > (144.29 PD)
These are "monthly" totals.
I divided by # of days in each month to get daily average.
The totals do fall slightly month to month
Lets see if it keeps dropping and how far it drops
http://webapps.rrc.state.tx.us/PR/publicQueriesMainAction.do
Production by Filing Operator
check Gas Wells
Operator# > 701606
District > 7C
yeah right - whatever u say cargo lol.eom
Here is website touting FTXN>
http://www.emergenews.com/ftxn.htm
and what do we have here > our good friend Mike @ Princeton research > Princeton Research Report On 1st Texas Natural Gas Company
"New President and Chief Executive Officer, Jim Dial, has over 25 years of oil and natural gas energy experience. "
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