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Untrue. Officer salary advances were never justified and they are indicative of a self interested deal at the shareholders expense. There are many better uses of those funds than paying salaries before they are earned. When will the advances be repaid?
Check the sept 10q. A 371k salary advance to officers appeared that year. The only source of cash was from the sale of stock. Therefore, those salary advances were funded by investors. To my knowledge AAPT has never explained why those salary advances were made or how us shareldors were better off since they were done. I believe salary advances that are not very short term are illegal since Enron. Although I believe there are sales this year, there isn't anywhere near enough cash to buy any shares back.
This is all the proof I have. What proof do you have that I am wrong?
TIA for the mature discussion.
When, the financial are released with bad numbers, they will say only focus on the future because the past is irrelevant. Where have we heard this before?
AAPT should address concerns directly to all by PR or SEC filing. End the speculation and get the truth out. Late filings are opportunity to deceive. Things I want AAPT to discuss in writing NOW are
Star queens
Officer advances including repayment terms
Sales numbers by quarter
Shares outstanding
Private placements ( should be in 8k)
share buy back plans if it is real
Gross margin on sales per unit
I doubt this will ever happen because AAPT seems to thrive on hiding important investor info
Even if true it's not enough money to pay evenses for more than two weeks. Think about it yor high revenue estimate may result in a gross profit of $150 k. They spent 2.5 million in 9 months last year. There isn't enough money to pay bils unless more stock is sold. Btw. Thanks for reading my post
Stock buy back-RIDICULOUS. No cash to buy anything. Where is this buy back money coming from? The investors that got diluted? What a joke! The last free cash they had was advanced to officers and not paid back. I do not believe anyone would believe that there will be a share buy back.
No good news to report or we would have heard it by now. I expect more false promises for the future and statements that the past is irrelevant.
Sounds like propaganda. Do you have any proof to back up those comments?
No money and no credit prevents purchasing a building. Additionally they are probably 10 million nutra bars short of any profit
Were we mislead by AAPT? That is what I need to know. I want the truth to come out. I am not sure who the villain in this mess is and I have been an investor much longer than a poster here.
Alternatively you can ask him yourself. His put his phone. Number in his letter
Leirum. Star queens belongs to Schwartz and undisclosed in prior financials. There is no evidence of a sign off process and any transfer to a personal account is conversion of funds. EG is a scapegoat for the improper dealings of Schwartz and Bershan . Just ask yourself who benefitted by putting money in star queens. The owner Schwartz or the controller that probably had no say in those transactions?
Disagree totally. Loans to officers NOT ALLOWED!
Officer loans are illegal according to you link. The only legal loans are short term like travel advances. How do investors in a cash strapped start up benefit from these loans? The problem is worse when only board members got the loans
Name any public company with officer loans besides AAPT.
Only real news/facts will move the PPS up but an absence of news could move it down. I am not believing the excuses presented re the late filing. They promised to file by the extension deadline and didnt. They may be hiding a real problem or two or three in theses SEC filings. I still think the delay is disclosure related to the officers loans which is an SEC and Sarbanes Oxley violation.
If officer loans are a SOX violation there won't be a 10K ever again. If they can figure out a way around the SOX violation issue, then they might file the K an Q together to have revenues this year reported against no revenues last year. I would still expect massive losses even with revenues.
Officer loans are clear SEC violation. This is why financials are not out. Barry signed the SOX disclosure. New auditors won't sign off while this violation remains in place. Officer loans benefit the officers and hurt the shareholders. The same shareholders now being asked to invest more money.
Last year a PR stated all machines were in place including a forming machine. Now they bought a machine. Is it the same machine or a second machine? Additional info is needed to know if this is positive or negative or just a distraction from the late Filings and possible SEC halt
Late financials. Corruption allegations, officer loans, broken promises, star queens, misleading PR, dilution, just to name a few of the things that are wrong
Massive selling highly likely next week. I predict sub penny close by next weekend. Today's technical damage was severe
Six weeks ago I got a cold call from a PR firm (something capital) and they guaranteed me a 300pct return on GACR in 30 days. It's two weeks past the deadline and 20 pct down since the guarantee was made!
Star Queens illegal shell used for personal officer transactions is IMO the reason a auditors can't sign the audit. How about officer loans? Where are the loan documents for these? Why weren't they filed wi the SEC?
Star queens , lawsuits, misleading PR allegations and other recent events creates an unusual need for transparency from management. The facts will overcome the rumors and speculation. Lets get the facts out sooner than later. The longer the K is delayed the more I will think management is hiding something damaging to themselves
Late financials might conceal info that AAPT does want to get out like illegal dealings by officers and SEC violations. Maybe they didnt pay the auditors and that is why there is no reports getting out. I notice they talk about everything but bad news in those letters from the president. I am worried this may crater.
REPAY OFFICER LOANS AND INVESTOR CONFIDENCE WILL SOAR. Better yet, management can buy shares on the open market. Either way it shows that the officers are in the same position as us and not in an adverse position to the investors
Officer loans drained cash. Money in Star queens. Misleading press releases were NOT DISPROVED either. Why doesn't management explain how the company and investors benefited from those loans to officers? Have the loans been paid back?
Below a penny on heavy volume. I am selling half my position tomorrow at a loss
Operating cash is critical. Without it, they can't fill orders. This co is in serious trouble. I am down pct since I bought in jan . This Price per share is telling us that the company is out of cash
Officers owe the company $371,000. It is in the 10Q. Again I am long and doing My DD and giving an opinion
37 million shares issued for officer loans can from the 10q in 2012. The only sources of cash was sales of shares other than increased Acconts payable. Officer loans grew by 371,000 last year. Shares were issued at one cent. Where else did the funding come from if not shares? I am long and I think I would feel better if officers paid back the salary advance loans when the company needs the cash. I think this is better than selling more below market shares.
37,000,000+ shares issued for officer salary advances in 2012. This has been documented. Why are officers selling more shares when they owe the company money???
Pawtizers not in retail stores currently. Only online. I can't find it anywhere retail. Thanks for helping. Correct me if I am wrong.
Nice Pawtizer ad. What stores is it currently selling in? I cannot find it anywhere.
I meant any retail sales. Any stores still selling it?? 6 units on ebay is not impressive
is Pawtizer still selling? No reports of new customers for quite a while? Please update us
Lies? May I respectfully ask you to describe these lies and who told them?
An honest, verifiable, non vague PR in needed now. Or PPS WILL DECLINE FURTHER. The last PR was ihub posts described as customer reports. The stock has declined since
officer salary advances seems to be a big reason that this company is out of cash. $371,000 is about 600,000 bars at selling price and 1,500,000 bars at gross margin by my estimates. That seems like a lot IMO. What reason did management give for taking these advances when they were short on cash?