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Let's start with line 1 of the income statement, where he's listed proceeds from the sale of stock as operating income. That's a NO NO. Sale of stock should be recorded in the cash account on the balance sheet and under Financing activities of the Cash Flow Statement.
Then let's look at the COGS. $0 for Potencia Shots, $0 for Raw Materials (?) and only $300 for shipping? You moved $1.5 million in product and it only cost you $300 to ship? All of the other COGS fall into the "Other" category, which is not explained in the notes of course.
Now, thaking a quick glance at the balance sheet we see $0 in inventory. $0? If you are a beverage company with multiple distributors in place as well as online sales wouldn't it make sense to have some finished product lying around to sell?
That's just a couple of issues without even digging in. A CPA would have a field day with this joke of a report. Here's what I think they did. They "sold" all of the product to Potencia LLC or whatever it's called and are hiding all of the other expenses and losses in that private entity. That way all of the revenues show up on the public company and the expenses are hidden. It's very Enronesque. This company isn't moving any product except for shares and continues to be nothing but a scam in my opinion.
Somebody had a lot of shares they wanted to dump above a penny and they did so.
T Minus 11 days - IF anything comes out of this predicted PR in 4 days and IF it generates a spike in PPS and volume, then I am preciting that one week later we will see a PR about the KOMA Truck being entered into the next truck race. As everybody knows, this is all about racing, not selling drinks.
I think thou meant to start thy post with IMHO. Unless of course you can see the future.
Everybody has the right to their own opinion, but I am completely unable to discern how you arrived at that conclusion given the information currently available.
Quarterly financials are not required to be audited, only the annual report.
$1.5M in sales
Q3 move to OTCQB
a huuuge endorsement from Jeniffer Lopez next week !!!
I believe they are current on their financials, just not quoted on the OTCBB. They have 45 days from the end of the quarter to file their 10Q, so Q1 numbers aren't due until May 15.
Revenues mean nothing if you can't control expenses. Profits are what matter and this company will not be profitable any time in the near future if their latest financials are any indication.
The audited financials should be the 1ST AND MOST IMPORTANT source of due diligence on any company in which someone is considering investing. How do you know that they gave it to the family? You read the financial statements. My statement that most of the shares were given to them might have been a bit of exaggeration, but to say that a great many shares were given to them is not.
During the year ended December 31, 2009, IBEX converted $529,100 of the Revolver’s outstanding balance and received 439,500,000 shares of the Company’s common stock at conversion prices at less than $.01 per share.
Additionally, on August 1, 2009, we entered into a convertible promissory note agreement with IBEX, for $519,920, with simple interest at 8% per annum. All accrued interest and principal are due on or before August 31, 2011, whether by the payment of cash or by conversion into shares of our common stock. The promissory note is convertible equal to the quotient of (i) a sum equal to the entire outstanding principal and interest, divided by (ii) the conversion price of
$0.019 per share.
1.2 billion shares issued in 2009, almost all of which were given to members of the CEO's family. What did they do with the money from that dilution? It's always a new excuse. It's time to show results.
Exactly, put up or shut up BIEL. It's simply impossible to take PRd information at face value with this company, IMO. In 2009, sales were supposedly doing great in Italy and Turkey. I haven't heard one word on either of those countries since then. In early 2010 it was going to be Japan and Central America...except not. Late 2010 it became England and Canada. Until I see some substantial evidence that they are making progress I will remain skeptical.
No argument from me that FDA is a MAJOR piece of the puzzle, even the LARGEST piece. My point was that it isn't the ONLY piece.
but at this moment and for the past three years the message and the game has not been with Market Awareness or sensitivity - it has and still hinges on one external DOMINO - The F D A
Well, MDHI's partner, YESD's stock price was approaching a sub-penny pps, so I'm not surprised they re-released the same PR again. They needed to do something to prop up the share price.
Closing in on two weeks now since the company publicly announced on their website that they would be filing their financials. What possible reason could there be for delaying this long? I certainly hope they're not going back in and removing information required to be disclosed by the SEC now that they've deregistered.
BOMBS AWAY!!!!
The site shows that shirt as "coming soon". I'd bet they never actually materialize as a product available for purchase. This company is a scam, the CEO is guilty of fraud, and it's a shame the SEC doesn't put him in jail.
Did anybody not see this massive dump coming? The dilution machine is churning, again.
I CANNOT WAIT TO SEE THAT AUDIT! Wait, that will never happen so no reason to get excited.
I'll mark that down for when the REAL dumping of shares begins.
BOOGITY BOOGITY BOOGITY, LET'S GO RACING BOYS!!!
Racing season + gagged TA + revolving door of non-specific PRs = MASSIVE DILUTION
Funny that you focused on that and not the fact that shares are currently trading at less than $.001. Of course I don't think it comes as a suprised to anybody that profiting off a P&D would excite some on this board.
Eight months later, PPBV trades on the lowly Pink Sheets for a fraction of a penny a share.
Spongetech managed to get themselves associated with almost every major sports franchise in the US before the scam was uncovered. Why? Because they were offering to pay for advertising.
Some others? Bob Eubanks:
http://community.seattletimes.nwsource.com/archive/?date=19960310&slug=2318071
Kevin Costner and Liza Minnelli:
http://articles.nydailynews.com/2006-03-25/news/18333406_1_stock-scam-colombo-prosecutors
http://thestreetsweeper.org/undersurveillance.html?i=94
They aren't going "off the grid" to make a point. What point would they be making other than we don't care if our pps declines? They're doing it because they aren't making much money and they feel the money they are making would be better utilized doing something other than maintaining a fully reporting status. If they could afford to stay registered they would, because everybody, including the family that owns a majority of the shares would benefit.
1) I'm a man, not a boy.
2) I knew you wouldn't answer. Typical.
Seems like you talk to BW pretty regularly, so I'm sure you know already. Which stores? Don't dodge the question, just answer.
Not worth wasting my time. Hey, can you post that list of supermarkets that carry Koma since you're here? Or the national pharmacy chain? Thanks.
No self-respecting "superstar" will EVER promote a Bebevco product. EVER. Period. End of story. Maybe they'll convince some two-bit has-been in that needs money to pay off the IRS, but that's it.
The same sources as are currently financing the company, the Whelan family. Also, assuming all of the good things that are being talked about come to fruition (FDA approval, international sales, new distributors, etc...), then finding somebody to invest shouldn't be difficult at all.
Again, I am not saying this is ever going to happen. The concept of going private has been brought up on the board and it's an interesting topic, so I'm giving my two cents.
You can still seek out investment financing as a private company, you just can't pay for it in common shares. They would need improved cashflows to manage the debt payments.
If they ever did decide to go private, and I've seen nothing to indicate that it is being considered, all they would have to do is file bankruptcy. The common shares get cancelled, and all of the assets of the company, including the intellectual property would be handed over to the debt holders, which are the Whelan family. No muss, no fuss, company private.
Almost down 90% from its 52 week high. I'm not sure I'd consider that holding up great.
Nope, won't happen either. You need to be fully SEC reporting to be quoted on the OTCQB as well. That means allowing a CPA to audit the company's books, which BW does not want. It also means finding the money to pay for an audit and all associated filing fees. This company is broke, and the dilution machine isn't paying off like last time.
Zero chance in hell that this stock moves to OTCBB. ZERO. They will NEVER be SEC compliant as long as BW is at the helm. That is a guaranty.
Hey, I realize the potential here as well. Now only if my broker would let me short this thing...
And what is this all about? Why not just file the registration statement and avoid the penalty? Is this laziness or was it done on purpose?
Under the terms of the notes, we were required to file a registration statement to register the shares of common stock underlying the notes and the warrants no later than 180 days from the closing of the offering and to have such registration statement declared effective no later than 365 days from the closing of the offering. We have not filed the required registration statement and as a result (i) the exercise price of the warrants has been reduced to $0.05 per share and (ii) each subscriber is entitled to liquidated damages equal to 1% of the aggregate purchase price paid by such subscriber for the notes and warrants for each month that the Company does not file the registration statement or cause it to be declared effective. At December 31, 2010, we have recorded a charge of $12,000 related to accrual of the liquidated damages due to the holders.
Another problem with this company is that too often the comments made by the CEO on his blog or in PRs doesn't match what is contained in the SEC filings. If, in fact, YESD recognized significant revenues in Q4 2010 from WordSmart that were deferred until 2011, then that information should have, and would have been contained in the 10K filing. I cannot find one single reference to deferred revenues anywhere in the audit report. At the very least it should have been included in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, even if the exact amount wasn't known. This leads me to believe that the amount of revenue being deferred is insignificant.
The only way he's breaking even is if Kirstie Alley goes on a Koma-only diet on her reality TV show and drops 200 lbs. Then, maybe, you'd get enough suckers to buy into it as the next great diet fad and the price MIGHT get high enough for him to recoup his losses. MAKE IT HAPPEN BW!!!!!
Looks like some that bought yesterday below $.004 are locking in profits. Nothing wrong with that.