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Good advice, but too late.
A company cannot get approval for a R/S as long as they are SEC delinquent...so your post is plain nonsense.
"is that incorrect KP"
The O/S number used in the pre 14c was as of the date stated when the 14C was originally filed. The Revised one is still using that same number, even though the real O/S (per the Transfer agent) has increased around 1.5 billion shares since that date.
The O/S can change on a daily basis when a company is paying bills or converting debt into shares. A transfer agent can't issue unauthorized shares, so a company must maintains an amount of treasury shares for their anticipated needs. Obviously ECOS is anticipating a larger need for shares than they did 2 months ago.
DG and I had both predicted another A/S increase might be needed before the end of 2017.
GLTY and JMO
Sorry...only 9.6 billion are to be restricted.
Read the form...they increased the new A/S by 15 billion shares instead of the previously planned 10 billion share increase.
From the prer14c published today:
"Share increase will be cancelled as LRS has agreed to pay the $647,000 agreed price to ECOS"
Looks like you were only off by 15 billion shares on that one LMFAO?
https://www.sec.gov/Archives/edgar/data/1290506/000100201417000168/ecossch14cprer-08282017.htm
Plus the management has a history of not being TRUSTWORTHY OR COMPETENT.
GLTY and JMHO
A link always helps to avoid confusion.
https://www.sec.gov/Archives/edgar/data/1290506/000100201417000168/ecossch14cprer-08282017.htm
"ECOS will go forward with the debt conversion and issuance of shares since they have no way to repay the outstanding debt."
Exactly, and my guess is, once they get current, MS plans to sell some new toxic notes to Fife and take out the Hanscom K note listed below (due November 1 with 16% interest) meaning it will be paid back with funds lifted directly out of the hip pockets of naive and uninformed retail shareholders, via more dilution. JMHO
NOTE 8 – RELATED PARTY TRANSACTIONS - From 2016 10K
During the six month period ended June 30, 2016, notes payable to the stockholders increased by $225,000. The additions are for accrual of unpaid salaries and not actual cash proceeds. These loans carry an interest of 5.00% and are payable on demand.
For the periods ended June 30, 2016 and 2015, interest accrued to related parties totaled $59,257 and $55,448.
During the six month period ended June 30, 2016, the Company received $66,453 in loans from Hanscom K Inc. The amount owed to Hanscom K Inc. at June 30, 2016 is $377,940. These loans are non-interest bearing and are payable on demand.
NOTE 9 – SUBSEQUENT EVENTS
During the first two quarters of 2017, the following convertible debt owners converted loans plus accrued interests into common shares of the Company.
Tonaquint (note 4)
$96,311
Interest $85,990
shares - 2,157,581,572
GSM Capital Group LLC (note 4)
28,790
shares - 436,527,302
LG Capital (note 4)
19,500
interest 7,444
shares - 197,116,728
Totals
$144,601
$93,434
Shares - 2,791,225,602
In February 2017, the Company and Hanscom K Inc. jointly and severally entered into a loan agreement for an amount $485,000 which is subject to annual interest of 16% and matures on November 1, 2017.
During May 2017, an aggregate of $108,220 in loans from stockholders were converted into 541,100,000 shares of the common stock.
"Because all that is really currently known is... this stock has an infinite number of shares and no source of revenue in the near future."
Well said! As Galileo once said "facts trump 'wishful pumping' every time"...or something like that LOL.
Deal_guy has very carefully explained all the facts to you and I totally agree with his responses LOL.
"If approved by stockholders, it is anticipated that the amendment to the Articles of Incorporation will become effective upon the filing of a certificate of amendment with the Secretary of State for the State of Nevada, which filing is expected to occur twenty-one days after this Information Statement is mailed to you.
https://www.sec.gov/Archives/edgar/data/1290506/000100201417000135/eci14cpre-08032017.htm
http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=Q0VDOpN%252fgIK1biNqZr4fnw%253d%253d&CorpName=ECOLOCAP+SOLUTIONS+INC.
"More filings today, with attorney letter and ECOS will be current"
2nd Quarter 2017 is not even due til Sept 1..I doubt if they will file it early LOL.
JMO
And every single one of his posts was correct and unbiased information. GLTY
Well said!
Anyone who attaches any credibility to anything said on social media such as Twitter, Facebook or Ihub, deserves to lose their entire investment IMO. There is no 'accountability' attached to social media.
There are two types of SEC Suspensions, one for SEC Registered Issuers/Filers that are delinquent in filing Financials. The SEC Suspension is always accompanied with an Administrative Proceeding outlining the Financials delinquencies. Those stocks will have their stock registrations revoked, NO EXCEPTIONS!! Stocks in this category will remain on the Grey Market until the SEC Admin Law Judge revokes the stock registration.
The second type of SEC Suspension involves questions about adequacy and/or accuracy of company information, including news releases, share issuances, stock promotions, whatever else the SEC may allege. This group comprises SEC Registered stocks or OTC stocks that are not registered with the SEC. Both categories of stocks will remain on the Grey Market until either the SEC Admin Law Judge revokes the registrations of SEC Registered stocks or until FINRA deletes the ticker symbols of OTC stocks that are not registered with the SEC.
You are correct in that the SEC has no set time frame, but they usually occur from 18 months to 2 years for delinquent stocks depending on specific circumstances and complaints??
GLTA and JMO
"FINRA won't approve unless an entity is compliant with SEC filings. ECOS learned that at the time of reverse split."
True, but I think they were compliant in 2014 at the time FINRA refused to process the reverse split? The problem was more that ECOS was using a toxic note buyer (Curt Kramer/Asher) that had been previously indicted, sanctioned and fined by the SEC for securities violations...they argued ECOS and Asher were in violation of the SEC sanctions? ECOS threatened to file suit against FINRA and finally FINRA agreed to process the spit 8 months later and ECOS agreed to dump Asher...I doubt if either the SEC or FINRA have a fondness for ECOS?
Were you saying in an earlier post that you think all the accrued derivative liabilities were included in the share swap for the 9.6 billion shares?
"Becoming SEC compliant....is a good thing...probably have to be current to do anything that benefits us."
True...and the downside potential is that they couldn't do a reverse split without first being compliant...so we will see how shareholders may fare long term?
"That report was kind of sad..... at least it seemed honest"
10Ks have to be audited in order for a delinquent company to become SEC compliant again.
"obviously cause they see something and know something you don't."
Funny how wishful thinking almost never comes true in pinkyland, but hey, anything can happen.
GLTY and JMO
"its funny the market disagrees with you very very much.. and they say.. market is always right."
LOL They don't say that about the pinky market because it's mostly made up of naive and uninformed penny traders.
GLTY and JMO
They're already a partner in ECOS/Bio-art LLC which has no debt, and controls everything they need for composting... why would they want to be partners in ECOS, the public corporation with $15 million in current debts??
Wrong that's derivative liabilities only...the total current liabilities were over $15 million as of Dec 31 2016.
The original note amounts are insignificant numbers compared to the accrued interest and default fees that have compounded on the notes under default (derivative liabilities)?? How many shares do you estimate it will take to pay off that liability? The upcoming 9.6 billion share swap for equity will only wipe out some original note amounts of just over $500,000. DUH!
You don't own shares in a 150 million dollar company...you own shares in ECOLOCAB Solutions Inc which has ZERO assets and $15,000,000+ in current liabilities.
I guess you just plain don't understand. The 10K published today should help you, as it shows the 'real' (audited) results of ECOS's adventure into using death spiral financing LOL. The derivative liabilities on the toxic notes alone has now 'spiraled' to $9,394,852, and they still have the first two quarters of 2017 to compute and add to the totals.
NOTE 7 – DERIVATIVE LIABILITIES
During the years ended December 31, 2016 and 2015, the Company recorded various derivative liabilities associated with the convertible debts discussed in Notes 5. The Company computes the value of the derivative liability at the issuance of the related obligation and at each reporting period using the Black Scholes Method which includes the following assumptions: a risk free rate of 0.14%, volatility rates ranging between 401.00% and 1,319.00% and a forfeiture rate of 0.00%. The derivative liability at December 31, 2016 and 2015 is as follows:
2016
Tonaquint
$4,799,461
Proteus Capital Group LLC
$356,835
GSM Capital Group LLC
$324,662
LG Capital
$231,059
Redwood Management, LLC
$3,682,835
Total
$9,394,852
If they're not collecting bio-waste then it's not 'operational' = no output.
Then why did LRS announce to their customers in their newsletter that they would not be collecting bio-waste after DEC 15 and would start up again April 1??...look it up or call LRS!
"This process has to be patented, I would think??? I wonder who else is in this space offering a similar process?"
Deal_guy has posted some really good info on this subject...his posts are worth reading. He's going to the LRS facility again and plans to post an update next Monday.
GLTY
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=133059795
"Do you know when the pilot test is set end and LSR states their intentions?"
LRS has 110 days from the day the digester was declared operational (July 24) to accept or reject it. The LRS legal team put together the contracts, and did an astute job IMO.
ECOS is not in control of anything and LRS is not responsible for ECOS's past financial problems created by selling toxic convertible notes (death spiral) which have killed every company that has ever chosen to use them. ECOS defaulted on all their toxic notes in late 2014, and as of the latest filing (Sept 30, 2016 Q), the derivative liabilities alone on those notes has spiraled to $1,770,000 (3x the original note values).
Most answers can be found in the 3 separate agreements.
LRS plans to close down the collection of bio-waste from Dec 15 to April 1 because of cold weather.
https://www.sec.gov/Archives/edgar/data/1290506/000100201416000810/0001002014-16-000810-index.htm
GLTY and JMO
Deal_guy...that's an interesting point you brought up because ECOS certainly has been calling it "fertilizer" in all their sales materials, pricing and tweeted videos??
A short video of the discharge of fertilizer from ECOS BioART on Saturday, August 19, 2017. #NoWaste #cleantech #composting pic.twitter.com/VE0P2iT8Rl
— Ecolocap (@Ecolocap) August 21, 2017
"If you go back in time this stock was riding high, then boom, it hit rock bottom even with the installation of 400 units in S. Korea. What happened, I wonder?"
JFXL2...Better read the filings again, or have your investment advisor or accountant help you with them ...ECOS has never had any revenues in it's 10 years of existence...and had nothing to do with the installation of 400 units of anything in Korea? That's all innuendo and made-up BS.
GLTY and JMO
But, but, but why are so many touting it as a great long term investment then? You can go long for short periods of time if you wish, but some are looking at ECOS long term LOL.
Dutch...ECOS only gets 40% of the NET PROFITS from by-product sales and no one knows what that number might add up to until after the testing. If LRS doesn't accept it, ECOS will get nothing, right?
"They need, and could possibly be, selling their process to others at this point."
NO...sorry, they can't do that under the terms of the Supply Agreement.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=134039028
"Hopefully they are gaining capitol to build more digesters."
ECOS does not build the digesters nor own any of the IP related to them. They are purchased by ECOS from the Korean company the makes them and owns the patents and then resold to customers like LRS. ECOS had to borrow the money from Hanscomb K for the down payment on the first unit they sold to LRS. Read the latest filings! Per the filings, ECOS has no assets,zero,zilch,nada?
GLTY and JMO
Don't look for any warrants to be exercised before LRS accepts the the first unit and pays for it. Why would they want shares in ECOS if they don't want the equipment??
GLTY and JMO
Be sure to post their response LOL.
GLTY
"To think they can't pr and of the happenings right now is wrong to me."
Email ECOS and tell them what you think they should do for penny stock players looking for a 'run'!
"A PR on progress with LRS and the projected plan for product is much needed."
LRS, and ECOS/Bio-art LLC, have 110 days from July 24 to run the machine, produce some by-product and completely test the process and it's market potential, before deciding to accept or reject the whole idea. Read the contract. They can't very well PR those results to shareholders until they have them can they?
If LRS should decide to dump this digester and try another approach, how much will shares in ECOS be worth in November?
"ECOS won't have enough unissued shares post the debt recap to meet its obligation to LSR. My guess is another increase in A/S toward the end of the year."
Deal_guy...looking at the new filings, my guess is they will need to add at least another 10 billion to the A/S and will likely apply to do a R/S a few months after that.
They have a huge pile of derivative liabilities to cover with shares also?
JMO