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This is very good news, better news would be if he has to forfeit his house, or any other possessions he might have.
I wonder if his church elders are rallying around to console him in these troubled times? LOL
Just a shame that the sentence was not 10 times longer.
I hope he meets his new love of his life in prison.
Here you go, this is how they will screw you and every other common shareholder until there is nothing left.
Read the last 10Q they can do whatever they want, they control the company with the class B and the preferred.
If and it is a very big if and a very big when they get the other law suit settled the vultures will pick off what they can off the bone and leave scraps for the commons.
Reality not fiction, they have been doing this now for years.
Proof........... just look at the value of your initial investments with these crooks.
Last year it was on the 14th so this year they are likely due on the 16th but past performances from these clowns will probably result in a late filing notice which means it will be due on the 23rd
You see they have to all get around the dinner table (pig trough) and figure out how much of the remaining pie they are going to serve themselves, there will be a few here who will try to justify those measures, there are many here that will be saying they are under paid genius's and that just you wait until the law suit gets settled, those persons are just as deluded as the others that regard the "directors" as being favourite uncles.
We break 6
and we get to 4
That is the reality
Typing in caps does not make it so.
JZ and the thief crew will prove you wrong
The sad part is James,
is that there have been only a couple of us here that have been saying that for well over 2 years and there are many on this board including the moderators who have been singing the praises of JZ and crew.
Makes you wonder what their motivation was / is ?
Come on guys
Where are you all, the ones that have been singing the praises of the "management" for years???
Can you at least have the eggs to say "I was wrong, I just cannot believe how these crooks are not in jail"
We have experienced recurring losses from operations and we had an accumulated deficit of $3,918,258 as of June 30, 2015.
Talk about lining their own pockets
Besides the $163K in salaries this quarter they awarded themselves the following class B shares which have a 10-1 value ratio of us common shareholders, even the favourite uncle got a good wad of freebies.
In July 2015, the Board of Directors approved the incentive issuance of 2,000,000 shares of the Company ’ s Class B Convertible
Preferred shares as an incentive to the following persons, in the following amounts:
1,250,000 shares
325,000 shares
70,000 shares
50,000 shares
70,000 shares
70,000 shares
55,000 shares
30,000 shares
20,000 shares
60,000 shares
Zhijian (James) Zhang
Hangbo (Henry) Yu
Waiman Mandy Chung
Anyork Lee
Shirley Liao
William Hsien
Mehmet Cercioglu
Thomas L. Louie
Dan Shi
Fang Xu
Crap, I was totally wrong
They lost almost $240K not $146K
During the three months ended June 30, 2015, we generated gross revenues of $143,682
salary and wage expenses of
$163,882,
Well not in violation then but filing late as usual.
Do you not think it strange that a small company continually files late?
Are there so many last minute surprises every three months?
So we will see what carnage has occurred since March by Friday.
I am going to go with a loss of $146K
What's your call?
The "D" at this rate will likely be replaced with a "Q" and they are late in filing the 10Q, now they are in violation of SEC regs
So you guess is as good as anyone's.
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)
(a)
The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
[x]
(b)
The subject annual report, semi-annual report; transition report on Form 10-K, Form 20-F, 11-K, Form N-SAR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q, or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
(c)
The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
So it appears that they are now late on the 10q filing, no mention of filing a late filing notice either.
What now, pay fines to the SEC for non compliance? Ohh wait that's right they have no money left since the "management" have probably already paid themselves hefty "performance" bonus's.
Come on JZ, you have at least a dozen fans that think you are the best thing since sliced bread.
Do them proud, if you have the time.
lol
That was funny, good to bring a little levity to this slow moving train wreck.
Hey Chuck, can you put the update on this board as a sticky?
Come on guys where are the cheer leaders?
S SOLD one share for a penny, let's trade this sucker.
What about the favourite uncle Mr Lee? he is the company saviour right? Isn't he the guy with all the honesty and integrity in the world that is still on the payroll?
Is there a way we can suck these dirt bags in? just so we can fleece them?
Just as a kind return gesture you understand.
Fool you once, shame on them, fool you twice (or more) shame on you.
Enough said, tell me how is it that yourself and (unfortunately) many others still believe that the "management" still have the public shareholders best interest in mind?
My guess is they don't care anymore, all they seem to want to do is fleece the shareholders as much as they can and then sell the company for peanuts take that money and run.
Remember they can vote in favour for whatever deal they want to strike, the shareholders no longer have a say.
The dilution and the preferred shares rights took care of that.
What a nice group of fellas they are. Ohh and as I have calculated they are already late filing the 10Q so I think that they have until Monday even if the make an application to file late to issue the 10Q.
LOL so true, but you do get the feeling that this is going to catch with him at some point in the near future right? Or at least a very disgruntled shareholder in one of his scams takes him out one day !
The week is getting pretty old now, what happened to your prediction?
I have a prediction though, I predict that the "management" are going to file a late 10Q
Looks like a good move.
One of the few survivors
How about "trading it" today?
Is that a good idea?
That was last quarter when the were flush with cash, what leads you to believe that is the case now?
The "Management" must have been licking their chops to see how they could get their sticky fingers on that bundle.
Looks like your prediction will almost be correct.
Just that the decimal is in the wrong place!
Trade what?
59 shares today a little over a $1 in value, that comment is too funny
JZ is not to be trusted, history proves that.
Ohh right, so that makes it all OK then.
So if I were to give them money for funding a patent, the only way that would be worth anything is if I could sell them, thus dilution, otherwise all the company needs to do is ask for a loan, securing a loan with now worthless shares is absurd.
Usually it takes between 10 - 14 trading days, but in this case why would it matter?
Hey DD, it probably made sub penny sooner that you thought but it was an inevitability.
I don't see many of the supportive clan posting these days, what's up with that?
Looks like you, teamrider and me.
One would think that if the BOD and management really gave a crap about the public shareholders they could and still stay with in regulatory compliance even just makes some posts on FB to reassure the shareholders.
But glaringly obvious is that they don't give a crap and that they are just using this company as an ATM
I don't doubt at one point they did care, but when the business was beginning to fail and lose money they took a selfish turn, and that is the course they have remained on for a few years now.
By chance did anyone notice what the bid is at?
I JZ still defending the decision to dilute?
In a state of total denial.
The cap is now $135,000, the favourite uncles could easily buy the whole company and take it private out of the money they took in annual bonus's.
Carry on trusting them all they have done such a great job for us so far right?
Best case is they dissolve operations and keep the company as a shell, use the NOL's to sell the shell to another start up.
There is no coming back for this company now.
For every 10 million shares anyone had in this company that they paid about $.025 for no more than two years ago they now have just 1,000
Even the cheer leaders have to have gotten stung on this one.
I can't imagine that they will be sending Christmas cards to their favourite uncles ("Management") this year.
Sorry guys, correction
My investment is now worth $.45
Agreed none whatsoever.
Even if the reverse was needed why the huge AS again? even greater than the 90 mil AS before the reverse.
Quite a short conversation then.
We will see about the dilution before the end of this year.
As for the PPS my first investment of $3800 is now worth $0.67
There is nothing that anyone can say that would convince me that these clowns are doing a good job.
Essentially, SSOLD is no longer a public company, with the preferred voting rights it has become a private company controlled by the "management"
At the moment the bid is only $.08