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Where is your proof...
No one was hired to destroy the company other than the CEO, who has done quite a good job of destroying shareholder value I might add.
The Facts Are Damning...
So people have asked for facts. The UBIQ story is quite pathetic.
Despite several years of promising to launch products, they have yet to do so in any meaningful way and as a result have produced no meaningful revenues They have announced the launch of these products on more than one occasion.
The company has issued significant amounts of stock, Reg D offerings, at deep discounts materially diluting existing shareholders
Despite the need to raise equity to keep the lights on, the company saw fit to lend $787,000 to a related party. This loan is unsecured. This related company loan is a backdoor way to give Carmichael money
This company is desperate for cash... just look at their SEC filings.
While the CEO accrues his salary, he has been paid approximately $440,000 through September 30 for the equity issuances. And, he and his wife have received almost $58 million in stock compensation since the beginning of 2012.
Meanwhile the stock is down almost 90% YTD.
These are all facts from 10-K. The litigation is not the issue and will be settled in court.
Down 87% YTD.
That's all you need to know.
Oh, and massive dilution from Reg D stock sales.
Need Cash Desperately
This company has to be in a total cash bind. Taking their September 30 cash balance, plus the very expensive raised since the end of the quarter and dividing it by the monthly cash burn rate as published in their financial statements and they may have enough cash to get to mid-December.
Any future revenues, if any, don't help.
Additional Reg D equity raises get more difficult and increasingly expensive based on the restrictive terms in the Note they just issued. Also, if the prospects are so good why did they sell stock for 30.5 cents per share?
Any capital raised from a registered stock underwriting is still months away if ever.
There is a reason this stock is down almost 90% YTD, this company only exists to enrich the CEO and his family. Not to make and produce any real products.
Structural Liars = Fraud
This company announces a lot of hot air and delivers nothing and they have cost investors a lot while enriching themselves.
For example, they have not launched any commercial products despite repeated press releases that they were coming. Gift sender was going to be launched in Q3 of this year. What happened... nothing except more dilution and declining share price.
They are almost out of cash, are desperate and this fraud is almost over.
You need to report him to the SEC. They move very slowly, but will move. Go to the whistle blower section.
At a minimum he has failed to file a Form 4, and a Form D.
But, as UBIQ exists only to funnel money to Carmichael, and his family, which is clearly evident from the filings they do make, why would anyone be surprised.
Need cash badly, yet...
This company has sold almost $7 million in equity at steep discounts, hurting existing shareholders, still needs cash desperately, yet can lend an affiliated company $787,000 dollars.
Seeing as the affiliated company is owned and run by UBIQ's CEO & CFO how can this be ethical?
And, the affiliated company looks to be long defunct and not operating.
Oh, and should we mention that almost 1/2 million of the money raised is paid the CEO as a "commission".
This just underscores the magnitude of the fraud they are running.
UBIQ Desparate for Cash
$255,000 balance at last 10-Q
plus
$645,000 stock sold after the quarter at $0.30/share (yup that little)
plus
$200,000 raised in a Note
equals
$1,100,000
divided by $470,000 their monthly cash burn rate
equals
2.3 months of cash. They need more.
This has all the signs of a great company, LOL.
Insider selling?
If insiders are selling stock and they are not filing Form 4s with the SEC then they are open to a major lawsuit and they will loose!
This are very bad people and I wouldn't put anything by them.
RICO, Hilarious
Yeah right, UBIQ is going to win a RICO case as a result of a commercial dispute. Ah, no.
This just shows how totally, patently silly and unserious this management team is. Instead of building a business they bilk investors for their money.
It is improbable any of this will go to trial. If it does I hope the judge doesn't laugh too hard as he/she dismisses all this nonsense.
So, instead of telling us the by pointing out the facts of IBIQ's complete and total business failure will result in us being prosecuted tell us why this failure of a company has any value. Those pesky facts in SEC filings and the outright lies in the company's press releases will be their ultimate undoing.
Is Management Selling Stock?
If so this is not only a massive conflict with actual investors, they have a legal responsibility to file Form 4s with the SEC, which to date they have never done.
Also, why has this company that has sold over $11 million in private placements, under Reg D, never actually filed a Form D.
This company is a sham. An actual investor needs to report them to the SEC.
Stock worth 30 cents, max.
Company announced in most recent 10-Q that they sold stock for 30.5 cents per share. We now know that management thinks this is the most this stock is worth.
I think it is a penny stock waiting to happen.
What a Joke, 10-Q Out.
Accomplishments in the quarter...
Lied to Shareholders in various press releases, yup.
Issuing stock to dilute shareholders. Did they file the necessary Form D with the SEC, nope. Clear violation of securities laws.
Issuing stock after the quarter-end, at 30.5 cents per share, a gargantuan discount, to dilute shareholders.
Lending $600,000 to a related company, unsecured. A back door way to pay themselves more money. Go try and find anything on SponsorMe, its basically defunct.
Any products launched... nope.
Disrupted iTunes as they said they would, nope.
Listed on the NASDAQ yet, nope. They can't they aren't eligible, despite PRs to the contrary.
Turned LOI for revenues from Asia into an actual agreement, nope.
Launched Sprocket, nope. Said it was imminent in this quarter. Better hurry up.
Launched WEAV, nope. That was supposed to by in the first quarter of 2011. What's almost four years late.
ZERO = No Underwriter
There is a very low probability that UBIQ will be successful in completing the $40 MN placement required to list on the NASDAQ.
Look at this company's easily viewable, public track record and ask what underwriter would actually place capital at risk to help them raise new money.
UBIQ has made numerous announcements regarding the imminent launch of their products, some of which more than once, yet not a single one is in the market. Where are WEAV, Sprocket, which was already supposed to be in the iPad and iPhone and they don't even have a mockup on their website, Giftsender, a music app that was going to disintermediate the iTunes store, etc.
Where is the follow up to the LOI with a Chinese firm to market sprocket? BTW, that press release of of dubious legality and could open them to charges of securities fraud. At a minimum it will raise many questions if they file an S-1 or by a reputable underwriter.
Where is the Sprocket launch this time? They said they were planing to launch it this quarter in a press release on September 3. We are essentially half way through the quarter and not a peep. Really.
This is a stock with a huge overhang, even if it is temporarily "locked up" and will face a selling orgy once all these shares are registered and can freely trade. Underwriters will know this and view this as a huge risk.
As to the timeline in the 8-K of September 22.. even if they engage an underwriter by November 26, that firm is free to resign at any time at its discretion. It needs to do formal due diligence and can leave then, they need to file and have a S-1 approved. UBIQ assume they can get a S-1 approved in about 2 months. This is very optimistic. Go look at other companies S-1 process in the SEC's website.
So don't be fooled. This company exists for one reason: to raise money to support its executives. It has no business model.
The bottom line is this company says a lot, go read all their press releases and SEC filings, and delivers nothing but losses and shareholder dilution.
Stock Price death spiral is in full force...
Stock down about 85% YTD
How do you arrive at 13 million shares traded since Sept. 27? According to the OTC this stock has averaged 42,667 share/day for the last 30 days.
30 x 42,667 = 1.3 million (I rounded). This is 1/10 of the 13 million you quote.
If the company actually delivered something except promises, shareholder dilution and losses then maybe the downward pricing would end.
And, what is to prevent the buyers of the shares from selling them?
On 10/18
See this 8-K Unregistered share sale filing
This is a penny stock based on what we currently know
Why...
No revenues or business prospects to actually attract buyers
Their patents have been out there for a while and nothing has happened. My guess is they tell investors that major tech companies what to buy the patents but the price, while attractive, is too low. This is a nonsense argument. If this company had IP of any value it never would have done a reverse merger, which is a tell in and of itself, and would have been acquired a long time ago.
The company was happy to sell stock at $0.65/share
There is a massive overhang and no liquidity. Once the selling starts there will be no stopping the decline in the share price. The "everyone hitting the revolving door at the same time syndrome".
Sad reality...
Is that Carmichael, his wife and cronies are unlikely to ever be prosecuted. Most likely any private placement memos have well worded language that typically result in investors having about no rights. Also, they would point out that this was always speculative.
The money the officers took out of the company has always been visible since they went public and while unethical unlikely to be illegal.
The one clear issue is the omissions and deficiencies in their SEC filings, including a failure to file Schedule D's. These would be explained as oversights and are typically not prosecuted.
So while they are clearly conmen and this company exists solely to sell stock and move the money to the Carmichael's it is improbable the FBI will get involved.
The one major caveat is if there are clear things in the PPMs, which again is unlikely.
The objective now is to keep new money flowing into this "fraud" and unfortunately I suspect that the people providing the money are neither reading prior SEC filings or message boards such as this.
Current price is still way too hi
Despite the serious price decline, as stock sold in the long series of private placements finds its way to the market, UBIQ has no business, no business plan, has accomplished nothing from a business perspective, etc. etc.
All one needs to do is read the financial filings and grandiose statements the company makes in its press releases and compare them to what has happened and one will conclude this is essentially a value-less stock.
Remember, the last private placement (why no Reg D filing???) was done at $0.65/share. Typical of companies like this. The game will continue until they can no longer sell stock at a discount.
Telling people for years that you have breakthrough technologies that never come to markets despite saying they will, saying you have a trove of patents but no license revenues tells one the value of the patents, $0, and that you are going to the NASDAQ when the company clearly doesn't meet the requirements to list will eventually run its course when the big stock dump starts.
Everything I say, as others say, is easily verifiable.
Very Sound Analysis
Your post is doing a real service in helping people understand actually facts and you should be commended. It is not, as you say, a rant.
There is so much support in UBIQ filings and press releases for what you say that one almost feels sorry for people being victimized by this company.
All of there press releases use hyperbolic, promotional language which is frowned upon by the SEC. Almost none of them are independently verifiable. Man tie to companies that don't seem to exist, such as Sponsor Me.
Look at the history of WEAV...They issue a press release in Nov. of 2010 saying it will change the world and be available on the iPad and iPhone in Q1 2011. Read the typical press release and ask which part of the world changing, visionary genius has happened? These are their adjectives.
insert-text-here
There isn't even a demo version of WEAV, or Sprocket, or anything else. Its all smoke.
What they do seem to do is get people to give them money in private placements. Too bad.
Here are Accurate Facts:
Is this stock down 79% YTD? Yes
Has this company produced any revenues? No.
Has the company licensed any of its tech, despite saying they were ready to on multiple occasions? No.
Has this company launched a product, despite saying on multiple occasions that it is happening in the next quarter? No.
Has this company raised millions of dollars in dilutive share offerings? Yes.
Has the money raised been used to develop and launch products? No
Has management paid themselves handsomely to accomplish nothing? Yes
Has the company moved to the NASDAQ, which they said was imminent? No
What has this company accomplished? Nothing
Are people trying to tear this company down? No
They are just quoting facts from the Company's SEC filings and press releases.
Material Factual Errors in Your Post
You say certain things that are factually incorrect and are easily independently verified.
1) You say that the company has over 400 patents. According to their most recent SEC filing the company has 18 approved patents and 25 submitted applications for review. Big difference. Maybe you meant 40 patents assuming all are granted.
2) In order to satisfy the NASDAQ, UBIQ must complete a fully underwritten offering of at least $40 million; again per the company's SEC filings. If all goes to schedule, and it rarely does, management targets completing this in March of 2015. Again per the company's SEC filings. The key presumption is the speed with which the SEC will approve the registration statement.
Not issue "promoting" a stock you believe in, but you undermine your case with serious factual errors.
You are wrong...
The SEC categorically will not comment on an individual company, its filings, etc.
UBIQ = $0
Interesting to see promotional posts for this stock. The reality is this company has nothing. It has no tech, it has no revs, it does not meet the requirements for the NASDAQ despite management saying it does.
It does pay its executives handsomely, it does have executives with meaningful conflicts of interest, it does issue stock and dilute shareholders.
Be very careful...
This is not an investable company. They have been announcing grand plans and major revenues as being just around the corner for years and produced nothing. In fact, they announced the same products as launching in the next quarter on more than one occasion. Its all smoke.
They said they were eligible for listing on NASDAQ, they aren't and management has to know at the time of announcement they weren't eligible.
There is nothing positive or real here, other than self promotional PRs from this company, if one reads the company's actual history including going back pre reverse merger.
Not Hilarious, Fraud
Anyone who reads both the SEC filings and their long history of press releases will conclude that UBIQ is a pump and dump. Promises of great things that result in nothing. Every technology and business initiative this firm has announced has produced zero, thats right zero, nada, zilch, nothing.
All shareholders have is massive dilution and a CEO who gets paid to sell shares and who has so many conflicts of interest it isn't funny.
All the capital raising has produced is cash for the CEO, and family, and a huge overhang. It hasn't advanced business prospects an inch.
Actually, this whole story is very funny, though it will end badly for shareholders.
UBIQ is Obvious Fraud
So much wrong where does one start...
Multiple product launches over last four years, with revs just around the corner, yet still no revs. WEAV was going to be on iPhone and iPad in 1Q 2011, still not there. WEAV was being beta tested by CISCO, nothing. Sprocket, another "breakthrough", has launched how many times?
Where is the follow up to the Asia LOI for $150 million in revs - smoke.
Up listing to the NASDAQ - they met the requirements, until they admit they don't meet the requirements - smoke. Management claims they meet the requirements, but had to know they didn't - fraud.
Omissions from SEC filings - securities fraud.
CEO gets paid for selling stock- conflict of interest.
UBIQ lends money to affiliated company, that doesn't seem to exist, and where UBIQ's CEO and CFO own that company - conflict of interest.
Sell stock under Reg D, no Form D filed with SEC - fraud. Highly dilutive to all involved given the discounts.
Tout themselves, and their non-existing partners, as leaders owning the tech of the future - hysterically funny.
This is a classic pump and dump scheme.
Case Closed
Robert Fowler and US Capital Funding Trust Series whatever, good friend to BGMO and a supplier of finance totally lost his case to the SEC. I wonder, if as he has run to Hong Kong to keep the US Capital Fraud alive and well, if he paid the money and fine. My guess is that he couldn't afford it from all his trillions of dollars. For a full judgement refer to the North Georgia District Court docket.
Soon our fearless leader HH will join him in the same boat. The fat lady is warming up her vocal chords.
Why is it taking so long?
Look at the procedure, it is meant to take about six weeks. They supposedly applied in Dec of last year. That's eight months by my math. Also, the company's press releases about the process contradict what NASDAQ says happens. But most UBIQ press releases contradict each other.
Love the "internal beta test". The definition of beta test is external. And months ago they said sprocket was going to have started selling by now.
Lastly, there is a large number of restricted shares which should become free trading shortly. Then we'll see what happens to an illiquid stock no one pays any attention to.
Not anymore, they resigned.
Oops.
That BGMO is making a great investment???
Follows the BGMO business model to a "T".
You left out that they keep repeating old press releases.
Not bankrupt yet!! Should be.
But one has to wonder, after skimming through the 10-K, why anyone is giving VSTA any new cash.
Some 10-K highlights...
Cash at FY end = $0, that's right zero cash
Revenues - none for the last seven quarters
Any evidence of progress on the research front = nope
Autliion still in the 10-K - yes
Bottom line, same old / same old. This company is effectively defunct!!
VSTA employs a unique financing strategy..
Claim to be receiving a $35 million investment from a SCAM company, BGMO, then change it to Autillion AG a defunct Swiss company.
Meanwhile, continue to dilute shareholders with very expensive capital raises, produce no new real news such as research accomplishments, grants or revenues, all the while having your IR firm re-issue old press releases.
Yeah, this is a real company. Too funny.
The Case is in the docket. I had no trouble finding it.
You need to have a lawyer review the placement documents the investment was based on.
If the investment was made prior to the company coming public via a reverse merger, or as a private placement subsequently, the documents you were provided at the time should be reviewed by a securities lawyer to determine what, if any, recourse and protections you have. Typically there are so many disclaimers and protections for the issuer that it is hard to recover money, however if there are demonstrable misrepresentation there is a chance you, and others, have a case. At a minimum you may have dilution and make good protection clauses you should be aware of.
If Allegations Are True UBIQ is Toast
But at this point that's all they are. Having read the complaint the positive is that given the nature and specificity they will be easy to determine during discovery. Also, as much of this occurred prior to the reverse merger it could result in management having to disclose a lot of information from when they were private. This will help explain where their money came from and how they burned through it.
Again, until the process makes progress these are only allegations at this point.
It will be interesting to see how the company addresses this in their next 10-Q.
What court was the suit filed in so we can see the complaint?
Exactly right
Spot on. There may have been a hope here at some point years ago. Not anymore.
HH amy be but BGMO is dead.
Only the executioner's final act is left when the SEC acts to delist.