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I have also had trouble finding DD but for a start, here's some stuff about Biolog, Inc., where Pat Scorzelli used to work until mid-2017.
Here is a SEC filing from Biolog, Inc. in 2015. It is clear from reading that Biolog Secretary Garry McHenry was obviously familiar with Pat Scorzelli and must have known him well before exchanging control of DUTV. Note also that Joseph Passalaqua was the previous registrant of Biolog.
https://www.sec.gov/Archives/edgar/data/1462566/000117892415000023/f8k1501_form-biog.htm
Here is a Biolog SEC filing from 2010. In it, you can find that Joseph Passalaqua and Garry McHenry were both issued large amounts of shares in exchange for consulting services. Here however, Passalaqua is not the registrant but a major shareholder.
https://www.sec.gov/Archives/edgar/data/1462566/000138713110001157/biolog-10q_1011.htm
Biolog, Inc. was listed as being at 123 Parker Ave, Liverpool, NY. I used the google satellite maps to look at the address. It is a small house in a residential area. https://www.google.com/maps/place/123+Parker+Ave,+Liverpool,+NY+13088/@43.1157765,-76.2210679,3a,75y,318.15h,90t/data=!3m7!1e1!3m5!1s0tX-KkcXq1W1bHOqP1m3Lw!2e0!6s%2F%2Fgeo3.ggpht.com%2Fcbk%3Fpanoid%3D0tX-KkcXq1W1bHOqP1m3Lw%26output%3Dthumbnail%26cb_client%3Dsearch.TACTILE.gps%26thumb%3D2%26w%3D86%26h%3D86%26yaw%3D318.14542%26pitch%3D0%26thumbfov%3D100!7i13312!8i6656!4m5!3m4!1s0x89d9ee2dae4ae5d3:0x3415096177fd4df8!8m2!3d43.1158725!4d-76.221183
Biolog 10-K from 2011, showing that Biolog's main business was owning payphones in the state of Delaware.
http://www.getfilings.com/sec-filings/110407/Biolog-Inc_10-K/
The remainder of the Biolog filings can be found here:
https://www.last10k.com/sec-filings/biol/
It looks like the entire time McHenry was running DUTV, he was also an active participant in this Biolog, Inc. AND he was acquainted with Scorzelli and Passalaqua during his time there.
Ok that is a sensible explanation for the 20M increase.
Looking back at some old filings, it looks like there were always 5B authorized shares, including back to the McHenry days.
The 7.25B from the Delaware filings must constitute the 250M in authorized preferred shares and 7B in authorized common shares.
Who filed the Delaware filings? I thought that was McHenry...
The authorized shares increase to 7.5B was filed last June by McHenry if I recall correctly. But why is it only just showing up now? And why was it 5B back in November?
In any case, onto the 20 million question. 20 million shares right now is 200k. That's not exactly pennies for a company that is still badly in debt. 200k is enough to help a small acquisition.
It's also small enough that it wouldn't significantly impact the stock price. They could have slowly released 20M shares at the $0.01 level without a significant risk of dropping the share price.
It's a double edged sword for investors. Based on their lack of acquisitions and financing thus far I don't find it reassuring.
Diluted
From page 2 of the latest report:
Common stock, $0.001 par; 7,000,000,000 shares authorized;
3,430,078,447 and 3,409,654,798 issued and outstanding at
February 28, 2018 and May 31, 2017, respectively
Looks like the float has increased by 20M shares between May 31, 2017 and February 28, 2018.
Compare that to the quarterly report from last November:
Common stock, $0.001 par; 5,000,000,000 shares authorized;
3,409,654,798 issued and outstanding
Shares authorized has increased by 2B since that time.
Anyone have a good explanation for this?
I've never understood how people "know" DUTV is being accumulated. It was one thing when it was in the trips and the volume was soaring but accumulating above a penny?
We don't know who is buying and who is selling. The fact that there are large orders posted on the bid doesn't prove anything.
No one trades in penny stocks with market orders. They are (almost) all limit orders. If I were to bid tomorrow for a million shares of DUTV at 0.0075 there's a good chance it wouldn't be filled at all during the day. Which means that manipulators can do just that and give the impression that there is interest. Not to mention all the market maker nonsense trades (800 shares, seriously?).
The other evidence for accumulation is that the volume rose on the dip below 0.01. But again, that doesn't PROVE anything because we don't know who is buying and selling.
I'm not suggesting that DUTV is being manipulated at all - I have no proof of that either. I'm just saying that there is more than one interpretation of these signals.
Leominster dispensary?
Why is this article pinned to the board?
Haven't we established that Scorzelli was only hired by Prime Wellness Centers as a spokesman and that Prime Wellness Centers is not to anyone's knowledge affiliated with DUTV?
Ugly chart
DUTV chart bears many resemblances to a double top bearish reversal. Mind you the last real level of support was 0.004. All that could change with news - an attorney letter with a wording change is hardly news.
Still no info on financing. I've begun to wonder if they will do a name change at some point.
For those giving me grief
First of all I was talking about recreational marijuana but ok whatever, maybe it doesn't matter. It is a perfectly acceptable plan to start off ONLY in medical marijuana.
Here was the article talking about the Leominster pot dispensary, which is also pinned to this board...
http://www.sentinelandenterprise.com/news/ci_31654976/work-begin-leominster-medical-pot-dispensary
Now, here is the website for Prime Wellness Centers, which had the permit according to the article:
http://primewellnesscenters.com/
Now why don't you enlighten me further and explain to me: Are these the same thing? Is Prime Wellness Centers actually DUTV? Why isn't that explained anywhere on that website? Why isn't that explained on DUTV's website? Is this the potential partnership spoken of?
How is it that Pat Scorzelli is both the CEO of DUTV and spokesman for Prime Wellness Centers...but they have no partnership yet?
I'm sorry to grind the fine points but there are critical details sorely lacking, not to mention the whole question of financing.
Let's be clear...
Marijuana "extracts" (which includes cannabidiol) are still Schedule I controlled substances (see the federal register below)
https://www.gpo.gov/fdsys/pkg/FR-2016-12-14/pdf/2016-29941.pdf
You can't build a business making a drug-based product because you believe that lack of enforcement will prevent you from being prosecuted. Nonetheless, I'll take the positive view: in Massachusetts, where DUTV is now located, it is legal to use marijuana for both medical and recreational purposes with certain limits: http://norml.org/laws/item/massachusetts-penalties-2
One problem with DUTV's stated direction is that even when recreational dispensaries become legal at the state level, there will be limits enforced on how much marijuana (and its extracts) can be grown and distributed, not to mention the fact that edibles will be subject to further regulations.
Scorzelli needs to show that DUTV has or is applying for a recreational marijuana license or that they have established a partnership with someone who has, and then they have to demonstrate how they are going to fund, build, or control cultivation facilities.
All of this is going to take time, probably years. As it was pointed out last year (see below) it will take a while to develop facilities for cultivation; even these may have limits.
http://www.masslive.com/marijuana/index.ssf/2017/09/legal_recreational_marijuana_w.html
Even if Scorzelli and Porretti & co. are the real deal, its probably going to be several more years of bagholding before seeing actual profits.
Literally no revenue or cash on hand
Here is the problem as I see it. They have no cash or revenue. They have put out a white paper on cannabdiol but without some kind of financing or investment in the company, how are they going to get partnerships and even get started? You can't start a company fresh from $0, much less from an accumulated $9M deficit.
They have upwards of $5.3M in stockholder deficit and liabilities. Yet by some series of events, there are 3,409,654,798 shares outstanding that are currently worth 0.016 a share.
Right now, DUTV stockholders own $54.5M in DUTV shares, nearly 10 times the total liabilities and deficit. This is where I fear their "financing" is going to come from, with no real specifications about the future.
Who knows, maybe tomorrow they come out with definitive partnership announcements. Right now I am skeptical.
2017 Financials...
So they have $2,772,095 in total current liabilities.
They have a stockholders deficit of ($2,665,703) from an accumulated deficit of almost $9M
Yet in total liabilities and stockholders deficit they add these numbers together to come up with a mere $106,392
Doing the proper math = over $5M liabilities and stockholders deficit.
Good Lord
You didn't answer my question.
Whether you like it or not, the first sentence is fundamentally, grammatically unclear. 10 days or 10 weeks? You are assuming 10 days...we will see I guess
I did...
Read the first sentence. It says "within the next ten business days weeks of February 26, 2018"
Can you explain what this means? 10 days? 10 weeks?
Stop Sign Current
I just checked OTC markets and it looks like DUTV has the stop sign
Has this been true the whole time?
https://www.otcmarkets.com/stock/DUTV/overview
Let me explain McHenry's legal issues
I followed the link provided by mikenmtv and searched for Garry McHenry.
McHenry was charged with battery domestic violence and felony tampering with a witness.
His lawyer was an appointed public defender and that remained so through the disposition.
Now as to the disposition - the DA dropped the felony tampering charge. That is indicated by "Nolle Prosequi"
The misdemeanor battery charge was indeed plead out. McHenry received what is known as deferred adjudication, or deferred judgement in some states. Basically you are sentenced to probation, and if you stay out of trouble, the original charge is dismissed, which is why McHenry has no record. That is what "Conviction By Plea - Adjudication withheld" means.
McHenry spent 1 year on probation. That probation included a no-contact order with his wife except for purposes of litigation. It looks like he successfully completed the probation; at that point the plea was unsealed and he was "adjudicated" not guilty.
From his civil records, we also know the following:
-He was divorced
-He was evicted, possibly as a result of the charges from his wife
Will I judge? No. However, in terms of investor interest, we do know at least two things. One, McHenry is not a particularly rich man, and two, he is estranged from his wife. We don't know about the kids.
Sure. But if someone with a lot of shares thinks these prices are worth taking profits on they are likely either someone who is cashing in on a smart play or someone with so many shares that they probably know more than whoever is accumulating knows.
There's no proof the recent rise is due to anything substantive. If McHenry still owns a huge amount of shares, which seems likely, he would be plenty capable of manipulating the share price. It's a pump and dump without hype which hedge funds are known to do.
At some point, there will start to be a steady unloading of shares. However, the unloading of so many shares will drive the price down so whoever is doing it needs to drive the price up higher than their expected sell target.
The only real question is when to unload our own shares.
positive rhetoric...
It's obvious to me that at some point in the past, Pennies was in contact with McHenry, and McHenry fed him some juiced-up rhetoric, perhaps with some super special secret "pinky-swear don't tell" info. It's like middle school where one boy gets invited by a cool guy to his treehouse for some hot rumors and he is just so happy to hang out with this guy and be "in the know" that he completely ignores the fact that the guy never invites him into his house or lets him hang out with his real friends.
Point is, whatever McHenry told Pennies, he has completely convinced him that good things are happening. It's always possible that they are, but it's more likely that McHenry manipulated and fired him up to such an extent that he is now a boundlessly optimistic pumper, and pennies is all too eager to play along because of the $$$ signs bouncing around in his eyes.
I hope pennies is right of course, but the bare facts suggest otherwise.
If you had bothered to read the source of that jailbase file you would have seen it was just a misdemeanor that he was arrested for.
However, there isn't even any proof this is the same Garry McHenry who runs DUTV. The arrest was made in Broward county where Ft. Lauderdale is and incidentally the county where his casket company is. So I connected those dots and wondered if he had ongoing legal trouble. I also believe there is only 1 Garry McHenry in Broward based on people records so that's why I posted it in the first place. I haven't been able to find anything else and neither has anyone else, although you see fit to trumpet that link alone as evidence that he is a crook.
As someone else pointed out, there is a profound reason why we haven't heard anything, and no one can prove anything right now, though I strongly suspect it's not good.
From over a year ago...
Do you suppose McHenry (if this is him) is having ongoing legal trouble?
http://www.jailbase.com/en/arrested/fl-bso/2014-05-19/garry-mchenry-121400637
Okay. But what is so compelling about a bid sitter picking up 2000 shares of DUTV that you went to post about it? Are you trying to suggest that there is interest in the stock right now?
What is a bid sitter?
and what do you mean to imply when you say a bid sitter grabbed shares?
I am not well read in stock terminology.
NetTalk...and a guess about McHenry
If you go back to the original DUTV website from 2009, the address listed on the website was 1080 nw 163rd drive miami fl 33169. Plug this into Google and click street view and you get a building called "NetTalk." NetTalk is a voice over Internet protocol (VoIP) provider, which is to say, it lets you make and receive calls using your Internet connection rather than a telephone line. (PcMag, see this article in PCMag discussing exactly what Nettalk does www.pcmag.com/article2/0,2817,2387769,00.asp, and note there are a lot of negative comments in the comments section despite the positive review.)
Basically NetTalk gives you voice service if you have the internet...eliminating the need for a phone because you can get voice service through the broadband connection (doesn't say anything about wireless internet?). This sounds kind of similar to what DUTV claimed about television "piggybacking" on existing broadband.
Nettalk website: www.nettalk.com
Notice that NetTalk is also a publicly traded penny stock (symbol: NTLK) with a recent current price of $0.0034 and well off of its high since its founding in 2008. It is also much more transparent with more information on its website, as well as similar problems with inability to timely file, and filing sheets claiming a gross profit in 2014.
My guess is that McHenry has some kind of degree in telecommunications, i.e. there is some truth to his claims about working with VOIP since 1991 as it pertains to himself.
He may have bounced around at various companies, ending up at NetTalk until 2009, at which point he started DUTV, and then was fired or left to work part or full time at a casket company which is the current address given for DUTV, and what could serve as his stable job if and until DUTV gets serious.
Anyway, the reason for bringing up Nettalk is that this must have been McHenry's last stop before DUTV. My guess is that McHenry is trying to do something quite similar. He's trying to deliver phone services through broadband connections and television services to cell phones and computers. This would explain the need for "partners" which really means broadband companies or companies like Interoute whose broadband connections or minutes he can utilize to offer DUTV's services. Since the VOIP/TV services depends on the broadband, there is no need to troubleshoot or provide customer service to end users because that responsibility lies with the broadband/fiber optic cable company. However, in the absence of a visible product (a la Nettalk's DUO phone), he can make money just by reselling minutes from these telecommunications companies.
Thanks Ben, I also tried to do some light research on that London address...you got a lot further than me lol.
However, were your theory correct, it would suggest that DUTV is little more than a sort of middle man successfully turning a profit for a penny stock, perhaps deserving of applause and pats on the back, but certainly not anything worthy of a future industry leader.
Does anyone who knows anything about the telecommunications industry know if there is a legitimate niche for reselling minutes?
This. McHenry could have pumped the stock to help Passalaqua get some money in return for whatever service he did. I have no proof naturally, but everything you say adds up to that kind of conclusion.
Motive however, I wouldn't know. I don't get why anyone trying to make a serious company would waste time with this kind of stuff. On the other hand it's the pinksheets and sometimes people make deals with the devil to help them get to a better place.
Or perhaps it was a subtle dry run for a massive pump and dump down the road? I'm not accusing anyone of anything of course, but I agree with almost everything Ben says. Why, if there is so much experience and profit at DUTV is no one interested in buying now?
To answer your question
No. I do not want to spend more than the roughly $100 I spent to get 100K shares. There will still be time to buy in cheaply later if it looks necessary...or to sell before the reverse split. Easier to unload 100K than 1 Mil or 10 Mil. Lol.
Anybody else with an affirmative?
Two Websites
This is also kind of ridiculous. There's www.dutv.us and www.dutvgroup.com, which boast of TV programming and voice networks respectively. The first appears to have been created in 2009, the latter is more recent, but both are sparse of information. Dutv.us gives contact information for an address in Miami that on Google Maps appears as a building called "netTalk", Dutvgroup.com has the address of the casket company in Fort Lauderdale. Companies can and do change, but why not just stick with one website or take the outdated one down? Same with the twitter accounts, which in my opinion are suspicious.
Previous financials DID show a revenue stream, but you'd think if the CEO was really on to something he would have the presence of mind to put up consistent information in one place, even if it was very little.
I figured that was most likely. Thanks. I know there's always people trying to champion penny stocks, it happens with almost every single one. That said, sometimes I just can't help myself. I guess we'll either see something happen... or see a reverse stock split coming up. Sooner or later the chips have to fall one way or another.
All this talk about a price explosion... Been following the board for a while. I own shares of DUTV. Obviously I have my reasons to, but then again, it's a penny stock and now I keep hearing about this rise to $1 etc. Can you please explain why? I've read the financials and tracked the address to a casket company in Fort Lauderdale but I don't understand why people think it's suddenly going to get that high. As someone else said, they appear to be a reseller of minutes and Garry McHenry, as far as I can tell, is just an employee of this casket company.