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It should not be, even though they have an exclusive relationship until May. Once again, this is my understanding. There was talk about lending money through the subs. Who knows? However, they are still hiring.
I think if you read the last filing, there is still a deal with Wellington, but it will not occur in the steps according to the three steps outlined in the shareholder letter in May. The declining share price was a red flag to potential lenders. This is how I read it. Please read the filing.
No more toxics for the exhausted (valued) shareholder base. I guess we no longer believe in the vision of management for the company. Many mouths to feed and no sales and a burned and betrayed fan base = no buying.
And to think that I was not invited to this love fest of GNID. Just messing with you guys.
I like the hire of Iler. Very little cash on hand. Price declining. Can't do a deal because of the fall of share price (toxics for salaries).
My other favorite is the hire of the sales guy Koch. 150,000 for 10,000 sales.
Are the units for homes still viable (500,000)? What about Kansas?
They do have a lot of shares to unload to meet the million dollar payroll, unless there are a ton of sales I do not know about. I for one, will not be playing (I did again and again and again). If I can just bet back 50% of my basis, I will be gone. I know that I will be missed by all my private messages I receive and the million dollar management team with so little sales by amazon and cvs. That head of marketing and sales must be really beating down the doors with 10,000 of sales in the past two quarters and all the finance and accounting people counting those sales.
It is almost comical to see the business plan. Unfortunately, it was not really revealed until August `15 and then the last filing. At one time, that shareholder letter gave us hope. However, the decline in sales price due to the numerous six figure salaries that were supposed to look like a nasdaq company prohibited any body from lending the money.
In true predictable fashion, watch for a repricing of options and bonuses for the tough year.
Can I hear an AMEN from the back pew? Preach it Yankee Dave.
Management said that they were trying to build a business. That poor McGinnis guy must feel like he got the ole you know what. I cannot do the math, but it two months the stock went from .35 to 0036. Now that is building a company. We need to hire a few more finance guys to pontificate on that.
Will the valued shareholders get to go to the annual shareholder meeting?
Guess what batman:
No retail buyers. What will the million dollar management do?
Mr. McGinnis sold his business for around 335,000 shares.($125,000 at the time).
The million dollar team must have really needed that $2,500.
And the million dollar team cannot comprehend that companies do not want to lend money to a company with a declining share price.
I cancelled my colonoscopy after the filing (late).
At least he was able to unload a bunch of toxics. Yea, I know, there are no more toxics. Nate has assumed all the debt. Know what you own.
How long is "the coming weeks"? Is it 2018 now? Nate's got this. really?
Still waiting on that China deal to come through.
That was in June.
The following was in September.
As previously disclosed, we have executed three comprehensive agreements with an Investment Bank which remain active and are still in effect. One of those agreements is an exclusive investment banking agreement for a 12 month period that expires in May, 2017. These agreements were signed with a view to establishing a multi-tiered financing approach and a reliable form of financing for the Company to move the business forward. To date, the investment bank has not yet performed under the agreements. One issue was the accelerated decline in our public stock price hampering efforts to raise interim capital to take out our current variable-rate convertible debt. The initial approach and strategy to retire this debt was changed in September based on our declining stock price. We intend to continue working with the investment bank, but our current stock price may be an impediment and we are taking steps to stabilize and turn it in a positive direction. In the meantime, we are concentrating our fundraising efforts at our subsidiary level which will not have a dilutive effect on our public shareholder base.
Based upon our current financial condition, we do not have sufficient cash to operate our business at the current level for the next twelve months. We intend to fund operations through increased sales and non variable-rate debt and/or equity financing arrangements, which may be insufficient to fund expenditures or other cash requirements. We plan to seek additional financing in a private equity offering to secure funding for operations. There can be no assurance that we will be successful in raising additional funding. If we are not able to secure additional funding, the implementation of our business plan will be impaired. There can be no assurance that such additional financing will be available to us on acceptable terms or at all.
From 7.75 down to .0235 in less than a year. Great job by the million dollar payroll boys and girls. We should be thankful that we supported this hard working group that produced around 10,000 of sales in two quarters. What other stock has that type of performance? Time for another 17.41 stock analysis. How does that hard working staff do it? Now, at the end of the year, more bonuses for everyone, repriced stock options and the new Preferred Stock conversion plan. And to think that companies did not want to lend money to a company with a rapid declining stock price. Could it be because of no sales and toxics and an ever increasing payroll?
According to the filing, they will try to recoup the illegal shorters. Maybe they will file in the correct venue this time. Sorry, that pump has already had its day.
How will the million dollar payroll be paid?
Could you imagine what the share price would be if the toxics for the salaries of these non-producing officers were used for the production of inventory?
Do we really need this many officers for the production of $4,000 in sales? According to the filing, they even converted a part time guy to full time. I am not against that, but there is no money for this type of spending. I know that there is a lot of unpaid comp on the table, but if the company ever gets any financing, any extra capital will be sucked up to pay this debt instead of producing sales.
I copied this from Yankee Day
Reputations on the line IMO
Lorraine Maria Yarde $200,000.00+ CEO
Mark Basile $175,000.00+ General Counsel
Glenn McGinnis $150.000,00 VP Product Development
William V. Koch $150,000.00 Chief Sales and Marketing
Faruk Okcetin $125,000.00 President GENE-RX
J. Richard Iler $125,000.00 CFO
Susan K. Kutzner $$$ Shares + Treasurer & Director
NY, MI, NC, CA, OH
It has taken until now to realize that increased sales might be a good option. You are paying the VP of sales from around February (?) an incredible amount to just produce 4,000 of sales.
Moderators-Please get rid of the shareholder letter and replace it with the following:
As previously disclosed, we have executed three comprehensive agreements with an Investment Bank which remain active and are still in effect. One of those agreements is an exclusive investment banking agreement for a 12 month period that expires in May, 2017. These agreements were signed with a view to establishing a multi-tiered financing approach and a reliable form of financing for the Company to move the business forward. To date, the investment bank has not yet performed under the agreements. One issue was the accelerated decline in our public stock price hampering efforts to raise interim capital to take out our current variable-rate convertible debt. The initial approach and strategy to retire this debt was changed in September based on our declining stock price. We intend to continue working with the investment bank, but our current stock price may be an impediment and we are taking steps to stabilize and turn it in a positive direction. In the meantime, we are concentrating our fundraising efforts at our subsidiary level which will not have a dilutive effect on our public shareholder base.
Based upon our current financial condition, we do not have sufficient cash to operate our business at the current level for the next twelve months. We intend to fund operations through increased sales and non variable-rate debt and/or equity financing arrangements, which may be insufficient to fund expenditures or other cash requirements. We plan to seek additional financing in a private equity offering to secure funding for operations. There can be no assurance that we will be successful in raising additional funding. If we are not able to secure additional funding, the implementation of our business plan will be impaired. There can be no assurance that such additional financing will be available to us on acceptable terms or at all.
One of the board moderators should now eliminate all of the information in the context box. Management has left it vague; so there should be no information-just blank. Any potential shareholder can ask the IR social media guy who was paid 300,000 shares for any updates. That should stimulate a lot of potential shareholders eager to buy the next round of toxics.
Wow so much to digest tonight. Happy thanksgiving to all of the valued shareholders of GNID. It is truly a delight to be part of such a dedicated team.
Just some choice morsels from this fine filing from GNID land.
The IDTouch acquisition received around 330,000 shares for his business. Some unknown IR social media guy got around 300,000. This great acquisition for so many products got only around 4,500 of sales.
The new sales guy needs a raise. 4,000 from amazon and cvs sales is really beating the doors down.
It appears that it takes around 230,000 a quarter (I do not want to go back to the filing; I never want to look at that pos again). I notices a lot of unpaid comp, but they did renegociated the Preferreds to their advantage.
I do not know how the salaries are going to be paid.
It looks as though they have September and October salaries covered with the issuance of those two notes. Good for them.
Bonuses all around. The acquisition as well as the new vp of sales produced 4,000 of sales. Great job.
So much for the theory that there are no more toxics. GNID is one mean converting machine. Hugs all around. !!!!!!!!!!!!!!!!
I just want to throw up. Words cannot describe what I am feeling.
This cannot be good. There is nothing about Clear Trust, Wellington or Ruth Group, auditors, lawyers on the website now. Just the stock price and where you can order request a package of information about the company. Wow. With the late filing, no shareholder letter and a blank stockholder screen with the stock price and how you can get a package, something is up.
Credibility and accountability???????????????
Well the price is going up.
Was the May shareholder letter a ploy to unload more toxics to pay for salaries? We shall see in the late November filing. If my memory is correct, the share price was below a 1.00, but above or around .75 cents at the end of May. Since that time, in less than six months, down to .02. Maybe the new transfer agent or IR can give us the details of the outstanding shares from the end of May until November.
Or the 17.41 valuation. If the May 24 shareholder letter does not come to fruition, they will probably have to do a reverse split, change the name and hope their past does not follow them. Unfortunately for them, I will have a lot of shares with the new symbol. I will not let them hide behind the forward looking statements. It is time for the six figure income management to be accountable. The nightmare on GNID Street continues. If the deal does come through, I will change my tune. The indications do not look promising with the appointment of this transfer agent or the omissions of Wellington from the latest filing. Also, there is no shareholder letter on any of their websites to my knowledge.
I guess we should call her for Investor Relations. How will GNID pay for their services? The 1,000,000 or toxics, that is the gambling bet.
Tram Bui, V.P.
The Ruth Group
757 Third Avenue, Floor 26
New York, NY 10017
Phone (646) 536-7035
tbui@theruthgroup.
Wow a lot of pinks and grays. Unbelievable. I cannot wait for the explanation.
If this is the case, some of those high priced salaries have got to go. Toxics cannot support that level of salaries without any sales without driving the price down to .00000000001.
All these lawyers, accountants and finance guys on staff, only for a transfer agent for OTC or below.
The Management of GNID has some "plaining" to do.
The hits just keep on coming. I believe that this move deserves a bonus for all. It is getting near Christmas time.
Keep posting the salaries.
I like to see where the toxics are going.
6,000 in sales and cannot get a filing done on time. It appears money well spent. The clock is ticking for the "valued shareholders". I believe that one of your posts stated that Lorraine was paid in full through June. I feel better now knowing that fact. The August 15 filing was the worst that I have ever seen.
Maybe, we can reach 10,000 of sales for the quarter and that is the reason for the delay. If so, bonuses need to be paid for nearly 100% increase in sales, especially the guy who is charge of sales. I believe he gets 125,000 a year.
Putting all personal bias because of past behavior aside, THEY STILL MIGHT PULL THIS OFF.
The correct question should be how many pain packs do I need watching this share price go down day after day.
What a difference a year makes with our management team!!!!!!!
Good times!!!!!
At 2 cents, we still might have time to reach 17.41 by year end. The fab 7 or 8 or 9 can still get us there. Their salaries indicate they can. Performance bonuses for all.
Please note how the letter was addressed:
Dear Valued Shareholders:
With all that talent getting paid from toxics, there is no excuse for not filing on time. We will wait and see.
The valued shareholders will not be inclined to buy the toxics if the deal falls through. The ownership might have to work and produce to get paid, instead of the entitlement system of issuing toxics.
What first attracted me to this was that the products were ready. There was no long FDA approval process in which the biotech would have to survive on toxics. Boy was I fooled.
It is all about accountability.
I really do not know where to begin. I am really at a loss for this disaster. What's another two weeks? Can I now call the Ruth Group who said that they would be taking over IR on the 15th of November?
I believe that the market cap is way less that all of the salaries of our fearless leaders combined.
I and many others have a lot of money at stake. I would rather not trash for no reason.
Thanks. I do enjoy reading your signatures.