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I am in on FFGO and am happy with the freebies I was able to get via flipping.
But has anyone noticed that last week was our week, this week belongs to Hunt. they seem to be switching weeks, one week FFGO, then Hunt, then FFGO, then Hunt
IMO, a shell game, but the trading profits are real.
Sparky, someone posted that the three stooges did not pay for the shell and I was unaware of the 504. If the shares have gone from unregistered to registered and they sold, then you are right, they profited handsomely from the transaction. I stand corrected.
Thus, for me, this is moving into scam territory.
Aymon and Lightnin:
I realize there was substantial hype by DaSilva regarding the $500MM contract. There was also hype at the 2nd investor meeting which i attended. The meeting at which, if I may say, I always interupting the hype to get specific details. The interuptions were not appreciated by the sword man of pauly two fingers.
further, I recognize what a private placement is.
lastly, I know the reputation of the characters behind the shell.
I just havent see any evidence, even circumstantial, that these bozo's have made any money off this.
Again, I am open to reviewing anything that states otherwise.
Aymon:
Until I can find that one of the principals made money off this, I stand by what I posted.
I would be the first to say it is a scam, but as correctly point out, scams usually involve people making money. Unless, the principals relatives, friend or associates were trading in the stock, I dont see anyone who has made any money.
I leaning more toward total incompetence, but am open to scam.
Lawsuits are not going to get anywhere. Look at all that have tried on other cases. And as far as I can tell, there has been no dilution and I think Doog said that Jesse et. al never received any money for the shell. So, no one has made any money off this deal.
Only losses for all around. You have to remember that the money to finance the China trips etc. came from three stooges in the form of equity and/or loans. So they are out cash at this point as well.
At this point, we all are a bunch of losers. Not going to sell until closer to year end.
I dont expect anything revelating about the mining ops on the cc. IMO, the real info will be regarding O/S, A/S and how Quest is funding and will fund ops until it turns cash flow positive. That will take a while given the high cost of equipment needed for both mines.
The other info about where the BK stands will also be good.
Pedro's list is a good start.
Real companies dont perform well on the pinks, look no further than FFGO, scammer CEO is playing a shell game with stock buybacks, trades, etc and the stock is has been moving.
QMNM with quality mines in a booming industry does not have the momo to get the stock moving again. Then again, if shares from converts or gene are flowing into the market, demand is being met at low levels.
Accounting 101:
A balance sheet needs to balance hence the name.
Total Assets = Total Liabilities + Net worth
So if you add the $5MM of debt to Total Liabilites you must add $5MM of assets:
3/31/08 Total Assets + $5MM Goodwill/Marketing = Total Liabilities + $5MM CES debt + Net worth
PYCT now is obligated to pay $5MM to CES over a period of time, with annual payments. GAAP requires that intangibles (i.e. value of CES rights) amortize over the usefull life of the asset.
In this case, the $5MM in intangible assets should be decreased by the annual payment upon payment of the annual payment.
I forget the exact amount of the annual payment, but the debt should be broken up into Current portion of long term debt ($1.25MM) listed as a current liability and $3.75MM listed as long term debt.
There has been no cash infusion, just valuation of the marketing agreement ($5MM) at the amount paid or to be paid ($5MM).
The fact is, the company is overdrawn at the bank. In reality, IMO, these financial statements are not an accurate reflection of the company's financial position.
seemore:
I am uncomfortable with you agreeing with me. I think BB is just another scammer. He has screwed shareholders. End of story
BTW:
I was a big fan of flyonthewall. Not sure what happened, but i will miss her.
You guys are dreaming in taking over the plant. At best, the city would start charging market rates for the lease on the property. If PRGL cant make the payments, they take over the property and give PRGL a date when to vacate.
PRGL then has to decide what to do with the existing tent and equipment. Most likely disassemble the equipment and store it some where.
The City having been burned by BB, would only release the land and issue the bonds to a reputable company that could fulfill the obligations BB could. And I think it has been determine, a big bio plant is not economically feasible at this time.
You guys are barking up the wrong tree. As shareholders, you are stuck with the equity in PRGL. The only hope for relief is to have the share price go up. That is the focus.
I have witnessed too many other scams (USXP, CMKX). The shareholders have minimal rights. And justice takes a long time.
The real angle to find out how to pressure BB to improve shareholder valuation. That is the best use of time.
Of course they inaccurate. No expenses? But the real tell tale sign is the amount of cash they have on hand and the "bank deposit payable" are identical. The bank deposit payable really means they are overdrawn on their bank account. No way would their bank let that ride for 3 months. And it would be coincidental to have an identical overdraft at each quarters end.
The $5MM asset (flushaway) is the offset for the $5MM loan payable to CES. That $5MM should be amortized like any other intangible asset. Additionally, the $5MM note payable should be broken down into current portion of long term debt (payable within 12 months) and the rest as long term debt.
Amazing how the simplest of accounting errors were made.
Looks like alot the converts converted, and I agree with Pedro, that is why there is such downward pressure on the stock. Per the last 10Q, if all coverts converted, the os would exceed the AS. So I am guessing the AS will be raised as I think fully diluted is about 1 billion shares.
I dont think the conversions represent any new funds, just debt retirement. Will have to look closely at trading over the next two weeks.
The company "Encore Holdings"/RA/Gundy tried to buy is now trading on the BB. SkyPostal forget the ticker, but it was a reverse merger.
Quinn is correct. You cant strap on a 42 inch belt on a system designed for 36. However, if they were using a smaller belt, for whatever reason, then you put on a 42.
But in regards to the conveyor belt, they are assembled in segments, 1) for ease of assembly; 2) To replace portions that are need to repaired or replaced.
James River finally completed a conveyor belt that is 20+ miles long. It saves man hours moving the coal as well as having to truck it.
I am sure Gwenco's is pretty short as they are mining a relatively small mine.
In terms of production, it would not surprise me that they only dur out 500 tons in two weeks. Once they got the green light to mine, they need to get the continuous miner in place, which takes alot of time. Also, depending where they are on the seam, they could be mining the beginning of the seam, which may be relatively thin (12-24 inches) and work there way to thinker portion. Obviously, with the thin seams, you get alot more ash and rock and coal yields are low.
Again, cant say much about Quest, but the mine is quality. The only thing issue is money and avoiding any seismic activity which could temporarily delay the operation. It happens all the time. You don't read about it as the big guys, temporarily shutting down a mine is no big deal, as they have numerous mines operating. But for a single mine owner, could be tough going.
No, just a misunderstanding in terminology, I am used to the term "debt", as loans. Don't take into account trade payables and the derivative liability changes with the stock price.
Pedro:
How do you get to the $10 million debt number? i havent look at the financials lately, but I thought it was only 2 or 3 miliion
hey, breakthebank, hope you arent targeting that at me. I got a pm for Mr. Bean yesterday, flipped it and today I got a pm from some other poster about 10 cent by friday.
I'm a freebie, dont have access to pm's.
I got pm's as well from no one I know. I flipped in and out of this yesterday for a smal, small profit. Happy to be out. Pump is in full gear.
Yeah, I agree selling in the 3's isn't smart, but what if the three stooges figured out how to sell shares. Then we may be looking at dilution.
Nah, they aren't that smart.
ABTG:
Dont have pm:
Mr. Bean is probably just a pumper, dont know him, but did buy in at .0019.
Congrats Sauve, PT and swordsman, .0042
I see a bid of .004, where is that bottom?
saw 48's there,
Mr. Bean:
Thanks for the pm. Have an order in on this one.
I don't disagree with your logic, I just think we need to see if the patient has a pulse before throwing more money into this. My average is .015, so i am down 50-60%. I would rather wait to make sure this is not DOA before I average down further.
As the saying goes "when in a hole, best to stop digging"
crynik:
I agree with your logic. The only caveat is when to start averaging down. Anything substantial appears late Q3 or Q4. The issue is, having dead money sit, rather than investing in something that is alive.
Demand will continue to get stronger for CAPP steam (Central Appliachian) coal, as production is down and demand is up. Not cost effective to bring in coal, via rail, from Mid-West, South or West. CAPP coal should remain at current levels, if not increase slightly.
Met coal should hold steady as well, but foreign supply is less expensive to export to Asian countries. The one key factor favorable to US met coal is the weak dollar, which helps in the export market.
Cdnkid:
The purpose of posting that was for the last paragraph. Hiring the second maintenance shift allows the first mining shift to start mining coal immediately, rather than wait for maintenace to the get the equipment up and running. Much more efficient.
Apologize for too much info, but quest rehash article on page 17 top of 18. Pay attention to the last paragraph of the article.
http://viewer.zoho.com/docs/ucbNrb
This company could announce the start of shipping and it will not go much higher than .05. Too many people in at higher prices that will sell for a smaller loss. Then there are people like me in at average of .015 that would flip out of it either just to break even or make a small gain.
Either way, the manner is which management operates (no updates, no verification of anything), people wont want to invest.
No problem. I dropped an envelope off at the SEC and look what happens:
SEC Spares Market Makers From `Naked-Short' Sales Ban (Update1)
By Edgar Ortega
July 18 (Bloomberg) -- The U.S. Securities and Exchange Commission exempted market makers in stocks from the emergency rule aimed at preventing manipulation in shares of Fannie Mae, Freddie Mac and 17 Wall Street firms.
The SEC granted relief for equity and option traders responsible for pairing off orders from a rule that seeks to bar the use of abusive tactics when betting on a drop in share prices. Exchange officials said limits on ``naked-short'' sales would inhibit the flow of transactions and raise costs for investors.
``The purpose of this accommodation is to permit market makers to facilitate customer orders in a fast-moving market,'' the SEC said in the amendment.
SEC Commissioner Christopher Cox announced the order July 15 to make it harder for traders to illegally drive down stocks of the two mortgage buyers and Wall Street firms and prevent another collapse like Bear Stearns Cos. The rule takes effect July 21 and expires at the end of July 29. It may be extended for a total of 30 calendar days.
The SEC also exempted some transactions by underwriters arranging sales of additional shares for the 19 companies that are covered, as well as brokers participating in syndicates to arrange offerings.
``We appreciate the SEC's prompt action,'' said Gary Katz, chief executive officer of the International Securities Exchange, which trades stocks and options. ``The SEC has taken a positive step to minimize impact on the options market and its use as an important risk management tool in times of market uncertainty and volatility.''
Sifma
The exemption is ``essential for separating legitimate market makers from those who may try to act illegally,'' said Ira Hammerman, senior managing director of the Securities Industry and Financial Markets Association, Wall Street's largest lobbying group.
Investors will be required to borrow shares that they plan to sell short when they bet a stock will decline in price. Prior to the order, investors were only required to locate shares that they had reason to believe were available for borrowing.
Market makers must quote bids to buy and offers to sell shares or options contacts on their assigned stocks. Securities exchanges sought exemption for the market makers, who rely on quickly shorting stocks to hedge their trades. They still must obtain the loan by the time the transaction is settled.
In a short sale, an investor borrows and then sells the shares in anticipation of a price decline. If the trade works as planned, the investor is able to buy back the stock at a lower cost and return the shares to the lender, pocketing the difference as profit.
Traders are sometimes unable to actually borrow the shares and complete a ``naked-short'' sale. If the loaned shares are never repaid, investors can sell more shares short than legally allowed and put pressure on a stocks' price.
Nuron:
The only reason I play the pennies is to make a little of money. Unfortunately, the pennies only move on momo players/news. Just don't see anything in the very near term that will cause the stock to go up significantly. That is not to say that Quest is a bad company. Can't speak about Quest, but the mines are the real thing and quite valuable.
GLTA
Interesting Bloomberg story. Specifically, look at the valuation differences between reserve valuation and share price.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aMPgW868kRN0
While I currently don't hold a position in this stock, I am keeping a close eye on it. May re-enter after the landlord issue is resolved and Quest is close to opening the new mine.
Grant:
You posted:
"whether any of the Chinese partners end up doing any distribution of AQUI product is now only KNOWN to York Tang and the Chinese partners...
the rest of us have no clue! IMO...
Are you confirming that Sauve, PT and Swordman are like the rest of us. No clue!!!
Pedro:
You are correct. Hamden is part of IRP as is Logan & Kanawha. The spot prices being quoted on here is what end users will pay clean coal. The small coal producers, like quest, sell to either a wash plant or marketing company. In the case of Quest, they would sell to IRP for some price below spot as 1) It cost money to wash coal and 2) IRP needs a profit mark-up.
By going through IRP, Quest can get better pricing as IRP is a major coal seller.
BTW, Quest would not want to build a wash plant to take out the middle man. A decent size wash plant would be $10-15MM and take time to build.
Did anyone understand the second paragraph of note 1 of the recently released financial statements.
Are they saying that with the upcoming spin off, shareholders are going to incur substantial dilution. Not sure I am reading that correctly or if I am, how that would occur.
Any thoughts?
i use scottrade, and cant seem to buy online for this stock. Any others with the same issue
Kid,
do you read the earlier one I posted. It has the article/pr on quest and other good info.
yeah, i know, wont be posting these things on any routine basis, just thought the board members would like to see what real coal companies and investors read.