I saw nothing in the PR that can lead to any equation.

I would love to be schooled on that so please let me know how you got the conversion ratio from Preferred to common shares.

I am actually serious cause I really don't see enough information to create an equation.

Thanks

Once again its not the MM's. Thats like blaming Etrade when someone sells. Its not Etrades fault.

I have no idea who ICOA is using and to be honest it could be more then one. I do know that I have heard UBSS is a common corporate MM. Like I said before the only one I doubt would be knight. They are mostly retail.

I have no idea to be honest. I am not so sure it will turn around but I cannot say for sure.

I have no inside scoop to this company. I base my trading on the PR's and activity in the market. I sold a little more then half of my investment for a nice loss (880) so I think that can say my expectations.

I am not here to pick on the company and doubt I have every said anything negative or overly positive about the position. I just state what I feel is happening.

In the end I expect to find that ICOA continues to dilute the common shares while canceling the restricted. The big question is how much are they diluting and when will it be complete. If they dilute an equal amount from cancel to common increase then the stock will likely fall to no bid. Now if they can keep the share count around 2b when all is said and done then most will recoupe their investment or do rather well buying down here. For me the volume on the sell side is too high for me to remain invested. Lots of pinksheet lottery tickets out their and this took me down a bit. With any luck the money I invest in the next one will do well. I cleared a 300% profit off another pinksheet company just 2 weeks ago so this loss bring me pretty flat if not down slightly.

Remember pinksheet stocks are for trades and not true long term investements. Very few actually uplist.

Good luck and I hope they find a way to turn this around. No one deserves to be taken by a company. I am hoping for one last pump to sell the remaining at 4 or 5.

The conversion is not at 2.50/share. The preferred b shares are priced at 2.50 per share.

They have not disclosed the what the conversion from preferred B to common is.

MM's are not the people diluting, its their clients that are doing it. MM's are just the people facilitating the trades.

Most have stated the company is diluting but no one here knows who they trade their shares through.

Also different companies underwrite and use different firms for their transactions.

I do know that knight is typically retail. They are the largest market makers for retail investors.

ETMM is another retail MM.

Not sure about Vert, Puma, Bmas, UBSS, or any of the other many many MM's

The update is 50/50 when it comes to positive and negative. If a judgement was already created than ICOA had two options, Bankruptcy or work out a deal with shares.

Now the big trouble is the value. We have no idea what the true value is of those shares are since they never gave a conversion explanation. Preferred B shares need to be converted to common shares in order to sell.

This PR should prove one thing without question and that one thing is that they are broke. If they could not pay payroll or their building lease then financially they are in trouble. This could also help to explain why they appear to be diluting the hell out of the common shares.


I hope my last block fills at 3 soon. I hope everyone the best but be careful of things are not that rosy at the moment.

I tried selling at 4 but no buyers. I sold today at 3.

Hey what can I say. Sometimes people need to be saved from themselves. LOL

I had my shares up for sale at .0003 this morning and the order was open for about 40m. Only a little over half sold so far.

I imagine we are heading to no bid within the next couple of weeks.

Turn the lights out boys, this stock is done.

I don't know who bought them but I do know they didn't get my shares. My sell order at .0004 has been there almost all day and has yet to fill any.

As stated by another poster, Pinksheet companies don't always recover and its more common for a pinksheet to R/S rather than rally. There are also many that fall to a bid of .0001 and an ask of .0002. Once that happens its usually lights out since no buyers tend to touch it anymore.

With most pink sheet stocks you are better off trading and not holding. Stocks on pinksheets are not investment grade so waiting for a return is most commonly the worst thing you can do. I myself waited too long. I pretty much new it was a failure when I saw the float climb at the same time the restricted fell. What are you gonna do except use it to write against gains.

Out of fairness we all know most companies on the pinks are here based on fruad or on failed business practices. If they were great companies then they wouldn't be on the pinksheets so we all have just ourselves to blame for getting involved.

Oh well this lottery ticket appears to be a loser. With any luck some buying will come in and allow an exit in the 4's and 5's.

Good luck all and I hope we get luckier on our next quick trade.

sit tight. I imagine you will get your wish within the next couple of weeks.

I wouldn't suggest that. The stock appears to have a much better chance of hitting .0001-.0002 then it does .0006-.0007.

The selling is too heavy and whoever is unloading lowered their sell from 6-5-4. Without knowing how many more shares are up for sale it would be very unwise to buy any here.

As many have stated, it appears the company is unloading shares to the market and diluting the hell out of the stock. They are canceling the restricted and unloading 100's of millions of common shares for funding.

Most would be better off sitting on the sidelines and waiting this out. I expect a buying opportunity to come up again when the ask falls to .0003 or even .0002.

I put a sell order for half of my shares at .0005 this morning prior to market open but as everyone can see there were next to no takers at .0005. Oh well this was more a lottery ticket then a solid investment. After all they are a non reporting pink sheet stock.

Good luck all and I hope this turns around but I seriously doubt it.

Why is it that when someone states the company is diluting their share structure they become restricted and when someone states its not dilution they are fine. Has this board decided that you must state positive information or you are not allowed to post?

In the end dilution has been proven through the IBOX and no dilution has been proven false. But yet people are considered to be restricted for stating the truth.

Lets remember this is a board to discuss ICOA and not a board for personal agendas. The last update was 3 weeks ago and in penny land everything can change in that period of time. Neither the mods or assistant mods can prove the company is not diluting the float so lets remember it can go both ways here.

ICOA has doubled the float and canceled 1.3b shares while increasing the common shares at the same time. These "FACTS" allow both arguments and people stating what they feel is going on based on intelligent theories should not be overshadowed by flat out lying pumps. Some here continue to state blatant mindless pumps but are considered in a higher regard then those that give an explanation behind their thoughts.

Odds are the company is increase the common shares while canceling the restricted. In fact its not even odds. Last update on the OS has prove that to be a fact. The question we need to know is whether increasing the float by a lower amount as the decreased restricted will turn out in our favor. We can certainly see that the downtrend appears to be still intact. This should show that a higher float with a lower OS might not mean a share increase. It would be smart to not rule out the 3's again. The chart is pretty clear that we are not pointing up but rather show a consolidation period that is pointing lower. A bid of 3 and an ask of 4 is more likely then a bid of 5 and an ask of 6. Well at least that is what the chart appears to be telling us.

Prior to the news of the cancellation it would have cost 280k to buy up the float and now it will cost over 800k. This means it will take more money to move up. I personally believe the company continues to unload common shares to the street and we will see a float of around 2b on the next update. This might not turn out to be the windfall many expected. I will watch the stock on Monday and if the volume continues to appear as dilution I plan to put my 3m shares on the ask. The stock was worth a shot but based on the chart and potential for dilution I am starting to feel .0003 is more likely then .0007. With a cost average of .0006 I am hoping there is one more shot at .0006 to get out clean but odds have it that .0005 will turn out to be the short term high. New about canceling shares will have little to no effect on the price going forward since they choose to hide the true OS from the shareholders.

I will send another email to the CEO but I doubt I will get a response. If I do I will definitely post it here for everyone.

I would imagine you can fill many times that number. The big seller is sitting at .0004 so you should fill immediately at the ask.

good luck on your investment. A 4000 dollar purchase here is a little scary since we don't know what the OS is.

I hope you do extremely well since I am stuck in this stock right along side of you.


The company has a lot more for sale. IMO....IMO....IMO....

This may sound bad but

The company appears to have moved their sell order from .0005 to .0004.

Our new channel is .0003 to .0005. Don't expect 6's again anytime soon.

I feared this would happen.

Oh well I guess we are stuck sitting tight until the company stops diluting the hell out of the Float.

Thanks for the update. Also how do you know the reduction hasn't been made?

SunFun, any luck on the OS?

I tried calling Signature and as expected they will not disclose ICOA's share count or structure.

Also for those that are blaming the MM's for the drop, you can stop. They are not responsible for ICOA's action. The MM's are trading stock based on clients requests. Someone has a large block order to sell 100's of millions of shares at .0005 and that is the reason for the channel and the price action (this has been stated many times already). It is almost certainly the company. Anyone who has traded pennies for a while knows this kind of action is always the company. I expect the float to have increased by 200-500m shares when we hear the next OS count. I also expect the 1.3b to have been canceled. This will net an overall reduction but the float will likely increase to about or above 2b.

As for past posts that if a company was selling we would see 9m blocks well, haven't we? Someone is selling 100's of millions and buyers are purchsing it a little bit at a time. It appears ICOA is attempting to fill at .0005 and not create a blank market sell. We are all stuckholders until we can get some insight into the overall share structure and companies full intent.

Overall I expect the channel to continue until ICOA is done unloading shares. Unless of course they lower their sell price then will break into the .0003-.0004 range. In the end I think we can move back up if the dilution is lower then the cancellation.

Good Luck all and lets hope the Float is under 2b still!!!

You are looking at the trades

Someone keeps putting a large order to sell and that is why the volume sits at the ask like crazy. The 1m or less blocks are just chipping away at it.

You would need level 3 to see what is on the Market Makers boards. I do not have it or I would state the exact number of in the blocks.

The problem is the big block sell. Someone wants to unload 100's of millions of shares while keeping the price supported.

From my experience it is always the company itself. They are canceling restricted shares while selling unrestricted shares to the street.

We need to know how many more shares they are selling before we can call a bottom.

I am sure everyone noticed, like me, that they never disclosed the OS when stating they retired shares. This is a big red flag and 99.99% of the time means the company is diluting while canceling shares. They are using the positive aspect of canceling shares to help support the price while they sell unrestricted shares.

I hope I am wrong but I seriously doubt it. Next week the OS should be near or below 3.2b. If it is higher then we have a clear sign of why the stock price is falling.

That is possible. We only know the shares were added in either Sept or Oct. None of us no for sure when.

I am assuming it was October based on my experience with penny stocks. The trading has been quit clear. The huge 100's of millions up for sale in blocks typically indicate dilution from the company.

Once we get an update on the current OS we can better understand when they diluted. Till then I will continue to believe the heavy blocks were the company.

I do still anticipate a lower overall OS but I am not expecting a 1.3b reduction.

As I am sure you already know Signature does not disclose the share structure of its clients.

I am not sure how someone got lucky and received and up date but it is not common for that to happen. The T/A is not truly gagged since they disclose no information unless the client authorizes it first.

I considered contacting Etrade myself but have had problems in the past when it comes to having discount brokers do your leg work. I may give it a shot late next week since they say it wont go into effect until Nov. 3rd

Also you are correct the OS went down but not by 1.3b shares. They added shares to the float while canceling restricted shares. Of course it is true that the net result was lower but not nearly by 1.3b.

The problem is they have not disclosed the OS.

Many are still on the sidelines do to the fact that the OS is unknown. They could have retired 1.3b and added 1.5b for all we know. When a PR like this fails to state the OS its a bad thing.

Many here that trade penny stocks know what I am saying. I feel confident all of the selling recently is the company and the OS climbed while they were canceling the restricted shares. The question is how much did the add compared to the 1.3b reduction. Also why is it 1.3b and 1.5b. The PR's clearly stated 3 1.5b phase reduction but we have had 2 1.3b reductions.

Now of course I am not here bashing the stock since I hold millions of shares myself but I am concerned over the lack of disclosure.

On a good note, if the company has completed their dilution we should seriously move up fast. .001 could be easily obtained within the next few weeks but if they haven't then we might not have seen a floor just yet.

Good Luck all and lets keep our fingers crossed that the big block sells are over.

You need to look at more then one day and see how the bid to ask moves.

A single snap shot of the day may be a little misleading. The heavy action at the ask was a huge sell order needing to be filled. Yes retail orders came in to buy it up piece by piece but in the end it was a sell initiated trade that created the days action. The same thing happened at 6.

Basically a 25+m sell order is placed at the ask. Over time they widle through all of the bids to purchase and move the sell order to the ask. This drops both the bid and the ask. Now the order has created a wall to break through. Even though the tape looks like all buys it is in reality a large sell that created the lower movement. At some point the buys need to exceed the large sell blocks. Now for the people thinking why didn't the price crash if someone was unloading 25+m shares. Easy, first tons were up for sale at 6 and they then moved the order to 5 since the volume wasn't strong enough to fill it. Next comes the 4's if they cannot fill easily in the 5's.

There is no conspiracy or evil short. Just someone unloading in a controlled state. Most likely its the company itself unloading shares but until someone gets word back from the T/A we cannot be certain. We do know they unloaded at least a couple hundred million to the street already but we don't know if they are still diluting.

I cannot explain the odd lot of shares at the bid though. Just like we closed on 5000 shares yesterday today we closed in the opposite direction with a small lot.

We have all seen MM's drop a stock for liquidity but that is not the case here.

The 1m in sales this morning are not scare tactics (nor were the initial 300k). The hundreds of millions in sales over the last couple of weeks are not fake moves to scare people. They are Sell orders going through.

Typically if a stock has a lack of liquidity you will see the MM's either drop or prop a stock with a small order but here its both selling and dilution. The volume is much too large to be deemed a scare tactic.

0.0006 5000 OTO 10/26
0.0005 838000 OTO 10/26
0.0005 1280000 OTO 10/26
0.0005 5000 OTO 10/26
0.0005 1000000 OTO 10/26
0.0005 300000 OTO 10/26
0.0005 2000000 OTO 10/26
0.0005 100000 OTO 10/26
0.0005 575000 OTO 10/26
0.0005 1900000 OTO 10/26
0.0005 236087 OTO 10/26
0.0005 1000000 OTO 10/26
0.0005 218000 OTO 10/26

Here are the trades at the end of the day yesterday. I would doubt the many sell orders are fake and the one big $1.5 buy is real. The reality is that the selling is rather relentless and the buys are just to prop up the stock.

We need to get an idea of when the company is going to stop dumping shares.

Hard to say


They are not a reporting company so we have little to no information on their current revenue stream or assets/liabilities. I was playing this stock on the reduction only and they unfortunately muddied the waters on that one.

Until they become reporting or update the street on numbers we are truly in the dark. Now as for the new FCC ruling, well I doubt it will have much of an impact. If people were willing to pay for internet before then they will still pay and visa versa. The speed of the internet at hot spots won't increase customers. It could increase how much ICOA charges but that could also have an adverse effect since most hot spots are for temporary use and the more expensive it is the less likely someone will pay.

The only thing I can say about the fundamentals is the fact that they did not feel it was prudent to spend funds to remain up to date so that should give an idea of their cash position.

I doubt 3's will be seen today but if they continue to dilute the float we will see 3's soon enough.

The float increased by 800m shares(about 300m hitting the street) in just 60 days. Odds have it the real dilution occurred in the last 30 days. The volume is the key to when it occurred. The heavy sell volume indicates either someone with 100's of millions of shares, or the company itself is unloading shares. Well considering the float was 890m in September and now sits at 1.7b, we have a good idea on why the stock has fallen 60% in just 4 weeks. The company is behind the drop.

My guess on current activities are this:

The company needs funds for operations or their done. So should they sell shares at .0002 and destroy any hope or should they first support the price and then dilute? Pretty easy answer!!! They chose to cancel the worthless 4.5b restricted shares in order to increase the PPS. Now of course they did not do this for free. Odds have it they still hold a considerable amount of shares and can quickly profit off unloading them. Sell 25m shares at .001 is 25K dollars and selling 1.5b at .0002 is worth 30k. So rather then driving the stock to no bid they chose to reduce their holdings and take a small hit. Of course ICOA is a non reporting company so we can neither prove they sold any shares or bought any shares. That means this is just a guess based on volume, activity, price movements and OS change.

Canceling the shares was done for the benefit of keeping operations alive. I still think the stock has a chance but I also think it will continue to sink until all of this mess is complete. The fact that the float doubled and the cancellation was below stated expectations created this mess. They never said they are increasing the float while decreasing the restricted did they? Of course not. If they had no one would have touched the stock. In the end the OS is still lower then prior to the announcement so that is positive but the question remains, are they going to reduce the other 3.2b. Had they canceled 1.5b this time around like they said they would and had they not increased the float by 800m, we would like be sitting above .001 but instead we are battling their dilution and sinking.

Again this is my take on the current events and in the end I expect the 4.5b to be canceled but I also expect the float to increase by at least half of that so that means an OS of 2.5-3b by December 31st. I currently hold millions of shares and have begun to reconsider my position here. I will likely risk a few thousand and see how it ends up but I am not too confident here.

I also do not expect the company to do a buy back from the float. The T/A numbers might not have been accurate since the legends were apparently removed from restricted shares and that forced them into the float. It does not mean those same shares are not currently getting canceled though. I know its semantics but the reality is they are not actually buying back any shares. It will be interesting to see what the T/A has to say now. I doubt the share structure is still the same.

The company does have the ability to remove the restricted legends on stock. A lot of what is going on makes no sense really but the best I can figure is that they are removing the legends and then retiring the shares.

I cannot however explain why they only canceled 1.3b shares when they clearly stated in the PR that it will be done in 3 phases consisting of 1.5b each. Maybe another announcement will come out that they have finished the final 200m reduction. Otherwise they will not do as stated. "First 1.5b will be canceled by the end of October", we only got 1.3b of it so far.

Also in regards to the 20m share purchased by AMC "20 million shares of ICOA's restricted stock at $0.50 Cash Equivalent Credit
per share. "

It will be restricted stock and not in the float. We also have no idea what the Cash Equivalent Credit means. If it was a cash transaction then it would have stated they purchased 20m at .50/share. This transaction is most certainly loaded with other pieces we don't know. Nobody buys stock for 1000x what it trading at. You must agree it makes little sense.

I see your point but I think there is more to the story.

It appears they are removing the legends on the Restricted shares.

Basically they 4.5b restricted shares and now have 2.675b restricted shares but only canceled 1.3b of them.

Also here is the wording from the PR "today announced the Company's Board of Directors has agreed to reduce the issued and outstanding shares by 4.5 billion shares held by related parties. ":

The third party shares are the restricted shares. So the question is are they removing the legend and opening the shares up to free trading prior to cancellation or are games being played in the stock.

I doubt the company has the funds to purchase 500m shares back. It would take $250k dollars at the price to do so. Now if the company is not cash flow positive then I do not believe they are legally allowed to purchase shares. You cannot use a credit line to purchase your share back. Well as far as I know you cannot.

So why the bizarre numbers? Why did the float double and the restricted decrease beyond the cancel number? Also why did they cancel 1.3b shares when they said they are doing it in 3 1.5b share phases?

A lot of questions but I feel confident buying shares out of the float is not in the plan. ICOA likely needs all of its cash for operations. Canceling third party restricted shares doesn't necessarily cost them anything. The float appears to have risen do to legends being removed without cancellation being finished.

This still indicates the overall OS will remain at or above 1.2b when its all said and done.

Why do people expect a buyback

The company is canceling 4.5b out of 4.5b shares that are restricted. I have never seen anything to indicate they plan a buyback.

No PR's ever said they will buyback shares from the float.

I am not sure that's entirely accurate.

"Share Structure (http://www.otcmarkets.com/stock/ICOA/company-info)
Outstanding Shares: 5,387,363,273 as of Aug 31, 2010 4,500,000,000 is held by insiders and is restricted until 2013
Authorized Shares: 10,000,000,000 as of Sept 18, 2008
Float (shares): 887,213,273 as of Aug 31, 2010
"

"
As of 10-20-2010 there are 4,439,322,189 shares outstanding for ICOA with 10,000,000,000 shares authorized and 1,764,192,107 shares free trading and 2,675,130,082 shares restricted."

It appears both the OS and the float have been increasing.

As of Sept. 1st they have increased the OS from 5.387b to 5.939b
As of Sept. 1st the float went from 887m to 1.76b.
After the 1.5b reduction we are now at 4.4b were most expected to be at 3.88b.

It appears they are reducing the restricted shares held by insiders and at the same time increasing the float. Personally I have no problem with that as long as the net result is a reduction. But this does help to show why so many shares were for sale. The Company itself sold 800m shares to the street. Then again 800m increase followed by a 1.5b decrease means a net reduction of 700m. I am still happy at least the OS decreased.

As of 10-20-2010 there are 4,439,322,189 shares outstanding for ICOA with 10,000,000,000 shares authorized and 1,764,192,107 shares free trading and 2,675,130,082 shares restricted.


Remove 2.6b from the 4.4b and you get 1.8b shares remaining. Now this is the end result only if they discontinue to add shares to the float while


The number as of 10-20 has the 1.3b removed already.

This helps explain the selling.

The float was 889m prior to cancelling the shares. Now its 1.764b.

The shares available to trade has doubled. This could explain the heavy selling.

When they finish the cancellation there will still be nearly 2b shares outstanding.

As many figured, they were diluting into the float as they were canceling shares. Oh well I still think we can reach .001 but .003 is becoming unlikely now.

I have to agree

The stock volume has slowed and the selling has up ticked. It seems who ever was unloading shares have slowed the selling and begun to unload at a higher level. The 6's might take a couple of days to overcome but I think we could see a 7 bid and 8 ask by next week.

JMHO

Thank you for the greeting,

I have read IHUB many times but only recently decided to become a member. My user ID can be found on Yahoo so its a pretty old user name.

As for 50 cents per share, I still cannot believe its even remotely possible(no offense to everyone hoping for it). .5/share equates to a 450m market cap once the share reductions are complete. I see no reason this company could be worth that for many years to come. Changing exchanges, further reduction, and even heavy pumping couldn't even get it there.

The company needs to follow through with financials before we can get a window into whats happening. If they are generating less then 10m in revenues and say 2m in profit then why would they be worth 450m dollars as a company.

I guess I am just saying that most should try to remain a little more grounded.

I of course would love to see 50 cents since my 1200 investment would become 1.25m but I doubt it will happen.

I am looking for .003 by early next year and will take my nice 500% gain.

I don't think the stock could .50 any time in the near future. The .50/share number in the press release is misleading.

"The numbers of shares (20,000,000) are issued at a price that is $0.50 Cash Equivalent Credits per share (Media etc credits)"

>.50 cash equivalent Credit per share----We need to know what that means to value the shares. What exactly is a credit per share and why the extra caption of Media etc credits.

The stock would have very difficult time reaching 1 cent after the reduction is complete. With 890m shares left after the reduction a penny would equate to nearly 9m market cap and no one knows what kind of revenue and income they are generating. Its pretty unlikely to be multi million though. If they are profitable and generating a few million a year in revenue then they could easily afford to be reporting. Non reporting penny stocks tend to have very little revenue.

Odds are this stock will not exceed .003 in the next year or so. .003 gives them a cap of 2.4m and that could be generous in of itself. Non the less .003 is a huge 400-500% growth from here. Sounds pretty good to me. I would love to see higher since I hold 2.5m shares currently and will add if we get to .0005 again.

Next take into consideration the new business model that will need cash or shares for merger/acquisition. Dilution will ramp back up once the cancellations are complete, if not already. Canceling 4.3b and adding 1b to the float would benefit the company tremendously. It would be a cash infusion to allow growth. If they could cost average the dilution at .001 then that's 1m in cash to continue operations.

I am not saying they are definitely adding to the float (but I would assume so) and I am not saying the share price won't go up but I think expecting 1 penny or beyond might be a bit over doing it at this point in time.

JMHO