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Amen, the voice of reason
As I've said before, one of the reasons we're trading at these levels is because this was a spinoff & many shareholders got free shares & are willing to sell at any price, now it's up to the company to prove they have a viable business and bring in new investors driving us forward, lowered expectations for the 8k at hand, but the next quarter should be interesting IMO
Well, I hope you're right, anyways it's better to have lowered expectations & be delightfully surprised in the end, no plans on leaving untill we have proven sustained revenues either way, quite an opportunity here
GLTU,
Thai
You sound enthusiastic, but I can't help thinking you're intentionally setting them up to fail, considering the time of the contract (essentially November) & likely it would take time before the cash flow actually starts flowing in...
In an ideal world in which the contracts take off in full steam from day 1 & the client pays timely, we could optimistically looking at 2 months of revenue ($158,760 x2 + $375,000 x2 = $1,067,520), I for one have little to no expectations in the coming filings & look forward to the next (which I would conclude would be substantially better), anything at all booked on the coming 8K is just gravy of things to come IMO
So stating numbers from 5 to 10 million when we are likely to post well under $1 million is not healthy or realistic expectations IMO
GLTA,
TL
Ha! Looks like a copy/paste of what I got last year (minus the new name & moving the dates up by a year...)
WF, I agreed with you when you first brought it to our attention, just don't see the point in being a broken record as they continue to work the situation.
Management have had to jump through 1 hoop after the next, dotting their I's & crossing there T's, they achieved certification in the past & I see no reason why they couldn't achieve certification again.
I just wonder what else you're going to complain about once it's fixed, they launch the apps & start integrating clients...
Care to give us a preview?
WF, this screenshot was from Jan 3rd, as you can see, it said "denied" in the "History" section, but the "Active" section was "Waiting for Agency", on Jan 9th it changed status to "Deficiency" but that's not an open & shut case, looking at the definitions on BidSync;
"Deficiency: Means a Certification Officer has reviewed the file and determined additional supporting documents are required to make an accurate certification determination."
I have contacted MYEC on the topic, hopefully they have, or are in the process of providing the requested additional documentation, we will see.
But I can say that neither ACH providers, nor competition such as CheckALT or ZipMark are registered in BidSync at the moment, so when/if it happens, it's only a plus to the business at hand
Big numbers, that sucks...
Just another validation of our business model
A lot of focus on MYEC is how merchants will save big money on selling goods & services to their clients, but there is another way in which MYEC can benefit its clients...
If our clients opt to pay employees on the payroll (commonly bi-weekly) via MYEC they will also save big money internally as well, truly making a difference & helping bring profitability back to merchants
Based on when the contracts were signed, that's unlikely IMO (too close to the end of the quarter & takes time before the money starts rolling in), filing the 8K is a positive sign in itself. They didn't spinoff the company to close the doors. They have a good management team & they've successfully negotiated some big contracts & have a good business plan. I expect the next quarter to be of interest IMO
The problem we have here is that in the spinoff, people received free shares, so some have been willing to sell at any price, but once they start booking revs, many will take notice & re-evaluate their positions
I picked up those 18.6 million yesterday, this is not a quick flip investment, but those patient enough could see significant returns here
Best of luck,
TL
Nicely updated, would have missed that, thx
Oil hit new lows today @ 47.21/pb
https://ca.finance.yahoo.com/news/volatile-oil-dips-high-us-stocks-underline-global-033458377--finance.html
"Due to the freeze in the payments industry for the months of November and December, MyECheck expects all the apps to be available for download and use in January 2015"
http://www.otcmarkets.com/stock/MYEC/news/MyECheck-Updates-on-Progress-of-Mobile-Payment-Apps?id=88316&b=y
Lol, what I wouldn't give to be a fly on the walls in the MYEC offices
It will be a one time setup to use MYEC, then each site using us as the backend will only require login (similar to PayPal)
Thx 4 sharing
Today's Seeking Alpha article falls in line with my view, I personally have a co-worker invested in PGH which I've been trying to convince to sell for some time, finally he is convinced...
He (as I) had high hopes for PGH in light of the Lindbergh project, but you can't be married to your investment, you must be objective and react to material events...
cutting the dividends is a wise move on the companies behalf, but not so good for investors.
Those exiting today will be able to buyback at much lower prices tomorrow IMO
http://seekingalpha.com/article/2816385-pengrowth-energy-the-dividend-remains-intact-for-now
Yup, have been looking at that constantly, will surely see the RSI fall below 30 soon, normally that would be a sign to buy for me, but not in light of what is likely to happen here
Yup, I will wait patiently for my entry here
These guys trade Co.'s like cards
Check this out
http://www.edeposit.com/who-we-are/press/9/
Wondering how much of a threat Slyde will be to us?
Slyde is an app launched by GoPago
GoPago was bought by DoubleBeam in 2013
They offer both loyalty program & payment system which processes payments in real-time via check21 processing by none other than CheckALT...
They offer location based promotions & you pay with beacon...
Www.slydenow.com
Not bashing, honest question. Considering the contracts signed by SoOum were finalized on October 22 & SWRF's year ends 12/31, is it not possible we see nothing on the books in the 8K? Oftentimes it takes time for revenue to flow after a contract is signed, I'm thinking there will be plenty of time to accumulate shares until Q1 (which is good news 4 me). Hopefully we see some income though...
It will be incorrect once those 1.44 billion shares have been recuperated
Now if MTM1954 is able to buy those flight tickets through SIONIC, just imagine all the points he could rack-up
Our time will come, they are more focused on what is, rather than what will be...
We need to get some momentum first IMO
Apps, Sonic & VX, then if we stay in the family, we could become the backend for MCX & Pinnical, that would surely bring some attention
Yeah, wouldn't mind hearing from cayman_west right about now... He does tend to pop-up in times like these
Even when all of our known catalysts come to pass & we;
1) launch GreenPay
2) go live with all current contracts
3) crush Zipmark
4) launch our apps
We will still have 0% market share & a long way to go to reach 1%
Sky is the limit
Currently we have 0% market penetration exciting times
Hope you're ready for the long haul, because it doesn't look good over the next few years... If we get anywhere near $20/barrel... They may cut the dividends entirely. I hate to see this on a stock I've followed & have invested in on and off for years, but it's a different game entirely today... I had extremely high hopes for PGH, especially after their strong move on Lindbergh...
https://ca.finance.yahoo.com/news/oil-prices-remain-weak-supply-015736226.html
crude oil prices fell below $50 a barrel for the first time since May 2009 on Wednesday as global business growth slowed to its weakest in a year, and analysts said a growing supply glut meant more falls were likely.
"I would not be surprised if the price falls to as low as around $20... It is purely due to supply and demand. There is a ceiling for oil because high energy prices dampen economic growth,"
No change on expected approval doesn't mean the clock wasn't rest, just that it is still expected to be approved IMO
With every passing day, we grow closer to the inevitable expectations to be realized, had a hard time sleeping last night realizing tomorrow January is upon us...
"You hear that, Mr. Anderson? That's the sound of inevitability, that's the sound of your death, goodbye, Mr. Anderson."
It has been posted here on the MB several times already (if you're interested), but it's basically a forward looking statement of how they intend to increase SH value in the new year
He's not actually looking for any updates, save your breath
Just a general SH update anyways, let's see some real news to get excited about. 2015 should be interesting IMO
4 billion float!?!?!?!
Really!!! That's about 4 times what investors have been lead to believe, down goes the ship, lol
Tight spread & a hefty 370 million on the ask!!!
Smells like champaign, about to POP!!!
Surprisingly he only has 41 followers
it says we are golden, lol
Form 10 resubmitted!!!
hmm... Interesting...
Went through the document & it's as clear as mud...
I found it was clear in the original filing here
Current Rule
Regulation CC applies to paper checks. Therefore, subpart C’s provisions related to acceptance of returned checks, presentment, and warranties do not apply to electronic images of checks (‘‘electronic images’’) or to electronic information related to checks (‘‘electronic information’’).
2011 Proposal:
Warranties
In the 2011 proposal, the Board proposed that § 229.34’s existing
warranties would be made by banks sending and receiving electronic
collection items and electronic returns. In addition, the Board proposed new warranties that would apply specifically to electronic collection items and electronic returns. First, the Board proposed new Check-21-like warranties that would be made by a bank that transfers or presents an electronic collection item or an electronic return and receives consideration. In brief, the sending bank would warrant that the electronic image accurately represents all of the information from the original check, that the electronic information contains an accurate record of all the
MICR line information required for a substitute check, and that no person will be charged twice for the same item.
Electronically-Created Items
The 2011 proposal also contained provisions for warranties specifically related to ‘‘electronically-created items.’’ Electronically-created items are electronic images that resemble images of the fronts and backs of paper checks but that were created electronically and not from, for example, scanning a paper check in order to create the electronic image. Electronically-created items are also sometimes referred to as ‘‘electronic payment orders’’ or ‘‘EPOs.’’
CCC. 229.2(ccc) Transfer and Consideration
1. Under §§229.52 and 229.53, a bank is responsible for the warranties and indemnity when it transfers, presents, or returns a substitute check (or a paper or electronic representation thereof) for consideration. Drawers and other nonbank persons that receive checks from a bank are not transferees that receive consideration as those terms are defined in the U.C.C. However, the Check 21 Act clearly contemplates that such nonbank persons that receive substitute checks (or representations thereof) from a bank will receive the warranties and indemnity from all previous banks that handled the check. To ensure that these parties are covered by the substitute check warranties and indemnity in the manner contemplated by the Check 21 Act, §229.2(ccc) incorporates the U.C.C. definitions of the term transfer and consideration by reference and expands those definitions to cover a broader range of situations. Delivering a check to a nonbank that is acting on behalf of a bank (such as a third-party check processor or presentment point) is a transfer of the check to that bank.
Examples.
a. A paying bank pays a substitute check and then provides that paid substitute check (or a representation thereof) to a drawer with a periodic statement. Under the expanded definitions, the paying bank thereby transfers the substitute check (or representation thereof) to the drawer for consideration and makes the substitute check warranties described in §229.52. A drawer that suffers a loss due to receipt of a substitute check may have warranty, indemnity, and, if the drawer is a consumer, expedited recredit rights under the Check 21 Act and subpart D. A drawer that suffers a loss due to receipt of a paper or electronic representation of a substitute check would receive the substitute check warranties but would not have indemnity or expedited recredit rights.
b. The expanded definitions also operate such that a paying bank that pays an original check (or a representation thereof) and then creates a substitute check to provide to the drawer with a periodic statement transfers the substitute check for consideration and thereby provides the warranties and indemnity.
c. The expanded definitions ensure that a bank that receives a returned check in any form and then provides a substitute check to the depositor gives the substitute check warranties and indemnity to the depositor.
d. The expanded definitions apply to substitute checks representing original checks that are not drawn on deposit accounts, such as checks used to access a credit card or a home equity line of credit.
C. 229.51(c) Applicable Law
1. A substitute check that meets the requirements for legal equivalence set forth in this section is subject to any provision of federal or state law that applies to original checks, except to the extent such provision is inconsistent with the Check 21 Act or subpart D. A legally equivalent substitute check is subject to all laws that are not preempted by the Check 21 Act in the same manner and to the same extent as is an original check. Thus, any person could satisfy a law that requires production of an original check by producing a substitute check that is derived from the relevant original check and that meets the legal equivalence requirements of §229.51(a).
XXXI. §229.52 Substitute Check Warranties
A. 229.52(a) Warranty Content and Provision
1. The responsibility for providing the substitute check warranties begins with the reconverting bank. In the case of a substitute check created by a bank, the reconverting bank starts the flow of warranties when it transfers, presents, or returns a substitute check for which it receives consideration. A bank that receives a substitute check created by a nonbank starts the flow of warranties when it transfers, presents, or returns for consideration either the substitute check it received or an electronic or paper representation of that substitute check. To ensure that warranty protections flow all the way through to the ultimate recipient of a substitute check or paper or electronic representation thereof, any subsequent bank that transfers, presents, or returns for consideration either the substitute check or a paper or electronic representation of the substitute check is responsible to subsequent transferees for the warranties. Any warranty recipient could bring a claim for a breach of a substitute check warranty if it received either the actual substitute check or a paper or electronic representation of a substitute check.
2. The substitute check warranties and indemnity are not given under §§229.52 and 229.53 by a bank that truncates the original check and by agreement transfers the original check electronically to a subsequent bank for consideration. However, parties may, by agreement, allocate liabilities associated with the exchange of electronic check information.