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MMEX-scam's board lacks any outsiders. MMEX-scam is a Nevada shell corporation. Nevada is a non-recourse state, as such the directors can take unilateral action without a shareholder vote or approval, so long as the board is the majority holder. This is the process MMEX-scam has used since inception to continually jack up the AS - you can see this in the 14-C filings.
In the next phase of MMEX-scam's ongoing fraud, there are three possibilities:
- stagnate back to trips, once the OS approximately equals the AS
- execute a reverse-split
- jack up the AS
The latter tactic assumes an unlimited supply of marks, ignorant of dilution and its impacts. It generally impairs the crooked insiders like Hanks in obtaining new toxic debt (or any debt for that matter). MMEX-scam's (and consequently Hanks) sole income stream has been the proceeds from more than twenty toxic notes - remember, Hanks needs your monies... There are more subtle problems with increasing the AS, things like FINRA and SEC scrutiny.
That generally rules out the path involving increasing the AS, until the share-structure is rationalized - the only way to accomplish that is the reverse-split, hundreds, or thousands for one in this devastating case.
MMEX - You've Been Scammed!
MMEX-scam will deliver more dilution, and destruction of shart-holder value. Every trading day...
MMEX - You've Been Scammed!
MMEX-scam’s dilution increased by 2,506,913,208 shares between March 5 and the end of trading, today, March 8, 2021.
All of this is GSC converting out, via CDEL’s relentless process of short-and-cover, aided by the insane, almost comical, ongoing pump.
There is no legitimate news - just B.S., fraudulent claims, fabricated rumors, and similar garbage.
MME-scam is a Nevada shell company, stuffed with $40-million in cumulative loss and current liability. MMEX-scam has no business operations, no production facilities, no employees, no suppliers, no customers, no product, no intellectual property or proprietary technology, no luminary management or technology team, no significant assets. MMEX-scam is insolvent, not an ongoing concern. All of this is documented in MMEX’s SEC filings.
With 25,974,170,514 shares outstanding, MMEX-scam is 11,025,829,486 shares from hitting its AS cap. These dilutive shares are being created from "debt" into worthless shares from thin air.
MMEX - You've Been Scammed!
This latest desperate attempt to rescue the failing MMEX-scam pump is beyond egregious.
The blatant fraud in the Bunkerspot piece has Hanks' making fraudulent claims in writing. Between the pumping activity since early February, up to this "pinnacle" of fraud, it should get the SEC's attention - there are now at least a dozen active claims filed with the SEC on this pump alone.
MMEX - You've Been Scammed!
No one other than CDEL is shorting MMEX-scam shares - in the CDEL case, they are shorting and covering from the infinite pool of conversion shares, "debt" to shares from thin air... CDEL's exposure is zero...
Try calling your broker, tell them you want to borrow a million shares of MMEX-scam to short. When the raucous laughter stops, ask about the margin requirement, then wait for more laughter.
MMEX - You've Been Scammed!
You failed to note the date on this B.S. PR, used in the last pump - more than a year old...
You should also note that Mad J. wrote down all the costs associated with the VFools part of the fraud:
"Completion of these projects will require substantial financial resources. In addition, there are licensing and permitting requirements that must be obtained to complete the projects. There is no assurance that MMEX will be successful in securing such resources. If these resources are secured, the construction timeline from the date of financing for each individual project is estimated to be 15 to 18 months before reaching commercial operation for each project. The change in the business plan will result in a write down of the investment in the CDU engineering and permit costs estimated to be approximately
$1,428,106."
Had you read MMEX's SEC filings, you'd have noted this from the most recent 8-K, demarcating a PR...
MMEX is a total, complete fraud. Circulating dated, inaccurate misinformation fails to change the fraudulent nature of MMEX.
MMEX - You've Been Scammed!
This is 100% fraudulent - a new complaint was filed with the SEC this morning.
MMEX-scam has no production facility, could not, and never has produced a single droplet of marine fuel (or any other product).
MMEX has no business operations, no production facility, no employees, no suppliers, no customers, and no product.
Fraud...
MMEX - You've Been Scammed!
MMEX-scam's desperate pump has been running out of gas - so today, a completely fraudulent piece was published claiming MMEX is actually producing marine fuels - "10% of its production..."
What a blatant, amazing, egregious lie from fraudster and grifter Hanks - the "publication" that sharted Hanks' lie is UK based.
Of course, this is securities fraud - MMEX-scam has no business operations, no production facility, no employees, no suppliers, and no customers. MMEX-scam has never produced a droplet of marine fuel.
It is ludicrous to claim an imaginary company, touting a stranded, isolated inland referring (that does not exist), would ever be in the marine fuels business. Transportation costs alone would result in continuous negative margin and operating loss. MMEX-scam has no access to legitimate capital, and will never expand its (non-existent) footprint to the coastal bend.
The SEC should find this latest egregious fraud interesting - this is exactly how frauds like MMEX-scam get suspended, and de-listed. All the pumpers pushing this garbage are part of the fraud.
MMEX - You've Been Scammed!
MMEX is an obvious, textbook classic example of death-spiral financing; a share-selling scheme built atop floor-less convertible toxic debt.
The same cross-section of penny-scammers enumerated are pumping MMEX across multiple venues - all fraudulent claims, blatant lies, misinformation, including use of photographs and falsified "PR" to deceive gullible, desperate "investors."
MMEX, Hanks, Gabe at GSC, and their colluders at CDEL keep ripping these marks off, and they keep bending over, asking for more. It is pathetic.
In a way, this is hilarious - in a way, sadly morally and ethically impaired. The SEC hopefully will take notice, and shut the open sewer known as MMEX down.
MMEX - You've Been Scammed!
The only MMEX-scam shorting taking place is intra-day - there are no significant short positions in MMEX-scam, no FTD's.
CDEL is using short-and-cover, the latter with their infinite supply of "debt" converting into free-trading shares - this is risk-free, zero exposure to CDEL. The remaining shorts are intra-day operational. MM's doing their job to fill orders.
There is no MMEX-scam short squeeze, and no retail trader can short toxic garbage like MMEX-scam.
MMEX - You've Been Scammed!
Good ‘ol Mad J., Gabe at GSC, and their pals at CDEL increased MMEX-scam's OS by 725,359,722 shares in just one trading day - all of it free-trading, wholly dilutive.
Only 13.8-billion left to squeeze in the MMEX-scam turnip, before hitting the AS cap - thus forcing stagnation at trips, a petition to increase the AS, or, more likely, a crushing reverse-split. Mad J. needs cash!
To get Mad J. some scratch, he needs at least a billion shares a day of dilution, or Gabe is gonna break the poor ‘ol fart’s legs! Who needs to see that?
This is a year old. Read the most recent MMEX-scam 8-K, which refers to a PR - and addendum. Here is the key excerpt:
"Completion of these projects will require substantial financial resources. In addition, there are licensing and permitting requirements that must be obtained to complete the projects. There is no assurance that MMEX will be successful in securing such resources. If these resources are secured, the construction timeline from the date of financing for each individual project is estimated to be 15 to 18 months before reaching commercial operation for each project. The change in the business plan will result in a write down of the investment in the CDU engineering and permit costs estimated to be approximately
$1,428,106."
Hanks has written down the rudimentary tea-pot topping unit, round-filed it, VFools is out of the picture - appears Hanks hasn't told 'em yet.
MMEX - You've Been Scammed!
Just more of Mad J.'s B.S. - no legit source of capital would touch MMEX. Stop spreading lies and misinformation.
MMES-scam isn't financeable.
MMEX - You've Been Scammed!
MMEX-scam can't be shorted by retail traders - there are no institutional buyers - they have governance committees, they don't trade trash like MMEX-scam.
There are no significant short positions in MMEX-scam, no FTD's. The only short trades are short-and-cover, for MM / intra-day operational purposes.
So-called short squeezes are a fantasy of the OTCM penny-scammer.
MMEX - You've Been Scammed!
This is a fraudulent claim - MMEX has obtained no financing from anyone. The 8-K has to be released, otherwise insider trading (illegal) occurs. Are you outing Hanks for additional securities fraud, along with anyone using that information for trading?
MMEX won't obtain any project financing - no access to the legit capital market...
MMEX - You've Been Scammed!
Current photos of the MMEX-scam site, and abandoned office from the morning of Sunday, February 28, 2021.
The astute will note no activity of any kind at the site, no "refinery," no "solar farm," no materials, components, or equipment staged, no field office, no nothing.
The first shot is the abandoned site, looking west from Texas Gulf Plant Road, at the turn-in - Texas Gulf Plant Road is a county/public road - no trespassing occurred to obtain these photos.
A shot from the road easement northeast of the gate, looking down the deteriorating haul road - the fabled flag-pole is at the end of the road, just at the horizon of this shot.
MMEX's downtown Fort Stockton office - empty, abandoned, dark, no signage, no contact information, meter sockets on the service entrances to both suites empty and capped, no power to the building.
MMEX - You've Been Scammed!
MMEX-scam is a total fraud.
The only "never fails" aspect to MMEX-scam is lather, rinse, repeat share-selling and massive, crushing dilution, followed by a reverse-split.
MMEX - You've Been Scammed!
These are so-called/alleged MM "signal trades." OTCM penny-scammers believe that MM's use them to signal trade information, and manipulate the ticker.
There are fourteen or fifteen "alleged" signals:
1. 100 - I need Shares.
2. 200 - I need Shares badly but do not take the stock down.
3. 300 - Take (or I am taking) the stock down at least 30% so I can load shares.
4. 400 - Keep trading it sideways.
5. 500 - Gap the stock. Gap can be up or down, depending on direction of 500 signal.
6. 505 - I am short on shares
7. 600 - Apply resistance at the ASK to keep the price from increasing.
8. 700 - Move the price up.
9. 777 - Also recognized as a signal to move the price up.
10. 800 - Prepare for an increase in trading volume.
11. 900 - Allow the stock to float and trade freely.
12. 911 - Pending News/Press Release On The Way
13. 1000 - Don't let it run
14. 2100 - Let it run
15. 999 - Fake Wall
Of course, this is total B.S. from penny-scammers - trading is algorithmic in penny trash - there are manipulative individual traders who try and be clever - in this case, attempting to manipulate MMEX-scam's ticker by misleading others into believing there is no "wall."
MMEX - You've Been Scammed!
More fraudulent statements, vis MMEX-scam.
MMEX-scam has no relationship with ExxonMobil - that is a false claim. Urine Boy on ST is a fraudster, scammer, penny-pumper - the "messiah" of ST's MMEX pump-a-thon.
Spreading fraudulent information to deceive investors is security fraud.
MMEX-scam is a PIPE-based share-selling scheme, based on floor-less, convertible toxic debt - not a legit business.
MMEX - You've Been Scammed!
Wow... some insights: I live in the region "down there." MMEX-scam isn't in any legitimate business - it is a PIPE-based share-selling scheme underpinned by floor-less convertible toxic debt - more than 20 of these notes.
MMEX isn't in the business of natural gas production, processing, or distribution, or any related business or sector - go back and look at MMEX's origins - Inkie Entertainment.
Only Hanks' gullible marks would consider MMEX-scam a "buy" opportunity.
MMEX - You've Been Scammed!
Watching MMEX-scam crater (again), and seeing the penny-scamming pumpers in all venues try to explain away the 12-billion share increase to the AS, and the nearly 3-billion shares of dilution, just since this most recent pump started is a comedy show.
Some of the pumping venues are insane - the penny-scammers react violently when outed, presented with facts. I love haunting them.
MMEX - You've Been Scammed!
The reverse-split for MMEX-scam is inevitable. It's the only way forward. Hanks will continue diluting until the 37-billion AS cap is hit - he's built in ant-dilution warrant coverage into all the toxic debt deals - GSC's is the most usurious - basically GSC owns and operates Hanks' share printing-press now.
The only way for Hanks to continue his income stream (proceeds from toxic notes) is to keep the printing-press running - billions of dilutive shares, all since the last RS...
Lather, rinse, repeat. That's all Hanks does.
MMEX - You've Been Scammed!
Wonder where MMEX-scam's latest 14-c is? The last 10-Q reported MMEX-scam had exhausted all 25-billion in the AS - no 8-K, nothing on FINRA... have to check the Nevada SoS next...
The last DEF 14-c was in December 2019 - I never saw where FINRA acted on the AS increase.
MMEX - You've Been Scammed!
This is probably the most egregious MMEX-scam pump so far. ST, and similar social media venues have penny-scamming share pumpers crawling out of the woodwork like cockroaches in the nastiest, darkest, dirtiest kitchen on the planet.
MMEX-scam, with north of 20-billion wholly dilutive shares outstanding is approaching the point of no return - when the 25-biillion share AS cap is hit, there's really only one answer to keep Mad. J's printing press running - a crushing, wipe-out reverse-split. It's inevitable.
What a laugh.
Bag holders everywhere.
MMEX - You've Been Scammed!
MMEX-scam - a super-dilutive “equity” based on toxic lending. As of Feb. 19, there are now more than 20-billion outstanding shares, 14.4-billion free-trading. Here is the dilution history - destruction of share-holder value at the extreme:
02/19/2021 Outstanding Shares 20,817,575,228
02/11/2021 Outstanding Shares 19,024,883,051
12/30/2020 Outstanding Shares 15,580,541,158
02/11/2020 Outstanding Shares 13,352,828,472
11/26/2019 Outstanding Shares 11,359,000,000
11/01/2019 Outstanding Shares 3,062,442,080
09/16/2019 Outstanding Shares 1,472,895,881
07/25/2019 Outstanding Shares 240,000,000
That's 1.79-billion shares, all dilutive, stepped out, and washed into the free-trading pool in just seven days...
MMEX - You've Been Scammed!
On the one hand, I'm sad for anyone got caught up in this debacle. After litigating cases like this, seeing the destruction that scams like MMEX-scam and Hanks' wrought, including the suicide of a client, after losing his entire retirement, home, everything, I feel compassion and empathy.
On the other hand, this points to the fundamental flaws in investment scams, ineptitude, and human frailty - particularly on the OTCM. Most individuals lack the knowledge and expertise to make direct investment in any of the casinos - the OTCM being the worst. Anyone with more than two functioning neurons to rub together needed only to read MMEX-scam's SEC filings, do a modicum of rudimentary due-diligence, to find out MMEX-scam was a fraud. It's harder to feel sorry for those individuals. Anyone that can read a cereal box could figure out MMEX-scam is a fraud.
For those without sector knowledge, they were out of their league from the onset. For those who can't read and analyze consolidated financials in an SEC filing, they'd have been better off setting their money on fire.
The dumbing-down process that leads people to "invest" in scams like MMEX-scam is sad. The lack of protection from the SEC is sad. The fact that fraudsters, grifters, scum, like Hanks predate on people is the saddest.
Sorry for your loss.
FWIW, I now use MMEX-scam as an example in my 1L seminars. Even the poorest 1L's get that it's fraud in the first lecture.
The MMEX-scam "investor" philosophy - buy high, sell low, average down, sell lower... get back to below break-even.
This is what Hanks counts on. Anything on the OTC is not an "investment" - it's a scam, like MMEX-scam.
Learning is sometimes a very (5x) hard experience.
MMEX- You've Been Scammed!
This is a fraudulent claim - MMEX-scam has built nothing other than a haul road and flag-pole.
MMEX-scam has never received even a fraction of a cent in project financing, and other than 20+ toxic notes, has never entered into a material agreement with anyone. There is no 8-K supporting your fraudulent claim.
The SEC takes a dim view of blatant securities fraud - I'm sure they'll enjoy having this one in their collection on the MMEX fraud.
MMEX - You've Been Scammed!
All fraudulent, confabulated by ST scammer 'yuriboyka' - this is all 100% fraud. None of this has anything to do with MMEX.
MMEX - You've Been Scammed!
MMEX-scam has never received a single fraction of a cent of project financing - remember that required material event filing, the 8-K - there is none. More fraudulent photos from penny-scammers...
The photos are of the Greasewood Solar project, near Imperial/Girvin - not associated in any way, shape, or form with grifter Hanks or MMEX.
Securities fraud is illegal - the SEC will enjoy this in the amassing collection against MMEX.
MMEX - You've Been Scammed
Something else to keep in mind, given the current MMEX-scam pump and "change in business plan:"
In Texas, grid-scale solar infrastructure requires state, and federal permitting. Any grid-tied solar installation falls under interstate commerce regulations, requiring Texas PUC and FERC permitting.
Under the Federal Power Act, the Federal Energy Regulatory Commission (FERC) has authority over “public utilities,” which under 16 USC 824a(e) includes any person who owns or operates facilities subject to jurisdiction of FERC, including any person who owns or operates a facility for the transmission of electric energy in interstate commerce and to the sale of electric energy at wholesale in interstate commerce.
Interstate commerce broadly includes interconnected transmission systems capable of transmitting electric energy across a state boundary, even if the contracting parties and the electrical pathway between them are in one state.
MMEX-scam has no permits in this domain, no pending applications with Texas PUC, or FERC.
MMEX - You've Been Scammed!
It will take a bit of effort, likely beyond the penny-scammer’s capability to fully “appreciate” MMEX-scam’s predicament.
Through various imbecilic maneuvers, Mad J.’s create a condition where there’s a need to up the AS from 25-billion, to at least 73-billion shares - more than double the current AS. The only other alternative is an RS and restructuring. FINRA declined to up the AS on Mad J.’s last attempt.
The current OS has increased by 2-billion shares since the most recent pump started. Against the current 25-billion “cap” in the AS, this means Hanks’ toxic lenders have at least 6-billion more shares to dilute with before hitting the cap. Either an RS will be a necessity, along with restructuring, or the AS will have to dramatically increase.
Reinforcing, no legit company has a share structure like this - MMEX-scam is a classic example of a super-dilutive “equity,” a textbook, almost hyperbole in death-spiral financing. I’m using it as a curriculum example in securities law, demonstrating how fraudulent schemes like MMEX-scam work. Even the poorest-performing of my 1L’s get it in a single seminar lecture.
MMEX - You’ve Been Scammed!
Hanks loves marks like this… anyone who doesn’t understand dilution is the perfect mark for penny-scams like MMEX.
Here’s a simplified explanation. First, MMEX has no treasury shares. All of the currently issued shares are either owned by insiders, debt holders, or public market investors - none are company-owned treasury shares.
The authorized share count (currently 25-billion) represents the maximum number of shares issuable. The outstanding share count (currently a bit more than 19-billion) represent the number of shares issued. Within the outstanding share count, there are restricted, and unrestricted shares. The latter are free-trading. There are currently 12.8-billion free trading shares, and about 6.5-billion restricted shares.
The restricted shares don’t meet SEC 144, based on holding period requirements. As time marches on, the 144 restriction expires, and those shares become unrestricted, free-trading.
You’ve already seen (and either rejected, or don’t understand) BRobers1982 explanation of dilution. Every share flowing into the free-trading OS pool is dilutive - 100% - the origin of those shares are from ratchet-based convertible debt - Mad Jack’s toxic lenders are creating shares from thin air, washing them into the market, where gullible suckers, trips vultures, gamblers, and scammers suck them up.
No legitimate company has a share structure like this - again, search for the term “death-spiral financing” - you can see dozens of independent references on the topic, including various explanations of dilution.
MMEX - You’ve Been Scammed.
You can track MMEX-scam's OS using two methods. One is point-in-time, based on what MMEX-scam's transfer agent reports:
https://www.otcmarkets.com/stock/MMEX/security
You can track the increases in the OS over time by looking at MMEX-scam's SEC filings, or by periodic checks from data sources that report the transfer agent's data.
Since the most recent pump, MMEX-scam's toxic lenders washed in 2-billion wholly dilutive shares, the result of converting debt to free trading shares.
This is also known as death-spiral financing - OTCM / penny-scamming 101.
MMEX - You've Been Scammed.
The MMEX-scam pump is going to fizzle - always has, always will.
Mad J.'s scam is all about working with his toxic lenders to push a few billion more dilutive shares out - he's got at least 8-billion more to go in this round. He needs a fresh crop of suckers to gulp down his nasty, bogus PR, and buy more stinky-scam shares. Don't disappoint Mad J. - he's an elderly dotard, and he needs your monies to buy a new box of Depends.
MMEX - You've Been Scammed!
The SEC takes a dim view of outright fraud - like this Tweet and post. It took a while, but I've collected this information, along with related pumping fraud, and submitted a fresh complaint to the SEC on the matter.
Hopefully, given the magnitude of the pump and fraud, the SEC will take a look.
Factually, MMEX-scam has obtained no project financing. MMEX-scam has undertaken no legitimate construction on this project - flag-poles don't count. Desperate penny-scam pumpers are self-defeating, no shame, profligate fraudsters.
MMEX - You've Been Scammed!
This is an absolute, outright lie. The only object on the MMEX-scam site is a rusting flag-pole.
MMEX-scam has no project financing. There is no construction, nothing. Penny-scammers like this should be banned.
MMEX - You've Been Scammed!