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Well, when a company has over 4 Billion shares outstanding, there usually needs to be something done. I understand now that there won’t be one here.
So the answer then is that there will be no reverse split. Thank you.
When does a reverse split happen here?
Yea, I’m not suggesting anyone jump in here. What I am saying is that the CEO understands what it looks like and he does have a plan, which I’m sure will be revealed shortly.
No PUMP here - you will never get that from me - I believe this is a wait and see.
Let’s see if Brandon can put the past in the past and create some real value going forward.
I had a nice conversation today with Brandon Romanek, the CEO of the company. I have to tell you, I was impressed. I'm not saying the stock is a buy, or a sell, but I was impressed.
In talking with him it was clear that, while there seems to be no true direction for the company, he does have a plan.
I, for one, will be watching, and helping if he needs help.
We are planning to be current before the deadline. I am making this public information…
We have no accounting for 2020 through now (18 months). In speaking with the accountant: Mr. Schoengood called him early in 2020 and notified him that the company was “going dark.” I confirmed this with the Auditor.
Therefore, we have to reconstruct everything from the bank records, which we don’t have access to yet, to create the accounting to be presented to the auditor. While this will take time, we believe we can get it done in time.
Babubd - What makes this stock grossly undervalued, a load and hold, no brainer?
From a fundamental standpoint - there is no business - the company is technically bankrupt.
From a technical standpoint - there are nearly 2 BILLION shares looking to be sold.
Help me understand your rationale?
Ha! Why would anyone listen to me?
We haven’t been able to complete our discussions with the SEC, so we are going to hold off on putting out the shareholder update.
I will update everyone as soon as we have some clarity.
That being said, I maintain that there is no reason to buy this stock. Any shares you are buying is being distributed by TOXIC LENDERS who are holding nearly 2 BILLION shares that they want to sell.
They may buy a few shares to move it higher to entice you to buy, but they will be selling to you (they are net sellers).
I get it, they are all over the place - that is a big problem. Best of luck.
I have no idea who you are either.
I wouldn't say they are super powers, but I have what it takes to make things happen here.
I completely understand what they are doing and why they are doing it.
Stay tuned - I'll update shortly.
That is all I ask - root for me.
I am still expecting to issue a shareholder update this week. I can be reached at jcross@sheffordcapitalpartners.com (hopefully, its okay with ihub that I post this).
Look, I am going to provide complete transparency - notice that my "alias" isn't an alias.
Actually, zhj8485, I do care; and if I was one to take the easy way out, I wouldn't have taken on this project.
My job is to create value and I am going to do everything I can to do that.
I intend to show you something here that you have never seen before.
Keep a close eye on the moves that are made.
Thanks howardriggin. I'm aware, and I'm here to change that.
ToucanYoucan, I understand exactly what you are saying here.
I have been telling everyone on this board that things are going to probably get worse here before they get better - in essence: DO NOT BUY THIS STOCK.
Have you ever heard the CEO of a "Penny" tell you that?
The Rules Have Changed! Not just for MFST, but for all Pennies.
The days of the management of these Pennies using their companies as their personal piggy bank are over - watch.
Can someone tell me who the resident expert is on this board?
mdimport, we have a Shareholder Update coming out this week that will give you a clear picture of where we are taking things; of course, we want to put the company's past behind it, therefore, in a complete transformation, a name change, ticker change and corporate direction are all highly likely.
Everyone, keep in mind that I have inherited, and you own shares in, or are trading shares in, a company that is going to go through a complete transformation.
As I have said before, things will probably get worse before it gets better. We will be focused on the company, restructuring it, much more than the stock price.
Also, keep in mind, if you are considering going long, that there are 2 BILLION share owned by TOXIC “SELLERS.” Downward pressure is there at all times.
Thanks Elwood1964 - there is a lot of work to do here, and hopefully I can get done what needs to be done to right the ship and bring in someone as full time CEO.
One thing you will always get from me is full transparence - notice that my "alias" is not an alias.
Best of luck with all of your investments.
Heads up today for an 8k.
Yes, 2 Billion shares were issued in the last 16 months to TOXIC lenders.
Understandable.The company needs a radical transformation and that takes time. Take a look in a few months, I believe you will be very impressed.
News is going to be delayed until early next week. I want everyone to understand that there is a lot of work to be done here and as I said before, things are likely to get worse before they get better.
The shareholders update will reveal everything.
Expect to see some news later this week.
Can someone tell me who the resident expert is on this board?
Can someone tell me who the resident expert is on this board?
Thanks. Best of luck to you too.
You sound like a very astute individual.
Patience. All will be revealed and then it will be on us to execute.
As I have said numerous times: with 2 Billion shares outstanding, the majority of which are in the hands of people who destroy companies - TOXIC lenders, "obviously something has to be done."
We can pursue one of three evenly balanced, and equally favorable, courses of action with respect to dealing with the company's sins of the past: either negotiate with the TOXIC lenders to retire their debt and claw back share; file bankruptcy; or, execute a reverse split.
We aren't "hiding" anything. We simply haven't determined which way to go yet.
What I can tell you, with absolute certainty, is what you will get from us is a level of professionalism and an approach to this business that you have never seen in any OTCMarkets company.
While we certainly understand the ramifications of a reverse split, there are only a few options available. There were 2 Billion shares issued to TOXIC lenders.
We are exploring all options and will do what is best in the long run.
As Tom said in the press release, we will be providing a shareholder update in the “near future.” We are working to be able to provide it sooner rather than later.
I completely agree, the shares outstanding on these companies is ridiculous. You won't see anything like that where we are involved.
We will do what's best for the shareholders long term. Thanks for the optimism.
We are considering all strategic options and our plan will be revealed in the shareholder update. I can't be more specific than that at this time.
We are devising our plan to deal with the Toxic lenders. Thankfully, the SEC is helping a little with what they are doing.
It is going to take time and e everyone needs to understand things may get worse (for the stock price) before it gets better. There are 2 Billion +/- shares looking to come onto the market.
The plan is to divest whatever is real and attempt to capture whatever value there is, keeping in mind there have been no revenues from these projects, and yes, move into the entertainment production services industry. Tom has deep domain knowledge in the area.
We really appreciate that chief1978 and we don't take it lightly.
What you will get from us, Shefford and Tom Griffin, is complete transparency and accountability, and we are rolling up our sleeves to create a company investors can be proud of owning.
That is our understanding as well.
What we know right now is that the technology was "owned" by the CEO's son, and the FDA 510(k) is "owned" by MFST. What this means in the end we are determining.
This is all public information.