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True...but if the updates are all in the filings, so you would think they would have some sort of clue.
Agreed...seems like many of these sites haven't updated their files in a while.
Just got this...
Google Alerts - ELRA
http://www.nismagazine.com/big-penny-stocks-updown-pinkbmsn-pinknsav-pinkstko-pinkelra-pinkcowi/121291/
911 on the sixes...strange
Ditto
The only updates on this that I have seen were included in the last 10-Q.
NOTE 8 – SUBSEQUENT EVENTS
The Company was engaged in legal proceedings with Rousay Holdings Ltd. (“Rousay”) in the United States District Court of New York wherein Rousay asserted various claims against the defendant. The Company denied liability and asserted defenses. The parties agreed to settle the controversies between them.
On October 8, 2012, the Company reached a Stipulation and Order of Settlement with Rousay in the United States District Court of New York. In terms of this Stipulation and Order of Settlement with Rousay, the Company agreed to repay $900,337 of the $2 million convertible promissory note dated April 25, 2012 (See note 3). The Company also agreed to issue 10% of the then outstanding and issued common stock of the Company to Rousay. On October 13, 2012, the Company issued 101,864,848 restricted shares of common stock to Rousay equaling 10% of the then outstanding and issued common stock.
Subsequent to September 30, 2012, Asher converted $43,000 of the Second Asher Note and the Third Asher Note into 142,006,269 shares of common stock.
Our cash used in investing activities for the nine months ended September 30, 2012 was $900,337, compared to $0 for the nine months ended September 30, 2011. The increase is due to restricted cash of $900,337 held in escrow during the settlement process with Rousay Holdings, Ltd. related to a promissory note.
Happy Holidays, everyone. Looking forward to a good 2013 for IAHL. Stay safe.
Geez...this isn't complicated. If you are being sued, you show as little money or potential to make money as possible to reach a settlement that is as low as possible.
The company stated that they had broken ties with him and hinted that he couldn't deliver what he had promised he could.
Of course crashing the stock would crash everyones stock. That's exactly my point. If his 100 mill shares and the company's and shareholders' shares are worthless...what can he sue for?
Calm down a little...there is nothing wrong with any of us trying to figure out what happened, so we can try to figure out why it happened and what may happen next.
Well...they did run him off earlier this year and publicly announced it.
My comments/speculation were focused on this and what companies do try to make these lawsuits go away or to reach a settlement (out of court).
Here are some details:
EVENTS
The Company was engaged in legal proceedings with Rousay Holdings Ltd. (“Rousay”) in the United States District Court of New York wherein Rousay asserted various claims against the defendant. The Company denied liability and asserted defenses. The parties agreed to settle the controversies between them.
On October 8, 2012, the Company reached a Stipulation and Order of Settlement with Rousay in the United States District Court of New York. In terms of this Stipulation and Order of Settlement with Rousay, the Company agreed to repay $900,337 of the $2 million convertible promissory note dated April 25, 2012 (See note 3). The Company also agreed to issue 10% of the then outstanding and issued common stock of the Company to Rousay. On October 13, 2012, the Company issued 101,864,848 restricted shares of common stock to Rousay equaling 10% of the then outstanding and issued common stock.
Subsequent to September 30, 2012, Asher converted $43,000 of the Second Asher Note and the Third Asher Note into 142,006,269 shares of common stock.
"if you consider the fact that everybody elses shares would be even more worth less right along with his, then nothing has changed, if he had more control then they wanted him to have pre split, than post split his control would not have deminished. imo
control / making money is the name of the game.
need too know the details of the suit.
they're not going to run him off if he wants in, that's that. he's to big financhiallly."
Ditto
Totally my speculation...but it almost seems they are driving the price into the ground and doing the reverse split now to make Lai Sio I's 99,706,249 of Series A even more worthless...so whatever his share of the company is during litigation is worthless. After all, 40% of 0 is still zero, so maybe they hope he will walk away.
I just find it odd that after that deal was announced to be dead, this stock died with no effort to resuscitate it. While I am almost certain this is a scam...one would think that scammers would put out fluffy PR to try to milk this to the final drop. However, we have heard nothing since mid-summer.
Hey, in 2012 we got a new logo and a binary site that isn't promoted and doesn't make any revenue! Wo-hoo!
Lost my arse on this one.
Geez...
Florida, TX -- (SBWIRE) -- 12/17/2012 -- Elray Resources Inc (PINK:ELRA) stock dropped 60% to $0.0002. The 52 week trading range for the company is $0.00 - $0.03. The shares of the company plunged 96% in the last one year. The company is an exploration stage company. The Company was engaged in the acquisition and exploration of mineral properties with a view to exploiting any mineral deposits discovered
I once invested in a FDA approved hangover pill that became a island hopping aviation company that then was taken over by a natural gas company and saw the share price go from sub-penny to over 70¢ with almost no news and no reporting...but it still has a very low float. So, I guess there is always hope that someone will buy take over/buy this shell one day that has a more legitimate biz model.
Or maybe we can make all of our money back gambling on the Golden Matrix site...LOL.
Unfortunately I have no choice but to hold, at this point. Horrible position to be in...but I was completely fooled by this one. Learned some serious and hard lessons here.
Someone sold a bunch at $.53 today. Guess they either have taxes to pay or enough money to burn.
An update from the company outlining what they have been/will be doing to take advantage of the bill passing would be a nice early Christmas present for the stockholders.
Sure looks that way. Very thin to .65 (only 13,100 shares or $7,800). However, as BBGuy would tell us...MMs & Picasso always seem to get in the way.
This should be in the .60s. Looks like folks want some revenue reported before we get to the next level.
JMO.
Ouch.
Is it an AON (all or nothing) order?
I hope so...like many of us here, I've been sitting on a bunch and adding for a year now. Would sure like to see it jump back to penny land.
Also from the amended 10-k/a...this is like a mini-PR we, as it finally gives insight on what the corporate internal direction is moving forward...
"The additional hiring is contingent upon the Company’s efforts to obtain additional funding through equity or debt for its continued operational activities and corporate expenses. Management expects to secure funds in the coming fiscal year but provides no assurances that it will be able to do so."
Another link: http://dockets.justia.com/docket/new-york/nysdce/1:2012cv06470/400864/
May explain why the company has been so silent due to the litigation.
From the 10-Q...may explain some of the recent occurrences with volume and share price:
On April 25, 2012, the Company entered into a promissory note with Rousay Holdings Ltd. (“Rousay”) for $10,000,000. (“Original Rousay Note”). If funded in full, the note will be secured by the issuance of 923,206,006 shares of the Company’s common stock and will be due in one year at an interest rate of 20% payable in arrears. On maturity, the interest of $2,000,000 is payable in cash and the note holder may elect to take ownership of the shares held, in lieu of repayment of principal. As of September 30, 2012, $2 million of the promissory note had been funded. On October 8, 2012, the Company issued a new promissory note to Rousay to replace the Original Rousay Note, where the face of the note is $1,290,000 which consists of $1,200,000 principal plus interest of $90,000 accrued on the Original Rousay Note. The new note is due on April 26, 2013 with an interest rate of 20% per annum. On April 26, 2013, Rousay has an option of receiving an amount of restricted common stock of the Company equals to 10% of the then outstanding and issued common stock of the Company in lieu of payment of principal and interest.
On October 8, 2012, the Company reached a Stipulation and Order of Settlement with Rousay in the United States District Court of New York. In terms of this Stipulation and Order of Settlement with Rousay, the Company agreed to repay $900,337 of the $2 million convertible promissory note dated April 25, 2012 (See note 3). The Company also agreed to issue 10% of the then outstanding and issued common stock of the Company to Rousay. On October 13, 2012, the Company issued 101,864,848 restricted shares of common stock to Rousay equaling 10% of the then outstanding and issued common stock.
Someone posted here a while ago that more convertibles were due to hit on Nov 6. Wonder if that is what is driving this.
Modrica...it appears we have officially hit the triple bottom you have been discussing. Lots of BID support at .0005.