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With all the dilution coming, this dead-end will soon dissipate into a freefall..
Both consultants were paid in monthly installments. Midam is paid $7500 a month for 6 months and Mass Ventures is paid $2500 a month. Midam got half in stock of the total $90K contract and Mass Ventures gets $35K in stock and $15K in monthly payments. Why can't you people read a 10-Q?
On a monthly basis..
See my Post 48620..
Midam & Mass Ventures were convertible in 1 year too.. Guess what? They began dumping after 1 month. SEC gives exemptions to Rule 144..
RXMD shs Only Restricted 1 Month..
Per RXMD Form 10-Q thru Jun-2016, page 18 states that 1,125,000 RESTRICTED shares were issued to Midam Ventures and 437,500 RESTRICTED shares were issued to Mass Ventures.
THIS PROVES RXMD RESTRICTED SHARES WERE ONLY RESTRICTED FROM APR-2016 TO DATE OF ISSUANCE MAY-2016, DISPROVING SHAREHOLDER PERCEPTION THAT RXMD RESTRICTED SHARES COULD NOT BE ISSUED FOR A TERM OF ONE YEAR..
Wonder how soon Chicago Ventures can sell shares totaling $2,205,000? THEY ALREADY CAN BECAUSE THE RESTRICTION IS NOT 1 YEAR, ITS 1 MONTH!!!
From the Midam Ventures Website -
COMPENSATION DISCLAIMER
MIDAM VENTURES, LLC was paid an advertising fee of $105,000 cash & 21,125,000 Restricted Common shares by Progressive Care, Inc (RXMD) of which 10,000,000 are freely trade-able as of 7/18/2016 for marketing & awareness within written, social & display materials for Progressive Care, Inc (RXMD). FOR A DURATION OF 1 year and 6 months DAYS Beginning 6/11/2015. & ending 10/1/2016.
MIDAM VENTURES, LLC contracted on servicing for an advertising fee of $90,000, $45,000 in Restricted Common shares by Progressive Care, Inc (RXMD) and $45,000 in cash payable in (6) monthly installments of $7,500 beginning 4/6/2016.
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So Much for Restricted Shares..
On April 6, 2016 RXMD entered into an agreement with Midam Ventures for marketing services totaling $90,000 payable half in monthly cash payments and half ($45,000) in RESTRICTED shares.
On April6, 2016 RXMD entered into an agreement with Mass Ventures for web development services totaling $50,000 payable in monthly cash payments totaling $15,000 and the balance ($35,000) payable in RESTRICTED shares, half up-front and the remaining shares on completion.
Per RXMD Form 10-Q thru Jun-2016, page 18 states that 1,125,000 RESTRICTED shares were issued to Midam Ventures and 437,500 RESTRICTED shares were issued to Mass Ventures.
THIS PROVES RXMD RESTRICTED SHARES WERE ONLY RESTRICTED FROM APR-2016 TO DATE OF ISSUANCE MAY-2016, DISPROVING SHAREHOLDER PERCEPTION THAT RXMD RESTRICTED SHARES COULD NOT BE ISSUED FOR A TERM OF ONE YEAR..
Wonder how soon Chicago Ventures can sell shares totaling $2,205,000? THEY ALREADY CAN BECAUSE THE RESTRICTION IS NOT 1 YEAR, ITS 1 MONTH!!!
History of RXMD Dilution Machine..
History of RXMD Dilution thru Jun-2016..
Issued to Original S/H………………………2,280,000…… 2007
Issued for Debt………………………………3,000,000……2008-2009
Issued for PharmCo Acquisition………….30,000,000……2010-2010
Issued for Services……………………….……302,261……2010-2011
Issued for Services-Armen…………….……1,385,596……2010-2011
Issued for Debt………………………….……1,098,973……2010-2011
Restated Original S/H Issue………….……-1,718,000……2010-2011
Issued for Debt………………………….……..196,078……2011-2012
Issued for Services…………………….……….60,000……2011-2012
Issued for Services-Armen………….………..424,983……2011-2012
Retired PharmCo Issue……………….….-12,208,432……2011-2012
Issued for Debt………………………………2,500,000……2012-2013
Issued for Services……………………….……234,885……2012-2013
Issued for Services-Armen…………………...150,000……2012-2013
Issued for Services-Armen…………………5,000,000……2013-2014
Issued for Debt-3(a)(10) ……………………8,362,000……2013-2014
Issued for Debt-3(a)(10)…………………273,913,000……2014-2015
Issued for Services………………………...20,000,000……2014-2015
Issued for Debt………………………………6,083,985……2014-2015
Issued for Bonuses………………………..10,977,716……2014-2015
Retired Debt Issuance-3(a)(10)…………-12,497,838……2015-2016
Issued for Services………………………….1,562,500……May-2016
Total……………………………………….341,107,607
Issued Share Summary thru Jun-2016:
Issued to Original S/H…………………………562,000
Issued for PharmCo Acquisition………….17,791,568
Issued for Services-Armen…………………6,960,579
Issued for Other Services…………………22,159,646
Issued for Bonuses…………………….…..10,977,716
Issued for Debt…………………………...282,656,198
Total…………………………………….…341,107,607
Subsequent Contracts/Remaining Dilution Since Jun-2016..
04/06/2016: Mass Ventures.....Remaining Shs valued at......$ 17,500
07/22/2016: Chicago Ventures...Remaining Shs valued at...$2,205,000
(These currently come to approxinately 74M Shs at Friday’s PPS)
Since RXMD only has 500M shares authorized, expect to see this increased then followed by a reverse split of the corporate shares..
And every share you buy is being sold..
Nobody's loading RXMD King of the OTC P&D Diluters..
What about the recent $2,205,000 floorless convertible?
08/16: Bearish Engulfing.. 08/11: Bearish Doji Star
Dead Cat Bounce on ORIG, looking to short when volume declines over next few days. Just a Bankrupt on its last breath..
$0.0245 is the low swing target chart-wise. I will cover there and I believe longs can finally get some brief relief. However I think the dilution and neked shorting will continue, so for that reason it would be smart to look for an exit at higher prices. This company just isn't able to grow without selling shares yet..
Dilution & Neked Shorting.. Oh my!
Floor-less convertible financing..
I only short 150K each time due to low volume liquidity..
I'm not complaining, I'm short..
Woah, lookie all da Neked Shorts!
Looks like you'll just have to learn the hard way.. Naked shorting will never be exposed on paper, only evident in the share price eventually going to zero 98% of the time for a stinky pinky stock..
Naked Shorting by Chicago Ventures = Dilution..
Result of RXMD floor-less convertibles!
Oh yea, like its on an uptrend-NOT.. even with all your "good news" RXMD goes DOWN not up.
Will do a temp cover on RXMD short at $0.0245, this should be where the 5th wave terminates..
Preferred shares convert into common the same way convertible bonds do.
On a fully diluted basis each preferred shr = 102,036 common shs, so 102,036 x 51 = 5,203,836 common shr equivalents..
Dilution this Quarter Alone..
1,125,000 issued to Marketing consultant
437,500 issued to Website consultant
5,203,836 issued to Armen as 51 shs preferred
All expansion plans for RXMD will be financed via DILUTION just like they've done before and are doing now..
I said "RXMD wouldn't make a higher high and didn't.
Bob842, time has a price that you've not factored in..
That's why you don't buy Stinky Pinkies.. RXMD Dilution will bring this back down to half a cent.
RXMD Dilution Machine from Day-1..
History of RXMD Dilution thru Mar-2016..
Issued to Original S/H………………………2,280,000…… 2007
Issued for Debt………………………………3,000,000……2008-2009
Issued for PharmCo Acquisition………….30,000,000……2010-2010
Issued for Services……………………….……302,261……2010-2011
Issued for Services-Armen…………….……1,385,596……2010-2011
Issued for Debt………………………….……1,098,973……2010-2011
Restated Original S/H Issue………….……-1,718,000……2010-2011
Issued for Debt………………………….……..196,078……2011-2012
Issued for Services…………………….……….60,000……2011-2012
Issued for Services-Armen………….………..424,983……2011-2012
Retired PharmCo Issue……………….….-12,208,432……2011-2012
Issued for Debt………………………………2,500,000……2012-2013
Issued for Services……………………….……234,885……2012-2013
Issued for Services-Armen…………………...150,000……2012-2013
Issued for Services-Armen…………………5,000,000……2013-2014
Issued for Debt-3(a)(10) ……………………8,362,000……2013-2014
Issued for Debt-3(a)(10)…………………273,913,000……2014-2015
Issued for Services………………………...20,000,000……2014-2015
Issued for Debt………………………………6,083,985……2014-2015
Issued for Bonuses………………………..10,977,716……2014-2015
Retired Debt Issuance-3(a)(10)…………-12,497,838……2015-2016
Total……………………………………….339,545,207
Issued Share Summary thru Mar-2016:
Issued to Original S/H…………………………562,000
Issued for PharmCo Acquisition………….17,791,568
Issued for Services-Armen…………………6,960,579
Issued for Other Services…………………20,597,146
Issued for Bonuses…………………….…..10,977,716
Issued for Debt…………………………...282,656,198
Total…………………………………….…339,545,207
Subsequent Contracts to Cause Further Dilution..
03/30/2016: Midam Ventures....Stock valued at.......$45,000
04/06/2016: Mass Ventures.....Stock valued at........$35,000
07/22/2016: Chicago Ventures...Stock valued at...$2,205,000
(These currently come to approx 74M shs at today's pps)
RXMD only has 500M shares authorized, expect to see this increased!
Its called Section 4(1) of the Securities Act.
The amendment reduces the holding period required before restricted securities may be sold, liberalizes the manner of sale and volume limitations, simplifies the Form 144 filing requirements, and codifies certain SEC staff interpretations relating to Rule 144. The final rules further eliminate the “presumptive underwriter” doctrine under Rule 145.
There won't be any interest in RXMD tomorrow either.. just like previous revenue news days, then you will see the fippers sell off and low 02s will come into play..
Bearish Doji Star on 8/11.. Very Bearish Indicator!
But RXMD couldn't afford $90K. With all the denial here I'll bet the bulk of you on this board can't sell because you would have losses..
Midam Ventures got $90K, half in stock to pump RXMD..
Snup, I'm sure RXMD is grateful, helps them sell higher..
That's not what the chart has been saying since early June. Companies will typically pump the stock while diluting. Hence their recent hiring of the Marketing company..
Armen Karapetyan, RXMD Management Disbarred from FINRA..
Basis Financial, LLC (CRD #43694, North Miami Beach, Florida), Armen Karapetyan aka Armen Karr (CRD #2634993, Registered Principal, Sunny Isles Beach, Florida) and Gabriel Gennady Goldfine (CRD #1971502, Registered Representative, Brooklyn, New York) submitted an Offer of Settlement in which the firm was expelled from FINRA membership, Karapetyan was barred from association with any FINRA member in any capacity, and Goldfine was fined $37,500 and suspended from association with any FINRA member in any capacity for one year. The fine must be paid either immediately upon Goldfine’s reassociation with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier. Without admitting or denying the allegations, the firm, Karapetyan and Goldfine consented to the described sanctions and to the entry of findings that they made a series of material misrepresentations and omissions, and engaged in other misconduct in connection with the sale of private placement offerings to investors. The findings stated that the firm, Karapetyan and Goldfine received substantial undisclosed compensation and failed to disclose other material facts, including that the issuers had substantial outstanding debts to be paid from proceeds raised in offerings, the proceeds were to be used to make unsecured loans to other entities Karapetyan owned and controlled, or the issuers’ financial condition was tenuous. The findings also stated that the firm and Karapetyan failed to conduct a reasonable investigation prior to recommending an investment to customers despite “red flags,” including the failure of an issuer to provide audited financial information. The findings also included that the firm and Karapetyan participated in the sale of unregistered securities, and despite red flags, failed to undertake any investigation to determine the circumstances under which entities obtained shares of stock, including when they were obtained, how the shares were obtained and whether the shares were paid for.
FINRA found that the firm and Karapetyan failed to establish and implement anti-money laundering (AML) policies and procedures reasonably expected to detect and cause the reporting of suspicious activity, failed to conduct an AML test one year, failed to conduct an independent test the previous year, and failed to conduct annual AML training one year. FINRA also found that the firm failed to identify Karapetyan as a producing manager generating more than 20 percent of the firm’s revenue as subject to heightened supervision, and failed to designate any firm individual as responsible for his supervision. As a result, Karapetyan reviewed his own trades, and his customer account activity was not supervised by any other firm individual. In addition, FINRA determined that Karapetyan used outside, Web-based email accounts for firm business, and the firm neither stored nor backed up any emails from these accounts. Thus, the firm willfully violated the Securities and Exchange Commission (SEC) requirement to capture and preserve business email communications sent through personal, Web-based email accounts. Moreover, FINRA found that the firm and Karapetyan failed to report, and failed to timely report, customer complaints to FINRA as required, failed to establish and maintain a supervisory system, and failed to establish, maintain and enforce written supervisory procedures (WSPs) reasonably designed to achieve compliance with applicable laws, rules and regulations with respect to the firm’s business regarding the handling of deposits and liquidations of large blocks of low-priced securities to ensure the firm did not participate in or permit an unregistered distribution of securities and with respect to the reporting of customer complaints to ensure the capture and preservation of personal Web-based email accounts, the firm’s private placement business and the supervision of registered representatives who participated in the sale of private placement offerings the firm sold. Goldfine’s suspension is in effect from October 15, 2012, through October 14, 2013.
FINRA Case #2009016158001
http://www.stockmarketlosslawyer.com/finra-sanctions-fines/november-2012.html