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Here is some info on preferred shares and how they are treated.
Think about this after one reads this as preferred shares take precedence over everything else and the company typically pays a dividend on them to the holders. There may also be an option to convert to common shares at a pre-determined price. This would equate to 1.72M dollars of commons if it was ever converted. That would be massive. We do not know what the dividend payments are on the preferred shares. Based on this info alone they have not been making money for years and stiffing their obligations.
We do not have any disclosure details on what the price for converting to commons would be or how they intend to pay for this other then a desire to be successful I do not see how they can succeed with the information presently available.
Until I see some transparency or revenue producing information coming from ICOA I will continue to question the viability of this company. It is so amazing to me that there are investors so blind to the fundamentals on this they do not care about the business and financial details.
http://www.money-zine.com/Investing/Stocks/Buying-Preferred-Stock/
I suspect the company may start heavy dilution soon if they are unable to deliver anything with substance. If this goes to .0001 you will not be getting "a deal" as they will increase the AS in order to sell as many shares near the end of this year or they are done. The below information tells us that the plaintiffs had to accept the preferred shares or get nothing from the looks of it. There were unpaid wages and unpaid leases. Now combine that with their existing tax liabilities what does ICOA bring to the table for a profitable company to want to JV or RM with them for? Nothing. So either ICOA needs to deliver something of substantive value before mid year or they will start dumping the stock for as much as they can get at .0001. Since pink stock sale limits are 1M a year you need to factor in how much discounted stock the company will sell to get what they need. It may get to 20B+ as discounted stock sales can be .00005 a share or less for 504 buyers who can sell for .0001 to us for an instant profit. When you see the first signs of large amount of shares at .0002 or .0001 think twice about buying more of this.
One will regret it.
ICOA, Inc. (PINKSHEETS: ICOA) today announced that it has completed the conversion of $2,070,000 of debt to equity as follows:
11/09/2010
* A judgment against the company of $1.0 million for unpaid lease costs plus accrued interest of about $100K was settled for $750,000 of Pfd B (300,000 shares) at a price of $2.50 per share.
* Accrued payroll in the amount of $970,000 was converted to equity through the issuance of 388,000 shares of Preferred B at a price of $2.50 per share.
* The Preferred B Series shares have a mandatory lock-up of one year while the company is a non-reporting entity and six months when it becomes reporting with the SEC. In addition, all conversions are then subject to the rules of Rule 144 as they might apply to the holders.
As previously announced, the Company plans to substantially reduce its debt load through conversion of debt into equity. This will help strengthen the Company's Balance Sheet in anticipation of its previously announced plans regarding the acquisition of private Wi-Fi providers by the end of the year which we are currently negotiating.
David A. Saltrelli, Dave has been the President of Calibert Explorations Ltd. since November 3, 2009 and serves as its Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer. Mr. Saltrelli has been the Chief Executive Officer of Iron Head Mining Corp. since March 2009. Mr. Saltrelli has been the President of Fractional Marketing & Consulting since 2002. He served as the Chief Executive Officer Connect Corp. (The) from March 2009 to June 22, 2009. ...
This guy is 60 years old and it looks like they are trying to do anything that brings in money. Looks like they did it with the Groupon clone approach. How do you go from an exploration company CEO to a web based company CEO? You don't.
By reading the description above one does not realize they were the same companies all along. I know I may be missing some of the finer details but it does not look good.
http://investing.businessweek.com/research/stocks/people/person.asp?personId=414408&ticker=CXLT:US&previousCapId=45759626&previousTitle=Net%20Savings%20Link%2C%20Inc.
http://www.google.com/#hl=en&sugexp=ldymls&xhr=t&q=Calibert+Explorations+Ltd.&cp=26&pf=p&sclient=psy&site=&source=hp&aq=f&aqi=&aql=&oq=Calibert+Explorations+Ltd.&pbx=1&bav=on.2,or.r_gc.r_pw.&fp=d0da709d28d6ead8
CXLT
Calibert Explorations
To
Net Savings Link
CNNC
Iron Head Mining Corp
To
The Connect Corp
I am trying to be nice about it.
I have filed the claim and I will.
It is them and you have said it yourself - do some DD or ask George if you do not believe it. I do not know what else to say except your statement says it all.
No response - PayPal recommends claim filed for this as they have not received any response from Natures Peak about this.
Hello XXXXX XXXXXX,
Your dispute over the payment you sent to Nature's Peak will automatically
close on Mar 22, 2011.
Transaction Details
Seller's Name: Nature's Peak
Seller's Email: admin@naturespeak.com
Seller's Transaction ID: 8ED87904L96582614
Transaction Date: Jan 26, 2011
Transaction Amount: -$35.96 USD
Your Transaction ID: 42C39275CA2268122
Case Number: PP-001-234-207-005
Buyer's Transaction ID: 42C39275CA2268122
Because your seller has not yet responded, you should consider
escalating to a claim soon to ensure that your case remains eligible for PayPal review. By escalating to a claim, you are asking PayPal to review the case and decide the outcome.
We will assume that the dispute is resolved and will automatically close it unless you log in to the Resolution
Center and escalate it before Mar 22, 2011. A closed dispute
cannot be reopened or escalated to a PayPal claim.
Thank you,
PayPal
I received nothing in the mail for LCRE. This was a total sham of a meeting. It seems the CEO of LCRE has failed in making this work if that was ever the intent. Their goal appears to be to do whatever it takes to sell shares to fund themselves regardless of delivering anything of value. I recall all those e-mails and blog responses telling us contrary persons to LCRE that we did not know what we were talking about and where are we today folks?
It should take less then a year to launch a product of this nature and instead of developing the product and doing the proper pricing research for the industry they were attempting become a part of it appears they wasted the money on other activities outside of product development. The opportunity here is gone, others are already capturing market share that could have been LCRE's if the CEO had managed the business properly.
Several reputable brokerage firms will not allow you to purchase this stock as it is considered less then reputable by their management. DO NOT TRUST ANYTHING FROM THIS COMPANY!!!!!
Before someone starts to say if they owe this much in taxes they must be making money. Some maybe, however, this tax liability is in all probability cumulative over several years. Probably one of the other reasons they are filing to reduce their state and Fed liabilities owed before actions are initiated against them to collect. We have only seen the State liability and not the Fed.
If investors have to make up things about ICOA that are not true to help it then we are in real trouble here.
In the top 100 Co's for delinquent taxes RI - help us out and let us know what it is we don't know please?
Here's proof - TAXES OWED - amazing as that is - and since they were not paying employees they were probably not paying Social Security and IRS components that are not visible here. State is typically less then Fed so what does this tell an investor about this company.
Investors making this up that ICOA is current on their taxes is outrageous and irresponsible with no proof.
WEBCENTER TECHNOLOGIES, INC
111 AIRPORT ROAD
WARWICK, RI 02886 $317,699.40 SALES/WITHHOLDING/EMPLOYER
http://www.tax.state.ri.us/misc/top100.php
Uh, no, ICOA is behind on their taxes - now we have investors making things up for ICOA to make them look good regardless of the facts - WOW! Whatever it takes, right?
This is dead - last update in Sept last year. Never received my order or did not hear from the company after sending them an e-mail and leaving them a message. Opened a dispute with PayPal for not receiving my order and since they have not responded to PayPal I now need to file a claim with them to get my money back. A ZERO in customer service and as a company. If these guys are still viable they are keeping it a secret.
Or it is being made to appear that way.
News this week and volume today = 0. Since they are not making any significant monies to cover salaries and expenses they need to be able to sell shares in order to make payments. I expect suspect PR's and information to start coming in a weak attempt to try and get us non-investors to invest in this. If that does not work I expect the AS to increase significantly into the billions again, PPS back to .0001 and the dilution machine to turn back on (if it is on already and just not working as no one is buying), until this ends. However, I think potential suck..., I mean investors will be warned and nature should take its course with this one. LCRE is exposed and investors are on to this. Someone has to pay the CEO's salary and expenses regardless of any measure for success. The party is over.
Funny! LOL
Disagree - however, we'll see.
I would not share personal e-mail with any suspect company or a person unless you are sure it is OK - I know one instance where a user is being sued by a company for posting negative comments (the person was right). However, this company wanted to sue multiple iHUB posters - however, I believe they could not get past iHUB to get their names without significant cost. So, since the CEO had the users' name and e-mail he is now doing a single lawsuit in an attempt to silence this one poster from posting. Violates anti-SLAPP laws and since that investment was a scam this person would be able to request company info for their defense to prove his statements. Now if you are a CEO scamming investors would you want to expose your books to the world? Even though this poster was right he is now being harassed by a vindictive CEO.
You never know and ICOA could do the same thing (but probably won't). However, when you see a company attempt to sue board posters you know it is a scam. No one wants to post negative information about a company unless there is something to it. Believe it or not, I do not enjoy it - I would rather be saying great things about ICOA.
Some of us are willing to take a loss to help other investors - hard to believe in this day and age. We also would rather this be a good investment and have nothing but good things to say - George and company are making that darn difficult at this time.
Yes, nothing unusual about those investors. They Will find out the hard way unfortunately - seen it and read about it happening too many times, myself included. One strategy I like is to sell enough shares to cover your buy in on the highs that way your cost exposure is reduced or made zero. May make less money, however, one will limit losses possibly down to zero and feel better about making high risk investments.
I forget - where do I pick my paycheck for posting here? :)
Hoping to me implies no clue - he is either on track and executing or this is not the investment we all originally thought it would turn out to be.
PS - Pink CEO's love die hard investors that will believe anything!
They are just die hard investors that will not believe any of the facts produced because they want the investment to succeed. Only until investors experience their first scam their tune changes dramatically and the con arguments end up being right in the end (unfortunately). Seen it before and expect to see it with newer investors. I think you may be able to get out at .0007 or maybe a little better if there is some reasonable news - let's hope.
Agreed, "Hoping for some news soon" just does not have the ring of having news soon or knowing what is going on. I am ICOA and we are advertising that great things are coming and the CEO is "Hoping for some news soon" versus we will have news soon, we will have some great news soon, etc. No dates of when we should have news and consistent disappointment in delivering meaningful results. This is etremely concerning to me. I certainly hope that "Hoping for some news soon" is George's way of saying good things are happening
soon - other then that not good.
I believe ICOA has been exposed and thought they would be able to string us along longer then they ended up being able to do. I certainly hope this is inaccurate and they do something to prove otherwise. Have to love the level of information technology today and being able to track activities better and share information then in the past. ICOA needs to deliver on something soon or the party is over.
Just looking at the current info available and calling it as I see it. I hope they come out with something that surprises us all. Just not holding my breath at the moment based on the information to date. It is up to ICOA to prove they are not a stock selling scheme.
They did not expect to be exposed as quickly as they were. If this is legit the PPS will take care of itself and move upward. If not, a lot of investors are being saved by not buying (except us of course). Waiting like the rest of you to see what they do.
Don't buy this or trust anything from LCRE unless it can be verified. A response from the IR or CEO or PR is not proof. Lessons learned the hard way.
Thanks - it just seemed that several people, including myself, were not fully understanding the lack of activity on CNEX nor the ability to buy or sell it.
Go ahead and read the complaint - DTC has a suspension on CNEX as a result of it which is why the stock is doing nothing at the moment.
There are previous posts on the board about the case. I posted this as I had not seen the DTC suspension notice for CNEX before.
Probably should sticky this link.
It's all tied to Wheeler complaint - just did not see the DTC cover page before.
Stumbled across this - has CNEX DTC suspension - not sure if someone else has posted this, I have not seen it. Another user posted this on another board. Just started looking at it.
http://www.dtcc.com/downloads/legal/imp_notices/2011/dtc/ope/0175-11.pdf
Zero volume on news says it all.....
Also, all stock sale information would be pertinent to the case as well and tracing how that money was utilized is key in this persons defense. I suspect it would not put LCRE and Jim in a good light if that is exposed. Also, if it were found there were any personal relationships for 504 sales would be another red flag. Again, this appears to me to be a personal vendetta and not business.
I suspect any financial info turned over would be unaudited and suspect. He would have to get personal checking account deposits for Jim and family then trace that info back to the company. With enough digging and analysis the faults could be uncovered. However, let's see if he truly exposed himself to this versus trying to intimidate a board poster who was right. He opens himself up for counter suit and damages as a lesson to other would be anti-SLAPP violators. His intent was made obvious in the initial lawsuit - to silence posters with negative comments about LCRE.
This seems like a personal vendetta rather then business and is not in the best interest of trying to build and run a successful company.
They are still after one guy who was right all along in exposing this as a pump and dump.
True, it is just harder for them now that they have established their reputation for taking care of investors (NOT!).
Agreed - unable to trust any PR from LCRE at this time based on history.
Blistering volume this morning!