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Going to try to talk to Dan some time tomorrow or over the weekend to see where we are in the line of thinking on the plans for bringing WSTI into compliance.
There are now 21 coins available in four 5 coin faucets and the UK 1 coin, all posted on the blog page.
WSTI BLOG
Stay tuned as IHUB/ADFN are working to bring a Brazilian crypto to their base in Brazil,there might be faucets there as well as the project gets further along not sure how they will work that if other sites will be able to participate. It is being mined, and 30% of Brazil is unbanked.
This also makes WSTI blockchain energy projects potentially valuable in South America where at one time we had a lot of potential business.
But right now the focus has to be on 1- fixing the filings..
When the 10 day suspension ends the stock might trade on the greys for a while until the formal revocation of the ticker occurs. From my understanding there will be no bid/ask shown, no market makers and just matched trades only (no solicited trades).
In one grey I own only the last trade is shown,which is often dated due to scarcity of trading, however that might be different in a case with many shares like we have etc.
We should see a bit of what might happen with UOIP comes off 10 days and trades greys since that was suspended before WSTI by a few days..
Lucky is correct, everything I have from all sources is that that is the way to go. It is not easy but can be done. The key is , will Haiti start and throw money our way, or will an investor pop for big money or both etc.
Really this comes down to money.. and if the business plan makes sense and the jobs really happen.
Dan is working on something and will return in a few days. Ill try to ask him when he gets back about the plan. Whatever happens is up to him. But once he decides on what he is doing I am 100% helping all I can (especially after Oct 15th when my deadline is done)
Thanks A27
I added it along with some notes onto the WSTI blog page
WSTI page
Guess we are overdue for another one then? 99% of the companies suspended have had nothing for years. If these contracts are real something will happen.
We have two ways of coming out.
1- is to accept the revocation, use funds from contracts (or a large investor if it happens first) and get the 2 years audited financials and finra approved market maker or..
2- Do a stock swap with ImpactPPA let the old problems die in WSTI and have ImpactPPA with a clean balance sheet assume all the business. Since WSTI's market cap was 2 million or less when suspended , it is easy to see how that can work out to much higher values as well.
In the coming days we should find out what Dan's thoughts on everything are and what the attorney/attorneys say. The most important thing is so far he has expressed he wants to preserve the WSTI positions but we need to know the plan of how to do so.
New Info and New Faucets:
I posted a note on the WSTI blog and posted the new faucets for plusone coins at the bottom as well
WSTI Blog and Faucet links
I am sure at some point we will hear from Dan on his plan. As far as I know he has one more investment group to meet with that might help here. That is happening in the next day or two. Also he is fully committed to preserving the WSTI shareholder interests as he, family and friends are deeply involved like we are.
I am sure he will express this himself at sometime soon, or he should at least.
The other math is that with no faucets buying coins on the exchange, there is less demand to prop up the price.
So unless something else is sprouting we might be in for price declines.
Latest update -Will Smith is back..
I Aint Heard No Fat Lady
Dan back and on this, two different plans being considered. Just initial talking now.
hang tight! Better times ahead ...
This is just my opinion but I think Dan knew what he had to do and was trying really hard to raise the money needed. The Crypto dump took a lot of people by surprise.
But here is what I went through with a few shareholders in talks..
Say you think of everyone you know, friends, relatives, work buddies etc..
Now you ask yourself how many of them are people with over 1 million in net worth not including their residence or have 200k a year in income.
Say you start with 200 people. Maybe you might have 10? 20? left at most? Depends on your circles I guess.
Now you narrow down to those people in that group, which might tend to be older and have saved money over many years , to those that even know what a security token is... You might come up with almost no one.
That is what the problem was raising crypto money. All the people that were rich in crypto were feeling poor and many older , wealthier people sorta got it but dont jump with money for new ideas they do not fully understand
So that left a very narrow band of big players out there any one of which could have funded the whole thing and we had one or a few on the line but nothing yet.
This are just my thoughts, I figure we have nothing to lose at this point just tossing ideas out..
Good question...
Rough estimates.. (adjusted for the current funk we have rounded up)
Filings 250-300k
Court case 350k (might be able to be settled now)
Convertible debt (estimated 1.5 -1.7 million) can probably be settled for 30 to 50 cents on the dollar , especially now, maybe lower
Those are the major things. When I ran things by Dan a while ago somewhere around 5 million is needed to fully clean everything up and be basically debt free and have some capital.
No one ever does anything creative or really cares about common stockholders but there might be another option with ImpactPPA if Dan really cared enough to try it, especially if he owns a lot of stock in WSTI. Do some kind of stock swap let the old shell die and buy us in to ImpactPPA then go public there. Maybe as incentive a money raise plus warrants as well. Get that 500k for India, allow Haiti to build and let old debts and problems die and still have life. After all our market cap at the time of the suspension was under 2 million. Say stockholders other than Dan owned 50% of the company (guess) carving out Impact stock and tokens perhaps and warrants and cash raise (for his benefit) would make Impact the high market cap stock we hoped WSTI would be which we would own a piece of totally clean company.
We still have options here but none are easy.
The legal case does not prevent filings. Companies have legal cases all the time and do filings, entire sections are often dedicated to ongoing litigation. But any re-working should include just paying that off to get rid of it.
As for Dan, he had a 15 hour flight back from Singapore so I am sure he will reach out when he can. I messaged him right before his flight .
Just so everyone knows there are no magic rabbit out of the hat tricks here, whatever lies ahead is not going to be easy.
A27 with 1 dollar from each of your cousins we could do this ;)
It all boiled down to money...
Before May of this year none of us really knew what was going on or had much hope for WSTI. Many of the core group here had been in the stock since 2015 or earlier many paid .0001 , some had held shares from higher prices earlier before the convertible debt crashed things.
Then May came along, the stock woke up due to the chance ImpactPPA offered WSTI to get rolling.
But it all goes back a bit further. Dan started ImpactPPA in 2017, crypto was hot, Bitcoin ran to 19k . A Forbes article we found later showed Dan was trying to raise 50 million. Why not, another energy crypto raised triple that and people were throwing funny money around.
Problem is it took too long to get rolling, Crypto crashed and burned, and all the people with the air money felt a bit deflated. All the crypto guys were beaten up and no one was tossing money around. But, the potential for blockchain seemed to be universally accepted as being huge so Dan stuck with it.
The Blockchain angle gave Dan what he likes to call a "payment rail" to try to launch these big deals. India hit, other stuff was in the works and it was down to raising the money which I believe he felt he would get (at least 10-20 million etc)..
That is why he said "soon" "shortly" when we asked about a WSTI update. He needed the cash to fund the restructuring, do the filing etc..
The problem is, and hindsight is 20-20 of course is that when he had that rough time, he should have pivoted and put everything into the filings. Some of us came to that conclusion pretty quickly when we started talking to people. "Some" means me, other shareholders large and small, potential investors etc.
No one understood the crypto angle for investing their money. Dan has it set up right, and well but as I said to him myself, he was ahead of the curve looking for money from beaten up investors.
The other problem was the path involved accredited investors only, and then that was further narrowed to accredited investors who understood and got that the security token market would be a "thing" at some point (like maybe next year).
What made much more sense to people was stock/equity, a restructuring pegged to cleaning up filings first, then negotiating convertible debt etc. Everyone here knows what happens to the stock in that situation.
I posted here , we should just sell a billion shares and raise 500k ourselves. It was certainly possible. But even that 500k would not be enough. It would be enough to get filings done and maybe toss some on the India deal but then we still had the convertible issue.
In any case, since the crypto raise seemed DOA I came up with the plan I posted to the blog and it was run by everyone. No negatives out of everyone including securities attorneys. Just wish we got started on that in May/June or we would not be here now.
In any case that is how we got here. Not enough money and ran out of time. As best we can tell from the white paper for ImpactPPA the nearest money would be Haiti project starting Nov/Dec. with India completion possibly after that provided some working capital.
Dan has raised some money but it was not enough to do what we needed (money raised for ImpactPPA etc).
I think what Renee posted is the the same as what I stated earlier. The best bet is to come up with a plan, allow the revocation (which as best I can tell they cannot stop anyway) make a plan to get the filings current re-register with a new form 10 and get the market maker lined up.
But first this thing has to be re-thought from top to bottom and we need to know exactly where Dan is coming from.
I am all for the imparting of knowledge.
Thanks for the information and background.
Many of us have been here since this was a reporting ticker, and in some but not all cases with a minimal investment commensurate with the risks involved. The stock was then trading at .0001 and essentially a binary play.
Securities Attorney Brenda Hamilton posted this information..
"When a stock is suspended, after four sessions without published quotations it will be demoted to the Grey Market. Once the suspension ends, limited or “unsolicited” trading can occur in these Grey stocks. Investors may trade, but at their own risk. Typically, a brand new Grey loses 60% to 80% of its value the first day out; within a few weeks, volume declines dramatically."
So I guess the next question is. What happens from Grey market to Revocation of the actual ticker. Is there a time frame? A legal process? A series of events what makes that happen?
Just a quick question for you, you keep mentioning "call" your broker. Do you have to make a call? I think you can just place an order online or on the app or do you have to call to get an idea of what the orders are to match up? On my grey I just place orders, sometimes they happen, sometimes they dont etc..
Make no mistake this is not an easy road but after the suspension the stock will trade on the greys. Everything gets more complicated but as was pointed out we are a bit different than many of the stocks that got tossed to the greys..
I own a grey stock already but it is a grey market US listing of a Canadian company. It ran from 15 cents to 49 cents after a reverse split, sold half at 42 it went down to 15-20 cents raised 12 million bucks and then halted for a pot merger and will uplist to the CSE. All I see on grey market is a last trade when one happens which is not often (and none since the Canadian side halt) . In Canada they halt for months, one has been halted for a year , it is crazy..
In any case, given all the shares we have outstanding, we should see some trading, albeit at reduced prices. My understanding is it will be matched trading only with no market makers evening share orders out.
The one potential plus here to a deal is possibly more leverage with settlements and convertible note holders.
Do not get overly optimistic though this is tough. There might be few options.
Once again RSH is correct. Certain things like filings are fixable. But getting the market maker on board might be hard but also we really need something to hatch revenue wise to have the complete picture.
So right now in addition to waiting we have a pretty big hurdle to overcome. I am not being negative just realistic.
I am not saying that at all.
I am not a legal expert I am just posting what I found when I researched.
The fact is it is very difficult to get re-listed once revoked though. The 10 day window is not enough time to get filings current and most excuses are not accepted. It is possible there are things we do not know, I do not know etc...
From what I read the SEC recommended scenario is if you cannot get anything done in the 10 days they give to let the revocation happen, then get 2 years audited statements done and a market maker to pick up the stock and get accepted by FINRA. Those things take time but no one said 2 years. Statements might take 2-3 months, but you need the money to do it. Money comes November maybe Haiti? Then maybe India after that (per white paper).
When I came to the board and said we should just raise the money for the filings and India finish ourselves it was probably the right answer. Could have easily raised that. The post was something like can we sell a billion shares ...
But didnt get anyone on the same page right away. But the plan I posted to my blog was run by key people including Dan, the securities attorneys and clients of mine and it was ok with everyone and then this happened which makes everything harder. Most of all RSH loved it, and he hates everything ;) LOL (sorry Robert j/k)
The focus here should have been on the filings. But a year ago Dan would have raised 50 million like nothing but crypto crashed, just did not pivot quick enough. Another energy crypto raised 150 million.
When this goes grey market Ill try to do some buying to see where we are.. (if anywhere)
The important part of what I posted this morning are these things..
"Delinquent filers are SEC-registered companies that have failed to submit required annual and quarterly financial reports. Usually the agency sends delinquency notices before taking action; if they are ignored, trading in the company's stock may be suspended without notice. At the same time, the SEC will initiate an administrative proceeding to revoke registration. The company will be served with a letter informing it that it has ten days in which to make some kind of case for its failure to file. If it does not do so, registration will be revoked by default.
What the company does only matters if it hopes to resume trading one day. Several recent cases suggest the SEC is now recommending that issuers who want to make things right should accept revocation, and then get two years of audited filings in order and file a new Form 10. That has the advantage of relieving the company from the obligation to catch up with dozens of old financial reports, which might prove an impossible task, but it has the disadvantage of leaving shareholders in the lurch for as long as it takes to get the filings in, find a sponsoring market maker, and get a Form 211 approved by FINRA. The company may have problems raising money in the interim as well. One issuer that chose this path was Superior Oil & Gas (SIOR), which was suspended on 25 January 2013. Though it initially announced the process could be completed quickly, to date it has filed no Form 10, and has ceased public communication with its investors.
Once registration has been revoked, the stock's ticker will be deleted. Shareholders will still be shareholders, but in a private company. Their stock will be extremely illiquid, and its value will be difficult to determine, as there is no public market for it."
So what this means is that there are 10 days to make the case to avoid revocation. If financials were in process already and revenues already coming in. However it looks like the best hope is the 2 years of financials a new form 10 and the form 211.
I plan to try to talk to Dan this weekend. He is on the flight back now and like some of you messaged me as well. Not sure of any options but I read all I could find and there do not seem to be many paths unless there is something we do not know.
Once the suspension is lifted there will be no quotation of the stock but there still might be trading (albeit at much lower prices). I am in a grey stock now (US stock grey of a Canadian company) and all I see are last trades when they happen). So maybe we will see that.
Actually WSTI had not done it before. WSTI was never halted that we could find and no SEC action was taken before. The company responded to this directly in a letter to shareholders a few years ago and evidence is seen by the trading not ending during that period (objective evidence).
The bottom line here is that in May Dan believed he would quickly raise the money through ImpactPPA to fix the WSTI issues. It did not happen. Everything else is real. While it is doubtful that anyone had a hand in pushing this suspension it is at least possible, but there are no indications management wanted it to happen.
What is correct info is that is is indeed very difficult to come out of this pickle. But usually most companies that get suspended do not have active operations or big contracts that can fix things. But even so it is still very difficult.
It sucks . As soon as we hear something more we can talk about it but right now as far as we know the company is operating and everything else is still on the table. Might take some time though.
" Several recent cases suggest the SEC is now recommending that issuers who want to make things right should accept revocation, and then get two years of audited filings in order and file a new Form 10. That has the advantage of relieving the company from the obligation to catch up with dozens of old financial reports, which might prove an impossible task, but it has the disadvantage of leaving shareholders in the lurch for as long as it takes to get the filings in, find a sponsoring market maker, and get a Form 211 approved by FINRA."
Sec Suspended my stock now what
Good digging guys!
Vixer, Sutt, A27~
On the timeline in the white paper that looks good. Haiti (CCSA) is one of our potential avenues to get things moving and it looks like the timelines are stacking up so that Haiti starts, India gets whatever it needs to move forward.
Even the attorney withdrawal buys some time til Late Nov I believe.
Very good work by everyone.
Since no one can short this no winner there . if you look the 4 buys couldn't flip at 5. Then the 3s couldn't flip at 4 they washed out and are trying for 2s but not many being sold. I think they just upset from being washed out
They will have quite a bit of info there to chew on from many sources.
Lets see what happens in the next few days ok?
It has been almost 2 months since the last prediction of shut down by August 1.
This seems to come up every few weeks or so but time will tell wont it?
7 cent trade on the 2s is all there was to be had today 350 shares.
Everything else is at 3, nothing trading on the 2s
Stock was never halted back then and company responded that there were no proceedings from the SEC at all. Proof is , you can check yourself it is all out there to find
I am no expert for sure but I like the idea of the community faucet. The idea has been around since the early days of Bitcoin and helps foster the idea of community behind a coin. I know it is not a lot of coin but years ago those bitcoin faucets made a lot of people some money. People with a lot of coins often donated to spread interest etc.
I do not think IHUB takes any percentage from coin donations. And it is just circular money going around to other users. I got a bunch of people interested in the Plus1 coin and I am always happy to see when most make donations like I do.
By the way for the first time since I have been clicking on the community faucet I got a 1 coin bounty! I have had a few tens and .1s but actually never had a 1 coiner til today!
Let us hope a few new faucets pop up! looks like the 5 coiner is spent already... before my second pull as well :(
Just wanted to comment on the valuation part of your comment.
I always use as a starting part our previous high market cap valuation of around 160 million which when converted over current shares outstanding is about .035 . But that is just a landing point where we should be once the problems are fixed.
The potential over time is obviously a lot more depending on the structure of things going forward. One could easily argue much higher valuations of double, triple that or higher but we need to get to that first point which would trigger from just the most basic things like filings and taking out the convertibles.
Ill message you. Thanks for your efforts!!
Dan, Ill shoot you an email over the next day or so to fill you in on what I mentioned on the blog page (and feel free to call me anytime).
I appreciate the words of caution, always good to have all the facts. Thanks so much !!!
The good news though is we are in fact NOT an empty shell, nor are we related to any other tickers owned by the same CEO or any relatives that have empty shells or who have been shut down.
SEC focuses on empty shells because they are used for fake press release scams and twitter CEOs etc... And they also focus on tickers related to known bad guys who ran other problem tickers
And some other good news from the Delinquent Filers board
"The SEC only suspends a delinquent SEC Registrant Filer when the company has not satisfactorily responded to correspondence sent by the SEC to the delinquent Filer, or when the SEC has been unable to contact the company. "
Seeing that the company was in touch with the SEC this year and is reachable that really helps with things.
It was just news. Everyone here knows this is a long term story.
But ya know what could have been real damaging to shareholders interests was that letter someone posted a few weeks back that they wrote to the SEC. Going to follow up on that and see how things are going. It is possible that was not real though but I will check on it and make sure to post out what I find.
It seems like the trading patterns have changed here.... there is a new wind blowing...
We have been bidless before, then ran to 28 ticks.
What are those tankers loading lately? Anything good?
Best of luck !
Ironically my idea to "raise the money ourselves" was/is not the stupidest thing.
Last year in 2017 an energy blockchain company raised 150 million like it was nothing. Dan was psyched to get his Impactppa rolling, seeking 40-50 million. Figured he could bag it. But then crypto tanked, bitcoin lost 75% of its value and the money raise became harder because all the coin folks felt a bit poor with their fluff money.
But here, not even knowing any of this existed we have figured out that it does not really take all that much money to fix this. Ideally 4-5 million maybe, but plans for less can be done.
So think about that few million dollars.
Money pops into WSTI , first announcement filings being worked on, second India is done, third convertible debts are resolved.
Instead of having a market cap of 1-2 million the company could be 160 million market cap and nearly debt free with a billion in potential business.
It is almost a no brainer. The investment itself triggers an incredible increase in value because it cleans up everything that is holding it back. I have never seen a situation where I was so positive on the outcome if the money came in to fix it because we all know the deal 100%.
To be safe and minimize risk it would have to be in tranches. First to complete the filings, second to settle the convertible debts/pay off. Third for some capital to finish India or vice versa.
The interesting thing is if the filings get current and India is started and money is flowing and the stock goes up enough to convertibles dont hatch nearly as much stock and it might even be able to be done without paying them off.
Example if the stock got to 2 cents and the conversion was at 50% of the trailing market or 1 penny 2 million in convertible debt (it is most likely somewhat less than that now) would only be about 200 million shares. A lot but peanuts in relations to the OS and the interest we would have here.
Well that is very true. The part we did not know which became apparent later is that WSTI hatched on its own due to the ImpactPPA word that something might happen. At the time Dan felt the money raise would be a lot easier given the potential and figured a few months was all that was needed before he could follow up... (hence the "soon" "shortly")
But unknown to me at the time was the fact that 2 larger IHUB guys bought 300 million shares and then sent alerts and messages to everyone they knew. This is what caused the bigger pop we got off of the 2/3/4 range where we probably should have stayed until news followed up. Those people sold starting the downturn and we bobbed and weaved a bit. Those were just 2 people we know about there could have been a few others but basically that is the story. Then of course you add in the churners flippers warning posters that show up once volume and interest is high .
So we sit here , as RSH has pointed out many times, essentially in the same position as we wait. But as compared to when we ran earlier there are actually more avenues for funding any one of which can happen. At first we knew only about India and the ImpactPPA money raise efforts. Now there is India a bit closer, Haiti which looks good for a few months from now, Impactppa still out there raising funds and some other ideas tossing around.
I have purposely kept friends out since the .0001 days. Of course if they knew then they could experience the same wonderful feeling of seeing something shoot up then go down LOL, or perhaps got in late and at a higher level and been down. I figure if it works out I can help people out on my own. Once we get filings/money, different story though...
Well if you take a step back for a minute... we have had photos from India, NY, Jamaica/CCSA, Half Moon Bay, Korea and a press release all in the last month or two. We get posts from ImpactPPA every week if not more often. Dan stopped on the board as well.
Compare that to other companies, oddly we actually have quite a bit compared to "we are selling meat and disney juice boxes in the middle east" type stuff.
I think we just let Dan try his best and for those so inclined bring things that help to the table. I do not blow up Dan's messages or call him unless he wants to talk about ideas/suggestions and asks first. There is nothing he can really say until the issue discussed in the official press release are closer to being resolved. He has his plan, has been open to suggestions/ideas/ different thoughts. He is responsive and working hard. I could not ask for more in a CEO.
Put some new notes on the blog page.. including my idea on how to help get this rolling.
Also . the faucets for plusone coins are pretty dry for now but there should be new ones shortly and ill update when they come. Currently we just have the UK faucet.
Good post buddy!
All we need is each of your cousins to contribute 1 dollar and we got it made ;) LOL j/k of course!
I occasionally get tired from being overworked but never really get burned out from spreading positive stuff. It is just that as you know whenever we gain a bit of traction we get all those SEC warnings and dilution posts and the people that added a bit from feeling good about things get nervous from all that so it just contributes to the cycle of nonsense and bad feelings.
So we work behind the scenes let Dan do his thing and stock will take care if itself over time.
No one ever knows for sure but there certainly wont be a lack of effort in our case. You can see all that Dan is doing .
Thanks for the posts Truthfairy! Great info!
Love that Haiti picture :)
I think the press release put out officially by the company pretty much answers these questions.
The company intends to get filings current but needs sources of funds. Dan travels to get investor interest in ImpactPPA and also travels to get contracts closed, as mentioned in the letter both are sources of funds for what WSTI needs.
India, Haiti through the CCSA and investor interest are probably the things we have closest now. When something happens I am sure we will hear about it. Until then we limp along in slow mode. There really is not much more to know at this point.
Until my work deadlines are over my time here is focused on introducing any parties that might be able to help with the needs above. Other shareholders have done the same thing.
My own personal opinion is that with global climate change worries being higher than ever, gas and oil prices being high and so many larger projects in the works and the effort being made to get something done, the chances that something positive will happen outweigh the the chance of failure. But there are no guarantees in anything and timing is anyone's guess and people need to make their own decisions.
I disagree, I personally think it is just some traders getting flushed out of losing positions hoping to double up a bit lower.
4s got accumulated and could not be sold, then 3s did hoping for 4s. But volume dried up. Each time the purchase was made the same amount of shares was added to the ask. Did you take a look at this ? Wonder what you think?
Looks like the formerly successful trades do not seem to be working anymore only a matter of time now until a different pattern develops
If you look they seemed to have just kept trying but had no luck lately... volume really dried up no money to made with that old strategy IMO