Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Digimaster. Sorry I never did get with you offline like a was wanting to.. My tax concern was resolved I thought so there was no need anymore. I did not catch that you had given me your phone number until right now. Thanks. I will delete it. Crisis resolved. Lol.
Thanks. That would be helpful. I have no problem holding the rest fire 6 months if the first one I sell I get my money invested back. Then at least I am even. Lol. . Paper lion.. I emailed them and asked them. .that seemed to help.
Ok. I get that now. So when does one convert the rest of what they have?
Yes all true. What I don't understand is that means I have 73.4 shares of common? And if I convert even one of these shares at .02 then I will have made my money back? And if they are going to reverse to $2.5 and I can sell right away then I have $250K?
The conference call I heard was that there would be preferred issued from 1 to 5 shares total.
Ok. I got confirmation that I am goi
ng to get my new shares...However per the cc I understood that I would receive 1 preferred and it would convert to 100K common. Now I am being told that they are taking my original investment and dividing by $2.5. This they say gives me 734 preferred. And what I now don't understand is if this now is 734 x 100K shares? That would be 73.4 million.
I suppose it could be a contractual thing.
If there are no tax implications until they sell then the most they lose is the shares they just bought. The upside its the same gain as us.
Well yes I see that, but a big company could do it too.
For the purposes sorry darn auto spell
But the word was don't get greedy and is fire the purpose of rewarding the long shareholders then looking to rush in and claim a position is just that....So not to say that I want to do the same using say a friend but what is to stop me,?
In which I think is cool. This sounds like a slick way to reward the long investors. Why then does this not become the norm? Why do all companies not do this?
I agree with you, but that it its not what jay said on the call.
Thus is exactly what jay said not to do. To buy.
Digimaster I know your at work and I know we discussed privately a method to talk. But if you are at work and have the ability and time to respond to people here, I was certainly hoping to talk to you before our discussed time...please respond privately as to how I can reach you sooner. Time is of the essence and I need to understand. I assume your phone number and you then will have mine. Thanks.
Got your message. Will be this evening.
Now I am really confused. Lol. I do not remember someone introducing the callers. I was part of the entire meeting. If you could reply privately to me since I apparently cannot I would like to discuss my concerns with someone here without sounding like I am repeating myself or asking the same stupid questions. Or bashing or rah rahing this. As I said I have never posted before. Ever. But this could have serious consequences if I have (we) have it wrong.
Digimaster are you one of the people who was in charge of the meeting yesterday? If yes which one?
Thanks all you are right. I am asking the same things and yes perhaps I am not listening. Forgive me for that. I want as every one else to get my money back. There is certainly a fear going across the threshold. I had never posted before yesterday. On any board. So I was surprised that my handle was no doubt. Lol. I probably should change it.. Lol. I just continue to fall back to the question of why this is not standard practice for all companies?
I am not sure the question.
This then is sounding more and more fishy. If this was this easy then why wouldn't all companies right before failure do this and reward the loyal investors.
But the big boys got theirs out first. That seems like the real reason they are willing to do this.
Right I agree. And if it falls like a rock and one cannot sell for that price and the IRS is reported to that I am given a gift worth $250K that I an subject to taxation on then I am in trouble if I cannot even cover because the value fell so fast that even the new price is worthless.
Actually I want cash. .then I can pay the taxes and buy the vacation form the cash. The car is also an unrealized gain since I can't use it.
Sorry...darn auto spell... for the vacation...not got the vacation.
I agree that it makes no sense but that it's not what they said, plus they will know the value. If I heard it right when they do the reverse split they will force the new price to be $2.5 per share. That way they can uplist. Once again if I am crippled and cannot drive but I win a car I am still subject to a tax. I wanted a trip to the Bahamas...lol. But I got a car. I have to sell the car, pay the taxes and hope there is enough left got the vacation.
What if a person was to give you a gift worth more than what is allowed. I believe the value can't be worth more than $13K. .It is not cash. You are still subject to a tax even if you cannot sell it. It would be like going on a game show and winning a car. If if I can't drive so I personally don't directly benefit. But I still owe taxes. I really am happy with this outcome as long as I at least get my money back. But if I owe yet even more to the IRS. A substantial amount that is. And I cannot even sell those shares for the tax burden then I lose twice.
That is what I thought too. But unless I missed something that is not the way they explained it. They declared that I am taxed on what I receive from them at a tax rate of the value of $250k.
I once again am very very concerned with the potential of holding the bag on showing a gain of $250K of which I cannot sell for that but the tax man says I owe taxes on. This thing would not have to raise up all that far for me to break even. Why do these guys really want to do this for me?
There is an old saying. If it sounds to good to be true....
I agree as long as I can sell them to cover my tax and get my original money back. But if I cannot sell and I am faced with a tax burden then much bigger problems.
I agree as long as I can sell them to cover my tax and get my original money back. But if I cannot sell and I am faced with a tax burden then much bigger problems.
I am still very confused about the tax implications...Before I even turn in my info...if I receive this one share am I subject to a tax on an income of $250K? What if at the very first chance of being able to sell it is not worth anything close to that? What if I cannot sell it until 2014?
Sebass! Good Job! I could not agree with you more. I am buying more! Just let the stock come right on down!
Your note about the propulsion systems brings up some issues that I had not thought of before. I am a structures engineer myself and was impressed about the structure underneath. But if those big fans that were laying on the floor were what was to be mounted on the strattelite, then there was no support for them. Nothing that I saw shows a mounting location these. Perhaps because it is a prototype then they were never to be installed.
Huff came over to us on the side and explained where Vern was at. He claimed that personal things in his life caused him to move on. To me that meant that he was forced to leave because of his posts to this website that told his story. In his post he said that he hopes that he did not get in trouble. Well apparently he did. I would like to see a new post from him but perhaps he has been told to remain quiet. Or perhaps Huff was telling the truth. I too was impressed and darned happy that the thing was not compete. Otherwise I could not see the structure beneath the skin. Also if their new plan is to ship to Edwards vs fly then why fully complete just to dissasemble.