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Wow! From a split adjusted $40+ on the day of your post to a split adjusted $1.34 yesterday. Selling was definitely in folks' best interest.
There is just no end to shareholder dilution.
https://www.sec.gov/Archives/edgar/data/1435064/000149315220003012/form8-k.htm
Cemtrex investors better pray Saagar has another promoter lined up when SmallCapFirm stops pumping.
https://smallcapfirm.com/disclosure/
Yep. Smart traders can make money. Most traders would be better off putting money into ETF's or mutual funds and spending the time with their families.
Actually, too many instances of shenanigans have been documented on this board and elsewhere over the years for anyone who does the slightest bit of due diligence to believe Cemtrex is anything but a scam. One or two "irregularities" might be explained away by coincidence, but there is a clear, repetitive pattern of fraud by the Govils. That isn't opinion. That's a verifiable fact.
Traders are all over this today, and I'm sure the Govils will profit from the pump and dump. Those poor saps who believe Cemtrex is a legitimate company will probably ride it into the dirt dreaming of riches. That's too bad because they could at least get some of their money back on a day like today and invest it in something that isn't a scam.
What I’m getting at is that anyone who has followed Cemtrex for any length of time knows it is a scam. The October press release is just one instance out of many, many instances when management has been less than transparent. Sure, one instance might be ascribed to carelessness in putting out the information in the pr; however, when this is SOP in everything the company says and does, there should be no doubt the Govils are deliberately hiding the truth from investors. For instance, the pr said there were new orders worth $1.5M that were driven primarily by a large government agency customer responsible for US border security. The Department of Homeland Security is responsible for border security. There is nothing in the government database to back up what the company claims in the pr. I found no government orders for either Vicon Industries or Silent Guard anywhere near the time of the October pr that would align with the information in the pr; however, con men are skilled at lying. After all, it is the main tool of their trade. Cemtrex purchased Vicon in March of 2018 and I noticed when I fact checked the pr in October that there were sales by Vicon to the Department of Homeland Security in May, July, and September of 2018 totaling $29,315.00. I wouldn’t consider those new orders, but a career criminal certainly wouldn’t let that discrepancy stand in the way of a good lie. With that in mind, here is a scenario in which Saagar could claim the pr was truthful and in no way meant to deceive. The pr said the orders were driven primarily by a large government customer so let’s say the $29,315.00 in sales to Homeland Security in 2018 were the largest sales to a single customer from the $1.5M in “new” orders. Now let’s add a hundred or so lesser sales that Vicon has had to various companies in the past year to get to the $1.5M figure, and Saagar can claim the October pr was “technically” true. It’s just that anything he says never seems to turn out exactly as he says. He could fix that by being more transparent, but nothing ruins a good scam faster than transparency.
I believe it was fbo.gov. I haven't looked since the October press release. If that isn't where the orders are listed, it should at least lead you to it. I'll be offline for awhile. Will check back later.
Yes, but I've found no orders between Silent Guard and the government that would align with the information Saagar posted in the October press release either. In mentioning the government customer responsible for border security, I think it's clear he was trying to imply a substantial sale to the Department of Homeland Security. There is no information that backs up a substantial order by the government with Vicon or anyone selling its products
Okay, I should have said post a link to the order Cemtrex (via Vicon) signed with the government. The point is Vicon has had a contract or contracts for decades to sell to the government. Those sales, with the dollar amount of the order, can be found. I've found no order that aligns with the information Saagar posted in the October press release, and the only sales I've found by Vicon to the Department of Homeland Security occurred before Cemtrex bought Vicon.
That link is meaningless. It's an Indefinite Delivery, Indefinite Quantity contract that doesn't show any sale Cemtrex has made to the government. Saagar tried to imply a $1.5M contract with the Department of Homeland Security in an October press release. Where is the link to that contract?
That's some great due diligence. Post a link to the contract Cemtrex signed with the government.
Trading and investing are two different things. I don't have a problem with traders who are smart enough to trade a scam for profits. I just love to expose criminals like the Govils who defraud investors.
And good luck to you. Take a second mortgage on the house, buy huge quantities of CETX, and hold long term. You'll get rich if you don't lose your shirt.
Yep. Don't get caught watching the paint dry.
Due diligence also tells investors that the SEC requires Cemtrex to state in its earnings reports that a material weakness exists in its internal controls and procedures such that investors should not rely on the company's financial reporting. That's another fact that anyone who cares to find can find.
I guess the fact that it can be proven Cemtrex lies to its shareholders means nothing. Absolutely nothing.
I noticed one of the dimwits over on stocktwits.com claiming Cemtrex has contracts with the government for border security. That's the lie that Saagar put out in a press release awhile back. The dupes don't seem to understand that the government lists all the contracts it awards, and Cemtrex is nowhere to be seen on that list. Anyone who cares to do due diligence can affirm that fact. Unfortunately, most penny stock investors are just too lazy to bother.
Here are some disturbing lines from yesterday’s 10-Q:
Our CEO and our CFO have evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2019. Based on their evaluation, our management has concluded that as of December 31, 2019 there is a material weakness in our internal control over financial reporting. The material weakness relates to the Company lacking sufficient accounting personnel.
While there was no change in the Company’s internal control over financial reporting during the Company’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting, the Company is taking steps to improve its internal controls by obtaining additional accounting personnel.
Now, what is particularly disturbing about these lines is that every previous 10-Q since the 10-K filed in January of 2019 has also stated that “the Company is taking steps to improve its internal controls by obtaining additional accounting personnel”. In fact, each of those 10-Q’s has gone so far as to assure investors that “the Board of Directors has assigned a priority to the short-term and long-term improvement of our internal control over financial reporting.”. Of course, the Board didn’t say it was a high priority; and, obviously, it isn’t since Cemtrex has used money to buyback preferred stock and purchase buildings it had been leasing rather than hire the needed accounting personnel. So, the SEC is still forcing the company to inform investors that they cannot rely on its financial reporting because internal controls and procedures are “NOT effective”. For a legitimate company, there really wouldn’t be a higher priority than correcting this material weakness. For Cemtrex, the scam doesn’t work if it has to report the numbers that prove its intent is to defraud investors.
Unless the SEC finally fulfills its mission of protecting investors, we'll never know how the Govil crime family cooks its books; however, there has always been lots of shuffling among its various criminal enterprises. I wouldn’t be surprised to find that much of the revenue reported today in the Advanced Technologies segment is actually money that Cemtrex slid over from Griffin Filters. After all, the company never filed the required 8-K with the SEC showing the Asset Purchase Agreement that it had pr’ed for sale of Griffin Filters to Ducon Technologies for $550,000. That sale price was suspiciously low considering the numbers Cemtrex had always reported for Griffin Filters so the Govils could have used the “good” numbers from Griffin to prop up the Advanced Technologies segment while doing a shady transfer of Griffin’s “bad” numbers to Ducon. Of course, daddy and son are probably going to have to buy some more companies soon to keep the voodoo they do going. At least, it’s nice to see some smart traders making money off this scam; but it’s too bad that the dupes who actually believe in Cemtrex are being defrauded.
looking good.
Management stated in the last 10-K that there was no change in the company’s internal control over financial reporting that would materially affect said internal control over financial reporting. Management then went on to state disclosure controls and procedures were NOT effective. How are things “looking good” when the company is forced to admit that investors should not rely on what it reports to the SEC?
So sad. Common shareholders continue to suffer dilution at the hands of Cemtrex management. This really exposes the share buyback announcement for the farce that it was, also.
Yesterday, I noticed one dimwit on stocktwits.com who bought in over $3 and was still holding. The only people who should be buying or selling CETX are smart traders. It never fails to amaze me when the dupes who do absolutely no due diligence wonder why they get crushed. Of course, they always blame the shorts whose trades, btw, are totally above board and legal rather than the con men who run these scams with the purpose of stealing the dupes' money.
And this from the 424B5 Cemtrex filed today with the SEC:
We are offering 500,000 shares of our common stock to an accredited investor pursuant to this prospectus supplement and the accompanying prospectus at an offering price of $1.50 per share.
https://www.sec.gov/Archives/edgar/data/1435064/000149315220000979/form424b5.htm
Suffice to say, it seems rather odd when a company struggling to cover its capital needs and a proven pattern of dilution announces a share buyback, particularly when its 10-K explicitly states its intentions to raise additional capital. Frankly speaking, I do not expect the company to make use of the authorization anytime soon if ever. My firm expectation is for the company to seize the current opportunity and actually raise additional equity.
https://seekingalpha.com/article/4317487-cemtrex-dilution-much-likely-buybacks-get-short?dr=1&utm_medium=email&utm_source=seeking_alpha
This isn’t the first time Cemtrex has used the buyback ploy.
In a press release issued on June 22, 2016 Cemtrex Inc. (“Cemtrex” the “Company”) announced that its Board of Directors has approved a new share repurchase authorization for the Company’s common stock, under which the Company may repurchase up to one million of its outstanding shares over the next twelve months, depending on market conditions.
https://www.sec.gov/Archives/edgar/data/1435064/000114420416109289/v442757_8k.htm
Nothing came of the buyback then. Nothing will come of it now. I haven't visited stocktwits.com yet today, but it wouldn't surprise me to find some of the dimtwits there calling the Seeking Alpha article 'fake news' or some other such nonsense.
Averaged up with another 30k shorted at 3.40 for an avg of 2.94 on 60k.
You are going to do well. Congrats.
If things go as they did last quarter, it will trade pretty good through Friday then start sliding next week as traders bail.
If I'm reading this right they are buying back more than half their outstanding shares
They used this ploy in the past. They announced a buyback, but nothing ever came of it. It was just a tool they used to keep the suckers interested. Further proof this scam is manipulated isn't necessary, but Saagar provides it anyway. The stock ended the day up 54% on 51M shares, but the two hours following the close saw it rise another 80% on a mere 2M shares. Only an idiot would be blind to that manipulation.
I glanced through the 10-K and immediately spotted an example of how the Govils are laundering company money and moving it into their pockets. They set up six subsidiaries in 2018 alone for that purpose. One is located in Southampton, England, and pays more than a million dollars a year to lease 9400 square feet. That is a building smaller than 100' x 100'. It is supposedly office and warehouse space. If that's the case, what a sweet deal for the landlord who I suspect would be a Govil or an associate. On the other hand, this could be a nicely furnished vacation getaway for the Govil criminal clan.
so why the pop?
There are a little more than 4M common outstanding, and that has already turned over 10x this morning. That doesn't spell investors establishing a long term position. The con men behind this scam are manipulating it, and traders are playing it. When the traders begin bailing, the price will drop like a rock. Btw, outstanding shares have more than doubled since the reverse split so crooked management is diluting the heck out of the saps who actually think Cemtrex is a legitimate company. Don't pay attention to the pr announcing a piddling contract. The company announced a few months ago what they inferred was a $1.5M contract with the Department of Homeland Security. The U.S. government keeps a database of ALL government contracts. You won't find the Cemtrex name anywhere in that database.
CETX should hit a new 52 week low before this first month of the new year is over.
Is India the new China for stock scams?
https://seekingalpha.com/instablog/6460311-unemon1/4962240-is-india-new-china-for-stock-scams-cemtrex-inc-warrants-sec-investigation-and-delisting-cetx
As we move into the second week of winter, the Star Force game which Saagar Govil said would be released in the fall of 2019 still isn't available. Yet another junior lie from the son of the senior liar. Most women would like to be proud of their mates. It must be devastating for Saagar's wife to know the only way her husband can provide for her is by stealing from others.
Friday was the last day of fall, and the passage of time proves once again that Saagar Govil is a lying sleazeball.
Star Force’s VR adaptation is scheduled for release in Fall 2019, and will be available for the Oculus Rift, HTC Vive as well as the forthcoming Oculus Quest.
https://www.cemtrex.com/news/cemtrex-provides-an-update-of-their-vr-adaptation-of-popular-science-fiction-series-star-force/
PaleRanger 12/18/19, 01:03 PM
$CETX its almost guaranteed smartdesk sales are going to be crazy good. last er this shot up over $2
I guess this idiot on Stocktwits didn't get the news that Cemtrex cut the price of Saagar's Folly in half and still can't drum up any interest in it.
CETX hit a new 52 week low of $1.11 today..............and it WILL go lower!
Down 0.015 to 1.23.
We're definitely into long term investing, but some companies are simply bad investments over any time frame. We really hate to see fellow investors lose their hard-earned money. Imagine if you held Cemtrex, Inc. (NASDAQ:CETX) for half a decade as the share price tanked 96%.
https://finance.yahoo.com/news/those-purchased-cemtrex-nasdaq-cetx-110012703.html
Over a year ago, Saagar was touting a rights offering to help the company get some SmartDesks out the door and bragging about the revenue it would generate.
Once these 1500 SmartDesks are shipped, we will generate revenue of approximately $7.5 million, and with 35% gross margins, a hefty gross profit of $2.6 million. These funds will be reinvested into the production of the next batch of SmartDesks.”
He went on to proffer how 2019 R&D expenses would be offset by demand for the SmartDesk.
The Company intends to spend $1-$2M in on-going R&D expenses for fiscal year 2019. The Company anticipates that as demand for the SmartDesk continues to increase this will offset the R&D expenditure.
He continued to brag about how he would sell the SmartDesk for $5,000 and disrupt an $80 billion industry.
With our patent-pending, cutting-edge product, the Company can really go out and disrupt this $80 billion industry with an average price per unit of $5,000 and attractive gross margins.
https://finance.yahoo.com/news/cemtrex-provides-additional-information-regarding-133500335.html
Of course, Cemtrex has now had to discount the price to $2,499/$2,999.
https://smartestdesk.com/products/smartdesk?variant=12906058973239
https://smartestdesk.com/products/smartdesk?variant=12906059038775
And the desk still isn’t selling, but here comes baby Govil diluting shareholders once again “to further the development, sales and marketing of our new smart device, known as the SmartDesk” (or, as I’ve more aptly described it, Saagar’s Folly).
https://www.sec.gov/Archives/edgar/data/1435064/000149315219018803/form8-k.htm
So, in the S-3 and S-3/A filed in June of 2017, the grifter Govil informed investors that Cemtrex would be screwing them on an ongoing basis. Last week’s 8-K just told them that he ain’t done yet. Cemtrex continues to sell shares because, after all, that's what scam companies do.
10-Q was filed. 10-K will be due December 30. It wouldn't surprise me if Cemtrex files an NT 10-K as it did last year to get the extra 15 days. Saagar doesn't have the stones to fudge the numbers much so they will be horrific.
More than four months ago, I noted that the SmartDesk wasn’t available for sale.
Of course, the price is even lower on the SmartDesk web site. It is $2499/$2999. There are only twelve reviews of it there, also. It’s logical that there would be many more reviews if the desk has been selling well. Ironically, the last review was posted on April 15. Has the SmartDesk not been available since then? The web site shows it is sold out, and it must be backordered with a 6-8 week lead time. That’s strange. Cemtrex could not have sold oodles and oodles of them or there would be no reason to cut the price almost in half. How is it that they are not immediately available for sale?
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=150250835
No one should need further proof that “Saagar’s Folly” was DOA, but the mini Govil isn’t smart enough to shut down the web site which shows the desk is defunct.
https://smartestdesk.com/products/smartdesk?variant=12906059038775