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Yes, that's a very good question. I don't have any answers.
Maybe an very unexperienced Chinese management?
MAX, I just posted the size of the bIGG short position as of Aug. 29. I hope this answers your question.
Thank you for the links!
One link shows a short interest of 15.200 shares as of Aug. 29.
The other link shows a short interest of 17.159 shares as of Aug. 29.
I can't imagine any short covering rallye.....
It's almost impossible to tell, because we don't know
a) the amount of convetrible debt BIGG may have boght back
b) the amount of debt that has been converted since beginning of August
c) the amount of new covertible debt that has been issued during the last 5 weeks.
Assuming there's only 25K convertible debt left and the discount on average is 50%, the outstanding debt can be converted into more than 7m shares (25000/0.0035).
Actually, I wouldn't be surprised, if they will soon be forced to double the amount of authorized shares to 400m.
glne, could you provide some proof for the existing short position?
I checked all sources available to me, but couldn't find any!?!?
Shark, you did a very good job, when you looked at their outstanding convertible debt as of 6/30.
But you forgot to look at the "Subsequent Events". They loaded some new debt in July/August.
No last minute buying today? Did you clowns run out of cash?
BIGG will rise when all debt has been converted by Asher & Co. and their shares sold.
BIGG will start rising, when the debt conversion is done. Not before.
Nice tape painting job.
A close of $.008 or higher would be a bullish sign (one-day reversal).
Technicians, do you see this the same?
glne, you might even be required to file a SEC-form.
Assuming it is correct what you are saying and you own 3.5m shares out of 22m shares outstanding, that would be 15,9 % of the company.
With a holding of 15.9 % you are not a "small long"!!!
What makes you guys so sure, that the number of outstanding shares is still only 22m?
My thoughts: As long as there are Asher & Co. holding floorless convertibles, it's dangerous to buy this stock. They convert their bonds at a 60 %-discount to the latest share price and sell immediately. They don't care, whether a stock is undervalued or not.
The big questions are:
1. What amount of outstanding convertible debt has been converted by now?
2. Did BIGG buy back some convertibles?
3. Did BIGG issue new convertibles between Juli to September?
No concern regarding all those floorless convertibles?
I might buy some at the close, but only if they are substantially lower than $.008.
150K shares traded pre-market at lower prices.
SEC cracking down on me....that's funny! LOLOL
Do you get some compensation from BIGG or Quality Stocks?
They have more than 14m shares outstanding. Read "Subsequent Events" in their filings.
3.5m shares is nothing. Asher & Co can convert at a discount of 60 % to the last closing price.
What this means: They convert a tiny face value of $20K and receive 3.33m shares: $20.000/(.01*.6)!!!
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Did you the "Subsequent Events"-section in their latest quarterly report?
"Super share structure of only of just under 14 million shares outstanding, (this means with any volume the share price will move up very very quickly!)"
During the last 20 trading days more than 55 million shares have been traded. Snoopy6, do you really think, these "14 million shares oustanding" have been traded back and forth and back and forth.....? Or do you see a slight chance, that there has been huge dilution?
CFO has thrown the Towel!!! Due to floorless convertibles?
Any News regarding their toxic convertibles?
Rebound today?!
As of June 30: yes
As of August 4: about 20m shares outstanding
Good news & bad news
Bad news: They reported a small loss for the quarter ended June 30. And they issued new floorless convertible debt (principal amount: $ 37.5K). See "Subsequent events".
"At June 30, 2014, aggregate principal amount due under convertible notes amounted to $403,286. If all convertible notes were converted to common stock at June 30, 2014, we would be required to issue approximately 12,427,099 shares of our common stock. If our stock price decreases, the number shares issuable upon conversion of the outstanding convertible notes will increase. The conversion of our convertible notes into our common stock may have a materially adverse effect on the market price of our common stock and will have a dilutive effect on our existing shareholders."
Good news (and much more important in my opinion): Subsequent events. $ 173.5K of the convertible debt mentioned above has been converted into 7.939m shares. This leaves the outstanding convertible debt as of August 4 at $ 232.5K + 37.5K = $ 270K (plus interest). A reduction of $ 133K.
Therefore BIGG might be forced to increase their shares o/s (currently only 200m).
We will see soon: next 10-Q should be filed this week or next. This could give the BIGG-share price a nice pop....
According to their latest filing they had $ 494K (incl. interest) of floorless CVs outstanding. Assuming this amount could be converted at an average discount of 60 % to the latest share price of $.012, this translates into more than a billion shares!!!
However, we don't know the amount that has been converted already. We also don't know the amount of face value, the company might have bought back....
It's a FLOORLESS convertible. Noody can tell into how many shares the face amount can be coverted. The lower the share price falls, the more shares Asher will get. Thats why some call this a "death spiral" or "kiss of death"....
Next 10-Q should show, what face amount has already been converted.
BKRT is an institutional Market Maker, so it is obvious an institution is selling shares. Can be no one else. Normally BKRT would be a huge friend to see on the bid side but is a huge enemy on the ask side. That share selling and increasing the float had to be expected. Wonder if it's Asher selling or someone else converting the CVs....
Well, obviously CV-holders aren't done selling, yet.
May be most of the CVs have been converted and sold. In that case we might see a nice rebound....
I get the feeling, that these guys had no idea, what a toxic financing actually is......
Hopefully we'll see soon, that a lot of these floorless convertibles have already been converted.
According to their latest filing they had $ 494K (incl. interest) outstanding. Assuming this amount could be converted at an average discount of 60 % to the latest share price ($ .02), this translates into more than 60m shares!!!
IMO BIGG has no chance to form a bottom, as long as Asher isn't done with their cv.
...and he still has about 32m shares to sell....