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Yup, 10Q another disaster.
NEGATIVE GROSS PROFIT. They paid more for the MJ they sold than they could sell it for.
Let me repeat. THEY PAID MORE FOR THE PRODUCT THAN THEY SOLD IT FOR. It's like you buy a new car for $40k, then resell it immediately for $39k.
Meanwhile, a quarter of a million new toxic debt in Q1, then in the next 6 weeks another half million in new toxic debt.
It just keeps getting worse and worse. No surprise they held off posting until the last possible minute and put all all the fluff PR BS.
Today is the due date for the late 10Q.
How much new toxic debt?
This is totally and completely wrong. It's as wrong as the notion that hedge funds don't need to report their ownership. There's a reason Egan kept 4.99%.
ANYONE OWNING 5% OR MORE OF TGLO, OR ANY STOCK MUST FILE A FORM 13 INDICATING INITIAL OWNERSHIP AND THEN FOLLOW UP CHANGES = INCLUDING PURCHASES OR SALES, WITH A FORM 4.
http://otclawyers.com/what-is-beneficial-ownership-under-sec-rule-144/
Pink Sheet Issuers Must Disclose Owners of Greater Than 5%
Pink Sheet Issuers who want to maintain the OTC Markets Pink Current designation must disclose in their filings the names and addresses of all parties that “beneficially own” greater than 5% of their Shares, even though these Shareholders are not considered Affiliates under Rule 144 unless they own greater than 10% of the issued and outstanding.
With this in mind, large Shareholders that would rather not have their names and addresses in an OTC Markets Information and Disclosure Statement should stay at 4.99%. Likewise, those who do not wish to provide the SEC with notice of their beneficial ownership, must also stay at 4.99%.
So the claim that he's independent is a fraud too? Interesting.
"Nasdaq's rules say that an independent director must not be an officer or employee of the company or its subsidiaries or any other individual having a relationship that, in the opinion of the company's board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director."
Remember, Brett is a director, he's not an employee. And he wasn't even appointed for the full year of 2016.
And he's "independent", which means he's not acting under the direction of Bradley.
I'd say 15.8 million shares and $150k in cash is damn generous for performance that has lost investors millions.
ROFLMAO.
"Based on the definition of “independent” applicable to audit committee members of Nasdaq-traded companies, our board of directors has further determined that Mr. Pojunis is considered to be “independent.”
PNTV is DOWN with the MJ biz. It got pumped, dumped and diluted.
Exact same thing will happen with MJVP.
I'm only here to warn people not to get suckered into these toxic dilution scams. And so far, I've been right every time.
But if folks want to take a chance with their own money, cool by me. All I can do is provide information.
A startup company? PNTV has been pumping and dumping for more than a decade.
Brett hasn't been involved with PNTV for more than 2 years and hasn't invested a dime. He's got a lot of free shares.
Mark has been sucking on the shareholder teat (via toxic loans) since inception.
Too funny.
Brett was paid $115k last year and has 10.8 million shares, none of which he paid for, plus another 5 million shares in options.
So he may be feeling pain relative to his huge free positions, but it's nothing compared to the pain felt by retail buyers who fell for his hype and have seen their account balances fall drastically. And if he leaves to run MJVP full time, well of course then he'll be able to dump his PNTV shares without reporting anything.
I agree, wait and see makes sense. Paying $1/share for a company that is an empty shell looking for capital doesn't.
For those of us who followed PNTV for years though, we don't need to see what will happen. We've got years of history of what has happened there, and anyone thinking Brett is going to change his stripes is in for a rude awakening.
LOL, hitting the bid or ask is always filled 99.8% of the time. The important question is, did a seller dump into the bid or did a buyer load at the ask.
These days it's mostly sellers dumping into the bid, as the price falls to 60% of the moving average since Delfin's announcement. Support levels crumbling one after the other.
LOL, "loading on the bid", actually, that's referred to as "dumping into the bid". Loading takes place at the ask. That doesn't happen very often these days on TGLO.
And again, toxic lenders won't lend companies money unless they have TONS of shares available to convert at low prices. They don't "require" anything, UNLESS YOU WANT TOXIC LOANS FROM THEM.
If you think Brett isn't skilled in the toxic debt game and didn't let the shell owner know he would only buy if there was enough room to issue hundreds of millions of new shares, I suggest you check out PNTV.
Here's the money MJVP raised as Geotraq. p.5.
https://backend.otcmarkets.com/otcapi/company/sec-filings/10329144/content/html
They had no business, so they didn't need toxic notes. If Brett goes with the "no business, no revenue" model then yeah, he too may not need toxic debt. But that doesn't seem likely. And it still won't support a $1+ share price.
It's just another stinky pinkie sucker bet.
Yup, huge dumps into the bid all day. Now the ask it down to $.077 as retail tries to bail before the weekend.
And despite some expectations of $1/share plus, no takers at $.077.
Doesn't matter when the shares were issued. The reality is they now can dilute by a factor of 200 times the O/S. If they hadn't reverse split, they could have diluted by a factor of 2.
Toxic lenders know that as they convert their debt to shares, the stock price will crash, so they need a HUGE amount of shares available for issue. Hence the need for a reverse split. It's exactly the OPPOSITE of "don't need to reverse split if they're issuing toxic notes".
Toxic debt is the only way for the company to get financed as they have no assets and Brett certainly isn't funding it out of the goodness of his heart.
The O/S is 1.6 million, so without the split it would be 160 million. The A/S is 300 million. They needed the room to dilute through toxic lenders.
Dead wrong.
Less than 30k shares traded above $.08 and 250k below. This is more dumping by some combo of Egan, sub-penny shareholders and disgusted retail.
Look for it to continue until the reverse split announcement.
Then it will accelerate.
You can reference other stock symbols as long as it's not spam to tout another stock. There are many pump and dumps on the OTC that have ridiculous market caps. BUDZ is particularly great example - a company with a market cap of half a billion dollars with NAV of $400k is laughable.
Without fail, every one of these stocks tank. Most go to the trips and reverse split. Millions are lost by retail.
Forget float. The reason to R/S is the O/S doesn't leave enough room for dilution. Now at 1.5 million, it can be diluted by a factor of 200x.
So when I say it's going to be a losing investment, I'm talking over the long haul. I never discount how successful stinky pinkie pump and dumps can be. But the only thing that would make this a successful investment in the long run is a large infusion of capital on non-toxic terms. And that's just not realistic for a shell, no matter what business they say they're going into.
Companies that have no assets and the expenses of filings ALWAYS have to turn to toxic debt. Brett has learned this game well from his PNTV bosses.
By the time the toxic notes are revealed, it will be lucky if the stock holds a penny.
Meanwhile, don't discount insiders swapping shares to get some retail buyers in, otherwise the toxics won't lend them money.
The sad reality is, it's a guaranteed money sink for retail.
The big question is who else from PNTV is going to be working for MJVP while on PNTV's payroll, and why does PNTV's key management feel they don't need to devote their full energies to this mess.
Looks like they may all get filled today !
Have a great vacation.
LOL, yup, but anyone spending $1+ is throwing their money away. MJVP has 1.6 million in the O/S after a reverse split and an A/S of 300 million.
And one look at PNTV's financing and you've gotta see that Brett is going to be hitting the toxic debt PIPE hard once they get current with OTC.
Looks like Brett's moving on to greener pump and dumps. Will Mark follow?
NEWS -- GoTraq, Inc. Announces Corporate Name, Ticker Symbol, And Management Change
LAS VEGAS, May 17, 2018 (GLOBE NEWSWIRE) -- MJ Venture Partners, Inc. (OTC:MJVP), a development stage cannabis venture company, announced the new corporate name change from GoTraq, Inc. to MJ Venture Partners, Inc., it now trades under the ticker symbol MJVP and there is new leadership.
Mr. Brett H. Pojunis has assumed the role of Chairman and Chief Executive Officer of MJVP. Mr. Pojunis is an experienced executive and entrepreneur with expertise in the public markets, finance, marketing, event production and legislation. His expertise focuses on turn around and start-up operations of new and existing companies. In his new role, Mr. Pojunis will focus on building a cannabis venture company.
MJVP is currently preparing the necessary filing statements to become a fully reporting issuer with the Securities and Exchange Commission. The business is currently operating in stealth mode and will unveil its business model and public market strategy later this quarter.
For more than a decade, PNTV management has massively over promised and massively under delivered. They have accumulated $45 million in deficits, never once earning a profit. Much of that deficit funded by toxic notes that dumped discounted shares on retail investors and lined the pockets of toxic lenders.
For them to complain about a "lack of investor attention" is beyond arrogant. It pushes well into sociopathic territory of "blame the victim". The fact that it has taken retail more than 10 years to figure this out should be considered a major coup (and no doubt is) by management. Normal investors don't give even real companies 10 years to build a business and multiple business models, all with zero to show for it.
Who wants to invest another 3-5 years hoping for a complete 180 by management for a small possibility of a 100-200% gain when it far more likely this will be diluted to sub-penny by the current huge toxic notes, plus the new toxic debt the company will need?
That was a fat finger mistake. Virtually all the low volume today is at $.25.
I can put 2 and 2 together.
1/3+ of all shares sold in the last reported 2 week period for the O/S were toxic dumps.
Q4 toxic notes (over $1 million) are now over 6 months old, which means they can convert and dump.
They convert at a discount to the low price looking backward, so as the price falls, they pay less and less to cover.
Pretty obvious if you know how these toxic funded pump and dumps work.
Solid dumping below a nickel now.
The 10Q is going to be bad.
Real bad.
Toxics starting to dump at any price.
Look out below.
Lower highs and lower lows.
As predicted.
Toxic note dilution is very bad on PNTV - over 1/3 of all retail buys were shares from toxic lenders and that will only go much higher as the 4th quarter notes hit their 6 month age this quarter.
PNTV will continue to decline and buyers will continue to feed massive profits to toxic lenders, encouraging this predatory situation.
Caveat Emptor!
Indeed, we were discussing its current book value.
Which of course, is negative, not $.0000x anything.
Future? Who knows.
It will NOT be whatever assets Delfin adds.
It will be whatever NET assets Delfin adds, less the liabilities at that point in time, IF Delfin in fact does an R/M.
Can't count both the 17th and the 30th. Either the O/S was reported at the close or open, but it would be the same for both days.
But splitting hairs, either way over 1/3 of the shares retail bought were bought from toxic lenders converting at 50% of the sell price or less.
TGLO's book value is negative.
Here's an interesting stat:
From 4/17-4/30, 13.6 million shares were traded.
The O/S went up by just over 5 million shares (10K, 4/17=590 mil, last OTC figure 4/30=595 mil)
Fully 37% of the shares bought in that 2 week period were toxic conversions.
And with over $1 million in NEW toxic notes in Q4'17, it's gonna get worse.
$3k for a multi-billion dollar fund. ROFLMAO.
And FWIW, it has nothing to do with Frederick Jones.
Everytime a buyer comes in with a bid of $.09 or higher, it gets dumped into now.
Looks like $.09 is now the new $.10.
How 'bout the 80k just dumped into the $.086 bid. Can we call that a dump?
Delfin's not unwinding.
Egan is.
But yeah, it will take a lot of days and a bid drop in the price until he's done.
That's why the volume is so low and no one is hitting the falling bid.