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I think the billion $ is the cost of production involved in F50's developing and manufacturing, advancing, and administering the Klickzie product line. TTCM gets royalties off F50s' sales, as well as distributions to possible other vendors. A finalized contract determines all participations and allocations.
Gracias amigo.
LOL, thanks, I forgot to mention that. Yes, a billion dollar decision. Every manager involved has their job on the line. The CEO has probably met with every oversight committee and subcommittees a zillion times. For the CEO, a chance to be featured in a financial magazine if successful. Stock options, and the state of Wyoming as a bonus. If a wrong decision is made, OTOH, he will be delivering pizza on weekends for Domino's.
New TTCM stockholder here. Trying to understand the logic of concern here.
Given: TTCM approached a Fortune 500 company months ago to utilize TTCM's products.
Things have been fairly quiet since, and people here concerned about that.
Isn't that to be expected, if that Fortune 500 company wanted the products? After all, if that company gave any indication at any time that they were not going forward with TTCM's products, then TTCM would have abandoned that company - immediately - in order to market their products to other companies. New technology has a time limit before it becomes matched, or exceeded/replaced.
And if the Fortune 500 company gave a positive initial reaction to TTCM's offer, it would have required a "quiet period" of everyone, especially TTCM, in order to let all their own product line managers provide their specialized inputs regarding their respective interactions with TTCM's products, and their lines' costs of materials, labor, etc. Then, there are contracts to be agreed upon, patents to re-verify, etc. involving much time of the legal folks.
There very well could be the need for a another vendor, or more, given the revolutionary nature of this technology. That would further delay things.
Also, because of the insider information minefield, there would also be imposed a time of strict silence for all entities, before any public disclosure of whether or not a joint venture, or sale, or something, has been made between the companies. I noticed some on here have commented on TTCM's own private board being quiet as well. That would be expected during a time of silence while negotiating a contract for a new product line.
To me, this all means there is a better chance that the Fortune 500 company in question has already accepted a deal, than that it is still studying it. If it had rejected a deal, TTCM would have already moved on. Yes, could go the other way, for sure. But, right now the "symptoms" are what one would expect with a deal going forward.
JMO. GLTA
Anyone figure out what the first part of this means (from today's release)?
"Management is working with our accountant and legal counsel, to confirm a retirement of shares from ex-employees and consultants,...
...thereafter the process is completed, the repurchase plan of shares will start, based on market conditions, no time set, no minimums or maximus amounts are set at this time."
Pinedo isn't going to be a director anymore, let alone an employee, it appears. Are they going to require Pinedo & Co. to give back their shares to be retired? That alone would reduce the O/S by hundred of millions of shares, and knock out his convertible preferred shares, too.
Maybe I'm reading it wrong. Anyone know?
LOL, read the last sentence of the paragraph:
"Memorandum of Understanding (MOU) for the acquisition of approximately 500 acres of Working Interest and Mineral Interest of non-producing properties owning by the operator in the State of Oklahoma located on the Woodford Basin of Oklahoma, as well as the Central Basin Platform and the Northeast Region of the state representing relatively shallow depths. The target acquisition says it will transfer its technical knowledge of the area which has been largely dominated by private exploration and production companies, many of which are backed by leading private equity, a final acquisition agreement will be executed on the next few days. More details on the operational plans will be forthcoming shortly."
That should be a heep of info, based on the entire paragraph above. Also, I'll re-look but I thought Woodford, here in Oklahoma, was primarily natural gas now.
Get real, dude. Weren't you burned by Rafael like many of us other old timers? You know, like we do, that there would be continuous problems if he stayed on.
He is not dumping the "shell." It's just the opposite: PGPM is getting rid of him. Rafael may be out at the parent company, too, when this is done.
Hint: The new audited financials will show many embarrassing items reflecting on Rafael and the current CPA firm, IMO. Far better to cut the managers of the baseball team, when things aren't going right.
Christmas gift #2.
First was the appt. of outside CPA firm to perform audited financials.
Now, new experienced management.
What's next? PRs in real English?
(BTW, don't think the appt of the CPA and the appt of new management aren't connected!)
tough on day traders, though...
Actually, this is an early Christmas gift...
Yes, getting the CE removed will pump this a couple of cents. That may be all some are looking for. Might still happen (complete statement re-do may not be required by OTC markets - pink).
But, getting upstairs to OTCQB, with audited financials as required there, will bring several key changes:
* many, many more potential investors (many can't touch it now)
* (therefore) chance for PPS to go much higher than ever could in Pinks
* greatly increased stock evaluations by outside parties (re: more public interest)
* verified assets/verified liabilities
* cost savings (note: good CPAs more than pay for their costs)
If, repeat if, the parent throws producing oil and gas assets at PGPM (and, we will now actually know if they do), the parent company will have many more options available in ways to utilize its sub.
Great news! They are going to the OTCQB (requires audited financials), at the least, when done.
What do some of you people want? This is precisely what is needed for this stock to get anywhere price-wise medium-term and certainly long-term. Audited financials by an independent CPA are critical to correct problems made over many years, avoid future problems, will give management an accounting road-map, and put integrity into their statements (and everything else to be reported) to be relied upon by the uplisting market(s). Since the current CPA firm audits Pilgrim Petroleum PLC, and is fairly incompetent (based on the recent disclosure about the discrepancy about O/S shares), this will bleed over into the parent company, for its benefit.
This will be a tough job, to be sure, but this is the best news possible.
A member of this board told us that in their conversations with PGPM, that the company wanted to get out of the Pinkies. Well, it looks like that is true.
This is written so well and accurate, it needs to be repeated:
penn e pincher says:
"Just to be clear, not saying it's bad, but you do know that Pilgrim Petroleum PLC is not PGPM, right? It's the parent company of PGPM, so Pilgrim Petroleum PLC owns and/or has management control over PGPM, not the other way around. PGPM does not own anything that the parent company owns. PGPM's assets are limited to the ~$40MM investment stated in the filings (land containing oil, I presume). Certainly we're hoping for some kind of reverse merger, but I will be the first to admit that it is a speculative statement. My thought was that even without a reverse merger, Pilgrim PLC could still potentially feed business to PGPM and provide revenues and financial backing. We haven't seen that yet either, but they are still in the process of rebooting PGPM with the current filings and removing the CE."
(italics added)
That would be typically sad, if they don't. Because PGPM's management said this in their Apr 27, 2017 letter to stockholders:
"The company is acquiring oil and gas leases, PRODUCING PROPERTIES, mineral rights, and surface interests. Once acquired, the company intends to develop each property to maximize the income from each property by refurbishing and improving the existing production."
This Co doesn't need any (more) non-productive leases and rights. It needs producing properties (like they said they would have). That is where significantly increasing PPS will come from.
Thanks, Alabama, most encouraging post of the day! 2Q coming up fast.
"Roll Tide," or "War Eagle," whichever you prefer!
Not quite. The company said on Apr 27 2017 the following:
"This also will include an additional investment to enable retiring all or nearly all the current liabilities of the company."
I'm going to contact PGPM, again, and see what they have done about the above. And if they will say anything about re-filling, etc.
Yes. And don't forget, the June 30th 2017 quarterly is quickly coming up. The numbers for O/S will have to be changed for that 2Q financial. If the prior quarterlies and annuals are not changed, well, that's bizarre.
This is a "material" discrepancy in reporting, anyplace else would require auto back-correction. Certainly, OTC markets is a different animal, but this seems basic stuff.
PGPM would already know since last week what they must do, haven't told us.
No, I wouldn't recommend that. I haven't sold very much of mine. Just stating that PGPM has always suffered from accounting stupidity. To become a real and prosperous company, it is imperative that they get an independent CPA firm to shape them up.
If PGPM has, or is obtaining, producing gas and/or oil assets, then the PPS will reflect that significantly. Accounting correctly for income/assets, etc. is costly, but well worth it for everyone.
I get it that most everyone here wants to make a quick "score." And move on.
In my case, when I sell all my shares, which probably won't be this year, I want to believe that the individual buying my shares is buying something that will be financially good for him/her, and not something I was able to dump on some poor soul. Sorry, that's just my DNA.
Hi, no I didn't say that. I believe the $3 million investor took a debt position, a position that is superior in the event of a bankruptcy (versus stock options or warrants).
Yes, however, this company is easily dumb enough to do that. Proof?
The CEO did not know the actual number of common shares outstanding...since 2008! Can you name another company having done this? Consider that years of preparation (supposedly) was undertaken before the unleashing of this re-do of PGPM. And they didn't know their own share structure. And without independently CPA audited financials, they probably still don't.
Worse, the CPA firm preparing the financials didn't know either. Think about that: the CPA firm couldn't make a 1 minute phone call to the transfer agent in nine years! A cardinal sin in accounting, as the company's equity position should be reconciled, well, daily. Neither company operations (whatever that looks like!) or the CPA firm bothered to verify anything for at least nine years. What's scary is the CPA firm reportedly prepares the financials for the parent company, Pilgrim Petroleum, PLC. They may be a total mess, too.
This is why audited financials are critical. What else is being reported incorrectly?
This brings up an interesting point. The Form D for the $3 million investor, item 9, is checked for options, warrants, or other security to be acquired.."
Some on here felt this automatically meant options, or warrants.
I took a different look at this and believe it really means convertible debt, such as convertible notes (or convertible bonds).
But, convertible into what? The O/S is maxed out at 2 billion, equaling the A/S.
So, could this be convertible into preferred stock? I seem to remember Rafael has ownership of the existing PGPM preferred stock, and I dimly seem to remember that his preferred was convertible into common stock. So, this could not be that stuff, as it would have nowhere to go. And, for that matter, neither does Rafael's, if I am remembering correctly about the convertibility factor.
But, if they buy back enough common, there could be room to convert the convertible notes (or options, warrants, et al) into common - at some point. And Rafael's, too.
We just don't have access to this info. This company desperately needs a good accounting firm to come in and clean house. Years ago, they tried to get two big, outside CPA firms to come in, but they ran away after looking at their books of those days. Not a confidence builder, for sure...;)
Could be, but "debt" category also selected, so could be convertible notes. Can't imagine someone taking an inferior position w that kind of money.
Precisely.
#2. Accounting.
PGPM always lacked accounting basics. Doesn't matter CPA firm involved. Current CPA is an insider. Need independent CPA firm providing audited financials, and advising. Pinedo always hiding things. This sadly is not a real surprise, but a repeat of prior history.
No way that it won't beu required to be re-filled. And don't forget the assets info is old. So that may need to be reverified, or more refilling.
CE not coming off for some time. Best for PGPM to PR plans. And especially let us know what "producing" assets they actually have. Remember, PGPM said they are acquiring these assets in their legal notice attachments. If they didn't, OTC markets should stop everything. Not happy to write that, but need facts not emotion here.
I think all PGPM filings for last seven years or more will have to be refilled to bring current. This is why you never rely on "compilation" reports, but use audited financials. Audited financials require tindependent reconciliation protocols.
He may have something here. Terrorists could seize PGPM's unguarded boxes of rubber bands and paper clips. I don't even want to think what might happen to North Texas if they got hold of PGPM's staplers!
Good, let's hope not a problem. The thought that the shares are related to the 3 million investor is another's theory on this board, not mine, I just found it interesting.
If you think Pinedo knows everything going on at PGPM, then you have not experienced what many of us had 7 years ago. This issue with the transfer agent is so, so familiar to things that happened back then.
Good points, everything would be great if pgpm can give equity for some of the parents' producing gas or oil assets. I wouldn't care how many shares are out if they do that.
That's great batman, thank you.
7 years ago, this same transfer agent when answering an inquiry, made a mistake a little bit like today's issue. And there was anguish for us stockholders. So, it is possible they made a mistake again.
So can the terms within convertible debt. Plus why would someone with all leverage in this position negotiate himself out of a superior position? This investor dictates to PGPM, not the other way around.
True. We don't have details. But my response was to deafcone's insistence that it said in form d that it was a warrant or option to the 3 million investor. It doesn't say that if someone takes the time to read it, and I pointed that out.
And the more you think about it, an investor would have to be unbelievably stupid to take warrants or options for his three million, rather than a debt position with convertible option. But deafcone and Gino seem to think it's possible. I'll wait and see, guess I can't "just get it in my head" that a 3 million investor exists who is really that stupid. But everything is possible, so I'll keep an open head.
Or, perhaps more likely, a convertible note(s).
It doesn't say that, deafcone,
In the Form D filing:
Two boxes are checked under item 9: "security to be acquired upon exercise of option, warrant OR OTHER RIGHT TO ACQUIRE SECURITY" (emphasis added). IOWs, for the hard of reading, there are 3 possible available security selections. This is the forms' catch-all category.
However, "Debt" was also selected. I think this then precludes options or warrants, but I don't know that.
All of this indicates the possibility of a convertible bond(s), or convertible notes. To me, anyway.
Pinedo can instruct the Transfer Agent to independently issue a letter showing how many shares for PGPM are outstanding. This would avoid any PR from PGPM.
malvern's earlier thought that the shares were given to the 3 million investor is a very interesting idea, and has a ring of truth. CEO Pinedo should be aware of that if it occurred, but in the past Pinedo has, at rare times, been out of the loop.
I would hope the T/A's spokespeople didn't confuse Pilgrim Petroleum PLC, the parent, with PGPM. That would be inexcusable.
Day 2 questions continue until answered by someone - why did Alere contract with ENCC? why is Alere's sales force recommending ENCC's services? or, what does Alere get out of the arrangement?
P.S. to others - applying to be a moderator on this board and will let you know what happens.
To shindigger. RE: your 43 min conversation with PGPM Monday -
Did Eddie Monet, or whoever else you spoke with, tell you any thing about:
* Interaction between parent co and PGPM (merger, exchange of operations, etc)
* PGPM Assets, esp. Producing oil or gas properties,
* Details of communications with OTC markets peeps, or
* anything regarding PGPM's expectations of success.
Anything you have would be interesting & appreciated. TIA.
Rafael and sidekick Eddie Monet write and speak in broken English. This is precisely how they sound/read.
It is best that no PRs be released until the CE sign is removed. (as it would waste the effects of the PRs). Also, I think the OTC markets group, via their procedures, can consider communications to stockholders, like PRs, as part of their process of review; so, that might further delay matters).
And looking at the May 25th letter to stockholders, there is this under the "Legal Notice Regarding Forward-Looking Statements:"
"Pilgrim Petroleum Corporation is an independent oil and gas company. The company is acquiring oil and gas leases, producing properties, mineral rights, and surface interests. Once acquired, the company intends to develop each property to maximize the income from each property by refurbishing and improving the existing production."
IOWs, PGPM is formally stating in a legal notice - without ambiguity - that they are ACQUIRING...producing properties.
If so, this stock may yet be dollar-bound. If not, the board and management of PGPM are going to be in a heep of trouble!
GLTA
Yes, if...
this is (to me) key line in May 10th letter to Stockholders:
"The most significant is our plan to enter the exploration and production (E&P) business with our current portfolio and acquire producing assets and improve cost of production."
Break it down:
"with our current portfolio" = great risk here as the "current portfolio(s)" of years' past have been illusionary garbage. Need to see asset listing.
"and acquire producing assets" = great promise, in fact the only real promise, of significant value. Need to see if true and if producing assets have been acquired, or are being acquired, as stated here. If not, that is, if this is another Pinedo lie, head for an exit.
"and improve cost of production" = so far worthless rhetoric. In the past, there has been no production, just empty leases and severe problems with those leases.
And...their accounting activities are garbage. They rely on Pink Sheet "compilations" by a non-independent CPA firm, instead of audited financial statements. This means NO uplisting to OTCQB for the foreseeable future, contrary to what many on here keep insisting.
Finally, the talk about a merger is just speculation on this board, there has been no such expressed intention by management in any letter, or email, to Stockholders.
GLTA
True. Could be very quick to .02, .03. Peeps that are not day traders could jump in.
ski - this is what I see as current.
(Our compadre that brought up this subject yesterday said he misunderstood the changes effected in May, and agreed with the following:).
"Audited financials must be available for companies in the OTCQX and OTCQB markets. To qualify for Pink Current Information, companies that do not file with the SEC and do not publish audited financials must provide an Attorney Letter with Respect to Current Information. Audited financials are not required for Pink Limited Information companies. Companies in Pink No Information may not have recent financial information available."
If you see otherwise, let us all know...but that would be a total reversal of protections for the investing public. Even Pinkies should have audited financials, amazing that they don't!
GLTU
Prove it. Alternative reporting does not involve audited financials.