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yes
in my own opinion, IDLM has a profitable fiscal year. IDLM's 10-k will consist of Sept 2011 through Sept 2012, which as of Q3 was PROFITABLE, regardless of what some posters say. It is completely possible that they may finish FY2012 profitable and make FY2013 profitable, reducing the argument that they are not profitable. That's kind of like me saying I overspent my credit card for 5 months last year, but managed to sock away a lot of money the other 7 months of the year. Sitting there complaining about 5 bad months when 7 good months outweigh it is kind of useless.
They have grown their revenues, they have increased their sites presence, and they have expanded their online game portfolio (while not adding major revenues to the bottom line, still brings in moderate cash flow for minimal company effort to implement changes). Mafiablock is now available on multiple mobile devices in addition to the website. IDLM has rolled out multiple new apps which showcases their ABILITY to develop products with a small but nimble staff.
Looking to the future of where this company is going, one can easily make the claim that excess compensation packages have been dealt out... while that is partially the case, the company has continued to grow their online presence, navigate a challenging restatement process and uplist (a process that NOBODY was able to produce a company that actually successfully got through the process from where IDLM was wanted to be.)
I'm not going to sit here and BASH my investment, as I want to see it grow, that's why I'm here. yes I could go dump my investment, take the tax losses, and go gamble on other stocks, but really all we have here is a stock that is not as liquid as others, but we're close to the end (i hope!) of what has been a long painful process of getting the books straight.
to the moooooon!
yeah predictions are useless, especially like the ones about the company never getting the filings done and just taking the company private and selling out the shareholders for pennies on the dollar. I wonder how many people sold based on that prediction... I feel bad for the folks who were sucked into that.
so far the class is not doing so well, Wadi turned in 2 answers that were sub par. I'm waiting to hear from a few other students... mickey.... mickey.... bueller...
homework assignment: instead of everyone rehashing the same posts back and fourth everyday, I want someone to find me an example of another company that has gone through the process of de-registering their securities and re-registering via form 10-12g.
I want to know how many amended form 10-12g/a's they released and how many days the total process took from de-registration to release of the EFFECT statement. Needs to be a OTCBB or Pinksheet stock.
Begin..
I wish everyone a safe and happy Thanksgiving
some nice buying there, I agree looks like the fire sale is over. that was short lived.
7 months old now, nothing is cheap LOL 1 share of IDLM is about equivalent to 1 diaper right now if you want to look at it that way (no I'm not saying 1 share of IDLM is a diaper!!)
we're excited for the first holiday with our new addition, was hoping to have a greatly appreciated IDLM in my portfolio this Christmas as well, we'll see... :)
I would if I could, but I'm hurting for money as it is now :/
who's gonna take out VNDM? i'm thinking he's almost done. The last two times he's been out, it hasn't been that many shares. I think a few months ago, he sold around 150,000 and that was it. So far we've seen him sell around 132,000.
my bet is it is not the company.
so if there is no change in the TA, then you will agree they are not diluting? At June 30th, we had $809,675 in the bank. We've had small losses in the last 2 quarters and are still profitable for the fiscal year. Why would the company waste time issuing shares at .15/share and eating away at their authorized shares and killing the market cap of which is owned mostly by insiders?
you're not making any sense in your logic tonight, i'm sorry man.
doesn't the company have to file a form 504 to initiate dilution, since we are reporting?
yeah, i would hate to see someone spreading what would turn out to be lies or misinformation that might lead some to act irresponsibly and sell off their shares.
There is 0 proof of dilution, and no need for it as they had something like $700,000 of cash in the bank as of the last quarter.
just want to reiterate that this is ALL speculation...
i don't know mickey, each investor has to own their own strategy.
yeah i see that, no idea who it is. could be a fed up investors, could be the company, could be someone who needs money. if we had no bid support, how come 120k shares hit it and we don't go lower than .14? someone's accumulating because it's a no brainer than .15 is a bargain and a very easy 100% flip IMO.
and c'mon mickey, we know anyone with 2 or 3 accounts can easily load up a few 5000 share sell orders below .20 to make it look like the sky is falling.
I agree mickey, ralph is going a great job. i'm glad we share that sentiment
and they have clear targets, yes?
at the end of the day, we don't know who's doing the selling. If it is the Raphy or the company, then we're all screwed and selling is probably the best option if you don't want to stomach that risk.
firesale today, get 'em while they're hot
Hmmmmm something going on here today??
no mickey I didn't say that. you have been the one wanting pillow fluff, i just want them to spread some news about what they've been working on. I have been able to dig up a lot about what they are doing, but the investing community most likely has no clue.
and I'm not in the camp that it goes rocketing to $1 as soon as we see one PR or a registration statement. who knows though, maybe a deal or contract with a big name company could come out and send it to $1. I'm not banking on it, but it isn't entirely impossible.
no mickey, it's not the SEC approval alone, it's getting the company to let off the brakes on the press releases. c'mon man you know that.
the stock price tanked before because some folks held a lot of the shell shares and dumped them on the market.
ah its time to stop with the boogieman stuff. if the stock had volume and interest, manipulation would not mean a thing. The company needs to get their registration complete and offer up some clarity on some recent events, and issue PR's on what is going on.
Up to that point, we're going to see bid daily swings.
easy 26k left sitting there at 0.20, one bid at .25 then back to .30
82,000 shares at 0.15, time to sell if you want out.
last time VNDM stopped selling, we went on a near 100% run. just saying
couple examples of IDLM PR's since it was stated that they released NO PR's... yes it has been a while, but it is completely inaccurate to say they hardly released any PR's.
http://www.docstoc.com/docs/43770145/Idle-Media-Launches-Smartphone-App---DatPiff-Mobile-Hip-Hop-on-the-Go
http://finance.yahoo.com/news/Idle-Media-Inc-2010-Page-iw-2779920071.html?x=0&.v=1
http://www.marketwire.com/press-release/idle-media-inc-acquires-hiphopearlycom-1305549.htm
http://www.reuters.com/article/2010/05/24/idUS176382+24-May-2010+BW20100524
http://www.marketwire.com/press-release/datpiff-live-concert-series-set-rock-new-york-citys-premier-world-music-venue-sobs-1310546.htm
http://www.marketwire.com/press-release/young-jeezy-dj-drama-to-drop-the-real-is-back-on-datpiffcom-otcbb-idlme-1519961.htm
http://www.marketwire.com/press-release/fabolous-teams-with-datpiff-for-chart-topping-mixtape-release-otcbb-idlm-1505958.htm
http://www.marketwire.com/press-release/dj-drama-teams-with-datpiff-for-exclusive-mixtape-release-deal-otcbb-idlm-1503597.htm
http://www.marketwire.com/press-release/datpiff-signs-dj-holiday-to-exclusive-12-month-8-mixtape-deal-1404399.htm
http://www.marketwire.com/press-release/datpiffcom-valentines-day-world-premieres-in-full-swing-1395672.htm
http://www.marketwire.com/press-release/sean-kingston-releases-new-mixtape-king-of-kingz-exclusively-on-datpiffcom-1389542.htm
http://www.marketwire.com/press-release/idle-media-inc-engages-adparlor-implement-facebook-targeted-social-media-advertising-1383649.htm
http://www.marketwire.com/press-release/idle-media-inc-announces-fiscal-year-2010-financial-results-1380418.htm
http://www.marketwire.com/press-release/idle-media-inc-records-double-digit-growth-page-views-reaching-almost-90-million-with-1368456.htm
http://www.marketwire.com/press-release/idle-media-inc-to-attend-social-gaming-summit-east-1354161.htm
http://www.marketwire.com/press-release/idle-media-inc-launches-backyard-buddies-facebook-game-1341219.htm
http://www.marketwire.com/press-release/idle-media-inc-posts-double-digit-year-over-year-growth-in-unique-visitors-1329261.htm
http://www.marketwire.com/press-release/idle-media-inc-wins-webos-hot-apps-award-for-its-palm-os-mobile-application-1309952.htm
http://www.marketwire.com/press-release/idle-media-inc-announces-second-quarter-2010-financial-results-1308666.htm
http://www.marketwire.com/press-release/idle-media-inc-continues-acquisition-spree-and-expands-demographic-reach-1292589.htm
http://www.marketwire.com/press-release/idle-media-inc-expands-development-team-to-accommodate-online-growth-strategy-1286489.htm
http://www.marketwire.com/AdvancedSearch/AdvancedSearchResults.aspx?sid=be8e8325-4a74-4437-a035-d12beb194859&page=1
VNDM is at $0.60 right now
Must Read - History of Idle Media
Originally posted by Wadirum
NGLF was the shell company that IDLM merged into in May 2010. Frasier (IDLM CEO) got 40mm restricted shares, the former CEO kept 5mm restricted, and the remaining 13mm were floating shares held by the original shell investors (or somebody who bought shares from those initial investors). (I am working with round numbers, but would be happy to provide tables tracking the evolution of the share structure.) So, as of May 2010, there were 45mm restricted (40mm owned by Frasier, 5mm by former CEO) and 13mm floating.
The company was registered under the 1933 Act and it traded on OTCBB. After several filings, it was determined that the IDLM books had serious problems. In Spring of 2011 the company retracted its most recent filings and they began working on fixing the books.
As far as I can tell from bits and pieces, they hired a slew of temp workers to go back and fix how they had recorded revenues. As an example, if you pay a subscription for 3 months of free download, the company cannot take all of that money as revenue on the date it was paid -- right? And then people were paying for Datpiff to provide free mixtape downloads over time ("sponsorship") and there were ad deals with ads running over a period of time. And accounting for the games is very, very complex. These niceties had been ignored, with revenues being booked incorrectly. And fixing them was apparently a nightmare.
The company also decided that they were getting some bad advice from folks who had loosely been associated with the shell. They turned to Hudson Square Research -- a well-regarded boutique research and consulting company in NYC. And the more the Managing Direct of HSQR's consulting practice learned about IDLM, the more he liked the opportunity. He jumped ship, leaving HSQR for IDLM to become their COO (Raphael Haddock).
Based on HSQR and Haddock's recommendation, IDLM has taken very seriously the SEC rules about firms being current in their filings before issuing PRs (to avoid the possibility that investors buy shares based on news, but without full info). So, IDLM has been quiet on PRs since early 2011 when HSQR and Haddock got involved. I happen to think they have taken this too far, but then I'm not the one making the decisions. Anyway, they remain dark in terms of their PRs.
In early 2012, I believe they were hoping their 2009 and 2010 numbers would get approved by the (new) auditor so that they could file and get back on track. My belief is that the 2009 numbers did not get past the auditors even after all their work. So, they devised a means of getting back on track without those -- by deregistering from SEC at end of March 2012 and then re-registering with 2010 and 2011. The folks here were savvy enough to see that this was a clever move and to grasp that this clarified the company wasn't going to taken private in a take-under. The stock responded with a spike up to 19c and then a more durable move to the 15c range, rather than the 10-12c range.
And the company followed through on this plan. On June 13, 2012 they filed their Form 10-12G with the SEC. This is to re-register (though in a way it is a new registration, since it is under the 1934 Act, rather than the 1933 Act). The stock once again responded with a spike to 30c, with subsequent trading in the mid-20c range.
All of this time the share structure remained UNCHANGED.
Since they filed their Form 10-12G, they have filed THREE Forms 10-12G/A (amended versions of their 10-12G). If you track the filings, you can see that they have tweaked some of the numbers and they have recharacterized the historical relationship between Idle LLC and IDLM. You see, when IDLM was formed, it was just Datpiff than was taken public. Since then Frasier has basically given IDLM some additional Idle LLC properties. But it wasn't a healthy situation having Frasier own a LLC and be CEO of a public company with overlapping interests. A careful reading of the filings shows that the LLC is now been entirely folded into IDLM, including the purchase of the IDLM office building from the LLC for $170,000 (so no more $3,000 per month rent payments from IDLM to the LLC). I have been lobbying for over a year for the company to get rid of this dual-company arrangement, and now I am very happy to see it get resolved. I don't think it led to abuses, unless people are seriously getting bent out of shape over the $3,000 rent payments, but it was the appearance and the potential for problems that I didn't care for. Anyway, that's over and I'm thrilled about it -- but it does raise additional accounting issues with respect to generating historical consolidated numbers.
That pretty much brings us up-to-date on the filings. We are waiting to hear what the SEC says about the latest amendment.
So, let me try to clarify the shares. After over 2 years with no change whatsoever in the share structure, IDLM has recently made 4 changes:
1. They issued 5mm shares to COO Haddock (a free grant of shares that cannot be sold until certain market cap targets are met).
2. They issued 3 blocks of 2mm options to Frasier, with prices of 50c, $1, and $2 (with dates stretching over the next 2+ years).
3. They issued 1mm shares to the guy who has been a partner of Frasier in developing and running Datpiff.
4. They bought back 4mm restricted shares from "a shareholder" at 5c per share.
They also have filed their ownership forms as part of registering under the 1934 Act. I believe you might have been confused in thinking these were new shares, whereas Frasier's 40,000,000 were issued in the initial deal to take Datpiff public in 2010.
No shares have hit the float. Indeed, the 4mm restricted were held by a non-insider (not part of Frasier's 40mm), so I always figured they would hit the float. From my perspective, now that they have been clawed back, the effective float has gone DOWN.
Who were they bought from and how did IDLM manage to buy them at 5c?? Some here concluded that it was just someone striking a really bad deal (oopsy-daisy!). I think that is utter nonsense. Look at the share structure! The only person other than Frasier who held (or was supposed to have held) restricted shares was the shell CEO (Sawarynski). But then somewhat out of the blue one of the 12G/A's listed another person as having 7mm shares -- and I guarantee you that this guy didn't own 7mm floating shares (nor has he filed for ownership). I could go on and on with evidence of why I think something happened among the shell guys that wasn't entirely "according to Hoyle." But let's just leave it that my **guess** is that they clawed them back from someone who shouldn't have held them (due to a non-kosher sale of restricteds among folks on the shell side). This is just a guess, and you are free to believe that someone held them for 2+ years only to cut a horrible deal at 5c (eyes rolling).
These 4mm shares were returned to treasury. As a result, the number of issued shares is larger than the number of outstanding shares. The O/S is now 60mm, up a whopping 2mm above the level as of May 2010.
As for you running the numbers on going private, the company would have done so a long time ago if they were going to. They would have done so when the company was dark (deregistered), when the PPS was at 12c, and before spending a bunch of $$ on legal/accounting for the re-registration. Several months ago that story looked plausible enough to serve as the scare story du jour for folks trying to get cheapies. Now we have moved on to other wild scenarios.
As for management, IF you attempt to contact them, do not expect them to give you a bunch of insider information. Some pennies are like that. IDLM is not. And if you badger them and insult them in an effort to pry loose information, they might not be all that receptive to chatting with you in the future. And I'll also add that they are working hard to build the company and don't really see their job as spending loads of time on the phone with folks who might buy $10k worth of their shares. Their position is that they are getting filings out and trying their best to register. When they register successfully, then (and only then) will they resume normal PRs.
I hope this helps. I'm also happy to answer specific questions offline -- not because I have extra information to provide, but because it might be easiest to clear up misunderstandings in that manner. Or on the board. Whatever works best for you.
Wadi
wiz khalifa decided to drop yet another mixtape on datpiff because we can distribute it way better than he can on his own.
http://www.datpiff.com/Wiz-Khalifa-Cabin-Fever-2-mixtape.406664.html?utm_campaign=piff.me&utm_source=&utm_medium=piff.me
c'mon man!!
They gave themselves over 90% of float.
Reference my last post, this is false. The free trading float has not changed since the reverse merger, and no where does anything indicate shifting 90% of the float ownership to them. At the very most, the management owns 78% of the issued shares, but for that they gave up their bread and butter site Datpiff and just recently finished rolling in all their other assets that were under Idle Media LLC to Idle Media Inc.
As you can tell from my message history I'm in no way a basher.
I think you honestly came here with an open mind and are just posting your opinion, but I think you did rush to judgement a little bit. This company has been through a rash of poor decisions on their route to going public. They got a raw deal when they were originally trading at $2/share and saw it plummet to $0.10 per share. "shareholders" did that to the company, so I do understand some of the anti-shareholder sentiment when they basically got screwed.
This is one of the few instances (outside of outright fraud) where shareholders could win a lawsuit.
I doubt it.
Instead of getting pennies on their dollars they could vote in new management and turn this company into a very profitable venture for themselves.
That won't happen. I would personally like to see someone like warner brothers poke their head in and buy datpiff off of us for a nice chunk of change since it is the authority in free online mixtapes. everyone else is a copy cat.
What's a website worth that gets 8MM quarterly unique visitors, 220MM quarterly page views, and has over 680,000 facebook "likes" (direct marketing access to each of their facebook walls)
Posting recap of share structure history ...
since there has been a lot of smoke and mirrors posted today.
reference the chart in the ibox for detailed history derived from old NGLF filings... following the reverse merger, the share structure was as follows:
Post-Merger SS
O/S: 58,483,250
R/S: 45,425,000 (IDLM received 40MM shares in exchange for full ownership of Datpiff LLC, leaving 5.425MM shares left to former CEO Bryan Sawrynski)
Float: 13,058,250
Now since that, the following changes have since occurred:
Issued: 5,263,493 Restricted shares to Raphael Haddock (CFO/COO)
Issued: 1,000,000 Restricted shares to Kyle Reilly (co-creator of datpiff)
Issued: 6,000,000 OPTIONS (0.50/1.00/2.00) to CEO Marcus Frasier
Repurchased: 4,000,000 shares in a private transaction for $0.05/share. (NOTE: We do not know the origination of these shares, but T/A confirms no change yet to float)
Resulting share structure is:
Issued: 64,746,743 (reflecting 4MM in treasury)
O/S: 60,746,743
R/S: 47,688,493
Float: 13,058,250
Post showing T/A numbers (http://investorshub.advfn.com/boards/read_msg.aspx?message_id=80257596)
SINCE THE REVERSE MERGER, THE FLOAT HAS NOT CHANGED AND THE INSIDER OWNERSHIP HAS CHANGED FROM 68% TO 78% (OR 79.8% IF YOU COUNT THE TREASURY SHARES). yes it is a high ownership, but it's no 97% BS or whatever was posted, that's a bunch of crap.
I've never had viscous email correspondence with him, in fact quite the opposite, he was very professional with me. Maybe it was your approach Mickey?
Marcus did essentially invent the "digital mixtape" which has transformed the way new artists and mainstream artists release material to their fans. Marcus created a site on his own, that gave artists this platform and has attracted the likes of Lil Wayne, Meek Mill, Fabolous, and many many others.
Before IDLM the company was a little LLC and I'm sure that Marcus was paying himself very handsomely, well that is all rolled up into IDLM. Marcus bought the property that was the business headquarters and yes, rented it to the LLC at a rate that was a little high, but he had his own gig going with the LLC and he's a young guy trying to get rich.
He's locked down 3 years on his contract and has a 3 year options agreement in place, so I don't anticipate further changes to that. I wouldn't go out and say he is shareholder friendly at all, after-all, he was hoodwinked with his reverse merger by some shady folks who basically raped a lot of the market cap of the company for their own profits.
They have yet to sell a single share to finance operations, and are still working off of a cash balance around $700,000 or so, burning about $30-50,000 per quarter (losses only for the last 2 quarters and positive for the fiscal year so far). IMO they are undervalued at a market cap of less than $13MM when we're now bringing in revenues of 3.5-4MM/year (an increase of 40%-60% over prior year). It's unfortunate that all of those gains were put into "selling, general, and administrative this year, but hopefully they will tie down that number and grow the bottom line.
good morning folks, everyone seems up in arms today. drop down a few xanax and take a second to read through all the posts and realize that:
1. we're losing money, but minimal amounts. The amount we lost this year is probably equivalent to what we paid in taxes last year. Personally i'd rather invest in growth than pay uncle sam for an emerging micro cap company. If we were making millions upon millions of dollars, we wouldn't be bickering over .15-.20, we'd be too busy backing up the truck.
2. NOBODY here knows what the company is working on, and EVERYONE is speculating that something either IS or ISNT being done. Some here think folks are just padding their bank accounts and others think there are great things on the horizon. Although there are some folks who have dug up things that the company is working on through effective searches, so info is out there, u just have to work for it. People who want to buy up stock at .10 per share are working on the assumption that 90% of the people who read this board are too damn lazy to load up a google search and do real DD.
3. I was going to make 3, but i'm done for now. It's Friday - get outside and enjoy it or if you are a day trader like some, go buy and sell other stocks with much more momo and let this one be.
yeah they are mickey, and people are also jumping in front of other MM on the bid side too. We had a .12 bid the other day, now we're up to .17. If folks want to sell, then SELL. Price action means nothing here until we get some kind of substantial volume. It's easy to push down no doubt as folks are cautious to add more with the level of uncertainty we currently have.
we have 0 forward looking information, so the market on IDLM cannot be forward looking except for the fact that the market, which is driven by only a few investors or one big investor if they want to control it, is based on a dark company that has posted small quarterly losses and extended executive compensation.
I personally think we'll lose money in Q4, factoring in the shares that were issued, the increased wages, and all the expenses to getting the company current. For the Fiscal year, I think they will come close to netting out even or even ahead. I don't think many companies would go and file a report only including only Q2,Q3 and Q4 and totally excluding Q1, so saying "this year" is kind of a useless statement unless one has an agenda to paint a bad picture.
Given that scenario, I think they would be well positioned to start growing their revenues to compensate for the wage increases (that are locked in as part of a contract now) and all executives have some type of share package extended out 3 years (so I see no reason for additional changes to the share structure unless they add additional members to the BOD.)
The company has been losing money this entire year and burning thru cash and rather than take precautionary measures they just keep rewarding themselves.
For the 9 months ending June 30th 2012 (Q1-Q3). Net income (loss) attributable to Idle Media Inc. is $101,020. They posted a loss for FY12 Q3 this year (-50,320) and it was (-35,281) FY11 Q3. For this fiscal year, they have not been losing money.
At their current cash burn rate, they would exhaust their cash supply in what, 2 years? How much have they grown their revenue over the last 2 years?