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HASTA LA VISTA, SYNJ. SOLD OUT MY 2008 INVESTMENT OF $14K THIS MORNING FOR ONE PENNY. MAY YOU ROT IN JAIL, SORRENTINO.
In addition: The 2014 income and expenses don't even come close to adding up properly. She shows a $159k loss; I see a $631k loss.
The cash flow is inaccurate and doesn't add up properly. She "double counted" the change in Accounts Payable.
The notes: Note B has a heading "Use of Entities": This is laughable; it should read "Use of Estimates."
I had to stop reviewing them because they are so bad - I've commented before on the errors on the financials and hoped it would get better. The errors, in addition to the other points you mention regarding valuation and legitimacy of assets, certainly don't paint a pretty picture. I'm lucky and sold my 2's this morning; I thought I was going to get stuck AGAIN.
Did I read correctly that the A/S is still 10 billion even AFTER the 200:1 split? I very easily could have misunderstood it... TIA
I agree. 498,000 post-split shares are the equivalent of almost 100 million pre-split shares (@ 200:1), which would have been something to talk about...
You'd think some news would be due to explain the reason for the split and further erosion of our investments...
Also, can someone explain how ANYONE benefited from all that pre-split volume last week? I can't figure it out, but maybe this is part of Brian's "acrobatic" way of doing things... TIA
Maybe he's sampling some of the rumored new product group and having strange ideas of actually doing something. And eating Twinkies.
Funny, I was thinking this early morning that Tuesdays were always the important days for SYNJ as that's when PR's were released. I'm seeing other stocks (TT_Z) that I once owned come to life and hope SYNJ might do the same. $15k for me in this pig... Good luck to all!
Am I seeing this correctly on Eturd? 89 million traded???
Go get 'em. The Board of Directors should also be held accountable, if they even exist. This CEO should fry, but at the end of the day, IF he were prosecuted, he'd likely get a white collar crime slap on the wrist and a month in the pokey. Alternative justice measures are more likely IMO.
I'm confused about the stock issuance piece of the PR - is he telling us that dilution went on? Granted, that's what he SHOULD be selling stock for (raising funds for R&D, etc), but is this good news?
Scary...
Ran into something similar with a particular mining company stock abroad about a year and a half ago where a single letter was changed, and it alerted people to what was really a scam. People lost LOTS of moolah...
Probably. If he were not, the SP would likely go up.
Anyone here an attorney or know one who's good in the area of Directors and Officers' liability? IMO someone on behalf of the shareholders might inquire about this. Not ambulance chasin' (see my last post - I bought the line of crap) but this can't continue. If it's not fraud it's negligence at best. ALL IMO
Edge can only be Brian's alter-ego, at best IMO LOL. He must be petrit's father lol. If there were something legitimate about this company someone would have found SOMETHING to validate. Tallstahl, Masterlu and CrabberMike, (for those of you who've been here a while) are smart guys who know what they're doing in pennyland. Like what they say or not, they often speak the truth, although tall - you've got to be skeptical at this point?
Even Jimmy is realizing Brian's antics. Jimmy - you've been a trooper and an eternal optimist. Thanks for giving hope for so long to some of us sorry rubes.
Stupid me for buying into this at .0029, averaging down at .0018, then .0008 then getting my father into it at .0006. Congrats to those who won on this - good play - we define bagholders. I am a fu##$$**^ing idiot.
IMO there are too many shares out there and too much bad/unproductive history to get this to run, so we're all fooked. No choice other than to hold 'em until u can sell'em - hopefully at pre-split prices. It's been entertaining, folks, and I'd love to get together to have a bruno with a few of you. Maybe our capital losses can fund a trip to Vegas? I'm too cheap and too broke to share info via PM, but I'd love to share sorrow over suds.
The dude who recommended crim1inal/fraud charges againdt our CEO - I'd advocate it - let 'er rip.
Seems like the downturn started after Cramer crapped on the stock. It's been downhill ever since, and I think there's a lot of naked shorting going on. There's no way this company is worth +/- 40% less than it was 45 days ago. GO ALU!!!!!!!!!!!!!!!!
Terrible report. We're out of SRE/biodiesel, done with BEEN, the gymnastic divi policy has failed, and now we're getting into cyber-nonsense. Burning through cash as miscellaneous related party payables/expenses increase. Diluted a billion and a half shares in a year. IMO we only have a billion and a half shares left before he pulls the ol' RS. Our CEO is unable to get anything done - he should be behind bars IMO. What a crook.
why's this going down the crapper this morning?
Did Brian need some Martini money today? WTF? Any other explanation other than dilution?
I said I'd bow out and not comment further, but I ask only a question: Is it upon each shareholder to contact Basu and Co. to get the additional compensatory shares should the value go below .01? I'm a CPA and I'm confused as to how this should go even in the best of circumstances. I'm trying to determine my exit point... TIA
My Etrade shows SYNJ @ .0001. Anyone else seeing the same thing? It didn't update after yesterday's move to .0002.
No worries, mate! My concerns about a R/S are rooted in fear and distrust of the CEO - that's all. I have no other motive, and I sure as hell hope I'm wrong... I have a lot (for me) invested in this thing - only wish I could have sold on the Friday after Thanksgiving 2 years ago when this thing went to .001...
I hope you're right, Tall. Just seems like that's (a R/S) the last remaining piece of this lesson many of us have learned that hasn't happened yet. 2 other stocks I am in have R/S'd and taken my loss from about 80% to 99.9%. Absolutely my fault, but I just hope this one gets some life and can recover, but with the # of shares O/S and the track record of our CEO, I don't think it will. Good luck, everyone.
I'm waiting for it (the R/S) as well... Seems like it's just a matter of time IMO...:(
Temper, temper... I'm just looking for the evidence (audited financials, perhaps) of her legitimately sinking millions (actual money out of pocket) into this. If the financials were even close to decipherable I could probably figure it out, but since they're not, I'm looking for alternative means to find the truth. Perhaps the link/evidence you mention will enlighten me, because there isn't any verifiable or reliable information I can see that gives any legitimacy to this operation IMO.
"plus she has loaned the company millions of her own money !!!!"
Not paying yourself an arbitrary salary of $600k per year in a junk penny company does not constitute making a loan to the company.
I know I said I'd be quiet but DoubleDown hit the nail right on the head. We're all fooked IMO - write 'er off!
Agree 100%, mate. Just trying to correct some math/theory and add some sense of sobriety to the Kool Aid Krew. Most pinks run on air IMO, and it's a matter of timing, hype, and knowing the cycles of a given stock.
IMO this one's run has not come yet, but I haven't been able to dismiss the garbage that we've been given from Basu, so I've spoken up, only to be deleted by the mods or ridiculed by BM.
This is the last you'll hear from me, and I'll wait in the weeds, but I think Basu's latest move will only serve to reduce shareholder value over the next 6 months. Please feel free to call me on it and show me I'm wrong. GLTUA - Let's all win. All IMO.
You're using revenues, not earnings, in your analysis. Revenues are what you take in from customers. Earnings is what's left over AFTER EXPENSES, and then you multiply that by the multiple (10x in your case).
Example:
I buy an apple for $1 and sell it for $1.50. My revenue is $1.50, and my earnings are $.50 ($1.50 sales price less $1.00 cost).
Earnings multiple: $.50 x 10 = $5.00
Revenue multiple (the method you're using below): $1.50 x 10 = $15.00
Quite a difference. Not trying to dampen spirits, just show what the difference is. You'd need to subtract all of PPJE's costs (employee wages, collection costs, Basu's comp, utilities, rent, etc.) from the revenues, then do your multiples...
GLTU, and IMO
DAMN! I'M BROKE! I'VE BEEN PPJE'D!
Don't worry about it! LOL This whole divvy thing is just another "forward looking" crock of BS that won't happen IMO. Watch your share value swirl around the bowl and then into nothingness. Another writeoff and lesson learned...
Absolutely right. Is she going to take people's word for it? She can't even produce financials that add up, and I'm supposed to believe she/PPJE is going to administer this clusterf^%$^k? Our friend Below Me will continue to pump this and tell us how stupid we are for not being able to see audited financials that don't exist, and I hope he does long enough to see the share price increase, but I'll be damned surprised if ANY pre-split shareholder comes out ahead. I hope I'm wrong, and all IMO.
Please find a copy of the audited financials for all to see... TIA
mypennys is right. I have been around PPJE long enough to know it and would like to get out. Whatever crap she can pump to rise the sp is fine by me, legit or not. This RS is going to be a cluster - it's way too complicated, when she can't even put out a financial statement that balances or makes sense. I hope not and wish this'll go TO DA MOON, but I doubt it. I'll happily eat my words and admit I was wrong if it proves otherwise.
IMO, and GLTUA
Hence, my comment yesterday:
I agree wholeheartedly with you on the consulting crap as well. Would ANYONE on this board give your hard earned to Brian so he can take you to the Promised Land with his consulting "expertise"? Based on my experience here, he's only wasted loads of time and money, hired crooked people, and gotten involved with litigous types. All IMO, of course, but hey, what do I know?
Nothing is legit with Sorrentino, IMO. Snake oil salesman at best...
BTW, what is that 100 share sale today to bring it to .0002? That's a $.02 sale...?
You're correct, masterlu.
Crap Area #1:All I can see is that for some reason we're spending/accruing $300k every 6 months for "Selling, General, and Administrative" purposes. The only reason our income statement doesn't seem as terrible as it really is is because the "changes in derivative liability" have offset the SG&A costs.
Crap Area #2: The only thing that's changing on the Balance Sheet is activity to related parties, other than Crap Area #3
Crap Area #3: 1.5 billion shares of DILUTION
So, dilute $1.5 billion and take the $150k as comp. Accrue the rest to yourself and your related party buddies. Throw in a few new names of WonderFirms you've engaged in the footnotes, prolong the warehouse and court case debacles, and dangle the divvy carrot out there some more.
I agree wholeheartedly with you on the consulting crap as well. Would ANYONE on this board give your hard earned to Brian so he can take you to the Promised Land with his consulting "expertise"? Based on my experience here, he's only wasted loads of time and money, hired crooked people, and gotten involved with litigous types. All IMO, of course, but hey, what do I know?
2's are going to be impossible, and with everyone on the bid to get a gazillion 1's will only hamper the cause further. Anyone with a serious inventory of 1's will take an easy double or triple if given the opportunity, especially if they know this company and how it/he operates - anything else they tell you is hogwash.
I emailed the attorney that signs off on the Attorney Letter on PinkSheets, asking him how he can sign off on financials that are so erroneous and misleading IMO, and SURPRISE - I haven't heard anyrthing from him.
ABSOLUTELY!!!
Per the "FINANCIALS" (I use that term loosely):
#1. GROSS SALES CONTRACT AND SERVICE REVENUE $ 168,321*** COMMISSIONS 41,112 CONTRACT AND SERVICE COST 141,149 INTEREST PAID 6,120
GROSS PROFIT 7,172
Should be:
Contract/Service Rev 168,321
Commissions -41,112
Contract/Service Cost -141,119
Interest Paid -6,120
Gross Profit/Net Income -20,060
#2. A Cash flow statement typically takes net income (in this case she's calling it "Net Gain"), takes the sources and uses of cash, by area (operating, financing, investing), and by adding and subtracting them all together would come up with a net addition or reduction of cash for the period. Since there's no comparative data, we can't tell how much cash was used in the period covered by these so-called "reports." All she's doing is throwing a bunch of numbers from the "Balance Sheet" and "Statement of Operations" onto this schedule, in a hodgpodge manner, unformatted, without indicating which are sources or uses of cash, and none of it adds up as far as I can tell.
I'm a CPA, and IMO these type of reports do more harm/damage than good. It tells me this company doesn't have their sh%$t together and they are unprofessional enough to put such garbage out to unsuspecting investors. I've emailed her on this in the past and have't received a response, and I question what type of attorney would sign off on a rag like this without at least chcking the basic math and having a basic awareness of financial statements. All IMO, and if I'm wrong, I apologize in advance, but someone please prove me wrong and show me the light. TIA
What a bunch of rubbish IMO.
1. The income statement doesn't add up to the number they're claiming.
2. The cash flow is indecipherable and doesn't appear to add up in any logical way.
3. Balance Sheet: What are "Other Current Assets" of $4.9 million? The Liabilities and Stockholders' equity section doesn't add up: if you take the $2.9 million in liabilities and add the equity of $600k to it, you come up with about $3.5 million. The problem is, in order to balance (hence, "balance sheet") there's about $2.5 million missing from this side of the balance sheet so it = the asset side of $6 million.
How can people get away with this? They can't possibly file a tax return with this type of incomplete/inaccurate information IMO.
Someone please show me I'm wrong and explain to me how this can be of benefit to anyone. TIA, and all IMO. GLTUA
I tried calling Solomon once, left a message, and SURPRISE!!! No return call. I give up.