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This should be interesting...
First...let's make sure this is just another intentional misdirection by JRB and that the shell has in fact been sold off. We played that game before...
So the new company...a real product...a real patent:
http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=1&f=G&l=50&co1=AND&d=PTXT&s1=6,712,341.PN.&OS=PN/6,712,341&RS=PN/6,712,341
I read through the web site and the patent. For $229 you can buy a pitcher that basically does what a $10 aquarium pump and airstone do - but trust me, after the complete fiction that JRB brought this is a MAJOR improvement. We all also know that people buy that kind of crap up. Get the thing on Oprah and you wont be able to keep it in stock...
So the fun beings. Reverse Split? What ratio? So many questions... Bottom line though - if it has sold than this no longer has anything to do with anything you knew as IDCN. It is essentially a totally different stock. Best of luck to everyone that holds IDCN shares.
Those are common shares in the float - not inclusive of restricted shares/warrants or preferred shares. I cannot find a nice reliable place to verify the total number right now, and not interested in spending a few hours on EDGAR, but here you can get a rough idea, including the preferred shares issued, warrants exercised, etc.
http://www.sec.gov/cgi-bin/viewer?action=view&cik=1160308&accession_number=0001193125-12-103745&xbrl_type=v#
Expand Financial statements than look at the various consolidated statements.
Also of note is the burn rate over the last few years. Keep in mind that this last year or two was not hard core trials - it was mostly admin stuff, waiting for approvals, putting together the NDA's, etc. Let's go back a couple years and then ponder how long that $50M will last - and you will understand why they just filed a $150M shelf:
Year Loss Loss including Preferred Share Dividends
2007 22,142,040 22,142,040
2008 26,647,493 26,647,493
2009 11,325,058 16,191,945
2010 8,450,922 14,090,718
2011 13,259,931 13,259,931
(From the S3 filed yesterday)
http://www.sec.gov/Archives/edgar/data/1160308/000119312512103904/d311184dex121.htm
Honestly, again in my opinion, the CEO is why this is way under $1 compared to the $3+ it was at post split. Each time there is good news he ALWAYS releases the bad new the same or next day. If he let it run and communicated more it would pop, then the bad news (which is never released with a decent explanation) would not have as big an impact. His particular style to to make sure that good news never has a chance to run, so no one can make money on it. It has therefore made a LOT of people's Black List.
If/when another drug is accepted for filing, give it about 7 months and then jump in. Then you can get the run-up money. Depending on the size of your balls you can then sell or hold through the FDA announcement.
That said, if you have time to play it with quick flips it has decent volume for positions under $10K to get in and out on news like the earnings...and it is shortable for the fall back down:
http://shortsqueeze.com/?symbol=ANX&submit=Short+Quote%99
Now, I have not double checked all those figures, but if correct the market cap is showing at $62M with cash on hand/investments at like $10M less - so it is trading above actual value. If accurate, not horrible considering it is in burn only mode with a bad rep. The PPS just goes down every time you increase that "shares outstanding" number.
In my opinion:
1) Net cash as a basis for market cap multiplier is only valid on revenue generating stocks. ANX is pure burn mode. Everyday the cash position goes down with no near term chance of it going up without dilution.
2) Fear and hatred. Culley has burned a lot of investors and has a long track record of bad moves (from an investor standpoint). No big money is willing to risk buy and hold positions. Look at Ichans exit as an example.
As I said, they need more money to take them to an actual revenue stream. And as I have said many times, the CEO never wastes a good news opportunity to release bad news. A $150 shelf is bad news. Now at any point they can dilute up to another $150M. Yes it should in 3 years or so pay off but the market cap still needs to be divided by OS, so the pop in share price if/when they ever get an approved drug is going to be that much less. I hate to say I told you so because people have real money invested here. That said, it is really difficult to recommend anything but quick flips here.
Admittedly better than I expected. Roughly $13.3M loss for the year, so if no further acquisitions and Brian can resist taking another $5M in bonus money and assuming the cost of preparing the NDA for 188/514/530 and the trials (remember, 2011 had very little in the way of active trials - more admin stuff and waiting) I would say they have cash on hand for a solid 2 years. Can they generate a revenue stream by then? That would be tight. If they focus on one drug and control costs they may squeeze an extra 6 months, maybe a year. You would have to really look at the last 5 years financials to get an average, not just last 2. The last dilution gave them some breathing room - but notice that at this low PPS the market cap is only $56M. Until they are much closer to an approved drug I still see very little justification in going long and find it unlikely that there will be a significant PPS increase. That said, seems as solid as any R&D biotech if you want to take a long term gamble. I still think the best chance at making serious coin in this is hoping that some big Rx that needs to reformulate to renew a patent clock buys them out. Just my thoughts though...best of luck.
Let's assume that ANX is not a scam. I am still of that opinion but where I used to be 90/10 I am now more like 65/35.
Drug trials take time - years. When completed it takes from 6-12 months to put together the NDA (application) to the FDA. I have read that with supporting evidence this can be over 100,000 pages. Then the FDA takes 2 month to file or refuse to file the application - and then 10 months to approve or deny the drug. If approved it takes say 3 months to crank up production and another 3 months to see revenue.
So if all goes great with the trial, the NDA is filed on the first attempt and the drug is approved on the first attempt (which would put them in like the 1-2% of drugs that do this) then best case is that there will be no revenue from anything in the pipeline for at least 2 years - and that is assuming that the current trial ends in 6 months. That is a lot of "ifs". More likely 3 years in my opinion.
The one wildcard is a buyout. This could happen at any time without warning for any reason, but is more likely once a trial is completed and an NDA filed.
So from an upside - it is long term, but yes, has significant upside.
From a downside you are WAY under $1 with no real reason to go over $1 any time soon so a delisting notice is a viable possibility, and a reverse split is a likely outcome in order to remain out of the pink sheets. The other downside is that while there is money in the bank, there is not enough to get them to a revenue generating point - so dilution is also likely - or selling off something.
Do what you feel is right, but I will not be buying again until just after a really negative event like a reverse split.
I have been in and out of ANX for years - and until the last 6 months really had a positive outlook on what I felt was a struggling start-up biotech that really had some promise, a decent pipeline and a CEO that lacked experience dealing with the FDA or running a public company. The 25:1 reverse split was painful for many - and the share price today is nearly down to the PRE-SPLIT high (I believe it was $.54). Talk about a slap in the face. To receive a refuse to file letter because you didn't include enough storage viability data seems like incompetence. Would I have known to do that? No - but last I checked I wasn't CEO of a public traded biotech company that brags about hiring top notch contract labor on a just-in-time labor model. The recent rejection due to trial mismanagement is pitiful. Not a word about the "money maker" 514's trial and if what was approved 6 months ago has began and has enrolled it's 400 patients. Even so, we are 4 years (realistically) from seeing approval there. No word on the MUCH smaller 530 since it was rejected, as was the appeal. Now sure how 188 even fits in to the current model and zero realistic timeline info on that.
So ANX...if you want to roll the dice and are a gambling man, buy a boatload, pray that there is not another reverse split, pray that Brian keeps the dilution to a minimum - and make no mistake, there will be dilution, cash on hand will not come close to sustaining long enough to see a revenue stream, and hope that they get their sh*t together.
The previous poster and his CTIC comment may have validity though. They PR after PR to make things seem happy as they dilute and pocket millions for the CEO. The FDA basically laughed at them during the panel. To most who follow them, CTIC is a money making scam - not a viable biotech. ANX is starting to smell similar. Lets hope I am wrong.
XIN - I understand it is a bad day across the board but XIN seems to be taking a disproportionate beating. I miss anything?
I believe he meant that ANX, like CTIC, was nothing more than a money making tool for its CEO with little actual chance of seeing actual revenue from an approved drug.
In my opinion the difference is that ANX does have viable drugs in the pipeline but either does not know how or does not yet want to get them approved. The rejections have been so amateurish that one could not be blamed for suspecting something else here.
If they have 10% of that or more dont you think we would have seen some PR by now?
Uhhh...Yippie?
XIN - Seems to have fizzled out. Any thoughts on this?
IDCN Last Real Trade?
So from what I see the last time (other than a few paint jobs that do nothing but screw up the graphs) the last IDCN REAL trade above .0001 was 14 months ago next week? Didnt NASA make it to the actual moon in about that time...with slide rules? That is a long time to wait for ignition, more or less liftoff...and forget To 'Da Moon!
The SEC rarely does much of anything, particularly with pink sheet stocks. There was a time when there was an open investigation against IDCN (I have first hand knowledge of this) but too few people with significant enough losses stepped forward so it was dropped. I believe they have to show a $25K loss that they can directly correlate to company actions (is, purchased on an official PR that was falsified) to justify an investigation.
As far as his disclaimer, he isn't even good enough to write one so he cut and pasted someone elses. It is a very generic SH statement. His smartest move was having his 'lil biotch do most of the public interfacing so he had plausible deniability.
Doubt it. I am with Space on this one. He has owned it for years and learned that every 3 years or so he can scam a bunch of people out of a few hundred thousand to a million dollars. With a tool like that in your drawer, why give it up? Put it away, let it recharge for a couple years, pull it out again and start over. I mean, it's not like he actually makes any attempt to run a business with it or anything - that is all part of the fictional story - so there is zero effort on his part. Unless someone comes knocking on his door with a warrant or a gun, he will never get rid of his money maker.
It's interesting. First, let's not get too hung up in Andrew just yet. Could very well be another rabbit trail JRB has sent us on but not really valid. If it is valid, my impression so far is that Andrew is a more educated, slicker, "thinks he is smart enough to get away with anything" version of JRB. Time will tell.
Yes and no. People that are months behind on bills still manage to buy alcohol, cable TV, cigarettes, etc. I dont think that many will dump SIRI. Also, and I havent seen the stats on this, but I believe most people pay on a year to year basis (at least I do for my 4 subscriptions).
From your perspective, yes. From mine no. Anyone that owns their own domain name (and I would bet most on this board own at least one) know that you can create as many free email addresses at that domain as you like, depending on your host. GMail allows 5 on your own domain free, GoDaddy is like 100 for $2.99/month, etc. So if JRB wanted to give the impression that there was someone new all he had to do was log in to his account, create the email address and within seconds it is fully function with the illusion of someone new. I confess in my business I have helped many 1-5 man companies set up a couple dozen emails (info@, sales@, ap@, help@, etc.) to give the appearance of being bigger. The concept is in practically every small business guide book.
Does this mean that JRB just Googled someone and used their name? Maybe...maybe not. My entire point is that it means absolutely nothing. We have seen more absolute lies on the IDCN website than I can count.
Now, on a different note, if one were to assume this is real and Google this mystery person - and cut through the self-promoting BS that anyone in business adds - you would see that this person has been a defendant in a few lawsuits and has been involved with reverse mergers, micro companies/startups, brokering business sales, etc. I read the first 40 hits or so. My impression is that this is a 37 year old version of JRB. A simple search of iHub turns up direct association with other stocks that look a whole lot like IDCN (CDMA, for example...oh wait, it does not appear to trade since November), Endeavor Power, cousin to the CEO of USRI, etc.
So if IDCN has actually changed hands - it just changed over to a younger Jeff - someone with a history of doing the exact same thing.
Enjoy!
I was in at .14, out at .32, in at .35, out at .55...and a few more. Each time I sold I was sure it was going bankrupt. Glad you had what it takes to hold...hope you see 1000% gain in the next couple of years!
The same email?
What?
You mean to tell me someone that owns a domain name can make any email they want?
In like 10 seconds?
For free with GMail's hosted email or 10,000 others?
Then answer it and pretend to be someone else?
No Way! Not buying it! This must be legit because JRB said so!
BORN - Burrppp - Hope you are right. After the complete torch job I got from CCME I have avoided most China plays. Fortunately some good timing with NEP has brought me back close to even so I grew a pair and bought some BORN. From what I have read it does seem encouraging. Tight stops and avoiding hypes this time around...
I sold all of mine.
Dont get me wrong, I fully believe SIRI will go higher, much higher, in years to come. Only things I buy and hold must pay a divi and have the potential of going higher. So as a short term trade, SIRI just does not perform. I was in from 1.75 this time around, made decent profits and see them eroding. Will look again next earning season. I wish everyone here the best of luck. At least with SIRI if you are red, there is an excellent chance you can just hold through and see profits.
And one Brian PR from a big flop.
Peter -
For clarification on what Space and I came to an agreement on is that some of these events may have actually happened. Sunray, for example, was obviously a real oil drilling venture that is well documented both in government records and numerous independent news sources. The theory Space and I agree on is that JRB either illegally or legally funneled money out of IDCN in to his own pocket or another private entity he owns, which then invested in Sunray. This is absolutely zero evidence that IDCN, or JRB using his own name, ever had any dealings there. PRs were released stating that IDCN entered into a contract with Sunray - which was and is complete and total BS.
So Space is correct in that ventures like Sunray were real, but for the purposes of investing in IDCN shares, you are absolutely correct in that IDCN's "involvement" was absolutely fake.
While I concede that Space has a valid point, I would tend to take your side in that as far as any potential investor reward from a successful participation in an IDCN revenue generating venture, all PR's were in fact fake.
It would appear that someone thinks something is going to happen. If it is someone that can actually make something happen or not remains to be seen. I'm here for the show. I can't wait to see what rabbit gets pulled out next. I'll even so far as to say that I hope most of the people here can get out with a profit. Intermission may be nearly over and I am ready to watch (not participate) in the next act.
For those keeping score, other than the fight being fake or being real, Space is exactly right in what he stated he we were in agreement on.
Space - I fully respect that you have been here 4x longer than I have and know the players in this particular game better than I do. That said, I am on the "staged fight" bandwagon for a dozen reasons posted that many times. Not the least of which is this:
The IRO (personally) holds hundred of millions of shared, claims at an averaged basis of 0.0008. Say between $500,000 and $650,000 total - if, and I admit this is a HUGE if, you believe him.
The IRO claims that he has a written agreement in hand from the CEO to never dilute the stock - since diluting the stock has an instant and measurable negative value implication to Person A's holdings.
The IRO is completely and irrationally emotional about his holdings - publicly and privately attacking and make threats of violence against anyone and everyone who even questions the legitimacy and value of IDCN or his advice.
The IRO has posted many many "facts" while still very much in the official capacity of a director of IDCN as identified on the company web site - all of which turn out to be blatantly false - many of which were even posted as being false on the official web site (or at least completely contradicting what the IRO stated as fact.)
The IRO is proven wrong on his facts multiple times, is proven completely wrong on the dilution situation and the CEO violated what is supposed to be a legally binding contract, his holdings now are at an 80@ loss if he could even sell them and are actually worth less than that given the average selling price over the last month - below what LII shows, he is fired publicly and humiliated by the very CEO that he has been defending and that screwed him.
This same IRO who is so off balance emotionally that he messages death threats if you say his technical chart analysis is incorrect but sits back and takes this absolute financial and personal beating, looks like a complete idiot to all of his followers and potential clients without so much as a whimper? Nothing. No lawsuit - and he has about the most rock solid law suit I have seen in years if only half of what he said was true.
This same IRO, after doing nothing to restore his honor or his money, is back buying - and not only buying, but publicly posting that he is buying and supportive.
Those are the facts. They are not being disputed by anyone - not by me, by you or by the IRO.
So read those facts. Try (I know it is difficult since you are very familiar with this situation) to imagine that the IRO and CEO are from some company you never heard of. Are you going to believe that this falling out was real? Seriously?
I have seen some absolute silliness on InvestorHub and especially the IDCN board, but most of the people here are adults - are smart enough to at least figure out some trading platform - you expect me to believe that they are this ridiculously gullible?
That is what is so sad. If you look at the progression of IDCN over the last say 3 years (I cant comment past that - wasnt here) the pumps started out actually believable. Hockey stick updates with site maps, photos, details, etc. Granted, if one were to try to verify any of that it all proved pure fiction - but at face value it was convincing. You had both pumpers aware of the scam and actual believers (like Charles D)posting about it on their sites. Then as we moved forward in time the pumps became a couple paragraphs in a phony press release with statements like IDCN had entered into a partnership with a financier to fund multimillion dollar African mines. These contained absolutely no details that could be verified and not even actual names of places/banks, etc. Sounded great for those that wanted to believe and wanted to convince themselves that it was real. A simple quoted Google search would show that the IRO had done nothing more than cut and pasted another company's PR and change a couple words around and released it - obviously fake, but it worked as a pink sheet pump. Then the progression was to pump without spending any money - so the IRO resorted to posting what was supposed to be insider information about LOI's and partnerships - obviously we now know all completely fiction - and completely weak as a pump but did have enough effect to allow these insiders to dump a half billion shares with only a minor PPS drop.
And then you have today. So few believe that this can even be pumped (and no one actually believe there is anything to IDCN) that they are taking one line posts that the IRO's "group" is buying (Are there still members of that group? Where there ever any?) as a pump in and of itself. And some are trying to use the fact that it can even still be traded on a handful of brokers as a pump. This is about as low as you can possibly reach. It is ridiculous. It is completely pathetic that anyone would fall for it. What's next? "You should buy now because the ticker hasn't been deleted yet?"
Or...just a thought...maybe Ken and JRB are pumping claiming they are buying so they can sell off all their remaining shares for anything they can get before it finally dies. Always a possibility.
Starting about 6 months ago TD changed their policies on pink sheet stocks. Many were dropped all together and many others are now "close only" so you can sell your position but cannot buy new shares. I have not personally verified IDCN one way or the other.
Sirius Stock Gets Dumped by Wall Street Bigwigs
http://www.thestreet.com/story/11420633/1/sirius-stock-gets-dumped-by-wall-street-bigwigs.html?kval=dontmiss
Chris Ciaccia
02/16/12 - 07:02 AM EST
NEW YORK (TheStreet) -- Sirius XM Radio(SIRI) has always been a battleground stock, with investors debating if it's a "buy" or "sell." And, now, Wall Street's biggest money managers have weighed in by cutting their position in the company's stock.
Investment managers such as Steven Cohen of SAC Capital, Paul Tudor Jones, and George Soros all reduced their positions in the satellite radio company in the fourth quarter. Shares of Sirius jumped during the period, gaining 20.5%, compared with a 7.9% rise in the Nasdaq.
Here is a list of some of the more notable hedge fund investors and what they did with their Sirius XM positions during the fourth quarter:
Steven Cohen, SAC Capital Advisors -- The hedge fund, run by Steven Cohen, slashed its stake by nearly 75%, selling 19.9 million shares. That left him with a stake of just over 3.5 million shares as of the end of December.
Asian Century Quest Capital -- Asian Century Quest Capital isn't one of the more well-known hedge funds, but this Asian-oriented investment manager more than tripled its stake in Sirius, acquiring 14 million shares. That increased its stake to 20 million shares.
Asian Century is a New York-based hedge fund that primarily focuses on Asian equities, so adding a huge position in Sirius is noteworthy for the company.
George Soros, Soros Family Fund -- George Soros' family fund had a tiny position in Sirius, but did sell all 34,300 shares it had in its portfolio.
Soros has retired from running other people's money, and now manages family investments only.
John Thaler, JAT Capital -- John Thaler's hedge fund has been known to love high-flying growth stocks, so the reduction of his stake by 30.5 million shares is something of interest to note.
John Griffin, Blue Ridge Capital -- Blue Ridge Capital, which seeks absolute returns by using a long/short strategy, initiated a massive position in the stock, purchasing 55.4 million shares.
Paul Tudor Jones, Tudor Investments -- Paul Tudor Jones, one of the most experienced investors on Wall Street, added 1.95 million shares to his Sirius position, bringing it to just over 2 million shares.
Ken Griffin, Citadel Advisers -- Ken Griffin, the famed hedge fund manager of Chicago-based Citadel Advisers, cut his stake in Sirius by nearly two-thirds, selling 2.2 million shares. That left him with 1.1 million shares at the end of 2011.
Interested in more on Sirius XM ? See TheStreet Ratings' report card for this stock.
Check out our new tech blog, Tech Trends.
--Written by Chris Ciaccia in New York
I think we are on the same page but just different thoughts on what may happen. As Frankie has pointed out, it's a pink sheet and will always be played as such.
As for JRBs shares, NITE may be selling those to the current buyer(s).
As for your last point, we disagree. With very few exceptions you cannot short pink sheets - and certainly not ones at 0.0001. No MM would accept that trade. If you know of one, do tell.
To see $3.00, IMO, would require either a couple more years of growth, a buyback that is significant and acted upon, or some sort of takeover/mass share buying by Liberty (or someone else) - or a combination of those. Honestly, SIRI is doing well and anything is possible. My basis is not as low as yours, but I am well on the green side - and in my opinion the best play is to hold and wait. I see very little potential for this to drop significantly unless the broader market crashes again.
HAHAHA...Ya, I didnt mention that just in case someone was getting excited about the volume. Most people know that pink sheets trade down to 0.000001 level but the level II system in place only shows to 0.0001. Someone with a large position (I can think of a few people) may just want out and could be selling much cheaper than what the ask shows and someone may have a standing bid at that level. In other words, someone may be buying for $1 per million (theoretical lowest price). I know of know way to determine that. So this entire week's worth of trades could easily be less than $1,000.
Sorry...my post was not very clear. Two things:
1) With or without JRB you are looking at a pink sheet with at least 7 Billion shares outstanding in the float, potentially many more than that. Multiplied out by share price you are getting a $700K market cap company. As we both know, IDCN is a paper only company. There are no capital investments, no land owned, no open contracts, not even a rental office or phone. It's actual value is $0. If someone took it over than sure, they could build it up over time in to something - most likely via a reverse merger and the resulting company would have nothing to do with IDCN and in all likeliness nothing to do with the industry that IDCN *claimed* to be in. So if the company was taken over someone would have to make a huge investment to fund the company just to get it to where it is valued today ($700K). (Huge as in Pink Sheet huge, not GE huge...) It the PPS goes up to say .0003 than it is a market cap of $2.1 Million. A change in CEO does not make a few sheets of paper suddenly worth a couple million - and potentially far more given that PPC of pink sheets moves more on pump/hype than on fundamental value. Of course, "players" would be looking for that pump to dump at 100-200% gains before reality set in and a new wave of bagholders was created.
2) The hostile takeover would involve someone or a group of people whom have given proxy rights to someone buying 50% +1 shares of IDCN. Under WY law if JRB does not want to be taken over he can simply call his wife in from the other room, have an "emergency board meeting" and add a few Billion shares to the float, than award those shares to himself as an incentive bonus - all perfectly legal, all within 5 minutes. This would instantly raise the number of shares that someone would need by a Billion or more in order to meet the 50% +1 requirement. She can do this all day long while dumping his newly minted shares on his TA - resulting in money going from the attempted takeover group into his pocket without them ever getting closer to actually taking it over. This would also compound #1 above.
There are, however, a couple possibilities:
1) If the shell is sold to new owners they would most likely immediately perform a huge reverse split to get the share structure back in line - normally to the point where the shares are trading in the whole cents - to allow the expected 50% drop immediately after the R/S which is normal. This makes the shell under new ownership a viable investment medium from which they can raise capitol. It totally screws all existing shareholders though. That is not the concern of any new owners as none of those shares would have been purchased as them, but rather would be from JRB/IDCN. This happens frequently.
2) JRB may be tired of the IDCN game. Maybe in fear of what happened to his sister - maybe 100 other things. Maybe he wants out. In this case he may have informed KA or whoever what the actual float is, what he needs to get 50% +1 and actually agreed this time to not further dilute. He may even have an arrangement to direct sell his shares to them, or a contract allowing him to sell his shares before they can. Many possibilities. This would be about the only situation where I can viably see the PPS increasing, since the goal of such an action would be to lock the float, pump like mad, dump on the pop. In other words, your standard everyday Pink Sheet game. I fully grant you that this may be what is happening. Or someone has really mixed smoking weed and daytrading pink sheets.
I completely agree with you that the previous head fake with the CEO change never happened - at least not for any practical purpose. New owners would not maintain the same web site and remain silent...simply makes zero sense after this much time.
Can we imagine shareholder value of even an empty shell?
I don't need to imagine. I know math. With a current outstanding float of at least (no one but JRB know for sure) of 7 Billion shares and a current pps of $0.0001 the mc of IDCN is $700,000. Being extremely generous this is about 7 TIMES the selling price of an average empty shell/public traded entity (more like 14 with this type of ss and history). So bottom line is it is ridiculously overvalued.
Does that mean if JRB leaves it won't pop to .0002 or even .0003? No. Pink sheets defy logic and reason, so sure, JRB leaves and a solid BS pumping and the mc could be driven up to $2.1M for what is nothing more than a few sheet of paper from the WY Secretary of State and literally nothing else.
Oh, and before someone throws out the "It could be KA buying up in hostile takeover bid, getting a majority stake" let's remember, this is a WY entity - JRB can add more shares to the AS anytime he want for free making it impossible for anyone else to ever get a majority unless he wishes it so.