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Didn't realize shareholders needed salvage experience to trade MEXP.
First, I NEVER said that I didn't know OMEX started out pink. Why do you make these Assumptions? What I DID say and I quote, "OMEX is a fully listed Nasdaq stock". http://investorshub.advfn.com/boards/read_msg.aspx?message_id=74507958
While I have no intentions to learn the salvage biz, I do know how the stock market works and since we're trading stocks, that should suffice.
There's a huge difference between OMEX, a fully listed Nasdaq stock with 73.14 million shares issued and outstanding trading at $2.90ish vs. MEXP a pink sheet stock trading at .0004, which is not a SEC reporting company, plus it was deregistered in 2011. We don't even know how many shares are issued and outstanding because the company has decided to issue a gag order on the TA. They also decided to use the preferred shares that they stated they DID NOT HAVE in order to vote in a 600,000,000 increase.
Then there's that painful 1:500 reverse that MEXP inflicted on their shareholders about 17 months ago. OMEX had a reverse as well, however it was 15 years ago and it was a respectable 1:5.
MEXP has had 17 months since their shareholder fleecing of 1:500. On top of that, we just got the AS increased to 1,600,000,000 and the share price just set a NEW 52 WEEK LOW at .0003. The company has had all these months to show us what they can do and their performance leaves a LOT to be desired.
Btw, your comment so and so said 70 days ago that MEXP was going to do so and so in 60 to 90 days "?
That so and do was the CEO, Mark Goldberg, who also said they were just moments away from sending out their boats to start recovering treasure AND the float was AROUND 100 million. Those and a few other good lines that of course did not prove true.
Telling the TRUTH does NOT appear to be par for the course or even important in the "treasure salvage
business". Telling WHOPPERS appears to be much more the norm for MEXP, similar to old fish stories.
There's just one problem,
The share count was NEVER reported by Sara.
Michael reported the share structure on 2/21/12, PRIOR TO THE COMPANY IMPOSED GAG.
On March 2, 2012, Sara at Madison reported MEXP had placed a gag order on the TA.
Now we're done.
I can relate, I'm outside enjoying the sunshine as I post.
The only thing that interests me is that MEXP cleans up their act and makes this a viable business that ALL shareholders can profit from. Continuing to increase the share structure, and what appears to be never ending dilution is not the way to proceed. IMO.
If you have a problem with the share structure, call MARINE EXPLORATION. The company is who has raised the entire structure at an alarming rate, including the AS BEING INCREASED BY 60 % last week.
You see, I didn't just take the last share structure, or even the one prior to it. I went all the way back for my due diligence.
Like I said the TA IS GAGGED and that is nothing that ANYONE should attempt to spin.
Madison Stock Transfer reported the gag order imposed by MEXP, however they will report any other ungagged company they work for.
Sara at Madison Stock Transfer, 718.627.4453
No one is asking You to believe the numbers that were reported to me by Madison Transfer on February 21. But the fact is I did make the call, and the truth is they did report the numbers just as I reported them here as a courtesy to others who elected not to make the call. You can take it for what it's worth.
Regarding today's Talk about the TA not being gagged:
Contrary to what was posted here, Fact is the TA IS GAGGED. Like I've posted earlier, Sara at Madison Stock Transfer said MEXP IS UNDER A GAG ORDER. She also stated that Madison Stock Transfer does indeed report all other companies they work for, UNLESS THEY ARE GAGGED BY THE COMPANY.
You can take that for what it's worth or call Sara. Your choice.
Manipulation of a stock by stating they are not gagged, when in fact they are, is something that will cost shareholders in the end.
Back to MEXP DATA.
The current MEXP volume is 10,280,396, all shares traded at .0003.
MEXP OFF -25%.
NO MM's @ 0002. If the dumping continues, next stop .0001.
Unless of course someone paints the tape. Again.
It is not so. Obviously.
Perhaps you called the wrong TA. Whatever the reason, Sara at Madison Stock Transfer asked for the companies name, I stated it, and she said I'll get that info for you. Then she came back and said I'm sorry, we can't report share information on THAT company.
When I inquired about other companies, she said they report on any that are not gagged.
MEXP IS GAGGED.
If anyone has questions, call the TA. I posted the number in an earlier post today.
THE TA IS GAGGED
Make the call.
Someone gave you bad info, moe.
If you wish to verify that MEXP is indeed gagged and that the TA DOES INDEED REPORT on any other company for whom they work (as long as they are not under a gag order), please call:
Sara @ Madison Stock Transfer, Brooklyn NY, 718.627.4453
Don't know who you talked to, but a second call is in order so everyone will have the correct information.
Fwiw, the OS was quoted by the TA as:
Outstanding Shares. 593,302,644 a/o Feb 21, 2012
Authorized Shares 1,000,000,000 a/o Feb 21, 2012
Obviously that count is no longer accurate since the amendment to increase the share structure was filed on April 12, 2012.
Value, the share structure of the quarterly you're referring to is no longer accurate since the amendment to change it was filed on April 12, 2012.
In order to determine a book value you must have (minimally) an ACCURATE share count and a list of assets and their cost, then deduct depreciation and liabilities. Divide that by the accurate share count of issued and outstanding common shares.
The TA being under a MEXP gag order makes it impossible to determine a BV per share.
http://www.investopedia.com/terms/b/bookvalue.asp#axzz1sJaX0DoH
Plus how will they react when they see MEXP shares are once again being dumped at .0003? Another 10.28 million @ .0003 this morning.
The preferred shares came as no surprise. I wrote about the preferred, their voting rights, and stated here that the TA was gagged regarding those shares from day one. What is surprising (and a problem) is that Management says they owned ZERO SHARES of the PREFERRED.
Michael Scaglione conveniently sidestepped any questions regarding those same Class A preferred shares. Twice.
However he sure had plenty to hype about the "multi-million dollar" Hispaniola. Although your comment was "I guess they got a great deal because the ship was being sold for less then half a million dollars".
You also addressed Scaglione directly when you asked, "So Mr. Scaglione, if the Ocean Lady is worth Millions. Why hasn't the dockage fee's been paid ? Is MEXP going to lose that vessel too? "
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=73117939
What seems so odd to me is that some are more interested in the position of other posters than what the company and MANAGEMENT is doing to shareholders. You would think that issue would be paramount moreso than idle curiosity.
Some companies may hold large blocks of their own stock, no surprise there. But what is surprising is that they would state they own no preferred shares and then use those phantom shares to vote in an increase to authorized. It is a 60% increase to 1,600,000,000. No matter how anyone puts it, additional HIDDEN dilution (since the TA is gagged) is always a blow to all shareholders.
Since you tend to hear more than most of us and since you're perhaps buying as well, good luck.
Fact is we don't know much about MEXP except what they want us to know.
Then there are the MEXP PR's, the ones with no ending or conclusion. At least not yet.
But they're supposedly drafting another, or so we've been told.
IMO, they're just waiting for a "cooling off period" between raising the AS and issuing a PR. Otherwise it would seem a bit too obvious.
You must write better English than I do, so now ALMOST EVERYONE can look at those filings.
Look, your simple question was to ask me to do your dd for you.
The answer to your question is in a LINK TO A FILING POSTED ON THIS BOARD .. TODAY
It doesn't get any easier than that.
Have you even read the board today before you responded to my post? All the MEXP info you just asked ME to provide you, is already in today's posts for you to use just like the rest of us.
Perhaps you could even contribute some of your own dd.
Kudos for succinctly pointing that out; there are just too many misstatements.
Then there was the comment of the book value of MEXP. How can anyone determine a book value per share without having an accurate share count, a list of assets, the cost of assets, the age of assets, depreciation, etc., etc., etc.?
Fact is we have no clue what the share structure is and haven't for almost 2 months since MEXP imposed a gag order on the transfer agent.
We've never had any factual evidence regarding the accurate float or the preferred, since the TA has always been gagged on those figures.
Thanks for the link, count. It looks like that financial was just another form that Goldberg signed and Scaglione issued an opinion letter verifying all the information was correct.
Do we see a trend here?
Fact is there are 100 million shares of class A preferred which have superiority in voting rights equal to 10 votes per share. They also can elect the majority of the directors and amend the certificate of incorporation.
Which is how they used those shares when they filed for a 600,000,000 share increase to the authorized. Thanks to our CEO, Mark Goldberg (the one who said in his interview that he was "concerned" about dilution), and Michael J. Scaglione, MEXP's secretary/treasurer/bod/attorney who in his interview avoided the questions regarding the preferred shares.
Nice job, Management.
There are 100,000,000 Class A preferred shares authorized which have superior voting rights and can also be converted into 10 shares of common for each 1 share of preferred (1,000,000,000 shares). With 1,600,000,000 authorized now, those 1,000,000,000 preferred shares would still give them a 62.5% majority.
And this from the men who stated they had no preferred?
Unfortunately, some of the players haven't changed.
It still seems very odd that MEXP's Michael Scaglione stated on March 2, 2012 that Burt Webber is their partner. Either he misspoke again or ....well I don't have another scenario.
As for making "things" work, while it would be super to get a new PR outlining their bigger better plans (according to you, Mark Goldberg could have put out the PR yesterday, but he is waiting for some reason), clarification on the 3 previous PR's and the 2 LOI's is necessary as well.
Goldberg and Scaglione need to get their stories straight prior to any more interviews. Both have made statements that simply were inaccurate.
Sounds like a great match. Felon Richard Roon stands out. Having felons associated with the company is always special.
Then the pump from the company that can't be named.
That should make it easy enough for MEXP to dilute more. Nice plan for shareholders.
As long as they get out green and don't consider this an investment.
Guess we heard the same thing. Funny how everyone knows about this supposed PR BEFORE it comes out!
Do you think MEXP is aware of insider trading rules?
He's still around,
The rumor mill says there's a great PR coming out and it's devised to lure some newbies and make those who post FACTUAL EVIDENCE appear as off-base. Does this company EVER make even the slightest attempt to run a legitimate business? We have Goldberg signing off on everything and Scaglione swearing to it.
Do they think investors/shareholders don't see what they're doing?
1. Gag the TA.
2. Raise the AS.
3. Issue the biggest PR ever.
And then what? Let's guess, shall we?
That's what we call pink sheets at its worst.
Too bad only a select few have that ZERO cost basis.
What makes me laugh is anyone attempting a book value on a stock with a gagged TA and no definition as to what the assets actually ARE, nor what they cost.
Currently .0003 bid x .0004 ask.
8.56 million shares traded.
TWENTY trades at BID for every ONE at ask.
It's going to take some serious trades at ASK to get MEXP back to the .0008 price that's been touted here for weeks now.
Legitimate treasure salvage companies can. But those who learn its easier to sell stock, well those companies are in the majority among the salvage hunters. IMO.
No actual proof of who holds the lien on the Hispaniola.
All we have is Michael J. Scaglione's "word".
We've been told pink sheet company officers and/or attorneys NEVER LIE.
(only when their lips are moving.)
Oh yes, the infamous Strykers. Too bad they don't funnel a little money into MEXP so the financials would be more appealing.
Could the cash and cash equivalents they had on hand as of their last quarterly have been supplied by Scaglione, Goldberg, and Alvarez? Guess that's one way to beef up the financials just in time for the filing.
Each of the principals has an $80k Convertible promissory note, along with 4 others for a total of $790,000 in Convertible promissory notes.
*Oh and then there are the Preferred shares. In case they need ANOTHER increase to the AS or worse case scenario, a reverse split.
Do you have any on-topic issues to add?
Why are you asking jeffn? He was kind enough to bring us the link to yesterday's increase of authorized to 1.6 billion.
Let me speak for us all in thanking him.
A 600,000,000 increase to the authorized shares would probably scare off a few traders. IMO.
..... then there's dilution.
Your quote:
THE TA WAS GAGGED DURING THE LAST PAID PROMOTION.
The AS was increased to 1.6 Billion yesterday. Amazing how Scaglione and Goldberg orchestrated it by using the preferred voting shares. Which of course had been mentioned on this board multiple times.
Interesting to note, Scaglione avoided any questions regarding the preferred shares during his conference call. Are we still going to call him an honest person who would notvdare but tell us the truth, thecwhole truth, nothing but the truth? An ethical company would announce PRIOR to the increase in authorized shares but then. O one has ever accused MEXP of being ethical.
Don't forget MEXP is capable of huge reverses, having a history of 1:500 splits.
Regarding your post:
Instead of the .0007 you called for, the actual next ask after .0005 was .0004.
The trades at bid today outnumber the asks at a 18 to 1 ratio.
Now that the company has an abundance of new shares, we're all set for the selling spree.
I see a PR in our future.
Yes we've seen the company's share structure data and they leave MUCH to be desired.
Why did they use the FIRST QUARTER numbers instead of the recent numbers??? Why does this company find it so difficult to be consistent??
You can believe in the SS numbers they wish us to believe, and the LOI's, and the intellectual property, and the lawsuits, and even about Stryker and Webber. You can even believe they're already diving but want to keep it a secret.
I personally see FAR TOO MANY DISCREPANCIES.
MY EYES ARE WIDE OPEN.
That is the point, EXACTLY.
THE TRANSFER AGENT IS GAGGED AND THAT GAG ORDER WAS IMPOSED AS OF THE LAST PAID PROMOTION.
MEXP uses the Alternative Reporting Standard by making filings publicly available through the OTC Disclosure & News Service pursuant to OTC Markets Group's Guidelines for Providing Adequate Current Information (pdf) are designated as OTC Pink Current Information®.
MEXP was DEREGISTERED as of March 23, 2011.
The Current Information category is based on the level of disclosure and is not a designation of quality or investment risk. This category includes shell or development stage companies with little or no operations as well as companies without audited financials and as such should be considered extremely speculative by investors.
There are discrepancies in this last quarterly, quite obvious to all readers.
MADISON STOCK TRANSFER IS THE ONLY RELIABLE SOURCE FOR ACCURATE SHARE NUMBERS, BUT THEY ARE GAGGED.
No. That's incorrect. THE TA IS GAGGED. Trading stocks and making/losing money is not a game.
1. Extremely low float?
THE TA WAS GAGGED DURING THE LAST PAID PROMOTION. THE FLOAT AS REPORTED BY THE COMPANY AT THAT TIME WAS 282,728,351. THE OS WAS 593,302,644 AS REPORTED BY MADISON STOCK TRANSFER PRIOR TO THE COMPANY IMPOSING A GAG ORDER ON THEM.
2. Positive Cash?
THEY HAVE 2 LOI's THEY'VE SUPPOSEDLY SIGNED, A BOAT TO RETROFIT AND GET IN SHAPE, A CREW TO HIRE AND PAY, 2 LAWSUITS, A MONTHLY BURN RATE IF THEY DIVE, NORMAL MONTHLY BILLS, LIEN PAYMENTS ON THE HISPANIOLA, MARINA FEES, PERMIT FEES, ETC. MEXP CAN NOT COVER THOSE BILLS FOR $225k TOTAL.
3. Motivated CEO?
IF YOU SAY SO. I PREFER HARD NUMBERS AND TRUTHFUL STATEMENTS AS OPPOSED TO FLUFF, POOR PAID PROMOS, AND NAME DROPPING.
The company should remove the TA gag order and perhaps actually finalize an LOI. They said they were literally moments from sending out the boats, so why not do it? I doubt their hype strongly though due to the historical data (including recent history) I've uncovered.
Ok, moe, good luck to you.