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mr notaclue, first of all there's no mining. they are miles away from mining. second, if it is for drilling, and they used the max amount of shares "created" to raise that money, then it would be about $180k.
how much drilling do you think that would buy?
remember how many people are supposedly involved in the drilling. they would all want to get paid to do more drilling, right? $180k probably wouldn't go very far.
that's how i would read it.
but, now that uspr is classified as a delinquent sec filer, and delisted to the pinks, i don't know how many more people they can trick into funding them, even with convertible preferred class b shares.
well, i hate to be the bearer of bad news but i think we are starting to find out the reality for uspr, even as we speak.
uspr is no longer an OTCQB stock. it has been delisted to the pinks. (gee, i wonder where i heard that might happen?? oh yea, now i remember, i said it!!)
but wait, it gets worse. it's sec reporting status is now classified as DELINQUENT!!! ( i think i remember i said that too)
not only that, but uspr is now a "limited information" pink sheet with a yield sign on it.
next step is uspr gets delisted to the grey sheets unless they get compliant.
but new, new, new, new management would never mess with sec rules, right????
thanks.
why they did what?
"create" preferred b that's convertible into 28 million common shares? "create" preferred b when they still have 8.7 million preferred a authorized? announce the "creation" of 200k preferred b convertible into 28 million common without explaining why they "created" them or to whom they created them for and for what reason they "created" them? whether or not this would require uspr to raise the authorized common share number? is there more preferred "creation" coming?
do i really need to go on??
also, in uspr's most recent 8k stating this "creation" of preferred b, they state that they filed a certificate of designation with delaware on feb 10th.
and if you look at the actual certificate of designation that is attached to the 8k, you will see uspr "has caused its duly authorized officer to execute this Certificate on this the 4th day of February 2016."
this info is the definition of a material event that requires an 8k. an 8k, by sec rules, gives a company 4 days to report a material event.
uspr filed their 8k about this "creation" of preferred b with the sec on feb 19th. that's 15 days after they caused it's duly authorized officers to execute the certificate and 9 days after they filed it with delaware.
so, yet again, uspr's new, new, new, new management doesn't care about sec rules. i remember reading on many occasions how management would NEVER risk any trouble with the sec with their filings. how uspr's management would never do anything improper.
now, uspr is 32 days late with their 10q, and their most recent 8k was either 15 days late, or 9 days late, depending on how you want to look at it.
wow. all i can say is wow.
this bull shit is sooo bad i don't know where to start.
please, please show me where any, ANY, public company that already had a preferred series a convertible preferred shares authorized, and in the case of uspr, ISSUED, that "created" a series b preferred series, and didn't issue the full amount of the shares they "created".
also, why did uspr "create" a series b when they still had 8.7 million left of series a, that they didn't give to rtc???
"in essence, they increased the a/s"... no. no... to increase the authorized, uspr would have to file an 8k, and also submit to the state of delaware. please show us where uspr did either of that before anyone will take that statement seriously.
"so basically, we don't know how many shares were issued (could be zero), and when they can hit the market (could be 6 months ... a year)"...
we also don't know why they are "created" or how much money will/has been raised by these preferred shares. at max, it's 28 million shares. at these prices, if it is "created" to raise money, and they used a 50% discount which is pretty standard, that's about $180k. so is that for lawyers because uspr is being sued, or like 3 days of drilling???
ok. let's recap. uspr is now 30 days late filing their 10q, in violation of sec regulations. it's been 17 trading days since the last big volume day of converts selling. uspr closed at .015 that day and closed at .0132 today.
ever since the converts stopped selling, uspr hasn't cracked 1 million shares of volume. not once.
we were constantly told that once the converts stopped selling, uspr would go back where it belongs. does that mean it belongs at a .013?
so, the converts stop selling, uspr is lower then when the converts stopped selling, buying has dried up significantly, and we are supposed to believe this is a billion dollar property??
if uspr is a billion dollar property, and the constant selling has stopped, then why in't uspr at .05? or .10? or .30 like it was 12 months ago?
or, i don't recall the exact price, but it was stated that with the results uspr put out, and the price of gold, and it representing 2% of the property and all the copper.... uspr should be valued at like $2. why isn't it?
hey, big day today at uspr. no 10q filed, no posts, and only 79k shares traded.
not to worry though. new, new, new, new management would never risk any trouble with the sec regarding one of their sec filings. it's not like there's a deadline to file 10q's in a timely manner or anything. oh, wait. there is. and uspr is now 29 days late.
but at least they have billions and billions. uspr .015 with 79k shares traded. do they really?????
1 month chart looking great? please tell me that's a joke. the one month is a dead cat bounce. look at the 2 month. or the 6 month. or the 1 year and tell me those charts look great.
actually, uspr states on their company profile at otcmarkets.com, you know, where their stock trades, that they were incorporated in 1998 and are an exploration stage company a/o Sep 19,2002. i just did the math.
also, one of the first pieces of easy research on uspr i did was to find out when uspr went public. that was 2004.
so, kinda hard for me to follow uspr for 14 years when it hasn't been trading for 14 years, huh?
but back to the point, uspr has been incorporated for 18 years. an exploration stage company for 14 years. and trading for 12.
but still no revenues. go figure.
oh, and i don't think ironic is the correct word to describe this. ironic is defined as words that mean the opposite of what one thinks, especially when the words are meant to be funny.
so, are you suggesting that i have good time management or that it's funny uspr has zero revenues in 14 years??
i'm ok either way.
nope. wouldn't ever do a convert for uspr. too much debt already. they are either at, or near, the authorized share amount. which means they would have to either raise it, or do a reverse split. neither is good.
plus, the volume dried up once the converts started selling, so clearly uspr, on it's own, doesn't generate any consistent, significant buying. meaning, anyone doing more converts will have to generate the required buying interest to liquidate their converts.
there are soooo many other companies out there to do a convert with that are significantly better then uspr. companies that have volume on their own, don't have a ton of debt on their books, haven't switched management and bod members like underwear, haven't used terms the sec doesn't allow, doesn't miss sec deadlines by 26 days, doesn't create new terms that appear positive yet are in fact meaningless, don't have a track record of failed jv's, failed ib agreements, failed financings, and most importantly, has been able to produce revenue within the past 14 years...
uspr has 14 years with zero revs. i mean, on top of all that other stuff of course!
can't wait to see the next wave of nonsense. always interesting here.
well, uspr is now 23 days late filing their 10q so maybe they are re-evaluating being an sec filer any more. at this point, and with no comment from uspr, kinda hard to figure out any other justifiable reason to be so late filing their q. especially since 10q's don't need to be audited.
i'm sure there's a list of other potential reasons why they are so late. don't want investors to see how many shares were converted in the last 3 months, how much debt remains to be converted, additional debt added, amount of money and/or shares given out to their laundry list of directors, consultants, partners, ...
uspr really does fly loose with the sec regs, huh?
it's as interesting as saying cdel was no longer on the offer for uspr at .10, .08, .06, .04...
soaring gold prices can't possibly be a bad thing for ANY company that has a proven, viable gold reserve. unfortunately, uspr hasn't proven they have one.
but is it gonna hold when the converts start selling again?? and don't forget, uspr needs more money for more drilling, and to pay their lawyers because uspr is being sued. that means even more financing which means even more shares.
more typical uspr bullshit.
a uspr employee, that uspr just announced stepped down from the bod, allegedly gives a quote regarding his position to an anonymous mb poster but uspr, you know, the actual company, says nothing about it. and that's supposed to be passed on as, like, legit?? please.
and as for him stepping down so capital investors can have their people in there, uspr had 11 directors and officers in 2014. today they have 7. there was plenty of room for new directors to come in without uspr's geologist giving up his seat.
just more nonsense from uspr
he knows already
in the 8k, uspr stated that baer had a new role and that luciano would continue doing legal services.
kinda odd they didn't state that burney was staying on as geologist in the 8k.
so, where is it publicly stately that he is staying???
seeing as how i wasn't trying to win anything i would say just being right is enough for me.
one more thing. "always two sides to the story". does that mean there's two sides to the uspr has billions and billions story??
more bull shit.
all we have now is an 8k from uspr. nowhere in that 8k does it state that burney will remain as uspr's geologist.
so, exactly where did uspr state publicly that burney will remain as geologist
well, it's about to get fun around here again. uspr will wheel in some new, new, new, new management team along with some new lofty promise of a new direction or a new "thing" and we will get back to seeing millions of shares trade but no actual, sec viable, evidence of that any proven, profitable reserve exists.
so basically business as usual for uspr.
this is like their 11th new "thing" in 4 years. but at least the share price is the same. oh, wait. no it's not. it's 95% lower.
but at least we will be flooded with some renewed strenuous support for uspr and their new direction, you know, just like before. with absolutely no verifiable evidence.
seriously??? that's embarrassing.
the bigger problem for shareholders is the noticeable lack of buying interest. uspr averages 2.6 million shares per day. the last day it appears a convert holder did any substantial selling, the volume was 3.7 million.
uspr has only traded 2.3 million shares in the past 8 trading days combined, including today. that's 287k per day. volume is down almost 90% on average since the converts stopped selling.
the real problem is the majority of the buying is coming in when the converts sell, (coincidence? nah.) and uspr only bounced to .013 when the converts stopped selling.
i thought we were told that uspr would go back to "where it belongs" once the converts stopped selling.
lack of real buying. that's the another problem here.
yeah and i thought uspr's new, new, new management was supposed to be world class and would never risk anything when it came to sec filings. they certainly don't care about sec 10q deadlines, that's for sure.
what good could possibly come from the 10q. uspr has no money. they can't announce they have money in a 10q, that would be a material event that would require an 8k.
uspr still has yet to prove they have any resource worth mining so they still have no revenue.
so no money, no revenue.
all the 10q is gonna show is how much of the converts are left, and how many 10's of millions if not a 100 million more shares are outstanding.
but remember uspr needs more money for more drilling and legal fees because they are being sued, and for working capital.
whatever converts are off the books will be replaced by more converts to pay for whatever uspr will do from here out.
the bigger issue is uspr is now 14 days late filing their 10q. the lack of admonishment here for that sec violation is staggering.
the i don't care that uspr is violating sec regulations because i think uspr has billions in gold even though they haven't been able to prove it in 14 years theory ain't gonna matter if the sec holds an administrative hearing and uspr gets suspended.
no, one filing will not raise a red flag.
but uspr has many more then one late filing. and habitual late filers do raise red flags. and lead to administrative proceedings, just like the 2500 other stocks that got suspended and de-listed.
thanks for finding this. confirms what i've been saying.
and almost 2500 stocks in 6 years have been de-listed for doing the same thing that uspr does. kinda blows away the theory that uspr has been late before and nothing happened...
maybe, but the 'uspr's converts are done now theory" has been around for months. been off a little bit huh? guess it takes more then analyzing vfin and cdel.
oh, and the explanation was thoroughly disproved so, whatever.
who cares uspr is up 400% this week. it's .014. seriously???
there's been no debate. someone's been saying that the converts are almost done selling now for about 2 months. i've been arguing that nobody would know that. i've been right for about 100 million shares.
and there are no hints. and nobody can ever get any info on when the converts are done unless the people that own the converts say so. anything other then that is total and complete bs.
the ta won't know. uspr won't know. every broker on the planet won't know. nobody will have a source that knows. nobody can "hear' something. vfin and cdel won't know.
nobody will have any info other then the convert holder.
the ta and uspr will know how much is left to convert, but nobody will know how much is left to sell except the convert holders.
and, again, it don't matter why uspr is violating sec regulations, just that they are.
does it bother you that uspr is violation sec regulations?
more bs? it's been stated here that uspr got slapped by the sec in the past for using 43-101 compliant. just curious, did uspr state that fact publicly anywhere? was that another "could happen so we'll only worry about it if it does happen" kinda thing?
i find it so curious the absence of admonishment over this.
the regulation is very clear. an extra 5 days. period. it's now 14.
it's an sec regulation.
and now we call it bs.
so the sec regs are only bs if uspr violates them? interesting.
past history ain't gonna mean a thing if the sec de-lists uspr. and why they're late is irrelevant. just that they are is all that matters.
and the volume has been just 872,000 in 2 1/2 days since the converts were involved. hhhmm. wonder why? maybe cause the converts generate the huge buying so they can dump. and if they aren't selling, they don't create any buying and nobody else is???
i thought uspr was supposed to go back to where it belongs once the selling stops". how come it's still .014? is that were uspr belongs?
BECAUSE CONVERTS DON'T BUY STOCKS LIKE REGULAR INVESTORS. THEIR PURCHASE IS A CONTRACT OR A NOTE, JUST LIKE A LOAN FROM THE BANK. but you already know that because you've done millions of them. right?
and that's a good thing??? the converts took uspr down from .20 to .0035 in a year. uspr bounced to .015 with the converts. the converts take a "breather" and uspr closes today at .014 on 847,000 shares of volume for the past 2 days combined, and that's good???
uspr averages 2.67 million shares per day. uspr trades 847,000 shares in 2 days, it closes down .001 today from 2 days ago and that's good????
if the converts are in fact "taking a breather", why isn't uspr up at .05? .08??
all we heard is once the converts stop, uspr will return to where it belongs. why hasn't that happened?
i'm glad we agree. who cares why uspr is late filing their 10q after filing for an nt 10q extension.
this is 3 times in one day we agree. gotta be a record. we agree nobody cares why uspr is late filing, otcqb is not an exchange, and the sec can de-list. i will call that progress.
"so why expect something to happen".
a. nobody said anything would happen, only that it COULD happen
2. isn't the more important issue that uspr is, again, delinquent in their filings??? i thought this management would never risk any issues with sec filings? that's the garbage we used to hear whenever uspr released a pr in the form of an 8k.
well, uspr is risking an sec issue. they are violating sec regulations in terms of their 10q filing and the sec COULD open an administrative action and COULD de-list uspr. COULD.
why hasn't that been the topic??? surely uspr's actions (or lack thereof) that could lead to a de-listing should be a pertinent line of discussion, no?
the absence of admonishment for uspr failing a simple task, one that happens three times a year, for every year they've been trading, and they know exactly when it is due, is bizarre.
this isn't opinion. uspr is 8 days past their extension. that's a fact. so, is it, uspr is violating sec regs how could they be so stupid, or is it, well, they've done it before and nothing happened so...
who cares why???? the only thing that matters is that they ARE delinquent. habitually delinquent.
every sec filing company has 45 days to file their 10q once their quarter ends. so at minimum, uspr has had 58 days to file theirs. and they have ZERO REVENUES.
and don't forget, 10q's don't need to be audited. so there is no excuse for uspr to miss their deadline. and they have missed their 5 day extension deadline 6 times in the past 2 years.
but don't worry cause we know where cdel and vfin are.
ok, so at least we now agree that otcmarkets is not an exchange and that the sec can delist companies. cool. glad you came around.
now, converted shares are one of the few transactions that involve attorneys. convert holders have rights listed on the debenture that are always protected above those of a shareholder. if a convert holder is restricted from exercising the rights given him in an executed agreement, there would absolutely be a means to compensate for that.
and what agenda could i possibly have.
if uspr continues to be delinquent in their 10q filings, and if the sec takes administrative action and uspr gets delisted, every shareholder is screwed, including the convert holders.
so pointing out that uspr has been delinquent in 6 of their 10q filings the past 2 years isn't an agenda.
pointing out that uspr still has x amount of converts on their books, and needs to raise additional money for more drilling, for their lawyers because uspr is being sued, and for whatever overhead they have isn't an agenda.
pointing out that the 2 ib's, 2 jv's and 1 pe deal uspr announced in 3 years never materialized is not an agenda.
pointing out that new, new, new management is just as bad as the new, new management was (the new, new management that everyone used to think was so great but now think are criminals) isn't an agenda.
just pointing out the facts.