Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Pumpsanddumps websites says the following:
"Pump & dumps are indicated by...1. SPAM EMAIL 2. STOCK TOUTS 3. THE BACKGROUND OF THE OFFICERS 4. MESSAGE BOARD CONTENT 5. CLAIMS OF BREAKTHROUGHS 6. PRICE AND VOLUME UPSWING ON NO NEWS 7. FINANCIALS (or lack thereof) 8. ISSUED AND OUTSTANDING"
So lets see if we can try and figure out why they are touting FXIT as a Pump & Dump.
1. Has any one recieved an email pumping FXIT? If anything pumpsanddump.com email seems to be doing a "short and distort" (short-sells the stock, and then artificially lowers the price, using the same techniques as the pump and dump but using criticism or negative predictions regarding the stock. The scammer then buys back the stock at the lower price.)
2. Any Stock touts http://community.benchmarkemail.com/users/trendmomentum/newsletter/-FXIT-Announces-$3M-Revenue-First-Quarter--Look-Inside
3. Background of Officers. Well we know from the conference call with CEO that he was involoved with a company that failed because of the housing/economic bubble colapse. He assure us that repayments were paid.
4. Message board content seems to be more negative than any one pumping this stock especially on yahoo board.
5. Claims of breakthrough, any?
6. Price has been falling, and volume rised the week a positive Q1 report came out. So there was news when there was volume.
7. FXIT is fully reporting with the SEC.
8. Issues and outstanding, anyhting?
If you know any reason they have their eyes on FXIT? anyone know anything please reply with the information you have.
Ok did some more DD. I am comfortable with my position. Since I got in when it hit its low I think I am going to do real well. Just need to be patient and let this whole scare tactic (pump and dump) to move on. Then it should be all good after that.
Popular last night on SHO:: 1. OPMG 2. VLCO 3. SENZA 4. MSLP 5. TCLIF 6. WTCT 7. FBCD 8. CDTI 9. ARNA 10. FXIT 11. LGBS 12. ZLCS 13. GDTK
Ok, Here is my Due Dilligence on FXIT. Hope this helps with your DD.
Forex International Trading Corp.
Founded: 2009
Ticker: OTCBB: FXIT
SEC: Fully Reporting
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001471781&owner=exclude&count=40
Address:
One Grand Central Place
60 E 42nd Street
Suite 5310
New York, NY 10165
United States
Phone:
888-333-8075 (Forex Int'l Trading Corp.)
888-429-9492 (Beam)
Email: info@4xint.com
Websites:
http://www.forex-international-trading.com
http://4xint.com
http://www.beamfinancialgroup.com
Executive Members:
Darren Dunckel - Chief Executive Officer, President, Chief Financial Officer, Treasurer & Director
(LinkedIn: http://www.linkedin.com/profile/view?id=36415177)
Michael Weissman - Executive Vice President
(LinkedIn: http://www.linkedin.com/pub/michael-weissman/24/3b8/393)
Liat Franco - Secretary
Board Members:
Darren Dunckel
Stewart Reich
William Glass
Acquisitions:
2/25/2011: ForexNew York City LLC “ForexNYC” and Wheatley Asset Management LLC (50%)
2/9/2011: Nexus Capital Ltd (50%) LOI
4/12/2011: Triple 8 Limited (45%)
5/17/2011: ParagonEx Limited (51%) LOI
News:
6/17/2010: Depository Trust Company (DTC)
12/29/2010: Commences Trading on OTCBB
4/25/2011: Forex International Trading Corp. Announces Share Repurchase Program
Audio Interview:
3/7/2011: Interview with CEO Darren Dunckel (Recorded)
http://opportunistmagazine.com/audio-interview-with-forex-international-trading-corp-otcbb-fxit-name
5/25/2011: Conference Call (Transcript)
http://www.sec.gov/Archives/edgar/data/1471781/000101376211001584/ex991.htm
FXIT operates an advanced online trading platform for The Foreign Currency Market (“Forex or FX”) to non U.S. residents. Incorporated in 2009, The Company estimates non U.S. residents represent 75% of online currency trading. Management focuses on providing individual and institutional investors with a platform for buying and selling currencies, precious metals and commodity futures. This platform allows self-directed, brokerassisted, managed accounts and accumulation programs.
Through the platform, customers have access to over 20 currencies and bullion deliveries. The Forex is created by the global exchange of currencies and data suggests that it is the largest market in the world. According to the Bank for International Settlements, the average daily turnover (volume) in the Global FX market in April 2010 was $4 Trillion compared to only $1.4 Trillion in 2001(Wall Street Journal, 9/1/10) Historically, access to the Forex was only available to governments, commercial banks, corporations, and other large financial institutions. FXIT is now taking advantage of growth of online currency trading through its state-of-the-art web-based trading platform to individual investors around the world.
This platform is comprised of four main components
1) Web Front End
2) Content Management System (CMS)
3) Robust Trading Engine
4) Back Office
Combining these components enables operators to reach high levels of satisfaction and achieve maximum profits. Although the retail trading volume has experienced enormous growth over the past decade the industry still appears to be in its infancy. According to Aite Group research there are currently 110 million online traders worldwide but Aite estimates that only 1.1 million trade currencies.
I just updated the Intro Message for FXIT.
Tried to gather as much relevant and available information I could find to help with DD.
Interesting post on other forum about the pump and dumping:
http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_F/threadview?m=tm&bn=120435&tid=43&mid=63&tof=1&off=1
Transcript of Call (Before Q&A):
Good Afternoon,
First, I want to thank everyone for their time and participation on the call today. For those of you who are shareholders I want to thank you for your confidence. I consider it an honor to be the CEO of Forex International Trading and I look forward to developing a relationship with all of our shareholders.
The agenda for today is to start by discussing the numbers in our First Quarter 2011 financials, then talk about our outlook for the market and the company, and finally conclude with Questions and Answers.
Before we start I must advise you that this conference call will contain forward-looking statements, including expected industry patterns and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this conference call. Such risk factors include, among others, whether Forex International Trading Corp. can successfully execute its operating plan; its ability to integrate acquired companies and technology; its ability to retain key employees; its ability to successfully combine product offerings and customer acceptance of combined products; general market conditions; and whether Forex International Trading Corp. can successfully develop new products and the degree to which these gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this conference call. Forex International Trading Corp. does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
In addition from time to time, management may publicly disclose certain "non-GAAP financial measures" in the course of this conference call. For these purposes, the SEC defines a "non-GAAP financial measure" as a numerical measure of historical or future financial performance, financial positions, or cash flows that excludes amounts, or is subject to adjustments that effectively exclude amounts, included in the most directly comparable measure calculated and presented in accordance with GAAP in financial statements, and vice versa for measures that include amounts, or is subject to adjustments that effectively include amounts, that are excluded from the most directly comparable measure so calculated and presented. For these purposes, "GAAP" refers to generally accepted accounting principles in the United States.
Non-GAAP financial measures disclosed by management are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies.
1
--------------------------------------------------------------------------------
Pursuant to the requirements of Regulation G, whenever we refer to a non-GAAP financial measure, we will also generally present, on our Web site, the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference with such comparable GAAP financial measure.
Consolidated Financial Results First Quarter 2011 (unaudited)
Total Revenue $ 3,178,233
Gross Profit $ 2,590,633
Operating Expenses $ 2,616,907
Depreciation $ 154,891
Operating Expenses w/out $ 2,462,016
Depreciation
EBITDA $ 128,617
Just to put these numbers in perspective our consolidated year end numbers which can be found in our 10k (note 3) showed Total Annual Revenue of $7,599,093. So, in the first quarter we experience approximately 42% of the revenue experienced for all of 2010 while spending only about 36% of the marketing budget for 2010. These numbers were all accomplished while the operating company moved to a new, larger facility.
I will now go over some key figures that I look at to evaluate the business that may considered as Non-GAAP financial measures
Trading Volume for the quarter was just over 9 Billion compared with approximately 3.5 Billion in the first quarter of 2010
Average Trades per Month – over 42,000 trades in the quarter compared with just over 21,000 trades in Q1 2010
Revenue per Million Volume Trading $353.86
Deposits per Marketing Dollars spent $2.88
Revenue per Marketing Dollars spent $2.57
Current Marketing spend per month approximately $400,000
The company has a very positive outlook for the future in the online FOREX Trading Marketplace.
According to the Aite Group (Financial Services research Firm) the industry has grown from an estimated 6 Billion in Daily Trading Volume in 2001 to an estimated 313 Billion in daily trading volume in 2010 and the number of traders worldwide is up to over 8 million traders.
In looking at our industry we believe we will see a significant number of new traders coming into the marketplace over the next 3 to 5 years. According to Aite, the online investor universe worldwide is estimated at 110 million so FOREX traders now only represent approximately 7 to 8 % of the online trading marketplace.
2
--------------------------------------------------------------------------------
Our goal for the company is to continue to grow organically and through acquisitions.
Our existing platform is currently positioned to attract first time traders who are comfortable trading online and we are currently marketing to non-US Customers which represent approximately 75% of the market. Our consolidated target revenue for the year ended 2011 is approximately $14 million and our first quarter revenue was on target.
As far as acquisitions, today we filed an 8k announcing we signed an LOI to acquire 51% of a online trading software company. This company developed the software that our Triple 8 unit is operating its trading platform. Our goal, if we are successful in making this acquisition is to position company as not only a operating company within the FOREX sector but also as a software provider to companies looking to get into the online FOREX trading business. We see this segment of the market as providing significant opportunities.
Now what everyone has probably been waiting on is the discussion of the recent activity in the stock. As I am sure you are aware the stock has recently declined significantly from its highs earlier in the year and recently the decline has been very dramatic with significant volume.
As a young company, one of the challenges is to establish a market in your stock and gain the attention of suitable investors and institutions. One of my jobs as CEO is to go out and talk with prospective investors and through the media make prospective investors aware of the company. It is a long process with no real short cuts. As a young company your stock is very vulnerable to all types of investors and traders. As some of you may be aware our company Forex International Trading has recently been promoted by several websites that imply that are financials are not what they should be. Other sites and message boards have taken aim at me.
What I can assure you and assure every time I sign the financials is that they are not some figment of my imagination. We are a fully reporting company and as such we file audited annual reports and quarterly unaudited reports, just like Apple, Berkshire Hathaway and other fully reporting entities.
As a company we continue to monitor and when appropriate seek the help of outside advisors to monitor the activity in the stock to help ensure equal access to all shareholders and potential shareholders.
I would like to open it up to Q&A now.
I feel pretty good. Even with all the bad stuff it didnt seem like he was trying to scam or screw the shareholders.
My summary of call:
Darren Dinckel CEO of FXIT addressed us
and went over Q1 Statement and announced LOI with an overseas
trading software (120 days to complete).
Answered questions about:
-Pump & Dump email.
-Started buying share in open market.
-Shares outstanding: 33 million out of common coverted to preferred: 64,805865 share -33 million= 33 mill of common are existing.
-April 5th - did 33 mil conversion (.30) cause dilluton effect of common stock?
Goal to have a conference call every quarter after quarterly report.
What were your thoughts of those who were on the call?
On May 24, 2011, Forex International Trading Corp. (the “Company”) counter signed a Letter of Intent dated May 17, 2011 (the “LOI”) with ParagonEx Limited (“Paragon”) pursuant to which Paragon agreed to sell and the Company agreed to purchase a 51% interest in Paragon in consideration of $17,595,000 to be paid by the Company in cash and shares of common stock. A portion of the consideration shall be paid to the shareholders of Paragon. The Parties did not determine yet how the consideration will be allocated.
FXIT Conference Call Started at 4:15pm EST 5/25
712-432-0900. The conference ID number is 758771
Can we end at .17?
nice climb from .11
Sure I can do that. :)
assist?
It's climbing.... come on keep going!
Well i am hoping it hit bottom and will only go back up
FXIT is good buy IMO, Conference Call with CEO today at 4:15pm EST
I first got in at .195, then added at .175 and picked up more this morning at .14
Well I am still waiting on this company to do something. Getting impatient. Need something else that looks promising while I wait. Any thoughts on FXIT? 52 week low, q1 with 3 million revenue, and there is a conference call tomorrow with CEO. Wish frank would set up a conference call.
Dallas, TX 5/20/2011 -- Forex International Trading Corp. (OTC:FXIT) yesterday announced, in a press release, that the Company will report its 2011 first quarter financial results on Friday May 20, 2011.
The Company will also host a conference call to discuss its first quarter financials for fiscal 2011 as well as the Company’s business outlook for the remainder of the year. The call will take place after the close of the market on Wednesday May 25, 2011 at 4:15 p.m. (EDT) and will be open to all shareholders and interested parties.
The conference call will be conducted by President and CEO, Darren Dunckel, “Our consolidated financials will show over $3 million in revenue in the first quarter. We look forward to discussing with our shareholders and the investment community the growth that we have experienced over the last year in the Forex market space and to discuss our current and future projects that we hope to accomplish this year.”
This conference call will be available by dialing 712-432-0900. The conference ID number is 758771.
What do you think of conference call tomorrow.
Hope these help, refer back to this post because these images will adjust to show current data.
L2: http://www.otcmarkets.com/stock/fxit/quote
SEC Forms (10k, etc):
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001471781&owner=exclude&count=40
.
Hey all, just got in at .175
Excited to see where this will go.
Q1 report, 52 weeks low and a conference call tomorrow all look real good.
OK TOOHIP, WE GOT YOUR MESSAGE.
THANKS FOR INFORMING US. WE WILL ALL BE WATCHFUL AND CAREFUL WITH OUR MONEY THANK YOU FOR YOUR ADVICE AND GLAD YOU FEEL YOU DID THE RIGHT THING AND GOT OUT WHEN YOU COULD.
NOW THAT YOU HAVE LET US KNOW. THANKS. NOW GO AWAY!
Why don't you call him?
Hey TooHip, Bob wants you to call him.
Toohip is the reason I only check this website once every 2 weeks versus daily. F'ing idiot, just makes ihub completely not worth it.
Save as .jpg go to imageshack.com and upload photo. It will give you a URL. then come here and make a post and add [img ]The URL[/img ] just take out the spaces between the g and the ]
Charts:
Let images load. These image are update realtime not a jpg and will be updated upon refresh.
Week:
Day:
SEC Forms Filed Link: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001085069&owner=include&count=40
Barchart Opinions: http://barchart.com/opinions/stocks/ARSC
L2: http://www.otcmarkets.com/stock/ARSC/quote
THIS SHOULD BE A STICKY!
.
Did I read IVOICE 10K right, that they have 2 employees?
From IVOICE 10k:
On March 9, 2011, iVoice, Inc. (“iVoice”) entered into an Agreement and Plan of Merger (the “Agreement”) with Hydra Fuel Cell Corporation (“Hydra”). Hydra is a wholly owned subsidiary of American Security Resources Corporation. Under the terms of the Agreement, Hydra will merge into iVoice with iVoice being the surviving company. All of the common stock of Hydra will be exchanged for 1 million shares of iVoice Series A Preferred Stock with each such share having super-voting rights equal to 10,000 votes for every one vote granted to iVoice Class A Common Stock and each such share being convertible, at the holder's option, into 153.5 shares of Class A Common Stock. Based upon the present number of iVoice Class A Common Stock shares outstanding, the Hydra shareholders will hold 61.48% of the voting shares of iVoice.
The closing for this contemplated transaction is expected upon: (i) completion of due diligence, (ii) certain specific conditions as set forth in the Agreement and the approval of this transaction by the Hydra and iVoice shareholders. iVoice will prepare and file with the Securities and Exchange Commission an Information Statement on Schedule 14C.
You would think it would be easier for Frank or Bob to release a pr, an update or even a stockholders conference call with updates instead of taking the tons of calls and emails from investors.
Well that too, just getting inpatient.
Was hoping the the ONE Liberty deliver was cancelled, and changed to 100 orders
Well since we aren't getting any news I just thought i would make up my own.