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Hopefully they are preparing for the CC.Got an alert about tv.streamfabriken but it still shows 2May.
https://tv.streamfabriken.com/sino-agro-food-fy-2017
Chances of not having a CC went up dramatically after today’s news.
Has anyone spoken to Peter lately?
And Garrett must tell us what he thinks/knows about the latest developments.
Seriously now.Is it possible for the Sec to halt the stock in order to investigate what is happening?
Is Solomon afraid or got a warning and he is in a hurry to get some cash before it happens?
RD, I hope you are right of course.
But those buildings are tiny if you compare with the cars passing by or the really big buildings a bid further south.
Found this company that makes similar systems in Canada and cost $32M, but they are talking about a really huge building area of 25,000 square meters and 40,000 cubic meters tank volume.
http://www.tidescanada.org/wp-content/uploads/2015/03/Brian-Vinci-Presentation-of-an-Economic-Model-Comparing-Open-Net-and-Land-Based-Aquaculture1.pdf
Anyway hope like everything else in the Balance Sheet is as accurate as possible.
Have you ever heard of fish ponds costing $17M.You can build a modern football stadium with that kind of money.
I agree with you.There maybe some problems with share buybacks but at this stage even a $1M announcement will send the shareprice through the roof cause it would imply ‘No More Dilution’.
That is perhaps why Solomon decided to go with dividends.Cause he is dilution addict.
But who will care about a dividend if he gets that money from dilution?
Jyyoo, is this new information from somewhere?
Anyone wants to bet that we will not have a CC?
'As part of this convertible bond, Sino Agro Food has undertaken a commitment to cease the issuance of new shares as a means to pay suppliers and similar'
Solomon needs to answer what happened to this commitment after they signed the note deal with ECAB in 2014 when the shareprice was 10 times higher than now!
'the Company will distribute (a portion of) surplus cash to its shareholders unless it can be invested at a return on capital employed ("ROCE") above at least 20%. The distribution to shareholders can occur in the form of dividend payouts, share repurchases, or redemptions....During the last three years, net income attributable to SIAF and subsidiaries has increased by 98%, with a return on capital employed during fiscal year 2014 of 28%'
Solomon needs to tell us what is the current ROCE(taking account of the bad debts)and if lower than 20% why he doesn't carry on with his promises based on which shareholders either bought or did not sell in June 2015.
Red, I talked about halting the stock.Not lawsuits.While halted Solomon cannot issue more shares and toxic notes cannot drive the price to zero.
Where is Garrett to tell us what he thinks, after Solomon finally had to disclose(Merkur pressure?), that the reason he has been issuing millions of shares is for a few dollars to pay expenses?
So what should we hope for, if they keep issuing shares, don’t get the loan and don’t go on with the Triway dividend?
Cause Solomon knows that after the dividend he will need to start issuing millions each time he wants to get a little cash from the stock market.
Perhaps our last hope for avoiding total dilution is if the Sec halts the stock.There may already be enough evidence against Solomon’s practices to do so.
Anyone knows why the correspondence was published today a month late?
At the time the answer to an item I checked looked fine.The Sec commented in July2017:
Note 10. Accounts Receivable, page F-33
10. We note that there have been no bad debts during the three years presented in the financial statements and that you have determined that all amounts are collectible. We further note your analysis of collection on page 71. Please provide us with a more detailed analysis pursuant to ASC 310-10-35 as to why you did not record a bad debt reserve for receivables in the over 91 day categories for (1) Consulting and Service totaling CA, (2) Sales of Live Fish, eels and prawns (from Farms CA), and (3) Sales of Beef (QZH). In your response, please tell us the amounts of historical write-offs, if any, for the past three years. We may have further comment upon reviewing your response.
Then the company after including an impressive chart answered the following on 24Aug2017:
Accounts receivable comprised few customers. They are old customers and settled our debts punctually according to our credit terms as shown below in Ref. A. There were not any bad record for settlement and no historical write-offs for the past three years. According to our records, all accounts receivable over the 91-day category were fully settled in Q1 and Q2 2017.
Reference A—our credit terms
¨ For CA, Consulting and Services are within 120 days under normal conditions and for bigger and continuing projects are up to 365 days.
¨ For CA, Sale of Goods are within 90-days for normal wholesalers and distributors and for some large supermarket chain stores can be extended up to 120-days.
¨ For QZH, sales of beef are within 90-days and for some large supermarket chain stores can be extended up to 120-days.
Basically very punctual customers with whom they were comfortable to do business with like bankers without guarantees for Millions of Credit.Then the first $14M bombshell and now dilution for peanuts apparently because the old ‘punctual’ customers are punctual no more....I wonder if the Sec will be taking a second look at how the company answered to the above and other of their comments.
I hope Solomon has realized that you cannot act as banker in trade.Better to sell less or nothing at all than sell on credit without guarantees.
What happened to the no more dilution clause after the ECAB loan?
Did FD forget to add it after they renegotiated the deal, or he left it out on purpose or Solomon did not accept to be there again?
Then shouldn’t the shareholders have been informed about such a major change in the agreement?
Someone guessed correctly that it would be postponed.
Has the CC already gone?
https://financialhearings.com/event/11295
So it seems there will finally be live questions and answers tomorrow.
If that is the case hopefully it will not be limited to just one hour.
The talk of just dividends instead of buybacks too, has now given the company new excuses for not acting.
They need to be sure that they have 10-12million in cash before announcing a dividend blah,blah....
What some were worried that a buyback program would be just an announcement that would not be acted upon, is now happening with just talking about dividends:NO ACTION.
Just announce then while waiting for funding, just a couple of Million Dollars for a buyback program.To get at least to $1 meaning also that dilution has stopped.
They promised an AGM and they didn’t have one.Now let’s see if they will do the same with the CC they promised.
The problem is that questions are becoming very difficult to answer satisfactorily.For example we have been trying to make sure that this ‘giant of over half a billion dollars company’ has not been diluting so heavily for a few hundred thousands, but could not get confirmation from anybody.
And then from being so close what went wrong with the loan and if there will ever come a day when they will tell us it is done or forget it.Is this loan going to be a permanent carrot?
Unfortunately you have a point.Don’t know why whatever SIAF builds costs so much money.You do a Google search and you may get this:
Prawn farm start-up costs. A prawn farm in Queensland, with all appropriate equipment, ponds, buildings and processing facilities, is estimated to cost between $100,000 and $150,000 per hectare of pond, not including land costs.Sep 7, 2016
Now why would a fish pond in China cost $17M, I have no idea.Maybe it has something to do with the technology?But anyway I don’t think you can lie by a very wide margin about such costs if at all.
Never knew there was a Mexican stock that is almost as cheap as SIAF.
I guess the Mexicans are even less trustworthy and competent in running public companies and create shareholder value than the Chinese and the Greeks.
https://finance.yahoo.com/news/grupo-tmm-reports-first-quarter-211205576.html
Don’t think I’m missing something here.
ATV sold a property for $53M.That is why it was always valued much, much higher than other Chinese stocks of similar size.
I guess Solomon if he fails with the loan should start looking at what he can sell.In the meantime let's hope the slowing down of issuing new shares continues or even stops completely.
The dollar stopping losing value and now at a much better rate than recently is another good development.
https://finance.yahoo.com/news/acorn-international-announces-rmb360-million-120000593.html
Sec site is down.
So he told you they have now 3 big companies on board?Did he give you any indication about how revenues are going for Iosoft.
The address if you sign to their newsletter is 12 Dwyer Place.It is a house.But at least it is in a very nice area of St.Louis.
https://www.google.gr/maps/place/12+Dwyer+Pl,+St.+Louis,+MO+63124,+USA/@38.6386004,-90.3920924,3a,57.6y,6.32h,85.96t/data=!3m4!1e1!3m2!1sBTrJMRmwmKiEe4FMlGikOA!2e0!4m2!3m1!1s0x87d8ccb8fb3b54c9:0x5267d487b9dd4b51?hl=en-gr&gl=cy
Of course it doesn’t say collective experience so it could be a business that has existed for 27 years and just decided to build a website?
Environment.With 27 years of experience it could be from 2 to maximum 4 counselors working for the company.
Probably from home?Anyway looks like new venture as I thought.
https://wellben.net/
Seems like a new company this WellBen with no customers yet.Otherwise there should have been something about them on the internet.This statement is strange:
‘WellBen as they have no marketing presence in health services’
It may not be some big news announced today, on the other hand if this is a brand new company with RJDG having a sizable % in it, could mean good profits in the future if it does well and not just from the services Iosoft will be providing them with.
However we are still waiting for a PR from this company that leaves no question marks and has no spelling mistakes or numbers written wrong.How difficult is to read something twice to make sure it has no obvious mistakes before publishing it?
You just go to OTC DISCLOSURE & NEWS SERVICE.If it is not there then it is fake.
Too obvious nowadays when some news is fake and has almost no effect on the shareprice.
So they will get rearer and rearer.
I think I mentioned both in my posts just after the 10-K.
They put the money of the collaterals that they have already spent, into the current assets!!!Just to show that those shares will be returned once the loans are paid back.Is this allowed?I look at the Balance Sheet and feel good about this company looking at their current assets but then I find out after I buy shares that the cash does not really exist.As consolation there are fewer shares.
So I can list a company that has zero assets, issue collateral shares, spend that money but show in my Balance Sheet that the money is still there for the benefit of the company and its shareholders.Just instead of 10 million shares say there are only 1 million.What's the difference if I am a 10% or 1% owner of a company that is worth zero?
What is strange in this whole mess is that Fredly is very angry and disappointed, whereas Garrett is very easy without too many concerns.
Is the ZNTR news fake?Looks like it.
https://www.otcmarkets.com/stock/ZNTR/news/story?e&id=1062950
Could this Ozone product be the solution to some of the problems Tony is facing?Or do they already have something similar installed or it is not needed?Don’t think it is a new product anyway.
http://www.absoluteozone.com/ozone-generator-aquaculture.html
Let’s see if the company will respond to the new article.
It is now 4 months into 2018 and if the company is still without cash they could be struggling with the rest of the receivables too.
For the $14M write-off we need to know at least one or two of the major beneficiaries and try to understand why they are not paying and why nothing can be done about it.Can anything be done if other major customers who owe money start to refuse to pay too, seeing the QZH precetend?They did not pay and nothing happened to them, why should I pay?
He is so right.After 0 bad debt quarter after quarter we go to $14M.Every shareholder has the right to know more details.Has the right also to know how safe are the rest of the receivables and also what happens if the company continues to operate as it has been doing so far, claiming profits that basically depend on every single dollar of the receivables being collected.Otherwise you lose just 1/4 of those then what profit remains?
So hopefully more details who these customers were that took $14M from our pockets with no consequences or
legal action on behalf of the company.
When you sell on credit everything is easy.
I had checked it too.It was the 10-K in August revenue number.Don’t know why they mentioned it again.
Yes an update about how Iosoft is doing would be great.
Hopefully TRW because it has partners involved that are not as naive as Solomon was or still is has began selling only for cash or with guarantees.
If I was assured about this I would stop worrying too much about my investment here.It will only be a matter of time unless Solomon is a total crook.
Let's say the company and Solomon are beginning to realise that it may not be so easy to collect the receivables.
Are they continuing to this day to sell product with the same terms as when they started this business that is 'pay us as soon as you can' but without any guarantee clause?