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Unfortunately yes.And also I just saw this in the 10-K:
Note (4) to Table A 1 Net expense:
vi) a bad debt written off of $14,394,402 contributed by QZH;
Thought it was only what was included here:
ix) net loss from disposal of variable interest entity-QZH of $9,365,643
Unfortunately what I was fearing most has already began happening big time.
From 0 bad debt to $15M in one quarter from just one division.So if they stop buying new product they stop paying and then the company can do nothing about it?
So in case we don’t have an increase in the O/S, we can finally confirm that it is ECAB selling the shares.
I guess it will also put in serious doubt their famous 2 year DD on Solomon.
So does the company have any plans to inform the shareholders why they keep issuing shares, and at what number do they expect to stop?
After restructuring the ECAB loan are they now allowed to dilute?
Intelligence may not be enough to benefit shareholders.
You need honesty and empathy too.
Like FD's deal.For example I give you $4M but you have to spend half of it for supporting the share price.Neither FD nor Garrett thought it was necessary.
Didn’t Solomon talk about something called CAPEX?
Then he goes and spends $19M in Q4 in the Trade Center and Fish Farm 2.
At the same time he doesn’t care if he dilutes and lets the share price slide to below 40c.
I guess, because he is not stupid and he knows some basic maths,he has plans that in the end what he thinks is a fair share in the business for himself, will be achieved one way or the other.
Another kitchen project, one of their best so far, completed by Silex.
Looking forward to a very strong quarter.
Bad sad that we had no PR by the company about last quarter.Perhaps Iosoft news not too good yet?Otherwise would expect a PR If next quarter Iosoft projections were exciting.
https://www.facebook.com/SilexInteriorsOfficial/
It is almost certain that we will now have people knocking on Solomon’s door offering loans for similar terms.
And we will learn about such deals in 6 months.
Let’s hope that indeed it is true that Solomon simply made a mistake thinking the stock could not fall too much or that it was because he trusts Garrett.
In case anyone calls Garrett please ask if he can provide some information about the 5M new shares so far in 2018.
He basically did not confirm or deny either interpretation.
He may be saying that he just does not plan to convert fully in a way that will totally destroy the share price.
Then I cannot understand why neither him nor FD asked the company to PR the agreements between them.
Then can he tell us what these 5 Million shares issued in 2018 are for?
If he starts to sell after converting you think the price will stay at 40c,30c or even 20c?
Only if Solomon is willing to interfere and correct his ‘mistake’.Has not done anything since 28 Feb.
Of course when you convert and sell immediately like what is obviously happening you cannot lose.
I don’t think that even if it is like that Garrett will be stupid enough to convert.
In the same way Solomon will eventually dilute us out completely, he will then find a way to dilute Garrett out too.
I think Solomon’s plans in case it is as you say the Garrett note, are for at least half a billion shares.
Solomon keeps distributing his resources 100% to 0% in ‘growing’ the company vs supporting the share price.
An 8 year old would understand that this is stupid having then to dilute at under 5% of book value.
And their investments sound so inflated.You build airports and hospitals with this amount of money.
If Garrett has been converting at 65% since March and Solomon knows that and has done nothing to support the shareprice, then it is basically game over for ordinary shareholders.
Cause obviously Solomon will have to issue some millions of shares to himself otherwise he will end up with very tiny percentages in both TRW and SIAF.
If Solomon made such a tragic mistake then it will be great for us.
He will have to start buying shares aggressively, otherwise he loses the company.
Here they are.Hopefully we will have more news from the company soon.
Nick Mellios has become their CEO too.
http://www.blocpal.io/index.html
Does it also cover Section 3(a)10 that Ron and Rabbit love to do quite frequently with very big discounts?
If it is like that then it must be an illegal accounting practice.You claim a current asset that is simply not there.
In the last Balance Sheet in Deposits and Prepayments it says $93M of which -issue of shares as collateral is $35M.
Anyone can understand how $35M from the collaterals is considered as Current Asset?I mean it has not been spent?Is it available somewhere?
I counted 8 projects completed Sep-Nov by Silex according to their postings on Facebook-Insta vs just 1 Dec-Feb!
Silex business is seasonal, but overheads are overheads.So maybe Iosoft has indeed begun to deliver even with just a couple of initial customers with very good margins as anticipated.
Hadn’t they begun in December?Of course we don’t know how and when they will be charging for their services.
From what they were posting about completed projects in the quarter I think Silex had disappointing revenues and perhaps that is also why inventory went up.
Anyway let’s hope the company comes up with a PR and tells us with numbers how each division did and projections for the coming quarters.However I don’t think we will see that, cause they don’t bother with PR’s after results recently.
Hopefully the company will issue a PR telling us how much of the revenue was from Iosoft.
I didn't express a wish or hope aqua.Just worry.
The problem is they are issuing stock that IS entitled to the TRW dividend.
And we don't know at how many millions they will stop.Does anybody know?
So with the latest increases in the O/S what will be Solomon's final percentage in Triway?About 4%?So he has spent all this energy and time to just have such a tiny ownership in his aquaculture empire?
WOW,WOW you are right!Got it wrong too.
Do we know how much money the partners have already invested in TRW apart from the $50M they owe SIAF to deserve about two thirds of all the aquaculture operations?Fredly may be right asking for an investigation.
Cause this company was printing shares when they issued a PR talking about buybacks, had a CC and said nothing about it, seven months have passed since they started printing shares and nobody has a clue why, they made us believe the loan was a sure thing and you simply cannot trust them anymore at all.
Unfortunately 200,000 more shares printed.
Looks like another nice project completed by Silex.
https://www.facebook.com/SilexInteriorsOfficial/
If it is as you say, then that is why I have been arguing against the dual listing for over a year.
You have about 75% of investors if not more that could have supported the price today unable to do so.
They have become neutralised or irrelevant in determining the share price and Merkur if not the next day sooner or later just adjusts to the OTC price.
If he couldn't wait at least a few days until the 10-K and perhaps the CC before increasing the O/S and he did it for cash or expenses then the situation is almost hopeless.
Yesterday despite big volume there was no increase in o/s so let's keep our fingers crossed.
Very well pointed out.You buy shares last year calculating your % in TRW and then you have Solomon issuing 5 Million more shares!
Hopefully not for $3-4Million!!!
So it was the comments about the collaterals that they promised.Ok.
Thought it would be an answer about a wider variety of issues.
Solomon Lie has two more days before he brakes another promise.Answer Fredly’s accusations before the 10-K.
The reviews to that article are interesting:
I'm not optimistic about feeding squid.
Can you study and can you build a factory?(Does he mean first make sure you have the knowledge and correct method in place and then build farms?)
I don’t know if I can invest(If he means he wants to buy shares in SIAF then the company must see how it can better promote the stock in China.That is why PME have a Chinese Investor Relations firm and we have KCSA!)
A dual listing that has led to a low of 32c and over 33M O/S, I wouldn’t call it a disaster if it was terminated.
A disaster is if Solomon is trapped now with Merkur and would be very difficult and inconvenient to consider delisting from there in favour of better options such as a single listing on NYSE or NASDAQ.
Unless we see in the 10-K and in the Q1 report in May that the receivables are going down as expected investing in this company should no longer be about earnings.
We need either cash sales or sales on credit that are guaranteed.
Earnings from the MegaFarm partners have already become conditional.Hope we don’t see something similar or even worse with the rest of the receivables.