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I sold every share I owned.. Boy am I glad she gave guidance.
LOVE TRUMP sell you stock.. OK..
HUD Houses? I would think if this biz would promote HUD if they had that incentive... don't you think?
Sitestar Corporation Announces Name Change and Reverse Stock Split
PR Newswire
RICHMOND, Va., July 23, 2018
RICHMOND, Va., July 23, 2018 /PRNewswire/ -- Sitestar Corporation (OTCQB: SYTE) ("Sitestar" or the "Company") announced today that its name change to Enterprise Diversified, Inc., previously approved by the Company's shareholders and board of directors, became effective today. The name change more accurately reflects the culture of the company, as well as its growing and diverse business activities.
Effective immediately, the Company also executed a 1-for-125 reverse stock split of its common stock. Any fractional shares of common stock were rounded up to the next full share.
As a result of the reverse stock split, the Company will trade under the new symbol SYTED for the next 20 days. The "D" will be removed in 20 business days, and the symbol will then revert to SYTE.
Commenting on the matter, Enterprise Diversified CEO Steven Kiel stated, "Since the management change in 2015, our company has undergone a transformation. While our internet subsidiary will retain the Sitestar name, our new corporate name highlights that our future will be different than our past. Our approach is opportunistic and our operations diversified among our asset management, real estate, internet, and home services subsidiaries.
"ENDI represents the hard work and entrepreneurial spirit of our employees and partners. We centralize capital allocation decisions at the corporate level and provide support to our operators at our business units: Asset Management, Real Estate, Home Services and Internet.
"I am grateful for the support of our shareholders over the past two and a half years. Our directors, employees, partners, and I will continue to do everything we can to increase shareholder value over the long term."
About Enterprise Diversified, Inc.
Enterprise Diversified, Inc. and its subsidiaries engage in several diverse business activities in the following industries: asset management, real estate, internet access, and home services. The company's philosophy is to centralize capital allocation decisions at the corporate level and decentralize operational decisions among subsidiary managers. Copies of Enterprise Diversified's press releases and additional information about the company are available at www.enterprisediversified.com.
Sitestar announces name change and reverse stock split
Jul. 23, 2018 1:59 PM ET|About: Sitestar Corp. (SYTE)|By: Pranav Ghumatkar, SA News Editor
Sitestar Corporation announced its name change to Enterprise Diversified, Inc. effective from today.
The Company also executed a 1-for-125 reverse stock split of its common stock.
Due to the reverse stock split, the Company will trade under the new symbol SYTED for the next 20 days. The "D" will be removed in 20 business days, and the symbol will then revert to the earlier one.
I think they now move to a bigger exchange. Not sure the cost?
On Friday, June 29, 2018, Purchaser, consistent with the terms of the Purchase Agreement, completed an additional acquisition from Seller of 69 residential real estate properties located in Lexington, Kentucky pursuant to the Purchase Agreement. This additional tranche of real properties was acquired for total consideration of $4,619,130, which was payable as follows:
by Purchaser’s assumption of $2,767,158 of outstanding indebtedness secured by the acquired real properties and relevant de minimis prorated expenses; and the balance by issuance to Seller of 18,519,720 shares of the Company’s common stock, all in accordance with the terms of the Purchase Agreement.
As a result of this second closing under the Purchase Agreement, Purchaser assumed $2,767,158 of outstanding indebtedness secured by the acquired real properties, along with all of Seller’s rights and ongoing obligations, as lessor/landlord, under all leases covering the acquired real properties.
https://www.sec.gov/Archives/edgar/data/1096934/000156459018016781/syte-8ka_20180110.htm
HVAC Value Fund, LLC
wholly-owned subsidiary is a joint venture between Sitestar and JNJ Investments, LLC.
https://www.jnjinvestments.net/hvac-division
https://www.bridgereidfunds.com
https://www.linkedin.com/in/nathan-reid-3327b0/
Stevens Plumbing Heating & Air Conditioning has been providing quality Plumbing and HVAC services to Phoenix, and Valleywide, since 1982.
We’ve grown along with the growth of the Phoenix metro valley. From a small, family-operated company we’ve grown to provide service to the entire Phoenix metro area. We’ve accomplished that by giving excellent service, and by being honest and ethical in our business dealings. But, although we’ve grown, we are still family-operated and our business philosophy has remained the same.
http://stevensplumbingac.com/
I understand what you are saying...
"Researchers at the Stern School of Business at NYU and Emory University looked at more than 40 years of data, from 1962 to 2001, and found that of the 1,600 reverse splits, shares underperformed their non-split peers by 15.6% in the first year following the split, 36% in the second year and 54% in the third year."
Verses...
“If a stock in your portfolio announces a reverse stock split, take a good look. If its fundamentals aren’t healthy, you might be better selling your shares. If you really like the stock, chances are good that you can buy back those shares at a much lower price several months down the road.”
Mt Melrose LLC, located in Central Kentucky, is a provider of affordable, quality homes. Regardless of renting or selling, we take pride in our work and hope that you will refer to our house as your home.
http://www.mtmelrose.com/
High 36.11
Hope everyone got in... mine triggered a sell
This meeting will pot ERY or ERX
June 22 summit may prompt changes to 18-month-old output-cut pact
The Organization of the Petroleum Exporting Countries will its 174th meeting on June 22 in Vienna.
The Organization of the Petroleum Exporting Countries can claim success in its roughly 18-month-old effort to curb production—easing a global glut of supply and raising oil prices.
What the oil producers decide to do next at their meeting on June 22 in Vienna, however, could largely erase that progress.
“OPEC countries will be contemplating production levels that could potentially tip the supply/demand balance currently in place, leaving crude oil pricing susceptible to oversupply,” said Ben Cook, portfolio manager at energy investment management firm BP Capital Fund Advisors.
“Great work has been achieved in coordinating OPEC and non-OPEC countries together to minimize global inventory levels,” he said. “Preserving that cooperation will be extremely tricky, given the higher oil price [and] revenue-generating environment that we find ourselves in today.”
OPEC, along with 10 big nonmember oil producers led by Russia, agreed in late 2016 to hold back crude production by about 1.8 million barrels a day beginning in 2017. The pact is set to expire at the end of this year. The compliance rate among OPEC members was 158% in May (meaning they cut 158% of the agreed-upon daily reductions), said the International Energy Agency.
X
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The agreement has been “successful in an unprecedented manner,” said Omar Al-Ubaydli, economist at think tank Derasat in Bahrain. “OPEC has never achieved such high levels of coordinated restraint.”
Still, even as crude production quotas “have served their purpose eliminating the inventory glut plaguing the market, real risks to global supply have materialized since the quotas were implemented,” said Cook.
OPEC-member Venezuela’s output has taken a hit on the back of an economic crisis, with the nation losing more than 1 million barrels a day of production in just over two years “due to mismanagement, chronic underinvestment, and corruption,” said the IEA.
U.S. plans to impose sanctions on oil exports from OPEC member Iran have also contributed to concerns over further involuntary declines in global production and supplies.
Those worries have prompted talk of possible increases in production. Saudi Arabia already raised output in May by 100,000 barrels a day, to just over 10 million barrels a day, though it still delivered more than 100% compliance with output cuts, according to the IEA.
“The Saudis and Russia want to raise production to keep oil from losing long-term market share to other energy sources,” said James Williams, energy economist at WTRG Economics. “The higher the price, the more substitution, increases in efficiency, and higher production growth in the U.S., all of which have a long-term impact on demand for OPEC oil.”
U.S. crude production is forecast to hit an annual record of 10.79 million barrels a day in 2018, according to the Energy Information Administration.
The June meeting will be “the most important gathering of OPEC ministers since the November 2014 meeting in which OPEC agreed to engage U.S. shale producers in a battle for market share,” said Cook.
Anas Alhajji, a Dallas-based energy-market expert, said public statements from oil producers so far point to the “continuation of the production-cut agreement, but with lower compliance.” Producers may also decide to “stick to the agreement as is, with [a] promise to increase production in case of shortages.”
In the event of an oil shortage, he added, the U.S. Strategic Petroleum Reserve will be “used first to mitigate the impact on prices” as “OPEC spare capacity will take time to arrive in the market.”
There’s also the possibility that OPEC may decide to eliminate output quotas entirely, said Cook. That could prompt Brent crude prices to drop $1 to $3 a barrel on the news, and gradually rise by $4 by year end. On Thursday, August Brent LCOQ8, -0.97% was trading just above $76 a barrel on ICE Futures Europe.
But under what Cook sees as the most likely scenario for the meeting, OPEC would decide to “modestly” relax production limits in order to acknowledge “the impact of falling production in Venezuela and sanction-related reduction in Iran.”
If that happens, Brent crude oil prices would likely stabilize at current levels, then rise $5 by year end, he says.
By relaxing quotas, OPEC would take care to “keep the market adequately supplied” but be “mindful of the significant progress in inventory reduction made over the last year and a half,” said Cook, “ultimately reserving the option to expand production should the market require it.”
A reason that 46 could fill..
US Oil Firms Use Shale Know-How To Revitalize Old Oilfields
BURTON, Texas, June 14 (Reuters) - Among vineyards and cow pastures in east Texas last month, roughnecks started to drill in an oilfield that is 25 years past its production peak.
Houston-based oil producer Wildhorse Resource Development Corp tasked the crew with breathing new life into the field by using technology developed for fracking shale rock. In the limestone and clay Austin Chalk formation, which stretches across south Texas into central Louisiana, Wildhorse is among a growing group of U.S. producers opening a new front in the nation's energy revolution.
"The application of new technology to older plays is a winning bet," Drew Cozby, Wildhorse's finance chief, said in an interview.
After shale producers pushed U.S. oil and gas output to all-time highs, some are now taking what they have learned to fields that until recently were considered played out.
If they are successful, the U.S. energy boom could find another gear as producers find profitable ways to extract the billions of barrels of oil remaining in older fields.
Production from the Austin Chalk jumped to 57,000 barrels per day (bpd) last year from 3,000 bpd five years ago and up 50 percent from the previous year, according to consultancy Wood Mackenzie, which expects rapid production gains to continue.
The number of drilling rigs in the Austin Chalk has doubled in the past six months to 14, according to data from energy researcher DrillingInfo.
Heavyweights ConocoPhillips, Marathon Oil Corp and EOG Resources Inc have leased land or drilled here in the past year.
Other non-shale plays getting fresh attention include the Meramec in Oklahoma and the Central Basin Platform in Texas.
Devon Energy Corp is one of the biggest producers in the Meramec, where it plans to boost output to 140,000 bpd by the end of the year from 107,000 bpd at the end of 2017.
In the Central Basin Platform in the Permian oilfield, smaller producers such as Ring Energy Inc have begun investing heavily, hoping to rejuvenate an area that first produced nearly a century ago. There is no publicly available data on Meramec and Central Basin's total production.
Many of the tools developed to unlock vast shale reserves are working in these different geological settings - including longer wells, steerable drilling technology, complex mixtures of sand and chemicals and the hydraulic fracturing of bedrock.
"These fringe areas, like the Austin Chalk, could be the next big thing," said Bernadette Johnson of DrillingInfo.
More oil from Austin Chalk and other similar fields could push U.S. production to fresh records. Shale producers have for several consecutive years outstripped government forecasts, taking U.S. output to a record 10.5 million bpd in March.
Even without innovations such as those under way in the Austin Chalk, the government predicts nearly 12 million bpd by late next year.
"This is something that people haven't baked into the supply side yet," said Jeremy Gottlieb, who has helped finance companies bringing shale technology to inexpensive, older fields. "This is going to take people by surprise."
New Tech, Old Fields
Wildcatters first pumped oil from the Austin Chalk nearly a century ago, but output reached its peak in the early 1990s even though the formation still contains about a billion barrels of crude, according to U.S. government's Geological Survey.
That is not unusual. Oil producers have historically extracted less than half the oil from any particular field because the rest has not been accessible at a profit.
That is changing in fields like the Austin Chalk.
Based on test wells and modeling techniques, Conoco believes long, horizontal wells with multiple fracks - a technique used often in shale fields - will deliver strong results from its acreage in the Austin Chalk.
"What we were seeing with some of the newer technologies work really well in the Austin Chalk," Conoco Chief Executive Ryan Lance told Reuters.
Some wells they have fracked in the Austin Chalk have produced more prolifically than shale wells. Wildhorse's newer Austin Chalk wells produced more than three times the initial output of wells at the Eagle Ford shale field, the company said this month.
EOG also said an Austin Chalk well it drilled this year in Texas produced nearly 3,000 bpd in its first month, more than twice the first month rate of a shale well it had completed in the Permian during the same period.
The field's proximity to Gulf Coast refiners and export ports make it that much more attractive, she said. Rising oil prices have also increase the number of potentially profitable plays.
Some portions of the Austin Chalk also sit on top of the Eagle Ford shale field, allowing drillers to potential extract oil from multiple layers and types of rock.
"It's a stacked play," said Johnson, of DrillingInfo.
Louisiana Revival
Land is still cheap in the formation, which has helped lure more producers. Conoco leased its land for less than $5,000 an acre. That compares with as much as $75,000 an acre in the Permian Basin in West Texas and New Mexico, the center of U.S. shale drilling and its largest oilfield.
About 350 Austin Chalk drilling permits were approved in the last 16 months, a nearly four-fold increase from the previous 16-month period, according to DrillingInfo.
Analysts say they expect more activity to spread to the Louisiana portion of the play. There are 3,500 Austin Chalk horizontal wells in Texas, but only 32 in Louisiana, according to Wood Mackenzie.
Louisiana is counting on the Austin Chalk developments to revive the state's declining oil output, which fell 11 percent last year to 40.4 million barrels, the lowest level since 1945.
That might stop the drain of oil workers to Texas, said Gifford Briggs, head of the Louisiana Oil and Gas Association, an industry trade group.
Oil industry employment in the state fell 4 percent in the past year despite a rise in commodity prices, largely due to workers leaving to develop Texas shale fields, according to U.S. government data.
"It's an opportunity for some of our workers to stay in state," Briggs said.
Should be $15 per share on the other side.
the aggregate number of shares which the Company has the authority to issue is Two Million Eight Hundred Thousand (2,800,000) shares of Common Stock at $.125 par value
https://www.sec.gov/Archives/edgar/data/1096934/000156459018015230/syte-8k_20180601.htm
Nice charts...
Now we have that gap down, so I sold at 37... That 47 has been out for awhile. I should have bought back into ERX to follow the gap trends.
the rhetoric out of Saudi and Russia has only exacerbated the sell-off today," said Matt Smith, director of commodity research at ClipperData.
I think this is going to pass and oil continues to be bullish..
I like ERX far better than ERY.. It seems the I've made the wrong choice on ERY more often than ERX in the past 3-4 years.
Filled that 37 quick.. Can we get to 47?
I'll call it... Yes, I believe an RS is coming. There, I called it.
OPEC may decide to ease oil supply curbs in June: sources
Rania El Gamal, Alex Lawler
KHOBAR, Saudi Arabia/LONDON (Reuters) - OPEC may decide to raise oil output as soon as June due to worries over Iranian and Venezuelan supply and after Washington raised concerns the oil rally was going too far, OPEC and oil industry sources familiar with the discussions told Reuters.
https://www.reuters.com/article/us-oil-opec/opec-may-decide-to-ease-oil-supply-curbs-in-june-sources-idUSKCN1IN2NS
Double Top Reversal..
Double Tops / Double Bottoms
This chart pattern represents a reversal in the market
http://www.financial-betting.com/strategies/chart-patterns-in-financial-spread-betting
This is a very risky Stock..
Gross Profit $689,898
Paying SG&A $988,803
Ok Let's work on that SG&A a little.. What VALUE do we see from that?
Improvements to real estate = ($532,759)
Let's hope this will get some positive future cash..
I'm buying into Jeff Moore. I like his Tweets.. That is the only reason.. Sorry for such shallow way of investing. LOL.. My advice to Jeff? Watch Steven L. Kiel like a hawk.. lawyers are slick.
Growing Book Value..
This number can mean many things. One of which does not mean the stock price will grow.
Sitestar Corporation Announces First Quarter 2018 Financial Results
Contact: Jessica Greer
(434) 382-7366
investorrelations@sitestar.com
Sitestar Corporation Announces First Quarter 2018 Financial Results
Richmond, VA—May 11, 2018—Sitestar Corporation (OTCQB: SYTE) (“Sitestar” or the “Company”) today reported financial results for the quarter ended March 31, 2018.
Sitestar Corporation
For the first quarter ending March 31, 2018, comprehensive income (loss) attributable to Sitestar Corporation stockholders was ($143,371). The book value per share was 6.4 cents and the diluted book value per share was 6.2 cents. This is an increase of 11% on a diluted basis when compared to the book value per share of 5.6 cents as of December 31, 2017. This increase is primarily attributable to the share issuance as part of the Mt Melrose acquisition, the first step of which occurred during the Company’s first quarter.
Steven Kiel, Sitestar’s Chief Executive Officer stated, “Our goal is to grow book value per share over a long-term time period. Because of some accounting requirements and the timing of share issuances related to our Mt Melrose acquisition, there will be some changes in our book value per share over the next year that will be unrelated to our actual performance. We believe our diluted book value per share number is the most appropriate figure for shareholders to consider.
“Our income statement will also be a bit messy over the next few quarters as we onboard Mt Melrose, help bring it to scale, and complete the next stages of the acquisition. As you know, we do not make decisions based on short-term goals. We welcome shareholders who share our long-term time horizon and who appreciate the direction in which we are focused. Some quarters and years require internal investments that will not pay off until far into the future. Please take any short-term results, both good and bad, in the context that they deserve.
“Finally, I want to publicly welcome Jessica Greer to Sitestar as our vice president and chief of staff. Jessica joined us in February and has been a tremendous addition to the corporate team. The Company has already benefited from her expertise and experience over the past few months.”
Willow Oak Asset Management
Sitestar’s wholly owned asset management subsidiary, Willow Oak Asset Management, reported comprehensive income of $267,907 due largely to our direct investment in Alluvial Fund. Both Alluvial Fund and the Bonhoeffer Fund, with which we have a fee share agreement, have seen significant recent growth in their assets under management.
Exhibit 99.1
Mt Melrose
The acquisition of Mt Melrose will occur over several stages over the next year. We closed on the first stage in January, acquiring 44 residential and other income-producing properties. Mt Melrose’s primary strategy is to acquire, rehabilitate, and manage affordable residential properties in central Kentucky.
Our goal is to grow Mt Melrose’s net assets over time. Income statement results will fluctuate over short-term time periods. During the first quarter, Mt Melrose incurred a net loss of $136,807.
HVAC Operations
During the first quarter, HVAC operations incurred a net loss of $178,387 compared to a net loss of $62,938 during the first quarter of 2017. This subsidiary is subject to extreme seasonality. The results have been poorer than expected since its creation. Because of these results and a concern about the direction of the subsidiary, a management change occurred at the end of the first quarter. This change has led to a shift in HVAC’s operational priorities. We are guardedly optimistic that this change in direction will improve the subsidiary’s results.
Internet Operations
Management at Sitestar.net has continued to mitigate declining sales by focusing on operational savings. As a result, our internet revenue, while in slow decline, continues to enjoy impressive profit margins. Sitestar.net produced comprehensive income of $190,607 during the first quarter, which included $29,796 in one-time gains. This compares to comprehensive income of $215,562 during the first quarter in 2017, which included $54,309 of one-time gains. Comprehensive income was flat over that time period when removing those one-time gains.
EDI Real Estate
Our legacy real estate portfolio includes eight residential properties that are currently rented, vacant land, and one commercial property. One property was sold in the first quarter and one additional residential property is being prepared to be rented.
Annual Shareholder Meeting
Sitestar will be hosting our annual shareholder meeting on May 19, 2018, at 10am local time at the Squire Patton Boggs office at 1 E. Washington St., Suite 2700, Phoenix, AZ 85004. We invite all of our shareholders to join us for this event.
About Sitestar
Sitestar Corporation and its subsidiaries engage in several diverse business activities in the following industries: asset management, real estate, internet access, and home services. The company's philosophy is to centralize capital allocation decisions at the corporate level and decentralize operational decisions among subsidiary managers. Copies of Sitestar’s press releases and additional information about Sitestar are available at www.sitestar.com.
No but I'm going to slow build.. Maybe these kids will turn this into something if they don't get greedy.
IMO.. No big deal. These guys appear to be in this for the long term.
A public company must have shares to raise capital.. Yes?
January 10, 2018, approval from the holders of a majority of the outstanding shares of Common Stock of the Company to amend the Company’s Articles of Incorporation, as amended to date, to increase the authorized shares of Common Stock from Three Hundred Million (300,000,000) shares of Common Stock to Three Hundred Fifty Million (350,000,000) shares of Common Stock.
2.The articles have been amended as follows: (provide article numbers, if available)
Article Fourth is hereby amended by deleting the first paragraph of Article Fourth in its entirety and substituting the following in its place and stead:
"FOURTH. The aggregate number of shares which the corporation shall have the authority to issue is Three Hundred Fifty Million (350,000,000) shares of common stock at $.001 par value, and Thirty Million (30,000,000) shares of Serial Preferred Stock at $.001 par value."
I cannot say it won't go up to $22 because there is a gap up that way.. The gap seems to always fill on this one.
- China slowing
- US now at price where shale and fracking looks viable - supply up = less profit for these in the ETF pressure may see fall back.
- US rig count up 28%
- North American shale is poised to flood the markets this year
But we have Saudi’s Falih saying oil cuts will continue...
- The pact began a year ago and has been extended until the end of 2018.
- weakening dollar this year
I sold most at the peak and consider myself very lucky. I got stopped out which plays into the fast drop.
I'm thinking the market was oversold in general.
This ETF seems to track gaps very well.. the lower ones have all filled.
I'm going to decide what point I get back in soon.
I sold most at the peak and consider myself very lucky. I got stopped out which plays into the fast drop.
I'm thinking the market was oversold in general.
This ETF seems to track gaps very well.. the lower ones have all filled.
I'm going to decide what point I get back in soon.
I'm glad I hug tough...
I averaged down every month for a year now flipping GAPS along the way to lower my base at under $28 for a net 38% return...
Heck had I Flipped going both ways from ERX to ERY the gain would have been far greater.
Oil Surges Past Shale-Drilling Tipping Point as Glut Shrinks
https://uk.investing.com/news/commodities-news/oil-surges-past-shaledrilling-tipping-point-as-glut-shrinks-957953
Hard to say if it will break back to 8-10.
I know these guys have Berkshire dreams and hopes.
Interesting... "Some of the same investors behind BOMN now invested in SYTE." And who might that be?
I've talked to Moore. Seems like a good guy and I do follow him and Kiel on on Twitter. Who really knows though? One of them posted an article on BOMN last week, I think. They do post good stuff.
It's worth 11 cents. 5 cents if you pony up some big dollars. It's hard to say if these guys are legit or not. It's only a guess.
But the company seems far more professional than it once was... Given the all the commingling with X CEO personal stuff and all... but what the heck is the difference with this recent deal? A lawyer to dot the I's can cross the T's?
The most recent deal will put 1/2 million cash in the pocket of who? How do you really know if the true value of the 122 properties is even worth $8.4 million? What if they are really worth $4.9 million (debt) and Jeff just dumped them off on Sitestar? You don't. The CEO and COB are friends no doubt. Commingling none the less. LOL..
Maybe a valid independent appraiser was the best way to determine those prices.
I might throw something here again.. my casino cash.. fun money.
Gaps have been working...
ERX Gap will fill down to $30.63; a Sell; buy ERY
Should buy ERY Closed at $10.21 and that gap will fill & sell at $10.97 and then buy ERX.
note the ERX has unfilled gap at $37.55 and it will fill... one day.
Yep.
Filling the gaps have worked pretty good on this one..
Next high gap is about $30.68
OPEC has been cutting production into a (ex OPEC, ex U.S.) world that’s not producing (i.e. there’s negative production growth). Given the scars of last year’s oil price bust, oil producers haven’t been spending on new production.
https://www.forbes.com/sites/bryanrich/2017/11/06/expert-oil-investors-say-risk-of-triple-digit-oil-prices/#7d9612737554