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keep dreaming
SUSA Asleep
I have a dream that one day this board will rise up and publish a link to a well-crafted tout sheet.
I have a dream that when that day comes the stock will be north of $1.50 without a single red candle.
I have a dream that speculators from across this great nation will avoid buying stock in this POS company with an intolerable cash position that's already been deemed a "going concern" - be it because of the awful corporate website or Caprock's intolerable $4.00 price target - unless we see at least 10 consecutive green days and a $1.50 break.
I have a dream that borrows will be bountiful and that we will all profit from the ultimate demise of this great injustice we like to call a "pump & dump".
I have a dream.
3rd party?
Comp. $ amount?
The "name" of the report? (i.e. Montgomery Gates' "Wealth Generation Report")
McNasty- although I'm one of maybe six people that actually likes you (if that)... it's all hearsay until a scanned image is uploaded.
Thanks in advance!
Would you be able to scan/upload a copy of it? Thanks in advance!
Business description as per the company's S-1 registration statement:
"We are a start up, development stage company. We have only recently begun operations and we rely upon the sale of our securities to fund those operations as we have not generated any revenue from the sale of our products. We intend on developing a network of sales points for the sale and service of tankless water heaters in Jamaica. We aim to be the first tankless water heater company specializing in tankless-only products to enter the Jamaican market and the only company in the Jamaican market offering solar powered tankless water heater products.
On December 30, 2009 we entered into a distribution agreement with the manufacturer of the tankless hot water heaters which we hope to sell in Jamaica: Zhongshan Guangsheng Industry Co., Ltd., of China (“Zhongshan”). Zhongshan currently manufactures the tankless hot water heaters under the brand Gleamous Electric Appliances. Zhongshan is part of an international enterprise that also owns an R&D group, factory, and sales group and is looking to expand into other markets. Our management hopes that we can expand the Gleamous brand into the Jamaican market and the rest of the Caribbean.
Pursuant to the terms of this agreement we have acquired 52 units of Zhongshan’s various Gleamous tankless water heaters of which we were required to purchase 50 within the first 6 months of the agreement. As consideration, we have been granted the exclusive license to distribute the products within Jamaica. The term of the agreement is 1 year and may be terminated by either party with 30 days written notice."
SOURCE: S-1 Registration Statement, Pg. 24
Carrillo Huetel, LLP listed as the attorney on the company's S-1 registration statement.
PRTN went public via S-1 registration statement that became effective on September 13th 2010;
PRTN "Day 1" Time & Sales data from 8/23/2012 can be viewed here
Thanks!
If you'd like a sneak peak....
Immunovative's cached pages
You can learn about cached pages from googleguide.
Sorry for the background noise.
Tom
How about them apples?
Of course I sell way too early... I always do... but there's nothing wrong with earning $10k intraday :)
woulda coulda shoulda but at least I got filled 75k @ .105
Now the million dollar question -- who's got the crystal balls to hold $CTDT for +$0.50?
Counterfeit AwesomePennyStocks.com Email -- The Source?
Would anyone like to help me gather information about the owner of PennyMafia.com?
http://www.flickr.com/photos/prepromotionstocks/7497039818/
Based on the contents in the link above, it appears PennyMafia.com may be the party responsible for disseminating the counterfeited AwesomePennyStocks.com spam emails.
Tom
DJ Lebed on the 1s & 2s.... pumpin' up the volume
LeakedStocks owners appear to be related to Hack/TheLautnerLetter. This is based on (a) LeakedStocks aka "Richard Fisher" emails are exact replicas of the teaser emails Hack originally sent out re: JAMN and (b) in the footer of LeakedStocks emails --- message was sent from:
John Bell | 4598 Berry Street | Cripple Creek, CO 80813
See proof of (a) and (b) here.
be careful what you wish for if you're long and want a "true valuation"
Here is the issue in it's entirety
The issue is whether a company should report revenue based on (a) the gross amount billed to a customer because it has earned revenue from the sale of the goods or services or (b) the net amount retained (that is, the amount billed to the customer less the amount paid to a supplier) because it has earned a commission or fee. The accounting model in this Issue is consistent with the requirements of SAB 101. Those requirements are included in SAB 101 in the interpretive response to question 10 of Topic 13-A and are as follows:
In assessing whether revenue should be reported gross with separate display of cost of sales to arrive at gross profit or on a net basis, the [SEC] staff considers whether the registrant:
acts as principal in the transaction, takes title to the products,
has risks and rewards of ownership, such as the risk of loss for collection, delivery, or returns, and
acts as an agent or broker (including performing services, in substance, as an agent or broker) with compensation on a commission or fee basis.
If the company performs as an agent or broker without assuming the risks and rewards of ownership of the goods, sales should be reported on a net basis. [Footnote reference omitted.]
4. This Issue excludes from its scope transactions for which guidance is provided under categories (a) and (b) of the GAAP hierarchy, including:
Sales of financial assets, including debt and equity securities, loans, and receivables;
Lending transactions;
Insurance and reinsurance premiums;
Revenue transactions in specialized industries addressed in AICPA accounting and auditing guides (for example, airlines, casinos, investment companies, not-for-profit organizations, construction contractors, and federal governmental contractors).;
And here is an example from the publication:
It is not a spot on example, but notice how it only talks about FEES reported at gross. They dont even go into "reporting the actual payroll" because it makes no sense and as noted above, insurance type premiums are excluded.
Example 8
Bank D is a large bank that provides a wide range of services to customers. One popular offering is payroll processing with direct deposit. Bank D provides the interface with its customers but has a contract with a major payroll processing service to handle all aspects of the payroll processing. When a Bank D customer needs assistance with payroll processing, the customer service department of the processor answers the telephone announcing "Bank D Payroll Processing Service." The customer also may directly contact Bank D and the customer's account manager will coordinate with the processor. The customer is aware that Bank D outsources the payroll processing service; however, the contract for the processing establishes Bank D as the obligated party for all aspects of the processing. The processor is not a party to that contract. Bank D has complete discretion in determining the fees to be charged for the payroll processing service.
Evaluation: Bank D concludes that it should report the fees from payroll processing gross. Bank D is primarily responsible to the customer for providing the service, a strong indicator of gross reporting, even though Bank D outsources certain processes to an unrelated party. Bank D has complete control over the fees charged to customers and discretion at any time to engage any of a number of payroll processors to perform the service, both indicators of gross revenue reporting. Bank D has credit risk; however, fees for payroll services are debited to a customer's account at the time payroll is distributed, providing weak, if any, support for gross reporting. No indicators of net reporting are present.
And finally... ask yourself this if you were in Smart Tek's shoes. If you answered no to each one.. then you should be reporting NET. And going throw this, I could not answer yes to any of them.
Indicators of Gross Revenue Reporting
7. The company is the primary obligor in the arrangement — Whether a supplier or a company is responsible for providing the product or service desired by the customer is a strong indicator of the company's role in the transaction. If a company is responsible for fulfillment, including the acceptability of the product(s) or service(s) ordered or purchased by the customer, that fact is a strong indicator that a company has risks and rewards of a principal in the transaction and that it should record revenue gross based on the amount billed to the customer. Representations (written or otherwise) made by a company during marketing and the terms of the sales contract generally will provide evidence as to whether the company or the supplier is responsible for fulfilling the ordered product or service. Responsibility for arranging transportation for the product ordered by a customer is not responsibility for fulfillment.
8. The company has general inventory risk (before customer order is placed or upon customer return) — Unmitigated general inventory risk is a strong indicator that a company has risks and rewards as a principal in the transaction and, therefore, that it should record revenue gross based on the amount billed to the customer. General inventory risk exists if a company takes title to a product before that product is ordered by a customer (that is, maintains the product in inventory) or will take title to the product if it is returned by the customer (that is, back-end inventory risk) and the customer has a right of return. Evaluation of this indicator should include arrangements between a company and a supplier that reduce or mitigate the company's risk level. For example, a company's risk may be reduced significantly or essentially eliminated if the company has the right to return unsold products to the supplier or receives inventory price protection from the supplier. A similar and equally strong indictor of gross reporting exists if a customer arrangement involves services and the company is obligated to compensate the individual service provider(s) for work performed regardless of whether the customer accepts that work.
9. The company has latitude in establishing price — If a company has reasonable latitude, within economic constraints, to establish the exchange price with a customer for the product or service, that fact may indicate that the company has risks and rewards of a principal in the transaction and that it should record revenue gross based on the amount billed to the customer.
10. The company changes the product or performs part of the service — If a company physically changes the product (beyond its packaging) or performs part of the service ordered by a customer, that fact may indicate that the company is primarily responsible for fulfillment, including the ultimate acceptability of the product component or portion of the total services furnished by the supplier, and that it should record revenue gross based on the amount billed to the customer. This indicator is evaluated from the perspective of the product or service itself such that the selling price of that product or service is greater as a result of a company's physical change of the product or performance of the service and is not evaluated based on other company attributes such as marketing skills, market coverage, distribution system, or reputation.
11. The company has discretion in supplier selection — If a company has multiple suppliers for a product or service ordered by a customer and discretion to select the supplier that will provide the product(s) or service(s) ordered by a customer, that fact may indicate that the company is primarily responsible for fulfillment and that it should record revenue gross based on the amount billed to the customer.
12. The company is involved in the determination of product or service specifications — If a company must determine the nature, type, characteristics, or specifications of the product(s) or service(s) ordered by the customer, that fact may indicate that the company is primarily responsible for fulfillment and that it should record revenue gross based on the amount billed to a customer.
13. The company has physical loss inventory risk (after customer order or during shipping) — Physical loss inventory risk exists if title to the product is transferred to a company at the shipping point (for example, the supplier's facilities) and is transferred from that company to the customer upon delivery. Physical loss inventory risk also exists if a company takes title to the product after a customer order has been received but before the product has been transferred to a carrier for shipment. This indicator may provide some evidence, albeit less persuasive than general inventory risk, that a company should record revenue gross based on the amount billed to the customer.
14. The company has credit risk — If a company assumes credit risk for the amount billed to the customer, that fact may provide weaker evidence that the company has risks and rewards as a principal in the transaction and, therefore, that it should record revenue gross for that amount. Credit risk exists if a company is responsible for collecting the sales price from a customer but must pay the amount owed to a supplier after the supplier performs, regardless of whether the sales price is fully collected. A requirement that a company return or refund only the net amount it earned in the transaction if the transaction is cancelled or reversed is not evidence of credit risk for the gross transaction. Credit risk is not present if a company fully collects the sales price prior to the delivery of the product or service to the customer (in other words, before the company incurs an obligation to the supplier). Credit risk is mitigated, for example, if a customer pays by credit card and a company obtains authorization for the charge in advance of product shipment or service performance. Credit risk that has been substantially mitigated is not an indicator of gross reporting.
I think it's only a matter of time before the FASB steps in and requirews Smart-Tek to report revenues based on their rules stated above.
It's my belief that their "real" net profit margins, which I consider to be the actual administrative fees that are EARNED for PROVIDING SERVICES..... are razor thin.
And in regards to the growth of the company? That's meaningless when you factor in how revenues are recognized. They could end up doing +$100 million in "revenues" and still be far from a thriving enterprise.
Glad you asked. About 6 or 7 years back I got burnt REALLY bad by a publicly-traded BPO company. When I say bad... I mean REALLY REALLY BAD.
They were located in Southern Califoria and Owen Nacarrato was their attorney.
They used the same revenue recognition model and lead me to believe it was the opportunity of a lifetime so I bought a very, very large position (this is the same company I also worked as a consultant for).
STTN has some of the exact same individuals involved.
A part of my just wants to expose the truth and thereby kicking the same people in the balls that I lost a ton of money off of.
Another part of me wants to help people understand the reality of the situation. When I saw what STTN was doing it brought back a lot of bad memories and I thought... If I could just help one or two people from being suckered into how this company is actually making money... I'd have done a good deed.
Hell no would I short this stock after Friday's run. That's a suicide mission. And besides if I were short shares of this company and failed to disclose my position that'd be a violation of securities laws.
Long story short I just want to make sure that everybody understands the truth about this company -- that (1) very large % of revenues consist of their clients payroll taxes & workers compensation insurance and (2) nearly 50% of the company's assets are "prepaid" expenses.
That's not to mention that these guys have been involved with numerous PEO/BPO companies in the past and they all failed miserably.
Yes and it's a complete joke to consider these "pass through fees" as revenues I don't know how you guys can actually defend this sort of practice.
If an escrow company takes fees from me with the legal obligation to pass them on to the final party... should the escrow company book this $$$ as revenue and then just expense it once they've got to transfer the $$$ onward?
If I deposit $$$ into my Wells Fargo account and they use my money to credit another customer... Should Wells book my deposit as revenue, then expense the withdrawal made by another customer?
Owen Naccarano, Brian Bonar, David Lieberman & plenty more have played this revenue recognition game over and over again in Southern California w/ Dalrada Financial, Datascension/Nutek, Kaire Holdings, EntreMetrix, Neotactix and guess what ----- EVERY SINGLE ONE OF THEM APPEARED TO BE UNDERVALUED ON THE SURFACE.... but in the end they all fall down.
Do you know the net profit margins they get from their HR services?
if you compare gross margin (technically by your analysis, should be the net billings to clients recognized in P&L) increased by 82% to $2.7m for 6-months 2010 vs $1.5m for 6-months 2009.
RESPONSE: Meaningless comparison. A company w/ $500 billion revenues & gross profit margins of 0.001% would have a larger gross margin than an internet entrepreneur w/ $5 million revenues & gross profit margins of 98%. In short, one would sure hope the company's gross margin is increasing if revenues doubled.
Cash flows from operations increased by 70%.
RESPONSE: Cash flows from operations during the most recent quarter were by far the worst #'s they've recorded during the past few years.
Cash balances increased by 49%.
RESPONSE: net increase in cash during the most recent quarter was by far the lowest it's been during the past few years.
STTN is already in net assets positions (positive stockholders equity) of $605k at end of dec 2010 vs net liabilities position of $438k in the same period last year...
RESPONSE: Subtract the company's phantom "prepaid expenses" that are either a result of (a) their huge accumulated deficit or (b) their forecasted "percentage-of-completion" accounting method and STTN would be insolvent.
Payroll taxes & insurance booked as revenues? Are you seriously holding the opinion that payroll taxes are real, legitimate revenues for any company to book?
$STTN is booking payroll taxes and workers compensation insurance as revenues.
That's the TRUTH and if anybody cares to challenge me, bring it on.
Does anyone deny this fact?
So if I'm not a cheerleader I can't state facts about this company along with my opinion? Sorry I didn't know the rules.
"PEO revenues and cost of PEO revenues are comprised of all other costs related to its worksite employees, such as payroll taxes, employee benefit plan premiums and workers’ compensation insurance. PEO revenues also include professional service fees, which are primarily computed as a percentage of client payroll or on a per check basis."
You do understand what this means, correct?
$STTN's "revenues" appear to consist of:
(a) Workers comp. insurance (but they're not an insurance provider, so it appears they're simply booking the insurance policies as revenues, and then they've got to go out and actually purchase the policies hence they're also booked as expenses);
(b) Payroll taxes. Yes, based on the paragraph above it appears they book their clients payroll taxes as revenues!
Do you consider payroll taxes and workers compensation insurance to be legitimate revenues that a company can actually earn?
Keep cheerleading guys because you're going to need it.
I don't trust Owen or Brian. That's the way I feel and is my own personal opinion based on the fact that they've both been involved with prior PEO/BPO enterprises that fell straight into the ground.
Yes, in fact I'm very familiar with PEO & BPO. Most likely more familiar with anyone talking on this thread considering I was a consultant for a publicly-traded BPO for almost 2 years.
What specifics am I looking for?!?!?!?
Your question is akin to looking at a banks financial statement and cheering, "oh great! revenues are up due to their commercial banking division!"
If any penny trader believes what's given to them on the surface and feels no need to investigate any deeper.... well probability lies in favor of that person not being a penny trader for much longer.
Okay. So correct me if I'm wrong but you're saying:
1. The payroll & staffing business increased revenues by $7.8 million
2. The payroll & staffing business increased expenses by $5.6 million
Am I understanding you correctly?
If that's the case, aren't you the least bit interested in knowing EXACTLY how these revenues & expenses were generated?
And no the simple answer of "payroll & staffing business" doesn't cut it.
I want specifics. Don't you?
Is anyone able to tell me exactly what STTN "contract revenues" consist of?
Anyone?
EXACTLY what are they booking as "CONTRACT REVENUES" and what do the "COST OF REVENUE AND SERVICE DELIVERY" expenses consist of?
Anyone?
$STTN's CEO Brian Bonar on RipoffReport.com http://bit.ly/sttnripoffreport
"As a former administrative employee of this group of companies I personally witnessed fraudulent, misleading, and "doctored" financial and insurance, and marketing information being provided to smaller non-public companies to entice them to trade their stock for the stock of the companies listed in this report."
GTSO -- anyone notice the google adwords campaign today?
Google adwords targeting "penny stocks" and "rare earth stocks" titled: "Top Stock for 2011 - GTSO" linked to www.rareearthexporters.com/
Also check out the company's "Investors" section @ http://www.greentech-solutions.com/investors.html" rel="nofollow" target="_blank" >http://www.greentech-solutions.com/investors.html looks to me like something you'd see in a hard mailer (they've even got the Scottrade & ETrade logos to boot)!
Disclosure: LONG
GUNP still up-ticking although today was the stocks first intraday crack from .89 all the way down to .81.
Check out a recent 8-K -- anyone familiar with Mr. Dennis Lance??
"On January 24, 2011 Mr. Dennis Lance of Idaho was appointed director of the Company effective immediately, to serve at the discretion of the Board of Directors, until his successor is duly appointed and qualified. Mr. Lance is an exploration geologist with more than 35 years of domestic and international experience in base and precious metals exploration. Mr. Lance has an extensive background both in field and management positions, and has worked for such companies as Phelps Dodge Corporation, Houston Oil and Minerals and USMX Inc. For the past decade, Mr. Lance has acted as a geological consultant to mining exploration companies including Thunder Mountain Gold, Inc., from 2006 to present and Freegold Ventures Ltd., from 2006 to 2008 where his responsibilities were surveying, geochemistry, geological mapping and generative exploration work in preparation for 43-101 resource estimates. Mr Lance has been a director of Patriot Gold from February 2010 to present. Mr. Lance earned a B.A. in Earth Science from California State University, and attended Graduate School at the Mackay School of Mines (University of Nevada). Mr. Dennis Lance will be compensated at $500 per month for his services as a director of the Company."
Check out BRZL something def. looks up there... fits the typical BestDamn chart pattern to an extent.
SIRG --- HUGE Relative $Vol Changes & Block Trades
Just look at the big volume days, huge HUGE blocks of 250k & 500k shares crossed on several different days-
12/21- 5m shares traded between .38-.50
1/11- 7.5m shares traded between .50-.68
1/13- 2m shares .58-.64
1/24- 1.2m shares .55-.64
Besides that's it's been dormant & stable. Fishy?
BestDamnPennyStocks Feb 9th Pick
Anyone care to speculate on this one?