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$NEWL depends on it's unknowing shareholders! To improve debt to total asset ratio, a company needs to sell shares, and with 50 billion shares authorized, those unknowing shareholders will be brought down to levels that will be horrifying! This scam needs to be shut down...
$NEWL will be trading skull and bones very soon! Caveat Emptor, Buyer Beware! You will never see the bid and ask now... While the SEC can't legally shut the company down, it should remove them from being able to trade their 50,000,000,000 (yes 50 billion) shares on any market!
Think about this... would you pay for assets and not take possession of them? It's an abandoned surface mine that is worthless. What investors should be thinking about is where did all that money really go? It's a scheme that was perpetuated by Michael Zolotas and Jan Berkowitz!
Yes, so are total liabilities... ofspring, you really need to study accounting! It would open you up to the truth of the NEWL scam :)
Tomorrow I will actually read the 20F... Tonight I went straight to the numbers. Although I did glance upon something that I found rather strange concerning the supposed coal mine, but I will save that for tomorrow :)
It's all smoke and mirrors!
I forgot to mention that the Book Value per share for NEWL is -$0.2587
Yes negative 25.87 cents! What would that be in decimals? $0.00002587 sounds about right!
Now let me bring your attention to some other fun facts!
First, the Market Value. The Market Value is calculated by multiplying outstanding shares by the closing price for that day of trading. We know from the 20F released today http://www.sec.gov/Archives/edgar/data/1322587/000143774915010190/newl20141231_20f.htm
that the total outstanding shares as of May 12,2015 was 425,668,806. We know that today's closing price was $0.008 so therefore...
425,668,806
x 0.008
$3,405,350.45
$190,323,000
-$300,440,000
-$110,117,000
Ok, we are going to do two ratios here...
1. Total Debt to Total Asset Ratio: http://www.efinancemanagement.com/financial-analysis/how-to-analyze-and-improve-debt-to-total-asset-ratio
Debt (Total Liabilities) $300,440,000
Total Assets $190,323,000
Debt to Total Asset Ratio is a solvency ratio that evaluates the total liabilities of a company as a percentage of its total assets. It is calculated by dividing the total debt or liabilities by the total assets. This ratio aims to measure the ability of a company to pay off its debt with its assets. To put it simply, it determines how many assets should be sold to pay off the total debt of the company. This is also termed as measuring financial leverage of the company, therefore...
$300,440,000 divided by $190,323,000 gives NEWL a debt to asset ratio of 1.58 (extremely bad)
How to Interpret Debt to Total Asset Ratio?
There is a general practice of showing debt to total asset ratio in the decimal format and ranges from 0.00 to 1.00. A ratio of 0.5 indicates that half of the total assets of the company are financed by the liabilities. In other words, the debt is only 50% of the total assets.
A lower value of the ratio is better than a higher number. A lower ratio signals a stable company with a lower proportion of debt. A higher ratio means that a higher percentage of the assets can be claimed by the company’s creditors. This translates into higher operational risk as financing new projects will get difficult. Companies with higher debt to total asset ratio should look at equity financing instead.
__________________________________________________________________________________________________________________________________________________________________________
2. Current Ratio: http://accountingexplained.com/financial/ratios/current-ratio
Current Assets $11,763,000
Current Liabilities $247,462,000
Current ratio is the ratio of current assets of a business to its current liabilities. It is the most widely used test of liquidity of a business and measures the ability of a business to repay its debts over the period of next 12 months. It is calculated by dividing the current assets by the current liabilities.
$11,763,000 divided by $247,462,000 gives NEWL a current ratio of 0.05 (extremely bad)
Current ratio matches current assets with current liabilities and tells us whether the current assets are enough to settle current liabilities. Current ratio below 1 shows critical liquidity problems because it means that total current liabilities exceed total current assets. General rule is that higher the current ratio better it is but there is a limit to this. Abnormally high value of current ratio may indicate existence of idle or underutilized resources in the company.
WOW! Wasn't expecting this at all...
IntelGenx Announces Management Changes
Saint Laurent, Quebec--(Newsfile Corp. - May 13, 2015) - IntelGenx Technologies Corp. (TSXV: IGX) (OTCQX: IGXT) ("IntelGenx") announced today that Mr. Paul Simmons has resigned as Chief Financial Officer ("CFO") of IntelGenx and IntelGenx Corp, effective May 22, 2015.
The Company has begun a search process for the selection and appointment of a new Chief Financial Officer.
The Board thanks Mr. Simmons for his service and contributions to the company and wishes him well in his future endeavours.
http://www.newsfilecorp.com/release/15403/IntelGenx-Announces-Management-Changes#.VVPGskZTbyE
Tough Times for Coal Getting Worse
http://blogs.barrons.com/incomeinvesting/2015/05/12/tough-times-for-coal-getting-worse/?mod=yahoobarrons&ru=yahoo
Not that it really matters since $NEWL doesn't have any coal anyway!
The court has ordered $NEWL to show proof that they have produced coal... Crap is gonna hit the fan now! LOL
I hope they try to show more forged documents like they did in the past! The judge will give Transasia a total victory, and $NEWL will have to move onto another scam...
Court orders NewLead JMEG to hand over evidence
May 11th, 2015 Athens: NewLead JMEG, a coal mining joint venture with NewLead Holdings; its chief executive Jan Berkowitz and Michael Zolotas, CEO of NewLead Holdings, have been ordered by a judge to produce all documentation to support their defence in a breach of contract lawsuit being heard in the Supreme Court of the County of New York.
London-based trader TransAsia Commodities in January filed a civil case against the defendants, seeking $6.2m in compensation over a failed agreement to buy 110,000 tonnes of coal, which was never delivered to the buyer.
TransAsia alleges that NewLead JMEG signed the multimillion-dollar sales agreements to inflate its share price and to obtain credit from banks. The defendants deny the allegations.
All the requested documentation will be used by the court in consideration of the plaintiff’s proposed motion to strike and compel.
“If, following the May 20, 2015 conference, the Court concludes the defendants have not complied with their discovery obligations and this order, TransAsia’s Motion to Strike may be granted, and judgment entered for TransAsia on all counts in this action,” the court order says.
All electronic documentation produced by the defendants will be subject to digital forensic analysis before it is submitted to the court, according to a court order seen by Splash.
During the last court session on April 13, TransAsia’s attorneys accused the defendants of altering a sales contract and forging TransAsia’s principal’s signature on the new document, according to the court transcript obtained by Splash.
Judge Charles E Ramos has ordered the defendants to produce all computer hard drives and electronic storage media (such as flash drives and mobile devices) in Berkowitz’s possession, control or custody that have ever contained documents related to the action. The deadline for producing these materials is May 13.
All these devices are to be delivered to the New York office of digital forensics firm Stroz Friedberg. The company will “create forensically sound, full forensic images of each device, then search and analyze all data on the devices to identify documents, data (or fragments of data), and artefacts that reasonably appear to be relevant to the issues in this action”, the court order says.
Once the analysis is complete, Stroz Friedberg will present the “presumptively relevant” findings to the defendants’ lawyers, who will then have 14 days to conduct a privilege review to decide what will be excluded from the scope of discovery.
The defendants can object to Stroz presenting certain findings to TransAsia’s counsel but must produce a log identifying the materials, along with “detailed basis” for each objection.
All Stroz’s findings that are not subject to these objections will be passed on to the plaintiff’s lawyers. The court order says any issues relating to the defendants’ list of objections must be resolved, possibly with the help of the court.
In the last court session on April 13, TransAsia’s counsel alleged that emails from Zolotas and Berkowitz pertaining to the action had been sent from 15 different email addresses, including from nine different domain names. The defence explained this was “just one email address that appears internally or externally”.
Nevertheless, the new court order requires that all “responsive, non-privileged documents” be obtained as a result of a search of the various email addresses supplied by TransAsia’s lawyers.
Similarly, the court has ordered the defendants to identify all email service providers and cloud storage services that may have handled documents relating to TransAsia’s recovery requests.
The defence confirmed in court in April that it was still in the process of retrieving documents from Michael Zolotas since receiving the plaintiff’s letter of deficiency in February.
The defendants must also produce documents and communications showing evidence of contracts or payments to Ingram Barging Company, Associated Terminals, Riverway and/or Power Dock loading facilities and SGS Inspection Services “and/or other companies performing similar services related to the shipment of coal under any coal purchase agreement with TransAsia”, the court order states.
The trader says it believes NewLead JMEG to be an “empty shell company” and last August requested a variety of information from the defendant to show its financials.
In consideration of this, the court has ordered the defendants to produce the joint-venture agreement between NewLead JMEG and NewLead Holdings and documents that show its organisation and structure.
Evidence of all the officers and directors of NewLead JMEG and NewLead Holdings from 2012 to present must similarly be provided, plus evidence of production of coal by the defendants at any coal mine.
The defendants must also produce documentary evidence of the sale or supply of coal to any entity, as well as the procurement contract NewLead JMEG had in place to be able to fulfil its sales contract with TransAsia.
The litigation has been adjourned until May 20.
http://splash247.com/court-orders-newlead-jmeg-to-hand-over-evidence/
Good idea! Get the point out there twice... LOL
Some people don't like clicking on links, so now they can view an image of it, or they can click on your link :)
NewLead accused of fraud as litigation continues
May 8th, 2015 Athens: An ongoing breach of contract litigation in New York has been beset with fraud allegations related to a NewLead Holdings company and group CEO Michael Zolotas, according to court documents seen by Splash.
TransAsia Commodities in January filed a civil case against NewLead JMEG, its chief executive Jan Berkowitz and Michael Zolotas. The lawsuit is currently being heard at the Supreme Court of the County of New York.
The London-based trader seeks $6.2m in compensation over a failed agreement to buy 110,000 tonnes of coal from NewLead JMEG, a coal mining joint venture with NewLead Holdings. The coal was never delivered to the trader, which alleges that NewLead JMEG signed the multimillion-dollar sales agreements to inflate its share price and to obtain credit from banks. The defendants deny the allegations.
The session began with Judge Charles E Ramos calling the claim an “open and shut case” and a “slam dunk”, according to a newly released court transcript from April 13. Later, the raft of new accusations of fraud brought by the plantiff prompted the judge to remind the court the purpose of the litigation was for breach of a sales contract.
During the April court session, TransAsia’s counsel accused NewLead CEO Michael Zolotas and his business associate Jan Berkowitz of fraudulently altering a sales contract for the trader’s purchase of coal from the Five Mile coal mine in Kentucky.
TransAsia says it included due diligence provisions in its original purchase contract for coal from the Five Mile mine, but these provisions had been removed when Berkowitz return his signed version via email.
Zolotas emailed Berkowitz a copy of the altered Five Mile sales contract, saying “use this one”. Berkowitz then forwarded to TransAsia a version of the altered contract in which the digital signature of TransAsia’s principal had been copied and pasted by way of forgery, the trader alleges. Meta-data from the MS Word document shows that this was done by Jan Berkowitz, the plaintiff said. The defence has not yet denied this allegation.
The plaintiff says it conducted due diligence before signing off the deal by visiting the coal mine. The trader, which is now in receivership, stated NewLead JMEG had said it owned the mine, which the defendants deny.
Another part of TransAsia’s due diligence was to have the Five Mile coal analysed by independent firm SGS, which provides base metal assays. The trader’s counsel told the court it deposed SGS by way of a subpoena, which NewLead tried to quash.
The deposition found around 15 of SGS’s assay reports for the coal had been fraudulently altered, TransAsia’s lawyers said, but it could not be established by whom they were changed. The judge granted the plantiff’s request to see more communications by NewLead relating to SGS and mineral lab reports.
The plantiff says it believes NewLead JMEG to be an “empty shell company” and last August requested a variety of information from the defendant to show its financials, much of which has yet to be produced.
“It’s a joint venture with Newlead Holdings. We don’t even have the joint venture agreement from defendants,” Melissa Brill, TransAsia’s attorney from law firm Cozen O’Connor, told the court. The judge ordered that the agreement or an affidavit stating the non-existence of the document must be produced in court.
The defence stated it could produce the agreement and information about who the members of NewLead JMEG were, much of which was included in previous court filings.
TransAsia’s counsel has requested a wide variety of documents from the defence to show NewLead JMEG was a fully functional company that had fulfilled sales contracts with previous clients. The judge requested that NewLead JMEG produce any purchase agreement that showed it had at least once sold coal and delivered it successfully to a buyer.
“We ask for documents concerning loans or other financing that defendants used coal purchase agreements for collateral, because that’s what we believe is part of this whole scheme; is that they are getting these coal purchase agreements with no intention of ever selling coal and that they are using it as collateral for loans,” Brill told the court.
She added that her firm has obtained emails in which the defendants talk about using these contracts. The judged ordered that this claim be held in abeyance for now, it being beyond the scope of the breach of contract case.
“It’s more than a breach of contract. There is a fraud count that had survived that is still in this case and is viable. That goes directly to the fraud. It explains what they were doing to our client so that if and when we have a jury in the box, we can say this is why they did it, ladies and gentlemen; to pump up the stock price and to go to banks and obtain credit which otherwise they would not have been able to obtain to keep this enterprise operating,” added Eric D Freed, TransAsia’s other attorney.
“There have not been any other lawsuits against any of my clients related to any of the events at issue here. So I am not aware of any banks coming after them saying you have made fraudulent representations in loan applications or anything like that,” said defence attorney Evan K Farber, with whom the judged agreed on this point. “If they had done that, one would expect that they would have said something by now.”
The judge ruled that the defence must produce Michael Zolotas’ computer hard drive, which is said to be in Greece, plus the rest of his emails and those from NewLead JMEG that relate to the case but have not yet been supplied. The defence must produce these materials and all others requested by the plaintiff by May 13.
The litigation has been adjourned until May 20.
http://splash247.com/newlead-accused-of-more-frauds-as-litigation-continues/
There goes Zolotas again with $40 to bring his stock back up to a penny... LOL
I can already tell you how it's going to go... The $NEWL 20F will show a decrease in debt, but it's all smoke and mirrors!
It will be a game played with debt to total assets. What you want to pay attention to is the debt to total asset ratio!
It's basic math... You divide the total debt or liabilities by the total assets.
The debt to total asset ratio will fall into the decimal format and ranges from 0.00 to 1.00. A lower ratio such as 0.01 to 0.03 are generally accepted as a viable company. A ration over 0.05 shows that a company is not in good health! In other words, a ratio of 0.05 would show that half of the assets are financed by the liabilities, or put another way, a ratio of 0.05 shows that the debt is 50% of the assets...
Last years 20F showed a debt to total asset ration of 1.9275 which of course shows that the company should be totally dead! Hence the "ongoing concern". Nobody can just shut them down, though they should have liquidated...
I am looking very forward to picking the 20F apart with a fine tooth comb!
Making money and buying $NEWL is a contradiction of terms!
Who cares at this point? $NEWL was destroyed a long time ago... It's just a matter of waiting for Zolotas to call it quits, or he ends up in prison, one way or the other, makes no difference!
Dear Badshah,
I was waiting for the 20F to pick it apart! I did not expect
them to file saying they couldn't file it. Yes, I do want
$NEWL to liquidate, but only so they cannot harm more
shareholders...
Love, Beavis
I've taken the last bullshit from anyone on this board!
It is a form that foreign companies need to file to notify the SEC, FINRA, and shareholders that they won't be filing their yearly financials on time...
Guess what! $NEWL has filed a form 12B-25. They can't file their 20F on time! Why am I not shocked? They need more time to figure out how to fluff it up for their shareholders...
http://www.sec.gov/Archives/edgar/data/1322587/000114420415027046/0001144204-15-027046-index.htm
It tapped sub penny today... I knew it would this week! Very shortly it will be closing sub penny again :)
$NEWL has 1 mine, let's not forget that! And I would be willing to bet they will either sell it dirt cheap or lose it all together...
Everything is going to natural gas, and once again, $NEWL is a loser... Scams always lose in the end, always!
7,231,123 shares of common stock issuable upon exercise of warrants, will raise outstanding to 70,696,378 shares...
http://www.sec.gov/Archives/edgar/data/1098880/000106299315002119/0001062993-15-002119-index.htm
There is just no response to that except that I wish you the best...
$NEWL has too much debt and that $10m will mostly go to settling the lawsuit that Transasia filed against them!
Sure, the broker/dealers will take your cheap shares and sell them for 1/10th of a penny over what they paid... It's called keeping a market!
And they are going to get cheaper! Much cheaper :) Sub penny very soon again!
I agree... it should be very close!
Don't read my posts, it's that simple! You see, if you hadn't wrote your post, you wouldn't be hearing from me at all... Think about that!
I hold no shares and will never in the short future that the $NEWL scam has left, so therefore, no frustration :)
And it's not just the Zerbe's... Hugh Cleland has sold a lot of shares since February as well. I really have no idea why, so I can't say whether it means anything or not.
But tax selling is done in December... Are things done differently in Canada?
Woke up this morning and found a couple of alerts in my email:
Horst Zerbe
http://tickerreport.com/banking-finance/462059/insider-selling-horst-g-zerbe-sells-60000-shares-of-intelgenx-technologies-corp-stock-igxt/
Here is the related SEC filings: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001381866&owner=include&count=40&hidefilings=0
Ingrid Zerbe (She has sold shares twice in the past 10 days)
http://www.wkrb13.com/markets/559740/insider-selling-intelgenx-technologies-corp-insider-ingrid-zerbe-sells-66900-shares-of-stock-igxt/
Here is the related SEC filings: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001381868&owner=include&count=40&hidefilings=0
I really don't think so... There is just nothing going on right now. Migraine drug is pushed out to 2016!
WOW! Just noticed that Roadmap Capital (Hugh Cleland) sold another 500,000 shares too in March, just a month after their last sell!
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001589397
That's strange... On April 10th. 2015 Ingrid Zerbe disposed of 20,000 shares at $0.64
I wonder if she needed a new car or something! LOL
It isn't much, and that's what seems so weird about it...
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001381868&owner=include&count=40&hidefilings=0
I can tell you! It's heading back to $0.0065 and lower soon...