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Zero Shares Traded Today
The ASK may have jumped but the stock moved a total of $0.00 per share today.
With 224MM shares outstanding, volume of 383K shares hardly represents "nice" volume or "waking up". Total volume of 0.2% of the overall float is just meaningless noise.
If we start to see million share plus volumes on a consistent basis, then the stock may just be waking up.
However, based on all the PUBLICLY released information, all indicators point to $.001 PPS before anyone can come close to any significant gains, even if they "scooped them up down here".
How can there be 0 shares traded today?
I thought there was a method to the madness?
That there was a golden nugget about IWDM out there, all one needs to do is use Google or pick up the phone and do some "DD" to find it?
Apparently everyone else has done their DD and found....nothing.
These 0 volume days are coming with greater frequency now.
At least no one else is getting suckered in.
The only DD that is worth ANYTHING is what IWDM has publicly released to date - and it is terrible for the shareholders.
Any attempt to state otherwise is simply wrong. One can claim to have good "inside" information but apparently this news is so good IWDM won't release it publicly. Shocking - I know.
I hope all those still touting this dog with fleas are enjoying the 100%+ dilution handed down to them last week.
It is now 34 days after the quarter end.
Again, IWDM appears to be waiting until the last minute to release.
They have until August 14. Any bets on whether they file on time or do they file late again?
Tick tick tick tick
I can't think of any realistic scenario that would get it there.
It is time to face the fact that the Army was sold a bunch of BS to pump the stock and line the pockets of insiders.
IWDM has hit the iceberg and is dead in the water, sinking slowly to sub $.01 land.
The Lemon Street Gang and others like them in Southern Florida are coming under increasing scrutiny for doing this sort of thing. Look for them to cut bait and run for the hills.
You will see $.006 before you see $.06 (if ever).
0.0
Were the markets closed today?
Apparently the smart money has had all of their fists cut off and they couldn't buy with both or even one of them.
You spoke too soon.
$.021 as of the time of this post.
Thats because they all sold last week and now there are no buyers either.
The interest forgiveness on the debt converted to shares is basic Accounting 101. Never should this interest have been recognized as income when the debt related to it was converted to equity.
This type of mistake casts a serious shadow of doubt on the Accountants hired to compile their financial statements and in turn should cast doubt on the validity of everything contained within them.
The 10-K and the share price say otherwise.
.0001 that is what!
You spoke a bit too soon....
$200 ish bucks went off right before the bell....
LOL
They have to have cash to do that.
They have none and can raise none at the moment.
The only reason they had the cash on hand at December 2011 is because Bean loaned the company $12,000. I would be willing to bet most if not all of that went to pay the accountant for the audit and compiling the 10-K.
That is why the 10-Q is late. They have no money and Bean is either unwilling or unable at the moment to put in the $$$ needed to get it done. IWDM is most likely on a COD or prepay basis with the accountant. He/she/they are not going to be willing to do any work they don't feel confident they will get paid for. All IWDM has right now to pay vendors is shares of stock and the accountant is not permitted to own stock in the companies they audit much less take it as compensation for work done. Creates a HUGE conflict of interest.
Take a look at the 2011 10-K.
Heat up for a bit based on what, that? No.
I also don't call no change in share value today heating up a bit.
Then why did Bubba act today as if Spice was gone for good from IWDM and the terrestrial show?
He tweeted that he broke down when saying "goodbye" to Spice. One doesn't say goodbye to an employee still with the organization - ie BRN/IWDM.
It also is telling that he has taken another job. This tells me that he is not certain there is a future for IWDM so he is hedging his bets.
After seeing the "nice" 10-K released yesterday, Wall St responded with a whopping $8,200 in trades on this stock....at a 2% loss in value.
But we should still buy with two fists, right?
Material Weaknesses, a Going Concern tag and $14K in cash make for a nice report?
There must be some alternative way of evaluting a 10-K filing that would give this report the result of "nice" and is unknown to me and the rest of us that live in the real world.
Before all of the stuff in the beginning of the report about Subway, etc is mentioned (again) it should be pointed out that everything in this filing that preceeds the independent acoountants report has not been reviewed for accuracy and as a result should be taken with a HUGE grain of salt.
If all of these Subways were really signed up and are actually being charged something and not being given the service for free, then where is the cash and revenue from it? The standard (non custom) rate per month is $35.95. That amounts to $64,710 per month. Where is the cash and revenue showing on the financial statements? I can't seem to find it.
Item 9A Shows Material Weaknesses
These will need to be corrected if equity investors are going to put the sorely needed cash into IWDM. How do you correct these without equity infusion though? The "cash cow" of io4business can't even support current expense levels, much less the increases correcting these will require. This and the Going Concern tags are two HUGE red flags to anyone putting money into this venture.
Read below for the verbage from the report....
Material Weaknesses Identified
We identified the following deficiencies which together constitute a material weakness in our assessment of the effectiveness of internal control over financial reporting:
· There is a lack of sufficient accounting staff, which results in a lack of segregation of duties necessary for a good system of internal control;
· There is an over-reliance upon independent financial reporting consultants for review of critical accounting areas and disclosures and material non-standard transactions;
· The Company internally performed all aspects of our financial reporting process, but not limited to the underlying accounting records, recording journal entries and responsibility for the preparation of the financial statements. Due to the fact that these duties were performed often times by the same personnel, a lack of review was created over the financial reporting process that might result in a failure to detect errors in spreadsheets, calculations, or assumptions used to compile the financial statements and related disclosures as filed with the SEC. These control deficiencies could result in a material misstatement to our interim or annual financial statements that would not be prevented or detected;
· The Company does not have a sufficient number of independent directors for our board and audit committee. We currently have no independent director on the board, which is comprised of two directors, and we do not have an audit committee.
Well, they need it.
NOW.
Anything they do is going to be at the expense of the current bag holders.
As predicted, the company is nearly out of cash.
Yes, they did increase revenues 95% year over year but they have done NOTHING to reduce expenses - for proof of this see the lack of a proporational increase in Net Income.
The auditor did put the Going Concern tag in his report. A HUGE red flag.
For those of us who know how to critically read a filing, there is not much here to provide a lot of hope, only more questions as to how IWDM plans to be in business for the long run.
Spoken by a man that hasn't met him either....
Yet you claim to know what his plans for IWDM are.
Everything we have seen (that has been officially released)from IWDM indicates NO plan unless that plan was:
1. Burn through cash at an alarming rate
2. Not increase revenue
3. Treat the Bubba Army as their own private piggy bank
4. Crater Shareholder Value by diluting the stock
Do I need to continue?
Maybe the markets were closed again LOL
It is either that or the fact that the auditors are now duty bound to include the "Going Concern" statement in their opinion. Putting it in the supporting notes to a 10-Q is one thing. Showing it in the auditors opinion letter, which preceeds all of the financial statements and disclosures in the audit report, shines a huge spotlight on the fact that they are not operating with a viable business model.
Actually, I was wrong.
Markets WERE closed.
I did not consider that possibility because IWDM has had other 0 volume days in recent history.
Another scoop em up day.
Doesn't the smart money know how cheap the stock is down here and they should be buying with both fists?
There must be a method to their madness.
They are at the tip of the iceberg along with the Sony deal and must be waiting for Chase to equal Michaels to equal Zell to equal the Easter Bunny.
Have a good weekend folks.
The market has spoken....
The market is showing and going to show how it feels regarding IWDM's going back to non-reporting status.
0 shares traded!
Apparently somebody forgot to sooop them up with both fists today because there is method to the madness and the Sony deal is the tip of the Chase=Michaels=Zell iceberg.
Ugh.
The requirement by the CPA firm that they get paid for their work in cash.
They can't take stock and remain independent.
The clock has run out and IWDM is no longer a fully reporting company. But I should still scoop up shares with both fists, right?
Wrong.
They will report in a timely fashion....period
They have given no indications that they'll miss the filing deadline, and I firmly believe they will file like normal within the legal time frames. Even discussing it at this point makes no sense.
What does it mean when there is nothing listed on the Ask?
Is it because iHub is having Level 2 difficulties?
Before it is said otherwise...
As a CPA, I can tell you that the Going Concern tag is not one thrown around lightly by a CPA firm. You are essentially saying to your client that things are so bad that your business will fail without material changes in structure or operations.
You can imagine the reluctance of a CPA firm to put this tag on a company that pays them a not insignificant amount of money. It is not a good way to get repeat business or keep it for very long.
In the profession, putting a Going Concern tag on a 10-Q or 10-K is akin to filling out the death certificate of a business but leaving the time and date of death blank because it is only a matter of time.
Then post a link to them or share them here.
Because the numbers released by IWDM to the SEC, all of which are readily available online and have been linked to many times by members here tell a different story.
That costs $$$$.
IWDM is out of $$$$.
Here is your link....
tracker144 Share Friday, March 09, 2012 11:56:36 AM
Re: None Post # of 11763
False statement RASTA...
You have NO idea if that poster knows what's going on at IWDM. How do you know whether he had lunch or dinner with Michaels and Chase yesterday and he's reporting what he heard?
wagz Share Friday, March 09, 2012 1:24:48 PM
Re: peter99ff post# 11760 Post # of 11763
No I didn't goto dinner but I do know how to use google and a telephone.
Day 59 and counting....
And STILL no 10-K!!!
What exactly are you trying to hide, Lemon Street Gang???
The end of the fiscal year was December 31.
It is now February 22.
It does not take 51 days to close the year and get an audited set of financials, especially for a company this size.
For comparison, the company I work for, which is 100 times the size of IWDM, will have this done in 45 days.
By my math they are about a week late.
I would call that delayed.
No shares traded?
This is not looking good.
problem is on this board "I heard" is purported to equal "is going to happen".