Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
That "Loan" has a $75,000 FEE associated with it that is to be provided as a CONVERTIBLE NOTE BEFORE it can be used at all....LOL.
Unbelievable..
They say they are using a "Line of Credit" provided by a Loan Agreement to fund the buy back up to $750K.
So what happens...say...if they actually do buy any back and incur the debt...if the debt is made convertible at some point in the future?
At the moment it does not have a convertible feature...BUT...what is interesting is the loan as a $75,000 FEE associated with it that IS CONVERTIBLE. And the FEE is to be paid as a convertible BEFORE the loan can be drawn against. LOL,
https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=115367
You should look at the weekly company trading report and the periodic convertible analysis they put out...which is actually not bad. Even they do not subscribe to this NSS nonsense.
And if you can't get the company to carry any water with this theory....it pretty much demonstrates its bunk.
Except I don't think any of the debt holders are on the short end of that stick
It just amazes me that people keep lapping this crap up....
What makes if even funnier is that they ballooned the O/S by 3 BILLION to 6.25 BILLION because of convertibles...but THEN they say they are going to buy back up to 1.25 BILLION with that borrowed money.
Ohhhh....And both the "O/S is only 3.2 Billion" and "those 2.2 BILLION of convertible shares are RESTICTED" cries were decisively proven WRONG this morning.
Who, the company? I will be surprised if any significant buy back will occur. Penny's announce them all the time to induce buying...but then rarely follow through. They have made no commitment to do so.
But they do need volume for that 2.2 billion to sell into.
Same 'ol, same 'ol
That is what happens when 2.2 BILLION shares can be freed up as of TODAY.
Yah...sure....funny how they seem to be perpetually successful on penny pinks....
O/S 6.25 Billion....
Looks to me like the conversions that were meant to enter the float today had to hold up when the buying pressure was not there....otherwise this thing would be back at 0.0002.
Why would 'ol shorty hold up?
Oh pahleeaze,,,forever waiting for the MOASS....lol. Lumb gives you an accounting each week including the short interest...there is nothing there.
He is actually pretty good at that aspect....but folks are inventing things that even his accounting does not show.
Plus how do you explain the volume starting to dry up today on big corporate action announcement day? Nobody slapping with conviction?!?
And so is a pink unicorn farting butterflies.
So we agree it CAN HIT THE FLOAT as of today.
They don't give a rip about the PPS. They care about volume. That is all this stunt was meant to generate.
I guess you missed this paragraph in the disclosures. THAT STOCK CAN BE FREED UP AS OF TODAY.
Effective as from January 13, 2014, those Convertible Loan Note Holders who wish to deal in these shares of our Common Stock may do so. Obviously these shares are restricted under Regulation 144 and any removal of restrictive legends on these shares of our Common Stock going forward, will require the appropriate Counsel Opinion Letters before being eligible for deposit in the DTCC and for inclusion into our “Free Float”.
Tob - OS is now 6.25 billion...has it not dawned on you that this pump is to allow that converted stock to hit the float?
I will ask again....what is great about seeing the O/S increased by over 3 BILLION shares bring the O/S to 6.25 BILLION...and THEN say you MAY buy back UPTO 1.25 BILLION shares with BORROWED money?
There is NOTHING good about that.
It seems to me that Lumb needed to find a way to reduce the sting of that O/S explosion, which BTW, MANY here poo-pooed....and may have forced him to divert attention away with this so called potential buy back.
Penny Scam 101 move.
What is fantastic about exploding the OS by 3 BILLION shares and then say you may buy back UPTO 1.3 billion shares with BORROWED money.
...seriously...
Even if they buy it..which I doubt...you still to the bad by 1.7 BILLION as of this morning....PLUS new debt to do so.
So balloon O/S by 3 BILLION to 6.25 BILLION and then say you will buy back UP TO 1.3 Billion with BORROWED money....LOL.
So O/S IS 6.25 BILLION!
"NUMBER OF OUTSTANDING SHARES OF COMMON STOCK OF ISSUER AS AT JANUARY 13, 2014 (REPORTING DATE):
6,249,132,134"
Frontloaded on Dec 4?
Ahhh....just catching up...zee plot thickens.
Props to whoever found the ticker and went...."wait a minute....that looks like.... ....I have an idea!"
LOL.
Let's play "Guess those Corporate Actions"....
On GNCP coming Monday.
ok so...first PR today
http://ih.advfn.com/p.php?pid=nmona&article=60627122
Now you can imagine that the phone started ringing at GNCP HQ...so a second "clarifying" PR came shortly behind within an hour....
http://ih.advfn.com/p.php?pid=nmona&article=60627621
What say you....who can call it here on the DD Board?
What does Stephen Lumb have in store?
GOOD LUCK
Lol.... 1 share.
Corporate Actions include any dividend, acquisition, divestiture, spinoff, splits, any major debt issuance, mergers, among others.
Those not favorable to common stockholders are reverse splits, some forms of debt swap for preferred shares (depending on conversion terms)...new stock issuance (additional classes of preferred etc.).
However since the Board has a fiduciary responsibility to the shareholders they can't necessarily do something that is blatantly injurious to them.
But in the penny world, whenever you see a significant corporate action...look very closely at what it does to the common shareholder. If the company has to grow or the pps appreciate significantly for commons to see the benefit....there likely is not one in reality.
Actually you are right. It was ancillary to missing the annual filing today.
I stand corrected.
Yes. But I doubt anyone that is invested in this stock considers them a possibility.
If shorty actually existed on this stock...and are going to be run over by this announcement on Monday....why give them ANY warning before the close of trading today?
It's what pennies do...they PR about a coming PR. The imagination is a powerful thing on the OTC. Penny CEO's know that...and use it.
There is no other reason to do it instead of just announcing on Monday before market open.
Well that may be a sigh of relief for some who might be getting anxious...at least there is a reason for them to be after the K.
So when do we go from "it will be awesome to get the certs just before the K drops" to "it's much better to wait until after the K drops"....which means anytime before Dec 31 2014.
Well that's pretty clear! Lol.
I imagine the phone started ringing!
Who the heck would short a 0.0003 stock? Seriously.
My only question is whether it will be a set of meaningless corporate actions to create some short term pump in the pps for the December and January note conversions to sell into (like Tob's suggestion of small cash divvy or CUSIP change) or...something more meaningful to re-set everything given the OS ballooning over the last 6 months like an R/S or Preferred Debt swap??
I guess we will see Monday!
Of Jeebus....mandated? Lol. Nobody will be happy when they find they can't re-deposit them with their broker.
This same idea tried WAY back when with CMKX and more recently strongly suggested with SRGE....and some others.
Even some very ardent supporters of those stocks knew that is was dumb...and said so.
You may want to look where they ended up.
Pulling a cert of a penny stock is about the DUMBEST thing....no...it is THE DUMBEST thing a shareholder could do.
CUSIP change does nothing. For anybody
Divvies do nothing for LONG TERM Debt holders.
Share buy back does nothing for long term debt holders....actually the opposite...because it uses company cash
If it is a small cash divy...then it will look exactly like the stunt SRGE...and a number of other penny stocks have tried to pull to induce buying for some convertible dumping. We know the January notes are out there..and likely converted now.
But we will see on Monday.
Then describe a corporate action that does so...and give ONE example of where it worked?
I think most here would agree that isn't too much to ask...
Name one...that has EVER worked in that regard?
I think shareholders are not going to like what happens.
But we will wait until Monday to see. The buzzwords they are using are quite telling and Lumb Is pretty good at disclosure.
What ever it is...required "long deliberations"....that tells me some stakeholder is going to be disappointed....and debt holders are MUCH farther ahead in line than stockholders.
GL.
What corporate actions could they possibly take to benefit BOTH shareholders and LONG TERM debt holders given the current pps??
Their interests in that department are in many ways mutually exclusive.
I can't think of one. And we know that in the scheme of things debt holders will be much farther ahead in line for whatever they decide to do.
I don't think this is going to be pretty.
Let the guessing begin! We have the whole weekend!
The Company will be announcing two corporate actions on Monday January 13, 2014. These actions follow long deliberations and ensure that the interests of our stockholders and long term debt holders are both protected. These actions are solely based upon our current stock price and after reviewing innumerable correspondence from our stockholders. The Attorneys to the Company have completed the documentation as is required to implement these actions.
I don't not think many are going to like what this is...
What corporate action could be taken because of the pps that would benefit long term debt holders ??
Hmmmm....let me think...