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I think , he had made his money thru PUMP and DUMP.
Now , who cares for the stakeholders ( The Bag holders)
Sure
Let's see how many more lies coming on us.
If you take a step back and review the actions /News since July 2010
along with the # of Shares issued and the issued prices for Debt Cancel , Traded Share Volume in Q4 of 2010 and specially Q1 2011, you should get an idea of the PUMP and DUMP .
I think , instead of waiting for news etc , All the shareholders should join together and take an action against this company and /or inform SEC about them.
Govt Contracts
IMO as per 3Q sales and 2011 YTD sales , it seems that PRG never had the "$ 19.2 MM Govt Contract ".
Thanks LOB , for your honest analysis.IMO 67 Million shares have to be free trading shares , as the company has been cautioning that they will be issuing free trading shares for debt Cancellation ( I failed to understand , why they are not issuing free trading shares thru 504 ) .
After reviewing the 3Q Financials, I totally agree with you.
Is there any way , to stop these creeps ?
Or someone can make a list of such companies and people controlling those companies .
Update Required
Update on the earlier PRs for instance , Govt Contracts , Business from Europe thru its UK office is required . The BOD should issue an open letter explaining the reasons for such non performance .
No offense to anyone , I expressed my views and if you disagree with me you can either
- delete my posting
or
- give reasons if you want to , in favor of high projected PPS
if you think so
or
- work towards saving people's investment in the company
anyways , I appreciate your advise
GLTY
52wk Range 0.038 - 0.0007
IMO Next 52wk Range 0.0007-0.0001 ( projected ) ???????/
ZZZZZZZZZZZZZZZ...................................
thanks Tony for the suggestions ,
I am also of the same view , based on the following:
Based on suggestion made by others
that's a good idea , but how will you handle the issue of Controlling interest.
The pref share holders are holding 20 Million X 10 voting rights= 200 Million voting rights
and the equity share holders after the reverse split will have 31.9 Million Voting rights.
So it will become a PVT company where in Equity Shareholders will have no power and control.
In addition , you should also suggest to add more independent directors on the board to have the transparency along with reliability of the Financial Statements . At present , IMO , the published financial Statements are not RELIABLE.
For instance:
Company is holding Accounts receivable $ 1057249 which are equivalent to = $ 1057249 /75238.3 = 14.05 months ( based on Q2 Financials)
IMO ,Company is holding lot of Bad/Doubtful Debts , but not disclosing in financials.
Accounts receivables as of 6/30/2011 ( Actual ) = $ 1057249
Less Q1 sales should have been collected = ( 734796)
Balance of Accounts Receivable for = $322 453
Q4 2010 and before
( which are more than 6 months old on 6/30/2011)
Add Q2 Sales = 225 715
Accounts Receivable As of 6/30/2011 ( Should Be ) = $ 548168
Any suggestions from any one,
Lets talk about the other big ticket in Financial:
Goodwill and Investments = $4564066
As this alone is 76 % of the Total Assets , Company /Accounting commitee /Board of Directors , should give the REAL MARKET VALUE .
Notes Receivable : No terms and conditions are given like , Maturity terms , interest rate etc . Is it issued for Sales/Loans ? Or for Capital?
Working Capital:This account head popped up in Q1 financials and increased in Q2 . Where and why the company is
investing in Working Capital ? where are the results of that business ? are they part of Sales as shown in Q2?
Statement of Cash Flows : Seems to be totally incorrect.
Item # XIV and Part E information in Sept 2010 Management disclosure Report
Does any one have any clue why company stopped giving the information on Beneficial Owners as per item XIV and
Issuance History as per Part E of Sept 2010 report basis.
It seems PRGJ generously issuing Pref Shares ( 14 Million ) for
$ 7000.00= $.0005 PPS against services.Earlier the Company also issued 6 million shares for $ 6000.00 worth of Services.
Concerns: Each Pref Share carries 10 to 1 voting right for equity.
Secondly, Each time , the Pref Shares are being issued
for services NOT for CASH.
Thirdly : First time Pref shares have been issued @
$0.001 PPS , the second issue is @$0.0005
Did the company offer these shares to the existing
Equity Shareholders ?
Or The pref shares are being offered /issued to some special class of people other than the existing shareholders.
The existing shareholders are not losing their investment value but they are also losing/diluting the control and voting rights as well.
Now I strongly believe that , the company is being run as Pvt Company not , a public Company .
Others may differ with me .
Reply to Latro
Quote:Shareholders net worth =$1968933( based on the Shareholders statement ) -(Goodwill+investments=$4564066)
=$ ( 2,595,133) /319,086,173 = $( 0.008133) PPS
Goodwill and investments are assets, aren't they? Why subtract them?
Reply : Good will needs to be amortized over period of time , or Company needs to revalue/ reassess the Good will and Investment value and
adjust if they are lower or nil.
In PRGJ case , the accountant or the company is not reassessing their market value therefore till they provide ,IMO it is a just a number without any value or the assets value is overstated to that extent.
Quote:Share Capital as per the Balance sheet : $ 3,763,720
Share Capital as per Statement of Share Capital = $ 1,981,933-Pref shares $13,000= $ 1,968,933
So the diff in both the statements= $ 3,763,720-$1,968,933= $ 1,794,787 ( overstated in Balance Sheet )
$3,763,720 is total equity, not share capital. The difference is the sum of "Additional Paid in Capital", "Retained Earnings", and "Net Income".
Reply: If you review the Consolidated Statement Of
Changes in Shareholder’s Equity
As of June 30, 2011 it has the additional Paid in capital , retained earning s and Net income . And IMO , it should match with
Share Equity in the Balance Sheet .
This also covers the next question that i asked , why the numbers are different.
Quote:Second question: What happened to $ 19.3 Million Govt Contract.?
Where the update ?
Here: http://www.otcmarkets.com/financialReportViewer?symbol=PRGJ&id=61825
"During 2nd quarter 2011, we provided consulting services in the US to commercial and government customers through subcontractors... Our revenues are heavily dependent upon the performance of our customers and government subcontractors. PRG Group, Inc. continues to utilize and draw from a massibe database of resources with top secret clearances, which are ready to be placed on many government contracts through subcontractors."
It is my understanding that the $19.3 million was a projected number. There projections fell short for 2011.
"The issuer anticipates slow growth until the end of 2011, with large increases in sales and earnings growth in 2012 and 2013."
Reply: It is a very general statement that the projections fell short in 2011 . But IMO , the PR of Govt contract was misleading , and now the company is giving reasons/excuses that the "company's revenues are heavily dependent upon the performance of our customers and government subcontractors."
I would have believed the reason given by Company if the company had achieved a minimum of 10-20% of the projected $19.3 Million in the first half as even without Govt Contract news the company was achieved around $ 2 Million sales in 2010 but in Q2 it seems that , there is not much revenue from Govt Contracts and company has lost its core business by 50% .
Quote:Forth Question: What happened to UK office operations? It seems t even that office is not there anymore?
"Issuer also opened a new division to specialize in the Education and Training markets in the US and abroad."
Reply : What happened to UK Office and if the company has NOW decided to go into Training and education business , then next question what kind education and training ? is it a Viable business ? EtcEtc
Quote:What happened to $514,226 , the company has stated that they
have spent on Sales and Marketing expenses in 2010 Q4.If the company has spent that kind of money then , where are the results? Is there any reasonable explanation given by the company?
Didn't produce the desired result. It happens. They're experiencing slow growth, retooling the company, making more modest projections for the future (25% growth/year through 2013), and looking for acquisition candidates.
Certainly not the hottest thing on the market. They do intend to continue diluting. But they don't strike me as the grossly negligent tool bags you've been characterizing them as.
Reply : IMO , It would be better for us instead you or we guess the Company explains /gives reasons.
and thanks for the advice on selling and move .
GLTY
The "Burning" Question:
I agree with you and your following post
Thursday, May 12, 2011
PRG Group, Inc. Launches Branding and Global Marketing Strategy Globe Newswire
Monday, January 31, 2011
PRG Group, Inc. Announces 2010 Results and Increases 2011 Projection Globe Newswire
Friday, January 28, 2011
PRG Group, Inc. Provides Additional Detail on Dividend Globe Newswire
PRG Group, Inc. to Spin Off Business Unit and Issue Dividend Globe Newswire
Thursday, January 27, 2011
PRG Group, Inc. Expands Into UK & European Markets Globe Newswire )
Monday, December 20, 2010
PRG Group, Inc. Engaged for Government Contract Globe Newswire Monday, December 13, 2010
PRG Group Launches New Vendor Program Globe Newswire
Was any of this true???
IMO
Based on Q2 Financials:
Shareholders net worth =$1968933( based on the Shareholders statement ) -(Goodwill+investments=$4564066)
=$ ( 2,595,133) /319,086,173 = $( 0.008133) PPS
Again Pref Shares Capital Not shown in the Financials
Share Capital as per the Balance sheet : $ 3,763,720
Share Capital as per Statement of Share Capital = $ 1,981,933-Pref shares $13,000= $ 1,968,933
So the diff in both the statements= $ 3,763,720-$1,968,933= $ 1,794,787 ( overstated in Balance Sheet )
Can the Company explain , why both the numbers are different ?????
Question: Are these statements reliable and reasonably accurate ?
Any one can differ with my calculations .
Second question: What happened to $ 19.3 Million Govt Contract.?
Where the update ?
Third Question: Company's sales reduced by 50% as compared to Q1 Sales? Reasons
Forth Question: What happened to UK office operations? It seems t even that office is not there anymore?
What happened to $514,226 , the company has stated that they
have spent on Sales and Marketing expenses in 2010 Q4.If the company has spent that kind of money then , where are the results? Is there any reasonable explanation given by the company?
So Please take a wise view, lot of things are not clear /unexplained
I agree
I am neither Pumper nor a Rah Rah guy . I expressed what i felt and noted on the websites/financials . I believe , this forum is to express yourself and I dont think , that there is any bar on anyone.
So far the company posted QE1 financial , is it a great news . May or may not be , IMO , it did not give the PR or any projected revenue. For Some , it is a positive news .But to hold the shares for long term , I want to know the companies long term plans .
I also invested a big chunk in the shares with the expectation that my christmas will be awesome , but I dont see that happening.
If you feel that i am a pumper or rah rah guy , you can request the moderator to delete all my postings .
Free fall !!!!!!! Without the QTR2 Financials and updated PR on this year projected revenues with Govt Contracts income , IMO
this may go to low triple 0's
Please read my comments on assets and per share valuation.
QE2 Financials , PR on GOVT CONTRACTS when in 2011 ???????????????
LOL , assuming PRGJ calls the Shareholders' Annual Meeting.
thanks Muuligan43 . Yes, i tried calling the company and the accounting firm but no success . I am looking forward to Shareholders Annual Meeting .
It is not the question of like or dislike. I plainly replied to George's posting.IMO , if the accounting is incorrect, the revenue and assets reported by such accounting has no value/or less value than reported.
Good Luck . But i do not understand why there are not reflected in QTR1 if the company had spent that kind of money .
I believe that Company maintains its books as per US GAAP.
That's a great PR but i failed to understand completely in which account head
the expenses/Salaries of the Govt Service Team are disclosed in QTR1 Financials.
Can someone guide me ?
Thanks Rhodes for your explanation . But that is the expense part , But the question is ,how much sales is from Govt Contracts out of $ 509 K .
And what is the Revenue from the Govt Contracts 6/30/2011.
The Third Party Expenses should be included in COGS .
I like the story and willing to buy more shares , but before that
try to understand the company
The other issue that i noticed is the large working capital deficiency as per the Notes to the financial Statements .
As reflected in the accompanying consolidated financial statements, as of March 31, 2011, the Company
has $-3,443 of current liquid assets and $1,447,201 of current liabilities, for a working capital deficiency of
$1,450,644. These factors raise substantial doubt about its ability to continue as a going concern. In view
of the matters described above, recoverability of a major portion of the recorded asset amounts shown in
the accompanying consolidated balance sheet is dependent upon the Company’s ability to raise additional
capital, obtain financing and succeed in its future operations
thanks for the support , I think the company should have a better Accountant as these kind of errors , are generally not acceptable .
If you look carefully and take out the Good will as well as investments from the Assets
then the net worth is ($ 823528) and divided by the say 220 Million outstanding shares book value per share = (0.0037)
If investments and Goodwill need to be added to the net worth then we should wait for the Accountant's report and see what he says about the current market value of the goodwill as well as investments .
The above opinion is purely my opinion and any one can disagree with that.
And Again Accountant forgot to show Pref Share Capital of $ 6000.00
in Q1 Balance Sheet.
It is very good that Q1 numbers are out. Has any one gone thru the numbers carefully . Some of the numbers does not make any sense imo e.g
Accounts receivable
Last year's balance=509619+Qr 1 sales ( 509081)= $ 1018697
this is on the assumption that , Accounts receivable did not pay any thing during the QTR 1 .
The accounts Receivable as per the 3/31/2011 = $1041204
How can Q1 reported Accounts Receivable exceed $ 1018697. as calculated above
I suggest , since too much is on stake , the company should have their accounts audited.
you are right as some one has to start first time . May be this is not the stock where i should invest further .
Please stop playing blind , It's time to SHOW .
Agreed , but where are those PRs , we have been waiting for ages nw.
If the company cares about the marketability/Transparency , we should have gotten the Q1 financials when company filed for late filing notice. we should have the Q1 along with some information on the Govt Contracts as Q2 numbers would have been over by now imo.
we should not push people to buy the shares . Let the company show its cards now.
I hope you are right , but I have been trying for last several days to call PRG on all its numbers as well as to its UK number but it seems that , the phones are not working.
Anyway , I will be in NJ today and will go to their office and ask questions on the Q1 and Q2 issue as well as on the Govt division.
Has any one tried making telephone calls to PRG ?
It seems that all of their phones lines have been disconnected . I hope , I am wrong or got the msgs in error.
I agree .
Tried speaking to CEO , called all the numbers , it seems that calls are NOT going thru . Has any one tried contacting PRG office.
Has any one tried to contact company for the PR ? For how long we can sit like this ?
sure , that will be great and we will get the insight on the operations of the company.