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As long as Fair/Canouse can keep on diluting the common stock and reverse splitting it, they don’t care. Canouse gets his money. Fair sits on his hands since he doesn’t own any common.
Speculators who think they can time all this have gotten killed and will continue to be the victims due to them thinking it has to stop at some point. The company and the stock are two different animals here. Investors get in trouble thinking they are one in the same. Company only has a chance one Canouse/Hicks leave the scene but that’s years away, if ever.
Closing in on 100 million OS after two large dilution trades this morning.
Transfer agent skipped updating for a couple of days as those additional shares were from 2/14 (see my post).
Guys might have been taking their wives out for Valentine’s Day?
I hear what you are saying but the intercompany transactions are what is holding IMPP back. The company is going to spend $70 million plus to purchase two tankers from Harry. Most everything seems to get bought from Harry at a premium and sold to Harry at a discount. Shareholders are ones who suffer when that happens and Harry can make up the losses on his common shares by issuing dividends to himself.
The fact that no questions were allowed to be asked in the presentation is a bit of a problem. Does Harry have something he doesn’t want to talk about?
Yes, that’s how I see it as well. Gives them a window until mid April at earliest before they have to report next quarter.
Looks like a lot of language added dealing with voting rights and liquidation rights, especially Class C & D (Canouse/Hicks).
Looks like another 10 million shares hit the tape at .001…..
It’s perfectly legal because Canouse, err Fair, spelled it out for all to see in their filings.
It appears like even more dilution this morning. OTCN .
Some rando buying $1000 of shares on Schwab? You are too funny!
Wonder why the Annual Report was rereleased today? What was wrong with the one they released on 12/13/23?
Today’s report was not marked “Amended”. What, if anything, was changed or is it an OTC error or did Fair have a panic attack?
Couple of large dilution trades today:
Outstanding Shares
80,139,230
02/13/2024
If shareholders haven’t figured out by now that Canouse firms are the one’s paying the fees to keep this shell current, then you are destined for continued disappointment.
The costs for Canouse is small compared to the potential inability for him to recoup any addition “debt” repayments. Everything $ he spends to keep the shell current will be repaid a minimum 2x if he finds another desperate company owner who has run out of sources of traditional funding. Shareholders are always the losers in these stocks.
Not one vehicle has been sold from the RMA website. All 228 trucks are still listed.
https://randymarionev.worktrucksolutions.com/?page=3
It appears they are not even bothering to upload the recent batch of trucks they received. I’m sure somebody can post a picture of an offsite parking lot where the vehicles are being stored. Wonder how much RMA is charging Mullen for storage monthly?
As pointed out before, this is called consignment:
For the quarter ended Dec. 31, 2023, we delivered to a dealer 231 vehicles valued at $11.9 million. The Company has deferred the revenue and accounts receivable recognition on the $11.9 million invoiced until paid and the return provision on the vehicles are nullified by the dealer’s sale of vehicle to the end user.
During January 2024, we delivered an additional 130 (“UD1”) vehicles valued at $4.4 million. Revenue and accounts receivable were similarly deferred until paid and the dealer’s return provisions expire.
Through Jan. 31, 2024, the Company has deferred revenue and accounts receivable recognition, pending remaining payment due and return provision expiration, on 371 vehicles valued at $16.9 million
Canouse waiting on a new reverse merger candidate to show up and agree to his terms, then another reverse split and mass dilution. Might be months, might be years.
When you can’t borrow from conventional lenders, the offering is usually at a huge discount to current stock price in order to make the deal. It allows the buyer an opportunity to immediately profit if there are no restrictions on the new stock (and it’s totally possible the buyer or some of its affiliates had short positions as this deal was being negotiated) .
For the company, selling shares is a cheaper alternative than paying interest with cash you don’t have (not that any bank will lend additionally to them at this time).
Approval of their drug is the only way out of this mess. Even then, is the market large enough?
Ironically the company is getting close to it’s original offering price . Wonder if they dare to file another S-1?
Full conversion of the convertible securities equal 9 billion shares. Of course this doesn’t happen overnight but over time.
90% of the convertible securities is Class C and Class D preferred shares held by Canouse and Hicks.
The company defaulted on a couple of notes that put them in a deeper hole.
NOTE 13 – DEFAULT PROVISION ON CONVERTIBLE NOTES
The notes issued in July and September 2021 have step-up provisions which allow for the notes and accrued interest to be stepped up by 50% once these notes are in default. This occurred in the current period and as such, the face value of these notes and accrued interest was increased by approximately $460,000 and $100,000, respectively.
Conversion and retirement of some preferred shares by Trillium (Hicks) and Canouse as well as some Canouse notes into common shares. This will be the theme going forward. If all preferred and notes converted to common, OS would be 9 billion as of 1/31/24.
Breakeven quarter. Cash going to buy inventory and pay down some debt. Sales about 4.1 million. $900 in customer deposits.
Overall, debt is still killing them. No mention of EEOC lawsuit (in fact they say they are not aware of any pending suits).
Why Third Bench ever went public is the $64K question. Obviously they couldn’t raise or borrow any money from traditional sources like banks.
Quarterly report is out….reading thru it now .
https://www.otcmarkets.com/otcapi/company/financial-report/391933/content
Support should be around
$2.92 . If it breaks through that on volume then look out below.
The sales of Canouse’s own family entertainment center is more than matched by the sale of stock by Canouse and friends himself.
Another 400 million shares added to OS. Canouse conversion of note , about $15K at .00005 .
You guys keep buying because JC needs someone to sell to.
Another electric van maker bites the dust. Arrival , which was backed by Hyundai.
https://www.ft.com/content/9a64b099-9068-47ab-8c49-c4526ed16239
Yet we are supposed to believe that little ole Mullen is “killing it”?
Same 228 vehicles on RMA website. Hasn’t changed in weeks. I know more trucks were supposedly shipped there in late January and IF any have been sold they have not been removed from the pages.
Vehicles sold / PR’s = ? (Not much).
Endless supply of shares….some investors thinking 26M to 72M isn’t much. But you have to remember that’s after a recent 1:500 reverse split. How does 23 billion shares sound? When you combine a Federal EEOC lawsuit with a heavily leveraged business and the Canouse family in the background you’ll see these types of dumpfests.
Up to 72,939,230 OS today…..so far.
Yep…see OCTN.
Recently the company has been to three months late with the quarterlies. Doesn’t really affect them as long as they eventually file. But it should send a clear signal to shareholders that the company doesn’t care about, only about how they can make it work for the debt holders.
You keep saying 10-Q. This is not an SEC reporting company. The annual report is not audited. My thought is that Fair pissed off Canouse in some way, likely monetarily, and this is payback by dumping on him. Frondeur has almost $300K worth of notes that can already be converted. He waited too long imo.
Basis for analysis? Every single Canouse holding has been massively diluted over the past year, especially the past six months.
The idea of proposing a reverse split to current shareholders which seems odd if they only have 27 mil OS.
However if they close down all their restaurants, the cash stops coming in and if they need to borrow money to raise funds to create new concept perhaps some of that may be repaid in form of convertible notes.
The financial will only be through 11/30/23 when the OS count was only 31-32 million shares. Now up to 66 + million.
The source of the recent shares remains the same imo, Canouse and friends. It would be eye opening if Fair is converting his preferred.
The true story may never told to shareholders especially if the company doesn’t think a Federal discrimination lawsuit isn’t a material item.
“Soon” 1/5/24….almost a month later. Crickets, as usual. Canouse strikes again. Where does he find all these wannabe CEO’s?
The posters on $THBD on X are clueless. Like leading sheep to slaughter. Impossible to believe anything they post except for updating share counts.
How much longer before we see the Q? Days, weeks, months, or never?
They weren’t done yet for today.
Now 66,376,730 OS.
Nearly 2 million shares after hours sell order today.
I posted the case number for you two weeks ago because you said you had a paid Pacer account.
Crickets so far.
Case: 2:23-cv-00659