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1.66 billion shares now…added 350 million shares in the last two months.
Yet more dilution from the toxic note holders.
I agree this stock is a candidate for a reverse merger acquisition then a reverse split.
Maybe they know if they buy back shares somebody will sell into that buying pressure and it will all be for naught.
Current cash = .0023 per share .If there are no plans issue more shares why waste money buying back shares? Easier for them to use it as working capital to expand their business or pay themselves.
The overall goal is to sell the business me thinks and let the next owners deal with the public listing.
The good news is the 392,000 shares sold at .0116 will be distributed much higher ….putting it into context it was less than a $5000 trade. MM’s got to make a living too!
Beep…beep…beep…dump truck backing up.
708,000 shares = 354,000,000 pre split shares.
Hmmm, who has that amount of shares? It’s on the tip of my tongue…they don’t care about shareholders, only themselves.
How many times have I answered that question here? About as many times as you and Millions have asked.
I don’t think the company itself is a con. It’s heavily leveraged. The stock however is a no go for me and has been since the initial pump years ago and I’ve explained the reasons why.
However, stocks can develop their own story independent of the actual company. Especially penny stocks. The herd tends to move together but these days it’s measured in days rather than weeks or months.
Again, any stock with Canouse/Hicks in the background holding Preferreds and toxic notes is a dangerous proposition waiting to get dumped on.
Doesn’t mean it can’t happen though. Still expect to see an S-1 before end of year.
How about starting with Fair owning some common stock and Canouse/Hicks not converting Preferred for Common? Not sure how the company gets out having to pay quarterly Preferred dividends in the form of common shares? Which is split adjusted about 600,000 shares.
Another five weeks until the company normally releases it’s annual results. Which is about two months past the deadline.
Retracement to lows from summer and getting a bounce now. Good time to start a position imo.
Easy to buy. Let’s see how easy it is to sell in volume above .03.
You ever thought that the numbers you are reporting are wrong? That the TA has the wrong numbers?
Your numbers differ from what appears on 6/30/23 financials.
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As of June 30, 2023, and December 31, 2022, there were 2,905,420,853 and 2,693,190,084 shares of Common Stock issued and outstanding, respectively.
Most of the businesses that Fair has purchased are mature operations owned for generations. He has somehow managed to shrink their revenues from $20+ million to less than $16 million in only a few years.
You keep saying that Fair is giving forecasts of future revenue in excess of $20 million. That was two years ago and he all he has delivered is a 20% reduction in sales.
Once you stop comparing Third Bench to Amazon but to something more like other home improvement companies you can then see the downturn everyone has been experiencing over the last year. That space is about a 16 P/E. But you have to have earnings which Third Bench will never have. And wait until the subsidiary companies leases have to get renewed. Bet the current rents are way below market rents.
Plus if Fair can sell 500
million shares at .01, that would value the company at $5,250,000 .
A little more in line with the value you think it’s worth. But again, still no earnings for the foreseeable future. Fair is trying to grow company at shareholders expense. It’s the only route he has available imo.
Fair is never going have a profit. His overhead is way too high. Valuing this company on revenue alone has caused everyone to fall into the trap. As long as Fair makes HIS money thru management fees each subsidiary pays to him, his incentive to pay attention to shareholders is minimal. I repeat again that Fair doesn’t own much, if any common shares.
It all seemed like it was going to be easy for him when operating in a low interest rate environment. Now for likely the first time in Fair’s business career he has to operate in an economy where easy credit has dried up. It’s going to be a lot spinning wheels in mud when he is paying 25-30%+ rates because all his collateral is leveraged up to the hilt. Fair needs to raise capital to pay off some of his debt.
Say a $5 million offering at .01 to start?
The longs seem to overlook the fact that the last reported quarterly sales ending 5/31/23) were down 20% over the prior period. It think you will see another decrease in sales whenever the get around to reporting fiscal year end, 8/31. They will be fortunate to have $15.5 million in annual sales, way down from the heavily publicized run rate of $24 million.
The probably are done pulling all the levers they can. The ETRC gave them some additional breathing room after PPP handouts were exhausted.
In May the company had to come clean about it’s inventory , basically admitting that they overstated income in the previous 4-6 quarters.
Their LOI acquisition of Rasmussen Cabinets died on the vine. Of course, Third Bench was silent about that after pumping it in a couple PR’s.
Net operating loss to date is almost $4 million and they owe tons of money to a lot of folks. They have a negative net worth which actually makes the stock price overvalued.
It was supposed to be that but they screwed it up on the paperwork.
Obvious Schwab bid buy at 11 (999,999 shares) today.
Lower highs, lower lows is the trend. Trips definitely in the forecast unless real news happens.
With the sale of Xsoft , expect the company to lose about $1.7 quarterly sales going forward (about $6.8 million annually). However it was never a money maker for them . Someone else will do a better job with the technology.
The Company currently expects to report revenue for the three months ended September 30, 2023 of between $5.4 million and $5.6 million. In addition, the Company expects total operating expenses for such period of between $5.5 million and $5.7 million. These expected results are not final and it is possible they will change upon filing of Form 10-Q on or before November 14, 2023.
It’s all in the Onci filings. If you don’t believe it you must not have read the filings. Your loss.
Back to real news:
On4 wrote down it’s “investments”Cogosense and Sifthouse to 0. I put investments in quotes because imo I believe there never was a dime of investment. I believe they were just statements made by Berman to try to speculators to believe something big was going on. When there was no follow up, you knew he would eventually write this down to 0 much like he did with accounts receivable.
During the 12 months ended October 31, 2018 the Company began to invest in Cogosense Technology,Inc., a Canadian (British Columbia) company, which had developed and an enterprise software solution for smart phones and tablets that detects the driving state of an entire on-the-road vehicle fleet and automatically places those devices into safe mode while driving occurs, to prevent distractions. Cogosense has also developed an individual consumer App. Version, which is a fleet vehicle tracking system to monitor vehicle locations at any time. The Company’s cumulative investment through July 31, 2023 amounted to $1,875,000. However, Cogosense ceased operations in 2021 and while the Company was still able to market the App, Cogosense was no longer able to continue to develop updated versions of the App. At April 30, 2023 the Company established an impairment reserve of $1,875,000 against its cumulative investment , and accordingly expensed it as a write down in its Statement of Operations for the 3 months ended April 30, 2023. The Company reserves the right to bring legal action against Cogosense to attempt to recover all or a portion of its investment.
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If Cogosense shut down in 2021 it means On4 deceptively led its investors to believe it was in business for another 18 months until this filing.
Meanwhile Trillium keeps converting $15,000 of preferred debt into 375 million shares. This has been done on a quarterly basis. All communication from Berman on X has stopped after the Spring/Summer barrage of useless franchise speculation. Hope nobody bought into that nonsense.
A/S was increased to 12 billion.
Looks like the 13/14/15 buys from yesterday got trapped by MM’s as the bid/ask opened at 12/13 and pretty much has stayed there all day. But,as I said before, not much volume yet so it’s only a few speculators…..
Dilution time again…..
JC needs the company to stay in business so he can continue to convert Preferreds and some of his toxic notes. I’d expect him to be bullish as usual but you should be looking for tidbits such as how to discretely contact Fair.
You would probably have better luck asking Canouse for answers. He is known to talk.
Stretching thin up here at 14 level.
Mm’s managed to moved the stock up a tick every time a new buy order appeared. IMO trying to create an appearance of an impending run. However, as of yet, there is just no volume to speak of. It’s a repeat of the recent run to 19. Think the MM’s keep it around 14 to see if they can find other buyers, if not, then a quick slide back to 10-11 by EOW.
All IMO.
Looks pretty much like a day where Canouse was selling part of his awarded quarterly common shares (dividend for holding preferred shares) this morning and then some buyers are coming to grab what they think are inexpensive shares.
What you need to remember is that Canouse gets 600,000 post split shares each quarter as a dividend.
The stock looks like it wants to trade the .0124 - .02 range for the next few weeks or at least until the D is removed. What happens after that is anyone’s guess.
Looks like Bobby T has resurfaced with a new company that,kid you not, helps company with improving cash flow.
For those posters on X that may read this board, Modern Pro Solutions is dead and has been liquidated. No bankruptcy filing yet.
Unknown at this time if Bobby T is going to roll his new company into HVCW but probably unlikely as that company owes so many a lot of money and is being sued by numerous equipment leasing firms,factoring companies, and customers.
Very interesting action this morning. The ask was dropped to .0010 for the first time in awhile and MM’s found a lot of buyers but they didn’t have much of their own inventory they could sell at a profit . They have unloaded some more at 11 and 12. It will be interesting to see where they close the stock this week. Chances are equal that it’s .0008 or .0014. Needs much more volume though. $30,000 per day is not much.
Posted five days ago:
Will we see a 9 print at the close today? .00098 seems to be in the cards ……
Late again on the Filing to be late (Annual ending 8/31/23). But nothing new here. They have been late every single quarter. I don’t expect the Annual to be released until late Nov or early Dec.
It’s not a priority for the company. In fact, it’s more of a nuisance than anything. That and talking to shareholders.
Until some of the insiders step up to the plate and purchase their stock (not counting option grants) this is a no go for me right now. Obviously $1.70 is too expensive for even them at this point.
Did I say 3 million shares? Now up to 9 million shares sold since bump this morning….13’s printing again.
3 million in sell orders predictably show up at 14-15.
Even more context is only $1100 spent for those 59000 shares purchased.
Nice weekly profit for a MM who absorbed a weeks worth of selling in the .013 area and could resell 58000 share block for 50% profit.
Not much $ but a profit is a profit.