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You certainly put a lot of effort into a losing stock. I do admire your persistence, though.
18 cents?? Do I hear 18 cents on the bid??? Anybody??? Good thing I didn't listen to you, alltheway. I might get back in at 10 cents..
Volume is HUGE today!! Looks like this stock is ready to take off!!!!! LOL!!!
He finally realized this stock is trash. Glad I sold when I did. Even made a few bucks.
I use FCPG stock certificates as toilet paper. That's what they're worth.
Patience -- we'll soon be at 15 cents. It is a slow and painful trickle down. wouldn't touch this stock anymore with a 10-foot pole. Hit 20 cents today, so we are getting there....
short-sellers and speculators.
I might buy at 0.0002 cents, but I doubt it.. LOL!!! This stock is finished!!!
this scam-of-a-stock is sinking fast. Get out before you lose everything. I did. Company is a joke.
down 21.93% on a 5000 share trade. That is pathetic.
Don't know. Doesn't look like a single share has traded. Not good.
10:24 EST. How many shares of FCPG have traded? ZERO! Count them -- ZERO!!! Wish I could buy puts on this garbage.
wouldn't be surprised to see this company go bankrupt.
looks like another awesome day for FCPG. 22 cents at the BID. Sure glad I liquidated. Let me know when we get to 10 cents!
alltheway crawled back into his hole cuz he knows this company is a scam and aint goin nowhere. Sorry to be the bearer of bad news, alltheway. Hopefully u got paid somethin for all ur pumper posts.
Thanks alltheway. I'll keep my eye open on this company. I'll re-evaluate when we are back at 10-13 cents.
Selling at 29 cents/share isn't looking too bad today!!!!!!
You are correct in that I am now the proud owner of zero shares of First China Pharmaceutical Group. I will re-evaluate when the PPS reaches 10 cents. Perhaps then you will sell me your shares!!!! LOL!!!!!!
Hey Alltheway,
Did you mean 5 cents or 50 cents per share? I think you were off by a decimal point!! LOL!!!!
P.S. You never disclosed who is paying you to pump this worthless stock.
I thought this thing was supposed to go to 50 cents? what happened? LOL!!!
We'll see what happens. I'll look at this stock again when we get down to 10 cents.
Nice. Down over 18% on 3300 shares traded... Glad I sold!
I still don't have the answer. Who pays you to pump this stock?
Hey Alltheway,
You never answered my question: Who is paying you to pump this stock? It is only fair that you disclose who is compensating you to post thousands of messages on this forum.
I couldn't agree with you more, JK!!!
Alltheway,
You have posted almost 2000 times on this board constantly pumping this stock to no avail. FCPG is going nowhere fast. Penny stocks are penny stocks for good reason. I am happy with my decision to sell my shares and retain my capital without incurring any losses. I hope that you can do the same. I will not be buying on any dips. Who pays you to pump this stock? I have always wondered.
this is such a thinly traded stock that one trade drops the bid 4 cents. I dumped my first shares at 29 cents, then 25 cents, then 24 cents. At least I did not lose any capital, since I was able to cash out during the recent pump and dump. This company is heavily manipulated. Buyers beware. Glad I got out of this turd. JK has been right the entire time.
Rob,
I unloaded my position today. Sold everything. I ended up breaking even, because I had sold some shares previously at 45 cents. Margins are too low on this company and management is unreliable. Good luck!
KUNMING, CHINA--(Marketwire -05/18/12)- First China Pharmaceutical Group, Inc. (FCPG.OB) ("First China" or the "Company"), a rapidly growing and technologically advanced pharmaceutical distribution company based in Yunnan, China, today announced its unaudited financial results for the three-month period ended March 31, 2012.
Q1 Fiscal 2012 Highlights
First China is pleased to announce that it has achieved a new record high for first quarter sales. First China advises that its focus and investments towards expanding sales in Yunnan province has led to an increase of 65% in sales compared to the same period as last year. Sales for the first quarter of 2012 were $12.2 million compared to $7.4 million in 2011. While sales were at a record high this quarter, gross profit was down $238,000 from the same period in 2011. The reduction in the Company's profit margin is primarily due to higher costs of pharmaceutical inventory, increased sales and marketing costs.
The Company posted a loss before tax of $968,569 but this is primarily attributed to a Derivative Loss of $1.242 million. Without the Derivative Loss, the Company would have posted Income before tax of $273,423, an increase of over 1,000% compared to the same period in 2011. The Derivative Loss for the first quarter is a non cash decrease to the income statement that is a result of the Black Scholes derivative valuation of the warrants issued by the Company in relation to the financing in April 2011. The valuation of these warrants is required by US GAAP and can produce either a non cash gain or loss; depending upon the fair market value of the common stock. This is a non cash transaction and does not adversely or positively affect the Company's working capital.
Business Outlook
The Company continues to have a positive outlook for 2012. Policies introduced by the Chinese government to increase pharmaceutical spending on a per capital basis have squeezed the margins of pharmaceutical distributors. Small distributors are finding it difficult to remain in business and the efficiencies of the Company's internet fulfillment platform continues to be a significant strategic advantage over the majority of our competitors. One of the key elements to the Company's success will be to raise additional capital in 2012, the bulk of which will be used to hold more inventory in order to meet customer demands. The Company is in the process of exploring both debt and equity options to raise capital to help fuel its growth.
"First China continues to experience significant growth due to increasing demand from existing and new customers. Our ability to consistently provide low cost pharmaceutical products in a timely manner is driving customer demand. We are confident that with additional capital our expanded product line and inventory holdings can continue to fuel tremendous growth. I am particularly proud of our team who continues to work long and hard to satisfy the increasing demands of our customer," stated Mr. Wang, CEO of First China.
Further details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.
Monday is the last day of the 5-day waiting period, then we get the "E" back!!!!! Looking forward to it!!!!!
The longer I follow this company, the more I agree with you, JK. Management squandered a great opportunity.
Still own some shares. Trying to get rid of them.
I have to agree with JK on this stock. It is dead money. Unreliable company. Cash is better invested elsewhere.
I haven't been on this board for a while, though it looks like nothing has changed. Even with a new accounting firm, this company cannot produce a timely SEC document. Volume is pitiful. Looks like it is time to run for the hills on this company. Good luck.
this is why I will be selling my shares:
http://www.wallstreetwindow.com/node/1085
Too many loose ends with this company. Once share price is back at cost-basis (34 cents), I plan on selling my shares. I do not trust this company.
Looks like the 10K will already have to be restated. This is ridiculous. See below:
Results of Operations and Financial Condition, Non-Relianc
Item 2.02 Results of Operations and Financial Condition.
On May 1, 2012, First China Pharmaceutical Group, Inc., a Nevada corporation (the "Company") issued a press release reporting its financial results for the year ended December 31, 2011.
A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
Audit Committee's Conclusion as to Non-Reliance on Previously Issued Financial Statements
On April 26, 2012, the Audit Committee of the Company's Board of Directors, after consultation with management of the Company, including the Company's Chief Financial Officer, concluded that the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-K/A for the year ended March 31, 2011 ("2011 Annual Report") filed with the Securities and Exchange Commission on December 2, 2011, should be restated to correct certain errors and should no longer be relied upon.
The Company's Audit Committee, in consultation with management, concluded that the financial statements included with the 2011 Annual Report contained certain errors, including: (i) the identification of more inventory than reported in the 2011 Annual Report financial statements; (ii) the incorrect recording of placement costs as an expense rather than offsetting proceeds; (iii) the incorrect recording of warrants issued in a private placement in additional paid-in-capital, rather than the recording of the warrants under ASC 815-10;
(iv) the incorrect recording of cash and cash equivalents of $2,003,488 as a prepayment; and (v) an inaccurate calculation of a discount on convertible notes from equity into convertible promissory notes in the amount of $113,747.
The Company's Audit Committee discussed the foregoing issues, findings and conclusions with Parker Randall CF (H.K.) CPA Limited, the Company's former independent certifying accountant ("Parker Randall").
In conjunction with Parker Randall, the Company is working diligently to complete the restatement of the above-referenced 2011 Annual Report. The Company expects to file an amended 2011 Annual Report, containing restated financial statements, by no later than June 30, 2012. However, there can be no assurance that such filing will be made within this period.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Exhibit Description
99.1 Press Release dated May 1, 2012
--------------------------------------------------------------------------------
The information contained in Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, and shall not be deemed incorporated by reference in any filing with the Securities and Exchange Commission under the Securities Exchange Act of 1934 or the Securities Act of 1933, whether made before or after the date hereof and irrespective of any general incorporation by reference language in any filing.
Portions of this report may constitute "forward-looking statements" defined by federal law. Although the Company believes any such statements are based on reasonable assumptions, there is no assurance that the actual outcomes will not be materially different. Any such statements are made in reliance on the "safe harbor" protections provided under the Private Securities Litigation Reform Act of 1995. Additional information about issues that could lead to material changes in the Company's performance is contained in the Company's filings with the Securities and Exchange Commission and may be accessed at www.sec.gov.
I found the report very poorly written for a public company. Cost of sales increased too rapidly compared to revenue resulting in the decreased margins. This does not bode well. I think, though, if the company can obtain a license to import Western drugs with higher margins, that could potentially be a game changer. Also, adminitrative costs have skyrocketed now that FCPG is a public company. Overall, I think it will take several more quarters to know how things will play out. Certainly no party in New York this year.
Probably forever!!!!
No, it does not matter. This stock is phucked. That is the bottom line.