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Latest tidbits from the current 10Q:
The Company defaulted on its $90,000 promissory note to John Crawford that was signed on March 25, 2011. Per the terms of the note, upon default the Company is to provide Mr. Crawford with 100% of the shares that it holds in Crawford Mobile Installation Corp (“CMIC”). During September 2014, the Company notified Mr. Crawford that it was in default on the note and the Company transferred its CMIC shares to Mr. Crawford.
CMIC was the ONLY revenue stream for the company - they now have NOTHING!!
Robert Wilson is the current CEO. He was the former BOD at Gulf Ethanol (GFET/GAEC) at the time it was suspended by the SEC for fraudulent activities: http://www.sec.gov/litigation/suspensions/2009/34-60410.pdf . He is a long time associate of SEC recividist and Felon Darrel Uselton http://www.sec.gov/litigation/litreleases/2009/lr20961.htm . He is also a long time associate of Thomas Cloud.
Mr. Cloud is the owner of Vista View Ventures - the company that is holder of all the toxic convertible debt: https://wyobiz.wy.gov/Business/FilingDetails.aspx?eFNum=066048040177107105036241108083207204182080098070
Yes - let's not forget the fox guarding the "world class" hen house - Robert Hines, Director of OWOO who is the former CEO of SEC suspended EVSO:
http://www.sec.gov/news/press/2011/2011-120.htm
http://www.sec.gov/litigation/suspensions/2011/34-64612-o.pdf
The Company had an accumulated deficit of $15,974,571 since inception. This is how much they have pissed away to get negative $1 in gross margin (3 quarters of 2014).
I prefer to measure the health of the company by their Working Capital - this is the immediate cash needed to fund current operations. The Company had a working capital deficit of $5,382,955 at September 30, 2014. This is why the Company stated "We do not have sufficient cash at September 30, 2014 to fund future operation" - which explicitly shows they needed immediate cash. Cash can come from many places - preferably from sales of their product - unfortunately, the most recent quarter showed a negative gross margin on sales of $8296. This means they must rely on other sources - primarily convertible notes to fund their immediate (4th quarter) needs and hope (pray) that the Christmas sales will pay the ongoing (interest expense, operations, G&A, inventory, IRP's, etc...) costs to run the business as well as the next round of notes coming up for conversion.
Not likely... OWOO is currently within the 120 day time frame window that they could have met the minimum ($0.01) bid test to avoid being downgraded to Pinksheets. In the event they cannot PR their way back up to a $0.01 before May 1, you will likely see a R/S unless their plans are to never get off the Pinksheets:
http://www.otcmarkets.com/content/doc/otcqb-fact-sheet.pdf
COMPANIES CURRENTLY TRADED ON OTCQB
OTC Markets will roll out the new procedures for OTCQB over the course of a year. Each company will be required to comply with the new OTCQB procedures 120 days after its Fiscal Year End (“FYE”). Companies that do not comply with the new procedures within the required timeframe will be downgraded to OTC Pink.
New OTCQB Eligibility Standards
We will be implementing a one penny ($0.01) bid price requirement which is intended to remove companies that are most likely to be the subject of dilutive stock fraud schemes and promotions. Any company that has traded below a penny for any length of time is not creating value for its shareholders and is therefore more appropriate for the open OTC Pink marketplace.
I do not have a recent figure for paid IRP's, but QS is signed on for a $37.5k, 150 day tour which ends mid-Feb.
Inspiring wholesome values for little girls everywhere....
https://screen.yahoo.com/jb-smoove-outs-vivica-fox-024925866-cbs.html
http://www.tmz.com/2007/08/08/judge-to-vivica-you-booze-you-lose/
http://www.tmz.com/2007/06/27/vivica-a-gets-racial/
http://www.popularsmokers.com/vivica-a-fox/photo/3192/
http://3.bp.blogspot.com/_Wdg4HXjbaYY/R31IJyfQ2rI/AAAAAAAAJyI/7L8Wa4W6zOI/s400/vivica+a+fox+sex+tape+picture.jpg
"...she has personally and passionately connected with The One World mission to empower and inspire girls across the globe..."
Right up there with the Cynthia Bailey wholesome image... http://stoopidhousewives.files.wordpress.com/2011/08/picture-422.png?w=640
Comments on todays 8K:
One first needs to refresh recent hisotry - from the Sept. 24, 2014 press release regarding a new $800,000 equity loan, Ms. Melton stated the funds would be used specifically as follows:
"By the end of the 3rd quarter we will have consolidated and eliminated several of our most expensive institutional and private convertible notes totaling over $415,000. The purpose of this initiative is to phase out at least 50% of the total company debt by the end of 2014,"
http://finance.yahoo.com/news/one-world-doll-project-announces-130311461.html
Three weeks later, on Oct. 15, Ms. Melton entered into a settlement agreement with Darling Capital to eliminate their debt (thus avoiding flooding the market with millions of shares) at a substantial discount (22% off what was owed) in exchange for a small ($45k) payment by Oct. 24 (nine days later). At that point in time, one would have to say Ms. Melton was apparently following thru on her commitments made in the Sept 24 press release.
Yet a mere nine (9) days later, on Oct. 24, Ms. Melton yet again was in breach of contract and failed to pay Darling the agreed $45k settlement - despite the fact that she was suddenly flush with an $800k cash infusion.
On Nov 12, the 10Q quarterly report was filed indicating the 3rd quarter results. No mention of the $800k loan, no apparent reduction of the $415k of expensive loans, and no reduction of debt.
With today's 8K, they state that the ($800k) equity has "allowed us to retire substantial amounts of convertible debt over the last six months and we anticipate being able to continue this trend throughout the first and second quarters of 2015" - yet we see no evidence of it for the 3rd quarter in the last 10Q. Perhaps all of this happened in the 4th quarter - yet Ms. Melton seems a bit more vague now....pushing the undefined target into possibly the 2nd quarter of 2015 - much like President Obama does...kick things down the road a bit...see if they notice.
"As our revenues continue to grow, the business expenses will also increase." - well....to be fair, unless they are selling zero dolls, revenue will always increase over time - what is important is looking at the trend. 1st quarter gross sales revenue were $2293, 2nd quarter gross sales improved to $26,875, however 3rd quarter fell to a meager $5,692...not exactly the picture they want to paint with decreasing sales quarter over most recent quarter. More importantly, the business expenses are growing at a much more rapid pace than the revenue stream - this is opposite of what needs to happen.
"we are on a clear path to success and attracting more long-term equity investors." - yet, despite this proclamation and last week's rise, by any measure of "long term" the stock price has dropped straight down.
"we encountered unfair, deceptive and/or manipulative conversion and trading practices with some of these lenders, and have taken certain measures to protect the stockholders from this type of activity." - translated: we defaulted on our loan and a discounted settlement agreement and got sued (twice).
company website gone dark.... http://www.bluefireequipment.com/
Physical shelf space is really what the company needs. Having done so at HEB (and now Fiesta) is a good start, although it would appear that they have done so as a loss leader (reference gross margin of negative $1 for the 1st nine months of 2014). Having the dolls on Toys R Us or Walmart's website does no one any good, if one is not familiar with the OWOO brand of dolls and have no idea of their name recognition (like Barbie) to search for them. Pulling up a multicultural doll of color on a search of their websites will pull up Barbie and other brand names that consumers are familiar with. It does not mean they will not get some spill over, but from a price standpoint, their dolls are not a value proposition compared to other brand name dolls. The dolls are already not profitable as evidence from the latest quarterly reports.
At the end of the day as you and others have pointed out, it was never about the doll sales, but rather the selling of the stock. Clearly from the multi-million dollar hole the company has dug for itself, that gravy train is over - there is no conceivable way the company can ever sell enough dolls, while simultaneously funding ongoing operations and the bloated overhead that they have become addicted to. The numbers simply do not support it, no matter how much PR and sub-penny temporary price swings that they induce.
Regarding feeding the ongoing need for cash, it is perplexing to me that the company would have defaulted on the two relatively small loans while simultaneously receiving the big infusion of cash from a new lender in October: http://finance.yahoo.com/news/one-world-doll-project-announces-130311461.html ??? Reading thru the complaints filed in the lawsuits, Ms. Melton was willing to settle the debt at a pretty good discount to what was owed and in fact signed a settlement agreement, only to default on that a few days later. Why would the company do that when their publically stated goal was to pay off toxic loans before they were converted? By defaulting, they basically scare off any new funding, which will inevitably be needed to fund the ongoing operations and aspirations to grow sales. A real head scratcher to me....meanwhile, break out the popcorn as we are headed back to last week's numbers ($0.0012)...
Company statements that the dolls are "on the shelves of stores like Toys R Us" is simply an untrue statement. I am often confused why the company continues to release misleading statements such as this.
CHGT CEO, Omar T. Durham was previously charged with fraud and breach of contract: Harris County Court Docket #200847398 - FIDELITY BANK vs. DURHAM, OMAR (INDIVIDUALLY AND DBA MINDS (Court 061).
Fidelity Bank was granted a default judgment in the amount of $285k plus accrued interest. Omar and his wife apparently had a daycare that they took out a loan on, and they left everyone hanging, including Fidelity and all of the parents. Omar and his wife eventually declared (Chapter 7) bankruptcy.
Yeah right.....just like your prediction in April when the stock price was at $0.09 and you were here touting "This could be 1.00 by years end at this rate!":
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=100748052
Keep wishing though..... http://fc06.deviantart.net/fs71/i/2010/117/f/d/Beating_a_dead_horse_by_pjperez.jpg
OWOO Trading History during times of Paid IRP promotions:
November 10-17: Beginning Price = $0.0080, Ending Price = $0.0022 (72% drop)
April 29 to Early May: Beginning Price = $0.09, ending price = $0.015 (83% drop).
The Real, Walmart.com, ToyFair 2015, USAToday, Fiesta....<yawn>...still no word on how they intend to cover their Working Capital Deficit, Interest Expenses, Delinquent note paybacks, overhead, etc....on the heals of making (negative) $1 for the 1st nine months....
Sink-o de Owoo....
833 shares x $0.0014 = $1.17 (not pesos...).... the Fiesta deal is a Siesta......
¡Vaya con queso!
lol....but Trent has more convictions than Michael Phelps....
Should have released the news on Telemundo en Espanol......
Pretty much sums it up! Run away!
Another day, another haircut....another year, another all time low (tie - intraday)....brought to you by the World Class Must Have Management Team....
Nice 13%+ haircut today from the World Class Must Have Management Team....
"Why would anyone even buy prettie girls?" - the answer is simple - they want to bypass the ease of actually seeing what they want (African American Barbie Dolls) in stock on the toy isle at Walmart so they can drive home and search endlessly for "African American Dolls for Girls" (http://www.walmart.com/search/?query=african%20american%20dolls%20for%20girls) that cost more (plus shipping), for a doll line they have never heard of (Prettie Girls), so they can wait on shipping to arrive after Christmas, because they were so inspired by seeing "dolls like me" (that are not in stores) on The Real with a sub-penny stock company they never heard of.....unless of course they ran into seeing them on shelves at HEB next to the can of beans....
Joanne was actually very specific in the use of the $800k:
"By the end of the 3rd quarter we will have consolidated and eliminated several of our most expensive institutional and private convertible notes totaling over $415,000. The purpose of this initiative is to phase out at least 50% of the total company debt by the end of 2014," she added.
http://www.marketwired.com/press-release/one-world-doll-project-announces-financing-relationship-with-new-york-hedge-fund-blackbridge-otcqb-owoo-1950291.htm
OWOO's latest (3rd quarter) financials show that the convertible notes remain, two new lawsuits have been filed for breach of contract, one of which (Darling) was agreeable to a settlement for a discount to the amount owed - this settlement was signed AFTER the alleged $800k was in hand and a few days later was yet again breached by not coming thru on the settlement amounts owed, and furthermore, the rest of the company debt has not been touched and has actually grown.
Some might call management inept, others might call them liars - either way, not good.
OPEN QUESTION: What happened with the $800k????!?
Latest update on Darling lawsuit. Apparently Ms. Melton submitted a 2 page fax stating that "if" the suit goes to trial, she intends to defend it. Unfortunately for her, she is not getting any apparent legal advice - today's action is in fact a legal suit that is going to trial today regarding the merits of a default judgment - her (non) response is in essence a concession to the facts.
Also interesting is that Mr. Tavaris Davis signed the fax as a notary public.....last I checked convicted felons are not eligible to be a notary public....
Speaking of "Hot" Charlie (Potter), did you notice he is listed in Harris County Texas as having a tax foreclosure suit against him?
Well....recognize, they do have "sales" - but also recognize that in my previous post about them selling the dolls at "breakeven" for the 1st nine months of the year (ref.: negative $1 in gross margin), the most recent quarter was trending in the opposite direction. The latest 10Q shows sales of a meager $5692 - however more alarming is the cost of sales were $13,988 resulting in a negative gross margin of $8296 - all before their operating and interest expense of $1,567,054 for the quarter!
I am afraid Christmas "sales" at continued negative margins will only put this company further in the hole.
ducduc1 - sorry....hope it turns around for ya.
Paid shorts? Do you have any idea how much margin it would take to short this stock? Have you done the math on this?
Brokers require investors to put up collateral to guarantee against potential losses in the form of margin requirements. Often times, brokers will require OTC investors to have $2.50 of margin per share to short a stock under $2.50, which can make shorting penny stocks very costly.
For example, if an investor shorted 2,000 shares of a stock at $0.50, you have to have $5,000 in your account. All along, the maximum profit for this position would only be $1,000, if the stock went to zero. Some may think the risk/reward at this level might be worth it.
However, in our case, with OWOO trading at +/- $0.0015/share, lets say if you wanted to short 1,000,000 shares (assuming you could find a broker to find the shares), you would have to have $2.5 million dollars in your account to cover the margin requirements, all just for the opportunity to make a maximum profit of $1,500. You begin to see why no one in their right mind would be shorting this stock at this price level.
Mitch - I admire your optimism, but please take a reality check on what optimistic sales really mean to the company.
The most recent quarterly report shows that the gross margin, after cost of sales for the 1st 9 months of the year, resulted in a negative $1 - the Company has essentially been selling the dolls at cost.
Setting aside this fact and assuming they have finished doing the loss-leader sales to get their foot in the door, and assuming for the moment a reasonably good margin (20%?) - the Company reported that they increased inventory to 75,000 dolls for the upcoming holiday season. In the best case scenario of them selling out all of the dolls at the $24.95 sales price, you would be looking at a gross margin of roughly $375k.
That $375k will not take them very far when you consider the following obligations:
$5.9 million in current liabilities
$647k in quarterly operating costs (primarily G&A)
$911k other expenses (interest, derivative liability)
$5.4 million working capital deficit (i.e. the immediate money it needs to pay for operations)
$16 million in accumulated deficit
Add to that the default on at least two convertible notes that are in litigation.
Tomorrow is the Darling Lawsuit hearing in New York - I wonder if Melton is making the holiday trip or will let a default judgment go thru.
Also of interest - the WHC lawsuit shows that the suit was served to One World Holding's offices on December 12 to a Mr. Tavaris Davis - a purported Manager of OWOO. If this is true, it would appear that yet another convicted felon is running the show....Harris County criminal records show Tavaris Davis as being a recently released convict (1st degree felony assault with a deadly weapon) who was serving 8 years for his crime. All in the family continues.....
How's that Nasdaq listing coming along for DOMK?: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=99988118
Looks like a year later and we're still in "the dilution zone, okay?" - Hands Up....I can't breath.....I need to embrace my prettie....
I'd be more concerned about perennial scamster and CFO Steven Plumb...might want to do a little history check on him: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=78380969
"The Real"....new all time low.....
Epic Fail (again!)
Have not forgot about Mr. Cloud....his latest scams continue via his wholly owned company, Vista View Ventures, Inc. - you can see his activities on the usual bunch of Kathleen Delaney dogs (ref.: Vista involved with convertible notes for RBCC, ASCC, OMVS, and OBJE (now MYGG))
QS - you stated: "The One World Doll Project is passionate about changing how retail store shelves represent the doll industry." - how exactly does OWOO intend to do that without actually having the dolls in and on the store shelves??
Update to OWOO Quarterly Results:
Shares outstanding (Dec 12, 2014) = 151,433,163 (an increase of 126 million or 500+% since the last quarterly report)
Total Liabilities = $5.9 million (an increase of over $1 million or 21% since the last quarterly report)
Accumulated deficit = $16 million (an increase of $1.5 million or 11% since the last quarterly report)
The good news – Operating/G&A spending has slowed to $648k for the quarter compared to $2.5 million for the previous quarter.
The bad (more like horrendous) news - Sales were a meager $5692 on cost of sales of $13,988, resulting in a negative gross margin of ($8296). This compares to the previous quarter sales of $26,875 and a net margin of $9012. The Company explains that the low levels of sales or promotional pricing of our dolls can result in these costs exceeding our sales in any particular period [duh!].
Total sales for the 1st 9 months of the year were $34,860 on cost of sales of $34,861 resulting in a NEGATIVE $1 for the year.
Interest expense is still killing the company at $465k for the quarter, and the loss on derivative liability exploded to $514k – these other expenses totaled $911k on top of the operating expenses.
The working capital deficit (i.e. the immediate money the company needs to run its business which measures the true health of the Company), is now at $5.4 million (up from $4.5 million or up 19% from the last quarterly statement.
At September 30, 2014, the convertible debentures and related accrued interest payable were convertible into approximately 241,019,000 shares of our common stock. As of September 30, 2014, several of the convertible debentures are delinquent.
Stockholder advances continued to mount and is now up to $544k.
On June 19, 2014, 20,000 shares of Series AA Preferred Stock were issued to each of the four members of the Company’s Board of Directors – these 80,000 shares have voting rights of 10,000:1 common shares – in other words they have effectively given themselves the voting power of 800 million shares.
On August 15, 2014, a total of 186,000 shares of Series BB Preferred Stock was issued to two officers and one of our founders upon their surrender of a total of 9,300,000 shares of common stock. These shares are convertible into 50 common shares each (or basically an even swap) – however, these have preferential rights over common shareholders now.
On May 12, 2014, the Board of Directors of the Company adopted and approved the One World Holdings Inc. 2014 Stock Option and Stock Award Plan (the “Plan”). A total of 2,000,000 shares of our common stock are available for issuance under the Plan to the World Class Management Team for their ongoing stunning financial performances.
The company paid out $570k during the quarter to consultants – of which Trent received $50k, and other family of officers and directors received $85k. Remember, the company gross sales (before cost of sales) was only $5.6k
To fund our operations subsequent to September 30, 2014, we incurred additional indebtedness totaling $68,000, consisting of convertible debentures totaling $50,000 and stockholder advances of $18,000.
Subsequent to September 30, 2014, we issued a total of 19,433,774 shares of our common stock for debt conversions of $34,825 (yikes – converted at $0.0018/share!!).
On November 4, 2014, we were named as a defendant in a civil lawsuit filed by Darling Capital, LLC, (“Darling”) a creditor of ours, in the New York Supreme Court, County of New York. The plaintiff filed a Motion For Summary Judgment in Lieu of Complaint the same day. The plaintiff alleges, among other things, that we defaulted on our obligations under a Convertible Promissory Note held by Darling. The complaint seeks, among other relief, judgment against us in the amount of $57,627. We are currently evaluating a response to this motion and intend to defend our interests vigorously. Default judgment being sought by Darling on a scheduled court date next week, Dec. 23 at 9:30am in NY.
Breach of Contract Lawsuit filed ion Dec. 3 n NY: WHC Capital LLC v. One World Holdins, Inc. WHC is seeking action for OWOO's failure to deliver +22.5 million shares on two convertible notes for $40,042.60 and $25,000 respectively. Damages of $416,000 are also being sought after.
We do not have sufficient cash at September 30, 2014 to fund future operations - ya think??
Another $14k for this??:
StockPreacher.com - StockPreacher.com is wholly owned by Action Media Holdings Corp. Action Media Holdings Corp has been compensated $14,000 from One World Doll Project Inc (a non-controlling third party) for OWOO advertising and promotional services.
MicroStockProfit.com - a wholly owned by Action Media Holdings Corp. Action Media Holdings Corp has been compensated $14,000 by One World Doll Project Inc. (a non-controlling third party) for OWOO advertising and promotional services
StockHideout.com - Currently Global Oasis Group, Inc is being compensated $2500 from Action Media Holdings Corp (a non-controlling third party) for OWOO advertising and promotional services.