Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
OMVS Quarterly Report
The good news:
Gross Profits for the Crawford Mobile systems division increased to $42k for the last six months.
the bad news:
There is a net loss of $166k for the same time period primarily attributed to the continued excessive G&A for two guys running the show ($205k).
Regarding the other 10 new business models the company has attempted during this same time period, none have come to fruition:
1. Custome Mobile Audio Stereo systems (nominal revenue only)
2. Printable solar panels
3. Wireless service in South America
4. Pursuit of Government Incentives for various business models 5. Bikini Clad, Drunken Women Reality shows
6. Penny Auctions
7. Chinese Markets
8. Mobile Apps
9. Protection and Security Systems
10. Facial Recognition Services
OK - I am glad you highlighted in bold letters the $100 million that RBCC points out. Of course, none of this is relavent to RBCC or AMBS - neither is a part of this $100 million drug trial being conducted by big drug companies.
The only related news stated in the press release is that "Rainbow BioSciences nears a deal with Amarantus BioSciences" - this is the same rehashed press release that we have been hearing for several months out of RBCC stating they are "near" or "hope" to have a deal in place "soon". What matters to investors is an "actual" deal.
The kicker is that RBCC considers itself a competitor to AMGN, CTIC, ABT, and AFFY - huh?? Under what criteria? Should assets, expertise, employees, revenue, capital, and an actual product be considered as criteria?
Do a google search on Timothy Sykes to find his website where he offers (for a fee) instructions on how to short penny stocks and which brokers offer it. From what I know the margin requirements are substantial especially at something at the sub-penny level, but it can be done. My observation is that due to the margin requirements, the more practical shorts are done between $1-$5/share range.
Disclaimer - I think Timothy is full of himself/immature/braggart/chauvanist, but nonetheless, he appears to legitimately do what he says he does. This is not an endorsement of him, his services, or his trading activites.
That is the agreement with the JV MERGER!!! - for clarity, it is not a "MERGER" with RBCC. In general, a JV or Joint Venture, is defined as a contractual business undertaking based on a single business transaction. Individuals or companies choose to enter joint ventures in order to share strengths, minimize risks, and increase competitive advantages in the marketplace. The parties have a mutual right to control the enterprise, a right to share in the profits, and a duty to share in any losses incurred.
In this specific case, the proposed JV, which has yet to be accepted by both parties, is still in the negotiation stage by all public (news release) accounts. Others on this board have already jumped to erroneous conclusions that it is a done deal and that somehow RBCC is going to assume all/most of the debt of AMBS, and will infuse money to help make the goals and aspirations of AMBS possible (without regard to the terms and conditions of same). This in my opinion, is reckless thinking.
What we do know from the press releases is that RBCC hopes to enter a JV for the specific purpose of commercialization of NuroPro. The proposed joint venture would be responsible for initiating Phase 2 clinical studies next year. The status of the proposed JV is that RBCC has allegedly tendered a term sheet to AMBS for their review and approval. Once approved a definitive JV can be initiated. As defined above, a JV will lay out the terms of fidicuary responsibilities for costs as well as revenue (or losses) splits. To this date, neither company has laid out the terms and conditions - speculation by some on this board that it will all be one sided in favor of AMBS is just that - speculation. Any illusions that RBCC can front any meaningful amount of money or taking on debt is a pipe dream. Clearly RBCC has no expertise to offer to the proposed JV venture, so it will be interesting to hear the details once made public (if ever).
Are you kidding, Robert can do it all!
His experience includes international oil & gas driller (FTTN), gym instructor (http://www.manta.com/c/mw2tylm/my-private-gym ), car wiring harness engineer, Professional Vegan (http://blogs.houstonpress.com/eating/2010/03/peta_searches_for_sexy_vegetar.php ), Euro-trash fashion mogul (OBJE), and Bio-innovation consultant (http://www.businesswire.com/news/home/20101022005258/en/EHSI-Consultant-Attend-Bio-innovation-Summit-Poland ). He also manages the beneficial ownership of several Polish entities including ownership in a company that promises to cure Autism, Parkinsons, Cancer, and other malidies (RBCC), another company that promotes male enhancement drugs (NTRR), and another that has world wide mining ventures (GTSO). It is a wonder this guy even sleeps at night....
Michael Franklin ensured that the management would be well taken care of - he filed this stock option plan to entice management to stick with the company on May 1: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8579819
This however, did not seem to deter him from stepping down from his lead role three weeks later...... http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8644387
Quarterly report out and it isn't pretty: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8873051
Items of note:
Outstanding shares increased by about 535,000 primarily attributable to payment to consultants
Revenue for the quarter was $20,345 (that equates to about 1 Solapad per day in sales)
Cost of sales = $23k (oops)
G&A = $789k for the quarter (GOOD GAWD!)
Pre-Paid licensing fee to Barefoot Science = $6 million - this was derived from the value of 2.5 Million Preferred B convertible (2:1 to Common) shares.
Employment contracts:
Strasler = $150k per year + 150k option shares
Ritchie = $240k per year + 250k option shares
Johnson = $84k + 100k option shares
D€N - please refer to Page F-14: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8782803
Correct - the note they are in default on for $1.175 million is a senior debt - meaning before paying off any other debt they may incur, this obligation is first priority. One can presume that any asset they may have used as collateral on another note, such as intellectual properties of MANF, would be included as a security in this note if not paid off first.
"Under the terms of the agreement as amended, we may not incur any indebtedness for borrowed money except pursuant to an agreement that provides that repayment of such indebtedness will be subordinated to repayment of the Notes"
For those hoping that the proposed JV with AMBS will save the company, consider these numbers for AMBS:
As of the latest quarterly report (June 30, 2012), these convertible notes have yet to be "baked" into the numbers that could affect PPS - some of these may in fact have already been converted, but this will give you a flavor:
As of June 30, 2012 the Company had outstanding $1,305,488 of convertible note principal. These convertible notes, along with related accrued interest, convert upon the Next Equity Financing or at the option of the note holder as follows:
$17,000 of convertible debt principal have interest at 5% and warrants equivalent to 20% of the principal balance, respectively, and convert upon the next equity financing.
$500,000 and $230,000 of convertible note principal and related accrued interest convert at two-thirds the price per share of the Next Equity Financing and the $500,000 of convertible note principal have warrants equivalent to 100% of the principal balance and the $230,000 of convertible note principal have no warrants attached. The maturity date for these are between 12/13/12 and 6/13/13. It should be noted that the financials state in the detail section regarding this financiing that these are convertible at one-third the price per share not two-thirds. If equity financing were to occur at today's price of approximately $0.006/share, then even at 2/3rd's the price, this would equate to a conversion of 182.5 million shares
$211,750 of convertible note principal having interest at 6%, can convert at prices ranging from $0.02 to $0.10 per share at anytime at the option of the note holder, and have no warrants. As of June 30, 2012, $83,750 of the principal of this $211,750 convertible debt has converted to common shares. This leaves $128,000 remaining that can be converted between $0.02 and $0.05 (2.56 - 6.4 million shares dilution upon conversion)
$90,000 of convertible note principal having interest at 6%, can convert at $0.10 or $0.20 per share at anytime at the option of the note holder and warrants equivalent to 100%. As of June 30, 2012, $57,000 of the principal of this $90,000 convertible debt has converted to common shares. This leaves a remainder of $33,000 which could be converted to 165,000 - 330,000 shares.
$244,988 of convertible note principal, having an interest rate of 8.5%. no warrants, can convert at $0.11 per share at anytime at the option of the note holder. This would equate to about 2.2 million shares. this note was convertible as early as January - it is my opinion that this one probably has already converted since June 30 and is baked into the numbers.
$91,500 of convertible note principal, having and interest rate of 8%, no warrants, can convert at 50-55% of the average of the two-three lowest trading days of the prior 10-60 trading days, there is a 180 day waiting period before the holder has the option to convert to common shares. This note matures for conversion between 10/27/12 and 3/15/13. At the current price of $0.006/share, this would equate to a convertion of approximately 30.5 million shares.
$9,500 of convertible note principle was issued as part of a unit debt instrument which consisted of a return on investment (“ROI”) agreement and a convertible promissory note in return for $10,000. The ROI has a redemption value of $10,500 due on demand and the convertible promissory note is for $9,500, non-interest bearing, due September 20, 2012, and is convertible to common shares after six months from the date of the note at a conversion price that is 50% of the lowest trading price over the 20 prior trading dates from the date of conversion notice. These shares may or may not have already been converted. However, at the current price this would equate to about 3.2 million shares.
$30,000 of convertible note principal, having interest of 12% per annum, compounded monthly, can convert any time at the option of the note holder, conversion at 55% of the lowest trading price over the prior three trading days from the date of conversion. At the current trading price, this would equate to about 9.1 million shares.
$21,500 of convertible note principal, having interest of 12% per annum, can convert anytime at the option of the note holder, can convert at 55% of the average of the three lowest trading prices over the prior ten trading days from the date of conversion. At the current price this would equate to about 6.5 million shares.
The common share effect of the warrants related to the following convertible debt has been included in the above schedule.
During the six months ended June 30, 2012 the Company issued $1,258,412 worth of common stock to various consultants for services and it paid $54,442 of trade accounts payable with shares of common stock in settlement of the trade debt.
There are 2.5 million shares of Preferred B convertible shares issued which have a conversion rate of 50:1 (125 million shares) and have a voting block equivalent of 125 million shares.
There are 250,000 shares of Preferred A convertible shares.
The Company states that the additional derivative liability on the above notes is $97.1k. There are 5.1 million stock options and warrants issued and available.
The Company has an additional $216k due various vendors that will be paid out of any future equity financing.
The Company is currently in default on a note for $1.175 million.
As of the latest quarterly report (June 30, 2012), these convertible notes have yet to be "baked" into the numbers that could affect PPS - some of these may in fact have already been converted, but this will give you a flavor:
As of June 30, 2012 the Company had outstanding $1,305,488 of convertible note principal. These convertible notes, along with related accrued interest, convert upon the Next Equity Financing or at the option of the note holder as follows:
$17,000 of convertible debt principal have interest at 5% and warrants equivalent to 20% of the principal balance, respectively, and convert upon the next equity financing.
$500,000 and $230,000 of convertible note principal and related accrued interest convert at two-thirds the price per share of the Next Equity Financing and the $500,000 of convertible note principal have warrants equivalent to 100% of the principal balance and the $230,000 of convertible note principal have no warrants attached. The maturity date for these are between 12/13/12 and 6/13/13. It should be noted that the financials state in the detail section regarding this financiing that these are convertible at one-third the price per share not two-thirds. If equity financing were to occur at today's price of approximately $0.006/share, then even at 2/3rd's the price, this would equate to a conversion of 182.5 million shares
$211,750 of convertible note principal having interest at 6%, can convert at prices ranging from $0.02 to $0.10 per share at anytime at the option of the note holder, and have no warrants. As of June 30, 2012, $83,750 of the principal of this $211,750 convertible debt has converted to common shares. This leaves $128,000 remaining that can be converted between $0.02 and $0.05 (2.56 - 6.4 million shares dilution upon conversion)
$90,000 of convertible note principal having interest at 6%, can convert at $0.10 or $0.20 per share at anytime at the option of the note holder and warrants equivalent to 100%. As of June 30, 2012, $57,000 of the principal of this $90,000 convertible debt has converted to common shares. This leaves a remainder of $33,000 which could be converted to 165,000 - 330,000 shares.
$244,988 of convertible note principal, having an interest rate of 8.5%. no warrants, can convert at $0.11 per share at anytime at the option of the note holder. This would equate to about 2.2 million shares. this note was convertible as early as January - it is my opinion that this one probably has already converted since June 30 and is baked into the numbers.
$91,500 of convertible note principal, having and interest rate of 8%, no warrants, can convert at 50-55% of the average of the two-three lowest trading days of the prior 10-60 trading days, there is a 180 day waiting period before the holder has the option to convert to common shares. This note matures for conversion between 10/27/12 and 3/15/13. At the current price of $0.006/share, this would equate to a convertion of approximately 30.5 million shares.
$9,500 of convertible note principle was issued as part of a unit debt instrument which consisted of a return on investment (“ROI”) agreement and a convertible promissory note in return for $10,000. The ROI has a redemption value of $10,500 due on demand and the convertible promissory note is for $9,500, non-interest bearing, due September 20, 2012, and is convertible to common shares after six months from the date of the note at a conversion price that is 50% of the lowest trading price over the 20 prior trading dates from the date of conversion notice. These shares may or may not have already been converted. However, at the current price this would equate to about 3.2 million shares.
$30,000 of convertible note principal, having interest of 12% per annum, compounded monthly, can convert any time at the option of the note holder, conversion at 55% of the lowest trading price over the prior three trading days from the date of conversion. At the current trading price, this would equate to about 9.1 million shares.
$21,500 of convertible note principal, having interest of 12% per annum, can convert anytime at the option of the note holder, can convert at 55% of the average of the three lowest trading prices over the prior ten trading days from the date of conversion. At the current price this would equate to about 6.5 million shares.
The common share effect of the warrants related to the following convertible debt has been included in the above schedule.
During the six months ended June 30, 2012 the Company issued $1,258,412 worth of common stock to various consultants for services and it paid $54,442 of trade accounts payable with shares of common stock in settlement of the trade debt.
There are 2.5 million shares of Preferred B convertible shares issued which have a conversion rate of 50:1 (125 million shares) and have a voting block equivalent of 125 million shares.
There are 250,000 shares of Preferred A convertible shares.
The Company states that the additional derivative liability on the above notes is $97.1k. There are 5.1 million stock options and warrants issued and available.
The Company has an additional $216k due various vendors that will be paid out of any future equity financing.
The Company is currently in default on a note for $1.175 million.
Care to back up your statement with facts? The financial filings do not support your claim nor does RBCC have any capabilities to take on AMBS debt let alone their own insurmountable debt.
Which part do you believe is myth? These figures are straight from the financials. Please explain.
The share structure here is small - huh? What about all the overhang on the toxic convertible notes?:
O/S shares = 184.7 million
Outstanding convertible debt potential and other obligations:
$230k due at end of 2012 = about 53 million shares
$41k to MMRI convertible to preferred stock
$500k note to 10 investors - currently in default
$23k remaining on Dec. 2011 convertible note
$169k remaining on Oct-Mar convertible notes
$54.5 remaining on Mar 2012 convertible note
$245k remaining on Jan convertible note
$22k to Neurotrophics
$150k to Dr. Herschkowitz
500k stock options (fully vested) issued in November to a consultant
Pending lawsuit for Peter Freeman for financial overhang on convertible debt
10.7 million share stock option plan
The Board has also recently authorized the issuance of 2.5 million preferred shares (out of a total of 10 million potentially available) - each of the preferred shares have a voting right equivalent to 50 common shares (equivalent to 125 million shares).
Amarantus BioSciences is the recipient of a research grant from The Michael J. Fox Foundation for Parkinson's Research - correction - this should state "was the recipient". That money has been spent.
RBCC may be a POS, but they just did a 1/20 R/S and can come up with money - agreed, RBCC is a POS - I am unsure why AMBS would tarnish their good reputation on such a bogus company. RBCC has no money and are running a significant deficit for their one man show. AMBS is either naive to be continuing to pursue this JV or worse...they know.
What exactly does RBCC have to bring to the table of being in a JV with AMBS?
RBCC does not appear to be in a position to offer anything of value to AMBS - case in point, look at their latest financials: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8819869
Items to note regarding RBCC:
Assets = $25k in cash and inventory of $35k (attributed to their Father Fish Aquarium line of business)
Operating Expenses in 1st quarter = $667k - primarily attributed to G&A expenses (the company has ONE employee!)
Patrick Brown, CEO, has no relavent bioscience experience.
The Company has no tangible assets related to the bioscience industry.
The Company has a negative working capital of $273,944
The Company entered into a toxic convertible note with Glendive Investments - a Polish offshore account created by the late JT Cloud and his brother inlaw, Robert Federowicz with the help of Kathleen Delaney - the same guys who brought you these SEC suspended companies: GSLO, EHSI, EVSO, GAEC, SSLR, and ONYX.
RBCC's website makes broad statements about how it could develop cures for Autism, Stem Cell Research breakthroughs, Parkinson's disease, claims of "spearheading the most innovative scientific and medical breakthroughs in the $84.6 billion global biotech industry", and "RBCC is joining the ranks of bioscience companies like Puma" - yet has no assets, personnel, money, or industry knowledge to even make such claims.
Yup - and I saw on Yahoo that they wanted to have the FBI investigate you....I guess you touched a nerve for not drinking the Koolaid!!
"the restrictive legend comes off on 21 million shares either on October 17 or October 27, 2012" - I guess the Oct. 17 date was incorrect, otherwise we would have likely seen a big jump in volume.
8 days till the flood comes...better start building the Ark.....especially when the PR machine starts cranking up this week....
original notice from the company: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=73816036
This is the 3rd press release regarding this well, with no new information regarding the actual working interest and/or net revenue interest in this well. The Company states that the prospect is "very promising", yet they fail to give any details of targeted producing zones, expected reserves, hoped for production rates, or any other tangible information (besides being on 300 leased acres) to make a rational interpretation of how this might affect the bottom line of the company. We have no information on how much costs will be/have been incurred to acquire the working interest, as well as the expected costs to drill, complete, and produce the prospect in the event it is productive and is also commercially viable to do so.
Update related to BFDE: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=80358488
"I'm also thinking if the well continues to produce, they may have a leg to stand on" - that is the mystery isn't it - we have no idea what the working interest (costs) or the net revenue interest (profit) are in this well, so it is impossible to say one way or the other.
"I haven't heard anything since that PR last week." - yesterday, FTTN announced that they have hired a new COO in Harvey Bryant. Bryant was formerly with Bedford Operating (BFDE).
If you may recall FTTN announced a deal to acquire Bedford Operating Company last April ( http://www.businesswire.com/news/home/20120403005657/en/FTTN-Signs-Option-Acquire-Experienced-Oil-Gas ) but has since been silent on the deal to acquire. We know very little about BFDE and its ownership seems a bit murky as CTXE appears to own part or all of it. Both CTXE and BFDE's financials are very delinquent, so the structure of their financial health and ownership structure is impossible to determine.
Personally, I am not surprised in the murkiness since we know that Harvey Bryant has a history with SEC recividist Darrel Uselton ( http://edgar.sec.gov/Archives/edgar/vprr/04/9999999997-04-002083 ) you can see the whole history here with LIVA: http://www.investorvillage.com/groups.asp?mb=11218&mn=35&pt=msg&mid=3917707 - funny how the Uselton story continues to cross paths with Kathleen Delaney and her ventures....
Assets anyone?
QUAN sure is busy cranking out press releases about promising robotic applications for the elderly, cures for cancer, medicine, exoskeletons, iphone & ipad apps, home building, etc....
The reality is that the company has nothing to show for their alleged robotics focus - no assets, one employee with no robotics experience, and no money. Someone explain to me how any investor would see this as a viable venture?
Latest 8-K - fresh on the heels of keeping in line with ASCC's approach to targeting female issues such as NASA bioreactor skin cream technology, parenting skills, e-Books, and Social Media Coupons - ASCC is now targeting the stay at home Mom by branding a new line of Vodka to cater to their alcoholism induced by the stresses of parenthood....
What a frickin' joke!
The company has previously entered into several toxic convertible notes with Carolyn Austin via Zaacam Trading and the late JT Cloud via Infox Ltd. that come due by 2013: http://www.faqs.org/sec-filings/100609/SUNRISE-ENERGY-RESOURCES-INC_8-K/
In related news that seems like the blueprint for GTSO, both Carolyn and Cloud were implicated in this latest SEC litigation news release: http://sec.gov/litigation/complaints/2012/comp22501.pdf
Notice JT Cloud's involvement as well on page 7: http://sec.gov/litigation/complaints/2012/comp22501.pdf
More on JT Cloud (page 7) and his cohort, Eddie Austin: http://sec.gov/litigation/complaints/2012/comp22501.pdf
Speaking of Eddie Austin and John Thomas Cloud.... http://investorshub.advfn.com/boards/read_msg.aspx?message_id=80099077
http://sec.gov/litigation/complaints/2012/comp22501.pdf
Based on data I have looked up regarding other wells producing in the Little Cedar Creek, the claim of 3-400 bbls/day seems highly exaggerated. In aggregate, wells producing from this field are on the order of magnitude 10-20 bbls/day. Generally, when wells are initially flowing, they have a high initial rate, and quickly decline to a more sustainable rate. So even if the claims are true, I would expect that the 3-400/day will not be sustainable more than a few days/weeks.
Regarding what this means for the company, despite numerous press releases dating back to March on this prospect, as well as having quarterly statements issued since then, there is zero data available on what the exact working interest is in this well. If we were to know this, one could speculate on their share of their operating participation costs. Furthermore, we have zero information regarding their net revenue interest and/or payout timing on the well. From this information, we could calculate the net revenues (after costs) based on the initial reserve estimate of 400,000 bbls. It should be noted that this reserve estimate has not been characterized as proven, probably, possible, or unproven as is done in ALL cases for any legitimate oil company that makes public these types of statements.
Clearly someone is buying into the hype, although the volume is rather paltry considering this groundbreaking news.
Clearly investors are ignoring the financial shape of the company:
For the nine months ended June 30, 2012, the Company had a net loss of $893,845 and negative cash flow from operating activities of $235,960. As of June 30, 2012, the Company has negative working capital of $549,292. The Company has not emerged from the development stage.
"The Company does not have cash on hand in order to fully satisfy its obligations under the Participation Agreement (Calcasieu Parish, Louisiana) and is currently seeking additional required financing"
General and administrative expenses increased in the three months ended June 30, 2012 as compared to the three months ended June 30, 2011 from $17,429 to $722,217 - GOOD GAWD - for a one man show, really??!
As of June 30, 2012, we had $2,142 of cash on hand. This amount of cash will be adequate to fund our operations for less than one month. - that pretty much sums it up, doesn't it?
"GTSO, good news today."?? - surely you are not referring to Jammie Hawkins' new company GreenUrganMining.com or GlobalCellPhoneBuyers.com?? Jammie is a long time minion of Kathleen Delaney and the late JT Cloud who offices at the same corporate address as GTSO in Houston.
Jammie is listed as Kathleen's personal website developer:
http://www.linkedin.com/in/jammiehawkins
Her efforts include Delaney's failed MYHA, Iridium, and other ventures.
Prospects on the grey market are never good. Suggest asking your question instead on the DD Support board as they have many there that can probably answer your question: http://investorshub.advfn.com/DD-Support-Board-and-Fraud-Research-Team-19670/
How does that old saying go?....."Never invest in anything that can crash or blow up?"...guess that applies to airline and penny stocks alike.....
"Honest" Jack Uselton's old running buddy, Marc Tow, back in the news: http://www.newsnet5.com/dpp/news/local_news/investigations/major-housing-fraud-suspect-marc-tow-arrested-in-california-following-5-on-your-side-investigation#
Janice - remember this mess?:
http://www.sec.gov/divisions/enforce/extra/lr17144complaint.htm
I do not believe that QUAN is using the old "Joe Schmoe" routine - surely Kathleen Delaney has learned from the mistakes Jack and Darrel Uselton made so that Federowicz knows better than repeating that fiasco: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=37769008
"What people are holding the toxic financing? Insiders or a "fund"?" - the toxic debt conversion are entirely insiders and their friends (JT Cloud, Jack Uselton, others) - kind of like having your own personal ATM machine.
Case in point - from the financials we find this excerpt:
"On January 16, 2009, we entered into an asset purchase with Apollo Wind Resources, Inc., (“Apollo”) to purchase all of the assets of Apollo, including client lists, intellectual properties and goodwill. We agreed to pay 20 million shares of common stock for these assets which we valued on the closing date of January 16, 2009, establishing a value of $4 million for the transaction."
This "purchase" came with no details as to what was actually purchased. It turns out, Apollo was yet another Wyoming sham/shell company produced by JT Cloud and friends as a vehicle to take (steal?) 20 million shares from the Company and give a majority control of the company to them. In later financial filings, the company admitted that the transaction was a complete bust and they wrote off the entire venture, having never received any revenues, assets, or other from Apollo. In fact the company later recharacterized the transaction as a "$4 million dollar compensation expense": http://www.otcmarkets.com/stock/QUAN/filings (see note: 7)
If that was not insult enough, they repeated the process a year later with this transaction: "On March 17, 2010, we issued 86 million shares of common stock for the acquisition of Technicare Solutions, Inc. This transaction was accounted for as a recapitalization of the Company. The issuance of stock resulted in a change in control of the Company." - again, another alleged company with no assets that resulted in 86 million shares being wasted on a sham.
Finally, the current beneficial owner, Sayword Investments, SP.ZO.o, is a Polish entity set up by JT Cloud (prior to his death last month) along with Robert Federowicz to yet again try to hide their ownership of the company.
LOL - "OTC Stock Pick" might as well be called "Kathleen Delaney's Home Page": http://www.otcstockpick.com/stock-profiles/
Clearly, all of these stock picks are under her control:
QUAN
GTSO
OMVS
FTTN
RBCC
ASCC
NTRR
OBJE
From QUAN's latest quarterly report, here are the facts:
http://www.otcmarkets.com/financialReportViewer?symbol=QUAN&id=88099
Cash on hand = $1,915
Property and equipment = $1.57 million - this is made up almost entirely of the mothballed biodiesel plant in Poteet, Texas. The ownership of this asset has been encumbered by litigation from a number of previous deals to reportedly sell the plant. The plant would need significant work to ever run again. This plant has nothing to do with its current alleged business of being in robotics.
Net loss for the first 6 months of 2012 was $429k, primarily attributable to G&A, interest expense, and depreciation of the above asset. The company has no revenues or other assets that are capable of producing any revenues.
They have a working capital deficit of $1,362,395 at June 30, 2012.
The company has no robotic assets or inventory, nor has it indicated any plans to acquire the same.
The company has a number of toxic convertible debts that will significantly dilute the outstanding shares upon conversion.
The company still has a pending lawsuit hanging over it's head from predecessor operations.
The company makes it clear that their focus is NOT robotics stating this vision statement in their latest financials: "Quantum International Corp. hopes to develop clean energy solutions for alternative energy companies focused on energy security in America."
QUAN's sole employee, Robert Federowicz, has no experience in the field of robotics, and has a proven track record of disasterous results on his previous companies (EHSI suspended by the SEC, OBJE headed towards Grey Market, FTTN headed the same way).
"but it looks like this company was just a set up, am I correct?" - yes
"The intro box says they were set up to acquire tech, so they never had any tech of their own, right?" - correct - never had any, never will.
"Did they ever have any roboticists on staff?" - no (see above on Robert Federowicz)
"Did they ever have funding for acquisitions?" - no. see link to financials for all of the convertible debt they have - clearly, they are in no position to acquire anyone/anything.
"When will the government wake up and provide funding or clean up the market so that legitimate companies can use it to fund new industry?" - welcome to the world of penny stocks.
Perhaps Uselton should be trying to find April Bogan (http://www.businesswire.com/news/home/20080228005838/en/Oxford-Hedge-Fund---VP-Business-Development ) - the former VP of OXFD may have left with the funds judging from her past and felony arrest warrant:
http://www.themostwanted.net/Indiana/Tippecanoe/View/5406
Is Sandy doing anything with RBCC?
"What does it have to do with DOMK?" - the EHSI lawsuit is not directly related to DOMK, however, the following post is related to DOMK and relates some of the same parties** involved with EHSI to give you a flavor of how the game is played with these guys:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=79694180
**Namely Kathleen Delaney, JT Cloud (decesased), Robert Hines, Thomas Massey, Eddie Austin, Andrew Farmer, and the Useltons.