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.
Great post I-Glow!
Valid questions indeed.
If they have the shares, the float is off by over 1 billion shares.
If they don't have the shares, there was never a vote for the merger.
Either way, the company is being untruthful. Yep, LYING.
Oops.
IMO/FWIW
Still the questions remain...
Does Dharma get all the revenues from Yak/Yeti/Dharmanol, etc...and SKTO actually get none?
SKTO has a "management agreement," doesn't say anything about revenues for products.
It would appear that SKTO has been trying to make it look like the products under Dharma are actually revenues for SKTO, but they aren't. Clearly sales were claimed in 2013, but none were EVER received. But they were all for contracts for "services."
Where ARE the Yak "SALES" in the financials?
Easy answer. THEY ARE NOT THERE BECAUSE THEY DON'T BELONG TO SKTO.
Sorry about that.
IMO/FWIW
Question.
Where is Dharma listed as an owned entity (with revenues being a part of SKTO) of SKTO?
There's lots of mention of Dharma in the discussion, implication of connections, but I didn't see anything in the filing.
Isn't it very possible that actual revenues for those products (as well as Yak/Yeti) are going to Dharma, and not SKTO?
Why wouldn't SKTO have received a dime for product OR services in the entire year of 2013?
Think about it.
IMO/FWIW
Someone please give me a plausible theory on how the revenue from the several years established BBio products, isn't hitting SKTO's financials (especially since BBio has been a part of SKTO supposedly the larger part of 2013 FY) and why it suddenly will in Q1. I don't believe the initial contract revenue will be collected (mostly because it never existed to begin with), so the only place to hang a hat on is BBio. Someone please tell me their theory on where the BBio cash is, and where the Q1 revenue is going to come from. 100% serious question. Does SK somehow not own the revenue from legacy products? Is there some legal wording we are overlooking? My bet is there is.
Talk about nipping it in the bud.
Sad to say, but the reality has been crystal clear the whole time. SKTO's press machine had been doing a pretty good job hiding it in plain sight. Seems those days are gone...people are a giving a different kind of look to this suspension-headed stock.
IMO/FWIW
Still no tier change!
No tier change as of May 8. Limited Info status quo. Attorney letter to complete the SKTO fins was filed on May 2, four business days ago. It's becoming apparent OTCM has a problem with the SK3 fins and/or Basic Pink Disclosure. If they see what I see, there should be thorough investigation into Burke and Mayor as to their management and financial activities at SK3.
See
http://www.otcmarkets.com/market-activity/otc-tier-changes
Ouch!
IMO/FWIW
More food for thought...
The posts that GoldNApel have put up at FB from the beginning are signed by the writer. At the end of the posts. you'll see either the signature or D. Gold or Dr. Apel. There is always attribution. This latest post at BB FB is, uncharacteristically, unsigned; the written conceals himself or herself.
Would D. Gold (Hoye) write about SKTO financial matters? Gold already said he will not be involved in the financial and business matters of SKTO.
Whoever wrote that post does specifically refer to SK3 fins. The post reads: "Please note that all Berkeley Bio products, and all YAK products, offered by Dharma are part of SK3’s managed collective program and the revenues therefrom are reflected in the SK3 financials."
If D. Gold (Hoye) (or Dr. Apel) wrote the post, I believe it would would been signed as all their other posts at FB.
Hmmmmm.....
IMO/FWIW
I-Glow,
Here's something worth reading...I think it might set off some bells and whistles.
GoldNApel sold YAK capsules at the dispensaries that appear as receivables in EOY 2013. Why wasn't any of this money actually collected by SKTO? When patients buy products, don't they have to pay for them with real money on the spot?
The cash SKTO got per EOY 2013 was $300K from a "related party," likely, a shark lender.
For all their good intentions, this may not have been the best thing to publish given the regulatory climate. It may be that GoldNApel doesn't know that the money was not recorded by the firm as anything but receivables and hence not recorded as collected money. They refer to it as revenues.
Check this page out:
http://www.sec.gov/
I think you'll be seeing SKTO as a "featured company" in the upcoming days. And not in a good way.
And then off to the greys.
IMO/FWIW
Products that resulted in revenue collected by SKTO in 2013:
DD NOTES FOR SKTO
SKTO filed false information on their financial report posted on OTCMarkets.
SKTO claimed an incorrect amount of writeoffs to bad debt, by over three million dollars.
SKTO failed to properly report the departures of Kevin Allyn, Michael Choo, and Roy Loughlin.
SKTO failed to collect any money in the year 2013, per their own filings. All cash flow can be attributed to loans.
SKTO is now YIELD. This is likely because of questions arising from the "annual" filing.
SKTO's "Attorney Letter" was filed by someone with no SEC experience and a history as a defendant in a trial for mortgage fraud.
The end is near for SKTO.
IMO/FWIW
The company has still not addressed the issues.
1.Why does the cash flow statement not follow in line with the prior statements and even the information in their own latest filing?
2.Why has Kevin Allyn's departure not been announced?
3.Why has Roy Loughlin's departure not been formally announced?
4.Why was Michael Choo's departure not formally announced?
5.Why didn't the company follow its own procedure in breaking down and posting the writeoffs to bad debt, resulting in a 3,285,000 error?
6.Why did the company PR millions in contracts before PJ ever existed, write them all off, and claim in a "CC" that PJ was the only way they would be paid?
7.Why hasn't Jeff Benz answered for this?
Ah, so many questions.
There's more...gotta run.
IMO/FWIW
That was a $16,000 paid promotion.
One of 84 that has been run.
While the stock plummeted 50%.
All that you see now are those frontloaders unloading, with no bid support to save the stock.
Not when that many shares are out there to dump.
And yet, still so many more shares coming to dump!
Sorry about that.
IMO/FWIW
A little refresher into those "receivables" that have been argued about.
The argument that was given in November of 2013 on the second recorded press release that was mistakenly called a "conference call," was that the receivables were contingent on Pharmajanes being operable.
Now here is where that rings awful hollow.
On March 11, SKTO put out a press release claiming to acquire Medical Greens. In that press release it states:
Unfortunately,
Over a half a million dollars has been spent during April trying to enact the same thing.
The stock is down 40 percent plus.
Fraud is fraud...people have stopped believing in the fairy tale of SKTO, and are keeping it real.
And the SEC's going to come down on it.
It will start with SKTO/AEGY management (including iEquity).
Where it filters from that, well, that will be the fun part.
They will be thorough.
I've seen it before.
I've got my popcorn ready.
Sorry about that.
IMO/FWIW
Could turn out to be a really bad move...
Word is that the SEC is about to step in on the false and misleading statements made by SKTO, and the false financials posted by SKTO to OTCMarkets.
Such as the contracts announced 6 weeks before the sister company even brought up having an agreement to acquire Pharmajanes, which is still not live in the format that it was supposed to be.
Such as the bogus writeoffs on the current filing, being off by three and a quarter MILLION dollars.
Such as the lack of proper notification of the exits of Kevin Allyn, Roy Laughlin, Michael Choo, and the lawyers who were signing off on the prior financials.
Gonna get ugly soon...such a shame SKTO's leadership has chosen to deceive the investment public.
Forewarned is forearmed.
Sorry about that.
IMO/FWIW
And the same can be said
for the talk of .50, 1.00, 5.00, to the moon, forward split, NASDAQ, AMEX, mergers, dividends, revenues...none of which has ever come to fruition. Just ink on paper/dots on a screen.
SKTO is a complete and utter failure, and the SEC will hammer down on it.
Sorry about that.
IMO/FWIW
I-Glow,
And none of that has any bearing on the false and misleading statements about contracts and revenues.
I don't think the SEC is going to be as concerned with their obviously unsubstantiated claims about their supposed products that haven't brought in a dime of actual revenue for the company. I think they're looking at the blatant securities violations.
Not that I think your point is at all without merit. :)
IMO/FWIW
Janice,
It may not be there, but I have a feeling some of those affiliated with that P&D will end up with 3 walls and a set of bars.
BTW, nothing more hysterical than seeing how freaked out some are by your presence on that board.
IMO
Obviously there is no explaining away the actions of SKTO management. The PRs say one thing, the "conference call" says another. Integral has pointed out that the financial documents posted to OTCMarkets don't even properly match up, and I've pointed out the 3 million in missing "bad debt" that should have been there based on SKTO's own information.
Can anyone explain this ineptitude?
IMO/FWIW
Let's dig into those "receivables" that have been argued about.
The argument that was given in November of 2013 on the second recorded press release that was mistakenly called a "conference call," was that the receivables were contingent on Pharmajanes being operable.
Now here is where that rings awful hollow.
On March 11, SKTO put out a press release claiming to acquire Medical Greens. In that press release it states:
An 11% chance of being approved? LOL!
That's like a football team being down 3 touchdowns with 40 seconds to go and 1 time out, and saying "they've really got a shot to win here!"
Sorry, just more attempts for pushing buttons to get buyers in, when the reality of the entire industry is playing out, and it isn't pretty.
Any 8K yet for the dropping of the law firm in CA?
or Allyn?
or Choo?
Where's a PUBLIC statement from Jeff Benz?
Everyone running for the hills.
IMO/FWIW
I-Glow,
Today's late Attorney Letter does speak volumes. First, there was no 8-K filed announcing the prior attorneys were gone. Isn't that required?
Then, they essentially published the boilerplate letter that I've seen elsewhere, just filling in the blanks. Being noted that Burke and Mayor are all that are claimed responsible for the "financials," that tells quite a bit. None of it good.
And yes, to sign off on financials that have a 3 million dollar error among other things is pretty much becoming part of the problems...but let the lawyers sort that all out.
Seems the market has said what they think about SKTO. Since the start of the 84 touts, the stock is now closing in on 50% down.
Have to wonder how the "dream team" all sleep at night. Sure must need a ton of "the good stuff." My conscience couldn't rest with something like this on me.
IMO/FWIW
I missed the part in the DD where SKTO is now YIELD.
Or that it's 11:13 EST and there's still no attorney letter.
Oops.
IMO/FWIW
84 Promotional Touts!!!!
The list is growing as fast as they can keep up with it.
And yet the stock is in the red. Didn't take long for the morning runup to stop flat and fall hard.
SKTO had zero cash received from supposed revenues in 2013. Can't count anything they never collected as revenues, in my eyes. False and misleading.
The trading pattern tells the story. People have a ton of shares to dump to cover the costs of those 84 tout promos.
Sorry about that.
IMO/FWIW
By the way...
How do you write off 8 million in income taxes when you didn't collect a penny?
Yikes.
SEC isn't going to like being laughed at by SKTO.
Maybe that's why Benz is MIA and Allyn have jumped ship.
How soon will a filing not list Benz?
Nobody expected Allyn or Choo or Laughlin to leave.
IMO/FWIW
I-Glow,
It certainly didn't take much to see that SKTO recorded ZERO in revenues in 2013...contrary to what was implied. They claimed 52 million dollars in "revenues." But the fact remains they didn't actually collect A RED CENT in 2013.
They don't explain how they came to the numbers on the filing...or that AGAIN they have MISSED THREE MILLION DOLLARS.
Nope...not even an attempt.
But hey, let's visit Benz's webs.....woops, not there.
We can always ask Kevin Al....nope, not there. Oops.
How about Michael Cho...wwwwhaaaa? Not there either? Ouch!
Maybe the media guy Laughlin...oops, he's gone too.
Looks like SKTO is suffering from a dislocated Hipple.
Today's filing only furthered the points you have made as have others for a long time.
The papers are a front for pushing papers. And you'd have to be rolling really large papers to believe anything they've put out.
Oh, and we're up to 75 touts...75 TOUTS! One of the highest numbers on the entire site. And the stock is still down almost 40% from the start of the touts.
Ouch.
IMO/FWIW
I-Glow,
Correction to your post...60% of Q3's "revenue" was written off per SKTO's own calculation rules. Of course they missed that 3 million bucks that nobody has shown where it is at.
All of the $275K has to be from share liquidation, as they haven't filed properly to claim any other revenues. And if they actually physically collected 275K in cash from A/R, the IRS might want to know that.
Maybe the bank that has a brokerage but is being called an "institutional holding" can help.
IMO/FWIW
SKTO up to 53 different touts in the month...
And the stock is down about 40% during that period.
Bravo...Anyone found that 3 million bucks the company lost in the financials?
Or Allyn?
Or Benz?
Bueller? Anyone?
SEC moving closer...
IMO/FWIW
So now we have a few new wrinkles to the picture...
1.Kevin Allyn, who previously openly listed SKTO as part of his working profile, has eliminated ALL of it from his profile.
2.Jeff Benz, originally holding a VP/Counsel Position, now only holds a Counsel position.
(Oh, did I mention HE DID NOT MAKE SURE THAT THE PROPER LISTING OF THIS CHANGE WAS IN THE FILINGS HE AUTHORIZES MAYOR TO SIGN OFF ON????)
3.Another round of Tout campaigns are off and running, featuring a poor, misleading video, making no mention that more than half the claimed revenues were written off, and that the numbers presented by the company were false by 3 MILLION BUCKS, and yet ANOTHER red day.
The company is in a really bad spot, and EVERYONE from it has run and hid.
Think Allyn wants to give the SEC as little as possible to see about him on the interwebz?
And why's Benz's website down?
Yep...not looking good for SKTO.
Not only are the remaining management distancing themselves from SKTO, the prior management are as well.
IMO/FWIW
I-Glow,
I count over $43K on this promotion alone...I believe that takes the total to around $550K this month.
What I'm wondering is when the SEC cracks the whip on SKTO, will they subpoena all of the sites that "featured" SKTO, and get the information on exactly who paid these touts, and figure out the connections?
As they have before, they will "surge" in and hit you without warning. Seen it all too often.
Oh, and I see the repeating of the misleading information regarding "institutional ownership."
Just as a reminder/warning to all, that "bank" has a brokerage side, where they are likely holding shares for those in their "bank" who own them. Not an "institutional buyer" as is being implied.
IMO/FWIW
How misleading is this?
Escabar,
No, I wasn't implying you had anything to do with it. I just happened to find out right around when you posted that info where the video came from, and was simply relaying the information. You're right, nothing is "free," just takes a little digging to connect the dots to where it comes from.
Clearly someone was paid a few bucks to create that video.
Honestly it wouldn't surprise me if Gomez is in on how they are "on" the site. Nothing with this company would.
IMO/FWIW
Looks like we've located who is paying what for that "advertisement" of a video...
New pump looks like it's coming in for SKTO...
https://www.facebook.com/PennyDreamers/posts/647467515332481?comment_id=647478335331399¬if_t=like
http://myemail.constantcontact.com/---SKTO------This-MMJ-SECTOR-ALERT-is-Ready-to-Take-Over-Your-Tuesday---Amazing-Potential-.html?soid=1108352395880&aid=YjQh2FAzLWM
$1500 for 1 day promo via bank wire, 3rd party.
Should be interesting to see which other sites piggyback on this one.
IMO/FWIW
And as the stock continues to fall/flounder, the question of the three MILLION dollars missing from the Bad Debt writeoffs is still unanswered.
As is why Allyn, Choo, and Laughlin left.
As is why the Auditor was PR'd last year but never actually happened.
And why debt was redistributed to mystery people.
And on and on.
Answers always elude the public.
"Legit" companies don't act that way.
IMO/FWIW
All the reposting of information that has never been verified doesn't change what HAS been verified. Which is that SKTO lied on their financials.
They lied that they had revenues in Q1 or Q2...since they wrote them all off. ALL OF IT.
They lied on the "Annual Report" in how much is to be written off to bad debt...by THREE MILLION DOLLARS.
There has not been a single shred of information presented to dispute that fact.
Not by Jeff Benz.
Not by Artemis Mayor/Mayer.
Not by anyone.
All SKTO has done is print numbers on a page, and expect people to believe them.
Not working.
And the SEC, in their due time (as has happened with MANY stocks), will shut them down. And they'll MAYBE reappear in the greys. With a further chop in price. At a bare minimum.
If Jeff Benz was truly looking out for SKTO shareholders, he would have addressed the 1/2 million in promo touts in the last few weeks. And he'd have been public about it. Same with Mayor. Didn't happen.
Sorry...just the way it is.
IMO/FWIW
SKTO FILES FALSE FINANCIALS!
In the last "Q," SKTO outlined the process of writing off bad debt. It was 100% of anything over 180 days, 60% of anything 90-180. Therefore in Q3, they wrote off all of Q1's numbers, and 60% of Q2's numbers. That total was 12,652,300.
This left $5,356,400 in Q2 and all of Q3, which they listed as 17,213,300.
By that math, 60% of $17,213,300 is $10,327,980.
Add that to the $5,356,400 which now is fully impaired from Q2, and you have $15,684,380.
Add that to the $12,652,300 already booked, and the total of bad debt writeoffs should be $28,336,680.
This "filing" (unaudited, of course!) states the total booked as bad debt is $25,051,486.
WHERE DID THE OTHER $3,285,194 GO????
It's not in cash.
It's not been paid anywhere.
And management has said NOTHING.
Which says plenty. And it's not good.
IMO/FWIW
SKTO files incorrect financials!
Slapped with the yield sign!
Bad Debt Writeoffs are misstated by 3 MILLION DOLLARS! YIKES!
Not a word about the departures of Kevin Allyn, Michael Choo, Roy Laughlin.
Not a detailed explanation of what specific debts were paid down with convertibles. Not a detailed explanation of who the 18 supposed collectives are.
No explanation why there was a press release about the auditor LAST JUNE and nothing about why it didn't happen.
Oh, so many problems.
Sorry about that.
IMO/FWIW
The_Pro,
That is precisely why the audit will never happen.
I know some believe that an audit will somehow reveal some MOASS...but what it will actually do is force SKTO to reveal the exact channeling of shares in the convertible debt. Every deal, every cashing in of shares that were given as part of some kind of debt conversions, proof of the existence of SOMETHING to charge 52 million dollars for, and proof of who all the supposed customers are and why they have not paid, allowing more than enough time to start connecting WHO they are, to WHO they're connected to. Just as with "Farmer Janes" being SKTO's own "collective," the string of not-so-arms-length deals would be revealed. The press releases about the dividend, the Medical Greens 3-1 share swap, the Sovereign International that exists in name only, all of the companies tied to Henry Jan, all of the outer companies being handled by Robert Hipple...they'd all come out. Deception in the tune of 3 MILLION MISSING DOLLARS is a huge deal.
And all of this doesn't come out as easy if they just keep pushing it back. And they will.
The reality has not been lost on even those invested. The buzz is growing, the anger, the disappointment. The stark admission that the grandiose claims were, indeed, grandiose by SKTO. And it will only get worse.
And believe me, the Allyn trail (Larry King interview, timing of his addition to the board/mass promotion of the stock/saving of his foreclosure) would be explained in gory detail...same with Choo, and Loughlin. It'll get really messy, really fast.
IMO/FWIW
Did they post where the 3 million in bad debt was hiding too?
Or maybe the 8K explaining where Allyn and Choo went?
I guess I missed those.
I bet the SEC noticed, though.
Sorry about that.
IMO/FWIW