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Integral,
You asked me when SKTO went to Yield, it was noted last night on another rival board. It's interesting...all the longs who took their lumps here are flipping sides now as they are seeing everything that has been forecast to go wrong with SKTO go wrong. Those who are left here aren't daring to do that.
I'm amazed with all the lacking information about Allyn, Choo, etc, they haven't been halted yet.
Seems one of the tout sites must have sent someone to try and rally the troops...
Probably just can't get out fast enough. Likely the one that paid the most.
IMO/FWIW
Escabar,
I see what you did there!
Yeah, you made the right move, got out alive, so to speak.
At this point, even a half million dollars to pump the stock failed.
The SEC's comin'...
IMO/FWIW
I-Glow,
I was hanging out and saw an interesting piece on a site that tracked all of the SKTO promotions, and what the absolute max percentage of profit could have been, and I think that accounted for what we'd call the "perfect trades." Hardly something I think took place with SKTO during these promotions.
It is clear there are still tons of shares to be sold by these promoters...they were expecting better than this.
In the meantime, the SEC is hearing the bells and whistles of SKTO pretty much begging for them to make a "virtual visit," since we don't actually know where they are.
IMO/FWIW
I-Glow,
What appears to still not be realized is that GW holds the only rights to the clinical work so any hopes for SKTO to grab any part of that is nil.
Add to that there were no exhibits on the AEGY 8k, and it is looking likely that they're headed to the exits with the new requirements, outside of a major reverse split.
And add to that we don't know who the true "majority ownership" of SKTO is, hence no "official vote" could be done by now to approve any merger agreement.
And all the SEC red tape that they'll never get through.
Woops.
IMO/FWIW
And the fact is that SKTO is off on their bad debt numbers by over 3 million dollars.
Sorry about that.
Yes, the halt of SKTO and AEGY will happen sooner than people think.
The merger, not so much.
IMO/FWIW
Jeff Benz has not made a public comment on SKTO for months.
Jeff Benz has not made a point to go after those who put about a half million dollars into promotions for selling shares, thus manipulating the shareprice (which went down in spite of all the promotions!), thus distancing SKTO from the promotions.
Jeff Benz has not addressed the 3 MILLION DOLLARS missing from the company's calculation of bad debt (you know, the one where they wipe out the last of the first 2 quarters of "claimed revenues" and 60% of the third quarter)
Jeff Benz has not addressed the absence of Kevin Allyn, the supposed "Chairman," both in any public releases or the conference "calls," which were just audio PRs, really.
Jeff Benz has not addressed any of this, he's just issued idle threats to those exposing SKTO as the scam that it is. All bark, no bite.
So referencing Mr. Benz has no bite, given he's not actively given the shareholders any backing.
Also, how come he hasn't addressed that iEquity has never actually received the preferred shares that would give them voting rights? Who "approved" the merger, since nobody was ever sent anything to "vote" on?
Why has SKTO (with Jeff Benz's signoff) deceived the community into thinking iEquity had full voting control with that majority of shares, when in fact they don't and never did?
One might wonder why Benz spends so much time overseas.
I guess with all the questions, I might too.
IMO/FWIW
SEC won't like seeing a member of the Board of SKTO posting information like that regarding a supposed product release on Facebook without any other public notification. (Not to mention they're hiding supposed revenues-not legit for a publicly traded entity)
But hey, nothing SKTO has done has been above board anyway.
Sorry about that.
IMO/FWIW
A word on the "institutional investor" angle...
http://fnbmd.com/investment/brokerage-services/
The bank has a brokerage division. It's simple...people bought stock in SKTO via their platform, and therefore it is held in the bank's name.
Oops. Sorry about that.
No institutional investors.
I think the shareholders should be thinking about the fact that since iEquity has never actually received the preferred shares, they don't ACTUALLY have 60% control...and start trying to figure out who owns enough to cover 50.00001% of the O/S to start using voting power to find out what's REALLY behind the curtain.
That is, before the SEC does.
Tick...tock...
IMO/FWIW
Can't wait to see someone post a bogus Pharmajanes site, and prove just what I-Glow has said, that anyone could do it.
Gonna be tough now for all those "positive reviews" to show up, considering how it's being watched so closely by those doing solid DD.
They have nothing.
Except a major investigation coming their way.
Sorry about that.
IMO/FWIW
I'm waiting to see what information in my posts, provided to me by SKTO's own filings and a calculator, are incorrect.
SKTO has false information in their financials.
If Jeff Benz, SKTO's attorney, would like to put out a press release explaining why there is a 3 million dollar difference in what the filings state is written off to bad debt and what the company's own formula states is the CORRECT amount to write off to bad debt, I would love to see it. I'd be happy to say "Thank you" if he does so, and confirm he is correct.
My guess is that press release never comes.
But hey, there's another "Getting Doug with High" PR to put out.
Priorities, you know.
Sorry about that.
IMO/FWIW
There is no "interpreting" the financials.
The numbers were put out there by the company.
They are wrong.
VERY wrong.
There is ZERO REFUTING THE MATH.
You cannot "find" three million dollars.
I think the LA office of the SEC will see it much the same way.
Sorry about that.
IMO/FWIW
Okay, we'll go through them again.
Is this the right revenue number claimed by SKTO for the year? 52,764,773
Yes or no?
Are these the quarterly numbers YOU YOURSELF have posted on this board for the first 3 quarters?
******$5,096,700 + $13,433,229 + $17,527,592 = $36,057,521******
Yes or no?
Subtract: 52,764,773-36,057,521= $16,707,252 4th quarter "claimed" "revenues."
Yes or no?
Now again I refer you to the Notes to Interim Financial Statements, filed on OTCMarkets by SKTO on November 20:
Note 6. Reserve for uncollectible accounts.
Management has determined that it is appropriate to establish a reserve for the potential inability to collect on the accounts receivable of the Company arising from the licensing and marketing
fees due to the Company under the existing agreements with the now 15 independent collectives. While management still feels that these invoices will be collected in the future, it has decided, as
a matter of policy, to reserve against 100 percent of all invoices more than 180 days past due, and for 60 percent of all invoices more than 90 days past due.
The reserve was established as follows:
Current 90 days+ 180 days+ Total
$ 17,213,300 $ 13,391,000 $ 4,671,700 $ 35,276,000
Less reserve at 9-30-13 -60% -100%
$ (8,034,600) $ (4,671,700) $ (12,652,300)
$ 17,213,300 $ 5,356,400 0 $ 22,623,700
The reserve has been charged as a bad debt expense in the quarter ended September 30, 2013 in the amount of $12,652,300.
Now...the same format for reserve for bad debts is counted in the fourth quarter, and affecting quarters 2 and 3:
a)100% of the remaining amount in 2Q: $5,356,400
b)60% of the amount from Q3: (.60 * 17,213,300): $10,327,980
c)ADD a + b (5,356,400 + 10,327,980): $15,684,380
That represents the total "reserve" for this quarter.
FINALLY...
Add the above number for this quarter to the number written to reserve LAST quarter...
$15,684,380 plus $12,652,300=$28,336,680
According to the Annual Report by SKTO:
The reserve has been charged as a bad debt expense in the year ended December 31, 2013 in the
amount of $25,051,486
Again, we subtract: $28,336,680-$25,051,486=$3,285,194
My apologies, I mistyped one number in my prior math, which had the total at $3,315,194.
So I ask AGAIN...WHERE IS THE $3,285,194???????
Every number I just posted here is based off of the "factual" filings by SKTO.
Sorry about that.
IMO/FWIW
How so?
How can you say the numbers are accurate, when I've given absolute, 100% math based on SKTO's OWN FORMULA, to prove it isn't?
Let's see the numbers to prove otherwise.
I know it's tough...this stock is about to get halted and it's their own fault. Better management would have been more honest. Better management wouldn't have misled shareholders.
This is not better management.
This is awful management.
Sorry about that.
IMO/FWIW
Simple...LINKS
http://www.otcmarkets.com/stock/SKTO/filings
Select all filings for Quarterly Report and Interim Financial Reports dated November 20, 2013, and select all Annual Report options dated April 15, 2014.
All of the information I have posted are FACTUAL NUMBERS from the filings at the LINK above.
Bottom line...the numbers are false, and SKTO posted them.
Great recipe for a suspension.
Sorry about that.
IMO/FWIW
You asked for the information Rat Fink,
I provided it.
Everything I gave you was from the numbers in SKTO's own filings.
I took the "revenue" numbers from the "K" and subtracted from the total after the 3Q "filing," and continued based on the exact formula SKTO stated in BOTH filings.
Please explain how anything I wrote in that post was incorrect.
As of now, ALL of the "revenues" in the first 2 quarters of 2013 have been written off.
That means they claimed money they NEVER MADE.
It doesn't get more misleading by SKTO than that.
Again...I am "STILLLLLLLLLLLLLLLLL WAITING" for facts to contradict SKTO's own numbers.
Sorry about that.
IMO/FWIW
As previously posted...
In the last "Q," they 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 $28,366,680.
This "filing" (unaudited, of course!) states the total booked as bad debt is $25,051,486.
WHERE DID THE OTHER $3,315,194 GO????
It's not in cash.
It's not been paid anywhere.
Yep...cookin' da books.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=100653844
Sorry about that. It's all straight out of SKTO's own false financials. Take a look, do the math. I did. And I posted it all.
SEC suspension...coming soon...sooner than any merger or divy.
IMO/FWIW
SKTO files false "financials" on OTCMarkets....
Hiding 3 million dollars in written off bad debt...using their OWN SCHEDULE FOR WRITEOFFS!
The SEC will be watching closely.
Wouldn't shock me to see a halt this week. Very possible.
What's not possible? A merger or dividend.
Sorry about that.
IMO/FWIW
And when the stock is halted, and suddenly there's no bid, they'll be so viced in the account that they'll never be able to be let go except at .0001.
More problems coming for SKTO...
Just look at how they posted incorrect bad debt numbers by 3 MILLION!
IMO/FWIW
If that site is up,
It will not be part of any publicly traded entity.
It will not be run by anyone who has had anything to do with SKTO or its sister company.
All of them will find themselves dealing with far worse problems with the SEC and others...maybe even jail time, IMO, depending on the charges.
There won't be a merger.
There won't be a divy.
No shares of AEGY will go to anyone in SKTO except the insiders who are a part of AEGY already.
Any attempt to do the same will end up in immediate hot water with the SEC.
Sorry about that.
IMO/FWIW
Someone should...
but it won't be SKTO, they'll be long gone, regarded as a penny stock insider enrichment scam. As will those who assist in the scam, I'm sure.
IMO/FWIW
So many reasons to be VERY scared owning shares at the moment...
1.Recent "filings" posted an incorrect (but still absurdly high) amount of bad debt writeoffs. Based on the company's own calculation instructions, the writeoffs should be 3 million dollars HIGHER than the already large number is. They have written off over half the money that was "claimed" to have been earned. This could very easily cause the stock to be suspended.
2.The company has not explained the reason for the removal of Roy Laughlin OR Kevin Allyn.
3.The company has raised their O/S from 750 million to 1.25 BILLION and counting.
4.The company has given multiple addresses for the location of their "offices," none of which were ACTUALLY correct, as has been shown multiple times. The current address is the home of Quanco, and a phone call to them will confirm it.
5.The company claims to have 18 "collectives" under contract, but has never been able to release the name of one.
6.The company claims to be a "MCA" (Medical Cannibis Administrator), but hasn't been able to release the name of one company for which they are "administrating."
7.The company claimed to have 30 million in revenues, three weeks before Medical Greens was formed.
8.The company claimed to be issuing a dividend to shareholders 11 months ago, and that has not happened.
9.The company claimed to be "acquiring" Medical Greens, and issuing 3 new shares of the "New" company for every share of SKTO, almost a year ago, and that never happened.
10.The company has had 41 promotions over the last 12 calendar days, with spending on those promotions of approximately 500 thousand dollars. The company has not made any comment distancing themselves from being the source of those promotions.
11.The company claimed to have an auditor in June of 2013. No audit was completed, no official notice from said auditor from the press release of their involvement, nor of their departure.
12.The company has claimed acquisition of Sovereign International, Inc., however said company is SUSPENDED in the state of California (go to http://kepler.sos.ca.gov/ and choose corporations and enter Sovereign International Inc and you will see the details), and the address is now the site of a Vape Club.
There are many, many more reasons...here's just 12.
I haven't begun to go into the share structure, the filings, Robert Hipple, Henry Jan, et al.
CAVEAT HEMPTOR!
IMO/FWIW
You know,
It was quite noisy until those wonderful posts about OTCMarkets and SEC Regulations were made.
Very quiet now. Crickets, indeed.
See, this is what happens when SKTO continues to give shareholders the middle finger. They don't care what shareholders feel, why shareholders invested in their company. They never did.
I bet those profiting from the scheme are kicking back saying "hey, we bagged another mark!" while they sip on their fancy drinks and nibble on a Shareholder-Sponsored Filet.
Whether admitted or not, more and more shareholders are becoming disenchanted with SKTO's games.
Shareholders...for they are the ones who are being hurt the most, and for those not connected to the scheme, are not deserving of any hardship due to the mismanagement of SKTO, should be outraged, and doing something about it.
There's just such basic information that is so blatantly wrong that it's beyond comprehension.
Why should it take the sister any time to do anything if the attorney represents BOTH COMPANIES?
Why would SKTO not comment on the over 40 Tout Promos if it weren't involved/directly responsible?
Why would SKTO neglect to inform shareholders why two key board members left?
Why would SKTO neglect to explain the auditor situation?
Why do you announce a merger and not mention another word of it, almost a year later? (Merger into Medical Greens)
Why do you announce a dividend in May of 2013, and re-announce "next week" for a filing, when the attorney represents both sides, and rules regarding how a Dividend can be issued are clearly saying it can't/won't happen?
Simple stuff. SKTO is a scam. They've shown it. Very clearly.
Just a matter of when the SEC hammers it and its sister. No doubt about it.
IMO/FWIW
Integral,
Thank you SO MUCH for providing LINKS to PROOF POSITIVE that SKTO has FAILED to follow procedural protocol in both their regular business as well as with respect the the mockery that is being PR'd as a merger.
SKTO has failed to report the new auditor.
If I recall, SKTO never actually reported LL Bradford as their auditor last summer (the sister company did), and then failed to report their removal if they were ever actually part of SKTO's business matters. Please correct that if it is wrong. That said, there has been no 8K to reflect current auditor status.
As a prerequisite to any merger here, since it involves the transfering of shares from SKTO to the "Merger Sub" (wherever that company is?!), SKTO would have to be able to account for every single share, every single convertible, so that a complete accounting of the transition between the two companies and into the "Merger Sub" could even be completed. Is this correct?
Further questions for you...
Should SKTO have filed an 8K announcing the removal/resignation of Kevin Allyn as Chairman?
Should SKTO have filed an 8K announcing the removal/resignation of Roy Laughlin?
Should SKTO, if having no connection whatsoever to the almost half million dollar run of promotions of SKTO stock in the last two weeks, have put out a PR addressing the matter, and distancing themselves from it, if not including having an investigation into who did? Is it unreasonable for anyone to view the lack of distancing as confirmation of a connection?
Again, thanks SO much for your help.
IMO/FWIW
Sadly, the reality is that there is no merger...
there is no dividend...
and they're headed for a halt along with the sister company.
Allyn's departure should have been 8-K material when it happened. He's been out for months. Clearly he has been told to keep his mouth shut. I wonder why. Oh, wait...he still has his house. That takes care of that.
Loughlin's departure should have been 8-K material when it happened. Moreover, why was he NEVER a part of ANYTHING you saw in SKTO's material? Just a name on a paper. And he too has been kept silent. Why? Maybe the SEC would like to know.
The filing is wrong, as I've shown, about how much bad debt there is. More than half the revenues "claimed" have been written off. They will keep claiming more and more "revenue" by the quarter, and keep writing off the "revenue" from the prior ones. Move the carrot...
This was never about a company selling meaningful products or services. It was always about selling shares.
One person once commented "if they did everything they claimed, and it was transparent, the potential here is huge." Well, of course! Problem is, they never intended to. They couldn't. But they could sure make it sound like they "will." And that sold shares. Lots of em.
If SKTO had nothing to do with a half million dollars of tout site promotions, they should be putting out PRs to that effect. They should be proclaiming how that isn't "what we are about." But, they haven't. And that tells you what you need to know.
Touts have left the building, now. There is no bid support. And way too many shares still being dumped.
Sorry about that.
IMO/FWIW
I think there's a bit of a problem when...
you have a member of the SKTO board posting information about a product (forward-looking, no less!) on a social media site that can affect the trading potentially of a publicly traded stock, without the proper provisional statements.
That's just starters.
Allyn's disappearance was months ago. Not a word until now. Fishy, at best.
I've read the discussion today, and nowhere do I see an explanation of why SKTO announced only 25 million in bad debt when the actual number is 3 million more.
The cash number only has gone up because the company has sold shares. Nobody can show they are properly registered to have claimed income for anything else. Nor that they've claimed all of their employees, INCLUDING CONTRACTED, as they are supposed to. More red flags.
The stock dropped because everyone knows these numbers are bogus, that there will be no merger because to do so requires an audit and there is no way in the WORLD that SKTO passes ANY audit. Pushing half a million bucks to 41 different tout site promotions. And still down, down, down.
The SEC will step in and halt BOTH stocks. Not if. Just when.
Sorry about that.
IMO/FWIW
trade4money,
Tell me, are these signs of "cleaning up their act?"
1.Being off on the amount written to bad debt by 3 million bucks.
2.Not revealing when Kevin Allyn was removed, or why.
3.Not revealing why the A/S was raised from 750 million to 1.25 billion.
4.Not detailing the breakdown of the 96.4 million added shares issued.
5.Not explaining how they can issue 96.4 million shares for debt, but the debt number stays EXACTLY the same.
There's more...but these 5 are just starters.
Sorry about that.
IMO/FWIW
It gets better, Integral...
And yet ANOTHER down day...
Not surprising, given the swiss cheese that was the "10K," complete with incorrect numbers.
Last quarter broke the "writeoff to bad debt" down in a fairly clear manor, with a chart that outlined what they stated was the process.
This quarter not only did they not do this, but the number was off by THREE MILLION DOLLARS TO THE SHORT SIDE.
I have yet to print out the forms to match ALL the line items to see if they make any sense at all. Just seeing that BLATANT error makes me shudder at how many more numbers were just made up by SKTO. However, I have noted one area specifically...the share dumping.
In the notes regarding payables to CFOs to Go/Matriarch, they outline what they paid and what took place through September 2013. They do not detail the activities from Oct 1 to Dec 31, 2013. Intentional omission?
Notes payable at the end of September were $553,018.
Notes payable at the end of December were $553,018.
The "10K" says that 96,440,000 shares were issued "on conversion of notes and in settlement." How does that happen when the Notes Payable doesn't move???????
Oh...and Jeff Benz didn't put his signature on this...so his out will be not having knowledge that the numbers being put out were so inaccurate.
Seems Benz has an out, so to speak, of ignorance.
That said, this is just ONE inconsistency in the latest "filing."
Daffy Duck couldn't audit this company. They're too far gone.
And they spent almost half a million bucks for 39 promoters to push the stock into the filing. What a complete bust that was.
I notice Apostle became mysteriously absent on the board after her "get your popcorn" post. She loves to try the "hit and run" angle. Any possibility she's the one behind the promos?
IMO/FWIW
And yet ANOTHER down day...
Not surprising, given the swiss cheese that was the "10K," complete with incorrect numbers.
Last quarter broke the "writeoff to bad debt" down in a fairly clear manor, with a chart that outlined what they stated was the process.
This quarter not only did they not do this, but the number was off by THREE MILLION DOLLARS TO THE SHORT SIDE.
I have yet to print out the forms to match ALL the line items to see if they make any sense at all. Just seeing that BLATANT error makes me shudder at how many more numbers were just made up by SKTO. However, I have noted one area specifically...the share dumping.
In the notes regarding payables to CFOs to Go/Matriarch, they outline what they paid and what took place through September 2013. They do not detail the activities from Oct 1 to Dec 31, 2013. Intentional omission?
Notes payable at the end of September were $553,018.
Notes payable at the end of December were $553,018.
The "10K" says that 96,440,000 shares were issued "on conversion of notes and in settlement." How does that happen when the Notes Payable doesn't move???????
Oh...and Jeff Benz didn't put his signature on this...so his out will be not having knowledge that the numbers being put out were so inaccurate.
Sorry, this was a cooked up jumble of inaccurate and misleading numbers...and there's no getting around it.
Sorry about that.
IMO/FWIW
Almost 50% of supposed "revenues" claimed to have already been written off as bad debt in 2013.
Over 50% ACTUALLY supposed to have been shown as written off as bad debt.
The SEC is going to want to know where the other 3 million went.
And why all the "assets" are accounts receivable, and are never collected.
Oops.
IMO/FWIW
Not according to the filing today...
SKTO has had 39 different touts and over $450K spent to do it.
The price has FALLEN in that time.
Today they announce David Hoye ("D.Gold") has been added to the board.
My guess is Hoye wasn't satisfied with SKTO using Berkeley Bio to sell shares without having a way to grab a few uber-cheapies himself.
That said, their company website still has the picture of Allyn with Larry King and the "Interview COMING SOON!" which was posted almost a year ago (late May 2013 I believe).
I'm still trying to figure out how they're hiding 3 million in bad debt writeoffs.
IMO
Pretty ugly "10K" by SKTO...
They messed up some numberz dere...With regards to their claim of bad debt writeoffs (note they have to file 3 documents over several hours to complete said report):
http://www.otcmarkets.com/stock/SKTO/filings
In the last "Q," they 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 $28,366,680.
This "filing" (unaudited, of course!) states the total booked as bad debt is $25,051,486.
WHERE DID THE OTHER $3,315,194 GO????
Just the beginning of SKTO's issues...as Kevin Allyn is no longer listed as "Chairman" and there is zero mention of his exit, the date, or the reason.
Nor do they detail exactly how they issued 96 million shares.
Has a company filed a "10K" (I put it in quotes because it's only on OTCMarkets, it's not real) and been halted before the next open?
This smells bad, and that's just before you open the files!
IMO/FWIW
Still waiting for some answers to how the books have been cooked.
In the last "Q," they 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 $28,366,680.
This "filing" (unaudited, of course!) states the total booked as bad debt is $25,051,486.
WHERE DID THE OTHER $3,315,194 GO????
It's not in cash.
It's not been paid anywhere.
BTW, no statement outlining the cash flows and how the $24K in cash was realized. We know that's in the sale of shares. They haven't registered properly to file revenues from sales.
They did not outline the specific breakdown of how the shares issued in 4Q were issued as they relate to the notes payable. Funny how they wanted to keep that murky. By design, IMO.
"Revenues" are all A/R. They have now written off all of the A/R through the first 2 quarters. And 60% of the 3rd quarter.
And when the late first quarter "numbers" are "printed," the other $6,885,320 from 3Q will be gone, as will 60% of the "alleged" 17,488,773 from 4Q. $10,493,293.80 is that total. Meaning another $17,378,613.80 will be written off.
Of course they screwed up on this writeup, I'm sure they'll do it again. Which member of the "board" will vanish next?
It's a bloodbath.
The SEC is going to come calling.
Soon. VERY soon.
Sorry about that.
IMO/FWIW
I-Glow, here's where we begin with the laughs.
In the last "Q," they 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 $28,366,680.
This "filing" (unaudited, of course!) states the total booked as bad debt is $25,051,486.
WHERE DID THE OTHER $3,315,194 GO????
It's not in cash.
It's not been paid anywhere.
Yep...cookin' da books.
Boy, they make it so easy to be busted.
Add on Allyn's disappearing act and the Larry King note still left on their site, and you've got more issues.
Who was the contact again in the LA office? I think they'll like this tidbit...among others.
For anyone thinking this was a "good filing?"
Sorry about that. It wasn't.
IMO/FWIW
Up to 39 Paid Promotions since this all started last week.
Looks like the P&D Hall of Fame is going to move them up to a special room at this rate.
Already the first filing has dangled the carrot with the May 2014 date...just something to give the hopeful a reason to say "wait until."
Until is over now.
So is SKTO.
Sorry about that.
IMO/FWIW
Ah, I-Glow, where do you begin to laugh at this one?
1.Wouldn't the hiring of an auditor since the end of the year be deemed a material event that should have been added to this filing?
2.If Kevin Allyn is gone, so is the Larry King interview. When was he "let go," why was it not announced, and is the advertisement of "coming soon" interview with Larry King false and misleading? It's still on the info & news section of the website.
Now, of course, the rest of the filing need to show exactly what shares were issued, and what "debt" was "converted," along with how much is left and what the conversion rates are for each. Of course we already know how many shares they were supposed to have issued to Crystal Falls. We know that you can add an equal amount to the share total now of what they list in 4Q...and if they still owed more than that amount it would have been added on April 1 as well.
Interesting how the AVNE acquisition of the IP isn't mentioned. But we'll tie that in later, won't we?
Bad just got worse.
IMO/FWIW
I-Glow,
I had a theory on the "addition" today to the BOD. There has to be something in it for Hoye. Let's face it. SKTO has been riding their pump on the coattails of BBIO. I get the feeling Hoye realized his payoff should be far better for his "efforts." Maybe he told Jan/Hipple that he wanted his fair share. Nothing more evil than a pothead scorned?
That being said, the marks were taken for quite a beating today...this was a classic "promo-pump" job. They were probably leaking that today's PR would come out, after having loaded at the lows the last two days. They probably had their sell orders lined up in the .03s and high .02s, knowing that they had their marks to load the boat...the boat of their shares being unloaded.
It worked like a charm. A couple of people exited quickly this morning, but VERY few. The rest are now sitting on 10-20% losses.
Oh, what time should the NT filing come out for the delay?
IMO/FWIW
I-Glow,
SKTO is up to 37 paid promotions in the last 8 days. This is per the P&D website.
Considering the warnings issued about pot stocks by FINRA, and the heightened suspensions of stocks by the SEC in the field, I tend to believe 37 promotions for almost half a million dollars would catch the eye of the folks in the SEC.
Integral has been great in further exposing that in fact nothing has been done by SKTO/AEGY to actually facilitate the merger.
There are no plans to do so. The noose has been tightening on SKTO, their players, and even their attorney, and the barrage of promotions is a pretty good indication that they're all aware this doesn't have much time left.
It still baffles me how Jeff Benz got involved with this mess. I may never understand that.
IMO/FWIW
StevenRisk,
Indeed, there is no reason whatsoever to expect anything but the continued writeoff of A/R to bad debt.
Last Q (filed for 3Q) found SKTO writing off 100% of the Q1 receivables and 60% of the Q2 receivables.
This Q (filed for 4Q as part of the annual report) will write off the remaining 40% of Q2 receivables, and 60% of the receivables for Q3.
The company has never registered with the proper authorities in California to recognize revenue, which means that any "income" or "revenue" listed on the last Quarterly filing, the upcoming Annual Report, or any other prior filing, was acquired by the selling of shares, shares that may be proven to have been unregistered shares. It is for this reason among others I believe the Alberta Securities Commission went after the sister (and now Acquiring party to the merger being "claimed") and I do not believe the US authorities are turning a blind eye to the Canadian organization's action.
My prediction is that we're in the 13-14 million range in writeoffs when we finally see something on paper.
If you delve into SKTO's financials, you will see there are a great deal of convertible notes with VERY favorable conversion rates, all of which would have to be converted before any "merger" could even be considered. All debts, etc, would need to be cleared before the deal could be considered to be completed.
I have yet to look at the preferred AEGY shares, and what kind of conversion is due, and how that would affect the merged entity.
I have also yet to delve into how many "preferred shares" are set to be given to the principals of the "new entity" once merged, and what their voting rights and conversion numbers are.
Last time I was part of a merger, I got all the details pretty easily... Of course that was 2 big board companies...not a 37-tout promotion machine that actually has no plan to conduct legitimate business to valuate at more than .000001.
The SEC and FINRA are looking intently at both companies, surely with the volume of information being supplied from various outlets (and the dead giveaway of 37 touts), virtually assures action, and soon.
It won't be pretty.
IMO/FWIW
Bill,
When the AEGY/SKTO scam is blown open (as it already has started to be by the ASC with AEGY), Benz may need to be working overseas. I don't know that his services will be welcomed (or permitted) in the US.
He's in deep in this one. Doesn't take a rocket scientist to see how much he knows and did not act properly upon.
Sorry about that.
IMO/FWIW