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AB's article didn't shed any new light as everything was laid out here already long ago. Besides, they don't need common shareholders permission to do it anyway, the insiders have enough votes to do it at anytime without having a proxy vote.
I think this is what changed their tune, not the common shareholders, not AB, either getting sued or not finding anyone willing to finance them anymore was more likely the reason.
Interesting development...
What is ironic is the stock was the author's most favorite highly recommend stock, right up there with his high praise of PHOT.
Interesting article. Basically everything I and many others have been saying for a long time.
And the form 4,s keep on coming. The VV family dump is next.
Hysterical
; - )
It was some dude wearing a "Scumbag Steve" hat.
No rush to buy in now as there is still plenty of downside....
He also said they had enough financing to cover build out and would not need to raise the A/S or take out any more financing etc etc etc. How did that work out?
Those evil evil manipulating naked shorting market makers....
I know, I just used the B shares as I didn't know how many Z had off the top of my head.
Lol....didn't read the pps part.
Why would a big pharm even go near this company? For what? They have nothing big pharm would need and they can do it bigger and better themselves.
What do you mean if? It has happened. Common shareholders voting lower is insignificant. The common shareholders have 350 million votes v insiders preferred B shares of over 13 BILLION votes.
Love the comedy.
ROFLMAO. Funniest post of the year!
Is it me or have they failed in every attempt to get additional licenses since getting the Nevada provisional?
In other words, he used dilution to buy out a company owned by insiders that, although generates a large revenue, losses money and increased TRTC net losses while insiders cash out while expenses of the dispensary that loses money get shifted to the common shareholders.
What you fail to point out is that it effectively gives the insiders 20 x more common shares post R/S upon conversion of their convertible B shares due to the fact that the conversion ratio does not get affected in a R/S.
So are you saying only people on the sidelines are allowed to express their opinions about a stock on the interwebs?
But do you challenge the facts?
Lol...fraud claims? Roflmao.
Biased, but very factual. Feel free to challenge any statement in that blog that you feel is not accurate.
Darren McCammon
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Darren owns ProActive Financial LLC where he provides Financial Planning and Analysis consulting services. Darren's education includes a Bachelors in Economics, an MBA, and a Certificate in Personal Financial Planning.
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Terra Tech (A.k.a. Private Secretary, TRTC) Dilution Benefits Insiders Greatly - Know What You Own 13 comments
Aug 22, 2016 11:31 AM | about stocks: TRTC
100,000 shares of TRTC got you rights to enough revenue last quarter to buy this shed:
I suggest those who own Terra Tech (OTCQX:TRTC) do in fact buy a shed like this, as if you make too many more similar investments, you are going to need it as a place to live.
With TerraTech it is important to understand who really recieves the majority of the benefits, because it is not the individual investor. Much of TerraTech insider profits come not from direct compensation but rather from convertible shares.
In the proxy statement ( http://tinyurl.com/jl9... ) you will find:
PROPOSAL FOUR:
"Amendment 4
INCREASE THE NUMBER OF AUTHORIZED SHARES OF COMMON STOCK TO 990 MILLION AND PREFERRED STOCK TO 50 MILLION
We currently anticipate issuing a total of 429,385,696 shares of capital stock in the foreseeable future as follows (this is in addition to the already existing 349 million shares outstanding):
30,000,000 shares of Common Stock issuable under the 2016 Equity Incentive Plan;
100 shares of Common Stock issuable upon conversion of our Series A Preferred Stock;
106,890,000 shares of Common Stock issuable upon conversion of our Series Q Preferred Stock, which conversion will occur immediately upon the filing of the Certificate of Amendment with the Secretary of State of the State of Nevada if this Proposal 4 is approved by our stockholders;
215,281,283 shares of Common Stock issuable upon conversion of our Series B Preferred Stock (which includes shares of Common Stock issuable as a result of the conversion of Series Z Preferred Stock into Series B Preferred, and thereafter, into shares of Common Stock);
15,164,262 shares of Series B Preferred Stock issuable upon conversion of our Series Z Preferred Stock, which conversion will occur immediately upon the filing of the Certificate of Amendment with the Secretary of State of the State of Nevada if this Proposal 4 is approved by our stockholders
2,500,00 shares of Common Stock issuable upon conversion of Series N Preferred Stock, which conversion will occur immediately upon the filing of the Certificate of Amendment with the Secretary of State of the State of Nevada if this Proposal 4 is approved by our stockholders;
Up to 30,746,782 shares of Common Stock issuable upon exercise of outstanding warrants;
Up to 6,700,000 shares of Common Stock issuable upon exercise of outstanding options; and
Up to 22,103,269 shares of Common Stock issuable upon conversion of outstanding notes."
You see they need amendment 4 approved because they have issued themselves such an incredible amount of preferred shares that they can't even convert them within the 350 million share limit. If preferred were fully converted to common there would be 414 million additional shares:
Peterson (CEO, Almsteier's husband) 65.8 million
Almsteier (Secretary and Treasurer) 38.7 million
Nahass (Director, former President) 44.4 million
James (NASDAQ:CFO) 11 million
Vandevrede's (COO & VPs) 59 million
Ibrahamim (Kaufman's wife) 112.9 million
Kaufman 82.1 million
So how did they get all the shares? Well some of it is awarded to them or original ownership, but a lot also comes via insider transactions:
Peterson, Ibrahmim, Kaufman sold Black Oak Gallery (a.k.a. Blum) to TRTC
The Vanvrede's sold sold the rights to Edible Garden to TRTC (but not the actual greenhouses)
James was likely the financier behind the Therapeutics Medical LLC (vitamins) sale to TRTC. He is the former CEO of Inergetics (OTCPK:NRTI) which "developed" the vitamin brands which were purchased. You can read up on what happened to NRTI investors on your own.
So that is what you are buying into. A company that has been diluting share count so exponentially that they plowed through their 350 million share limit and more in a couple years. So much so that they now need to more than double that share count just to cover convertible preferred already issued. A company that seems to do deals which regularly put millions of additonal preferred shares in insider hands.
So when you invest $37,000 in TRTC for 100,000 shares (current share price is 37¢), you get not 1%, not 1/10th of 1%, not 1/100th of 1%, not 1/1000th of 1%, not even 1/10,000th of 1% of the company. Nope your $37,000 effective buys you ownership in 3.5/100,000ths of 1% of the company. That $9.7 million dollars in revenue they did last quarter (but no profit), $339.50 of it represents your portion. Your $37,000 investment got you rights to $339.50 of revenue and the profit (or in this case losses) attached to it. Congratulations on your investment!
Disclosure: I am/we are short TRTC.
Additional disclosure: Since I am short TRTC, you should assume I am negatively biased. This article is designed to be educational and informative, not specific investment advise. I don't know your particular situation therefore I cannot recommend a short position in nor for that matter any investment to you. But you don't have to believe or trust me, check it out for yourself, do your own due diligence.
Stocks: TRTC
Unfortunately, a Biotech firm already beat them too it, with patents too and in phase 3 clinical trials.....
I Turd by any other name is still a turd....
Robbery in broad daylight, fully disclosed in SEC reports.
TRTC didn't buy out Blum, it was the other way around as Blum owners now have the majority voice over TRTC.
Bullshit
The CEO also said they had plenty of funding for buildout and that they wouldn't need to take out more convertible debt or raise the A/S count. See S3 and proxy to see how that turned out.
They do? Can you name which companies and Technologies as I would love to hear it.
Management decided to only R/S for Nasdaq uplisting, until they decide to do it for other reasons. R/S by EOY.
Lol dude
Well, obviously there are other C&P facilities operating or none of the dispensaries would have any product to sell. Blum Vegas is getting product from somewhere and it isn't California.