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Great Post, If I may add, one thing I noticed...
"We relied on stockholder lists provided by the transfer agent to the Issuer and other written communications with the transfer agent to confirm the number of outstanding shares of common stock set forth in the July 2012 Quarterly Report"
Now I realize that the Attorney letter is in no way an Audit report nor is it the position of the law firm to offer assurance, but it just seems to me that if they really did look at the stockholder list, it would be blatantly obvious to them if Jeff was lying about his massive holdings. I would be willing to bet that they would not sign off on their letter if such was the case.
Sadly I do have to agree that the financial statements look like they were done by an 11 year old. The woman mentioned in the Attorney Letter is alleged to have a lot of experience preparing financial statements but it sure doesn't appear to be the case. I am looking forward to professionally done and audited statements in the coming months.
Definitely looking for strong EOW action. Expectation of news should bring some more interest as well. Hopefully the production PR comes out by end of next week.
Big volume today.
Someone who believes they were intelligent enough to do proper DD on this company and that their investment is not yet lost. Assuming that every SEC suspension is due to fraudulent behavior would be like assuming every time someone gets pulled over by a police officer they have done something illegal and will receive a ticket.
Well congrats for your guessing abilities. Mine was based on a PR I thought was happening on Monday or Tuesday. No matter, when news hits, and it will, we will fly. This is a long term investment. And again, these notions of volume drying up are just not true. This is no different than how trading on the Pinks was when people were waiting for news.
He hasn't actually. He PRd AFTER the suspension was already in place that he still held all of those shares as well as the 37mm from the buyback and shares previously held. kmag
Sadly it worked for some on Monday. Absolutely no reason for this stock to be trading at this price, but we shall rise again! KMAG
Completely agree! That is exactly how it works with the IRS as well.
Promoters or not, this is a legitimate company making big moves, not some P&D. When news hits in a couple week she will run.
Care to share any relevant info?
Thanks a big time contract, people need to take notice.
Most of us here will never follow as many suspensions as you have, but quite honestly, you put the SEC on a pedestal that not a single other government agency lives up to even remotely. Maybe in the end you are correct and the SEC plays by the rules and does an amazing amount of due diligence and genuine investigation, but they would be the first and only government agency that operates like that so seems like a bit of a stretch.
We have seen this volume and lower several times over the last couple of months while on the Pinks. Has nothing to do with the greys, merely the fact that no longs are willing to sell at that price nor are shorts and profit taking has already happened. So really it will be a stand still until the next PR, no different than how it was on the Pinks ; )
More good news out today!
Who is the T/A? Where did the 127MM figure even come from? That is no where near what is listed on otcmarkets. I must be missing something here since I have only been around a couple weeks.
I think you misunderstood haha. I was agreeing.
Long term, I absolutely agree with you. Short term, I think even those of us who believe in KMAG and Jeff 100% have to be realistic to the fact that in the eyes of an outsider, this is an extremely risky investment. Still not knowing the full reason behind the suspension and if there is any foul play going on this bears a deep discount as well as liquidity issues. I believe when all is said and done this will turn out to have been an amazing investment, but realistically, I wouldn't expect a large influx of buyers even with really good news.
Good point. October is going to be a huge month. And we have no where to go but up. The last run up from .003 was no trouble and this one won't be either.
Haha yeah, those who wanted out got out. And hey, some lucky fellow even got off 175,000 at .014. But to hold through the suspension and past sell off day, but then still be willing to sell this week on no news just make no sense to me but to each their own.
I agree and think the numbers will be awesome. My only concern is that under this scrutiny, I am not sure if Jeff will be releasing unaudited numbers via PRs anymore.
Agree with both of you. No problem waiting this out. For people to sell, especially before this weeks PR is just ridiculous. Price always stabilizes and comes back some, the greys doesn't change that.
A lot of S/H still haven't accepted that this is just going to be a game of patience.
Even if we get this awesome PR announcing an auditor and saying we are cleared, it isn't going to make the F/S get audited any quicker or get us uplisted any quicker. Yes, we will at least be in the know, which is nice, but I still feel like people need to understand, no matter how well JR handled things and how great our future looks we are stuck in this muddy water for at least a few months and there is nothing that can change that.
Seriously. Today's trading has been an absolute joke.
They are also restricted which is reassuring.
You nailed it. Wish I would have listened to you on the alert at .0012 lol.
Exactly! And this was suppose to be the massive "sell off" day. When really we are just getting new whales and stronger hands. Price will only go up from today, especially when a PR drops. Close above .01 by EOW imo. Geeze just think someone who was smart enough to snatch up those .021s has already made a 200% return.
Yeah that is a good point. Over all, seems like a lot of people are waiting on news to decide further action which is nice to not just see a massive sell off.
Good compare. And MIK* even released a PR explaining how they were working to get re-quoted and all that and it clearly did nothing for them, so JR had his reasons for waiting on his PR imo.
Someone got an order of at 014 lol. We either have a buyer that REALLY believe in this stock...or someone who forgot they had an order in from 2 weeks ago.
We aren't looking to bad over all. And I am glad JR is waiting for the weak hands to leave to release the PR. Some people were just going to sell this morning no matter what, it clearly did nothing for MIK*
Snagged another 170k through ET. People still selling at bid lol sad for them, good for me.
Still looks suspended on ETrade. No volume, no price change, no bid/ask and no 1 or 5 day chart available.
My biggest issue with your theory is that Jeff PRd after suspension that he still held all of those shares which could EASILY in five minutes be proven false if he was lying so why would he set himself up for jail time like that?
Well I guess the next month will prove one of us wrong and one of us right.
Well hey, you said .002 not .0002 so I would say we are making progress ; )
My. 02 guess is based mostly on an expected PR this week. If that PR doesn't come then I would definitely readjust my guess.
I am more interested to see volume than I am price. As you said, price will likely be all over the place. I expect some very low ball selling in the early morning with a nice bounce and decent close.
Best part about tomorrow..all the random speculation goes bye bye and whatever happens happens. I'd rather see a huge drop than to read any more of these ridiculous doom and gloom posts.
My prediction, .02 by close on Friday.
No worries, I know you have a strong comprehension of the financial statements so I don't have to explain the significance of that 10K. But yeah, I am honestly not sure why keeping the clients hidden has been Jeff's practice, but hopefully one of these days we get some information.
Sorry if I did a bad job explaining, I wasn't saying the SEC went back to 2008. I was saying that the 2008 10-K was fully audited and in it there were a lot of gems to be pulled. For example, KMAG had revenues of $6.5 million all the way back in 2006 (again, this was audited), so it is laughable to me for people to say this is a scam, the revenue figures are fake. It really is not a difficult stretch to imagine 3 million+ for Q2 of 2012 when he was pulling in half that 6 years ago.
Another thing in the notes that was pretty interesting was that in 2008, JR voluntarily reduced his salary $50,000 and for the first quarter of 2009 gave up his salary entirely. He also worked to changed his commission structure around to one with incentives based on growth and revenues instead of just large flat bonuses and salary.
Another thing to note, at the inception of the company it combined with Espo's, sporting goods retailer and became the sole company. Interesting to note that some of KMAGs biggest clients may very well be sports retailers that they came in contact with through Espo's.
Additionally, in the 2008 10-K, it is noted that no one customer provided for more than 5% of revenues and that contracts were typically only for 12 months or less before expiring and could be cancelled at any time with 30 day notice by either party. Maybe this is the reason Jeff doesn't give us customer names. A. if there is no MAJOR customer accounting for a big portion of our revenues, it isn't nearly as important to know imo. B. With customers changing and coming and going with these 12 month contracts, it would probably look bad if he told us some names, then next year we didn't see those names again.
All JMO and yes this was four years ago, but I believe this puts to rest all these theories of the company being a scam. I am not saying Jeff is in the right, I still have no idea why we are suspended. But this company has true, proven history which puts it above 95% of the other suspended companies right out of the gate.
As I posted yesterday, someone in KMAG with a cost basis of the current price to sell at .0001 would mean if they had $100,000 invested they would get back $714. At that point of a $99,286 loss, who would honestly not just hold onto the stock for the off chance that the company somehow comes back, is bought out, pays out for damages, etc.
I do not plan to sell, but I honestly cannot imagine why anyone would sell in the triple zeros, especially with no fraud being charged yet. There are too many upsides to realize 90%+ losses.