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RE: Serious Question
Disclaimer:
"...Conboy's own mouth he doubts ECOB is a "Going Concern" unless he can borrow more money, (the remaining is commentary) and dilute your investments more."
Serious Legitimate Question: (Please - No Hecklers)
I like to think of myself as an open-mined individual that listens to others thoughts and opinions while seeking truth, knowledge and wisdom.
My question, as specifically related to ECOB, is this.
What is the investing (i.e. long vs. trading) criteria/strategy that you use in which to invest long in ECOB?
Given the climate of the "pinks", and more specifically ECOB, where business decisions are autonomously made by Steve Conboy, where he openly admits to the SEC (1)that neither he, nor his staff, {including Ms Tritsch - Certified Bookkeeper} (2) since 2009, whom is referred to as "Corporate Controller", possess the required talents in which to properly maintain the required financial reporting and that his solution is additional, "OJB - on the job training". Given the facts that dilution of your investment (long) is a normal course of business, the balance sheet has NO value, has NO inventory, has NO credit, hasn't made a profit and from Conboy's own mouth he doubts ECOB is a "Going Concern" unless he can borrow more money and dilute your investments more.
I'm genuinely eager to learn and understand others long-term investment strategy.
Trading is another topic - financials don't matter - buy low / sell high on a short-term basis = kaching !
----------------------------------------
NOTES:
(1)
RESPONSES TO SEC:
Under the supervision and with the participation of our management, including our principal executive officer (who is also our Chief Executive Officer), we conducted an evaluation of the effectiveness, as of June 30, 2012 and all interim subsequent periods, of the design and operation of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based on this evaluation, our principal executive officer and principal financial officer have concluded that, as of such date, our disclosure controls and procedures are not effective due to the material weakness and significant deficiency in internal controls over financial reporting described below.
Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
The material weakness and significant deficiency identified by our management as of March 31, 2013 relates to the ability of the Company to record transactions and provide disclosures in accordance with U.S. GAAP. We did not have sufficient and skilled accounting personnel with an appropriate level of technical accounting knowledge and experience in the application of U.S. GAAP commensurate with our financial reporting requirements. Our staff needs substantial training to meet the demands of a U.S. public company and our staff’s understanding of the requirements of U.S. GAAP-based reporting are inadequate.
Remediation Initiative
We intend to provide U.S. GAAP training sessions to our accounting team and intend to increase the amount of training that each member of our accounting team receives. The training sessions will be organized to help our corporate accounting team gain experience in U.S. GAAP reporting and to enhance their awareness of new and emerging pronouncements with potential impact over our financial reporting.
Sidebar: Personal opinion - If a person doesn't possess the technical/analytical skills required to perform the position why is he/she employed in that position? I would consider this a grave mismanagement of those whom hired such individuals in the first place and would question EVERY decision he/she made from that point forward as being an intelligent one ! Given ECOB is continually having to restate, correct, clarify, etc., SEC reports is this not better time, one could argue, in which to manage the internal operations and better serve stakeholders interest ? Yet - it continues - is this not the epitome of bad management?
(2)
http://proadvisor.intuit.com/quickbooks-help/eveline-tritsch
Certified Bookkeeper: (an online program)
http://www.ed2go.com/career/training-programs/bookkeeping-certification
Upon completion of this program, you'll be able to do the following:
- Describe the benefits, eligibility requirements, code of ethics, and maintenance requirements for the Certified Bookkeeper
- Apply the concepts of accrual accounting to transactions that span fiscal periods
- Trace the effect of accrual and deferral transactions to financial statements
- Apply accounting concepts and the basic tools of financial analysis in identifying and correcting errors
- Reconcile bank accounts
- Prepare payroll transactions, from paying wages to depositing and reporting taxes
- Apply accounting concepts to depreciation transactions, including various methods of calculating depreciation for book and tax purposes
- Value inventory, record costs, make entries, and report inventory on financial statements
- Help your company or client use basic internal controls to prevent theft, embezzlement, or check and credit card fraud by employees, customers, or vendors
(3)
Ms Tritsch actively tweets marketing ads using her ECOB profile name while boasting her "boss is Steve Conboy".
(Eveline Tritsch @ECOBEveline ecob.net)
https://twitter.com/ECOBEveline
Eveline Tritsch ?@ECOBEveline Jun 13
Larger Photo
#1 Stand-UP
RE: AEC Daily
Have to keep an eye out for this future development.
Probably "immaterial".....
"...For every home built with Eco Red Shield™ Protected Lumber, we will donate one Eco Shelter to a family in need here in the U.S., or around the world in places like Haiti, Africa or Japan."
Is this offer "open-ended" or does it have a definitive time span?
Does the home have to be "completed", or will the PO/Delivery suffice, or is it when ECO is paid ??
When does ECO perform (i.e donate) Qtr./Annually, etc..?
Wonder if a "liability" ($?)is set up on the books, and when?
Define - "Eco Shelter"
Total homes built ?
Total Eco Shelters donated - where/when ?
Cost of "Eco Shelter" - what does it include?
- wood (or just paint), freight, labor, etc?
Surprised this tidbit isn't included in every PR release !
RE: You are aware that Defensive Building Practices thing is Conboy's .org, right?
Yes - hence the "irony" - asking builders to adapt a "Defensive Building Practice Strategy", that directly reduces/effects their income generation abilities.
"Margins definitely have to managed or all "sales"..."
I think you just hit the "nail on the head" !
In my humble opinion, when you look in the dictionary under "Mismanaged Companies", you'll see a picture of ECO/Steve Conboy !
Irony: ECO and Defensive Building Practices
Builders Revenue Sources:
- New Home Construction
- Remodeling
- Fire/Smoke Damage
- Water Damage
- Mold/Mildew Remediation
- Natural Disaster: Flood, Hurricane, Tornado, etc.
RE: Family Treasures:
Greater volume (sales) ultimately leads to lower Cost of Sales
making it much easier to have a positive bottom line.
You can increase sales 10x, however, if the margins don't support the "total cost" incurred to provide a profit - what do you have left ?
It's great to be able to agree/disagree, share comments, without having to get in the gutter like we've seen time again and again on this board.
Sidebar:
Like the name, I believe we share values, perhaps not business philosophy.
My $.02 - Short & Sweet !
It's not about liking/disliking, believing/disbelieving, building 1 house, subdivision,an entire city, etc. It goes way beyond sales - sales is the easy part - it's about profit and sustainability !
This isn't grade-school where everyone gets an "A" for showing up -
Corporate Financials = "Report Card".
Very simple - Very complex, at the same time !
Coach
EPS ?? What was I thinking ???
Must've been thinking about other "real" companies!
Perhaps a dilutive change in ownership would be more precise !
(1) Happy Mother's Day to all the Mom's !!!
(2) Long-vestor (My Bad) - I did read them, just had a brain freeze I guess ! Yes - quite a few converted in 2014 - like to see a schedule (timeline) of the dates/shares and the resulting EPS Dilution the past few years.
$675,000 Series B Preferred Stock Financing
On February 26, 2014, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an institutional investor, Dominion Capital, LLC, (the “Investor”) providing for the issuance and sale by the Company (the “Offering”) of 6,750 shares of the Company’s Series B 12% Convertible Preferred Stock, par value $0.001 per share (the “Preferred Stock”), for a purchase price of $675,000 (the “Financing”) which are convertible into shares of the Company’s common stock (the “Common Stock”). The closing of the sale of these securities took place on February 27, 2014 (the “Closing”).
Long-vestor:
Do you have a list of the 2014 convertibles handy ?
Good job on the 2012 & 2013 !
He would IF he could !!!
He'd convert his Mother, ya know, Mother's Day and all !!
We all get the theory behind convertibles,and, sometimes
it's a well thought out business strategy as the company needs
cash flow, in order to support expansion, etc.
However, in ECOB's situation, it's more of a tourniquet to stop the hemorrhaging - too little too late - no amount of converting is going to save this ship.
He uses the shareholder's as his personal bank - they are the ones loaning (sacrificing) their money on Conboy's gamble. Don't know about the rest of you but I'm not his banker.
Had it been anyone different - a financial professional, professional officers who could run the company and make intelligent decisions, that would be another story.
A "Controller" who's a "bookkeeper - give me a break !!!
They spend half their time correcting SEC filings - the SEC is ALL over their ass.
Unfortunately - Liabilities DO go away !!!
They're called "convertibles", or more precisely,
a "Debt/Equity Swap" !!
Most investors call it for what it really is:
"getting screwed", "taking it in the shorts",
"dilution", yadda yadda yadda !
ugh ....
RE: "i don't see in the blog..."
You ARE kiddin' right ???
=============================================
"Long-vestor", is Steve referring to you ?
www.ecob.net/index.php?p=blog
Most Defensive House in the U.S.
2014-05-03
Eco is building the most defensive house the US has ever seen in Breezy Point, NY, and it will be ready for The Eco Home Tour
starting May 26th. What's more... Conboy is hoping people like Budmt and Longvester show up to touch and feel it.
"Long-vestor", is Steve referring to you ?
www.ecob.net/index.php?p=blog
Most Defensive House in the U.S.
2014-05-03
Eco is building the most defensive house the US has ever seen in Breezy Point, NY, and it will be ready for The Eco Home Tour
starting May 26th. What's more... Conboy is hoping people like Budmt and Longvester show up to touch and feel it.
IMHO - Short term investors could care less:
- loving the volume and volatility, especially when you can predictably anticipate its arrival/departure.
- KaChing -
------------------------------------------
Just another FLUFF pr. Redwood is loving your big love. Its what gets those shares lubed up and into the float...This is and continues to be smoke and mirrors. Whats real here...its the balance sheet and debt. That's the most real thing any investor will care about.
Government ?
Before the "GOVERNMENT" (federal/state/local/municipality) gives
- it must "TAKE" !!
Government ?
Keep the Government out - let "Capitalism" reward and/or "incentivize" !!
Don't we have enough GOVERNMENT as is ??
"...At what point will local and state Government's begin to incentivize homeowners to use defensive building products in the many rebuilds we see taking place across the country? ECOB recently learned of draft legislation in New Jersey that, if adopted, may soon offer homeowners up to a $5,000.00 (FIVE-THOUSAND DOLLAR) tax credit for rebuilding with whole-house eco-friendly, defensive products. "When will insurance providers realize that offering liability insurance discounts to builders and for those that build with some type of whole-house, code supported, lumber defense that could potentially mitigate costly claims especially against mold? Doing so would provide relief to the Construction Industry because it is our belief that it's the liability insurance that could potentially reduce the brick and mortar costs on any build," stated Steve Conboy, President/CEO, Eco Building Products, Inc."
Thanks Long-Vestor -
Coach
Fee Agreements - INSURFINANCIAL HOLDINGS PLC
Dissolved 5/2/2013
Oh well...
Fee Agreement Between Insurfinancial Holdings, Plc And Eco Building
Fee Agreement
Check out the various "Fee Agreements".
June 13th, 2012
InsurFinancial Holdings, Plc Agency Agreement ("Agreement") sets forth the binding terms and conditions, between InsurFinancial Holdings, PLC, a United Kingdom company ("Company") and ECO Building Products, Inc. a Colorado Corporation (ECO). ECO has appointed Steve Conboy as attorneyin-fact for ECO to sign all related documents for this Proposed Transaction and The Company has appointed James E. Patterson as attorney-in-fact for the Company to sign all related documents for this Proposed Transaction. Company and ECO may be referred to herein, individually, as a "Party" and, collectively, as the "Parties" with respect to this Agreement.
WITNESSETH:
WHEREAS, the Parties entered into an agreement on June 13th, 2012 referred to as "Stand by Only Credit Facility SBLC ("SBLC Agreement"), and
WHEREAS, with respect to a proposed transaction in which the Company and ECO will participate in a business relationship in which the Company will arrange for the issuance of a Stand By Letter Of Credit (for which the terms, conditions and language are included in Exhibit A of the Agreement) in the amount of USD One Hundred Million Dollars ($100,000,000) ("SBLOC") to be used to guarantee performance under a credit facility that ECO have entered into to be exclusively used for trading (buying, selling, arranging for the purchase or sale as Principal or Agent) in wood related commodities ("Trading").
WHEREAS, this Agreement is specifically being issued to address ECO Building Products Inc. located at 909 West Vista Way, Vista, California 92083 and represented by Steve Conboy its CEO, as it relates to Trading Wood Products. No other areas of business outside the scope of Trading are subject to the transaction(s) contemplated in this Agreement and the use of the SBLOC will be limited to only guaranteeing the financing associated with the Trading activities.
WHEREAS, ECO represents that it will have an agreement in place with its major investor to redeem to the treasury of the company all issued and outstanding shares and warrants held by said shareholder.
WHEREAS, ECO desires to represent The Company's interest, as approved by the Company in advance, in placing SBLOC's that are under the Company's control to entities that need to provide additional balance sheet surety in completing financing transactions relating to their business, and
WHEREAS, the Company has complete underwriting authority in any transaction presented to it by ECO in respect to the SBLOC's and would never be in a position where a verbal or written communication prior to an executed agreement would be considered an obligation of the Company;
NOW, THEREFORE, in consideration of the premises and the mutual promises herein made, and in consideration of the representations, warranties, and covenants herein contained, and in order to consummate this Agreement.
1. Stand By Letters of Credit.
(a) Terms. The Company agrees to provide; a Standby Letter of Credit ("SBLOC") for $100,000,000 to be utilized by ECO as set forth and attached as Exhibit A to this Agreement.
(b) The Closing and Closing Date. The Closing of the Transaction contemplated by this Agreement shall take place on or before June 201h , 2012 "Closing Date".
Eco Building Products Contracts:
Eco Building Products, Inc contracts
Anyone looking for a job ? (see #3 below)
Talk about being between a rock and a hard place - OUCH !!
Probably get paid in stock.
Then again...both the CEO/Tech are doing well... $$$ (ugh)
Consultant = someone you call in at the last minute to share the blame !
================================================
The Company expects to take the following steps to remedy these weaknesses:
1. Continue the implementation and training of an ERP system in which will improve the segregation of duties issues and automate the tracking of costs related to inventory
2. Hire additional staff to assist the Controller to implement procedures improving the transaction processing, reconciliation and reporting process of inventory.
3. Hire a Principle Financial Officer to solely act in the capacity of CFO and relieve the current duties as performed by the Principle Executive Officer.
The Company expects to remediate these weaknesses prior to the completion of the quarter ended September 30, 2014.
The Company deemed that the internal control over financial reporting for the Company as of December 31, 2013 is not effective
Thank you - I was just there.
However, nothing "illegal" as some would purport.
I am not advocating for tax noncompliance - more indicative of a looong string of poor management decisions !
In my opinion a more serious infraction is the glaring, obvious and admitted, lack of effectiveness of internal control over financial reporting ! (see below)
---------------------------------------------------
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9796776
Effectiveness of internal control over financial reporting
Under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(f)
and 15d-15(f)) under the Exchange Act. Management conducted its evaluation based on the framework in Internal Control – Integrated
Framework issued by the Committee on Sponsoring Organizations of the Treadway Commission (COSO). Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that, as of April 30, 2013, our internal control over financial reporting was not effective due to material weaknesses in the system of internal control. A material weakness is a deficiency, or combination of deficiencies, that creates a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected in a timely manner.
Table of Contents 25
Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to management,
including our Chief Executive Officer and Chief Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.
The material weaknesses assessed by our management were related to the tracking and valuation of our inventory, management determined that a material weakness existed in the processes, procedures and controls related to the preparation of our financial statements. This material weakness could result in the reporting of financial information and disclosures in future consolidated annual and interim financial statements that
are not in accordance with generally accepted accounting principles.
The Company expects to take the following steps to remedy these weaknesses:
1. Continue the implementation and training of an ERP system in which will improve the segregation of duties issues and automate the tracking of costs related to inventory
2. Hire additional staff to assist the Controller to implement procedures improving the transaction processing, reconciliation and reporting process of inventory.
3. Hire a Principle Financial Officer to solely act in the capacity of CFO and relieve the current duties as performed by the Principle Executive Officer.
The Company expects to remediate these weaknesses prior to the completion of the quarter ended September 30, 2014.
The Company deemed that the internal control over financial reporting for the Company as of December 31, 2013 is not effective.
RE: Unpaid Taxes
Owing taxes is and of itself, not illegal - not paying them, however, especially under a court imposed sanction and/or stipulated agreement with the IRS, as we all know .....
Disclaimer:
I do not have personal knowledge on the tax issues re: ECOB
(corporate, state, local, employee, excise, resell, income, personal, etc., etc..)
The "real" question should be "What's right with this statement? ))
RE: #13195
"...Conman is the co-chair for the event and normally Platinum sponsor pays $5k..but if Steve talks then he doesn't have to pay....another FREE ride for the Conman..."
============================================================
ECOB is a "Platinum Sponsor" = $5K
$10K - Main Event Sponsor
$ 5K - Platinum Sponsor
$ 2.5K - Gold Sponsor
$ 1K - Silver Sponsor
$ .75K - Table Sponsor
http://media.wix.com/ugd/afcde2_adce902e832b43868c1264dd3d5d1e72.pdf
Conference Information
Please select the type of registration.
Attendee | Full Conference Registration| $ 75.00
Panelist/Speaker/ Keynote Speaker
Conference Sponsor
Conference Sponsor + B2B Exhibitor
B2B Exhibitor Only | $250.00
Per the above - Panelist, Speakers, Keynote Speakers, Conference Sponsor (including CS/B2B Exhibitor) are not charged the $75 "Conference Fee".
Your previous post, "#13195 - see above", made it sound, to me at least, that Steve didn't have to pay $5K, which is clearly incorrect. Just wanted to clear the air as possibly others may have interpreted your statements as I. Just keeping it real - DD is everyone's responsibility. Coach
RE: #13195
Rule? Probably not - good analytical form for discussion ? Yes
I couldn't locate any source for your below statement re: "..if Steve talks then he doesn't have to pay..."
Perhaps I missed it somewhere - can you help ?
==================================================
Please provide specific link to your source re:
"Conman is the co-chair for the event and normally Platinum sponsor pays $5k..but if Steve talks then he doesn't have to pay....another FREE ride for the Conman."
Thank you - Coach
=====================================================
RE: #13195
Please provide specific link to your source re:
"Conman is the co-chair for the event and normally Platinum sponsor pays $5k..but if Steve talks then he doesn't have to pay....another FREE ride for the Conman."
Thank you - Coach
WestcoastCoach is not a "Premium" member:
.....(i.e. unable to reply privately)
5 minute talk
http://www.worldtradeconference-ie.us
(Will most likely need IE to view site)
Program Agenda (PDF)
http://media.wix.com/ugd/afcde2_21aed46495f94fcfb38115ce62bd2df5.pdf
9:15 am - 9:20 am
PANELIST 3: Large Business Exporter
Steve Conboy
CEO-President
Eco Building Products, Inc.
A large business who exemplifies the success of international trade. Mr. Conboy shall share how Eco Building Products got to where they are at globally. With Eco Buildings’ huge success, Mr. Conboy will be an inspiration to other businesses and make companies in attendance realize that export is viable and achievable.
Important to include a link when quoting and/or referencing a source - to keep it real.
http://ecob.net/index.php?p=blog
When I read the comment on the board I inferred (incorrectly) the "TED Video" had specifically mentioned and was related to ECOB - it was not.
DD is everyone's responsibility.
...or plenty of rope
Just sayin'....
http://ecobuildingproducts.com (Domain Name)
is for sale - asking $25K
http://ecobuildingproducts.com
http://www.ecob.net
No problems - up and running.
http://www.isitdownrightnow.com
Ecob.net is UP and reachable.
The website is probably down just for you...
Compensation as of 12/2013:
Mr. Steven Conboy, 60
Chief Executive Officer
President
Principal Financial Officer
Principal Accounting Officer
Director
$300,000
Mr. Mark Vuozzo, 50
Chief Technical Officer
General Manager and Secretary
$250,000
https://uk.finance.yahoo.com/q/pr?s=ECOB
Under "Company","Profile"