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DING DING DING! You win the prize for posting the same FUC*ING thing for almost a YEAR now! CONGRATULATIONS. You're coming up on 1 FUC*ING year with this same FUC*ING POST! I'm sure iHub won't mind my crudeness since I've complained about this AND HAVE YET TO RECEIVE A REPLY in any way! I'm actually one of the idiots who actually PAYS iHub & they don't give a shit so please see how much longer you can REPOST the same FUC*ING sheet from NOVEMBER FUC*ING 2022!
First & foremost, confirm anything I say with your accountant! And that example I posted was from a Schwab site about another "fair fund distribution".
https://www.sipdistribution.com/Home/portalid/0
You've already paid taxes on any money you invest in a traditional account, right? And if you sold shares at a loss, you were/are able to claim the loss. Maybe the IRS looks at the amount we receive like a "dividend"? I hold shares in a company that is trading at half of what I paid for it. But it pays a 10% dividend that I pay tax on every year.
The whole situation sucks, but at least we're getting something back...
This is from a Schwab "fair fund" settlement & not OWCP but I'm sure it applies:
This distribution may be taxable depending on the Account Type you held, which was used for the distribution calculation. If the distribution is related to a Qualified account (such as an IRA), the distribution will not be taxable if it is deposited in the same Qualified account or another Qualified account you hold. If the distribution is related to a non-qualified account (such as a taxable brokerage account), this distribution may be taxed and you may receive a Form 1099.
Regarding claiming the "full loss", if you haven't already sold & taken the loss, you need to sell 'em. Since that isn't really possible, you need to call your broker and they will "buy" them which removes 'em from your account. I have previously done this with TDA more than once (unfortunately). They give you a few cents for all of your shares. Like if you have 10,000 shares that you paid $5,000 for, they will literally pay you .03 cents for the lot!
I know, just ask Jerry Seinfeld!
...she had booked a reservation for a gas-powered car, but rental companies are notorious for taking reservations though not holding onto them.
Q4 = EOY = 10K = Mar 30, 2024 Due date
People on iHub have suggested (including me) an audit, likely an annual financial audit is required to remove the shell risk. I have seen nothing from the company saying they have started any kind of financial audit? If I missed it, please advise where I might find it. Thanks
Yeah, I "way over-simplified" & pretty much only covered shares that were "held". The figures in the chart are also mostly .39 or within a couple penny's of it. In 3 of my 4 accounts, it was as simple as subtracting .39 from price paid. Thanks for the additional info.
Cheers
The fund determined that .39 was a "fair" pps prior to the Friedland pump. So if you paid $1.00 for 1,000 shares, subtract .39 for .61 cents, multiply .61 x 1,000, & your "fund loss" is $610
I don't think anyone implied or was expecting to receive more than they lost?
Speaking of quarterly reports, I don't think I've ever seen a "quarterly report" that didn't have figures for the quarter being reported?
And, I didn't see a single post mention that revenue "decreased" by about 14% in Q2 from Q1?
Just saying...
Ok, I'm buzzed right now so hope I make sense! The fund formula for calculating your loss wasn't totally clear to me, specifically regarding shares bought under .39 cents. But when I went back to my spreadsheet & included shares I purchased under .39 cents, it equates to a negative number, ie a gain. Add that to the shares purchased over .39 and in my 1 account, I can see a didn't have a loss "during the period".
Regarding the 49ish percent, the fund total from dick Friedland was about 4 mil, but the total shareholder losses were about 8 mil, hence the 49.7%
Curious: did you and others who believe their amount is short, purchase any shares "during the period" for less than .39 cents?
This is a deja vu topic:
Investment and other theft losses are covered in the IRS section 165 of the tax code. If you wish to claim a deduction for any losses due to investment fraud, you must complete a theft loss report. Theft loss reports should be submitted using Form 4684 and Form 1040 Schedule A.
I'm definitely NOT an expert, but I recall things like "what year the loss happened, possibly re-filing a prior year return, must itemize", etc. Like Swamp Boy said, ask your accountant!
I'm hoping Melvin maintains his complete silence! Look how much fun we're having theorizing & guessing what might be going on.
Correct. But the first thing you are asked is "number of shares held prior to the period". In 3 of my 4 accounts where the total calc'ed loss was about 28k, I came within 5 bucks of what the fund said. I had 1 account which was deemed ineligible due to no period loss? Just so happens I held shares prior to the period and then had a handful of trades from there. Don't think they apply gains from selling those shares during the period against legit fund losses, but I thought I had about $2k in qualified fund losses but they say no. Oh well...
I assume your confusion is with the 75k vs 100k & not the 49.7%?
I thought up until an hour ago my loss in 1 account was $700 LESS than what the fund said. I checked the spreadsheet I created and found an error I made in summing a column! After correction, my loss matched to the penny what they said. Note that my spreadsheet is not what the fund used. I sent them statements with non-OWCP data redacted & they did the calcs.
Did you factor in the .39 cents base? Like if you paid $1.00 per share, subject .39 & your cost basis becomes .61 cents as far as the fund is concerned.
I recall the .39 changed for some dates too but I'm too lazy to pull the paperwork out!
I also found it a bit confusing for shares purchased before the start of the period but sold during it?
Sorry if none of that helps?
Obviously people pop on iHub boards and ask questions without reading the current, or any other posts...
The "Investor number" (claim ID) for each claim was printed on the postcard you received to acknowledge receipt of your claim(s) and was also included on the letter that was subsequently sent to confirm your claim was either an "eligible" or "ineligible" claim.
Regarding the pro-rata percentage, divide the amount you'll receive by the amount of your claim (from the lists Enddo posted) and you'll get the 49.7%.
I filed 4 separate claims, 2 in my name & 2 in wife's. I had a traditional account & a rollover IRA, wife had rollover & Roth IRA accounts.
It was getting close to the deadline, so I mailed 1 envelope with 2 separate claims (probably my 2 claims) and then I mailed 1 more envelope with the other 2 claims the next day. Both mailings were USPS 2 Day Priority mail.
I received 4 separate "acknowledgement of receipt cards", from the fund, 1 for each claim. Some time later I received 4 letters from the fund. 3 said "eligible claim" & 1 said "ineligible claim". Each one had a unique claim ID so "yes", the ineligible claim also had an ID.
I found the 3 good ones in the lists that were posted here yesterday. 2 of the amounts were within a couple dollars of what I estimated it should be. In the third, the amount posted is about $700 HIGHER than what I thought so not sure how I goofed?
I called the fund last year regarding the "ineligible claim" and was told my profits were more than the calculated "claim loss". I couldn't figure out how, but it was a small-ish amount so I let it go.
Bottom line is you should have received a card & then a letter for each claim filed. Maybe someone else here will confirm the process I layed out?
Not sure I follow? If you had 2 accounts, 1 with a gain & 1 with a loss, then you wouldn't file a "claim for losses" in the account with a gain. If you goofed up and "thought" you had a loss (like I did in 1 account) and filed a claim, they reject the claim & tell you "no soup for you".
My 4 claims, 2 in my name & 2 in wife's, were not tied together in any way. I received 3 separate notices confirming I had a valid claim & 1 notice saying claim was ineligible due to no loss.
You should have received a "notice of claim" from the fund last fall. The claim ID is on the notice.
It's USD. Why the heck would it be in CAD or anything other than USD?
I held shares in 4 accounts, all with TD Ameritrade. 1 regular account & 1 IRA Rollover both in my name, & then an IRA Rollover & IRA Roth in my wife's name. Even though I "eventually" had an overall loss in one of the 4, due to trading "during the period", it had a small gain so it didn't qualify for a "claim".
The "type" of account doesn't matter, it's the buys & sells during the period.
Thank you so much for posting this! I just checked and 3 of my accounts are listed (I had a 4th but due to my mistake, my loss didn't qualify). Of 27,752 in qualified losses, my total claim amount is $13,793. Definitely better than nothing!
Of course this doesn't include the approximate $350k "I could have collected" if I weren't a greedy idiot & sold at $3.23!
PS Don't tell my wife!
I sent an email to the transfer agent last weekend. It is as you suspected:
Hello,
I like to know what information is available to shareholders for a stock where you are the listed transfer agent? I'm interested in OWCP - OWC Pharmaceutical Research Corp., currently on the "OTC Expert Market" list.
Specifically, is the "list of shareholders" information you could provide?
Thank you,
Answer:
Good morning,
Be advised that the shareholder list is only available to authorized contacts. For more information contact the company directly.
Best ,
Alisha Noble
Processing Assistant
VStock Transfer, LLC
18 Lafayette Place
Woodmere, New York 11598
Phone: (212) 828-8436 ext. 119
Facsimile: (646) 536-3179
www.VStockTransfer.com
FYI, I did a basic copy & paste from the email reply...
Minor flooding, sand cleanup, etc, so "yes" - all good, thanks...
Garden City Beach, SC. We live in a condo on the beach where there is "NO beach" during high, high tides. Waves are splashing on our pool deck as I type this. Got a couple hours to go but I think we'll just have flooding until the am?
...and headed my way.
I posted exactly what is on the VeeMost website and said nothing about revenue, sales, income, etc. My point is MANY posts have been made regarding that dollar figure and some view "pipeline" like the water coming into your house:
"It might not be here yet, but it's on the way"...
From the website: https://veemost.com/about-veemost/
STRONG PIPELINE
We have a strong pipeline of over $75M in contracts and services from both government and enterprise organizations.
If it's on the website, then Melvin said it, right? Probably why it's been referenced & posted here a couple hundred times too...
Melvin's too busy to issue a PR, remember? If he weren't, imagine what 1 PR with 1 paragraph would do if he simply told shareholders the status of the shell risk & ticker/name change...
Too bad Rory J. Cutaia, James P. Geiskopf, Kenneth S. Cragun, and Edmund C. Moy weren't on the same plan as Wagner Group leader Yevgeny Prigozhin!
When viewing a reply to a post, it doesn't show the "user name" of the post being replied to.
Thanks. And yes, I "think" that is correct but there are many "if, ands, & ors" with this stuff so I don't want to pretend to be an expert! I did some research on "super 8k's" too and they mentioned audits as well, not sure if it needs to be an annual or if there's a work-around...
All good, I appreciate your posts...
I wouldn't hold shares if I didn't think it was possible...
This wasn't a SPAC, it was Reverse Merger. SPAC's do an IPO to raise public funds and as you said, have more rules and take longer. There was no "IPO" here.
Reverse mergers have been used as a way for private companies to raise capital, increase their visibility, and gain access to public markets. On the other hand, a SPAC is a publicly traded company that raises capital through an IPO with the intention of acquiring a private company.
Also, and not directed at you in way!, "quiet periods" for OTC Pinks are pretty much a myth and used as an excuse when a company remains silent. Even if there was a quiet period, it means "forward looking" statements like "we are really kicking ass and expect future revenues to be astronomical" can NOT be made.
Melvin's total silence is why there are so many speculative posts here. Maybe it's this, maybe it's that... blah blah blah. I am fairy confident the ticker/name change CAN'T happen while GDVM has the Shell Risk label. If I'm correct about that, it's why I've previously mentioned the removal of the SR is the most important thing right now. I also think a financial audit is required and hoping it doesn't require it to be an annual? A "super 8k" might suffice but that's another subject.
FWIW, I only got in here in early May around a Nickle and don't have as much invested as most claim, but that doesn't preclude me from voicing an opinion on a message board. (Kind of like when someone buys 1 share of Microsoft & gets to ask a question at a shareholder board meeting.)
With that, if Melvin released a basic update regarding the current status, think about how far that would go to ease investor concerns? I'm not talking about typical stinkie pinkie stuff like "we are planning to make a plan to sign tentative MOU's, LOI's, etc to make all shareholders rich." More like:
As of the date of this PR, I want to let shareholders know we have provided FINRA/OTC Markets with all required data to execute the ticker/name change and to have the shell risk label removed. Additionally, we have answered all questions to date presented to us and along with our attorney, we believe we have satisfied all requirements. Thank you for your continued patience.
Finally, I think the attitude of "leave Melvin alone, he knows what he's doing & nothing can possibly go wrong and how high will the PPS go is nuts!" He might be a genius at implementing IT solutions, but so far, he hasn't demonstrated that at managing a publicly traded company. And if he's "too busy" to communicate with shareholders, we'll, since he's the CEO, CFO, CIO, E-I-E-I-O, etc, and the company is positioned to make millions of dollars, maybe he should hire some help?
Cheers
They "said" they did, but I don't recall that the PR firm ever issued anything? Maybe they were fired, or Melvin just didn't fill-in the blanks on the form...
My understanding is the Tesla truck bed size is compatible with most ICE trucks. BTW, how much storage is there in ICE frunks?
He clearly said "financing", which I was not aware of.
Hopefully the financing will remove the shell risk.
Why are you so easily offended by a simple question? Hopefully you're not holding your 5 year old since you shake your head so much. That can lead to brain damage which would explain a lot.