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Hope that they start making some noise in the market too. I have been trying to trade some shares, but there is absolutely no action in this stock. How come?
Peter - you are very bullish on ICE. Hope you are right. I am still sitting on at least 12K shares.
perhaps all the rats left the ship
Lim Wong was the original CEO / Chairman - he has been taking this ride for a couple of years now. He was the idea guy behind the mobiClear concept, but never much of an operator. They brought in Cutler to push for revenue activation, but obviously he was not able to move the needle. I say goodbye to both. Hopefully the new CEO will be focused on business success. At least he will be only taking a salary of $5K a month, compared to more than 4 times that when Lim Wong was running the show.
How long before they see revenue? - They announced India back in March, but so far no further PR about progress or sales. Is this all talk and no $$ No wonder the CEO is taking stock, that is all Mobiclear has to offer since it is not taking in any cash.
If there is no cash - Shares are better than nothing. If Mobiclear does not have enough cash to pay their bills or leaders, then the only chance they have to make good on the work they have done is to take restricted shares / options and hope that they are worth something someday.
The shares they paid their bills with were unregistered, so they cannot be sold into the market or impact the float.
Big News? Paying Past Due Bills with Shares?? - looks like Mobiclear continues to pay their bills with shares of the company, just like they used shares to pay their rent a quarter or two ago. Would love to see an 8K with some hint of revenue. Not much of a rumor, just more of the status quo
Authorized 250,000,000,000 shares issued and outstanding 130,953,978 - If MSFT wanted to buy Mobi - they would not have to put cash in the market, Mobi has so many authorized shares, 250 Billion, they could simple trade shares with Mobi directly to gain a controlling interest. That said, it does not mean that MSFT is not interested in Mobi technology, but IMO likely will partner first then acquire later if things go well.
There is a huge bunch of restricted shares. Most of the trading shares were registered years ago when the corporate shell was called BICO and came out of bankruptcy. BTW the IBM partner agreement is old, back in 2006. see this post http://findarticles.com/p/articles/mi_pwwi/is_200612/ai_n16884912/
Well it looks like someone is buying now
MobiClear has even paid its rent with stock. They have lots of vendors that have not been paid. Look at their AP size. Yikes
Wow - I guess something happened! No trading all morning and then boom 1 million shares trade at 1:30 and the day finishes with 3 million shares sold. Who has that many shares and who is buying as the price is falling? Does somebody know something?
I also talked to Paul of E&E Comm. But he did not have any answers on the status of the tests or any answers to duedil's questions on technology and patents, which is why I tried the Philippines.
Not heard a peep. I even tried to call their offices in the Philippines.
Banks both Merchant and Card Holder processors. There are two sides to all card transactions. The merchant processing side and the card authorization and clearing side. Large banks perform both functions, and there are other companies like First Data that focus on merchant processing alone. MobiClear does not specify in their release if they are working with the merchant or cardholder side of the Philippine banks. It is quite possible that they could connect through the merchant processor which would send out the MobiClear PIV mobile phone challenge request BEFORE they send the transaction through the EMV network for authorization by the card holder issuing bank.
Thanks for finding the Patent APPLICATION. I searched but could not find it since I was searching for mobile phones and credit cards. This is consistent with what MobiClear has reported - their technology is Patent PENDING which means it is in the application phase of the patent process. With regards to the patent that DueDil sites, MobiClear is not deactivating credit cards, it is providing an extra authentication token to the card clearing process (not unlike when they ask you for the CCV code on your card).
No Patent Applications Registered with the US Patent Office. I did a quick search of the patent application database at the US Patent Office, and there was no record of a patent for credit card authentication / verification by Lim Wong (Chairman / CTO of Mobiclear):
Results of Search in db for:
((IN/lim AND wong) AND ABST/card): 0 applications.
No application publications have matched your query
http://appft1.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&u=%2Fnetahtml%2FPTO%2Fsearch-adv.html&r=0&p=1&f=S&l=50&Query=in%2Flim+and+wong+AND+abst%2Fcard&d=PG01
Also there have not been any patents assigned to MobiClear (which is what would need to be done for the company [and shareholders] to own the intellectual property.)
Results of Search in db for:
AN/mobiclear: 0 applications.
No application publications have matched your query
http://appft1.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&u=%2Fnetahtml%2FPTO%2Fsearch-adv.html&r=0&p=1&f=S&l=50&Query=an%2Fmobiclear&d=PG01
Based on this, I would have to agree with Mr. Due Diligence!!
Because MobiClear Prints Stock Like Money! - look at their most recent 10Q:
As of November 7, 2008, the issuer had one class of common stock, with a par value of $0.0001, of which 33,097,730 shares were issued and outstanding. - which is why the PR/IR guy said around 40 million.
The Company is authorized to issue 250,000,000,000 shares of common stock with a par value of $0.0001. They have lots of shares available.
Look at how many shares they've recently issued:
Issued 1,073,299 shares of common stock for conversion of $505,335 received during 2007.
Advanced 2,500,000 shares of common stock against conversion of the unconverted balance of the equity lines of credit. Subsequent to September 30, 2008, 2,000,000 of these shares were converted for $43,317 of the equity lines.
Issued 4,532,589 shares of common stock for conversion of $355,148 of the equity lines of credit received in 2008.
Issued 1,270,223 shares of common stock for settlement of debt with a total fair value of $657,458.
Issued 806,135 shares of common stock for conversion of $244,718 of debt with related parties with a total fair value of $244,718.
Issued 18,082 shares of common stock in settlement of accrued compensation of a director with a fair value of $63,287.
Issued 228,271 shares of common stock in payment for services with a total fair value of $74,439.
Issued 104,219 shares of common stock to certain management for services with a total fair value of $5,419.
Issued 5,000,000 shares of common stock for the purchase of certain software products with a total fair value of $625,000.
Issued 1,250,000 shares of common stock for the acquisition of shares of a subsidiary company with a total fair value of $37,500.
Would not be surprised if they issued many more shares in December as well. Hey if we are buying, they are printing shares.
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They canceled the shareholders meeting because they sacked the CEO around the same time last year. New management will likely have a shareholders meeting in the Philippines. Would be nice if they held / recorded a conference call with the CEO. Next time you talk to their PR/IR guy perhaps you can suggest it.
Mobi is not a scam. I agree with breharb25. They are fully reporting.
That said, it is up to the investor to do their homework!
The simple fact is that Mobi has made some announcements after several years of development that they finally have an operational system. However they have NO revenue. They have been selling lots of stock to penny stock traders to fund their operations (and will likely keep doing so as long as there are buyers). They have not announced any firm contracts, even when focusing their efforts on 3rd tier markets like the Philippines. Who knows if they will ever be able to break into the world's largest financial market here in the USA.
Mobi is selling LOTS of shares for cash.
From the 2007 10K
Recap of 2007
o Issued 123,889,010 shares of common stock for total proceeds of
$3,393,761 as follows:
o 2,000,000 shares for proceeds of $337,500
o 3,000,000 shares for proceeds of $226,596
o 4,310,345 shares for proceeds of $305,000
o 50,874,336 shares for proceeds of $1,225,000
o 24,391,441 shares for proceeds of $600,000
o 38,049,608 shares for proceeds of $699,665
o 429,947 share for proceeds of $nil
o 833,333 share for proceeds of $nil
For 1Q2008
o In 2008 issued 172,237,053 shares of common stock against the
conversion of $505,335 of equity line funds received in 2007
o On February 22, 2008 issued 25,000,000 shares of common stock against
the conversion of $300,000 of equity line funds received in 2008
That totals $3.7 million through the 1st quarter of 2008 (not counting all the cash they took in during 2006). They have also issued some shares for services. The total for the same time period is roughly $1.5 million of services (again according to the 10K filing).
Mobi is definitely operating their business on the backs of new share holders.
Also, the public penny stock traders are second in line to the PIPE arrangement they have with special investors. These investors get their stock at a 12-16% discount, and then sell it back into the market to make a profit on us penny stock investors. See Note 5. in the 10K
Note 5. Equity Line of Credit
The Company has entered into a private placement equity line agreement (Equity
Line) with a select group of institutional and accredited investors. Under the
terms of the agreement, the investors agreed to invest up to $5,000,000 in the
Company. The Equity Line investment is to be converted to unrestricted common
stock in the Company with the timing at the discretion of the investors. When
converted, the stock is priced based on the average of the lowest 3 closing
prices for the prior 10 trading days less a discount of 12% to 16% until the
entire amount of the investment is converted. The shares are to be issued
immediately upon conversion and in order to facilitate the immediate issuance of
stock, the Company has issued shares in advance whereby with each conversion
transaction the balance is reduced by the amount tendered and the shares are
allocated based on the above formula. The discounts on the conversions totaled
$445,090 for the year ended December 31, 2007 and have been charged to
operations.
At December 31, 2007 investors have advanced $3,335,000 of which $2,829,665 has
been converted into 118,055,677 shares of common stock. As at December 31, 2007
there is an outstanding balance of $538,219, including net unamortized debt
discount of $32,884, available for conversion.
Look at their filings. Mobiclear has no revenue and has been selling shares monthly just to keep itself going. Look at the 2007 10K - they sold something on the order of 450 million shares to raise cash. Right now looks like their main business is to sell shares to penny stock fans so that they can pay their own salaries.
When is this patent scheduled to be issued? Have they had a public / patent examiner hearing yet?
Where did all the volume and buyers come from? They announced going operational on Monday 8 Dec and 3 days later, the stock takes off like a rocket.
One step closer to revenue...
patent pending Personal Identification Verification (PIV) solutions system to help eliminate credit and debit card fraud, said today that its PIV platform is now in operational mode and that testing is imminent.
Of course they still have to test it, but they are getting closer
Losing 75% of Revenue Can't Be Good
Primal is losing Time Warner Cable it's number one customer representing 75% of its sales. They lost a major customer in 2005, Metrocall, but were able to survive with TWC growing. Not sure who they have to fill those Time Warner shoes. Does management have a plan?
Primal Solutions, Inc. (the "Company") has been informed by Time Warner Cable Information Services (Maine) LLC ("Time Warner") that Time Warner intends to reduce to zero the number of its subscribers under the Master Agreement, as amended with the Company. The Company and Time Warner are currently in discussions concerning the details of Time Warner's plans, as well as the extent and duration of transition services that may be provided by the Company to Time Warner. Revenues from Time Warner under the Master Agreement represented 65.7% of the Company's total revenues for the fiscal year ended December 31, 2007.
I tried the old California contact information and they told me that the offices have been moved to the Philippines:
27th Floor, Chatham House
116 Valero Street
Salcedo Village
Makati City 1227 Philippines
Telephone +63(2) 817-6948
Where is everyone on this stock? FYI they have moved their offices off shore to the Philippines (check out their website: http://www.mobiclear.com/contact.php). They also have posted some recent positive news that they may finally have some real customers. Maybe this stock is ready to turn around?
They have a map on their website, www.primal.com. It says they are right next to the Google building. I don't think they have a drive through window, but maybe Google does...
NYC Phone Number has been disconnected - Abdul, I would suggest going with what MobiClear has on file with the SEC. You can bet that the Feds have the right phone number.
New MobiClear HQ - The MOD should update the company address and phone number. The SEC now lists this as in the Philippines:
27TH FLOOR CHATHAM HOUSE
SALCEDO VILLAGE
MAKATI CITY R6 00000
011-632-884-1793
Have not looked at this for a year. But PSOL seems to be on an upswing. They had positive operating cashflow of $485K and seemed to be cleaning up their balance sheet. Big changes from a year ago. Not sure why no one is trading in this stock.
Lowest cost I have ever seen for a public CPA firm to audit a 10KSB is around $30K. Add on top of this at least another $10K for review by outside counsel. Add another minimum $15K to review (no audit required) 10QSB, and another $5K for misc. and actually filing with the SEC, and BLSH would need at least $60K in free cash to bring their filings current (actually, may have to add another $15K, since the 1st quarter QSB is now due.) So the total may be more like $75K. This is not a huge amount of money, but not chicken feed either. Speaking of chickens, BLSH seems to be in one of those chicken / egg spots. Needs cash to complete their filings, cannot raise operating cash without being current in their filings. Not sure when this might break loose.
main difference is a truck stop is an asset and an audit is an expense. An investor can put up funds to purchase an asset with the asset as collateral (basically a mortgage), but all you get for investing in an expense is stock in the company, and we see what that is worth at the present time.
Their last filing was an NT 10K saying they would be late in filing their 10K annual report (likely 10KSB since they are a small business). 10K's MUST be audited, you can only report unaudited results for quarterly 10Q filings. Probably don't have enough cash to pay the auditors to complete the audit. Who knows if they will ever get this off the ground.
May need funds to file the 10K
Their last filing stated ...
"The Registrant has been unable to complete preparation of its Form 10-KSB for the fiscal year ended September 30, 2007 due to delays in gathering certain information and
RAISING FUNDS required to complete
the preparation of certain financial and business statements to be contained in the Form 10-KSB. The
Registrant anticipates that it will file its Annual Report on Form 10-KSB within the "grace" period
provided by the Securities Exchange Act Rule 12b-25."
They missed the grace period. Sounds to me like they are having trouble raising funds to complete their filings.
No company is obligated to file. However, if they want to get off the Pink Sheets and on to the OTCBB, they have to keep their filings current. They are likely in process for this, but obviously are not yet done. They would not want to mess up their filings and chance to get relisted. That said, small businesses do not have to file their 10KSB until the end of March.
Make that 4 people. This stock may have potential, but is still treading water. Right now Full Sto (with 5,3,5) has the new price in the middle of its stochastic trading range. Could go up or further down from here.
Full Sto with 14 day K and 5 period D indicate that the stock is finally oversold. Should start to tick up from here