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The 10-Q filed Nov 14 talks about a private placement and an obligation that must be paid by 12/31. I can't find any information as to whether the private placement was closed last month or if funds were raised to pay the obligation. Does anybody have any knowledge of this?
I'm looking for a possible bounce, but not if the lights go out next week.
From the most recent 10-Q:
The Company is obligated to pay $474,572 pursuant to a construction agreement upon completion of dried-in conditions, which it expects to occur prior to December 31, 2007. As of November 1, 2007, the Company does not possess sufficient cash to pay this obligation. In the event the payment is not made, the Company will be in breach of its contract and could forfeit all prior amounts paid.
The Company anticipates completing a private placement offering of restricted common stock which is scheduled to close on November 15, 2007. The Company believes this private placement offering as well as other anticipated funding efforts should be sufficient to meet its financial obligations through the end of this year as well as for 2008.
The way I read it, they've lowered the conversion price on $2,867,000 of debt to no higher than $.05/share, and possibly less. It becomes a "floorless" convertible. That means at least 57 million additional shares, plus the 4,480,000 that are being issued. Over 60 million additional shares total, but a lot less debt.
Volume rarely lies. Up close to 100% already in just one day. Timing is everything.
Look at that volume yesterday. It's already the highest weekly volume in over 2 years, and there are still 4 more days this week.
After the selloff in the 1st hour, it's been all accummulation. The .035 area seems to be the point to buy.
I notice the site is completely down today. Not even a message.
Because I use SC for eod scans and nothing else, this is merely a minor inconvenience for me. But I don't understand how anybody who is a serious trader (as I consider myself) could ever expect to rely on SC throughout the day.
If you're really a serious trader, and a few posters here claim to be, pay a bit more for a reliable real-time trading platform. There are several that I'm aware of, so I'll not plug any one in particular. With SC, I get what I pay for, which I don't consider very much.
Nice runup, but low volume so far.
The mkt makers are really playing this. You have to pay .01 to buy, but you can only get .002 if you sell. Getting back to the OTCBB will shrink the ridiculous spread.
I have no firsthand knowlege of that.
It still trades a little every day. Mostly at around .002.
Hey MG; Burlington RR stock trades at twice what Microsoft trades at. What does that tell you, that the railroad is a better company?
If you want to compare companies, look at the mkt cap. Without looking at the number of o/s shares, the share price is meaningless for comparison.
To compare what HPON is doing to factoring is very disingenuous.
In factoring, no one is hurt. The factor assumes some risk, and buys debt at a discount to compensate him for the risk. The company is giving up part of its receivables in exchange for immediate liquidity. The debtor just pays the factor instead of the company. Everybody is happy.
What HPON is doing is very different. By selling mass quantities of stock below market value, they are enabling the "factor" to flood the market and still profit, while the existing shareholders see their holdings decline in value. The corporate officers are happy, the "factor" is happy, but the stockholders are poorer, and not very happy.
The press release we'll never see:
"Hop-on announces actual revenue stream. Will no longer need to sell billions of shares to gullible investors."
The price is bad enough. No need to make it worse than it is. Entirely is correct. .0008 is 1/1250 of a dollar, or about 1/12 of a penny.
I don't think Billyt has posted since the Orangmen got squeezed by Vt. Poor guy must still be in shock.
I'd hate to see what would happen if they released BAD news. Although it probably wouldn't drop any faster than it has on GOOD news.
.0012!! Did I miss the reverse split? LOL
Dixie, did you ask him "If business is going great, why have you been dumping billions of shares to raise money?"
Keep in mind, these HPON guys are excellent at APPEARING to have a real business going. When I saw them at CES, they APPEARED to have their act together. Unfortunately, the only business that we have evidence of is their business of selling stock to suckers like us.
Michaels is doing what many owners of non-reporting companies on the market fringe do. Sell billions of shares to raise money for his salary and expenses, and when the price is driven down to .0001, R/S back up to .1, then sell billions more.
Don't kid yourself into thinking he cares a whit about the share price. The stock is merely a commodity he can sell to keep himself employed and living well. As long as there are gamblers hoping for a quick score, he can keep selling shares. When the last sucker is milked dry, HPON will disappear, and Michaels will be on to his next "venture".
What these guys do may be unethical, but it's not illegal unless somebody can prove that they've been misappropriating corporate funds. But paying a high salary, traveling around the world to shows, and getting perks is all part of the game. Oh, and don't worry about him selling so much stock that he loses majority control. He's probably granting himself tons of no-cost options.
Since there are no reporting requirements, he could be paying himself a salary of $1,000,000/yr, and nobody outside of his office (and the IRS) would know. That's how these fringe companies work. They only have to "look" like they have a real business.
You won't see me averaging down on this t*rd. I may have been stupid to get into this, but I'm not a complete idiot.
Just think; when HPON finally becomes successfuly, my original $5,000 investment may grow back to $500. And I've only been around for 2 months. What about you guys that have been here awhile?
What's the point. Even if HPON eventually does make it, the stockholders are being diluted into oblivion. It won't really matter anymore. The only ones who will do well are the officers and other employees.
The stock will not go to zero, E25. It will be back at .05 after the 1:100 reverse split that is inevitable at some point in the near future. That's the only way these boys can continue selling billions of shares. Of course then you will own 10,000 shares rather than 1,000,000, but the total value will still be $500.
And no, Dixie, the Walton family (WalMart) is not the Walgreen family (Walgreen's).
OT: LOL...USF = South Florida? And I suppose USC = Univ of South Carolina. LOL
Here's an idle thought: If HPON shares were frequent flyer miles, there are now enough for sombody to travel past Uranus, almost to Neptune. Very soon there will be enough shares o/s to escape the solar system.
And anybody who is long the stock (myself included) belongs on another planet.
I think trk is doing a parody on the phones that exist in photos, but not in real life.
Press releases I'd like to see just once.
Hop-On to Introduce their accountant at CTIA.
Hop-On to Introduce an actual customer at CTIA.
Hop-On to Introduce fiscal responsibility at CTIA.
Hop-On to Introduce new management at CTIA.
Hop-On to Introduce their trillionth shareholder at CTIA.
All these "new product" introductions are getting pretty boring.
That tactic is used pretty frequently among the sub-pennies. The key is timing. I sold most at the open today for a 24 hr. 100% move, and am watching for a suitable reentry.
Rarely is there substance behind the hype in these micro-minis, IMO.
Up 80% today now. Tremendous amount of buying.
Up 50% so far today. Nice move on huge volume.
So they've started a collection agency. What's that worth?
Entirely, I'm the last one here to defend HPON, but it isn't fair to make the assumption that SEC non-reporting implies IRS non-reporting. The two are very different. SEC non-reporting is legal. IRS non-reporting is illegal. Michaels' legal troubles notwithstanding, I have no reason to believe that HPON is not complying with any laws.
Whether they file with the SEC or not, they're still required to file Federal tax returns, therefore they do have an official year-end.
Today is the last day of the trading suspension. It should trade Monday, if any market makers want to post prices for it.
Frustration can lead to short tempers. The market is roaring, and HPON wallows at .0011.
Billy, the IHUB rules say:
"Continually posting the same or similar information"
is one definition of Spam. Would you really say that Entirely is "spamming" this board?
Ok, Billy, it just boils down to how do you determine "value", and how narrowly are you going to define it?
I would just caution that defining it too narrowly could be confused with censorship.
Billy, annoying is in the eye of the annoyee. A Pac-10 fan is annoyed by a dicussion of Big East BBall, no matter how infrequent.<g>.
The frequency of E25's posting is not outrageous. When you see somebody on the Yahoo boards with 10 consecutive posts, that's annoying. And obviously, if you disagree with a poster, you don't want to read the same rant over and over. But I don't see anything offensive in E25's posts. Sure, they're wishful thinking, but he has a strong opinion, and he seems to be in a minority.
Where do you draw the line? I think there has to be some specific violation, like profanity, ad hominem attacks, etc. But I don't think he should be voted off the board because nobody wants to hear from him anymore. This isn't Survivor.
You know I meant IHUB rules. My mind was on pancakes.
Strictly speaking, I don't know that discussing basketball adds anything to the discussion about HPON. Yeah, I know that's only after hours, but I don't see any reference to time of day in the IHOP rules, if you want to get picky.
"Posting statements that do not add value to the discussion"
Personally, Entirely doesn't bother me. He's got a valid point, and he's pounding it. Why not cut him some slack.
The next "positive" press release should push the price below .001.
Entirely: look what happened to MSO when Martha Stewart went to prison....up over 300! Having a convicted felon running the company isn't always a bad thing...LOL.
I don't think that's the ONLY way to save the company and the share price. How about if they get out of the business of selling stock and into the business of selling phones. No matter who's in charge of the company, sales and profits will boost the share price, provided there's a finite amount of shares outstanding.