emeritus
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
8k published on Jan 4 2018 dated December 27 2017. Basically the day that they knew they closed the cash raise of $6m (35 days prior to releasing it to the public - also the day the stock price jumped by 2x+) - so the info of the raise somehow! leaked out and insiders and their friends profited 5 weeks before the public did (somehow!) and the first thing Waldrop did was hand himself and Glauser and Smith HUGE raises with the car allowances and NEVER paid out one! Of the outstanding toxic debts (as promised in the 8k announcing the raise) further diluting shareholders - should have sold everything off then when a bold face lie like that is told to smack shareholders in the face. Really puts their priorities in perspective.
https://www.otcmarkets.com/filing/html?id=12460777&guid=8M2tUprnscIcxth
LOL - this was 2$ a year ago - it’s the CEO who promised at a board meeting and in an 8k, 15 MONTHS AGO to reduce the a/s from 1 billion shares and who screwed up the crosslosting to Canada stock exchange. The same CEO who promised in an 8k to use the 6m raised last year to pay down debt. Yet never did. Instead used the money to give himself and Glauser huge raises and generous car allowances and let the toxic debt mature and further dilute shareholders. 12 months ago people were suckered in by incompetent managements promises of a future NASDAQ or NYSE-AMEX listing - now here we sit looking at a skull and crossbones delisting to the pinks again in three days. And you want to move the goalposts and pretend like none of that ever occurred?
Why bother he doesn’t respond. I sent an email using a dummy account as a new interested investor who just found the company over a month ago and still haven’t recieved anything back from the company. He’s probably drunk everyday staring down the barrel of a gun deciding whether to take the cowards way out.
Right. If we just pretend the malfeasance and misappropriations and rampant mismanagement never happened we might just get new suckers to buy in. Sounds exactly like what Waldrop and Glauser have been saying the last two years. The miracle is coming next quarter. Next year. Trust Mel! We did. Like idiots. Now look where we are. Three days from delisting the stock and the loss of tens or hundreds of thousands. Any real investor doing DDon this pos had long left the scene. If anyone posting the reality keeps some poor dumb sucker from losing their 2 grand today. Congrats.
This is the management team that advised staff in Oregon to keep quiet about taking home cannabis sample in lieu of pay - Glauser only avoided paying huge fines for advising staff to keep quiet and lie if asked about her policy by sacrificing the license of two labs at shareholder expense. Real all star management.
Worst CEOs In America. All the executives on this list have done serious damage to the companies they lead. In some cases it will take years for the businesses to recover, if they ever can.
We used several criteria to select the chief executive officers on the list. Among the factors we considered were stock price changes, earnings and revenue, and tenure at the company.
https://finance.yahoo.com/news/20-worst-ceos-america-2017-223551305.html
Countdown to delisting: 5 Days
hope you’re right.
was an idea
Northbound relief
Cannabis today is like tech 20 years ago
https://www.cnbc.com/amp/2019/01/24/carol-bartz-former-yahoo-ceo-cannabis-today-like-tech-20-years-ago.html
Canadians bought C$54 million ($41 million) of marijuana from stores in the first full month after sales were legalized, some of the clearest evidence yet of the market’s potential.
https://www.bloomberg.com/news/articles/2019-01-23/canada-weed-sales-were-c-54-million-in-month-after-legalization
Canadians bought C$54 million ($41 million) of marijuana from stores in the first full month after sales were legalized, some of the clearest evidence yet of the market’s potential.
https://www.bloomberg.com/news/articles/2019-01-23/canada-weed-sales-were-c-54-million-in-month-after-legalization
File the 10 incompetent Waldrop
Shareholders who invested their hard earned money in good faith only to only watch it be squandered by incompetent management bordering on criminal negligence are subject to ad hominem attacks by company straw man. Pretty much par for the course the last two years of this debacle.
You can be pen pals from prison.
Really? So we can assume then you’re a huge fan of the leadership, decisions and actions of Waldrop and Glauser to date are so egregiously incompetent and delivered with such out of touch arrogance as to be either fraudulently criminal or North Korea level incompetence. Cracks me up.
If by odd you mean fake. Then yeah. $150 separating a $6000 buy for most of the morning - makes you wonder if management is conspiring to drive the price to nothing and take it private and really screw shareholders.
They have zero investor outreach. They have neither an internal investor relations (IR)team or an outsourced IR team. Their investor page doesn’t even have an “investor inquiry” field on it... that they could database to send out “investor awareness kits or a one pager” that would outline their narrative, get people informed/excited/updated on the deal. This is grade school level stuff. Case in point. Three weeks ago I did find an “inquiry field” on one of the pages, it WAS NOT on the investor page but more like the “new client” page.
. I used a throwaway email address to say; “hey, I’m a stock investor found your deal thru google, seems pretty interesting can you send me something something to learn more?”
- haven’t got word one back. Never mind an investor kit! Ha! I havent even received a “thanks for your interest” auto generated email. Nothing at all. How do you generate interest or volume or added to the watch list in your stock if that’s how you do business? Anyone who says “that’s not important, I’d rather they run the business and get the 10 out” - I challenge you to pick at random ANY 5 small cap cannabis deals with a dart! And go to their page and finds the “investor” related tab and see if they have an “inquiry” field of some type. Send a message saying your an active equity investor looking for info on their deal. Within 20 minutes - 2 days you will be getting kits, and letters of thank you and praises for their success and etc.
They routinely make promises they don’t keep and then see no need or reason to inform shareholders of their thought process/ reasons/ rationalizations/ future guidance. The wall has already been built. Glauser & Waldrop live behind it in a fantasy world echo chamber that informs them and no one else.
Top Picks 2019: EVIO ($EVIO) EVIO ($EVIO) is the largest publicly traded cannabis tester. And it’s battling for the top spot overall. It hasn’t seen the kind of interest that the Canadian companies have. It hasn’t even seen the kind of interest that most U.S. companies have. But that’s because the growers are the focus right now. Nobody is looking at the pick-and-shovel plays that keep the industry running. Not yet, at least.
But once investors start looking for parts of the industry that aren’t already saturated with cash, testing labs will be one of the first places they go. And $EVIO is the best investment in that part of the cannabis market. Its balance sheet is a little beat-up right now because of the cost of such rapid expansion.
But management plans to use proceeds from its operational labs in the U.S. and Canada to pay down debt and expand further. This could be the year that cannabis becomes fully legal in the U.S. Established American companies will dominate the global market after that. So, getting invested now would set you up for massive profits down the road.
https://www.moneyshow.com/articles/tptp2019-50489/top-picks-2019-evio-evio/
It’s due on feb 15 - the 10k though should provide some good guidance from Canada and accelerating revenues from California - but you’re correct if the 10Q shows continuing quarter over quarter revenue acceleration it will be a pretty sweet February March for $evio shareholders
If it’s a sponsored article the timing is kind of ...... seeing as the filing is delinquent and the feb 15 is now likely filing late too. Asking a brand new person to really suspend disbelief to buy into a narrative that’s kind of in tatters regardless the possible ending - on the other hand of it is sponsored it could mean they’re releasing the 10 very shortly and the Q1 due on feb 15 is coming out in time. Here’s to a cup half full and the benefit of the doubt.
You vastly underestimate the built in inadequacy, insecurity and lack of creativity of the current management. Leads to over analysis and then paralysis and ultimately more often than not the worst possible decisions being made.
We’ve had back and forth on this numerous times in the past. And I’m still of the firm belief that your characterization of the Canadian investor group in evio is so wrong. They weren’t single individual broke ass otc/pink investors betting their mortgage payments - ww pitched brokers. Who each had 100’s of private accredited high net worth individuals to draw from as a pool who were interested in the sector. Unless it’s a client who in the past 12 months went from being a high net worth accredited investor to today in desperate world ending need of 30 grand, and who has trading accounts in the US - but not through the broker they bought the offering they - cause cross border licensed brokers don’t exist - they aren’t selling anything.
In this instance we’d hope anyways. That when the application was pulled for the CSE in October all we had to do was pick up the phone and call like the two three lead brokers and reassure them. Hey, got caught up in the process of a previous incomplete audit, but I can reassure you once we get our year end financials published we are back on track to submit the prospectus and be trading in the CSE by June 2019. And the brokers be like. Yeah cool. Ok bro. It happens. And then move on with their day and the other 500 deals their monitoring for their high net worth clients.
The whole point of going to Canada to raise the cash was to trade in Canada to sell the stock. Ground floor available only to high net worth people that would see a hungry Canadian equity market access analytical lab deal. Which in theory should still play out.
Not likely the Canadian paper - there are like almost zero Canadian brokerages that would take deposit of evio stock as its currently listed. In fact none. It’s solely listed on an unregulated/unaudited POS (from Canada’s perspective) US exchange and not cross- listed on a recognized exchange anywhere in the world. Like the CSE app they pulled in October, Frankfurt, Singapore Hong Kong, Australia, Nasdaq etc.
the paper registered yesterday could be from anyone of dozens of people that have been let go or who got paper in exchange for a lab purchase. Bend purchase. Eugene purchase. Medford purchase. Tuba city purchase.
The private testing company from the Bay Area has directors who aren’t going anywhere who would never be allowed by the SEC anywhere near a pubco due to previous legal issues - they’ve already had to jettison a couple/three of the senior people in the past year due to requirements of California and past legal issues. I’m not slandering anyone but let’s just say that the company was founded by people who were very keen on the plant for a very long time - well before it was legal in any jurisdiction in the country.
The 10k HAS to be out by the 1st - the fallout of it isn’t will be grotesque and expensive. Jolly Roger ????? hoisted Plus. It’s a domino effect of incompetence. What are the odds that the 10 due on feb 15 comes out on time? That it goes delinquent. Just when the revenues are starting to pick up yonreal dollars apparently. ww just sucks butt at his job -
Another note: @eviolabs twitter hasn’t posted in 3 weeks. Apparently that’s another of ww micromanaging inefficiencies? Why keep up the messaging of selling a narrative of positive forward momentum. When you can just go dark and really emphasize your screwups. It’s teuly astonishing.
If anyone wants to read about or post another tickers news releases. Or discuss the merits of a stock that isn’t EVIO. Please go to that specific board and do it there. As per ihub TOS
It demonstrates that the Florida team have a great relationship with their supplier - enough to get a slick video produced. Not something the personality disabled pair running the co now seem capable of.
A new study by Daniel Kruger of the U-M Institute for Social Research found that 44 percent of medical cannabis users stopped taking a pharmaceutical drug, or used less of one, or both, in favor of cannabis.
From 392 responses, the majority (78 percent) reported using marijuana to help treat a medical or health condition. Users also had more trust in medical cannabis compared to mainstream health care, in part, because they rated marijuana better than pharmaceutical drugs on effectiveness, side effects, availability and cost.
“This study advances knowledge in the evidence-based approach to harm reduction and benefit promotion regarding medical cannabis,” said Daniel Kruger, a member of the U-M Institute for Healthcare Policy and Innovation. “Given the growing use of cannabis for medical purposes and the widespread use for recreation purposes despite criminalization, the current public health framework focusing primarily on cannabis abstinence appears obsolete.”
The findings appear in the current issue of Journal of Psychoactive Drugs.
https://news.umich.edu/many-users-prefer-medical-marijuana-over-prescription-drugs/
To be clear. The a/s as it is structured today is NOT a deal breaker to the Ontario Securities Commission for a prospectus to list to trade on the Canadian Stock Exchange.
What IS an issue is that the average retail Investor in Canada is MUCH more savvy and discerning about deal structure of small cap deals than the average investor on the pink sheet/ OTC - this is because the CSE was built on small cap mining deals. The average Canadian investor on the CSE has seen a lot of promotion and pitches for ALL kinds of small cap structured deals valued at .10 cents - 3$ And would spot a potential rat at a billion paces.
The average/typical investor on the pinks/OTC is either unaware of the significance of a monster overhang of the a/s OR another type of OTC investor is more willing to forgive/overlook a monster a/s overhang as sometimes great gifts come wrapped in bad packages.
The Canadian Stock Exchange on the other hand while having tons of deals trading in the 10 cent to 3$ Range does NOT have sub penny deals and does NOT typically have deals with monster stupid overhangs of one billion shares as evio is currently structured. To repeat. There would likely be no REGULATORY barrier to submitting a prospectus to the OSC to trade on the CSE -
BUT the structure would stick out like an onion fart at a perfume party and be as welcome in MOST portfolios.
It’s like tying one hand behind your back before getting in the ring with Fedor. You could do it, sure.
But why set yourself up to fail when winning would be so much easier with both hands freee.
At least you’ve got a fighting chance. Have a great holiday weekend everyone. Let freedom ring!
Here’s to Waldrop pulling some 18 hour days and getting the job done.
What is still a major concern is the 1,000,000,000 (one BILLION) authorized shares. That’s the question I think that Waldrop ducked big time in today’s 8k. I don’t believe that the question of the Massachusetts license was the one emailed as they put out a PR in December addressing that. Hard to believe that a prospectus would be submittted for a Canada listing with ONE BILLION authorized shares for a tiny deal like this. It’s got penny stink dilution scam written all over it structured as is.
Summary of a strange day;
1. 10k is on its way as the company ran into some issues as it transitions its accounting software from a small business Quicken to one that consolidates all locations in the US and Canada.
2. Canada crosslisting prospectus is on track and to be resubmitted once the 10-k is filed.
3. Massachusetts lab cash flow operations are on track for state approval.
4. Underperforming Labs in Eugene and Bend Oregon closed with operations consolidated to Medford and Portland laboratories.
5. Corporate HQ relocated from Bend Oregon to Henderson Nevada.
6. Company President Lori Glauser has relocated from Bend Oregon to Palm Desert, California to oversee opening of Southern California lab.
Its like taking a road trip from San Diego to Los Angeles via Miami w/ quicken stop in Portland Maine . Turn a 2 hour drive into a 10 day trip. With a couple of breakdowns for good measure. Here’s to hope that the 10k gets filed before feb 1.
8k - Q1. “What is the status of the Company’s annual 10K.
A1. The Company is currently working diligently towards completing the 10K for the fiscal year ended September 30, 2018. The delays are directly attributed to the significant number of acquisitions and related audits of which occurred during the fiscal year. The company during this timeframe also completed an accounting system migration from 11 sets of quickbooks to a new accounting system which permits the automated consolidation of all the Company’s subsidiaries both in the United States and Canada.
Q2. “Why did the Company retract the Canadian Stock Exchange listing and will it reapply?”
A2. The Company retracted the application with Ontario Securities Commission (“OSC”), which was filed with the intent of listing on the Canadian Stock Exchange, as a result of an outstanding audit associated with prior acquisitions. The Company has every intent to resubmit a Prospectus to the OSC once our 10K has been filed.
Q3. “What is the Status of the Massachusetts Testing License?
A3. Upon receiving the provisional license form the Massachusetts Cannabis Control Commission (“MCCC”), there were a few required items to be completed prior to receiving the Permanent License. This include the updated accreditation of the equipment in the new facility. We just completed our tenant improvements and are awaiting final occupancy permit. Upon receipt we will complete the equipment validation and will notify the MCCC of our readiness for final inspection.
It has. Poof. Surrendered licenses of two labs. The fact that they were underperforming garbage revenue generators aside, the penalty is significant. They paid hundreds of thousands in acquiring, licensing, certifying and staffing those labs. The article and Glauser’s comments was kind of muddled about their being or not an OLCC policy regarding samples post 40 day retention in 2016 or whatever. It’s done. Move on.
Why a sell off? At the core they closed two underperforming labs and consolidated operations. The cluster cuss of mismanagement and ego driven moves of managerial screwups is baked into the price.
And there was good news in the 8k this morning. Canada listing was derailed because of an auditing issue. Quicken, HA! Morons. Anyways
Q1. “What is the status of the Company’s annual 10K.
A1. The Company is currently working diligently towards completing the 10K for the fiscal year ended September 30, 2018. The delays are directly attributed to the significant number of acquisitions and related audits of which occurred during the fiscal year. The company during this timeframe also completed an accounting system migration from 11 sets of quickbooks to a new accounting system which permits the automated consolidation of all the Company’s subsidiaries both in the United States and Canada.
Q2. “Why did the Company retract the Canadian Stock Exchange listing and will it reapply?”
A2. The Company retracted the application with Ontario Securities Commission (“OSC”), which was filed with the intent of listing on the Canadian Stock Exchange, as a result of an outstanding audit associated with prior acquisitions. The Company has every intent to resubmit a Prospectus to the OSC once our 10K has been filed.
Q3. “What is the Status of the Massachusetts Testing License?
A3. Upon receiving the provisional license form the Massachusetts Cannabis Control Commission (“MCCC”), there were a few required items to be completed prior to receiving the Permanent License. This include the updated accreditation of the equipment in the new facility. We just completed our tenant improvements and are awaiting final occupancy permit. Upon receipt we will complete the equipment validation and will notify the MCCC of our readiness for final inspection.
8k out re. Closures/10Filing/Canada Listing I knew it. They were using Quicken to do their financials. Hahahahahahahahahahahahahahahaha - what a joke. Like Breaking Bad -
The revenues from those locations won’t be an issue. The one in Bend was garbage from the start. Eugene might have been doing OK when they bought it - but all the money for equipment went into Medford and Portland as per last years PR - my guess is they knew what they were going to do regarding these two small underperforming labs when they bought out that Portland lab last year.
But rather than lead with leadership - take the short term pr hit of closing two underperrforming labs to maximize shareholder value as we manage market and regulatory issues in a new and growing sector - and move on.
Fragile management EGOs prevailed and instead we get the easily predictable scandalous press just the day after they go reporting delinquent. The frightening thing for me is they have learned nothing from this as per the arrogance of statements made. Blaming other people and brushing off the importance of the labs and employees. It’s priceless stuff. Soon to be a case study for management schools /MBA programs of “what not to do in 10 easy steps”
Simple. He’s a coward.
If he isn’t... they put out a PR today clarifying everything. My guess from the track record is they assume in regal arrogance that the quotes, in a printed article, from a Regional tv station, published at midnight - will be more than enough transparency. For their national audience. Oh and the shareholders in Canada too.
Right. Running like a Well oiled machine. All kidding aside. Waldrop wasn’t available for comment as he is currently shredding files in a jurisdiction with no extradition treaty to the U.S. - hahahaha. Ok seriously. The arrogance dripping off that statement gummed up my printer - “at most we had 2 maybe 3 employees there” WhTever. Oh and by the way. We’ve moved out corporate headquarters back to Henderson and I’m in California. Ok. Great to know.
So rather than take leadership and close underperforming locations on their own. Management is forced by employee theft and multiple operating violations to scamper away with their tail between their legs. Absolutely classic. It would be hilarious if I hadn’t lost so much money betting on these losers.
California regulators finalize marijuana rules
by Associated Press
Thursday, January 17th 2019
My guess is they file before then. But who knows. The incompetency witnessed in this deal in the past in what would usually be real simple straight forward stuff has been jaw drop astounding.
As far as likliehoods if they don’t file.... first thing guaranteed would be otc would revoke QB status and throw up the caveat emptor “skull & crossbones” not a good look and it would cost thousands of dollars in legal and certification fees and attorneys and time to get the QB back. Carry the skull and crossbones for a month or two and it would do wonders for the deal.
As far as the SEC - couldn’t say. Suspension of trading is definitely a higher possibility than decertification. I don’t think they think it’s a case of ongoing fraud and organized criminal activity. Just plain old incompetence
Either way it all looks terrible. Today’s DELINQUENT SEC REPORTING status red X is across every retail trading platform, brokers, market makers, family office etc etc. That’s the worst thing IMO - terrible terrible optics that keeps the deal categorized for too many people as trash. And the most frustrating thing is all of it is avoidable if they were reasonably competent managers.
Early This morning SEC notified the company, the market and the world by placing a big red X on the company that they are now in “Delinquent SEC Reporting” status - besides the notification of every single person in the world of this status due to it being in the public record - the company is formally notified by letter in this process they have 15 days to deliver the 10-k or face decertification, suspension of trading and other potentials.
https://www.otcmarkets.com/stock/EVIO/disclosure