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You guys deserve to lose your money if you are still supporting MAK. Receivables have been going up as fast as revenues for years now. As I have stated several times before, it's easy to have increasing revenues if you never have any hope of collecting.
Now do you admit why MAK bailed out; he's just trying to avoid liability. Why doesn't somebody start a class action? They are now admitting that they lied. Other companies get sued if their forecasts are way off, AAGH lies about forecasts and in their Ks and continues to get away with it.
Just because it's a penny, it's not legal to steal!
Well stated Eagle; but Mak's plan was a failure and he still netted a bonus of 70,000,000 shares. Similar to the CEO's of all these failing companies in the US.
The 1st plan was to finance the new division by selling shares. Yes, but shareholders knew nothing about this planned dilution until the S8s were filed.
They have ... a different plan now. Yes, but it's behind schedule and the market is looking for proof this time.
Hi HEP: As I have said in the past, I hope all of the honest people on this generally optimisic board are correct and that my pessimism is incorrect.
However, since Mak signed his employment ageement just 2 years and 4 months ago there has been massive dilution with Mak and his family as the major beneficiaries. Mak was CEO, CFO, and Director of AAGH and is now a Director of a Subsidiary. Surely you have to admit that his responsibilities are now nil compared to what they were for 26 months.
A red flag for this penny for me has always been the increase in Receivables. Revenues increase but Receivables increase at a much greater percentage. Scam? I hope not, but the market seems to think so.
Now we get an idea as to why MAK gave back 150,000 preferred and why he bailed out. I found no good news in the PR and neither did the market.
Hope nobody on this board need the money invested here. Happy Holidays to all of you and your families!
Hi Hep! My opinion is that all of the 20 million shares that Mak converted from 100,000 preferred are still subject to the 144 rules even though his role with the company has changed. Do you agree? 1% of 133,362,000 would allow him to sell 1.33 million shares every 3 months. That would take him 15 quarters to sell his 20 million. Do you think he's satisfied with .03/share?
On August 18, 2006, Asia Global Holdings Corp. (“AAGH”) entered into an Employment Agreement (the “Agreement”) with Michael Mak to serve as President and Chief Executive Officer.
Mr. Mak’s employment at AAGH will be at-will. He will receive a salary of $60,000 per year. He will be eligible for an annual cash performance bonus ranging from 0% to 120% of eligible salary. In addition, Mr. Mak will receive a signing bonus of 2,000,000 shares of 144 Restricted Common Stock (“Shares”), with the Shares payable upon execution of the Agreement. If Mr. Mak leaves the company voluntarily or due to termination for reasons other than death or permanent and total disability before completing one year of employment, the Shares must be returned to AAGH.
Mr. Mak will receive a stock award of 500,000 shares of Asia Global Holdings Corp. Series A Convertible Preferred Stock, which will vests within 15 days of the execution of the Agreement.
On October 9, 2007, the Company, pursuant to an Employment Agreement with Mr. Michael Mak (See Form 8-K filed with the Commission on October 30, 2006), has issued Mr. Mak Five Hundred Thousand (500,000) Shares of Series A Convertible Preferred Stock (“Series A Shares”).
On October 9, 2007, the Company received a written notice from Mr. Mak indicating that he intends to convert One Hundred Thousand (100,000) Shares of his Series A Shares into Twenty Million (20,000,000) 144 Restricted Shares of Common Stock.
On October 9, 2007, the Company authorized the conversion of the specified number of shares for conversion and sent a request to the Company’s Transfer Agent, through the Company’s Corporate Counsel, to convert One Hundred Thousand (100,000) Shares of Mr. Mak’s Series A Preferred into Twenty Million (20,000,000) 144 Restricted Shares of Common Stock.
The conversion took place on October 10, 2007.
Who is selling and why?
Those that have millions of free shares and know they will have millions more in the furture!
OK Hep; I get the hint. See you in October.
OK Hep, I notice that you didn't question the fact that Mak "gave himself" 500,000 Preferred; convertible to 100,000,000 common.
Then last October at Mak's request, the board (essentially Mak) converted 100,000 Preferred to 20,000,000 common 144 Restricted shares. After his holding period of 1 year Mak can begin selling 1,298,620 shares every 3 months. Please correct if numbers are incorrect.
Yes, you are correct, I was in error to say that he was already selling; no evidence. And, yes, I want to be loaded by October. It would seem to be a good time to sell when Mak sells.
Sorry Hep! Guess no one is in a humorous mood today.
However, I bet you would be surprised as to the number of shares that I own.
But I don't think we can go up much as long as Mak is selling the shares he gave himself.
Hi Hep:
Is Mak still selling and giving shares away?
"Hats off to management"? Mak wants more than your hat! How about your shirt, your car and etc..
There's no "risk of dilution", it's a certainty!
Love your optimism though.
Looks like a Big Mak sell-off today. Is there bad news coming Hep?
"It would seem redundant for Idea Asia to loan themselves money though."
Maybe so, but just normal procedure for Mak who is the Chairman of all three entities; AAGH, Idea Asia and CMP. Interest free no doubt!
Okay, I just don't understand why the issued value and the current value of those shares have to be the same.
I also don't understand why the 40% owner of CMP is responsible for 100% of the loan balance.
Re:"CMP has 16MM shares valued at $1HKD each."
Okay, I'll try again. My question is: Why do you state that the "current valuation" of CMP is equal to the value of the issued shares?
"CMP has 16MM shares valued at $1HKD each."
Where did you get that information? You are very good at DD or you have a direct line to Mak. I'm out again, so I hope he takes it back down.
zaq: What's new?
November 10, 2006, we formed Idea Asia, which is a wholly-owned subsidiary of Sino Trade, under the laws of Hong Kong. The purpose of Idea Asia is to acquire and or operate entertainment related businesses..
LOS ANGELES, Feb. 28 /PRNewswire-FirstCall/ -- Asia Global Holdings Corporation (OTC Bulletin Board: AAGH - News) announces that Idea Asia Limited (Idea Asia), a wholly own subsidiary of AAGH, will take charge of the development of the Company's TV Entertainment business segment.
No, I'm not saying they are non-compliant (I don't know). To PR positive Gross Profits for the M&A segment does not tell me it's time to buy. The increase in Revenues is impressive. Can't tell if cash position is better. GLTU
HEP: As I'm sure you know, our disagreement is the S8 expense. I think it is misleading, if nothing else, to not include any of the S8 expenses in the operating expenses for M&A. Aren't any of the salaries, consulting fees and etc. applicable to the M&A segment?
As I have said before, most companies could show a very large Operating Profit if they did not have to expense salaries, consulting fees and etc..
"I think PR today is to paint the rosey picture and soon the ugly will come like that in late 2006. This pr was designed to keep the pps float at certain level while someine is selling shares. I bet that the price will collape once the filing comes to show the whole picture."
That wouldn't surprise me either! The red flags certainly are waving.
HEP: Thanks for correcting my implications regarding Gross Profit. However, I think you would have to agree that for Media & Advertising type business, gross profit margins should be very high since most of your expenses are operational and that Operating Income is more significant in this case; which we have no idea of at this time.
Han: I agree in principle.
But Gross Profit should increase from $2.4 M in 3rd qtr to $2.7 M in 4th qtr.
Revenue growth is impressive and nice to hear that AAGH has some cash (or cash equivalent?). But we will have to wait until 10K to see ARs and bottom line.
Gross Profit for Media&Advertising doesn't mean much since Mak lumps all Administrative expenses into another segment called Corporate.
I can't imagine the accounting tricks that Mak is going to come up with during this fiasco. Mak was given full responsibility by the CMP board (of which Mak is Chairman) for the sale of all assets.
* Michael Mak, the Chief Executive Officer, interim Chief Financial Officer and Director of Asia Global Holdings Corp. will serve as the a sole director and officer of Idea Asia and will also serve as Chairman of CMP.
"Idea Asia Limited, a wholly owned subsidiary of AAGH and the holding company of CMP, has issued a Demand Note to CMP for a repayment of loans in the amount of US$875,338.18. In the event that CMP fails to repay the loan on or before Feb 29, 2008, Idea Asia Limited will consider initiating liquidation of CMP to recover corresponding assets, possibly including intellectual properties rights"
So Mak (Idea Asia) issues a Demand Note to himself (CMP Chairman) and then sells assets (fully responsible for selling assets) and if insufficient will liquidate himself (Chairman of CMP). Sounds very professional.
Obviously I share some of your optimism or I wouldn't still be here. However, I still expect Mak to take it down a little more before he takes it up. I hope .075 will be a good entry point. Right now my AAGH funds are doing well elsewhere so I will wait a while.
That's great that you are ahead 300%. But I'm essentially even and imagine there are several that are down quite a bit.
You can afford Mak's dilution to grow(?) the company but I'd be happier if he borrowed from somebody else instead of shareholders.
I disagree that Gross Profit is growing for AAGH as a company. I'm sure you know their accounting tricks as well or better than I do. When you take the majority of your expenses and lump them in a segment called "Corporate" which has no revenues, then put your Revenues in other segments with only a few expenses those segments will show a favorable, growing "Gross Profit". Typical of Mak's deceptive tactics.
WOW Hep! Are you saying that WWTBAM was a bad investment? Have you noticed that ARs keep going up? I've always suspected that the uncollected ARs was one of the reasons why they are always short of cash.
HEP: Not much to add, but had a couple of things I wondered about. When do you suppose their agreement with Zixumedia expires? Does anyone know what their show rankings were after Nov24,2007?
I doubt if they will be able to pay for production costs with S8 shares. I believe I will stick to my planned strategy of waiting for the next run to prove itself before getting back in.
HEP: I wish you had sold your .055 shares at .33 and then bought back at .11. I hate to see Mak and his friends pocketing most of the money here.
What do think is a good reentry point? I'd rather get back in when it starts to run than try to guess the bottom.
Here's what I would do: First, I would give myself the equivalent of 100 million unreversable and non-dilutible shares to gain sole control of the company. Instead of collecting AR's to get cash to pay the bills, I would further dilute retail shares by paying the bills with shares. I would use any cash available to finance interest free loans to family and friends. After selling millions of my free shares at times that coincide with favorable PRs, I would then do a 1 for 25 Reverse Split, since my shares would not be reversed. Give myself some more preferreds and repeat the cycle.
The posts that you refer to are obviously very professionally composed but are unrealistic and have been proven to be non-prophetic.
I say they are unrealistic because they imply that when the bills are paid with shares that you should not have to include this as an administrative expense. Most companies could show a profit if they didn't have to expense salaries and services as expenses.
Also the posts predict that the 3rd Qtr of 2006 was an exception to a trend of increasing net income. The net income for the 9 months ending Sept.31,2007 was negative $3,697,029. The trend has continued but not as predicted.
Yes, Post #5824 references the PR of 11/10/06 that approximated income (before taxes) as $900,000.
Post 5824:
"Here’s the net income figures for the last 11 quarters (including the approximation for Q3 from Friday’s PR). It’s the graph that tells the story though.…
Net Income
2004 Q1 57,303
Q2 44,829
Q3 ( 37,926)
Q4 409,743
2005 Q1 999
Q2 71,199
Q3 ( 22,262)
Q4 (335,223)
2006 Q1 (107,685)
Q2 335,001
Q3 900,000"
And then the 10Q 10 days later:
Operating income (loss)
(689,699)
Income (loss) before income taxes (693,643)
Net income (loss) $ (875,053 )
That's why I say the 11/10/06 PR was false and misleading. The PR compared "income before taxes" to the previous year and approximated it as $900,000 and 10 days later it was a loss of almost ($700,000).
No the PR was false. It was on YAHOO.
I like any stock that I can make money on. I believe Mak will cause this one to run again when he has his own freebies or S8s to sell. I hope to be along for part of the ride.
"Sorry if you got burned by this one in the past. Hopefully this time you'll cash in...GLTU!"
Thanks, but no need to be sorry; I've already cashed in. Those that bought in the 20's and 30's in the past 6 months are the ones to be sorry for if you actually care.
"No false PR in Nov 06 on profits for 3Q2006"
The SEC agreed with me that the PR was false.
"what misleading PRs?"
In July,2006 there was a pump PR but the false PR was the November 10th,2006 PR, 5 days before the 10Q was due. It said that earnings before taxes was a positive $900,000 but in fact when the 10Q was released 10 days later on the 20th, instead of a plus $900,000 it was a negative $700,000. That IMO was a false PR for obvious reasons; to benefit S8 holders (IMO)who dumped millions of shares in that 10 day period. That 10Q also revealed the preferred shares given to Mak and the distribution of S8 shares. During that same time period there was also the PR for the purchase of a print factory and several PRs about NOBO lists to be reported on.
"But, I don't recall any of us complaining last Sept when, after a long silent period, AAGH put out some very nice PRs and the pps shot up to .355. I see that happening again...very soon."
Hey, I didn't mean to sound like I was complaining. I bought at .075 and sold out on the way up at .175. However, I imagine those that bought in the 20's and 30's are not very happy now. Previously, I took a beating when Mak was putting out mis-leading PRs (false) to get the price up for the S8 shareholders. Mak can keep using S8 shares to pay the bills as long as the contractors and consultants are making a good bonus on their shares. A good stock to trade if you can guess what Mak is up to.
"Seems very unusual to have a CEO that is so unconcerned about his shareholders."
IMO, it's unusual for a penny to have a CEO that is concerned.
"We need buyout offer from somewhere... THAT would spice things up nicely and get us a new CEO who maybe knows that this is a team thing, and that shareholders own this company too."
Too late for that; MAK already owns most of the company. IMO Mak would take it private if it wasn't for paying the bills with our money (S8 shares). Mak is a one man team!
PSEEKER: How do you know that there has been "no dilution"?
Also, a couple of other questions for the board:
1) How do we know what percentage of any new well is actually owned by AENP versus individual investors? Does this not make the TTRC reports meaningless if this percentage is unknown?
2) How do we know if production costs on new wells are properly divided between AENP and individual investors according to percentage owned by AENP?
The only way that I know to answer these questions is the 10Qs and 10Ks. But, as of yet, I see nothing. And if these reports are unaudited, then they would be questionable.
I think the company has plenty of debt and it is increasing each quarter. AENP with a market cap of 8 million or less owed Johnnie over 3 million as of 9/30/07 according to the 10Q and owed Charlie over 1 million. That is a lot of debt considering that revenues are about 1.5 million per year. I wonder who is verifying that the production costs that Johnnie charges AENP are reasonable and if Charlie is actually taking money out of his own pocket to pay Johnnie.
DOC: I sold 33,000 shares yesterday at .35 (5000) and .33 (28,000). My net loss was about $30,000. I am relieved today that I got out with $10,000 that I can now use elsewhere. I was in AENP for about 2.5 years. I hope longs (other than the pumpers) that are still in will see better days.
I could not believe shareholders would approve the RS. And I'm not sure the count was correct. Also, I do not believe from all my own research that the non-splitting of CBs preferreds was legal. I volunteered to contribute to legal fees for a full investigation but those that were taking the lead didn't follow through. I would still contribute if anyone pursues legal action.