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Yes, that's for the Pirate acquisition. Unfortunately, it hasn't closed yet although it was supposed to close by October 31, 2017. Now Tecco's considering changing the agreement to an asset purchase agreement. There are important differences between purchasing a company, like Pirate's, capital stock or its assets or both. But it seems like he's d*cking around here. How come he hasn't figured this out yet?
There are many scam tickers with 1 Billion+ O/S that have run into the pennies, we've all seen it. The problem here is Tecco's got nothing interesting to capture people's attention and, meanwhile, the dilution is never ending. Not nearly enough notes paid off with the recent rise in O/S since September. And, besides the existing notes, he's got garbage like this:
The Company [entered] into an advisory services agreement with TCA Global Master Fund for investment banking services. The Company shall issue $250,000 in the form of restricted shares of the Company common stock. The issuance of shares are subject to an anti-dilution share issuances to the extent the cash proceeds from the share issuances are inadequate to satisfy the $250,000 fee. The Company issued 139,750 shares of common stock at closing valued at a price equal to eighty-five percent (85%) of the average of the lowest daily volume weighted average price of the Common Stock during the five (5) trading days immediately prior to the agreement date. As of December 31, 2017, an additional issuance of 499,860,280 shares with a fair market value of $249,930 are required to satisfy the advisory agreement whereby an additional financing costs has been recorded to common stock payable. The Company recorded $1,063 and $134,058 of stock-based financing costs for the nine months ended December 31, 2017 and 2016, respectively. Additionally, the Company recorded financing penalties of $74,956.
Some technical traders suggested this may run once it breaks 0.0008, which it did briefly, but any runs have been eaten up by a vortex of dilution. The dilution should have been counterbalanced by good news but, unfortunately, there's been nothing good enough to pique investor interest. There's still a remote opportunity for a run, but it'll require unprecedented news and keeping the dilution taps turned off.
From Sept. to Dec. 2017, about $80k added and about $52k paid off. Unfortunately, not good enough to get this ticker off the ground. There are obviously more notes that Tecco hasn't included in this latest 10-Q (even under Note 10 - subsequent events) given the number of shares that were added to the O/S since Sept.
Unfortunately, they haven't even really acquired Pirate. I was hoping this acquisition would be dealt with by this filing.
Hopefully this dude has some other tricks up his sleeve to get things off the ground, but it doesn't look like he's going to turn the dilutive taps off.
Interesting. In the last 10-Q, the LG Capital note description is just as you've copied and pasted it. In the previous 10-Q before it, the LG Capital note description was the exact same with the additional line:
"In the year ended March 31, 2017, the lender converted the $40,700 of principal and $1,849 into 22,358,211 shares of common stock at a fair market value of $97,601 and recorded an extinguishment of debt expense of $55,053. The note was repaid in the year ended March 31, 2017."
It's the filing that is submitted when a company changes its year-end (https://www.investopedia.com/terms/s/sec-form-10-kt.asp).
The 10-KT report covers the transition period between the closing date of its most recent fiscal year and the opening date of its new fiscal year.
Basically, it seems the transition period stipulated in the proposed OMVS 10-KT had entries (relating to deposits) that fell outside that transition period. It seems this caused a need for more accounting documents to be drafted.
OMVS
More insane volume here less than an hour into trading.
Let's see this bad-boy start moving out of trips!
Your post applies to almost every OTC-PINK ticker. Where's your extensive DD, lol?
Besides being a self-proclaimed expert, you are also a clairvoyant! You knew exactly when to exit and you know for sure I'm a bag holder! Welcome to iHub.
I think there's at least a few hundred million more before the dilution fully stops (but that's a guess). Who knows if this Tecco dude obtained new notes that he hasn't 8-k'd yet...
If it is a scam, he needs to keep it going, so I still think there's at least another good run left in it. All good scam artists keep the charade up for much longer than this. I don't think he'll just let it fizzle out at this point.
Lol, it's in his Roth IRA for a reason. Look at his average cost, he'll be selling at a tax-free GAIN.
Wow, you're so smart; we should've all listened to you in the 0.004s!! However, you do know that this is OTC-pink sheets, correct? 99%+ of the companies and their principals have dubious histories. And there are plenty of actual scam tickers that play out into 10-baggers. This is common knowledge actually.
Where's Bayareafinancewhiz with his warnings ?!
The PR is, unfortunately, a whole lot of nothing. Tecco needs to provide some numbers. What's the intrinsic value of these acquisitions? What's the intrinsic value of the past acquisitions? How is he going to finance any future acquisition? Fine if it's through dilution, but shareholders need to see what the value of the target asset is.
Latest O/S:
On January 31st, before start of trading day = 718,282,979
On February 12th, after the end of trading day = 817,277,598
So, O/S increased by 98,994,619 during this time (dilution).
The total volume during the above-noted period = 463,239,504
Are people accumulating or what! (what's the buy/sell ratio, anyone know?)
ELTZ
Correct, we should be close Ping. Let's also see what the O/S is after this week and we'll (sort of) know what's left of the notes.
Second-highest volume day we've had in a few years.
I think if dilution dries up soon (i.e. we are at an O/S under 1.1 to 1.2 Billion), Tecco is telling the truth. Mammoth, however, is selling in my opinion; but hitting 1.1 to 1.2 B O/S means notes should all be done and basically fully converted. There's still the possibility that Mammoth is only converting a portion of their notes, but not the full amount outstanding. My benchmark will be the 1.1B to 1.2B O/S mark. If we start to exceed that by a fair amount, then I'll shut up, lol.
Well, he's supposed to 8-K any new notes or "deal" if it's quantitatively or qualitatively material.
Mammoth could have bought existing notes, but it wouldn't change the terms of those existing notes. However, we don't know who exactly is dumping. As of the last 10-Q, Mammoth represented about 60% of the outstanding notes. If they are not converting (or converting very little) because they have this so-called good relationship with Tecco, then Tecco could be telling the truth with respect to the $15k of dilution being left and most of the 550M to 650M new shares we've seen since the last 10-Q could have been from noteholders owning the other 40% of convertible notes. Was there any evidence that Tecco said that Mammoth won't convert? Or was this just a message board rumour?
It's not a very mathematical way to do it, but most of the high volume (assuming mostly dilution) since the last 10-Q took place at 0.0012, 0.0008, 0.0007, 0.0006, and 0.0004. Looking at the conversion terms of the outstanding notes, looking at the amount outstanding in those convertible notes, and considering that about 550M to 650M of shares have been added since the last 10-Q, there's no way 95.5% of the outstanding balance of the notes have been paid off leaving only $15k left in dilution. The only way that comment is true is if he's correctly assuming that some noteholders, like Mammoth, will not convert all of their notes. Or, additionally, that some noteholders won't/can't convert in order to stay under 5% ownership.
A bit frustrating, yes. But let's see where we are with the SS after the end of today.
Last of the noteholders (unless more convertibles obtained by Tecco since latest 10-Q). Will ask TA what the float is after the end of today.
LOL, not me, I'm Canadian. There's no distinction here b/w long-term and short-term capital gains. But, don't envy me, we get taxed up the *ss here in many other ways like in every other totalitarian regime.
Been here for a while and I'm holding for a while still. The volume we've had could/should make this very interesting. The SS has also remained pretty much the same since the run we had last year at around this time. 0.003 is a good benchmark in any case. We could very well see it with this volume.
ABVG
nFUSZ CEO, Rory Cutaia, comes on and posts stuff on iHub (and only discloses what he's allowed to as per SEC regulations). And he's a successful executive, not just with his current company, but his previous one too which he sold for a nice amount and which was later resold for over a billion dollars.
Regulation FD was created because of the reality of social media and its potential effects on a company's share price.
Info for the TA I emailed is different than the previous TA. In case anyone cares, it's:
Kimberly Whiteside
Island Stock Transfer
(p): 727-289-0010
(e): kwhiteside@islandstocktransfer.com
It did this before back in September. Jumped up as high as 0.0007 on relatively high volume and eventually fizzled back down to 0.0001.
But, almost exactly one year ago, at the beginning of February 2017, it ran to 0.0015 on high volume (5.5 Billion shares from the time it ran until it dropped back down to where it started the run at the end of the February). The float at the time of that run was about 3.09 Billion shares.
I can't believe we're still only at 0.0003 with the volume we've had. Almost 5 Billion shares traded already since the run started and we're only a few days in. Our current float is unclear. OTC website has it at 4.45 Billion shares as of October 9, 2017, but the latest filing - the Q3 - has it at about 3.25 Billion shares. Either way, even assuming the larger float amount is correct, we should not be trading this low! This thing's gotta blast off at some point soon. . .
I think at least half, if not more, of the total amount outstanding on all the notes has been paid off through conversions. I expect we are close to the end.
Beautiful! After holding this for so long, I'm glad we're finally moving! Would be nice to get to 0.001's....
Well, who's going to accept common shares in exchange for things where Rule 144 doesn't apply, like products or services? Wouldn't the vendor have the exact same concerns as you in terms of the value they're getting for their service or product? Convertible note holders have excellent provisions built into their agreements that protect their loans, but these mostly apply to the conversion price making it almost impossible for them to lose the amount they've loaned. These types of protective provisions can't realistically be included in an agreement where OMVS shares are exchanged for a vendor's products or services. Not only that, but a vendor who receives shares would be in it for the long haul whereas a convertible lender is only in it until his loan is paid off (which can be forced through conversions). I can't see this scenario taking place in the OTC-pinks very much, if at all.
I hope (and honestly believe) that the O/S will be a reasonable amount once financials are filed.
Good luck to everyone.
Yeah, new notes can indeed be issued on piss poor terms, that's what I just said in my last post; however, Rule 144 prevents the note holder from converting the balance owing on the note into shares outstanding if the company is not current. That's what dilution means, new shares added to the float.
How would treasury shares be used to actually dilute and, thereby, circumvent Rule 144?
This will only start looking like a run of the mill pink pig if the O/S has substantially increased beyond reasonable expectations without a corresponding increase in revenues (or a solid plan to increase revenues in the near future).
Thanks Werbe,
I just got this email too:
People should try to relax. My best guess is that the financials most likely have to be restated because they were materially wrong in - most likely - a qualitative sense, which is expensive and takes inordinate amounts of time to complete. Remember that the SEC states that materiality can be either qualitative or quantitative. These new accountants will want the restated financials to be impeccable, but that's a time consuming task. Either way, no one apart from the auditors will know when those financials are going to be ready. It's nonsensical to blame Steve or Garret for this and particularly nonsensical to blame Steve for things like failing to ungag the TA. Parsons is the controlling mind of this ticker. Reinharz is the controlling mind of this ticker's subsidiary, RAD. Parsons handles absolutely everything apart from RAD-related business.
It's easy to be fearful of the unknown, we all tend to falter in that respect. Do some DD, see what the possible concerns may be, read how the accounting process works, etc., and you will surely set your mind at ease. The financials will be filed; it's not a matter of if, it's a matter of when. Just let the auditors do their thing as it's outside of anyone else's control (including Garret or Steve), and prepare yourselves for - I dare say - a wonderful 2018.
$$$ OMVS $$$
Good to have you here, Samuel.
I'm fairly new too, although I was looking at this ticker closely when it was still bBooth but, regrettably, never pulled the trigger then. The DD is among the best I've seen on the OTC and the board is great. We've obviously still got some growing pains to go through, but I'm confident that this could eventually be a multi-dollar ticker.
Even if that's factually true, which I'm not saying it is, what's your point?
Elon Musk always sets ambitious targets with TS*A which he very often fails to meet (look it up), and what's TS*A trading at these days?
Unless you want to flush your money down a toilet, you need to look at the context when investing. Perhaps you're day trading which is a different story.
Great close!
I'm finally in the green after a few months of patiently waiting (and some averaging down) and I expect to be very green by the end of the year.
Great things coming for longs here, CUIN2.
FUSZ
Hopefully we can now establish some new support levels here going forward.
FUSZ
I thought you're back in when ELTZ breaks[sic] 7. It hit 0.0011 the day after your post. So are you back in, or are you just another liar?
Thanks Werbe. I too emailed and also asked for September 30, 2017 O/S. I'm just curious to see how much of the outstanding notes have been converted since the last 10-Q. Would give us a better idea of when this thing will start to turn around.
What's the info? I think I emailed them before a few months ago. If it's the same TA, I'll shoot her a quick email.
Can someone email the TA and find out what the updated O/S is as of the end of today?
ELTZ
He needs a huge A/S as collateral for the existing notes. Check the terms of the notes. Some of them require that up to 6 times the total convertible amount be reserved as collateral. So if the outstanding amount of the note converts into 150 million shares, they require 900 million to be reserved as collateral. It doesn't necessarily mean he's going to dilute into oblivion.
This is more like it, FUSZ.