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They’re doing the same thing over and over and people keep falling for it. Taking on insane amounts of toxic convertible debt to fund ???, dilute the stock into the ground, RS, rinse and repeat.
It’s not like the SEC is going to stop their money printer any time soon either so it’ll just keep happening.
Chris and Tim are using this stock like welfare, Chris’s family wouldn’t even be able to eat without the FLES charity fund and they were posted up in a mansion last time anyone cared enough to check LOL. They could start a campfire business at the rate they burn our money but that would probably hemorrhage money too.
Guess they’re still happy letting shareholders pay their salaries by selling shares and taking out convertible notes while the main operation burns money. Can’t teach an old dog new tricks lol
They appear to have added several points that they hadn’t stated before that are very specifically covering potential issues they created last year.
I’m also confused about how the share structure is supposed to work after they try to sell these 7.5 million shares:
-the OS is currently 1 million
-they recently added 900k warrants when they got rid of the convertible notes
-currently attempting to sell and add 7.5 million shares to the OS
-they previously signed a deal with an institutional investor to sell them 1 million shares as well, is that still happening?
- the way the C shares work, they equate to 2.67x the amount of outstanding shares, the AS at 15 million would no longer support that after this offering, meaning another RS would be required to allow for that to work?
It’s like they have several different share selling methods going on at once and they’re all creating a big jumbled mess.
Assuming they somehow sell all these shares(unlikely) they will have diluted shareholders to less than 5% of their original holding following this most recent RS.
Gives me a headache trying to keep up half the time lol
I like the parts they added in pages 29-35 of the newest filing that basically say “if we ever get caught for that shit we pulled last year you might lose your entire investment...but we still aren’t liable lol”. Their cautionary statements are getting more and more specific as they go lol, luckily for them the SEC is asleep at the wheel so they’re good to go
Well I have 3 shares in one account that used to be worth around $10k and 13 in another that used to be worth around $50k. Had to sell everything else a while back though but kept those amounts to keep track of what my original holdings are worth over time.
You were there too so I’m sure you’re in a similar position but it sounds like you’ve continued averaging down post-RS 2, I just wanted to pick your brain on some things I noticed since I know you’re always keeping up with this ticker.
Glad to see you’re still confident. I’ll be excited to see your $5 prediction in the coming months!
I thought OS after this most recent reverse split was like 500k, did they actually double it already?? Good lord lol
I never even checked the most recent 10q, are they turning a profit yet? That would be a good sign
Weren’t they supposed to file an 8k stating the convertible debt has been turned into a $1.2M non convertible note, warrants, and C shares if it was official?
Doing my occasional check in on everyone’s favorite ticker and noticed they hadn’t filed one yet. Certainly that would be considered a material event, right?
Last year the stock was already at 0.0004 when the OS reached 306M and was firmly planted at 0.0001 by the time it hit 1B. That AS reduction isn’t saving anyone lol
There was a poor sucker on the bid yesterday for the first time in months and they got dumped on immediately lol, that’s all they can hope for nowadays
Chris and Tim are just a couple of welfare warriors living off of convertible notes that are paid by the shareholders. Couple of grown men that can’t support themselves and that’ll never change.
Was going to stop by and see how it’s going here but half of the OS is on the ask at .22 right now so I probably don’t need to ask
Damn I thought I had a couple weeks to keep loading, y’all freaks ran this off to La La Land hahaha
They have more derivative liabilities and notes than they had on the last 10k, this turd is sinking faster than Tim can say “useless leech”
Yikes lol and they both gave themselves raises hahahaha
Anyone who thinks they’ll put out anything more than an NT today is off of their rocker lol
It was likely dilution either way, that’s the real issue. Doesn’t matter if it’s Leechin Larry or someone else, it’s all bad.
What comes first, the 10k or a penny? Yesterday looked like the Larry Glenn ATM was back in business so my money is on the latter.
Wow someone randomly decided to slap 5k on the ask at 0.16 today of all days, what a deal. You’re scooping those up right? Can’t miss opportunity
Unfortunately there’s already minimal volume/bid support at these prices, even an ounce of dilution drops this close to, or below, a penny. These guys lost all credibility because of last year and it’s really hurting them now.
Hope they don’t dilute and some of the people still holding can make some money back but I’m not sure that’s in line with little Tim’s agenda.
This really is everything they should’ve done last year but didn’t, the SEC probably started breathing down their necks and put the fear of god in them. I don’t think 1B shares even scratches the surface on paying off these notes and future notes so I’m not sure how that’ll work while still keeping 2/3 available for the series B conversion clause. It’ll be interesting to watch though.
Looks like he sold it, hopefully more news soon. Good buys today
I would expect news before Ol Larry starts getting his shares again Friday
Blaming note holders for converting and destroying the pps here is like blaming a gun for a murder lol
I would suggest you to look into it further yourself because there’s plenty of red flags that don’t add up to anyone with an objective viewpoint. It doesn’t match the information on previous disclosures at all.
I guarantee that disclosure isn’t accurate and unfortunately April 24 is going to get really ugly if I’m right. The .005/50% note that dragged this down last RS will be back in action.
No one is hating on the stock, it’s the idiots running it into the ground that everyone hates.
If this had half decent management there wouldn’t have needed to be a 2nd reverse split but here we are, mostly everyone down 90-99.9%, with the cycle of pumping ramping back up to fleece the small amount of people still out there who don’t know how bad people have been screwed by these clowns.
Honk honk.
I think you missed the part where 200M shares were diluted during that period, which was my entire point
Another main reason I’m having trouble believing that document’s numbers:
From 2nd Quarter 10q:
From 3rd Quarter 10q:
Comparing the two side by side shows that the only note that changed was the Larry Glenn death note.
During that quarterly period over 200M shares were converted/diluted.
There’s no questioning who converted when it’s the only one that got paid at all that quarter.
Nice find, thanks
$444 of interest accrued on that note, so they’ve only paid off $10,477 on it. Even converting at .00005 those 900M shares would equal $45k, and that’s the lowest possible amount it could equal.
That’s why I said it doesn’t add up. I don’t know why it’s wrong but it is, all I was pointing out was that the information they gave us isn’t accurate so who knows what else is missing or inaccurate.
Potentially found the Larry Glenn that took Tiny Tim to the cleaners:
https://www.cjmhlaw.com/attorneys/lawrence-e-glenn/
Graduated from UT in 1977, Tim Armes graduated from UT in 1980.
Merger LOI was signed June 2018, one month after he loaned $1M to Tim.
That 0 shares converted is likely inaccurate, there was one quarter where that was the only note to convert shares while millions of shares were diluted.
Potentially found the Larry Glenn that took Tiny Tim to the cleaners:
https://www.cjmhlaw.com/attorneys/lawrence-e-glenn/
Graduated from UT in 1977, Tim Armes graduated from UT in 1980.
Yeah that footnote means it has been adjusted, aka it’s been divided by 4000 lol
Even if it didn’t the math doesn’t add up, that’s how bad it is.
Larry Glenn Jr loaned over a million dollars right before the merger and was given more favorable conversion terms immediately before the 10k ran 3 months late for no reason.
WOW he must be really lucky
That same column shows 229,975 post split shares(over 900 million pre split) converted to pay off $10.5k from a different note, clearly doesn’t add up. They clearly put that amount in the wrong row so who knows what’s accurate and what isn’t.
If anything this raises more questions lol this ticker is a continuous headache to follow
Damn, death note is still there and matures in 11 days. Time to see if anyone can find out more about Larry Glenn Jr and his relationship with Tim Armes
https://www.globenewswire.com/news-release/2019/01/23/1704179/0/en/MCGI-In-Discussion-With-Institutional-Investor-And-To-Undergo-Restructuring-To-Uplist-To-OTCQB.html
Here you go...again
Links and explanation of phony PRs and continuous deception by FLES (MCGI):
1/23/19
https://markets.businessinsider.com/news/stocks/mcgi-in-discussion-with-institutional-investor-and-to-undergo-restructuring-to-uplist-to-otcqb-1027889509
"MCGI: In Discussion With Institutional Investor And To Undergo Restructuring To Uplist To OTCQB"
"MedCareers Group, Inc. (MCGI: OTC pink) is pleased to announce that it is in final discussions with an institutional investor for a multi-million dollar financing that will be significantly less costly for the company. Additionally, the institutional investor could potentially take over part of the existing debt on the books of the company. The company expects to enter into definitive agreements with this investor in the next two weeks."
Huh... that sounds familiar and relevant to their current PR's lol they PR’d that and never mentioned it again and it never happened. *POSTED SAME DAY THEY APPROVED THE FIRST RS* Basically a ‘hey don’t worry about that convertible debt, this RS is a good thing, we can uplist with non toxic financing’. The first step in their list of deceiving PR’s.
5/1/19
https://www.globenewswire.com/news-release/2019/05/01/1813567/0/en/The-4Less-Corp-Increases-Direct-Sales-On-Website-By-45.html
"The 4 Less Group has changed auditors and is retaining the existing auditors of The 4 Less Corp. The company expects to have its year end financials ready to file on May 16, 2019."
They had several months to change auditors and decided to do it the day before the 10k was due, easy excuse to delay them but reassuring investors that they would be ready to file before the late filing due date.
5/17/19
https://www.globenewswire.com/news-release/2019/05/17/1826899/0/en/The-4Less-Group-Inc-Announces-Filing-Of-Consolidated-10k-By-End-Of-Next-Week.html
"The 4Less Group, Inc. Announces Filing Of Consolidated 10k By End Of Next Week"
"The 4Less Group, Inc. (OTC: FLES) announced today that it expects to file its consolidated 10K by end of next week. The delay is due to the recent change in auditors and the consolidation of its wholly owned subsidiary The 4 Less Corp."
Expecting it "by the end of next week" implies it should be just about done and ready to go, 3 months seems a little beyond the possibilities of this estimate.
5/24/19 The company releases a press release a week after the previous one, when the financials should be just about finished, and makes no mention of the financials in any way.
6/18/19
https://www.globenewswire.com/news-release/2019/06/18/1870367/0/en/The-4Less-Corp-Increases-Direct-Sales-On-Website-By-43.html
"The 4 Less Group is working with its new auditors to complete its year-end financials and foresees no issues in completing its audit. The company expects to have its financials filed shortly."
Over a month has passed and they "foresee no issues completing the audit", no issues would imply that they should have already released the financials because they estimated it would take a week, no issues also implies that they should have remained on schedule. They are now a month late on their expected release date and they have no real reason to explain the delay.
7/11/19
https://www.globenewswire.com/news-release/2019/07/11/1881455/0/en/The-4Less-Corp-Updates-Shareholders-on-Financials.html
"Although the audit has been taking longer than anticipated there have not been any issues raised by the auditors with respect to the company or its financials. Both the company and the auditors are working diligently to complete the filings as soon as possible."
Almost another month passes and they still claim there have been no issues raised by the auditors. Still no reason for their original estimate to have been so inaccurate unless they had a reason to string investors along...those notes have been secretly converting for 2 months at this point and the stock's value has plummeted and trapped the original shareholders in this bottomless pit.
Well it’s either this or management is just grossly incompetent. So Tim Armes is either:
A) horribly corrupt
Or
B) hopelessly useless
Neither bodes well for shareholders.
Blaming the accountants when they were hired a day before the deadline while management lied about the release date repeatedly is more absurd than anything that’s laid out here. No matter which angle you look at it the problems always start and end with FLES management.
Sounds like a $4 million dollar convertible note to me lol