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For all we know they received $50k vs. the $10M....if they received anywhere near the entire amount they would be the first to PR the same. My guess is that the company will take advantage of these higher prices to raise $$. Its a smart move. Less dilutive than the converts that will coming down the road and the company has no money to cover G&A expenses, even if they receive the $10M. EPC contracts normally come in tranches to pay for the incremental steps in building the facility, etc.
How is this company going to pay any bills between now and when the "project" generates free cash flow?
These paid interview promos are a bit hard to watch. I'm not sure where ABML gets the money to pay for them (converts) but I don't think they help the co's reputation much.
I go back to an earlier post I made several months ago. This $10M is clearly an EPC financing (Engineering, Procurement, Construction). There's no way, despite what the company may claim that any of these funds (if they ever come) will go towards converts, accounts payable, or expensive Tesla hire salaries. The EPC financing is also secured against the plant (whenever it's built).
So how is the company going to pay its bills? They have continued to issue toxic converts even while Cole has sworn them off. They need to do another large raise or just go back to issuing more converts and letting them mature. I'd love to hear any ideas how they get out of this hole a a pre-revenue company.
Why wouldn't the company quantify the amount they received?? Given their "promotional tendencies" they would disclose this if it were substantive. Other point worth noting, this is an EPC financing where "all fund received from this arrangement will go towards building the plant." So how does the company pay salaries and deal with the upcoming converts? They will need to do another private placement. It's great to hear they received money but without any details its bittersweet.
Now you do
Incorrect. Merriman went into administration and the founder Jon Merriman was accused of fraud. I know the firm well. Lot's of solid people worked there but the firm, like many micro-cap focused investment banks, couldn't survive the great recession nor it's terrible reputation and unscrupulous dealings. I'm guessing that's why Cole doesn't list his involvement on LinkedIn.
But it is an issue GD....If the CEO is dissing the "mafia style" converts and then going back to the same toxic converts to fund his business it shows a lack of credibility, sensibility, and fiduciary responsibility for stakeholders. Just STOP issuing converts and START raising money through traditional private placements (like the last round) otherwise this will be no different from KPAY. My bet: there's no chance that any money shows up on June 1st. Something just smells wrong. The only thing making me not 100% discount this as an outright fraud are the Tesla hires. Otherwise this thing wreeeaaaakkkks.
Just going through the recent filing and this is absurd!!!! They raised $1M in a private placement to deal with the "toxic, mafia-like converts" but have, nonetheless, raised another $600k from the same toxic converts since announcing the private placement. Talk about a pyramid scheme!!
I guess that would/could be comforting if considerable amounts of the toxic money wasn't encumbered under his watch. Keep in mind, it was only until recently that they claimed they were dealing with these converts. I honestly feel bad for all of the retail schmucks that get caught in these webs. Even more frustrating to see the same scamsters perpetuate these frauds with no repercussions.
What a joke. "We don't need their capital until the end of June." Riiiiight. Cole instills no confidence in this interview. He reminds me a creepy uncle after they've had a few too many libations. Does anybody know what the terms of this "private placement" are/were? How are these guys going to pay for all of these new stellar hires? Anybody assuming that the toxic converts are the in rearview mirror isn't paying attention
Even if we want to believe that the company actually did a placement (I have my doubts but let's give them the benefit of THE doubt), they only raised $1M. I don't know how many toxic converts they had to pay down but, needles to say, there couldn't have been much money left over. How do you think they are going to manage their monthly burn as a pre-revenue company? Even if we only consider the three Tesla hires. None of these guys are going to be making less than $200k a year. So, just to cover these three employees the monthly burn is $50,000 a month. I'm guessing the grinning CEO pays himself over $300k a year (before options).
To reiterate my earlier post: how long do these guys have before they start their weekly issuance of toxic converts if the "strategic" EPC investor (with almost zero footprint online) doesn't come up with $20M?
These would be the questions I'd be asking Mr. Cole if I were invested. Time is pretty critical before ABML morphs into KPAY. If they somehow receive this investment there's a lot of upside. However, anybody who knows how EPC financings works will know that the money committed to these financings are typically circled specifically for the construction of the plant (Engineering, Procurement, Construction)....they very rarely, if ever, go towards paying salaries.
So where is the money coming from? (Russian Roulette).
I wouldn't worry about the "complainers" per se but those who have been skeptical of the stock haven't had an issue with some of the new hires. The problem has been more the capital structure vs. what it appears the company is trying to accomplish in forward vision The bottom line: these new hires are being paid for with converts until we hear otherwise. We know the $20M hasn't arrived yet and we know that guys like Ryan have been employed well before the latest waves of toxic converts. So investors here are playing a game of Russian roulette. If the $20M doesn't arrive there will be another round of massively dilutive converts. To assume that this isn't something the company is willing to consider going forward would be complete ignorance to how the company has historically financed their business plan. The upside is clearly if the company can finally deliver on the elusive financing and break away from the KPAY/MFST cloud. That's a pretty big assumption as once a company gets a taste of the "easy money" of toxic converts, they are that much more likely to return to that well. Time will tell.
Doug is not a guy that instills confidence. KPAY rinse and repeat.
No announcement needed??? These guys put out a PR when the wind blows. If you think they won't announce receiving $10M, you haven't been paying attention. The bigger question would be why would a strategic investor commit to a $10M investment without taking control of the company (current market cap of $13M). I understand that EPC contracts can often exceed market caps but its a bit concerning that it's almost impossible to find any information on this Fijian entity. All of these Asian sources of capital are "sketchy" at best and very reminiscent of the games being played at KPAY (why would an investor put $200M into a company with no revenues or market value?).
Birds of a feather flock together....as the saying goes......when considering the same scumbags that have been pushing KPAY are involved here it's very difficult to have any confidence that ABML is any different.....same toxic converts....same empty, constant, PR pushes.....the only difference I can see is that there appears to be more legitimate officers (ex Tesla, etc.)....Doug Cole looks like your standard stinky pinky promoter but Ryan Melsert appears to be the real deal.....but if the money doesn't arrive on Monday and a new wave of excuses arise, you might as well put this investment in same drawer as KPAY and MFST....
Here's your fly in the ointment:
"company has verified multiple times their 4/19 timeline for funds is still on track."
The clear and consistent signal for all of these associated companies (KPAY, MFST, AMBL) are endless announcements of money coming. But it never does. These appear to be last gasp attempts to lure in the last of the buyers as the converts come into the market.
Think of it this way. If any of these companies truly wanted to take the share price higher, and on more solid footing, they would make the announcement AFTER they have actually received their financing. They could clear out the converts, bring down the share count and the price would rip. However, because (IMO) the money is never going to show, they resort to incessantly "forecasting" ever changing "strategic investors" with the hopes that there are still a few more suckers around to buy the conversions.
As I referenced earlier while its clear that KPAY is a fraud I'm dumbfounded as to why some very credible directors/executives of ABML are stuck in the same bucket. However, given the clear overlaps across the companies with the likes of Joseph Salvani , along with the same toxic converts, and ridiculous PRs, there's simply no way AMBL is an investable stock.
oh really?
Anybody believing that Edwin is actually investing $1M let alone having $1M to his name is simply not following history nor common sense. It seems like the same group of stocks: KPAY, ABML, MFST all have the same pattern, criminal convert cohort, and non-sensical PR machine. All of the announcements refer to hypothetical $$ being raised but never completed. For any of these companies to disclose that they are "close" to raising money or "looking to invest" without having actually closed the said financing is pure insanity in the face of the endless supply of shares/convert. If these were legitimate companies being run my competent managements they would only announce a financing once money was actually in the bank, so they could actually take out the converts and the stocks could actually rip higher.
The games being played in these toxic convertible names is clear as day.
Anybody believing that Edwin is actually investing $1M let alone having $1M to his name is simply not following history nor common sense. It seems like the same group of stocks: KPAY, ABML, MFST all have the same pattern, criminal convert cohort, and non-sensical PR machine. All of the announcements refer to hypothetical $$ being raised but never completed. For any of these companies to disclose that they are "close" to raising money or "looking to invest" without having actually closed the said financing is pure insanity in the face of the endless supply of shares/convert. If these were legitimate companies being run my competent managements they would only announce a financing once money was actually in the bank, so they could actually take out the converts and the stocks could actually rip higher.
The games being played in these toxic convertible names is clear as day.
I can't disagree that the volume in KPAY and related names like ABM, MFST are interesting. Are the buyers simply retail suckers who are falling into the rinse and repeat cycle of Joe and the other penny stock scammers or is there more to this story? This isn't something I can answer at this point but, based on what Edwin has been pumping for the better part of two years, and the association with ABML which is equally pathetic re: reliance on toxic converts and the daily PRs, my guess is that all of these stocks are complete scams......I'd love to be proven wrong if someone can point me in the right direction.
Nothing about KPAY looks to be much of a party but I appreciate the bread crumb re: Joseph Salvani. I was able to pull up a laundry list of failed micro caps that JFS Investments had “advised” and, in some cases, illegally received shares in. All of which were clearly pump and dump schemes. Joe got his hand slapped on one of those investments (mainstreetipo.com) and the balance have gone to next to zero under very sketchy circumstances (Miravant, Blockchain Industries, etc.) It looks like he’s currently “advising” American Battery (AMBL) which looks to have a pretty legitimate board/management team) but a company that is plagued with the same toxic converts. I’m guessing Salvani is on the other side of those converts. Its good money.
Also worth noting that Salvani was an advisor to Oroplata with changed its name to LithiumOne which changed it name to American Battery (as mentioned above). Oroplata was named in one of the biggest penny stock fraud cases against Roger Knox. You can google it for some good entertainment. Salvani and Knox and Barry Honig (Riot Blockchain scam) are all known associates and have major overlaps across the business and holdings (Santana Holdings and Wright Investments).
I also noticed that JFS Investments is/was a large shareholder of Blockchain Industries (changed symbol to BCII) who received considerable payments in exchange for advisement on KPAY’s ICO offering. I have to do more digging but can only assume the ICO failed given KPAY’s current state but old Joe seemed to do OK regardless:
“On January 11, 2018, the Company entered into an advisory agreement to provide Initial Coin Offering (“ICO”) services to PT KinerjaPay Indonesia, an Indonesian company and a wholly-owned subsidiary of KinerjaPay Corp., a Delaware corporation (OTCQB: KPAY) (“KPAY”). As consideration for entering into the advisory agreement and providing services related to administering the KinerjaPay ICO and establishing a Digital Asset Exchange in Indonesia, we were paid $250,000 in cash, and received 1,000,000 restricted shares of KinerjaPay’s common stock, having a market value approximately $1,800,000 based upon the closing price of the KPAY shares on the OTCQB of $1.80 on January 11, 2018. In addition, we shall receive a 50% equity ownership in an Indonesian-based Digital Asset Exchange which has yet to be formed. Per the advisory agreement, the Company, in conjunction with Fintech Financial Consultants, Inc. (“FFCI”) shall provide to the Company the following Advisory Services (“Services”)”
Does anyone want to take a guess on whether JFS still holds those shares of KPAY when the stock was at $1.80?
The only other thing that pops up on Google is Joe’s lawsuit against Investorshub for defamation. Seems like Joe has pissed off a lot of people over the years. The RTO (reverse merger) gang don’t tend to make a lot of friends and KPAY does not, at this point, appear to be the exception.
Again, I apologize if all of the above has already been addressed in previous posts but the Joseph Salvani bread crumb doesn’t help with my confidence of this being an investable opportunity. I’m only posting here to hear substantive rebukes on my so far, negative findings, so that I can better understand what I’m missing. As in, what is the investment thesis for longs? I feel like I’ve got a pretty good grasp on the naysayers view.
I'm new to this stock but know many people who are long so I've started to do some due diligence. A few observations and then questions for those who've been involved over the years.
While on the surface this stock and it's chairman trigger all of the normal red flags of a penny stock (very little information on Edwin's actual background, toxic converts, press releases full of grammatical errors, false promises, etc.) none of these flags are certain indicators. It is a positive the Edwin is willing to pursue public exposure through numerous online interviews as most scammers like to keep a low profile. On the flip side, bank guarantees and SBLCs (standby letters of credit) are notoriously sketchy and are instruments used in the shady shadow banking world of scam artists.
A few things I came across where I would welcome any insight. My apologies if they've already been covered in previous posts.
1) Has anyone actually looked into the Wahana Group? I realize the story has shifted to other sources of capital but if the Wahana Group is fake it's safe to assume that all of the other "imminent money" is fake as well. The company profile for Wahana Group is here:
https://www.bloomberg.com/profile/company/1689928D:IJ
So the entity obviously exists but if you look at their website, listed on the link above, this is what you get:
http://wahanagroup.co.id/
Does this look like a company that has the means to make a $200M investment? Or does it resemble more of auto body shop?
There very little little to dig up on Edwin online but I was able to find one article on another company where his was CEO:
https://www.straitstimes.com/singapore/paradise-lost-for-some-bintan-investors
Clearly a fraudulent development scheme but has anyone discussed the above and vetted the same with the CEO?
Thank you in advance for any responses.