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What??? Your short hand is incomprehensible!!
Write something in plain English, please!
Statute of Limitations, Fraud, no title to the ownership of the company, venue, etc., etc. It is all in the case Complaint.
Hide and watch on this one. You may just end up with zero on this OTC stock.
Here is the case # and facts. Have a good read (if you have pacer). Otherwise, I presume you all know how to find it.
1:23-cv-07015-UA Mergenthaler et al v. Zimbler et al
Unassigned, presiding
Date filed: 08/08/2023
Date of last filing: 08/08/2023
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Here you go. . . You are really rude, ya know?
https://ecf.nysd.uscourts.gov/cgi-bin/iquery.pl?161305617498927-L_1_0-1
Yikes!!! ENZC MAJOR LAWSUIT!
ENZC and individuals just got hit with a major lawsuit (filed in the Southern District of New York) alleging that ENZC, CC, and the gang (Harry Z., Billy Ray, and a few others) don't own ENZC because they never paid for the shell "Falcon Media" and all of the subsequent names the company has had " back in the day". The damages are said in the filing to be $450,000,000!!!
Humm. . . Let's see if ENZC even mentions it in their next filing. Any bets?
Timing,
If you go back and re-read my post, I was not talking about convertibility, but voting control.
Yes, I do know the difference. . .
Are you talking about these disclosures (page 21 of the ENZC financials QTR 3 - 2022)?
Are you talking about these disclosures (page 21 of the ENZC financials QTR 3 - 2022)?
Super Majority Voting Rights. The record holders of the Series A Preferred Shares shall have the right to
vote on any matter with holders of common stock voting together as one (1) class. The record holders of
the Series A Preferred Shares shall have that number of votes (identical in every other respect to the voting
rights of the holders of other series of voting preferred shares and the holders of common stock entitled to
vote at any regular or special meeting of the shareholders) equal to that number of common shares which
is not less than 51% of the vote required to approve any action, which Delaware law provides may or must
be approved by vote or consent of the holders of other series of voting preferred shares and the holders of
common shares or the holders of other securities entitled to vote, if any. For purposes of determining the
number of votes, each one (1) share of the Series A Preferred shall have voting rights equal to (x) 0.019607
multiplied by the total issued and outstanding common stock eligible to vote at the time of the respective
vote (the “Numerator”), divided by (y) 0.49, minus (z) the Numerator.
Hint: I did read them. And did the calculations. What did you come up with?
IF WE ONLY HAD ENOUGH DISCLOSURE. . .
Mineanddine, IF we had all of the disclosure on convertibility, we could figure out just how much conversion of preferred stock could possibly be coming. But, with only about 1.7M shares still left to issue of common stock of the 3.0 Billion shares authorized, IMO EMZC will continue to issue bits and pieces of short-term/medium-term notes payable that will carry a conversion feature. Then ENZC could do its magic to pump the stock price (More fake PR's and RSI resets) to get rid of the debt and accrued interest at a later date. That has been its pattern thus far (for years). But, the way they handled prior debt with the 251(g) merger in DE, it got them into a lawsuit with Cimarron, et al.
We will hide and watch thatone. . .
THERE IS DILUTION COMING. . .
Dyno89, you need to read the footnotes to the last Qtr. financials. The Class B & C Preferred Stock is convertible! ENZC has chosen not to tell us what the conversion rates are. They only say that the conversion is there under the terms of what they have filed with the State of DE. Isn't that just a wonderful case of transparency?
ENZC has also recently issued a Serie E Class of preferred stock. Interestingly enough, the the Qtr. financials nothing is even mentioned about this issuance. It just shows on the balance sheet. Another blown disclosure.
IMO, all of the common shareholders should prepare for a significant dilution through conversion of preferred shares OR by reverse split of common. That is the only way ENZC can get any shares available to stay liquid in the future. It would be suicide to authorize more common shares.
Hide and watch!
MUTAT, TIMING, OUTLOOK and the rest of the believers-
PS has a real point here! You have been lulled (definition: cause (someone) to feel deceptively secure or confident.) by the management of ENZC in every respect - don't you see it?
Mutat, you were the one who brought us the message from Blaze Gries on the engagement of his firm to do the audit. Where is he now? Why aren't you bringing more info from him to the blog?
TIMING101, you were the one who gave us the "sure info" that the audit was coming out several weeks ago. Nothing.
OUTLOOK, you are the one who stands firm that CC is "in control" and knows what he is doing. Do you really believe that? I don't! I don't think he cares one bit about the common shareholders. Hence, the "lulling" that is in all of the PR's. Nothing solid, and MAGA says that nothing will happen to the PPS until CC gets involved. Do you honestly believe that will happen? Again, I don't.
To prove my point, answer me this: How many "super votes" does CC hold through his ownership of the Series A Preferred Stock? The way to calculate it is right in the footnotes to the latest Quarterly financials. Hint: According to the disclosed formula, CC holds over 57 million votes for EACH share of Class A Preferred that he holds. And, he holds a total of 60 million Class A Preferred shares!!
Let's see, that puts his total of super votes into the Quadrillions!! (Hint: That is beyond the Trillions) So, if you think CC cares about you, think again! He can do what he wants. . . without you!
It is so painfully obvious that the audit has hit snags. G&A will end up just like MB with lots of fees generated, but no opinion to render on the financial statements. Why, because ENZC can't provide the info that the auditors need to complete the audit. That is the only reason why audits go six months or longer!
As you have all said. . . let's see what happens. I say it another way, Hide and Watch!
Please Get Your Periods Straight!
Let's be clear. . . MB was hired to audit 2019 and 2020. Gries was hired to audit 2020 and 2021, and beyond (maybe). Somehow, 2019 just went by the wayside as is no longer essential or required for a two-year audit period.
We haven't a clue why MB was terminated. ENZC just said they had no disagreements over documentation with MB. IMO, I don't buy it. Going 1.5 years on a PCAOB audit just doesn't wind up this way. So. what is the real truth?
Also, getting the audits completed is only the beginning of what ENZC has to do. They still have to file a registration statement with the SEC to be a "fully-reporting" SEC registrant and be able to uplist on a different Exchange. All of the info in that filing has to be presented according to the SEC's rules and regs meaning the standards are higher than the OTC, i.e. much more disclosure - nothing skipped over or omitted.
Q Prelim Review and Comments
I looked over the Q and here are some points:
The Financials are marked Unaudited. Why did anyone ever think they would be audited? More BS from the uninformed.
1. In the P&L Statement, only the current comparative 3-month periods are presented - years 22 vs 21. Nothing on the YTD numbers between periods as they are left off. This is a bust.
2. There is no discussion of the 32.5 million shares issued. That is a bust.
3. There is no depreciation or amortization expense recorded for the quarter BUT they are still carrying depreciable assets "net" on the balance sheet. That is also a bust.
4. Conversion features of the Preferred Stock are now disclosed. This will take some study to understand. Seems very strange that there is no impact of the convertibility of the preferred stock on the determination of the outstanding shares for "EPS" presentation. Does ENZC know what a common stock equivalent is?
I will leave that determination for the DD people when I have more time. Also, it is time for a really deep dive into the DD of the 251(g) merger to see if it was legal. Can you really arbitrarily determine that you can assign obligations to shareholders and creditors to a sub with no real means of repayment without their consent under DE law? We will see. Old shareholders and creditors may have a real say here.
I don't buy this at all!
A company just does not continue with a PCAOB audit engagement for a year and a half, and then end up with the Auditor NOT issuing an opinion on financial statements if "everything is OK".
Do you believe this?
NO INFO in the Qtr Disclosure - 32 Million Shares
Isn't it interesting to note that ENZC issued a revised disclosure statement to address the issuance of the 32 million shares of common stock last quarter. Now, this quarter (09/30/22) they have a beginning and ending balance of outstanding common shares that shows a 32 million difference, and all they do is provide the issuances of "preferred stock" - nothing on the common stock!
What are they trying to hide?
I couldn't agree with you more! - NO AUDITS
AND, there will be quite a few issuances of "restated financials" as per the recently released Disclosure Statement to correct prior period mistakes. Did you all miss this? Take a look:
Take the Blinders OFF, please. . .
In my opinion, I find it very hard to wrap my brain around the three of the four things that you have itemized as reasons to really believe that ENZC is out of the woods, and positioned for something really big. You said:
a. Legal is out of the way? I respectfully beg to differ. I believe it is not out of the way. The Cimarron, Savov, and other cases will reveal (IMO) that the 251(g) merger (to assign all of the "past debts" to Robustomed (EZNC SUB) and put restrictions on those creditors and shareholders that their obligations and issuances of shares can only be satisfied by "non-public" shares of the sub, which sub doesn't have any assets except intercompany receivables, no contracts, and just "plans" to expand business opportunities abroad (just smoke)) has been a sham from the beginning (not to mention that the 251(g) law does not allow it to be done that way). No substance, and certainly IMO not by the DE Code governing 251(g) mergers. Please Timing, can you do some DD here and tell us that this isn't a real problem? I need some chapter and verse on how ENZC can impose new restrictions on creditors and shareholders in a 251(g) merger. IMO, it is a real show-stopper.
b. All information is to the OTC, no more questions about it, no more Yield Sign. The filings have been submitted, that is true. But, if you look at the last Qtr filing of the financial statements, you will see that the financials are a joke (they don't even foot). So, IMO, I must qualify all of the financial filings and say - accuracy and full disclosure are missing. IMO, many quarters and annual statements will need to be corrected and re-filed.
c. Handoff to new Auditor to take it to the Finish line. This is perhaps, the most interesting comment of all. MaloneBailey CPA's (300-person staff) couldn't get the audit done. We do not know the reasons why they couldn't. Management will not tell us. Whatever the problem(s) is/are, the new auditors picked up those same problems. The can be no guarantee that the new auditors (5-person staff) will even get off the ground with this two-year audit once all of the predecessor/successor auditor info has been sorted through and analyzed. IMO, do not be surprised if you see this new auditor resign or somehow get terminated, as well.
As I have said in the past, hide and watch. Many things will be revealed that have nothing to do with RSI, MM's, or whatever you want to hang your hat on. It all comes down to company management and full disclosure of the truth (good and bad). Those items are needed now, more than ever! Not silence.
Enjoy the ride! More bumps to come.
See the Whole Picture, please!
As I said in a recent post, "Separate the Science from the Business Compliance".
So much focus on the detailed disclosures in the notes to financial statements, but failing to see the pure BS in the actual financial statements themselves. They don't even add up right!
A first-year accounting student could have done better in the preparation of the financial statements than what we see in ENZC's filing. Somebody, please help them!
New Auditors will not change a thing for ENZC!
Please be clear on one thing, the underlying reason Malone Baley CPA's is no longer engaged by ENZC is that the management of ENZC COULD NOT provide the information required by the auditors to issue a clean opinion on the financial statements for 2019 and 2020. Because of this and the time it has taken to conduct the audit, I believe that Malone Bailey resigned rather than issue an adverse opinion. ENZC says it "replaced" the auditors. Time will tell all.
Now the new auditors have been engaged to audit the years 2020 and 2021 per the skimpy disclosure in the notes to the financial statements (ENZC doesn't even officially name who they are - again, we are left with only partial information). What happened to the year 2019? Looks like it just dropped off the radar - like so many things that seem to just disappear from its financial statements over time.
I believe that when these new auditors "fully understand" the predecessor/successor audit information from discussions and reviews (required by the PCAOB rules), they will also disappear. Why? Because nothing has been done by ENZC to "fix the problems" in the financial statements. You can't put lipstick on a pig here or shop an audit.
Look at the new financial statements that ENZC just filed today. Look at the listing of the expenses for the quarter ended June 30, 2022, in the Statements of Operations. If you re-add the expenses listed there, they come to $769,979, NOT $207,529. Can anybody add (use a calculator/computer) at that company? And check out the Statements of Cash Flows. They are very sadly lacking and incomplete - I don't believe that the cash balance is as represented at all!. This filing will have to be redone, for sure. The financials are flat-out wrong. I am embarrassed for the company/management.
So very sad.
Hide and Watch!
Separate the Science from the Business Compliance!!!
All of you who are "blinded" by ENZC's science and thinking that "it" alone can save the company. . . How naive! Yes, it is a critical component of its success. BUT, there are other factors. . . just as important in the end. You just saw one of them - the "Yield" sign. That means "compliance" and timely filings - every quarter, every year. It is the "whole" package that gets them the prize. Remember that.
SB and others can like the Science of ENZC, but if the financial mess is what I said it is, why would they even touch it? They would simply say to CC, "Clean up the mess" and then come and talk to us.
Again, Hide and Watch!!!
Get Ready for September 13th!!
That date is 75 days after June 30, 2022. According to the OTC Rules, that will be the date that ENZC starts showing a "Yield Sign" and will slip a category on the OTC rankings. All because ENZC has not stayed up with its financial statement filings. If ENZC goes out even further without filing its financial statements, then expect a "Stop Sign" and another declassification into the "Dark Hole" of the OTC rankings.
As for the idea that audited financial statements are going to be issued, it is my opinion that ENZC is not even close to the completion of an audit by a PCAOB auditor. MaloneBailey CPA's will most likely resign its engagement because it cannot complete the audit due to lack of documents and the truth from ENZC's management.
Hide and watch!!!
The financials, if filed today, won't be "audited".
The ENZC financials, if filed today, won't be "audited" by MaloneBailey CPA's. Such financials will only be "management prepared" and will be marked (if they do it right) as "Unaudited".
In my opinion, ENZC is no closer to finalizing its audits of the financial statements for the years ended December 31, 2019, and 2020, and having a "clean" opinion from a PCAOB-registered auditor (MaloneBailey CPA's) than they were six months ago.
Something is not right here. The "real" situation is not being disclosed to you as shareholders. Wake Up! Way too much delay. Audits don't take this much time if "everything is OK" between the Company's management and the Auditors.
I can't believe what I am seeing!
The link that you put out is probably one of the biggest errors that any public company could make. Check it out.
The financial statements put out are those of Minerarite Corporation and Subsidiary as of June 30, 2022. BUT, the Notes to Financial Statements (starting on page 5) are those of Enzolytics, Inc. as of March 31, 2022.
What is going on with Enzolytics? Can't the management of this company get it right (or its contracted accountants)? A very big bust for sure.
Makes you have all the confidence in the world in ENZC, doesn't it (lmao)!
FLASH Update on Legal Matters-
In your post on August 01, 2022, you provided information on the status of the ongoing litigation involving ENZC that appeared (on the surface) to be the "latest" from your sources at ENZC. I have been following the Cimarron, Mergenthaler, and Savov cases closely (Pacer and other sources), and have the following items to bring to your attention for clarification and explanation. They are:
1. Kona and Cimarron Cases: I am not following the Kona case, so I have no comment there. On the Cimarron Capital Case, a couple of items:
a) It appears that Cimarron has a court date in 2024 to further this matter along and have it heard. So, how would a Motion to Dismiss from ENZC have any impact going forward? It seems like the motion has been denied if Cimarron has a Court date. With respect, please explain.
b) In reading the documents submitted in the case by Cimarron Capital in discovery response, they disclose (with a number of important exhibits) some very interesting information about how ENZC is actually being managed day-to-day. I, for one, have never bought into the idea that Harry Z was actually the CFO of the Company (recent documents say he is). If you have, then please, with respect, send me a CV on him so I can make a determination of his experience in running a public company's finances. So honestly, who is Billy Ray and why hasn't the Company talked about him (seriously)? Like ever? Again, please, with respect, explain.
2. Mergenthaler Case: A couple of inaccuracies you mentioned need to be addressed here. They are:
a) The Judge in the Case didn't issue a letter GP, he issued an Order to Show Cause. I have read and re-read that Order. Nothing in that Order indicates that the Judge believes that the Case isn't properly presented before the Court. He specifically gave instructions as to required letters from each party covering 1) Jurisdictional "Value" (you just say jurisdiction in your post - not correct, and 2) right to Jury trial. You also state "our team has done a great job on this case so far". How did you arrive at that conclusion considering that Antranig Garibian (Counsel for ENZC) has only done two things in the case - 1) submitted a Motion to Dismiss (which seems to be his standard MO - to delay and delay again), and 2) Answered the letter required in the Order to Show Cause. Garibian didn't even bother to answer the complaint filed with the Court. I have been advised by an attorney friend of mine that such omission constitutes a "default" in the matter. Your thoughts?
3. Savov Case. One very important fact that I want you to address:
Yes, Savov is representing himself, Pro se. But, If you are saying that "he has lost everything he has filed to date" THEN, why on May 9, 2022, did ENZC bring in Patrick R. Morris, Esq (Pro Hac Vice Nevada - and a very high-powered New York Forensic Attorney) into the Case? Here is a link to the Court Documents:
https://casetext.com/case/savov-v-immunotech-labs-2
Lastly, with respect, please explain.
I look forward to hearing back from you. Thank you for your time.
Wisdom of Locke and Others,
Please go back to the inception of the public company (the very first filings with the SEC on Edgar) and then trace all of the stock issuances, forward splits, reverse splits, option exercises, etc., year by year, all the way through to the present day. (Hint: That is what I did from all of the filings of the Company with the SEC and OTC).
You can confirm each and every element of what I said in my post - FINRA approved. It is there, respectfully. Find it and confirm it for yourself before you tell me I have been mislead.
Hello Jim46 and Others,
My opinions were posted in #156516 as follows. . .
It is also my opinion and belief that there are other common stock, ownership, and transition matters out there that the current management has yet to deal with that are causing the audit delay. Remember, Malone Bailey has to deal with the validity of the beginning balances on the books for the two years under audit. Some of those beginning balance issues perhaps could go all the way back to the inception of the Company. If there are problems with those beginning balances, then management must deal with them (not the auditors) to clean up the books so the auditors can give a "clean opinion" on the statements.
It is also my opinion and belief that management "knows" about these problems with the books and has known about them for an extended period of time, but refuses to deal with them on an expedited basis. So, the audit goes nowhere.
I hope this clears up the matter.
Timing101 and Others,
"It is a new(ly) incorporated company as of Dec 2019" - I must admit that I am confused with your assertion that somehow a new entity (or name) could possibly relieve the company from any/all predecessor company obligations to shareholders or creditors. How does that happen? IF ENZC were truly a "new" company then there would have been new stock certificates issued to existing shareholders in the name of the new company, and the old stock certificates would have been canceled/retired.
Check out the shareholder issuance listing provided by the Transfer Agent of the Company in the supplementary information that I mentioned in my post. You will see a couple of things: 1) A line item that states that on March 22, 2018, the "name of the company was changed from Eco-Petroleum Solutions, Inc. to Enzolytics, Inc." And, 2) There is no mention of Immunotech, Inc. So when did that happen? Or, did the Company just continue issuing shares in the name of Eco-Petroleum Solutions, Inc. through the period that Immunotech, Inc. was in the picture without notifying the Transfer Agent of the name change?
Lastly, there is no mention on the Transfer Agent Listing of the "New Enzolytics, Inc." entity. So, the common stock still must be issued under the name of "Enzolytics, Inc." and not "New Enzolytics, Inc." What company name is on your share certificates? I'll wager it is Enzolytics, Inc.
Perhaps, you are referring to the creation of the 251(g) subsidiary as a means of getting rid of old liabilities. Interestingly, the way that transaction should work is that assets (with sufficient value) should be assigned to the subsidiary along with liabilities with the intent of satisfying such liabilities through future operations. But, in the end, the Company still has to consolidate the subsidiary and show the liabilities. Time to read the fine print - Don't you agree? I am sure the auditors are really looking at this part.
Lastly, I am really amazed at the predatory stock transactions that ENZC has entered into. Please refer to the massive stock issuances in 2018-2019 to Livingston Asset Management, Sky-Direct LLC, etc. If you want to take the time to really understand the details of 3(A)(10) Financings under the Securities Act and see how ENZC has followed the standard way of doing it, the playbook on this is really well outlined at the following link:
https://repository.law.umich.edu/mbelr/vol5/iss1/5/
For future dialogue, I am a retired PCAOB auditor with lots of SEC experience. You sound like a person with a great deal of experience.
I look forward to your response.
Jmach101 and others -- Your comment on the audit status in my opinion and belief is very much on point. In order for ENZC to move ahead into the "big arena", its house will have to be in order. Many more of you should be watching and commenting more on the status of the audit work and the reasons why it is not done. If you do your homework on the prior financial statement filings when the company was an SEC Registrant, you will notice that there were two forward stock splits of common stock (a 2-for-1 forward split on November 25, 2008, and a 5-for-1 forward split on March 12, 2009) and two massive reverse stock splits (a 1-for-100 reverse split on May 19, 2010, and a1-for-500 reverse split on February 7, 2013). The last reverse split of 1-for-500 shows up on the Company's "Supplemental Information Relating to Share Issuance History of ENZC Common Shares" which came out in the supplemental filing to the December 31, 2021, Financial Statements and Disclosure Statement. In this Supplemental Statement, the Transfer Agent History only goes back to April 06, 2012, and not all the way back to the effective date of the SEC Registration - September 16, 2008. You need to ask yourself why the rest of the common stock activity is not disclosed. In any event, it is very interesting to ponder the impact of the two massive reverse splits -- the overall impact on the then existing stockholders was a stagering 1-50,000 since inception!
It is also my opinion and belief that there are other common stock, ownership, and transition matters out there that the current management has yet to deal with that are causing the audit delay. Remember, Malone Bailey has to deal with the validity of the beginning balances on the books for the two years under audit. Some of those beginning balance issues perhaps could go all the way back to the inception of the Company. If there are problems with those beginning balances, then management must deal with them (not the auditors) to clean up the books so the auditors can give a "clean opinion" on the statements.
It is also my opinion and belief that management "knows" about these problems with the books and has known about them for an extended period of time, but refuses to deal with them on an expedited basis. So, the audit goes nowhere. Obviously, there has been no quick fix thus far to the audit. Malone Bailey will have to make a decision at a point in the near future as to whether or not they "ditch" ENZC because they can't get an audit done. These matters rarely go on for an extended period of time.
Some food for thought for the "longs" in the room. Makes you wonder, does it not? All of the information presented above is public record. Check it out for yourself.
Timing 101 and others-
Malone Bailey did not prepare the ENZC financial statements just filed. They can't - the financial statements are the responsibility of the Company's management - not the auditors. Yes, please do you DD on this and how a PCAOB audit has to go about doing an audit. Jona Barnes did the financial statements and notes.
If MB had done an audit at all, there would have been an "audit opinion" provided right at the top of the financial statements - page 1. Auditors cannot also prepare the financial statements that they are supposed to audit. Totally not allowed.
Timing 101, please provide a link to the audit opinion for ENZC. I need to see this.
UNAUDITED FINANCIALS!!!
Both of the recent filings over the last week are UNAUDITED - Management has failed to properly label the financial statements as such. Note, there is no audit opinion accompanying the annual financial statements.
Makes a person wonder. . . Just a strategy to buy time and keep the "Stop" sign off the trading of the stock?
Hello Coach, Foxie, Timing101, MAGA and others,
I appreciated your reply and the analogy of the "swim lanes" to audit materiality. I, too, was an SEC-grade accountant, CPA, and PCAOB auditor for many years. I specialized in audits of smallcap and medium-sized public companies in various industries. My practice was primarily an international client-based firm - Latin America, Asia, and Europe. Over the course of my years doing this, I audited "many" companies going public and conducted their "first-time" audits. I have 11 "no comment" letters from the SEC on S-1 filings to my credit, and believe that I understand very clearly the obligations of an auditor as they pertain to how to audit "beginning balances". Enough of the introduction stuff. You can draw your own conclusions about my creds.
The focus in my prior post, Coach, was specifically on the capital section of the balance sheet of ENZC - since inception. I am not going to second guess Malone Bailey CPA's on their audit of ENZC, but I have to believe that the scope of the audit on that section (swim lane), considering all of the issuances since 2008, the reverse and forward splits, the issuances for compensation, the exercise of options, etc., would approach 100% (very big swim lane!) - probably 98% of the balance sheet for a company that has really never had any revenues - just lots of promises and failed mergers (sound familiar?).
So, my assertion here is that 561,942,805 shares of common stock unaccounted for in ENZC's Supplemental Information Disclosure Document is very "material" and should have been addressed by management. It "does" have an impact on the 2020-2021 stock numbers outstanding, and serves as one of the pillars of how ENZC evolved to its current financial position.
So, no filings today. Not a surprise.
Best regards to you all.
Timing101-
Very good response to the "current matters" of your focus. But, you missed my big item which I will ask you:
If you were the auditor and didn't have all the records since inception, and ENZC could not produce them, would you issue an audit opinion on the financials of ENZC? That is my primary point. . .
However remote you may think this idea is, keep it in the back of your mind. Not talking about dilution or other current management matters. Just the simple foundations of how we got here. Valid or not?
Best regards.
I have been observing the posts on ENZC for several months now - pro and con. It appears that there is quite a bit of speculation on both sides not based on fact. The longs are very focused on "the science", the benefits of ENZC products for the world, the experience of certain members (NOT ALL) of management, and the long-term potential. This optimism is always a positive force for the stock. However, it is important to remain "stone-cold" objective with regard to what is "real" and the related risks of a "pink sheet" stock.
Some food for thought to all about what has been right in front of your noses for a long time:
1. Within the last couple of days, ENZC management has come out with a document entitled "Supplemental Information Relating to Share Issuance History of Enzolytics, Inc. Common Shares". Wow, can't believe what I am reading here. What public company do you know that would actually publish its confidential shareholder purchase list provided by the Transfer Agent? I certainly have never seen it in my 40+ years of dealing with public companies. Several things strike me as really wrong with this approach. They are:
- This is confidential information - names and share amounts. Would you want your share purchase information out there for the world to see? Just saying.
- Several of the share issuances are to people who are currently involved in lawsuits with ENZC. Makes one wonder if ENZC's legal counsel knew about this disclosure of information.
- Many of the stock issuances are for services rendered to consultants, attorneys, and others. You can do the research and math as to how much in "fair value" would be attributable to the share issuances - millions over time. The IRS must be salivating over this because ENZC has disclosed for years that it has NEVER filed income tax returns. I do not believe personally that ENZC would be successful in arguing that the Statute of Limitations applies here. Possible tax fraud in certain cases never carries a limitation. But, enjoy the debate on this one!
- And, the big one -- the list provided by ENZC only starts as of April 06, 2012, and lists 561,942,805 shares received from the prior Transfer Agent. Further, it only deals with the 500 for 1 reverse split. There was another reverse split of 100 for 1 before that, even forward splits. Why isn't this information disclosed? Wouldn't it be helpful to know that the original founding shareholders were diluted just from 2 reverse splits to the tune of 50,000 for 1? Just saying. Could happen to you. . . So, the information is incomplete. Why didn't ENZC go all the way to September 2008 when the SEC issued the effective letter? If you want to see some really interesting information, try reading about the stock issuances that took place from 2008 to 2012 in the Q's and K's! If that doesn't raise some questions in your mind, I don't know what planet you are from.
- And, finally, I will add my 2 cents on the matter of why no audits. I am of the opinion that ENZC doesn't have the records to go back to day one. So, how do you get an audit done if you don't have the records?
You can laugh at me if I am wrong, and mock me all you want. We will see who has the last laugh though. You or me.
Enjoy your day.
No, there is no lock on the shares.
Could you be more specific as to a Broker/Dealer?
Thanks.
I own stock in the predecessor corporation. I have followed this stock now for a year. I feel it has a big run coming in the new year.
I would like to lighten up my 7 figure position.
Can anyone suggest a broker/dealer? I am having difficulty finding one.