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Your choice...but I hope you have a lot of patience...jmho
I can assure you that neither Yates, the company nor any of its officers or directors have sold any shares. I got that straight from the source but you can check with their transfer agent if you like since you have a propensity to not believe what is posted.
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https://eresearch.fidelity.com/eresearch/evaluate/news/basicNewsStory.jhtml?symbols=NAK&storyid=201908191052MIDNIGHTUSEQUITY_A1979837&provider=MIDNIGHT&product=USEQUITY&sb=1
8-k filed today:
http://www.edgarmaster.com/Inet/main/DataFeedHtml1.jsp
From the report:
On August 2, 2019, Generation Next Franchise Brands, Inc. (the “Company”) held a Special Meeting of Stockholders (the “Special Meeting”), the Special Meeting was adjourned until August 16, 2019 and completed on that date. Of the 73,110,463 shares of common stock outstanding as of June 25, 2019, the record date for the Special Meeting, 41,041,527 shares were represented at the Special Meeting (in person or by proxy), constituting 56.8% of the outstanding shares entitled to vote and a quorum to conduct business at the Special Meeting.
At the Special Meeting, stockholders of the Company (1) approved the ratification of the appointment of Benjamin & Young, LLP as the Company’s independent registered public accounting firm (independent auditors) for the fiscal year ending June 30, 2019, (2) approved an amendment to the Articles of Incorporation to increase the authorized shares of Common Stock of the Company from 100,000,000 shares to 200,000,000 shares, and (3) approved the change of the name of the Company from Generation Next Franchise Brands, Inc. to Generation Next.
"that curiosity keeps me hanging around. . . "
kind of a sadistic curiosity, I might add that I also have...
I didn't say whether I called or not. In fact, I both talked and texted with the company. Some of what I learned was a contradiction to what you posted, but a post by me would be no more convincing than a post by you so I am content to wait on PR's from the company. jmho
I'll wait for the real news from the company. How are we supposed to know that a poster using a pseudonym actually did call the company or even posted what they actually said? Which applies to all of us posting here, imho
I agree. If you learn specifics that are not yet public, don't trade on them, and don't share specifics, only generalities....imho
Correct, but I expect it still is...imho
Why would they announce anything more about Phil until he's ready to receive machines, and even then they don't announce franchisees, but I expect when his are delivered it will be announced...imho
$VEND - A company with more than 70MM shares out and you question a single 10k share trade?
There is no shareholder meeting Friday. Shareholders were extended time until this Friday to vote their shares.
As one of my favorite investment gurus always says - It is impossible to teach where a person refuses to learn. jmho
What is your complaint about Phil Mickelson? The company just got approved for installing machines in California and now has to apply to the counties where they want to install machines? Have you seen anything about Phil?
No thanks. I’ll let you dig for them yourself.
"The July numbers alone sound very bad. Every “kpi” offered by the company was lousy. Locations, down. Sales, way down. Installations, way down." Agree.
"The end is nigh." - Disagree, but if I offered my reasons Sonata would just accuse me of always defending the company, so I'll just say..imho
Companies don't sell shares directly into the market. I wouldn't get too worried about 40k shares when there are multi millions available for trading.. jmho
Congrats Sonata. You called it, for better or for worse, not sure yet.
Perhaps you could call your friend and financial consultant NY and let us know what he says...jmho
ON GENERATION NEXT INVESTOR PAGE:
The Special Shareholder Meeting scheduled for August 2, 2019 did not have a quorum present,
either by shareholders present or by proxy. The meeting was adjourned until August 16, 2019 at 11:00 AM.
A recording of the Special Shareholder Meeting will be posted tomorrow.
Thanks, JohnnyTarr. It's a struggle at times. Nice to have some support.
Alvie
That's correct. It will be the annual report through June 30, 2019. It's due end Sept but can be extended. Last year it was filed Oct 19.
Regarding the deposit or prepayment to FLEX, I've been told by two different parties that it was paid and that FLEX still has 100+ machines (actually closer to 200 I believe) that have been paid for and are yet to be delivered. How it was accounted for in the financial statements I don't know but will look again.
Also, I agree there was shared responsibility between VEND and FLEX as far as machine quality/performance. Whether the split was 90/10 or 50/50 or 10/90 I don't know. I don't believe VEND had anyone at FLEX to check while they were being made, but that they probably gave them the Stoelting plans and said make us 1000 (or whatever) of these. My understanding is that they went to FLEX because Stoelting couldn't deliver the quantity of machines on the schedule they wanted and FLEX said they could. Probably wasn't a wise decision, although FLEX is finally delivering quality machines.
Although I have occasionally gotten into a back and forth with posters, I generally try not to do so; however, I feel compelled to respond to your post. You claim it is ‘reckless’ for the poster who was at the meeting to be offering financial advice, even though he is a franchisee who undoubtedly did significant diligence about the company before committing to be a franchisee, plus spending 2 days there being trained and going to the Friday meeting at the company and speaking personally to the CFO. Whereas, on the basis of a short visit to the company facilities and meeting with Yates or other company executives, you consider yourself ‘expert’ enough to be offering all kinds of advice, even going so far as accusing the company of executing a ‘pump and dump’ and advising investors to complain to the SEC. You say he should “…keep it to yourself and wait patiently for the "new highs" you predict…” Many on this board would say you should take your own advice and keep your advice to yourself and wait patiently (or impatiently) also, rather than telling others what they should do.
I believe it’s time to summarize some factual information about the company and its 2 ½ year history with the frozen yogurt robots (previous history is well known and has been referenced many times). Most of this has been posted before at various times either here on Investors Hub or on the Facebook Investor Group site, or I have learned it from contacts with franchisees, other stock and private placement investors, or discussions with company personnel about public information.
From the 2017/early 2018 summary on the yellow sticky:
JAN – Acquired all intellectual property rights from R&I
FEB – Hired Chief Marketing Officer and Director of Operations
JUL – Hired General Counsel and VP of Franchise Development
JUL – Announced International Licensing for Israel ($3.6MM if carried to completion)
AUG – Announced International Licensing for Oman and the Arabian Peninsula (~$1MM)
OCT – Announced International Licensing for Canada ($18MM)
OCT – Announced Pitney Bowes to provide logistics support for all installed robots
NOV – Unveiled new Robotic Technology with ‘Discovery Day’ at FLEX manufacturing facility
JAN 2018 – Announced Dannon YoCream to provide all product for the dispensing machines
JAN – Announced Stoelting to provide servicing for all dispensing machines
FEB – Hired Director of International Licensing
FEB - Latest 10Q indicates 212 current franchisees representing 943 machines at end 2017 with delivery of machines beginning in April (2018)
Without a doubt the company was overly optimistic in early 2018 about the rate at which it could acquire and install the machines, stemming in part from the guarantee from FLEX, in writing, that they could deliver machines in concert with the company forecast. In fact, the first machines didn’t get delivered by FLEX until June of 2018 (three or four machines total, as I recall), and these machines had deficiencies that required upgrades and eventual replacement. Deliveries improved in subsequent months but were erratic and well below FLEX’s guaranteed delivery rate. (If you look at FLEX’s history in 2018 they were having difficulties at their factories and had lost several large clients, which was reflected in their stock price dropping from a high of $19.71 in January of 2018 to a low of $6.74 in October of 2018. During that time FLEX was more concerned with their high volume clients, and VEND, which was a relatively small new client, suffered from lack of attention, in spite of Nick Yates going to the FLEX facility and receiving assurances from their CEO that they would improve their delivery schedule.)
It should also be noted that FLEX required an upfront payment in full for the machines which amounted to some $20MM dollars, I believe, possibly more – the major reason VEND has been in a cash short position for the last year and a half. In fact, FLEX still owes VEND for100+ machines that have yet to be delivered. The only reason VEND was able to get them to increase their delivery schedule was by threatening to sue them for lost revenue and damages resulting from FLEX’s failure to deliver machines in a timely manner. That being said, the machines being delivered by FLEX over the last several months have performed flawlessly and franchisees are happy with the results. And as Stoelting supplements the FLEX delivery schedule, the company performance should improve accordingly.
Yes, VEND has gone through a painful learning curve on where to place machines for optimum revenue, and many machines were placed poorly. Should they have anticipated that poor performance? Probably. In wanting to make up for lost time they may have been in too much of a hurry to place the machines on occasion, but I believe they are in the process of correcting that and some machines have been moved to more profitable locations, and I’m sure more of them will be moved in the months ahead.
There are other areas where VEND can be faulted but I don’t believe the company has operated a ‘pump and dump’. It’s not uncommon for a relatively new company to be optimistic in their forecasts of what they are able to accomplish in a given period of time, especially given that they were assured by a mulit-billion dollar manufacturer (FLEX) that they could deliver according to the schedule agreed upon by VEND and themselves, only to fall woefully short of their promises.
You are free to post your opinion about VEND, which you have done numerous times, even going so far as to recommend investors complain to the SEC,but be careful about criticizing other posters who may not agree with you and post their own opinions. JMHO
Comments from an investor and franchisee who was at the Friday meeting:
I was at the meeting today and personally spoke to the CFO after the meeting.
My conviction is stronger than ever in the company. Sales are just getting started and I predict huge numbers in the next few months. I further can attest to this as I am now a franchisee and see how the company works and the sales potential. I'm further impressed with other franchisees who are buying huge territories. There are multi million dollar deals happening! Once you see the numbers you will get it. Buy this dip, now is the time to scoop up shares as once these numbers are understood this stock is going to new highs.
Kudos to Nick Yates and the whole Reis and Irvy's team. After two days of franchise training I am thoroughly impressed and I for one am buying more shares on Monday.
Approximately 10 people were at the meeting. I understand the gentleman who owns territory rights to all of Los Angeles county was present. Just think about those numbers now that CA is approved! Market is hugely missing these facts and more
I couldn't access it either and just sent an email to the company letting them know it is not working.
Not attending but don't think there will be anything but the items being voted on, although questions could result in additional elaboration. Not sure why audio won't be available until Monday but maybe it will be put up on the website before then.
"...The meeting is only scheduled for 90 minutes, and they are only expecting about a dozen people..."
This is, as you know, just a Special Meeting to approve certain items, and not an Annual Meeting, which if they have one would be after release of the Annual Report sometime in October. I expect people voted their shares online and only locals might attend the meeting. JMO
Second Quarter Results:
http://ih.advfn.com/stock-market/NYSE/pretium-resources-PVG/stock-news/80457196/pretivm-reports-second-quarter-2019-operating-and
Some highlights:
Second Quarter 2019 Operating Summary
Production of 90,761 ounces of gold, on track to achieve 2019 annual guidance.
Mill feed grade of 8.9 grams per tonne gold.
Gold recovery rate of 96.9%.
Ore milled 324,171 tonnes.
Daily average ore milled 3,562 tonnes per day.
Second Quarter 2019 Financial Summary
Revenue of $113.2 million on 85,953 ounces of gold sold.
Total cost of sales of $83.4 million or $970 per ounce of gold sold1.
Earnings from mine operations of $29.8 million.
Achieved an average realized cash margin1 of $550 per ounce of gold sold, with a total cash cost of $702 per ounce of gold sold1.
All-in Sustaining Cost (“AISC”)1 of $940 per ounce of gold sold, on track to achieve 2019 annual guidance.
Generated $41.2 million in cash from operating activities.
Net earnings of $10.4 million ($0.06 per share).
Adjusted earnings1 of $17.0 million ($0.09 per share1).
Reduced debt by $44.7 million using cash generated from operations.
Remaining debt of $415.3 million on the $480 million loan facility.
If you enter a sell order for your shares, say at $5, I don't believe they can be lent out either.
Keep it in perspective, Sonata. There are probably 60 million shares out that are not held by management or reserved. The 'dumping' over the past days amounts to less than 1% of those shares, which means investors are holding 99% of their shares. MM's are going to take it down as much as they can when weak hands sell.
And no, you don't have to ask, I have not bought today. My average is such that adding a few more shares even at today's prices, would not change it significantly. I'm content to hold and wait for good news.
How about all the Robozo’s for Robotinvasion? Doesitreallymatter?
"...I assume you are still bullish...."
I am, in spite of sona-whiner, meddler and im-matter-ial. I first dipped my toe in at $3.12 in January 2014 and sold half in February for $9.97. Have subsequently bought as low as 0.18 in January 2017 (missed the bottom at 0.10) and have traded everyplace in between This is not a buy high and hold stock as some have done. As someone elsewhere has said, there is no such thing as teaching, only learning, and those who refuse to learn are doomed to repeat their mistakes. JMHO
"...Someone had 30k shares to sell on one trade at .49..."
Me thinks you are relying too much on IH for what is a buy or a sell. Level II yesterday morning indicated an investor wanted to BUY 50,000 shares at 0.49. The trade you refer to was most likely a buy and not a sell. Just saying....
Old news that I'm sure they are aware of...
I believe the SEC reviews (not saying approves, but reviews) every PR that VEND puts out, and to my knowledge has not questioned any of them. What complaint are you intending to make to the SEC?
Let me first clarify something that has been inferred in the past - I am not an insider in VEND, or any other company for which I have posted, nor have I ever been. The 1500 posts you refer to are on over a dozen or more message boards during the 18 years I have been a member of IH.
Regarding VEND, I have emailed, texted and Private Messaged with franchisees and private investors. I have talked and texted with Sean Paul, VENDs IR person, and on a few occasions with Nick Yates. To my knowledge they have not shared inside information with me nor have I asked for inside information. In general they confirmed what I may have learned in my own due diligence from other public sources. Like Officiousintermeddle, whose digging found information on specific machines and where they were placed, information that is public but certainly not in a form I could find, I have come across public information that might be 'hidden' from others. It is possible to find information about a company and its operations that is public but not announced in an official PR. Posters on public message boards are under no obligation to disclose all they know about a stock and you are naïve if you believe they do.
As far as having 'hope', that is probably true to some extent but it is reinforced by what I also know. I tend to be an optimist and occasionally that has burned me, but in VEND's case I don't agree with some posters who say that franchisees are fleeing in droves or soon will be because of the California requirements. I believe FLEX has been delivering machines on schedule, and will continue to do so until they have fulfilled the contract for machines on which they received a full upfront payment, and at the same time Stoelting is, or soon will be, delivering machines also. I believe they will overcome their current cash flow problem and be cash positive during the current fiscal year. How the stock price will respond is unknown but I also believe it will be substantially higher at this time next year for investors who have patience.
All JMHO.
"...all the shareholders can do is to decide where they want to cut their loses..."
And have you decided???
I've done my due diligence but I'm not going to do yours for you...
In response to your second question, I believe Yates is going to act in a rational and responsible manner when the additional shares are authorized and that he will do all in his power to make you whole on your investment. JMHO
Do you know whether anyone else has picked up the Vegas market and whether they have installed any machines?