says, "Companies that trade on the OTCBB will require Cash/Cheque. "
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The guy referenced in that picture was 66, not 62, and he died in April, not Monday.
Lots of posers on the Internet.
10Q on 5/15 is next.
That's more money out of Wallach's Wallet to get filed. At some point, he has to give up being the bank.
Capstone has debts they can not pay. Capstone has no product to sell, and no capital to create new products.
Capstone has 2 employees, Wallach and Wolf. Both in their 70s.
https://www.otcmarkets.com/otcapi/company/financial-report/400233/content
They've filed a OTCQB Certification!
https://www.otcmarkets.com/stock/CAPC/disclosure
Haven't filed their OTCQB Certification yet. It's due within 45 days of the 10K due date. The form probably takes 15 minutes to fill out, after you've filed the 10K. They typically file it in April.
While we wait for Capstone to say something, anything, we can watch for the OTCQB Certification. If their plan is for Chapter 11 or 7, the Certification is moot - it kicks them off OTCQB.
Half a billion here, half a billion there, pretty soon you're talking a maxxed OS
https://dealstream.com/financial/public-shells
Several hundreds of thousands, maybe, for a good, clean shell?
Before they can 'sell' the ticker, they have to shell-ify Capstone
They're close on the Assets side: they wrote off the remaining value of the smart mirrors. They'll have to book a one time gain when they sell the inventory to a liquidator; watch eBay if you want a mirror.
The $43K they spent on molds for the smart cutting board will have to be written off; they still carry that on the books as of 12/31/2023.
The remaining asset would be the Goodwill, an intangible.
On the liabilities side, they have over $3 million as of 12/31/2023. They'll need to use bankruptcy to settle this debt.
That's the old CEO that says 'Cancelled', right, not the new guys? 11 months ago.
New Owners, New CEO, New 13G on March 1, 2024 says Brian has 203,500,000 shares.
Something smells a bit toxic, no? Caveat Pumptor
Just the timecard, Oceans. Don't need to see your manual, I wrote the Book.
If you're in Legal, do you have a contact in Maintenance? Could you call them and get the TP replaced in our Men's Room?
The GVSI shares are scratchy, and leave an irritating rash. Could we get some Charmin, Please?
Hey Oceans, my direct supervisor is on vacation this week.
Could I get you to sign my timecard in his stead? TIA. E'rebody gotta get Paid, amiriite?
Gonna suck when they steal 99.9% of your shares
so that they can give them to their customers as perks.
AXXA has negative net tangible assets.
Net Tangible Assets
(45,195)
Shares in AXXA are tangibly worth less than zero. At any price, you're paying a premium, even .0001
Wait for the audits (snicker) to get real numbers, though.
Mike, you always seem to find the skeeziest OTC stocks to promote
This one looks worse than that magic mirror stock, or that Canadian gold mine concession stock.
How are those doing, by the way?
Unaudited.
Repeat that over and over as you try to sleep.
Is it true they re-domiciled in Wyoming because they're thinking of running Unlimited A/S?
Why else would they move there from Delaware?
AXXA is not an SEC reporting company.
SEC does not 'scrutinize' AXXA fins. Stop the false claim.
It's a pink OTC company, Alternate Reporting Standards. The financials are not audited.
What's the current market cap? 3 to 4 million? (after today's 75% haircut)
A clean, reporting shell goes for what, 300 to 400 thousand?
GVSI is neither clean nor reporting. I don't get it.
Also, blockchain? That's so 2020. The new hotness is AI. Time for GS to re-tool this noob scam.
The Series B preferred shares have a 10,000:1 conversion and voting rights. The Series A preferred shares are voting only and have no conversion rights. The voting is equal to 50% of the issued and as converted preferred shares plus 1 vote.
It's 3 billion shares he can convert, not 300 million. He gifted these to himself for the $50,000 he invested in taking over the shell.
That's .0000166 per share. Even if this shell gets cellar boxed, he can dump on the clueless noobs from here to eternity for a 6x gain.
It's good to be the penny stock non-reporting shell King.
Capstone Florida SOS moves...
Bye, Capstone Lighting Technologies, we barely knew ye. The lighting products brought in $37 million in 2017, before Capstone turned their attention to the smart home products.
Don't fret too much, they filed annual reports for Capstone Companies (the one that represents CAPC stock) and Capstone Industries (the company that CHDT/CHDO acquired that brought Stewart to CAPC).
There are only 2 guys (Stewart and George) left, so they really didn't need 3 corporations. Is Jonathan Caparco still with the company? What would he still be doing? There haven't been *any* company announcements since last June. Is CAPC really paying the guy to do nothing?
3 weeks until the 10K.
Two months later, and nothing has changed.
The Transfer Agent still hasn't been informed about the share structure change, voted on last May, and filed with the SOS at Sunbiz.com in June. Why? I think because it longer serves the purpose of generating new capital, and satisfying old debt.
I believe they intended to satisfy the ~$3 million in debt with preferred shares at a dollar per share (liquidation preference of a dollar a share, plus conversion to common at 66.66 common shares per share). The collapse of the share price under a penny makes the deal less appealing to debt holders. The limited wash trading we saw in January really hasn't changed things. I think we're headed back under a penny without real positive news.
So what now? I see 5 possibilities:
1) Status Quo. Wallach continues to pay the minimal accounts payable as they come due, increasing his debt holding, while external debt holders (Khoury and Fleisig) hold off on demanding payment. I figure this could go on through the end of March, when they file the 2023 10K.
2) Reverse split. Maybe another 10 or 15 to one. That gets the share price up temporarily, making the convertible preferred more attractive (assuming the 66.66 to 1 conversion rate still holds after the Reverse split).
3) Chapter 11 reorganization with a DIP lender (probably Wallach) getting the bulk of the new equity.
4) Chapter 7 liquidation. Not really likely, as no one gets paid (really quite scant tangible assets left to liquidate - debt holders will not get full repayment, and common shares wiped out).
5) Sold to another company? I doubt this. There's nothing really to buy, but a warehouse full of mirrors no one wants, and some plastic molds for the cutting board that will never be built (my opinion, but backed by consumer action).
So, what's it going to be? Maybe we'll know in another 2 months.
Looks like the web site error has been fixed.
Carry on!
capstoneconnected.com
Fatal Error
I wonder who is maintaining the CAPC websites these days. Seems to be a ?temporary? glitch on capstoneconnected.com
Gonna be hard to move those mirrors if people can't get to the website.
https://capstoneconnected.com/
What's the Hold-up on changing the share structure.
In May, CAPC voted to increase the A/S to 300M shares. It was filed with Florida SOS as a Corporate Amendment in June. It's now December, and CAPC still hasn't told its Transfer Agent about the change.
They can't move forward without recapitalization. They can't do that until they tell the Transfer Agent about the change. No one will lend them money. At some point Wallach is going to be tapped out on funds. At some point, Fleisig and Khoury are going to want their loans repaid. CAPC can't keep pushing out due dates indefinitely.
Of course, CAPC doesn't really have to file anything until end of March 2024, so, buckle in for a long cold CAPC winter.
Updated Profile on OTCMarkets
Now they just have to file 3Q10Q, and find a product that someone wants to buy.
Smart cutting board isn't cutting it. Mirrors dead and gone. Deep in debt. My guess is they've pushed out repayment yet again.
We'll find out for sure on 11/14.