Darryl Reed's Next Generation In Pumps and Dumps (NGMC)
April 19, 2011: It appears that Darryl Reed's reinvention of Next Generation Media Corp (NGMC) is complete. That company disappeared from the face of the Earth right after it's self-proclaimed "national leader in the multi-billion dollar direct mail industry and in franchising" [sic] subsidiary reported revenues of almost $2 million for the quarter ending September, 2007 and nine months revenues of over $6 million. After that late 2007 press release, there was nary a word from the company for almost 4 years and the stock was allowed to drift into sub-pennyland.
No word about what happened to the multi-million dollar subsidiary. No word about the sudden 1 for 1000 reverse split. Nothing. Nada. Zilch. Unless of course you happened to look at the SEC filings. Funny how when stocks are being pumped you can find press releases galore but when there's no money to be gained by the insiders, you can hear crickets as preparations are underway for the next scheme.
So now the old shareholders are zeroed out and the insiders issue themselves a nice chunk of 3.5 million shares of free-trading S-8 stock. What's really hysterical here is that, as we speak, the shills on the bulletin boards are trying to convince dupes that there is only 60,000 of free trading stock and ignoring the fact that over 300,000 shares traded yesterday.
And now, "Ta Da", NGMC is in the energy business. Just like that, Darryl went from being qualified as a CEO of a direct market business to being qualified as the CEO of an energy company. And they've purportedly acquired 10 Producing Gas Wells in Knox County, Kentucky (according to yesterday's press release) for $500,000. Let's look at that deal. They first gave the world an inkling of this acquisition back on November 22 when in their 10-Q filing, the company said,
"The Company has acquired an option to acquire its first properties in Knox County, Kentucky for $1,575,000, and is actively trying to raise the capital it will need to complete that acquisition."
Uh.......was there a clearance sale? How did this deal go from $1,575,000 to $500,000? That's one.
Now the statement in the 10-Q says they are looking for funding, which is understandable since that same filing claims that the company is over $4.5 million in debt and has a working capital deficit of almost $900,000. But then where did NGMC get the $500,000? There's certainly nothing in the filings that suggest the company raised any money. That's two.
