Paysign Inc (PAYS)

[zenvesting]

I bailed out.....again. The settlement basically takes all the company's cash and destroyed the book value that appeared to be here.

More concerning was the fact that the company reported A/P at $512,899 for the last quarter ending June 30, 2015; but this marketing firm PSKW claimed $5,800,000 of marketing fees due. Where was this $5.8 million reflected on the balance sheet? This company is slimey....and it wasn't just the CFO who was responsible for the omission....unless the rest of the executives are complete idiots.

Then there's this other news about the CFO being charged for his involvement in a shady mining stock scheme from earlier this year: http://www.sec.gov/news/pressrelease/2015-9.html

Yet another expensive lesson to always research management's backgrounds.....THOROUGHLY.