iTalk Inc. (fka TALK)

[21ZNA9]

27 BILLION SHARES COMING in this GARBAGE. WOW.


integral Member Level Wednesday, 02/03/16 12:09:48 PM
Re: nodummy post# 103070
Post #
103075
of 103086 Go
That is the issue with Talk, nobody is accounting for the conversion features on the debt securities that are precedent before the four new equity derivatives are/were created for this transaction.

There are 1.875 Billion Common, supposedly.

Secondly, Terry Johnson's 2014 audit cannot be relied upon.

Terry Johnson was censured by the PCAOB in early April or before.

Talk was informed by the SEC of Terry Johnson's suspension in October and engaged David Brooks, all the while TALK "Filed" two 10Qs between Johnson's censure and the engagement of Brooks, therefore, the issuer never had those 10Qs reviewed pursuant to Regulation S-X.

Thus, none of the last 1.75 years of financials cannot be relied upon.

With that said, the notes are $930,000 with conversions as low as 40% of the XXXX bid price in the last xxxx trading days (sorry, don't recall exactly). At $.0015, this nearly doubles the issued.

Then take into account Lee's 85% conversion feature,

Andora's 4.9% conversion
Levy's 5.0% conversion
Mesa's 4.9% conversion

that leaves 0.2% to the 1.875 Billion public which eventually could become, depending on Levy and Johnson's audit and Levy's non-reviewed quarters nearly 3.5 Billion common before the 99.8% convert.

Sorry, but you can do the numbers on 99.8% conversion using 3.5 Billion as the key metric.

I get 26.9 to 27.9 Billion using different sequences of conversions.

Lastly, why publish the $16 million in revenue, however, no other key metrics? Tells me it is negative cash flow and a working capital deficit. Otherwise, you disclose it.