Progressive Care Inc (fka RXMD)

[6pack2go]

This is such great DD that it needs another look:

Oh yeah, and some folks particularly like to beat on management's past decisions to avoid audited financials. Well, management has done so many things to prove transparency and very strong efforts to control and minimize expenses. Having a report "reviewed," for example instead of "audited" or nothing at all. A review shows increased effort to increase investor confidence (over nothing at all). Audited may cost what? $38K as someone suggested? Or maybe upwards of $55K or $70K? Depends on the business and the auditing firm. So someone says $38K was what another penny stock company paid. Is that the same company for which shareholders are paying through their noses for toxic dilution that, inevitably, amounts to $38K + note expenses + discount to market + dilution effect + likely toxic lender manipulation = closer to $200K for that audit???? Yee-up, that's about what it costs for that company to get their fins audited to give the legitimacy appearance to concerned toxic bag-holders so they'll stay in the game

.


As I have pointed out before, that 'reviewed' financial report for Q1 didn't disclose the value of the 3 new vehicles in March. I don't even classify myself as 'paid reviewer' and I can spot hidden BS such as this.

Read all about it here:

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=123778434


I agree with the analogy trying to be made in regards to a audit costs. It's like buying a home. You pay $300k for the home but then over 20-30 years of paying interest you have essentially paid $500k or more for that house...... but isn't that house an investment? Doesn't that house gain equity value? Well so does an audited financial report. It's an investment to the company and the value gained is that it provides confidence to their shareholders that the financial information is more realistic than some BS a company is hiding by not tell the real value of vehicles holding. BTW, is $38k just 'chump change' for a company is has no debt, is profitable, and is the 'King of the OTC'... oh wait they are not debt free any longer.

BTW, even though there are loans taken how does one determine that those loans were used to pay for an audit.... only speculation.

One thing for sure, RXMD lies about what they spend their loan money on.

It was asked to and answered by management during the SeeThruEquity conference if the company could pay for a building expansion with operating capital. The answer was sure, no problem. And then they take a loan for $2m, because the iddy biddy profits suck, and they put out a PR that the loan is needed for the expansion. What?

Question:
How much will the build out cost?

Armen
$100-120k.

Question:
For 2000 square feet? And you can pay for this using operating capital?

Shital
Yes. We don’t need to raise money for the build out. Again, as soon as we can install the robot, even if it doesn’t improve the revenue side right away, we’re going to see cost savings immediately.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=123042731

http://www.otcmarkets.com/stock/RXMD/news/Progressive-Care-Issues-Update-on-Building-Permits?id=136845&b=y

On July 25th, Progressive Care received its first tranche of $250,000 from Chicago Venture Partners. The Company intends to use these funds primarily for the build-out of the warehouse space as well as general working capital to further growth and development of the Company.

Of course this isn't the only devious and lying acts for this company. Here's a link telling how other lies were spewed about:

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=123432961

....but I guess that is all expected when you have management that is banned FOR LIFE by FINRA and has a highly recognized degree from the University of Phoenix.....LOL...LOL...LOL



Now let's look at the last three days of trading activity. Tuesday and Wednesday closed green. Yesterday was red with a vast majority of a sell off. But look at the two green days, it was painted just to stay green and close above $0.03..... Soon folks will start to figure out that this ticker is not worth it and it'll be closing below $0.03.... Will today be another 'paint job'?

Thursday:



Wednesday:



Tuesday:

Does anyone even realize that there's never been a high volume trading day for RXMD? Where I write "never" I'm talking about the past year that really matters. There's obviously plenty of liquidity, plenty of volume to buy or sell on any given day. But no 'significant' volume that would alert ANY significant change in confidence. What does that tell you? RXMD is being held with confidence by the overwhelmingly great majority of shareholders.

First it was holding 50% and now holding majority. Hmmmmmmmm I guess no matter what percentage holds the float nobody want to invest into this POS that has liars for management anyway.

...and here's Friday's 'paint job':




Let's not forget about the 1,500 shareholders..... ppppppfffffttttt... LOL...LOL...LOL