Hemp Inc (HEMP)

[Det_Robert_Thorne]

Get rid of Perlowin, but it's his company.

While it seems lack of execution is the tone of your post, what in your opinion does management need to do to move to the next level?

If you look deep into HEMP's history and performance since 2011, you'll find that none of Perlowin's initiatives have panned out.

He'll talk a grand game, like when in 1Q/14 he announced a series of consulting contracts with several other penny stock companies. Within a few months of announcing 1Q/14 stock-based revenue of (IIRC) $7M, a couple cancelled the contracts, one of the stocks was delisted, a couple more were at $0.0001, one did a 1:5,000 reverse split. By the end of 2015, a couple more had done large reverse splits of 1:1,000 and 1:10,000.

Most of the stock received is now worthless, assuming Perlowin didn't sell it.

It was the same thing with the importation of hemp fiber and seed from China in 2014, with multiple press releases announcing its contracting, harvesting and eventual importation, yet no sales revenue was ever shown in the reports, and he never mentioned it again.

IMO, the only way to see if this is going to work is for Perlowin to be removed, so that a competent executive could come in and evaluate the business model, plant and equipment, and if salvageable, hire a real project manager to get the plant back on track.

But that won't happen, because the way Perlowin personally finances the company, and then issues shares to himself as repayment, means that he probably owns 70% of the fully-diluted shares (he's probably owed 1B shares along with the portion of the existing OS he already owns).

It's going to be really interesting to see what happens in the SEC v. Perlowin/HEMP trial, because that's the only way shareholders will actually get to see behind the curtain.