Yes, shares are worthless by any reasonable measure.
Not saying this with any agenda, just looking at the financial statements (which are not audited) and I would encourage you to do likewise.
- UBIQ has never produced any revenue, ever.
- They have taken an impairment charge and written their intellectual property (i.e., the patents) down to $0. They are worthless.
- By my estimate they have raised at least $30 million via private placements. If you trace through their financials all this money has basically gone to the Carmichael's directly and through what look to be very high overhead charges that are probably supporting their lifestyle.
- Between 6/30/16 and 6/30/15 the outstanding shares have more than doubled, massively diluting everyone. We don't know where this stands as this is a year old number.
- They are in default in over $3 million in borrowings. Where did the borrowed money go, it didn't get used to build a business. In other words they owe a lot of money and no way to pay it. A forced bankruptcy is possible.
- Look at the long list of litigation against the firm -- where there's smoke there's fire if you read the claims against them.
- They claim to have a restructuring plan that is based on selling another $5 - 10 million of stock to pay off the debt. Would you give them money looking at this track record?
- They have agreed with the SEC that the shares should be deregistered.
- On a more qualitative level, think about all the grandiose press releases (Sprocket on iPhone, Gift Sender, movies from their studio, imminent upgrade to the NASDAQ that was always a lie as they were never close to meeting listing requirements, and on and on) that all amounted to nothing.
- This is the easy stuff to cite, there is way more in their filings. Some things that are contradictory lies by Chris Carmichael. But I suspect you get the gist.
Against these facts from their own SEC filings ask yourself is there even a light at the end of the tunnel - highly improbable.
