Hey All - I've been an owner since .009, which was right about middle of Jan this year. I got into POTN before that and this popped up as something interesting so I plunked down a couple thousand and got about 220K shares. I admittedly did minor DD (and wasn't impressed, but curious) and mostly read the PR announcements, etc.
Even with an absurd number of authorized shares and shares outstanding, it seemed worth a flyer, just based on market potential. What's a couple grand to get a quarter mil shares, if it ever hit .05, .10, or higher right?
Anyways, we bag holders then get hit with the CE in late January, which closes the door to hundreds of new potential investors. We get a shareholder letter that the company (so Sal and his sister) are working in good faith to get that corrected - which still hasn't happened. Fast forward 5 months and while we've had good puff PR pieces and HempWerk INC appears to be legit via their FB posts and such - we still don't have the CE lifted, don't have product, don't have rev, and are being flooded with hundreds of millions+ shares going to hit the market via the 1-A crowd funding offering.
You might say to yourself "he's not thinking about the recent PR about negotiating bottling agreements". I'm of course thinking about that, but I truly don't know how much faith I have that it's actually being negotiated properly or if we are being told the truth.
Furthermore, I've started to do a deep dive on the available disclosures that have been publicly published on OTCMarkets.com. Some findings:
--> HMPQ has been incorporated since 2014 and has never turned a tangible revenue or profit.
--> They are paying a consultant (dated July 8th, 2018 - which is odd.) $500K over 12 months to basically run HMPQ (what business lines? And who pays half a million dollars to a consulting firm when you DONT MAKE ANY CURRENT REVENUE)
--> From 2/29/17 to 2/28/18 there was a net loss of $2.062M, almost entirely as SG&A expenses, which makes little to no sense. Why is more than half of that ($1.3M to be exact) "consulting fees". We only know of 500K (as specified earlier). Let's not forget the previous year's net loss was $400K~.
--> The only two employees of HMPQ are Sal and his sister, who are 80 and 75 years old, respectively. We're to be expected they are running the entire show on this thing? I haven't forgotten about James Black either, but what's his specific involvement and dealings for HempWerk?
--> The share structure of this company is absolutely absurd. Between Sal's wholly owned shells (Africement and 864 Inc) and the 505M shares issued to Sal on 6/28/17 for his 'compensation between 2/9/16 and 2/9/19' he basically owns right around 1 BILLION of the 1.9 billion shares outstanding.
The only way to keep raising capital to fund operations that continually never produce rev and lose money, is by issuing more shares and diluting further - hence the crowd sourced 1-A offering coming.
I often sat on the sidelines and read this board and said to myself "god that guy Brucebannerr is such a d*ck" HOWEVER, the more and more you dive into this firm - something just doesn't smell right. I'm still holding and I don't mean to come across as a high and mighty basher of this stock, but everything my gut tells me is that something is wrong here.
Hoping this leads to some real intellectual and meaningful discussion.
