Friday, November 09, 2018 11:56:31 PM
I think that Scepter's deal required mPhase to become current before the deal took place, but mPhase didn't have the cash to pay the auditors. My guess is that the insiders have been lending the company money to get the deal done (as evidenced by the filings) with an expectation that they will benefit in the end with a jump in share price.
I believe they ran out of money with the last audit and took those shares to pay for the state filings. They wouldn't be allowed to sell those shares for a year because the shares were issued to insiders. Had the company issued shares to the auditors to pay of a debt, the auditors would be able to sell those shares immediately. That wasn't the case.
My wild guess is that the insiders borrowed the money from Scepter and put up as collateral some of their shares. I believe that at the signing of the deal, they could officially clear that debt through the transfer of those shares.
Again, any shares they collect on the open market would be IMO a good deal at .0001.
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions • AVAI • Apr 23, 2024 8:00 AM
BestGrowthStocks.com Issues Comprehensive Analysis of Triller Merger with AGBA Group Holding Limited • AGBA • Apr 22, 2024 1:00 PM
Cannabix Technologies to Present Marijuana Breathalyzer Technology at International Association for Chemical Testing (IACT) Conference in California • BLO • Apr 22, 2024 8:49 AM