SYNOPSIS
Summary
The SEC has charged SPYR Inc. with Fraud.
The company potentially ran out of cash during Q2-2018 - only had $115k of cash at end of Q1-18 with a $273k monthly burn rate.
The company auditor resigned.
Lawsuit settlement results in Zakeni Ltd. being in a position to potentially sell 3.5 million shares starting July 26th.
The SEC has officially accused Joe Fiore and SPYR Inc. (OTCPK:SPYR) (formerly Eat at Joe's) with FRAUD (source).
SPYR Inc. still has a $50 million market cap despite having only $115,000 in cash & securities remaining as of the end of Q1-2018 and a >$800,000 quarterly burn rate. Coinciding with the Fraud charges, the SEC is seeking disgorgement of >$11,500,000 of profits from Joe Fiore, Joe's fund (Berkshire Capital), and SPYR Inc. With the company itself possibly out of cash, paying the fine may be a struggle.
SPYR Inc. (formerly known as Eat at Joe's) is a penny-stock that had 1 single restaurant in the Philadelphia Airport as its asset before the lease ran out in 2017. In 2015, they had "pivoted" into first being a digital media company, and then into being a mobile gaming company in 2016. In reality, SPYR Inc. operated in violation of the law as an investment company by not registering as one. The company's brokerage account, the SEC alleges, which was controlled by Joe Fiore, was used for manipulative stock transactions in other securities (like Plandai Bio). We first wrote about SPYR Inc.'s sales of the shares of other stock promotions to fund the company's losses in 2016. In that article, we exposed the stock parking of pump & dumps that had been occurring with Joe Fiore & Berkshire Capital using SPYR Inc. as their own personal piggy bank.
SEC charges SPYR Inc. with Fraud:
SPYR Inc., controlled by Joe Fiore, is accused of being used for his own personal trading and the manipulation of Plandai Biotech's Stock (formerly PLPL). The SEC is suing Joe Fiore, Berkshire Capital Management (no association with Warren Buffett), and SPYR Inc. for the disgorgement of all profits from their manipulative share sales of PLPL stock which they estimate is $11.5m.
