MedGen Inc (MDIN)

[BSWB]

Really? Nobody was calling them out here in 2013? I beg to differ.

It's hard to pull the victim card when there was clear evidence that the company was full of it and it didn't take a team of cyber-sleuths to figure it out.

The problem is everybody wanted to blindly follow and believe the company as if the lies they were telling was gospel.

Don't drink the kool-aid on the OTC. It's best to assume any penny stock is lying to you unless proven otherwise.

What deals? The PR was false/misleading, or just hopeful at best. The product is not on the shelf of any major retailer even though the PR said it was.

It's obvious that the CEO likes to stretch the truth just like all the prior officers of this company.

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That doesn't address the fact that he specifically stated there that sales were underway at "Target, Rite-aid and Walgreens". How could they be underway at those stores as of Feb if they haven't even been approved yet?

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Actually, that's not true either. Gross revenue from product sales for 2006 and 2007 were $270,801 and $148,190 respectively. At the time they had 7 products and had distributors to sell its alternate brands in Australia, New Zealand, Japan, China and Korea.

I would hope that they could surpass historical sales and $3m in gross revenue is not out of the realm of possibility. Claiming $13m in the bank considering there is not product on the shelves in any major retailer is ludicrous. That couldn't even pass a review so it had to be sent to a footnote. If there were ever a real audit I would guess that would be removed completely as nobody would sign off on that.

The current share price is back where it was before the Feb/March runup and it's slid down ever since. A new one may come along soon and provide an opportunity to trade it, but there's nothing other than hype at this point so there is nothing to support a higher PPS.

This is a pattern of overstatement about the number of bottles being sold:

8/22:

Quote:My e mail to nick asked him how many bottles of snorenz he ships to amazon each time the inventory gets low. He said 200 to 400 bottles. He also mentioned that he just sent another 100 a day ago because inventory was low

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8/27:

Quote:Was told 400 to 800 a time. But he has been shipping less (100 or so) more frequently due to amazon being close to out of stock.


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10/10:

Quote:Nick Chieco CEO ?@MedGenInc 1m
@DjCodeman typically 1000-2500 units but we are gearing up to send them 10,000 by end of month


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But yet when it shows how many are in stock you can plainly they're selling less than 20 per day. I don't care if Amazon recommends it more when they have it in stock, you don't go from selling out thousands in a week to under 20 a day.

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Nick and Ray have a long history of promising the world and delivering near nothing. What reason would a person have to put faith in anything they would say?

The history of failures is all here, all one has to do is read. Can the future be different? That remains to be seen, but from what Nick has said and what he has done, there are a lot of reasons to be skeptical.

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I don't know what the conditions for Bartons conversion are, but if I recall didn't they remove the pay it off option and make it a convertible debt?

The treatment of this loan is not correct on the 'financials' that were posted either.

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Lets review that list once more shall we?

Amazon: Selling a few (under 20 most likely) a week and have been out of stock for at least a week now.

Walgreens: Still not there, in store or online.

Sears: Not there either, only on a wholesale storefront that is part of the Sell on Sears program. Not likely to ever sell a single bottle at that price.

QCI Direct: Yes, but no indication of actual sales and doubt that they will be much more than Amazon.

Drugstore.com: Still not there either.

Game changing product: Does not exist. They have the (non-exclusive?) rights to a patent for a process.

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That's just a couple examples...