AI
Thursday, January 14, 2021 7:33:52 AM
Their POR is complete crap.
Please. The company "vigorously defended themselves" by saying, basically, "we didn't have to report because we stopped reporting and that automatically removed the requirement (my paraphrasing, not a quote)." And... "we only had 287 shareholders of our 3B shares instead of the 300..."
And, their "new" financing and "new business plan" vs their old are remarkably similar, so much as they're essentially the same. A new convertible note of $300k from a toxic lender (Power up Lending, who's already converted and diluted the stock prior to the bankruptcy) and a "new" $5M line of credit that (and this is the kicker) they'll get money from once they file a stock registration, which they'll have to do the reports for they're claiming they didn't have to do. That'll take 2-3 months to get through the SEC at best speed. Oh, and they'll have a $125k note to pay this creditor, too. And all of this new financing is convertible notes with a 20% discount. That toxic lender will buy stock at any price as long as the pumping provides enough liquidity for them to sell the stock at a profit.
Yes, the vendor doesn't have to buy shares if the bid is less than a penny, but they will if there's liquidity to make their 25% profit. All that means is they'll stop once they've diluted the share structure into oblivion.
That "most recent rendition" thing at the bottom could be re-labeled the "most recent pump failure," as they didn't do any of it. They don't have a "smart wallet solution," that was just an old pump. That's why it's labeled "previous rendition." Their "new" business plan is on page 17 of that document, and instead of trying to sell websites to cities and towns using their old software, they're going to "redeploy" and "repurpose" and try to sell websites to cities and towns. Translation: it's the same thing that didn't work before.
The company lost money each year of the last 4 before they failed and went out of business, then bankrupt. They "project" success, but give no basis for it considering the idea has not changed, failed, and will fail again considering the location based searches that are already online to look for businesses wherever you happen to lay your head (ever heard of Yelp?). The company has been living off of convertible debt, and their "plan" is to convert their debt into stock and then take on new convertible debt that can exceed the current debt.
It was good for a laugh.
By the way, here's what your CEO does for a living. Looks like he's pretty good at this:
https://ciaccohomes.com/
And here’s what he said:
Please. The company "vigorously defended themselves" by saying, basically, "we didn't have to report because we stopped reporting and that automatically removed the requirement (my paraphrasing, not a quote)." And... "we only had 287 shareholders of our 3B shares instead of the 300..."
And, their "new" financing and "new business plan" vs their old are remarkably similar, so much as they're essentially the same. A new convertible note of $300k from a toxic lender (Power up Lending, who's already converted and diluted the stock prior to the bankruptcy) and a "new" $5M line of credit that (and this is the kicker) they'll get money from once they file a stock registration, which they'll have to do the reports for they're claiming they didn't have to do. That'll take 2-3 months to get through the SEC at best speed. Oh, and they'll have a $125k note to pay this creditor, too. And all of this new financing is convertible notes with a 20% discount. That toxic lender will buy stock at any price as long as the pumping provides enough liquidity for them to sell the stock at a profit.
Yes, the vendor doesn't have to buy shares if the bid is less than a penny, but they will if there's liquidity to make their 25% profit. All that means is they'll stop once they've diluted the share structure into oblivion.
That "most recent rendition" thing at the bottom could be re-labeled the "most recent pump failure," as they didn't do any of it. They don't have a "smart wallet solution," that was just an old pump. That's why it's labeled "previous rendition." Their "new" business plan is on page 17 of that document, and instead of trying to sell websites to cities and towns using their old software, they're going to "redeploy" and "repurpose" and try to sell websites to cities and towns. Translation: it's the same thing that didn't work before.
The company lost money each year of the last 4 before they failed and went out of business, then bankrupt. They "project" success, but give no basis for it considering the idea has not changed, failed, and will fail again considering the location based searches that are already online to look for businesses wherever you happen to lay your head (ever heard of Yelp?). The company has been living off of convertible debt, and their "plan" is to convert their debt into stock and then take on new convertible debt that can exceed the current debt.
It was good for a laugh.
By the way, here's what your CEO does for a living. Looks like he's pretty good at this:
https://ciaccohomes.com/
And here’s what he said:
I swear I’ll never use the phrase “you can’t make this stuff up” ever again after being on the OTC. Apparently you can.
