Ubiquitech Software Corp (UBQU)

[Joe Burmeister]

The company needs new creative ways to issue more convertible debt. He has 50 billion shares at his disposal. He is constantly looking for ways to unload shares. Whether its to buy mediaplex, addshopper, website changes, metaverse, virtual land, "consultation", etc. Selling convertible debt is his cash cow. Notice i said "his", and not UBQU. None of these projects add to the sales, but it does inflate the LT debt & accrued interest ($544K to date). Even if these loans are paid off, it's not reflected on the company's books. Those loans represent money in his pocket, and when the company makes money, he can claim the increased revenue goes to offset these non-existent preputial loans & accrued interest, thereby adding more money to his pocket. The net result is zero or negative net income.

I doubt if UBQU will ever make a profit...at least not on the books. As long as there are no checks & balances put in place to prevent CEO abuse. The CEO can't be the same person as the CFO. I don't think Smethers actually looks at the books given the number of inconsistencies & omissions. But then again, Smethers has just as bad a reputation as Ballas. Ballas wouldn't think twice about swindling others for his own personal gain. You just have to look at past history with Bidtwister, Amex, Taboola, etc