humbleboss: I know you follow this one closely and you have some shares as well. I've tried to get shares over the past 10 days and this is one of the first times I've had trouble geting a penny stock at or around bid. So, I don't have any.
When you can't get shares of a penny, it usually means one of three things: 1) shares are scarce and the float or outstanding shares are closely held; 2) the sec has suspended trading, 3)or the bid and ask price are too far apart to make a market. I suspect it is combination of two of these things because the SEC hasn't suspended trading YET.
Now, I must admit the 8K out today is not comforting, especially this statement>> "several shareholders who are also creditors have threatened to put the company into involuntary bankruptcy."These employees could be the ones who have attempted insider trading and it is presumptous that the CEO would think that a stock where there was about $500 in trades is a victim of insider stock trading. This presumes the employee shareholders "know something" where they will benefit from insider trading. They could be trying to "dump" their shares because of pending bad news but there were only 20,000 shares sold at .01 today (out of some 67 million outstanding)
The other thing in the 8K that bothers me is the statement: "On January 23, 2012, the Board of Directors distributed the remaining 27 million shares of stock to AcuNetx employees for the collective back compensation of over $35,000.00." What this statement doesn't tell you is how many employess received the 27 million shares AND at what price? If you do the math, $35,000 equals about .001 per share if 27 million where distributed which is equal to the par value according to the latest 10-Q. Supposedly these are resticted.
Now, the latest 10-Q is as of June 30, 2010 which by the way shows financials that are unaudited. It is reasonable to assume the stolen computer and data with no back-up is the reason for the lack of subsequent filings.
Finally, this statement in the latest 8-K is interesting as well: "Management is taking necessary steps to avert this action (sic., Involuntary bankruptcy.") WHAT STEPS? Did the alleged stolen computer and unauthorized charges of over $35,000 essentially make this company insolvent?
One can only make assumptions about all of this and you know what "assume" can do...
The next few trading days are going to be interesting to say the least. As a shareholder, all you can do is sit and watch because significant selling would perk the eyes of the FBI and SEC. This drama is in the hands of the higher authorities!
DISCLOSURE: I have no shares and I am NOT a shareholder at this time. This post represents my opinion only and I have no knowledge other that what has been made public by the company.
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