Nick did say around 5mil but his projections for qtr 2 was double that or more as you can see below. This was without and potential Europe projections. It's nice just to daydream a little I have to admit... MDIN$$$$
This was a post from Dangusbeerbelly and mentions the 5mil in this qtr.
Email from Nick:
Greg,
My apologies if it came off that way. Let me write you a detailed explanation and if you want to take it upon yourself to explain it to some of the other shareholders that you trust, you can. I give you permission to share my views with others.
In no way did I want it to sound like it wasn't a top priority. We have answered comments from DTCC seven times now and every-time we send them back documentation we come closer and closer to getting it lifted. The fact of the matter is that the previous management (Previous to Ray Barton) really did some stupid things and issued stock like it was cotton candy. Worse yet they made a deal with the devil (NIR Group) and really ended up in the jaws of a nasty toxic financing. Billions and billions of shares issued across five companies over a three year period is a red flag to the DTCC and they want us to prove it was all done legally and every share is accounted for.
Fortunately MedGen did keep good records so we have what they need, but they don't even know what they need until they look at it. Each answer we send spawns five more questions so it's been a very trying ordeal. I have hired an accountant/attorney to handle it full time, and as soon as humanly possible, it will be lifted. Is there a possibility that we cannot lift it? I've been told by two separate lawyers that is not going to happen. Our corporate/SEC counsel has removed chills from several companies [some very recently], so he knows.
A separate but still related issue is the Nevada issue and that is also quite complicated. The state of Nevada requires you to pay a fee based on the authorized shares you have whenever you default. In 2011 the company defaulted and paid $21K in fees and immediately asked for a reduction in authorized to 900 mil shares. This would make any future default fees around $2500. For some reason this was never done and in 2012 the company defaulted again. Now they want another $21K to fix the status, and it's simply not fair. We have the proof that we requested the change properly, and they are saying we were notified that they needed a different request on letterhead, which we never received. So, we have been negotiating with them to fix this problem, which must be fixed for the chill to come off. It's not the thing holding it up, it's just the last thing we will have to do, and for now we are focussing on the documentation I mentioned.
Now, we have almost $5mil in revenue this quarter. I am very very happy, and we have the money to pay the bill, although that revenue has to go right back into purchasing inventory for the next quarter (which should be double that, or more if I can purchase enough inventory). When it comes down to the Nevada status being in our way to lift the chill, then of course, I'll authorize it to just be paid and that's that. But while we focus on the documentation of previous issuances, we may as well fight Nevada on our cause, which I believe to be a just one. The best case scenario is that we convince them and save $21K for additional inventory, worst case, I just pay it.
I just want to let people know that we are in no danger of being shut down or halted because of it. We operate under a subsidiary corporation and the sub's business license is just fine. It's not the best thing in the world to have the parent corp. in a "revoked" status but it does no harm to the actual business either. Especially if we can possibly save the company $21K for advertising etc.
Lastly, when I say the stock price is of no consequence to us, or we don't care about it, I am not meaning to come off as though I could care less…What I mean is that we currently fund this business organically, and NOT using the securities. This is great news for shareholders. It is because of this, that should I have to choose where to use money and resources, I have to lean towards business building expenditures in place of something that will boost the equity. I care very much for the men and women who put hard earned money into MDIN. I know all too well how very hard it is to earn a dollar in the current economy, and I know people bought MDIN because they believe in what we are doing and believe it or not that is on my mind constantly. However, if I put all of our resources into fighting VNDM [ or blocking old shares from being freed up], or other things that would make the stock go up, I would be selling the shareholders short. They would be getting an increasing stock based on emptiness. Empty stocks eventually cave-in no matter how hard you fight it. As a shareholder, I know all you want is for the stock to go up…but at what cost? Thats why my view is that my number one job is to build the business. Build it and they will come, right? Will the stock do as well-as fast, no. BUT at least when it does happen, it's there for a reason, so it'll stay there. So, maybe it takes a year to get to five cents, but when you exit, it will not plummet. It will sustain itself because it's based on a strong revenue generating business. Not technical aspects of the securities. I almost feel like I'm doing it for the shareholder's own good. They will thank me later if they hang on now.
Sure If we focussed on the stock 100% (the chill, VNDM, providing "proof" to the public, PR's, etc. etc.) we could get it to a penny in a very short time. But, then we would tank like every other company that trades on a business that is not yet there and never will be there because management is looking at the wrong bullseye. SO, I try to do the best I can to tighten up the equity side of this thing, and focus most of our resources on building this business into a global leader. I think we can do it. Maybe I'm nuts but I really do believe it. It isn't going to happen over night though.
I hope that sheds some light on the subject and why I've done some of the things i've done. I am not explaining this to you so you'll run to post it on the "boards" to make the stock go up…I'm doing it so you can rest knowing that I take your investment very very seriously, and I take my responsibility to protect that investment most seriously of all.
Have a great day.
Nicholas Chieco
Chief Executive Officer & Chairman of the Board of DirectorsNorthStar Global Business Services, Inc.
MedGen, Inc. (Wholly Owned Subsidiary)
A Public Company (PinkSheets: MDIN)
20 Peachtree Ct. Ste 103 | Holbrook, NY 11741
TF: 1-877-571-4387
FX : 1-877-571-6184
nchieco@northstarbb.com
AI
