MyECheck, Inc. (fka MYEC)

[inzane]

DETAILS OF CANCELLATION OF SHARES
POST:53678

MYEC UPDATE! MUST READ!

There still remains to be a high level of concern regarding the discrepancies in the Q3 financials. These discrepancies were the cause of worry for some investors; myself included. Consequently, a list of questions; some of which targeted these inconsistencies directly, were emailed to Ed Starrs (CEO) which were promptly answered via public response on the MyECheck website. http://www.myecheck.com/investors/

In an effort to provide clarification, I am listing the discrepancy along with the corresponding question and answer.

1. Balance Sheet Stockholder's Equity Summary (Sept 30, 2013 Third Quarter Report) lists 4,012,470,000 shares issued and outstanding. This share count was a carryover from the June 30, 2013 Second Quarter Report.
Quote:
1) What is an accurate count on shares outstanding? What is the current float?

A) As of December 1, 2013, there are 3,612,470,000 shares issued and about 609,000,000 in the public float.


2. Equity Statement (Sept. 30, 2013 Third Quarter Report) lists the issued and outstanding share balance of 3,612,470,000. The equity statement no longer lists the shares issued for debt of 400,000,000 that were reported in the June 30, 2013 Second Quarter Report.
Quote:
8) What happened to the stock issued for the debt June 15, 2015 of 400,000,000 shares?

A) The stock was issued for the conversion of convertible debt that was purchased by a third party investor. However subsequent to the issue, the investor failed to pay the debt as agreed so the stock was cancelled on the ledger of Company.


3. All other remaining concerns regarding the share structure and the information published on the OTCMarkets.com website are addressed by the following questions:
Quote:
10) Do you have an established timeframe for MyECheck’s financials to be audited? As it would create a wealth of investor confidence, both old and new investors.

A) We plan to start the process of filing audited financial reports and become fully reporting early in 2014, this will require our previous unaudited financials be audited also.

19) Do you anticipate uplisting in the near or long term? What obstacles do you see preventing possible uplisting?

A) We plan on moving up to more senior exchanges when we qualify, hopefully early in 2014. We don’t anticipate any specific obstacles at this stage and we are confident we can address any that may present.


So, what does this mean? In essence, MyECheck has cancelled 400,000,000 shares since they published their Q2 financial report. Considering the share price of MYEC stock has been trading at a rough average of .0024 since the report was published, that would put MYEC's market capitalization at $9,629,928 (using the share count of 4,012,470,000 as a basis). Calculating the new share price based on the reduced outstanding share count of 3,612,470,000 and using the market cap of $9,629,928 as a factor, the share price should be .0027.

Simplify that for me please! We are currently trading under the previously established value. I believe some would call these shares "cheapies". And, that calculation is made using the updated share structure alone. I'll leave it up to each investor to determine the true value of the price per share when he considers that MYEC has reported in Q3 an increase in revenue from operations of OVER 2000%!!! Yeah, you read that right, over TWO THOUSAND PERCENT!

Let me say it like this: I am extremely confident in MyECheck and feel that my money is well invested!

The above information is provided as my own personal interpretation of MYEC's financials and should be regarded as my opinion only. Please do your own research prior to making any investment decisions.