I used to think this company had a great business model. However, I have since learned that it was only a "prop" Floyd Smith was using in his roadshow to swindle investors. The ole "let's look like we got our act together routine" (even though we don't). I wonder how much of this company's stock Floyd has bought. I'll bet that's an easy number to calculate (say uh ZERO?). You can bet if he was invested significantly in this you would not see what we've seen thus far. The SEC should require a minimum investment from the owners/management of these "pink sheet" companies before allowing them to go live on the OTC. They should never allow them to reverse split unless they meet some very strict rules and financial requirements. When they're bleeding like this company, they should pull them off of life support (aka reverse split).
I could have sold at a profit last year, but decided to hang on and go long after believing this was the fledgling company destined to rise to the top. Several thousand dollars of lost value later, I punted and sold out today with about $20 to show for the expensive price of Floyd's "kool-aid!"
Oh well, I've been hit by tuition in the "school of hard knocks" before and always learn a valuable (albeit pricey) lesson. This time is no different. The one positive note is that hopefully I'll end up with a bigger tax refund next year (from writing down the loss on my Schedule D).
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