Where Did the All the Stock Come From?
Great observation and right on target - they have no money:
Today, in a press release, the company claims that they recently raised $300k in a private placement, yet there has been no Reg. D filing or 8K filing. Where did this come from?
The S-1 filed on November 25, 2014, addressing stock issuance subsequent to the Company’s September 10Q the states:
In October 2014, the Company issued 1,351,694 shares of common stock in the conversion of convertible debentures as the request of the debenture holder, and,
In October 2014, the Company entered an agreement with an unaffiliated company to finance $65,085 of its payables. As part of the agreement, the Company issued 270,000 shares of restricted common stock to the financing company.
No mention as of November 25 about the Private Placement, and as I stated above no Reg. D or 8K filed as of today’s date.
Surely this mysterious $300k private placement will require at least an amendment of the S-1. We will see.
The stock buy-back you address begs the question - What stock will they be buying back?
On June 30, 2014, following a 1:20,000 reverse split, the company reports that there were only 29,843 shares outstanding. Then in July, the company reports that they issued 40,000,000 shares to "its officer" and 10,000,000 to one of its subsidiaries, Omega Capital Street.
Simply stated, in July there were no shares outstanding, post reverse split, except for the 29,843 shares that weren't owned by insiders. Then, following issuance to 50,000,000 + shares to insiders, there appears to have been a methodical unreported distribution of these insider shares to unsuspecting small investors beginning in early October, 2014.
What else could it be? This one is going to be interesting.
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