Replies to post #6878 on National Energy Services Inc. (fka NESV)

[stocksmarter]

Well if you are looking for freemoney, this is your best shot at it, and yes praying is allowed! :)

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Don't you love Stinky Pinky logic:

"Although NES is excited about the opportunity for the anticipated closing of the acquisition, the Board of Directors adopted a policy this year not to announce any news about the agreements until they have conducted full due diligence and have finalized the purchase before announcing to the public. An LOI does not constitute an announcement until the transaction is complete...

..."Attorneys for both entities are working to finalize closing documentation to effect the transaction. Although we do not see any complications at this point which will hinder closing, wish to caution that the transaction is not complete and that this communication is only to advise our strategic partners and investors of where we are in the process. We hope to have further updates soon."

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AS VEGAS, NV--(Marketwired - Sep 9, 2013) - National Automation Services, Inc. (OTCQB: NASV) (the "Company"), announced today it has signed two investment banking agreements with a leading New York-based investment banking firm to assist in acquisition financing and public offering.

The investment banking firm, founded in 1925, is one of the oldest in the United States, a member of the New York Stock Exchange and a full-service broker-dealer employing over 500 people. The firm manages two Morningstar-rated funds with over 2.8 billion retail accounts, nearly 100 registered representatives and 20 investment advisors in six branch offices in U.S.A.

Under the first agreement, the Company has retained the investment banking firm as its exclusive placement agent and financial advisor in connection with acquisition financing of up to $30,000,000 in debt. The Company must meet various terms and conditions, which it believes are reasonable and attainable in due course of business of this type.

The second agreement is a $30,000,000 firm commitment underwritten public offering on a major exchange (AMEX or NASDAQ) represented by the investment banking firm. The planned public offering is subject to the Company's successful auditing and acquisition of its two current target business firms.

The Company's Director and CEO, Bob Chance, said, "We are very pleased to establish this relationship with such a prestigious New York Stock Exchange member firm, which confirms and validates our business plan. We expect the assistance of this well established investment banker to accelerate our growth strategy through acquisitions and with their assistance, move NAS to NASDAQ or AMEX . We have launched an aggressive acquisition program, with our internal due diligence completed on some and beginning on several new acquisition targets. Our management believes we can satisfy the conditions in both investment banking agreements and continue our new journey as a Public Holding Company."

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Adjusted for the split what was the stock price then? Where is the $30,000,000 in debt financing, and where is the $30,000,000 IPO on NASDAQ or AMEX?

Two years, still waiting? $1.60 to $5.60 then to 3 Pennies.

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Instead, shareholders received:

OPERATING LOSS (2,943,251 )

Total stockholders’ deficit (2,481,507 )

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Shareholders also received:

Total current assets 1,853,138

Total current liabilities
11,309,645

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After that plan to IPO on NASDAQ, shareholders also received Convertible Notes:

Convertible note issued on October 1, 2014, at a 12% interest rate per annum for three (3) years, convertible to shares of common stock at discount to market price of Company common stock. Fixed conversion rate of $2.50 at the discretion of the note holder $ 250,000 $ 250,000
Convertible note issued on October 1, 2014, at a 12% interest rate per annum for three (3) years, convertible to shares of common stock at discount to market price of Company common stock. Fixed conversion rate of $2.50 at the discretion of the note holder 245,000 245,000
Convertible note issued on December 16, 2014, at a 12% interest rate per annum for one (1) year, convertible to shares of common stock at $2.00 per share or if the Company’s common stock falls below a certain price, at a discount to market price of Company common stock. Discount on conversion at 40% at the discretion of the note holder 250,000 250,000
Convertible note issued on October 20, 2014, at a 12% interest rate per annum for three (3) years, convertible to shares of common stock at discount to market price of Company common stock. Fixed conversion rate of $2.50 at the discretion of the note holder — 45,000
Convertible note issued on December 16, 2014, at a 10% interest rate per annum for one (1) year, convertible to shares of common stock at discount to market price of Company common stock. Discount on conversion at 40% at the discretion of the note holder 149,500 249,500
Convertible note issued on December 16, 2014, at a 8% interest rate per annum for nine (9) months, convertible to shares of common stock at discount to market price of Company common stock. 64,000 104,000
Convertible note issued on June 30, 2015, at a 9% interest rate per annum for six (6) months, convertible to shares of common stock at discount to market price of Company common stock. 205,082 —
Convertible note issued on January 30, 2015, at a 8% interest rate per annum for ten (10) months, convertible to shares of common stock at discount to market price of Company common stock. . Discount on conversion at 42% at the discretion of the note holder 64,000 —
Convertible note issued on February 12, 2015, at a 12% interest rate per annum for six (6) months, convertible to shares of common stock at discount to market price of Company common stock. Discount on conversion at 30% at the discretion of the note holder 180,000 —
Convertible note issued on February 27, 2015, at a 8% interest rate per annum for one (1) year, convertible to shares of common stock at discount to market price of Company common stock. Discount on conversion at 40% at the discretion of the note holder 110,250 —
Convertible note issued on March 12, 2015, at a 8% interest rate per annum for one (1) year, convertible to shares of common stock at discount to market price of Company common stock. Discount on conversion at 40% at the discretion of the note holder 55,000 —
Convertible note issued on March 12, 2015, at a 8% interest rate per annum for one (1) year, convertible to shares of common stock at discount to market price of Company common stock. Discount on conversion at 40% at the discretion of the note holder 5,000 —
Convertible note issued on March 20, 2015, at a 10% interest rate per annum for six (6) months, convertible to shares of common stock at discount to market price of Company common stock. Discount on conversion at 40% at the discretion of the note holder 35,000 —
Convertible note issued on June 3, 2015, at a 6% interest rate per annum for one (1) year, convertible to shares of common stock at discount to market price of Company common stock. . Discount on conversion at 42% at the discretion of the note holder 46,000 —
Total 1,658,832 1,143,500
Less: Debt discount (407,314 ) (577,849 )
Total Current portion convertible debt (870,117 ) (158,737 )
Total Long-term portion of convertible debt $ 381,401 $ 406,914