Replies to post #54376 on Progressive Care Inc (fka RXMD)

[Jiminy Cricket]

There was and always will be dilution here until debts are paid. I wouldn't keep painting a rosy picture for yourself

Dig deeper, they just repeat the same BS cycle. Like most OTCs

Ride the waves and learn the OTC before you "invest" in them

Progressive Care came onto the scene publicly back on October 21, 2010 after taking over the shell of Progressive Training, Inc., a company that unsuccessfully operated a training video business. By catering to customers that reside in Miami-Dade, Broward, St. Lucie, Martin, and Palm Beach Counties, the almost instantly grew into a monster, generating sales of $8,237,622 for the year ended December 31, 20111 versus $1,295,571 for the 7 month period ended December 31, 2010 by catering to the needs of patients purchasing anti-retroviral medications (patients with HIV/AIDS).

That would be the last 10-K filed with the SEC before a plethora of amended quarterly and annual reports began to be filed over the course of 2013 with the last Q filed being for the period ended June 30, 2012. Updates to their financial status went dark for nearly 2 years when, via OTCMarkets, Progressive Care reported their results for the years ended December 31, 2013 and 2012, within which revenues were reported to be $9,333,141 and $10,079,816 for the respective periods.

A lot of money coming in and just inches away from actually becoming a net income reporter – so why the darkness?

First glance shows that Progressive Care was in dispute with TCA Global Credit Master Fund, LP during 2013 for an unpaid debt which was settled in May, 2014 after being reduced down to $575,000. Secondly, the case of Tarpon Bay Partners, LLC v. Progressive Care, Inc. to recover $1,826,005 of past-due accounts payable was settled during the course of last year. The result was 3,408,000 shares of RXMD stock issued to Tarpon Bay Partners in consideration of the first tranche of shares per the September 3, 2014 court approved settlement agreement which, on October 28, 2014, Tarpon began selling to satisfy the debtors.

RXMD shares only began to really trade in November of last year and it took only a couple of days for the share price to drop from above .06 to 0.0016, the 52 week low.

The real fireworks began at the very end of 2014 for RXMD shares as volume began to pick up and the bounce off of 0.002 proved to be the starting point of this wild bull run. After being picked up by the groups who hadn’t sent out on Far East Wind Power Corp. (FEWP) or Sanomedics International Holdings, Inc. (SIMH), RXMD stock exploded Thursday, bursting to its HOD within an hour and proving to be the hottest penny stock on the OTC so far this year after closing green for the 5th consecutive trading session.